FAQs
General Overview
What is USX and what are its features?
USX is a fully-collateralized stablecoin that generates stable rewards through tradfi and defi strategies. Here's how it works:
Mint USX - Deposit USDC to receive USX at a 1:1 ratio through our app.
Sustainable Rewards - Stake USX to receive rewards via tradfi and defi strategies.
Immediately Usable - USX is fully backed by USDC, maintaining its stable value for seamless transactions.
What’s the relationship between Scroll and USX?
USX.capital is a standalone project which will have its own independent governance structure. While members of the Scroll team are building USX, the project itself operates independently and is not governed by Scroll or SCR token. The project is launching initially on Scroll and will expand to multiple chains in the future.
When will USX be available?
USX launches in November 2025. We're currently finalizing integrations and conducting closed testing with ecosystem partners. Follow us on X (Twitter) for updates and early access opportunities.
How does USX generate rewards?
USX uses two strategies:
Offchain strategies → Partnered hedge funds use market-neutral trading strategies (including spot-futures arbitrage, cross-exchange arbitrage, and statistical arbitrage) that aim for consistent rewards regardless of crypto market direction.
Onchain DeFi strategies → Blend provides the onchain execution infrastructure that coordinates yield strategies through lending, tranching, and liquidity provision while enforcing automated policy and safety controls.
What is Scroll Cloak?
Scroll Cloak is Scroll’s auditable privacy solution. You can read about it here.
What asset(s) can I use to mint USX?
Currently, only USDC is accepted as collateral for minting USX at a 1:1 ratio (1 USDC → 1 USX) through our smart contract vault in the pre-deposit phase.
USX and sUSX
What's the difference between USX and sUSX?
USX is a regular stablecoin pegged to $1 and fully collateralised by USDC. sUSX is the yield bearing version that represents your share in the yield generating vault. While the number of sUSX tokens in your wallet remains constant, their value in terms of USX (USD) increases over time.
When does the value of sUSX change?
The value of sUSX changes in real time whenever there are pending rewards, reflecting continuous yield accrual as profits are distributed to the protocol.
How do I convert between USX and sUSX?
You can stake USX for sUSX through our platform with no minimum amount required with zero fees.
When unstaking, your sUSX is burned and you receive your original USX deposit plus accrued yield based on the current exchange rate. A 0.05% unstaking fee applies.
Rewards and Yield
How does USX generate revenue?
USX earns revenue through three transparent and sustainable ways:
Unallocated yield from unstaked USX - When users hold USX without staking to sUSX, their funds don’t earn yield. However, the underlying strategies that back all USX continue generating returns. The yield from these unstaked balances accrues to the protocol, strengthening reserves and sustainability.
Protocol fee on generated yield (10%) - A 10% fee is applied only on positive yield.
Unstaking fee (0.05%) - When converting sUSX → USX, a small 0.05% fee applies to cover operational costs and maintain liquidity efficiency.
What does 10-15% return mean?
The 10-15% represents the intrinsic yield generated by the protocol (purely from strategies and not extra rewards or token incentives) from both partnered TradFi (offchain) and Blend (onchain). Based on past performance, these combined strategies have delivered an estimated 10-15% return/year. However, kindly note that past performance does not guarantee future results, as returns depend on both offchain and onchain market conditions.
Will funds deposited in the pre-deposit campaign generate rewards?
Yes, you'll get points during the pre-deposit campaign with multipliers based on TVL.
How do I track my earnings?
Once USX mainnet launches, you'll be able to track sUSX’s value and earnings in real-time through our dashboard. The increasing exchange rate between USX and sUSX reflects your earned yield.
What happens if strategy returns are negative?
If strategies underperform, the reserve fund absorbs losses rather than passing them to sUSX holders.
About Points Program
When and where do I see my points?
Points are updated real time and can be tracked at: https://www.usx.capital/portfolio
What happens if I unstake sUSX during the 14-day period?
You won't receive yield and points during the unstaking period.
Can I withdraw funds from the protocol and still earn points?
Points are calculated only on deposits that remain in the protocol. Partial withdrawals reduce your point rate proportionally.
What's the endgame for points?
Reveal coming in a few weeks. Stay tuned for updates on our official channels!
What if there's an error in my points calculation?
If you believe there's an error in your points calculation, reach out via discord.
How do I join the USX community?
Verify your deposit at era.guild.xyz/scroll-zkp to get the "USX pre-depositoors" discord role and share feedback directly with the team.
Offchain Yield Strategies
Who is the trading firm we’ve partnered with?
Our current partner is an established trading firm and have been active in both TradFi and crypto since 2020. The team has a very strong mix of trading, quant, and tech backgrounds.
More info here: Our Partners
How do we know the money is safe with the trading firm?
Our team has known this firm for years and maintain a legal contract that protects the principal amount. Additionally, we’ll also conduct regular due diligence through third-party transparency reporting to ensure fund safety.
Why don't you have a custodian?
USX doesn't use a traditional custodian. Instead, it relies on an external third party platform for real-time, cryptographic verification of offchain reserves. It privately proves that offchain balances exist and that principal value has been maintained without requiring custody or exposing sensitive trading data.
How can I get my money back from this trading fund? (i.e. redemption process)
When you request to redeem sUSX to USX, USX.Capital manages the entire withdrawal process from its trading partners back to the protocol. Capital deployed in offchain strategies cannot be recalled instantly, as trading positions need to be systematically unwound to preserve principal and minimise slippage. The redemption (sUSX → USX) process takes 15 days to complete.
Redeeming USX → USDC separately takes 14 days. Alternatively, you can burn sUSX directly for USDC, which takes 15 days.
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