安心・安全なStaked USD.infraウォレット

About sUSD.infra

sUSD.infra is DAWN's yield-bearing dollar, backed by loans to real-world digital infrastructure under long-term commercial contracts.

• Users deposit USD.infra into the DAWN vault to mint sUSD.infra, whose exchange rate rises as yield accrues. • Yield is generated from loans to AI infrastructure, connectivity, and compute projects whose revenue comes from commercial contracts, with liquidity held in reserve. • Yield is paid from underlying cash flows and is not guaranteed.

What is sUSD.infra

sUSD.infra is the yield-bearing token of DAWN, an RWA protocol bringing digital infrastructure finance on-chain. It represents a share of the USD.infra Vault, which lends to real-world infrastructure projects and returns their contracted cash flows to holders. DAWN finances the physical layer that AI runs on, the networks that carry it and the compute that runs it, alongside adjacent digital infrastructure and services that generate revenue through commercial contracts.

Value moves through the system as the vault deploys USD.infra into loans to project entities holding long-term infrastructure contracts. Borrowers make contract payments to the vault, and those payments accrue to the value of sUSD.infra. Holders can exit by redeeming sUSD.infra for USD.infra at the current exchange rate, subject to the vault's liquidity, or by trading it on secondary markets. As DAWN's loan book grows across connectivity, compute and AI infrastructure, the vault scales accordingly.

What Makes sUSD.infra Unique

• Contract-backed yield: sUSD.infra is underwritten on long-term commercial contracts rather than on hardware collateral or crypto-native trading strategies, so its yield is tied to contracted revenue from real-world infrastructure.

• Project-finance structure: Each financed project sits in its own bankruptcy-remote entity, with contract revenue as the source of repayment and a servicer in place for the life of the contract. Full-stack digital infrastructure exposure: A single token provides exposure to connectivity, compute and AI infrastructure financing, an asset class historically accessible only through private credit and infrastructure funds.

• Non-rebasing accrual: Yield accrues through a rising exchange rate against USD.infra rather than through rebasing, so sUSD.infra stays composable across DeFi. What Can You Use sUSD.infra for? sUSD.infra is designed to accrue yield relative to USD.infra. The protocol offers the following use cases:

• Yield generation: Hold sUSD.infra to earn yield from real-world digital infrastructure financing, paid from contract cash flows rather than token emissions. Infrastructure credit exposure: Gain on-chain exposure to infrastructure credit, an asset class traditionally accessed through private funds.

• Collateralization: Use sUSD.infra as collateral in lending markets and as a base asset for yield-trading markets on Solana

• Liquidity: Trade sUSD.infra on decentralized exchanges or redeem it for USD.infra through the DAWN vault.

How Does sUSD.infra Work?

Users deposit USD.infra into the DAWN vault and receive sUSD.infra at the current exchange rate. The vault lends USD.infra to project entities that hold long-term revenue contracts with infrastructure operators. Each loan is secured by the project's contracted cash flows, held in a bankruptcy-remote structure and serviced by an operator for the life of the contract.

As borrowers make payments, the vault's assets grow and the exchange rate of sUSD.infra to USD.infra rises, so yield accrues automatically without rebasing. A portion of vault assets is held in liquid reserves to support redemptions. The yield is paid from the underlying cash flows under the terms of the instrument and is not guaranteed. The protocol charges fees at the application level, while users pay Solana network fees in SOL.