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You stake USDfr and receive sUSDfr. But what happens underneath? Your USDfr enters the yield-bearing vault, where capital is deployed into Forest Road’s specialty-finance loan book. As those loans earn interest, that income is reflected in sUSDfr’s exchange rate, net of applicable fees. The yield is variable, and credit losses can reduce the value of sUSDfr. So sUSDfr isn’t generating yield by itself. It represents your share of capital being put to work in the underlying loan book.

Already staked your USDfr? You now hold sUSDfr, the yield-bearing vault share. As Forest Road’s loan book earns interest, that value is reflected in the USDfr/sUSDfr exchange rate, net of applicable fees. The rate is variable and can also fall if credit losses reach sUSDfr. Stake USDfr → Receive sUSDfr → Track your position.

You’re holding USDfr. Is it earning yield? No. USDfr is the stablecoin layer. It is minted 1:1 against USDC and backed by reserves plus the value deployed into FRV’s loan book, but simply holding USDfr does not earn the loan book’s yield. To participate in that yield, USDfr is staked for sUSDfr. sUSDfr is the yield-bearing vault share. Its exchange rate reflects interest earned by the underlying loan book, net of applicable fees, and that rate can fall if credit losses reach depositor principal. USDfr is the dollar. sUSDfr is what puts it to work.

Worth noting: holding $USDfr actually earns more points than staking it into sUSDfr. So there’s a trade-off depending on what you’re optimizing for: USDfr → more points sUSDfr → exposure to yield Choose your lane.

Want to check how your sUSDfr position is doing? Connect your wallet and open your position in the FRV app. You’ll see your sUSDfr balance, current expected yield, projected income, historical gain, and applicable fees in one place forestroadvault.com/app

You'll move your stablecoins for a better rate, but when was the last time you checked whether your tokenized gold could earn more? If gold is the position you're keeping for years, the way it earns deserves just as much attention. Your gold could be earning much more.