wUSDC

Hold a dollar. Let it fund collateralized trading.

wUSDC is wrapped USDC that gets lent to futures traders, prop desks and trading firms who post more collateral than they borrow. You just hold the token. Interest shows up in its price.

Estimate your return Read the risks first
1 wUSDC is worth
1.000000000USDC
Starts at 1.000000000 when you open this page and rises at the rate below.
$
Earned since you opened this page$0.000000
Supply APY–

Illustrative model only. Rates are variable and depend on how much of the pool is borrowed. Nothing here is a promise of return.

Four steps from idle USDC to interest

Your USDC goes into a shared pool. Approved borrowers draw from it, pay interest, and keep their collateral locked until they repay.

1

Wrap USDC

Deposit USDC and receive wUSDC. One token always represents a growing claim on the pool.

2

Pool lends it out

Verified futures traders, prop desks and trading firms borrow from the pool to fund positions.

3

Collateral locks

Every borrower posts collateral worth well over the loan. If it falls too far, it is sold to repay you.

4

Interest accrues

Borrowers pay interest into the pool. wUSDC's exchange rate rises. Unwrap whenever liquidity allows.

What could holding wUSDC earn?

Your yield comes from borrowers' interest, shared across everyone in the pool. When more of the pool is borrowed, rates climb and so does your return, but so does the chance that withdrawals have to wait.

$

Share of deposited USDC currently lent out. Drag it to see how demand changes your rate.

Model: borrow rate rises gently up to 80% utilization, then steeply to discourage a fully drained pool. Holders receive the borrow rate × utilization, minus a 10% reserve fee that backs the pool against losses.

Supply APY
–
Borrowers pay (APR)
–
Estimated interest
–
Balance at the end
–
Borrow rateYour supply APYHorizontal axis: utilization, 0 to 100%

Who borrows, and what they put up

Borrowers are onboarded and limited in size. Nobody borrows without collateral locked first.

Futures traders

Individuals and funds who want more buying power on perpetual and dated futures than their own cash provides. They pay interest for the extra margin.

Posts as collateralLiquid majors and stablecoins, at a haircut

Prop desks

Proprietary trading teams who run a strategy on borrowed capital. Position limits and daily loss limits sit on top of the collateral requirement.

Posts as collateralStablecoins and blue-chip assets above the loan value

Trading firms

Market makers and arbitrage firms who need working capital for short periods and repay quickly, often within days.

Posts as collateralCash-like assets and approved venue balances

See how collateral protects the pool

Each loan is a fraction of its collateral. Drop the collateral's price and watch when liquidation kicks in, and when it wouldn't be fast enough.

Collateral value as a percentage of the loan. 150% means $150 locked for every $100 borrowed.

Imagine the market falls this far before anything can be sold.

Drop that triggers liquidation
–
Drop that would cause a loss
–
Loan owed to the pool$100
Collateral value now$150

What can go wrong

Overcollateralized does not mean risk-free. Read these before you deposit.

Gap risk

If collateral falls faster than it can be sold, a loan can end up underwater. A reserve funded by fees absorbs losses first, then holders share what remains.

Smart contract risk

Bugs or exploits in the wrapper, the pool or the liquidation logic could lead to loss of funds. Audits reduce this risk but never remove it.

Withdrawal delays

When most of the pool is lent out, there is less USDC on hand. Unwrapping can wait until borrowers repay or new deposits arrive.

Variable yield

Returns move with borrower demand. They can fall close to zero when few people borrow.

Counterparty and venue risk

If collateral or positions sit on trading venues, a venue failure or freeze can affect recovery.

USDC risk

wUSDC is only as sound as USDC itself. An issuer problem or loss of its dollar peg passes straight through.

Questions

Do I need to stake or claim anything?

No. Your wUSDC balance stays the same. Its exchange rate against USDC rises as interest accrues, so each token redeems for more USDC over time.

Can I get my USDC back at any time?

You can unwrap whenever the pool has enough idle USDC. At high utilization, large withdrawals may be partial or wait for repayments.

Where does the return actually come from?

From interest that borrowers pay for using pool capital to fund futures, prop and trading positions. It is not a token emission or a fixed promise.

What happens if a borrower's collateral falls?

Once collateral value drops to the liquidation line, it is sold and the loan is repaid. A penalty paid by the borrower goes to the pool's reserve.

Who decides who can borrow?

Borrowers are reviewed, assigned size limits and given collateral requirements per asset. The parameters are published so holders can check them.

Is this available today?

This page is a product concept with illustrative numbers. Connect it to your real contracts, audit reports and live rates before launch.