FAQs
What is Evolve?
Evolve is the issuer of eUSD — a yield-bearing stablecoin on the SEI chain. eUSD is designed to deliver stable, transparent yield through a diversified portfolio of:
RWA yield
AI infrastructure yield
Onchain lending yield tokens on SEI
What is eUSD?
eUSD is a yield-bearing token on SEI that targets USD stability while earning yield. You hold a single token (eUSD) that represents a claim on a yield-generating portfolio managed under Evolve’s disclosed mandate and controls.
Who is Evolve for?
Evolve is built for four types of users:
Capital Allocators → simple yield exposure with clear redemption terms
Builders / Distribution Partners → wallets, exchanges, fintechs, banks, wealth tech, LP networks offering “Earn”
Treasury & Finance Teams → DAOs and corporates that need stable yield + reporting
DeFi Power Users → users who want a yield-bearing stablecoin they can hold, redeem, and use across SEI DeFi
What problem does Evolve solve?
Stable yield is fragmented and operationally complex (multiple venues, wrappers, liquidity constraints, and inconsistent reporting). Evolve makes yield:
Accessible via a single yield-bearing stablecoin (eUSD)
Composable across the SEI DeFi ecosystem
Measurable with standardized NAV/APY and disclosure-driven transparency
Where does the yield come from?
eUSD’s yield can come from three primary sources (allocation varies over time):
RWA Yield Rate- and credit-driven yield from real-world asset exposure, structured and disclosed via eUSD documentation.
AI Infrastructure Yield Yield generated from exposure to AI-infra cashflow opportunities (e.g., capacity / compute-linked yield structures), implemented through the product’s disclosed strategy sleeves and counterparties.
SEI Lending Yield Tokens Onchain lending yields driven by borrow demand in SEI markets and protocols (via lending vaults / yield tokens).
Each sleeve’s venues, drivers, and constraints is shown on the eUSD transparency page / factsheet.
Is the APY “real,” or does it include points and incentives?
Displayed APY reflects realized, mark-to-market yield. Unrealized incentives (points, airdrops, emissions) are not included in APY and are additive only if they materialize.
What fees do I pay?
Displayed APY is net of fees. Fees are disclosed on the eUSD factsheet and may include:
Management fee and/or performance fee
How do I get started?
Typical onboarding flow:
Visit the Evolve app (eUSD page)
Connect your EVM wallet
Deposit supported collateral (as listed)
Mint eUSD (instantly)
How long does redemption take?
Redemption can take few hours to ~T+2 days.
Do I need KYC/KYB? Who is eligible?
No
Are there minimums, maximums, or caps?
No
What does “yield-bearing stablecoin” mean?
It means you receive an ERC-20 token (eUSD) that aims to track USD value while earning yield through portfolio performance.
You can typically:
Hold eUSD
Redeem eUSD (per terms)
Use eUSD in DeFi on SEI (LP, collateral, leverage looping, tranching, etc.), where supported
Who manages the capital?
eUSD is managed under Evolve’s disclosed allocation framework. Evolve may rebalance across sleeves based on:
Liquidity needs (redemption capacity)
Risk limits (concentration, counterparty, protocol exposure)
Market conditions (rates, spreads, onchain lending demand)
If third-party operators or counterparties are involved, their role and oversight are disclosed in the factsheet.
How does Evolve handle custody and security?
Evolve uses institutional-grade controls where applicable, such as:
Segregated custody wallets and policy-controlled signers
Segregated venue/protocol positions for sleeve-level accounting
Least-privilege access, approvals, monitoring, and incident playbooks
Custody/control models are disclosed per sleeve where relevant (especially for RWA and AI infra exposures).
What risks should I understand?
Key risk categories include:
Market risk (rates, spreads, credit)
Liquidity risk (queues, redemption windows, market depth)
Counterparty risk (issuers, custodians, borrowers, venues)
Smart contract / protocol risk (SEI DeFi, integrations)
Operational risk (controls, processes, execution)
Regulatory / eligibility risk (jurisdiction restrictions, access constraints)
If the underlying portfolio loses value, eUSD NAV can decline.
What happens in stressed markets or a black swan?
Behavior is product-defined and may include:
Redemptions moving into a queue
Reduced risk exposure / rotation toward higher-liquidity sleeves
Orderly unwinds rather than forced liquidations
Illustrative example:
eUSD TVL: $100M
You hold: $1M (1% of supply)
Instant liquidity drops from 100% → 20%
Remaining redemptions settle over a disclosed window (e.g., T+2)
If NAV changes during unwinds, settlement occurs at the updated NAV
Is APY net of fees?
Yes. Displayed APY is always net of fees.
How is NAV (token price) calculated?
A standard definition:
NAV = (Assets − Liabilities) ÷ eUSD Supply
The eUSD factsheet should disclose:
Pricing sources / valuation policy
Any buffers/haircuts (if used)
Treatment of accrued yield and costs
How often is NAV updated?
NAV cadence is disclosed (commonly daily, sometimes event-driven). If an epoch-based update or anti-front-running mechanism exists, it will be disclosed. In general:
NAV may update on a schedule for predictability
Material downside updates may be applied immediately if specified
Is eUSD a bank deposit or insured product?
No. eUSD is not a bank deposit and does not carry deposit insurance. It is a tokenized yield product governed by its disclosed terms and risk factors.
What does transparency look like?
Where feasible, eUSD provides standardized disclosure of:
NAV, APY, TVL history
Sleeve breakdown (RWA vs AI infra vs SEI lending yield tokens)
Counterparty / venue exposure (where applicable)
Redemption liquidity and queue status
Attestations / audit reports
Can I borrow against eUSD?
Potentially, yes—if eUSD is listed or supported by SEI lending markets or partner venues such as Takara Lend, Yei and/or Morpho markets on SEI. Availability depends on ecosystem support and risk parameters set by those protocols.
Is Evolve DeFi-native or institutional-grade?
Both: institutional-style controls and disclosure, with DeFi-native distribution and composability on SEI.
Want to integrate eUSD into your product?
Evolve can support integration rails (as applicable):
List eUSD in your app
Display NAV/APY + key terms
Enable mint + redemption flows (including request → processing if queued)
Support DeFi utility paths on SEI where supported (collateral, LP, looping)
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