Lido EarnUSD

Lido EarnUSD is a yield-bearing stablecoin issued on Ethereum that represents a depositor's share in the EarnUSD vault, a product built by Lido. It is designed for holders of USDC and USDT who want their dollar-denominated assets to generate returns automatically without manually managing lending positions or other yield strategies. The vault claims to address the complexity of finding and managing USD yield on Ethereum by aggregating multiple strategies into a single token.

When a user deposits USDC or USDT into the EarnUSD vault, they receive earnUSD tokens in proportion to their share of the vault's total assets. The vault then allocates those deposits across onchain lending markets, real-world asset integrations, and structured positions on Ethereum, adjusting allocations as conditions shift. Rewards compound daily and are reflected in the value of each earnUSD token rather than paid out separately, so the token's price relative to the underlying dollar value is expected to drift upward over time.

The data provided does not include a specific fee stream, fee rate, or protocol revenue figure for EarnUSD, so no fee-based measures can be reported here. The vault's economics would ordinarily involve the spread between yield earned on deployed assets and what is passed to depositors, but those figures are not present in the stored data. The circulating supply stands at approximately 29,558,239 earnUSD tokens at a point-in-time price of 1.028 USD, giving a market capitalisation of roughly 30,379,011 USD, and the fully diluted valuation equals the market capitalisation since there is no maximum supply cap and the fdv_to_mcap ratio is 1.0.