Supported Assets
dUSD
frxUSD
sfrxUSD
frxETH
sfrxETH
FRAX
FXBs
sUSDS
sUSDe
syrupUSDC
syrupUSDT
ETH
wstETH
WBTC
PAXG
dUSD
sdUSD
frxUSD
sfrxUSD
frxETH
sfrxETH
FRAX
FXBs
sUSDS
sUSDe
syrupUSDC
syrupUSDT
ETH
wstETH
WBTC
PAXG
Supported Assets
dUSD
sdUSD
frxUSD
sfrxUSD
frxETH
sfrxETH
FRAX
FXBs
sUSDS
sUSDe
syrupUSDC
syrupUSDT
ETH
wstETH
WBTC
PAXG
Plus more coming soon!
What
dTRINITY is the first decentralized stablecoin protocol with borrower subsidies powered by its native stablecoin, dUSD. Borrowers of dUSD earn interest rebates which subsidize their net borrowing costs, enabling lower effective rates for borrowers and better yields for lenders.
Why
dTRINITY stimulates credit demand by adaptively rewarding dUSD users across market cycles, enabling superior rates for both lenders and borrowers.
When
Live on Fraxtal since December 2024, Katana since October 2025, and Ethereum since January 2026.
Where
• Networks: Ethereum, Fraxtal, Katana.
• Lending protocols: dLEND, Morpho.
• Liquidity pools: Curve, Sushi Swap.
• Vaults: dSTAKE, Convex, Yearn, Stake DAO.
What
dTRINITY is the first decentralized stablecoin protocol with borrower subsidies, powered by its native stablecoin, dUSD, backed 1:1 by an onchain reserve of yield-bearing assets.
Why
dTRINITY is designed to stimulate onchain credit demand by adaptively rewarding dUSD users across market cycles, enabling superior rates for both borrowers and lenders.
When
Live on Fraxtal since December 2024, Katana since October 2025, and Ethereum since January 2026.
The TGE (token generation event) for dTRINITY’s governance token is set to take place in 2026.
Where
• Blockchains: Ethereum, Fraxtal, Katana.
• Lending protocols: dLEND, Morpho.
• Liquidity pools: Curve, Sushi Swap.
• Vaults: dSTAKE, Convex, Yearn, Stake DAO.
• Yield markets: Pendle ⏳, Spectra ⏳
• Plus more coming soon.
How
dTRINITY, short for "DeFi Trinity," consists of 3 core components:
Decentralized Stablecoin
dUSD is a decentralized stablecoin soft-pegged to the US dollar, backed 1:1 by chain-isolated reserves consisting of other dollar-denominated stablecoins, yieldcoins, and Curve LP positions. Users can mint or redeem dUSD atomically and permissionlessly. Its reserve yield (float revenue) is shared with users as activity rewards, such as interest rebates for borrowers.
Lending Markets
Lenders can supply dUSD into dLEND, dTRINITY's native lending protocol, to earn yield and rewards. They can also stake dUSD to receive the sdUSD yieldcoin from dSTAKE, an ERC-4626 vault that deposits into dLEND. Borrowers, on the other hand, can supply collateral to take out dUSD loans and claim interest rebates based on active debt.
dUSD markets are also available across external partner lending protocols, including Morpho.
Liquidity Pools
dUSD and sdUSD pools are deployed on Curve to facilitate liquidity and trading activity. Users can efficiently swap dUSD and sdUSD with other assets, while LPs can provide liquidity to earn fees, native yield, and/or CRV rewards.
Who
dTRINITY offers the ideal stablecoin platform for:
Lenders & borrowers
Yield loopers
Liquidity providers
Advisors
Rune Christensen
Co-founder of Sky
Sam Kazemian
Co-founder of Frax
C2tP
Co-founder of Convex
Winthorpe
Co-founder of Convex
Thanh Le
Co-founder of Coin98
Rune Christensen
Co-founder
of Sky
Sam Kazemian
Co-founder
of Frax
C2tP
Co-founder
of Convex
Winthorpe
Co-founder
of Convex
Thanh Le
Co-founder
of Coin98
dTRINITY (short for "DeFi Trinity") is the world's first subsidized stablecoin protocol, a new DeFi primitive designed to supercharge onchain credit markets. The protocol features dUSD, a decentralized stablecoin backed 1:1 by exogenous, yield-bearing reserves. Unlike traditional stablecoin models, dTRINITY forwards its reserve earnings to dUSD borrowers as rebates to lower their net interest expenses. This, in turn, creates a higher supply-demand equilibrium that unlocks greater yields and capital efficiency for dUSD users.
Subsidies are funded exogenously by variable yield from dUSD's reserve backing (i.e., float revenue) and distributed to dUSD borrowers in designated markets as interest rebates, represented as the Rebate APY. Rebates are paid in dUSD and must be claimed separately. Borrowers still incur a Gross Borrow APY on outstanding debt. Their effective dUSD borrowing cost is represented as: Net Borrow APY = Gross Borrow APY - Rebate APY.
Subsidizing dUSD borrowers reduces the Net Borrow APY, leading to more credit demand and utilization. This, in turn, raises the Supply APY for lenders, creating a win-win dynamic for both sides of the market. dUSD liquidity providers (LPs) also benefit from greater trading volume and fee earnings thanks to subsidy-driven money velocity.