yUSD, issued by YieldFi, is a tokenized yield vault providing economic exposure to a delta-neutral yield strategy, with each token representing a pro-rata contractual claim on the vault's underlying assets and strategy performance tracked via Net Asset Value (NAV) [S1][S2][S3].

Holders receive economic exposure to YieldFi's market-neutral Yield strategy, whose Series Assets are deployed across whitelisted DeFi protocols, targeting yield from LP fees and hedged spreads [S3]. Returns accrue through a rising NAV rather than distributions; positive NAV updates vest over an epoch of approximately 24 hours, while negative performance applies immediately [S2][S4]. Holders bear a management fee of 2% per annum and a 0% performance fee, with no mint or redemption fee except network gas [S3].

The issuer is YieldFi, governed by British Virgin Islands law [S3][S5][S6]. No regulatory endorsement applies, and the tokens are characterized as high-risk instruments that are not deposits, not bank products, and not protected by any investor compensation or deposit protection scheme [S6]. Tokens are Series-limited, limited-recourse debt instruments evidencing a contractual claim payable solely from the relevant Series Assets after the Series Waterfall; no security interest is granted [S1][S7][S3][S5]. Eligibility requires KYC/AML greenlisting and self-certification; U.S. persons, United Kingdom, China, and sanctioned jurisdictions are excluded [S6][S8]. Holders redeem onchain via a queue, priced at the lower of request and processing NAV, targeting T+2 settlement in USD Coin (USDC) [S3][S4].

Vault tokens follow the ERC-4626 standard on Ethereum Mainnet and ERC-20 on BNB Smart Chain [S2][S4][S9][S10]. Depositing the primary asset mints tokens in a single transaction, while other whitelisted tokens use a Receipt NFT and keeper flow [S2][S4]. NAV is published via onchain PriceOracle contracts and a Chainlink oracle adapter [S4][S9][S10]. Contracts are audited by Sherlock, Cyfrin, Halborn, and Cantina [S11].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://yield.fi/" },
    { id: "S2", url: "https://docs.yield.fi/how-it-works" },
    { id: "S3", url: "https://docs.yield.fi/legal-documents/token-terms/yusd.md" },
    { id: "S4", url: "https://docs.yield.fi/how-it-works.md" },
    { id: "S5", url: "https://docs.yield.fi/legal-documents/terms-and-conditions/series-segregation-and-bankruptcy-remote-structure-disclosure.md" },
    { id: "S6", url: "https://docs.yield.fi/legal-documents/investment-disclaimer.md" },
    { id: "S7", url: "https://docs.yield.fi/legal-documents/terms-and-conditions/risk-disclosures" },
    { id: "S8", url: "https://docs.yield.fi/legal-documents/eligibility-criteria.md" },
    { id: "S9", url: "https://docs.yield.fi/resources/ethereum.md" },
    { id: "S10", url: "https://docs.yield.fi/resources/bsc.md" },
    { id: "S11", url: "https://docs.yield.fi/resources/audits.md" },
  ]}
/>


Tokenized funds

YieldFi operates by aggregating and analyzing yield opportunities across multiple blockchain networks and DeFi protocols, providing users with automated or semi-automated asset allocation strategies. The platform likely employs smart contracts to facilitate secure, trustless asset management while generating revenue through management fees or performance-based compensation from yield optimization services.

The project provides comprehensive asset management services and tools for decentralized finance (DeFi) participants, enabling users to optimize their crypto portfolio yields and manage onchain investments. YieldFi focuses on streamlining the complex landscape of blockchain-based yield generation opportunities across various DeFi protocols and platforms.

YieldFi is a decentralized asset management platform designed specifically for the onchain economy and blockchain-based financial ecosystem.

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Real-world asset (RWA) issuers

YieldFi

YieldFi yToken (yUSD) is a token providing exposure to a tokenized fund issued by YieldFi through YieldFi.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended, invests in crypto assets, keeps its assets in accounts segregated from the issuer's own funds, and charges a 2% annual management fee.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with YieldFi in USDC and USDT, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

Holder terms are governed by the law of the British Virgin Islands.

yUSD has been issued on Ethereum as an ERC-4626 token since May 2025, with bridged versions on six more.

YieldFi yTokenyUSD

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