Theo Network thUSD
TVL by Chain
| Asset | Quantity |
|---|---|
| Ethereum | $132.05M |
Protocol Information
thUSD is a yield-bearing stablecoin backed by thBILL (tokenized U.S. Treasury exposure) and a hedged physical-gold carry strategy; yield accrues to holders who stake into sthUSD.
Hallmarks
Key events or milestones in the history of a protocol, project, or ecosystem, often marked by significant dates and descriptions (e.g., launches, upgrades, or incidents).
01 May 2026
Gold carry strategy funded
27 Apr 2026
thUSD reserve migrated to current reserve wallet
Methodology
thUSD TVL equals circulating thUSD supply, built from the reserve side. On-chain reserves held in the thUSD reserve wallet — thBILL (valued at thBILL contract NAV via convertToAssets, not market price), USDC and USDT — are reported as those assets. The remainder of supply is backed by physical gold and silver purchased and leased through StoneX and Monetary Metals, part of it tokenized as thGOLD and thSLVR held in the reserve wallet, with the gold position hedged with CME gold futures, and is reported as thUSD. thBILL held in the reserve is also tracked by the Theo Network thBILL adapter, which is flagged doublecounted under the Theo Network parent.
Audit
A process where developers inspect the underlying code and/or algorithm that compose systems and applications, allowing them to spot potential bugs or points of failure before deployment. Audits are generally undertaken by third parties, which helps guarantee that the procedure is done in an unbiased and effective manner.
