USYC
  • Overview
    • Introduction
    • Investor Onboarding
    • Subscription & Redemption
    • Product Structuring
    • Token Price
    • Fees
    • Smart Contracts
    • Service Providers
  • Integration Guides
    • Web2 API
    • Typescript
    • Etherscan
    • Solidity
  • External
    • Hashnote USYC Portal
    • Marketing Website
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On this page
  • Price Reporting
  • Token Price Calculation
  • Effective Subscription Price
  • Trade Activity
  • Interest Calculation
  • Integration
  • USYC Oracle
  • Web2 API
  1. Overview

Token Price

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Last updated 14 days ago

Price Reporting

USYC price is reported to the USYC Oracle, a Chainlink-style smart contract, once per business day after the Prime Brokerage has reported the prior day's activity.

USYC price report typically occurs at 6:45 am ET (subject to delays due to operational or technical reasons). The price is reflected onchain once all subscriptions, redemptions, and accrued interest are reconciled.

Token Price Calculation

USYC price is calculated based on the Net Asset Value (NAV) of the Prime Brokerage account divided by the total supply of USYC on issue:

AAs new investors enter the fund, they buy in at the current price per share.

Effective Subscription Price

Redemptions always occur at the current USYC price, and Subscriptions occur at the Effective Subscription Price. This aligns subscriptions with whether or not the capital was able to be included in earning yield for that business day.

For subscription with USDC and USDT:

  • Between the USYC price report and 2:00 pm ET, the effective subscription price is equal to the current USYC price, meaning Circle offers free subscription and redemption at the same price.

  • After 2:00 pm ET until the next price report, the effective subscription price is a forecast of the next price report, meaning redemptions occur at a different price than subscriptions.

Trade Activity

  • Monday --- trade takes place and accrues interest overnight

  • Tuesday --- trade activity is reconciled and reported onchain in the morning

Interest Calculation

The USYC Oracle provides principal and interest at each price update to compute the current APR.

The principal and interest can be used to compute the overnight interest rate. When forecasting interest, it is important to account for interest that accrues over multiple days (e.g. a Friday repo generates a total of 3 days of interest).

Integration

USYC Oracle

The USYC Oracle adheres to the Chainlink aggregator interface.

Etherscan

ABI

Web2 API

USYC portal provides a JSON API of indexed and normalized on-chain price reports.

Mainnet

Sepolia

Trade activity occurs Monday to Friday, excluding. The results of the trade activity will reflect the next morning. For example:

US Federal Holidays
https://etherscan.io/address/0x4c48bcb2160F8e0aDbf9D4F3B034f1e36d1f8b3e#readProxyContract
https://etherscan.io/address/0x3B7ad4835d817181592788A7E6D588D334e0426b#code
https://usyc.hashnote.com/api/price-reports
https://usyc.dev.hashnote.com/api/price-reports