Agora USD
AUSD is a stablecoin issued by Agora with reserves custodied by State Street and managed by VanEck.
AUSD Term is a first-of-its kind noncustodial vault allowing AUSD holders to access term-locked strategies with a fixed maturity, through the Morpho v2 construct with our custom adapters.
Term-locked strategy
Term vaults (docs) target a 10% liquidity rate held in repo and the remainder programmatically allocated to a simple buy-and-hold strategy of collateral assets with a fixed maturity, such as PT rolling strategies.
Term collateral includes, for example, Pendle PT tokens held to maturity. The collateral selected fits our risk framework to mitigate solvency risks.
Positions are intended to be held for an extended period (>30 days) to avoid slippage from swapping into positions from diluting the NAV.
Uses Steakhouse Box custom adapters to extend the noncustodial features of Morpho v2 vaults to additional strategies beyond borrow/lend. Position constraints are encoded onchain in the Box adapter permissions. As this vault does not use the Morpho adapter registry, it is not available on the Morpho frontend.
Users are advised Term vaults are significantly less liquid than repo vaults and face possibility of loss.
Box Term AUSDBox Vault | CC | |||
Steakhouse High Yield InstantMorpho Vault V2 | CC |