The Arcwell Dollar
A dollar whose reserve earns for its holders.
aUSD is issued one for one against USDG and can always be redeemed one for one. Behind it, the treasury holds tokenized T-bills and lends into ARCWELL's own markets, and every cent of that income goes to the holders who stake it as saUSD.
The dollar intentionally launches after the markets that fund it. Until then, the markets are where to be: Arcwell Points collected now grant priority access to the first minting window.
How it works
One dollar in, one dollar out. Yield is opt in.
Mint one for one
Deposit USDG and receive the same amount of aUSD. No price to watch, no curve to cross: the treasury keeps your dollar and owes it back.
The reserve is put to work
Treasury dollars are split between tokenized T-bills (SGOV), the ARCWELL lending vault and a liquid buffer that never leaves home, so redemptions are always served.
Stake to collect
aUSD itself pays no interest. Stake it into saUSD and all reserve income streams to stakers over seven days, block by block.
The dollar
aUSD
A plain, transferable dollar. Hold it, trade it, post it, pool it, and redeem it for USDG at the treasury whenever you want. It never rebases and never pays interest, which is precisely what makes it usable everywhere.
- · Minted and redeemed 1:1 against USDG
- · Redemptions are served from a buffer that refills from the reserve
- · Not the vault share: awUSDG, the lending vault token, is something else
The staked dollar
saUSD
Stake aUSD and hold saUSD, a vault share that only ever rises in aUSD terms. T-bill income, lending interest, mint and redeem fees: the reserve's whole income vests to stakers smoothly over seven days.
- · Standard ERC-4626 vault share, unstake whenever
- · Rewards drip linearly, so there is no payout to front run
- · The entire reserve yield, concentrated on those who opt in
The reserve
Three places a treasury dollar can sit.
Every aUSD is backed by at least one dollar of reserve. The treasury's only decision is how much stays liquid, how much is lent and how much earns the T-bill rate, within limits the contracts enforce rather than policies anyone has to remember.
Liquid USDG buffer
A floor of the reserve stays as plain USDG so ordinary redemptions never wait. Below that floor the treasury refuses to invest.
ARCWELL lending vault
Part of the buffer earns borrower interest in the same vault lenders already use. When the liquid buffer runs low, redemptions unwind it automatically.
Tokenized T-bills (SGOV)
The 0 to 3 month US Treasury token on Robinhood Chain. Dividends compound through the token's own multiplier; the reserve books scheduled decreases at once and gains only once paid.
Same discipline as the markets
The lending rules, applied to a dollar.
Always redeemable at par
Redeeming burns aUSD against the treasury's own books. The exit never depends on a pool having depth that day.
Conservative accounting
The reserve never counts a dividend before it is paid, and prices a scheduled reverse split the moment it is announced.
A cushion before payouts
Yield is only distributed above a retained cushion sized to the risky part of the reserve, never down to the last cent.
Rate limited operations
Reserve rotation is capped per day and bounded by the Chainlink price, so no single operator key can drain the books.
Corporate action aware
While SGOV is processing a dividend or split, valuation and distribution pause, exactly like the lending markets.
Verified and tested
Deployed verified on chain behind a full test suite and adversarial review, like every live contract of the protocol.
Why not yet
The dollar ships after the markets that pay for it.
saUSD's yield is borrower interest from these lending markets. Launching the dollar before the markets have depth would mean a dollar with nothing behind its rate. So the sequence is deliberate: markets first, the dollar on top. Using them now is not waiting: Arcwell Points earned today carry priority access to the first minting window.