Overnight.fi USD+ 

USD+ Price

What is the Overnight.fi USD+ (USD+) stablecoin?

Overnight.fi USD+ (USD+) is a yield-bearing, rebasing stablecoin issued by Overnight, a DeFi asset-management protocol. USD+ targets a 1:1 peg to USDC. Holders mint USD+ with USDC, the protocol deploys the collateral into delta-neutral DeFi strategies, and a daily rebase pays the return by growing wallet balances while the price stays near $1. Related products include USDT+, xUSD and Wrapped Tokens+. DropsTab classifies USD+ under Stablecoin.

How does USD+ maintain its peg to USDC?

USD+ holds its peg through mint-and-redeem against USDC on the Overnight platform and through an insurance fund that absorbs strategy losses before they reach holders. Protocol materials describe USD+ as at least 100% collateralized by a conservative portfolio of yield-generating DeFi assets that stays immediately convertible into USDC. On-chain backing is verifiable through Chainlink Proof of Reserve and Chainlink data feeds. The peg still depends on USDC stability and on continuous strategy performance.

What does the USD+ daily rebase do?

The USD+ rebase runs daily and follows strategy profit and loss. Positive performance increases holder balances while the token price stays near $1. Negative performance can shrink balances in extreme markets when collateral dips below 100%. The rebase replaces a fixed emission schedule: USD+ has no maximum supply cap, and supply expands or contracts with the strategy result rather than with scheduled issuance.

Where does USD+ yield come from?

USD+ yield comes from delta-neutral strategies on third-party protocols: overcollateralized lending on Aave, concentrated liquidity positions on Uniswap V3, and yield-aggregator vaults. The rate is variable, and USD+ publishes no fixed APY, since returns follow strategy performance each day. Because strategies span several external protocols, a smart-contract failure in any of them becomes a risk for USD+ holders as well.

Does USD+ have a vesting schedule or token unlocks?

USD+ has no vesting schedule, allocation buckets, cliffs or dated token unlocks. As a rebasing stablecoin, USD+ changes supply mechanically through the daily rebase, so dilution risk for holders is strategy-driven, not unlock-driven. Vesting terms exist only for OVN, the Overnight governance token, and those terms apply to OVN alone.

What is the difference between USD+ and USDC?

USDC is a plain stablecoin whose balance stays constant; USD+ is a yield-bearing stablecoin whose balance grows through daily rebases. Both tokens target $1. USD+ mints and redeems against USDC, so USDC serves as the primary collateral. A holder who chooses USD+ accepts strategy risk and smart-contract risk in exchange for the rebase yield.

Which networks does USD+ operate on?

USD+ runs on Base and Arbitrum One in the deployments DropsTab tracks. The Base contract is 0xb79dd08ea68a908a97220c76d19a6aa9cbde4376, verifiable on Basescan. The Arbitrum One contract is 0xe80772eaf6e2e18b651f160bc9158b2a5cafca65; Arbiscan currently lists this address under the xUSD brand. Overnight has deployed USD+ on additional networks, and each deployment carries its own supply.

How can you buy and trade USD+?

USD+ trades on decentralized exchanges only. Venues include Aerodrome and Aerodrome SlipStream on Base, plus Uniswap V3 and V4 on Base and Arbitrum One. Per DropsTab data, USD+ lists more than 20 decentralized-exchange markets, mostly against stablecoin pairs, and no centralized-exchange market. Access requires an on-chain wallet, and exit liquidity in stressed markets depends on DEX pool depth alone.

Who backed Overnight, the protocol behind USD+?

Overnight raised $850,000 in a pre-seed round in December 2021. Hack VC led the round, with FJ Labs and angel investors participating, including Sandeep Nailwal (Polygon co-founder), Brian Tubergen (CoinList co-founder), Ryan Selkis (Messari) and Paul Holland. Overnight has announced no further institutional rounds, so disclosed funding behind the protocol is minimal.

What is OVN and how does it relate to USD+?

OVN is the governance and utility token of the Overnight protocol. OVN launched on October 2, 2023, with a maximum supply of 1,000,000 tokens. OVN stakers receive a share of protocol insurance premiums. USD+ and OVN trade against each other in an Aerodrome pair on Base, but OVN allocation and vesting terms never apply to USD+ balances.