YUSD is a stablecoin issued by Aegis and backed by BTC held in Copper ClearLoop qualified custody. Aegis holds a short BTC perpetual position sized 1 to 1 against the BTC collateral. The position is delta-neutral, so the dollar value of the backing does not depend on the BTC price. The funding rate carry on the short position is the yield source for sYUSD, the staked instrument a holder receives by staking YUSD. In June 2026 Aegis published the YUSD Reserve Strategy Mandate. The mandate sets ...