USD3 vaults

USD3 is a yield-bearing ERC-4626 token issued by 3Jane, a decentralised credit-based money market on Ethereum (with a Base deployment) that facilitates uncollateralised stablecoin loans. When a user deposits USDC they receive USD3 shares at the current exchange rate, which starts at 1:1 with USDC and rises continuously as the lending pool accrues interest — holders do not claim rebasing rewards; instead each USD3 redeems for progressively more USDC over time.

Mechanism

Deposited USDC is allocated across two credit sleeves:

• Crypto Credit Lines — uncollateralised USDC lines to crypto-native borrowers.
• Fintech Credit Conduits — funding to U.S. fintech lenders backed by eligible receivables and verified on-chain, CEX and bank assets.

Idle USDC is parked in Aave while awaiting deployment. Borrowers pay interest, and that interest flows back to depositors as USD3 appreciation.

Tranche structure

3Jane runs a two-tier deposit structure. USD3 is the senior tranche: it earns a variable share of pool yield, is credit-enhanced, and is the last to be impaired in the waterfall. The junior tranche (sUSD3) absorbs losses before USD3 and carries a one-month lock in exchange for higher yield. Both tranches take a fixed proportion of whatever the backing generates, and additional $JANE token emissions can layer on top of the native yield.

Sources

• 3Jane documentation — FAQ
• 3Jane homepage
• USD3 on Etherscan