USD+ vaults
- This stablecoin does not have a price feed available at the moment and we are unable to display peg/depeg rates.
About Overnight Finance USD+
USD+ is a yield-bearing stablecoin by Overnight Finance that automatically generates yield from conservative DeFi strategies. It is collateralised by USDC and maintains its peg through daily rebasing. USD+ is primarily active on Base and Arbitrum.
USD+ is issued by Overnight Finance, a protocol that deploys underlying stablecoins (USDC, DAI, USDT) into neutral-risk DeFi strategies (lending protocols, stable-to-stable LPs) to generate yield.
Mechanism
- Daily rebasing — the USD+ token balance in wallets increases as yield accumulates
- Rebase is triggered once daily by the protocol (not at a fixed time)
- Earned fees and rewards are converted back to stablecoins and distributed via supply expansion
- Internally uses
WadRayMath(RAY format) with a liquidity index tracking issued tokens vs strategy assets
xUSD on Arbitrum
On Arbitrum, USD+ was rebranded to xUSD, which uses a share-price appreciation model (non-rebasing wrapper) for compatibility with DeFi protocols that do not support rebasing tokens.
Chains
- Base — primary chain (~$7M, ~83% of supply)
- Arbitrum — as xUSD (~$1.4M)
- Phased out on Polygon, BNB Smart Chain, Optimism, Linea, Blast
Status
Active but diminished — total circulating supply ~$8.5M, down significantly from peak.
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