Last week, we announced thUSD, a yield-bearing stablecoin powered by a delta-neutral gold strategy. Today, the pre-deposit vault is live.

What Is the Genesis Program?

The thUSD genesis program is an early access window for participants to commit capital ahead of thUSD's full launch. Deposits are accepted in USDC and thBILL on Ethereum, Arbitrum, and Stable. The Genesis Vault is powered by Concrete.

How It Works

1. Connect your wallet at thusd.theo.xyz

2. Deposit thBILL or USDC into the Genesis Vault on Ethereum, Arbitrum or Stable

3. Receive thUSD (or staked thUSD) equal to the USD value of your deposit plus all yield accrued during the period.

   
   

   
   

Key Details

How You Earn Yield

Your deposited capital is put to work through a delta-neutral gold strategy. It goes long gold via thGOLD, our yield-bearing tokenized gold product, while simultaneously shorting gold futures on the CME. This hedges price exposure and captures two yield streams:

1. Gold Lending Yield: thGOLD lends physical gold to established retailers who pay interest on it, operated by FundBridge Capital with Libeara infrastructure and a 20% first-loss buffer.

2. Gold Futures Basis: Gold futures consistently trade above spot. By going long spot and short futures, the strategy captures that spread, a structural feature of commodity markets, not a DeFi rate that compresses to zero.

   
   

That yield accrues to your position once your capital is locked and deployed into the strategy and is reflected in the thUSD you receive at the end. Deposits are also backed by a diversified reserve, including thBILL and a digital assets delta-neutral position, managed alongside the gold carry strategy. In an internal strategy run throughout 2025, thUSD generated approximately 8.3% annualized. Actual returns will vary based on market conditions and are not guaranteed.

What's Next

Once the 6-week pre-deposit window closes, we'll move to full launch — activating thUSD across trading venues, lending protocols, and derivative markets.

Full launch details, including integrations and distribution partners, will be announced separately.

Deposits are live at thusd.theo.xyz

About Theo

Theo is connecting the world's capital. We build financial products that enable onchain capital to access global markets, making real-world assets more powerful than traditional financial instruments.

Theo's infrastructure has powered thBILL to $200M+ TVL and over $1B in cumulative trading volume, with 15+ integrations and 80,000+ users across 60+ countries. Partners include Standard Chartered, Wellington Management, and FundBridge Capital, with liquidity from SIG, Flowdesk, and Amber. The platform has raised $20M in Series A funding led by Hack VC, Mirana Ventures, and Anthos Capital.

Learn more: theo.xyz

Disclaimer: Yield figures are approximate and based on the strategy run internally throughout 2025 using historical market conditions. Actual returns may vary and are not guaranteed. thUSD involves exposure to counterparty credit risk on gold retailer borrowers, basis and roll risk on gold futures positions, smart contract risk, and operational risk across multiple execution venues. Security over gold inventory and a 20% first-loss buffer mitigate but do not eliminate credit risk. Investors should review the full risk disclosures before depositing. Past performance does not indicate future results.