Stable Vault Features
Stable Vaults combine stable-rate earning, per-user rates, and access controls in one product.
Stable-Rate Earnings
A deposit accrues at the per-second rate of the user's SubVault, which does not follow market rates. The rate is not guaranteed: SubVault rates can change, and accrued interest can only be withdrawn while the vault holds enough surplus (see Vault Surplus Management). An off-chain rebalancer allocates deposits across yield strategies to earn that yield.
Multi-Strategy Earning
Deposits are not tied to a single yield source. The Allocator routes assets across multiple approved ERC-4626 yield strategies, such as Aave V4 markets, Aave V3 markets, the Savings GHO vault, or any other compliant vault approved by the integrator. Managers rebalance allocations between strategies as market conditions change, diversifying yield sources without any action required from depositors.
Multi-Chain Earning
The system spans multiple networks. The Accounting Chain is the source of truth for user balances and withdrawals, while one or more Earning Chains host additional yield strategies. This lets the vault allocate deposits to yield opportunities wherever they exist, and lets users bridge their IOUs to redeem into assets available on other supported chains. Funds move between chains through multiple approved bridge providers. See Architecture for how the chains fit together.
Per-User Rates
Each user’s position belongs to exactly one SubVault. A SubVault defines a set per-second accrual rate, and a user’s withdrawable balance is their shares multiplied by the SubVault’s current conversion rate. Because different SubVaults carry different rates, integrators can assign different rates to different user segments based on loyalty tiers, promotional campaigns, subscription levels, or other product logic. SubVault assignment is managed off chain: it is applied at the point of deposit and can be updated at any time afterward, throughout the life of the user’s position.
Allowlist
Deposit access to the Stable Vault can be restricted to a set of approved wallets. This lets integrators run controlled embedded earning programs where only eligible users, such as those who have completed KYC, belong to a specific tier, or have been explicitly enrolled, can deposit. The allowlist is managed per deployment and does not affect the ability of existing depositors to withdraw.
Vault Surplus Management
The system tracks each user’s original deposit principal separately from accrued interest. Users can always convert their principal into IOUs. Converting IOUs into stablecoins is subject to withdrawal fees, the global redemption rate limit, and the assets available on that chain. Interest is gated by the system’s trusted, price-weighted surplus, meaning users can only convert accrued interest into IOUs when the system’s assets exceed its obligations by that amount. The integrator can claim surplus interest via claim, subject to the same surplus check.
Withdrawal fees are configured per asset in basis points and applied by the Withdrawal Execution Policy at redemption time. Because fees are set per asset, the vault can support multiple stablecoins as eligible deposit and withdrawal assets while preventing users from taking advantage of the system for one-to-one swaps between them.
Multi-Asset Deposits & Withdrawals
All supported stablecoins are treated as interchangeable inside the vault. When a user deposits, the system validates the asset’s price and credits the position in the vault’s denomination currency, valued at nominally one U.S. dollar, so what a user deposited places no restriction on what they can withdraw. At withdrawal, users choose any supported output asset on the chain where they redeem, and managers are responsible for ensuring the system holds enough assets on each chain, in each supported denomination, to fulfill instant withdrawals. A user who deposited USDC may redeem into USDT, GHO, or another supported asset on the Accounting Chain, or bridge their IOUs to an Earning Chain to redeem into assets available there such as PYUSD or RLUSD.
Asset support is controlled by the Asset Registry, which tracks whether an asset may be deposited by users, deposited into the Allocator, used as a swap input, or received as a swap output. Assets can be marked as distrusted to exclude them from the system’s surplus accounting without blocking users from voluntarily redeeming IOUs into those assets, ensuring the system accounts conservatively for assets that have depegged or whose price integrity is uncertain.
Security Controls
A global redemption rate limit throttles the total volume of IOU redemptions across all users and assets within a given period, bounding how quickly value can exit the system during abnormal conditions. The limit carries configurable floor values that prevent the policy from being tightened below a minimum throughput, so redemptions can never be effectively frozen through configuration alone.