Last month we focused on strengthening the transparency standards that support USDu. Market stress following the Stream collapse and the subsequent liquidity crisis demonstrated how quickly uncertainty spreads when collateral cannot be independently verified.

We concentrated our efforts on building a multi-layer transparency framework that allows users to confirm solvency, overcollateralization and system behavior in real time.

This report outlines the integrations completed with Accountable, Primus Labs and ht digital, followed by an update on USDu’s growth to $25M in TVL and the $1.3M in yield distributed to sUSDu holders since launch.

Unitas deployed its Proof of Solvency dashboard in collaboration with Accountable. The integration connects multisig collateral, custodial balances and USDu liabilities through Accountable’s Data Verification Network. The system generates continuous zero knowledge proofs that confirm assets exceed liabilities at all times.

Accountable verifies collateral held across two domains: JLP stored in onchain multisig wallets and hedge margin maintained through segregated custody at CEFFU. The proofs demonstrate solvency without exposing internal accounts or hedging strategy details. Users now have a real-time interface to validate USDu’s collateral backing whenever needed.

View now: https://www.accountable.capital/

Primus Labs enhances the transparency framework with zkTLS verification. This system proves that data retrieved from custodians, exchanges and internal endpoints is authentic and sourced from the correct channels, while remaining encrypted.

The integration is well suited for USDu’s architecture because the hedged strategy involves offchain positions that must remain private for security reasons. Primus enables verification of these components without disclosing sensitive information. The infrastructure also supports multi-source proofs, allowing Unitas to incorporate additional collateral paths as the protocol evolves.

Unitas partnered with ht digital to add a dedicated audit channel to its solvency stack. ht digital will publish weekly reserve proofs directly on the Unitas Transparency Dashboard and release quarterly attestations confirming that USDu remains fully collateralized.

This integration provides an external institutional review that complements the cryptographic and custodial proofs already in place. Users receive alignment from three verification systems: continuous solvency proofs, zk-based verification and independent attestations.

The weekly audit reports can be found on our transparency page.

USDu surpassed $25M in total value locked during November. This expansion reflects increasing demand for a stable asset with verifiable collateral and consistent behavior during volatility.

Unitas Labs

@UnitasLabs

Unitas has passed $25M in TVL

This milestone reflects increasing adoption of USDu as a reliable, over-collateralized digital dollar during volatile market conditions.

Just the beginning.

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1:20 PM • Nov 17, 2025

Since launching on June 12, the protocol has distributed more than $1.3M in yield to sUSDu holders. Yield originates from JLP revenue and funding payments inside the delta neutral strategy. As yield accumulates, sUSDu increases in value relative to USDu.

This performance was maintained even during periods of compressed funding, due to JLP’s fee-driven revenue model.

The events that unfolded across DeFi in recent weeks highlighted how quickly uncertainty can spread when collateral cannot be independently verified. Several systems that appeared solvent were later shown to rely on direction exposure, undisclosed losses of collateral and delayed disclosures. These failures reinforced the importance of stable assets that provide continuous solvency validation and clear visibility into reserves held within onchain and offchain custody.

Together, the integrations completed this month form three core components of USDu’s transparency framework:

• Continuous solvency verification through Accountable
• Privacy-preserving data validation through Primus Labs
• Independent reserve review through ht digital

These systems collectively reinforce transparency regarding USDu’s collateral backing.

The next phase of development will build on this framework. Additional verification providers, expanded solvency endpoints and deeper connectivity with custodial balances will extend the transparency model as USDu grows across new ecosystems. The long-term objective is to maintain a stable, predictable and fully verifiable dollar asset with collateral that is visible at all times.