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dUSD is not live yet. The contracts are written and tested, but nothing is deployed on-chain and nothing can be minted or staked today. This section documents the design so you can read it before launch — every figure that depends on a deployment (addresses, live parameters, rates) will be published here when the coins are struck.
The dUSD coin: an engraved d over USD, ringed by laurel

dUSD — the Denar dollar.

dUSD is a dollar built the way Denar builds everything: the mechanics enforced by contracts, the risk stated out loud, and nothing promised that the reserve does not actually earn. The system is two tokens with one job each: That split is the engine. Every dUSD in circulation is matched by reserve dollars that earn — in tokenized T-bills, in Denar’s own lending markets — but only holders who opt in by staking collect. The dollar stays boring and composable; the yield concentrates on sdUSD.
dUSD is not dnUSDG. dnUSDG is the share token of the USDG lending vault — a claim on a loan book, whose value moves with borrower interest. dUSD is a dollar, pegged and redeemable at one USDG. The names are close because both are Denar-native; the instruments are not.

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Where the yield comes from

The treasury holds the reserve in three places, each documented in The reserve:
  1. A liquid USDG buffer — earns nothing, exists so redemptions never wait.
  2. The Denar lending vault — earns what borrowers across the stock markets pay.
  3. SGOV, the tokenized 0–3 month US Treasury ETF on Robinhood Chain — earns the T-bill rate through the token’s corporate-action multiplier, the same mechanism the markets already handle.
Earnings above the reserve’s retained safety cushion are periodically harvested: minted as dUSD against the surplus that backs them and dripped to sdUSD stakers over seven days. The mechanics — and why the drip makes distributions impossible to snipe — are in Staking.

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Why the dollar ships second

dUSD is not late — it is downstream. sdUSD’s yield is the lending markets’ borrower interest (plus the T-bill sleeve), so launching the dollar before the markets have real borrowing demand would mean launching a staking rate with nothing behind it. The order is deliberate:
  1. The markets first — live since August, operating in public: liquidations, corporate actions, monitoring.
  2. The dollar on top — minted when its reserve has somewhere productive to work.
Waiting is not idle, either: Denar Points earned in the markets before launch carry priority access to dUSD’s first minting window. Lending and borrowing today is the queue.

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The design in five commitments

  1. One dollar in, one dollar out. Mint and redemption are 1:1 against USDG at the treasury, not against a pool. The exit does not depend on market depth.
  2. The reserve is valued pessimistically. A scheduled dividend is never counted before it is paid; a scheduled reverse split is priced the moment it is announced.
  3. Distribution comes after solvency. A retained equity cushion — sized against the risky side of the reserve, not just liabilities — is never paid out.
  4. Operations are bounded. Reserve rotation is slippage-bounded against Chainlink and rate-limited per day; the redemption buffer has an enforced floor.
  5. Everything pauses for corporate actions. While SGOV is processing a dividend or split, valuation and harvest wait — exactly as the lending markets do.

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Status and roadmap

Follow @DenarMarkets and the changelog for launch.