2a

Asset Quality: Stringent

A single collateral asset, selected for reserve quality. Yuzu Cash currently deploys into or lends against a single asset: AUSD by Agora, an institutional-grade digital dollar backed 1:1 by cash, short-term U.S. Treasuries and overnight repo. Reserves are managed by VanEck and held in bankruptcy-remote custody at State Street, one of the world's largest custodian banks. AUSD's issuer, Agora, holds a full digital-asset business licence from the Bermuda Monetary Authority and has filed for a U.S. national trust bank charter with the OCC.

The strategy employs no leverage. Returns come from interest and incentives from lending against AUSD alone. Positions are visible in real time here, and the product page is here.

ASSET	YIELD	BACKING	ASSESSMENT
Yuzu Cash	6.0%	Deployed into AUSD lending on Curvance against AUSD collateral. AUSD’s reserves are held 1:1 in cash, short-duration U.S. Treasuries and overnight repo, managed by VanEck and custodied at State Street within a bankruptcy-remote structure.	Denominated in AUSD and lending against AUSD collateral (single-asset). AUSD is US Treasury backed.
Tokenized T-Bills	3.5%	Directly held short-duration U.S. Treasuries.	US Treasury backed, often non-transferable, providing an additional layer of safety.
Aave USDC deposits	3.2%	Pooled, overcollateralized lending against listed crypto collateral, with asset eligibility and risk parameters set through governance and assessed by independent risk providers.	Established venue with deep liquidity. Lending exposure to multiple collateral types and oracles.
Sky sUSDS	3.5%	Multi-strategy balance sheet: USDC reserves in the peg stability module, crypto-collateralised vaults, a tokenised U.S. T-bill sleeve, AAA CLOs allocated through Grove (Janus Henderson Anemoy on Centrifuge), and lending deployed via Spark.	Established venue with deep AUM. Presence of an insurance buffer. Multistrategy exposure across lending, tokenised treasuries, AAA CLOs and crypto-collateralised vaults.
Gauntlet USDC Prime	3.9%	Overcollateralized lending curated by Gauntlet against WBTC, cbBTC, wstETH and WETH at 86% LLTV, with WBTC the large majority of the book.	Bluechip collateral only, actively curated. Concentrated in WBTC, and utilisation near 90% leaves a thin withdrawal buffer.
Ethena sUSDe	4.5%	Restructured in April 2026 into liquid stablecoin reserves, tokenised U.S. T-bills and overcollateralized institutional lending through Anchorage, Maple Institutional and Coinbase Asset Management, with the perpetual-futures basis now a minority of backing.	No longer a delta-neutral basis trade. Exposure has shifted from funding rates and exchange counterparty toward credit.
Maple syrupUSDC	5.0%	Fixed-rate overcollateralized loans to institutional, KYC’d borrowers against BTC, ETH and XRP collateral, with minimal DeFi exposure held for liquidity purposes only.	Largely overcollateralized loans, with multiple collateral price stress tests survived since inception.
Gauntlet USDC Frontier	5.2%	Overcollateralized lending curated by Gauntlet against more exotic collateral than its Prime vault. Exposure includes the senior tranche of Pareto’s credit vault which provides an institutional credit line to FalconX, USDD which is TRON’s overcollateralised stablecoin, and HELOC loans.	Lending to relatively more exotic collateral, any loss in collateral value is defrayed by the LTVs.

We seek to increase our whitelisted venues over time, provided they fulfil the same criteria.

Note: analysis is as of 29 July 2026.

2b

Liquidity: Explicit Exit Path Within 24 Hours

Utilization crunches limit liquidity. A withdrawal is paid from supply that borrowers have not drawn. Once utilization is 100%, any exit will rely on borrowers repaying. In the KelpDAO unwind, withdrawals outpaced repayment and Aave’s main markets reached full utilisation. In the Stream Finance collapse, borrowers holding collateral worth less than their loans had no reason to repay, and markets on Euler, Morpho and Silo froze.

Yuzu Cash is liquidity first. Every deployment must have an explicit exit within 24 hours. Specifically, available withdrawal liquidity must exceed our deployed capital, or a separate exit path must exist. Where neither holds, Yuzu Cash will not deploy, regardless of yield. This test is applied continuously, as utilisation can rise well after deployment.

2c

Smart Contract Security: Threat Detection & Mitigation

Real-time smart contract threat detection. The requirement is that exposure can be frozen or withdrawn between the point a threat is detected and the point it is exploited. Venues meet this in different ways: some operate threat detection themselves, and on others Yuzu holds a pauser role connected to our Hypernative stack. Venues that cannot meet it today receive no capital and remain under review. Today, we have whitelisted Euler and Curvance.

Pre-emptive reaction to secure funds. Hypernative monitors smart contracts across more than 75 blockchain networks, scanning continuously for over 300 real-time risk vectors. Those alerts connect directly to a pauser role, allowing a market to be halted in the window between detection and attack without waiting on a human to act. The same alerts can trigger a withdrawal, so exposure can be removed as well as frozen.

Case study: the Curvance pauser. Curvance granted Yuzu the pauser role, connected to our Hypernative stack. Detected threats pause the market automatically, announced publicly here.