Etherfuse USTRY 

USTRY Price

What is the Etherfuse USTRY token?

Etherfuse USTRY (USTRY) is a tokenized US Treasury Note issued by Etherfuse, a real-world-asset issuer that tokenizes government bonds as Stablebonds on Solana. Each USTRY token represents a digital claim on US Treasury debt held as collateral, and accrued interest raises the token's redemption value over time. USTRY gives on-chain users direct exposure to US sovereign bond yield without a brokerage account. The token has traded since its inception on September 4, 2024. Etherfuse lists comparable Stablebond products across US, Mexican, Brazilian, EU and UK debt markets.

Is a Stablebond a tokenized government bond?

A Stablebond is Etherfuse's term for a tokenized government bond. Each Stablebond is a digital claim on sovereign debt held as backing by Etherfuse, redeemable at net asset value (NAV) in USDC. Etherfuse launched the Stablebond format publicly in October 2023 at Solana Breakpoint in Amsterdam, starting with Mexican CETES. USTRY applies the same structure to a US Treasury Note.

How does USTRY track the US Treasury yield?

USTRY accrues the yield of the underlying US Treasury Note directly inside the token. Solana token extensions carry the interest accrual, so the redemption value of each USTRY token rises as interest builds. The yield follows prevailing US Treasury rates and moves as interest rates change. Holders receive the yield through the higher redemption value; USTRY pays no separate coupon.

Does the USTRY token have a fixed maximum supply?

No. USTRY has no fixed maximum supply. New tokens are minted when buyers subscribe with USDC and removed when holders redeem their notes, so outstanding supply expands and contracts with user demand. Per DropsTab data, no fixed supply cap is recorded for the token. Per rwa.xyz, most circulating USTRY sits on Stellar through a Stellar Asset Contract, while DropsTab tracks the Solana version of the token.

What backs the value of the USTRY Stablebond?

USTRY is backed by US Treasury Notes issued by the US Department of the Treasury through the Bureau of the Fiscal Service. US Treasury debt carries an AA+ credit rating. Per rwa.xyz, the instrument operates under the Switzerland DLT Act framework, with Spiko SICAV listed as the legal custodian identifier. The value of each token tracks the net asset value of the underlying notes plus accrued interest.

Where can you buy or trade USTRY crypto?

Per DropsTab data, USTRY trades against USDC on FluxBeam, a decentralized exchange on Solana. DropsTab records no centralized-exchange spot or derivatives market for the token. The primary access route is minting and redemption directly through Etherfuse in USDC, which carries no subscription or redemption fee. On-chain routing through Solana DeFi aggregators such as Jupiter is also available per the issuer.

How liquid is the USTRY/USDC market?

Liquidity is thin. FluxBeam is the only tracked decentralized venue for the USTRY/USDC pair, and per rwa.xyz most recorded USTRY supply sits on Stellar rather than on the Solana mint, so on-chain Solana order-book depth is limited. The USTRY/USDC pair can therefore trade away from NAV on larger orders. For size, the zero-fee mint-and-redeem rail with Etherfuse is the primary liquidity path.

What fees does Etherfuse charge on USTRY?

Etherfuse charges no subscription or redemption fee for minting or redeeming USTRY in USDC. Ongoing costs consist of a 0.25% management fee plus a tiered variable commission of 0.25% to 1.5% tied to the underlying Treasury yield. Because the variable component scales with accrued yield, the effective cost on USTRY moves with Treasury rates.

Is Etherfuse USTRY regulated?

Per rwa.xyz, USTRY operates under the Switzerland DLT Act framework. Etherfuse filed a no-action request with the US SEC through counsel Brogan Law PLLC, published May 23, 2025, asking the agency to confirm that Stablebonds are not securities subject to enforcement. No published SEC staff response has been announced, so the US securities status of Stablebonds remains unresolved. In Mexico, CNBV Resolution P090/2024 of April 16, 2024 granted Etherfuse Liquid no-action relief.

Who has invested in Etherfuse?

Venture firm Venture Beyond invested in Etherfuse and published an investment thesis titled "Bringing stablebonds to DeFi: why we invested in Etherfuse." The Solana Foundation has featured Etherfuse as a case study, a form of ecosystem support for the Stablebond issuer.