The crypto yield landscape has changed materially in 2026.

Funding rates on major crypto assets have been compressed for an extended period of time. Demand for leverage has declined from prior market cycles, reducing the yield available from crypto basis trades. Additionally, DeFi lending and staking have become more exposed to new risk vectors as automated analysis and AI assisted vulnerability discovery continue improving.

Unitas is expanding USDu’s underlying collateral base in response to these market conditions.

The objective is to improve capital efficiency, reduce reliance on crypto funding rates and capture external sources of yield that are less tied to crypto market cycles. New capital is allocated only after review of liquidity, counterparty risk, stability of returns and execution conditions.

The first strategy in this expansion is an equity delta-neutral strategy using regulated equity perpetual markets. The strategy is executed entirely within the Binance ecosystem and introduces a novel approach to diversifying yield for yield-bearing dollars, supporting Unitas’ broader expansion across BNB Chain.

Equity Delta-Neutral Strategy

The strategy uses a cash and carry model on equities.

Unitas buys the equity spot position and shorts the corresponding equity perpetual with the same notional size. The spot position is the long leg, while the perp position is the short leg. Funding paid to the short leg becomes the yield source.

For example, Unitas may buy spot exposure to a given equity and open a short perpetual position with the same notional size through regulated equity perpetual markets. If the equity price rises, the spot leg gains value while the short perp leg loses value. If the equity price falls, the spot leg loses value while the short perp leg gains value.

The purpose of the trade is to remove directional exposure to a stock's price movement and capture funding rate premium from the perp market. The strategy is monitored continuously so the spot and short position size remains aligned.

This is funding-rate arbitrage, also known as cash and carry. The strategy applies the same delta-neutral principle used in crypto basis trades, with equities as the underlying asset.

Why Equity as Collateral

Crypto funding rates are highly cyclical. When leverage demand declines, funding can compress or turn negative, reducing the yield available from crypto basis trades.

Equity perpetual funding has a different demand base. It is linked to users trading tokenized exposure to listed equities, which means its funding profile can diverge from crypto perpetual markets. This gives Unitas another yield source that can support sUSDu's performance when crypto funding is weak.

The chart below displays 8h funding rates from Mar 26, 2026 through Jun 10, 2026. This time frame is used as the starting point since Binance introduced stock perpetuals at the end of March. Over this period, MSTR averaged 0.0268% per 8h and COIN averaged 0.0184%, while BTC averaged 0.0150%.

This supports the case for equity funding as a diversification option. The yield profile is driven by demand for equity perpetual exposure, which can behave differently from crypto market cycles. Adding this external funding source can improve the consistency of strategy returns and reduce dependence on a single asset class.

The strategy is being added as a measured extension of the existing delta-neutral approach. It uses the same core logic as crypto basis trades, with equities as the underlying asset.

Initial Allocation

Unitas is rolling out the equity delta-neutral strategy with a conservative allocation target of ~$3-5M.

This is a validation tranche used to test execution, hedge integrity and operational resilience under live market conditions before any larger deployment. Every new strategy and collateral type goes through the Unitas risk analysis process before capital is allocated.

Allocation decisions account for:

• CEX risk: the strategy relies on CEX execution, settlement and contract infrastructure. This is mitigated through Binance’s secure settlement/custody solution, while Unitas continues to monitor exchange solvency, margin rules, contract specifications and operational reliability.

• Liquidity depth: stock perpetual markets are smaller than major crypto perpetual markets, so position size must stay aligned with available market depth.

• Funding rate stability: funding can decline or turn negative, reducing the strategy’s contribution to sUSDu yield.

• Hedge slippage: the spot position and perpetual hedge must remain closely matched to limit residual equity price exposure.

• Pricing mismatch: equities do not trade continuously on weekends and holidays, while stock perpetuals can remain active outside normal market hours.

• Margin requirements: the short perpetual position requires active margin management during sharp price moves or contract parameter changes.

Position sizes will scale only if the strategy performs within expected parameters. Ongoing monitoring remains in place with predefined thresholds to reduce exposure or wind down positions if needed.

Impact on USDu and sUSDu

The equity delta-neutral strategy expands the set of yield sources supporting USDu and sUSDu.

The main benefit is diversification. Equity perpetual funding is less directly tied to crypto cycles, which can help reduce volatility in strategy returns when crypto funding is compressed.

For users, the product mechanics remain unchanged. USDu continues to function as the dollar asset backed by deployed collateral. sUSDu continues to receive yield generated by the strategies behind USDu.

The change is at the strategy level. Unitas is adding another source of market-neutral yield to improve the overall yield profile while maintaining controls around collateral, execution and liquidity.

Looking Ahead

The crypto landscape continues to change. Yield sources that worked during one market cycle may become less effective as leverage demand decreases.

Unitas is adapting by expanding USDu’s collateral base and adding conservative strategy types. The goal is to make USDu the leading yield-bearing stablecoin in the BNB Chain ecosystem while preserving tight risk controls and flexible collateral deployment.

Equity delta-neutral strategies are the first step in this expansion. Future additions will follow the same process: define the yield source, assess liquidity and execution risk, size conservatively and scale only after live performance supports it.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. All strategies described involve risk. Protocol design, risk parameters and strategy allocations may change over time. Users should conduct their own research before interacting with any DeFi protocol or digital asset product.

Unitas Yield Academy is an educational series that explains these mechanisms using clear examples and current data. In this issue, we explain carry trades and how collateral can be used to generate additional yield without selling the underlying asset.

What Is a Carry Trade?

A carry trade is a strategy where a user supplies an asset as collateral, borrows stablecoins against it and deploys those stablecoins into a yield strategy.

The user keeps holding the original asset while earning yield from the borrowed capital.

This can be useful when a user wants to retain exposure to an asset such as BTC, ETH or gold, while also earning a return from stablecoin strategies. Stablecoins usually provide higher DeFi yields than volatile assets, so borrowing stablecoins against collateral allows the user to access that yield while continuing to hold the asset.

The return comes from the spread between the yield earned on the borrowed stablecoins and the cost of borrowing them.

How Carry Trades Work

A basic carry trade is executed as follows:

1. Supply an asset as collateral, such as BTC, ETH or a tokenized RWA.

2. Borrow stablecoins against that collateral at a defined LTV.

3. Deploy the borrowed stablecoins into a yield strategy.

4. Earn the spread between the strategy yield and the borrow cost, while still holding the original collateral.

For example, a user supplies $10,000 of collateral and borrows $5,000 of stablecoins. The borrowed stablecoins are then deployed into a DeFi strategy.

If the strategy earns 10% APY and the borrow cost is 5% APY, the net spread is 5%.

The important point is that this 5% spread applies to the borrowed amount, not the full collateral value. At 50% LTV, the user borrowed $5,000 against $10,000 of collateral. A 5% spread on the borrowed amount equals 2.5% on the full collateral value.

The formula is:

Net return on collateral = net spread x LTV

In this example:

5% x 50% = 2.5%

This is why LTV matters. A higher LTV can increase the return on collateral, but it also increases liquidation risk.

XGLD as Example

XGLD applies this mechanism to tokenized gold.

It is backed by XAUt as reserve collateral, while USDT is borrowed against it at a conservative LTV. The borrowed USDT is then deployed into Unitas strategies, and net yield accrues to XGLD through NAV apperciation.

This allows XGLD to retain gold price exposure while adding a yield component on top.

In this example, the carry trade is handled end to end by our team. Users do not need to borrow stablecoins, manage LTV, monitor liquidation levels or deploy capital manually. Unitas manages the collateral, borrowing, strategy execution and risk monitoring behind XGLD.

Learn more about XGLD.

Risks

Carry trades can improve capital efficiency, but they introduce borrowing and liquidation risk.

LTV is the main risk variable. If the collateral value falls, the LTV rises. A position that starts with a safe LTV can become riskier if the collateral price declines quickly.

Liquidation risk exists because the borrowed stablecoins create debt against the collateral. If collateral value drops too far or the debt grows too large, the position may need to be reduced, repaid or unwound.

Borrow cost can also change. If the borrow rate increases, the net spread decreases. If the borrow cost rises above the yield earned on the borrowed stablecoins, the carry becomes negative.

In the case of XGLD, Unitas mitigates these risks through controlled LTV parameters, ongoing monitoring of collateral value, borrow cost, liquidation buffers and strategy performance. The goal is to keep the carry trade within defined risk limits while allowing XGLD to generate yield from its underlying collateral.

Summary

A carry trade uses collateral to borrow stablecoins and deploy them into a yield strategy.

The user keeps exposure to the original asset while earning yield from borrowed stablecoin capital. The return depends on the net spread, LTV, borrow cost and collateral value.

XGLD uses this model with XAUt as collateral and borrowed USDT deployed into Unitas strategies. This allows gold to become yield-bearing while keeping collateral management, borrowing and risk controls handled by Unitas.

Future issues of Unitas Yield Academy will continue explaining the mechanisms behind digital asset yield products.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. All information reflects current protocol design and may change over time. Users should conduct their own research before interacting with any DeFi protocol.

The proposed collaboration will examine how listed companies can evaluate digital asset strategies through clear risk, compliance and disclosure processes. Research areas may include RWA asset allocation, corporate treasury use cases and blockchain financial infrastructure for asset management.

Unitas will contribute its experience in onchain asset management, yield strategy development, stablecoin liquidity and NAV pricing for digital asset products. Its recently developed XGLD product may serve as a reference case for studying how tokenized gold exposure can be paired with professionally managed onchain yield strategies.

For New City Development Group, the research partnership provides an opportunity to evaluate how listed companies may participate in the digital asset economy through treasury strategy, asset allocation research, and RWA yield frameworks, without making immediate balance sheet commitments or launching any financial product.

“On-chain asset management is becoming an important bridge between traditional capital and digital asset markets,” said Madao, Co-Founder at Unitas Labs. “We believe listed companies will increasingly need structured frameworks to evaluate RWA yield strategies and professionally managed digital asset exposure. This proposed research partnership is designed to explore those opportunities in a disciplined way, with appropriate regulatory review.”

The collaboration is expected to begin with research, workshops and feasibility studies. Potential future areas may include digital asset education for listed companies, RWA yield case studies and operating models for managing digital asset exposure.

No financial product offering, investment recommendation, token issuance or treasury allocation is being announced as part of this proposed research collaboration. Any future commercial arrangement, product launch, pilot program or asset allocation would require separate review, approval and disclosure where applicable.

About New City Development Group

New City Development Group Ltd (HKEX: 0456) is a Hong Kong-listed company with business operations covering property development and investment, retail and consumer-related businesses, and construction materials supply chain activities. No formal cooperation, business initiative, investment commitment, or strategic transaction has been agreed upon as of the date of this announcement.

About Unitas Labs

Unitas Labs is an onchain asset management and digital asset strategy infrastructure company focused on yield-bearing digital asset products, stablecoin liquidity and RWA asset management research. Unitas develops strategy infrastructure that helps digital assets generate yield across DeFi, CeFi and institutional markets.

sUSDu reached a new supply milestone, xGLD was introduced as the next yield-bearing asset in the Unitas product suite, $UP expanded across major trading platforms and the team maintained full operational continuity during a difficult period for DeFi.

sUSDu Milestone on Stablewatch

sUSDu became the largest Solana native yield-bearing stablecoin listed on Stablewatch in April.

Stablewatch reported that sUSDu supply reached ~$100M, representing 4.3x growth YTD. This milestone reflects continued demand for yield-bearing assets on Solana and stronger adoption of the Unitas product suite.

stablewatch

@stablewatchHQ

sUSDu is now the largest Solana native yield-bearing stablecoin listed on stablewatch.

@UnitasLabs's sUSDu supply just hit ~$100M, 4.3x growth year-to-date.

13

1:50 PM • Apr 14, 2026

xGLD Introduced as the Next Unitas Product

Unitas introduced xGLD in April as the next product in its expansion beyond USDu.

xGLD is a yield-bearing gold asset issued by Unitas. It gives users gold price exposure through XAUt backing while distributing yield generated from Unitas strategies.

xGLD expands the Unitas product suite from stablecoin yield into RWA assets backed by bluechip collateral. Future integrations may include lending markets, liquidity pools and yield trading, with collateral usage as a key product direction.

Learn more.

sUSDu YPO Milestone

Unitas has distributed over $3M in yield to sUSDu holders since launch.

sUSDu delivers market-leading yield generated from a basket of delta-neutral strategies, including funding rate capture, lending and trading fee accrual. These strategies are designed to generate yield while reducing direct exposure to asset price movements.

As sUSDu supply grows, the focus remains on maintaining transparent collateral backing and consistent strategy execution. Users can continue to verify reserves through Unitas proof of reserves dashboards.

Unitas x Seeker Phase 2

Unitas x Solana Mobile Phase 2 went live in April.

Existing Unitas app users who registered through Seeker became eligible to claim 10,000 Units. This followed the initial Seeker launch, where users could access the Unitas app through the Solana dApp Store and receive a 20% Units boost for the first month.

This campaign supports the broader distribution of USDu and sUSDu on Solana. It also extends access to users who interact with DeFi through mobile-native interfaces.

Unitas Labs

@UnitasLabs

1/ Unitas x @solanamobile Phase 2 is live.

Existing Unitas app users who registered via Seeker can now claim their 10,000 Units.

Details below.

134

12:05 PM • Apr 14, 2026

April DeFi Risk Update

April was a difficult month for DeFi risk management due to major incidents affecting Drift and rsETH.

Unitas had no exposure to Drift or rsETH. All collateral remained fully backed, all strategies remained operational and user funds were unaffected. The JLP delta-neutral strategy also remained operational throughout the period.

Users were able to verify USDu collateral in real time through Proof of Reserves dashboards by Accountable and Primus.

The $UP cross-chain setup also uses LayerZero V2 OFT with a multi-DVN verification configuration. Transfers across BSC, Ethereum and Solana use 4 DVNs, with LayerZero Labs and Canary required and 1 of Deutsche Telekom or Horizen Labs required as an additional verifier. Each transfer requires 3 independent verifications before execution.

The Unitas team is tightening risk controls and reducing exposure across external markets. DeFi risk is increasing as attacker tooling becomes more advanced, including AI analysis and automation. The team’s focus is to maintain conservative exposure management, continuous monitoring and verifiable collateral backing as the protocol grows.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. All information reflects current protocol design and may change over time. Users should conduct their own research before interacting with any DeFi protocol.

Unitas Yield Academy is an educational series that explains these mechanisms using clear examples and current data. In this issue, we explain delta neutrality and how basis trades can generate yield from funding payments.

What is Delta Neutrality?

Delta measures exposure to price movement in an underlying asset.

A position is delta-neutral when long and short exposure are matched so the total position has no exposure to changes in the asset price.

For example:

• Long leg: $10M of ETH spot exposure

• Short leg: $10M short ETH perpetual position (hedge)

If ETH price increases, the spot position gains value and the short ETH perp position loses value. If ETH decreases in price, the ETH spot position loses value and the short perp position gains value.

The goal is to reduce directional exposure to ETH price movement while keeping exposure to other yield sources.

Basis Trade Mechanics

A basis trade can be executed by holding a spot asset such as ETH and opening a short perpetual position with the same notional size.

In this example, ETH spot is the long leg of the trade. The ETH short perpetual is the hedge. Margin collateral supports the short position and funding rate payments become the yield source.

When perpetual funding is positive, short positions receive payments from long positions. The long ETH spot position and the short ETH perpetual position remove directional exposure, while the funding payments generate yield.

This means the return source comes from market pricing between spot and perpetual markets. The strategy does not require asset price appreciation to generate yield.

Delta-neutrality in Unitas

USDu is backed by collateral deployed into Unitas yield strategies while sUSDu is the yield-bearing asset that receives returns generated by those strategies.

A basis trade is 1 example of how a delta-neutral strategy can produce yield for a yield-bearing stablecoin. The protocol manages the spot asset, hedge position, margin collateral and rebalancing. Users can hold USDu or sUSDu without managing the underlying positions directly.

In this model, USDu is the dollar asset backed by deployed collateral. sUSDu is the asset that accrues the yield generated by the strategy.

Risks

Delta-neutral strategies still carry risk.

• Funding rate risk exists because funding payments can decline or become negative

• Liquidation risk exists because short positions require margin

• Execution cost exists because rebalancing can incur fees and slippage

• Operational risk exists because positions must be monitored and adjusted over time

Risk management depends on collateral levels, margin policy, execution quality, monitoring and reserve verification.

Summary

Delta-neutral basis trades combine a long spot asset with a short perpetual hedge to reduce directional exposure.

Yield can come from funding payments while gains and losses from the underlying asset price are offset between the spot asset and the hedge.

In our example, USDu is backed by collateral deployed into yield strategies, and sUSDu receives yield generated by those strategies.

Future issues of Unitas Yield Academy will continue explaining the mechanisms behind digital asset yield products.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. All information reflects current protocol design and may change over time. Users should conduct their own research before interacting with any DeFi protocol.

Unitas is expanding beyond USDu into additional yield-bearing assets. xGLD is the next product in this expansion and brings gold exposure into the Unitas product suite.

Gold remains one of the most widely recognized reserve assets globally. Digital asset markets make gold easier to access, transfer and use across DeFi.

xGLD applies the Unitas yield model to gold. It gives users gold price exposure while distributing yield generated from Unitas strategies.

Why Gold

Users hold gold for long-term value preservation, currency devaluation protection and global recognition.

Traditional gold access comes with operational constraints. Physical gold requires storage, insurance, transport and liquidation through limited channels. These constraints reduce accessibility and make the asset harder to use in DeFi.

Tokenized gold improves access by representing gold exposure as an onchain asset. It can settle 24/7, move between wallets and integrate with DeFi applications.

xGLD Explained

xGLD is a yield-bearing gold asset issued by Unitas.

It is backed by Tether Gold (XAUt), which represents physical gold exposure. xGLD gives users exposure to the price of gold and distributes yield generated from Unitas strategies.

xGLD is for users who want gold price exposure and yield within the same asset.

Asset Flow

The xGLD asset flow starts with USDT on BSC.

Whitelisted users mint xGLD using USDT. Unitas uses the deposited USDT to purchase XAUt, which is the underlying collateral backing xGLD.

The XAUt collateral is then used to borrow stablecoins at 70% LTV, borrowed stablecoins are deployed into yield strategies., returns generated by those strategies are distributed to xGLD holders.

The asset roles are:

• xGLD is the user facing yield-bearing gold asset

• XAUt is the underlying collateral

• USDT is the asset used for minting

• Borrowed stablecoins are the capital deployed into yield strategies

Minting, Swapping and Redemption

Minting and redemption are available only to whitelisted addresses.

Regular users can access xGLD through USDT/xGLD swaps on BSC.

For redemption, users redeem xGLD for XAUt. Redemption has a 7-day cooldown. After the cooldown, users claim XAUt on Ethereum.

Protocol fees are:

1. Minting fee: 0%

2. Redemption fee: 0.1%

The redemption fee primarily covers transaction slippage and operational costs incurred when the protocol adjusts underlying positions and releases collateral.

xGLD in DeFi

xGLD is intended to be integrated as a composable asset in DeFi.

Future integrations may include lending markets, liquidity pools and yield-trading protocols. These integrations would allow holders to keep gold price exposure while using xGLD for additional capital efficiency.

Using xGLD as collateral is a key use case for the product. Users can hold a yield-bearing gold asset and use it across DeFi without exiting their gold position.

Transparency and Proof of Reserves

Unitas plans to maintain transparency for xGLD through reserve verification.

Accountable and Primus are expected to support proof of reserve dashboards and backing data when available. Users should be able to verify the collateral backing xGLD and monitor whether reserves remain sufficient.

This follows the same transparency focus used across Unitas products. Reserve visibility, collateral verification and backing data remain central to how Unitas presents yield-bearing assets.

Closing

Unitas has already scaled USDu to $100M TVL and continues building yield infrastructure across additional assets.

xGLD extends the Unitas product suite from stablecoin yield into yield-bearing assets backed by real world and digital collateral. It brings gold price exposure, yield distribution and future DeFi usage into 1 asset.

Unitas will continue expanding our yield-bearing asset product offering while prioritizing transparent reserves, clear collateral mechanics and verifiable backing.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. All information reflects current protocol design and may change over time. Users should conduct their own research before interacting with any DeFi protocol.

Unitas Yield Academy is an educational series that explains these mechanisms using clear examples and current data. In this issue, we explain the Proof of Solvency dashboard and how users can verify USDu collateral in real time.

Real-Time Verification in DeFi

Live proof of reserves has become the standard for solvency verification in DeFi.

If a protocol does not publish independent, real-time proofs, users rely on delayed or incomplete information. This creates an information gap where collateral can be lost without users being aware, as seen with Stream’s xUSD.

Unitas provides full transparency over underlying collateral through a live dashboard built with Accountable. Users can independently verify whether USDu is fully backed at any point in time.

What Accountable Provides

Accountable is a financial verification platform that proves assets, liabilities and positions using cryptographic methods.

It ingests source data directly from underlying accounts and produces verifiable outputs using ZK proofs. These proofs confirm that the reported data matches the underlying balances without exposing sensitive information.

The verification process is continuous. Data is updated and validated in real time, and proofs cannot be modified after generation. This ensures that users are viewing accurate and tamper-resistant information.

Dashboard Overview

Dashboard link: https://accountable.unitas.so/

The dashboard provides a full view of USDu backing and protocol solvency.

At the top, users see a metrics overview:

• Total USDu supply vs total collateral value (shows whether the protocol is solvent by comparing liabilities to assets).

• Overcollateralization ratio (shows the ratio of collateral value to USDu supply).

• sUSDu price on Solana and BSC (prices differ due to different launch times and independent market conditions).

• Verification status (shows whether the displayed data is live and actively verified).

  

Below the metrics, users can access detailed charts:

• Total reserves value over time (shows how the value of collateral backing USDu changes).

• Collateral reserves distribution (shows where collateral is held across chains and platforms).

• sUSDu price charts on Solana and BSC (tracks price updates across networks).

• Reserves vs supply (shows the relationship between total collateral and USDu supply over time).

• Reserves chain distribution (breaks down collateral allocation across supported chains).

  

At the bottom of the dashboard, users can find the Merkle root and ZK proofs section.

The Merkle root is a cryptographic commitment to the full dataset of balances and positions. Each underlying account is included in this dataset, and the root represents the entire state.

ZK proofs validate that the reported totals match the underlying data. Users can verify that assets and liabilities are correctly represented without accessing individual account details.

Summary

Real-time reserve verification is a modern standard requirement for stablecoin transparency.

It allows users to independently confirm whether a protocol is solvent without relying on delayed disclosures. During the recent Drift exploit, users were able to verify USDu collateral in real time using the dashboard, without waiting for confirmation from the team.

Unitas continues to prioritize transparency and verifiability. The Proof of Solvency dashboard provides continuous visibility into collateral and liabilities, enabling users to make informed decisions based on live data.

Future issues of Unitas Yield Academy will continue to explain the mechanisms that support onchain yield products as adoption grows.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. All information reflects current protocol design and may change over time. Users should conduct their own research before interacting with any DeFi protocol.

Unitas Yield Academy is an educational series that explains these mechanisms using clear examples and current data. In this issue, we explain the Peg Arbitrage Mechanism and how USDu maintains its $1 peg.

Why the Peg Matters

The most important property of a stablecoin is its peg.

A stablecoin is designed to maintain a certain value relative to a fiat currency, most commonly the U.S. dollar. Users hold stablecoins with the expectation that their portfolio value remains stable regardless of broader crypto market movements.

Stablecoins are used for payments, savings, using them in DeFi and taking profits from trading. Each of these use cases requires the asset to remain pegged to its target currency.

If a stablecoin does not maintain its peg, it fails to perform its intended function.

How USDu Maintains Its Peg

USDu maintains its $1 peg through a peg stabilization mechanism based on arbitrage incentives.

The mechanism is driven by temporary price deviations of USDu in secondary markets from its $1 redemption value within the protocol. Whitelisted users who have completed KYC and AML verification can mint and redeem USDu directly against USDC at a fixed 1:1 ratio.

Scenario 1: USDu trades above $1

If USDu trades above its $1 peg, a whitelisted user can mint USDu by depositing USDC at a 1:1 ratio. The minted USDu can then be sold on the market at a price above $1.

This creates a profit from the price difference and increases the circulating supply of USDu. The increase in supply applies downward pressure on the market price until it returns to $1.

Scenario 2: USDu trades below $1

If USDu trades below its $1 peg, a whitelisted user can buy USDu on the market at a price below $1. The purchased USDu can then be redeemed within the protocol for USDC at a 1:1 ratio.

This creates a profit from the price difference and reduces the circulating supply of USDu. The decrease in supply applies upward pressure on the market price until it returns to $1.

Why the Mechanism Works

The peg is enforced through direct convertibility between USDu and USDC at a fixed rate.

This creates a price boundary where any deviation from $1 introduces a profit opportunity. Arbitrage participants execute these trades until the price converges back to $1.

Supply expands when price is above $1 and contracts when price is below $1. This dynamic adjustment keeps the market price aligned with the redemption value.

Verifying Price Deviations

Price deviations can occur due to temporary market conditions. Users can verify whether a deviation reflects a real issue by checking protocol reserves.

Unitas provides real-time Proof of Reserves dashboards in partnership with Accountable and Primus. These dashboards show the value of assets backing USDu and the total USDu supply.

If the value of reserves exceeds the outstanding USDu supply, the protocol remains fully backed. In this case, a price deviation reflects temporary market conditions and arbitrage can be executed based on the price difference.

Users interested in participating in minting and redemption can request access in our Discord server by opening a support ticket.

Summary

Peg arbitrage is a core mechanism used to maintain the price of a stablecoin. It aligns market incentives with the ability to mint and redeem USDu at a fixed 1:1 ratio to keep it trading at $1.

Unitas continues to focus on transparency and user education. Future issues of Unitas Yield Academy will explain additional mechanisms used across onchain yield products as adoption increases across financial markets.

Each of these events impacts revenue generation, user access and long-term growth.

BNB Chain Deployment and Units Expansion

At the end of February, Unitas deployed natively on BNB Chain. USDu and sUSDu became available, enabling users to hold, stake and deploy capital within the ecosystem.

Units earned on BNB Chain are counted toward Season 2 of the UP distribution, which is planned for mid summer 2026. Additional integrations, including money markets and new liquidity pools, are planned to expand earning opportunities.

Season 2 guide.

UP Launch and Distribution

UP launched on March 13 as the governance and revenue accrual asset of Unitas. UP holders will be able to participate in governance decisions including risk parameters, collateral types and strategy integrations.

The initial distribution included an airdrop to participants of the Season 1 Solana Units campaign. The snapshot was taken on Dec 31, 2025. Eligible users earned Units by holding USDu or sUSDu and deploying them across DeFi.

Season 2 is currently active across Solana and BNB Chain. Users earn Units by holding USDu, holding sUSDu and deploying these assets across supported integrations. Units accumulated during the season will determine future UP allocation at distribution, which is planned for mid summer 2026.

Unitas Labs

@UnitasLabs

x.com/i/article/2019…

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3:51 PM • Mar 10, 2026

Fundraise and Capital Allocation

Unitas has raised $13.33M in seed funding. The capital is allocated to expanding strategy development, execution infrastructure and risk systems.

Additional focus areas include institutional access, custody controls and monitoring. The protocol continues to operate with real-time proof of reserves dashboards and continuous verification of collateral.

The fundraise supports scaling capital deployment across existing and future strategies and expanding integrations across supported ecosystems.

Seeker Integration

Unitas launched on the Solana dApp Store for Seeker users. Users can access the full Unitas app on mobile devices.

Seeker users receive a 20% Units boost for 1 month. After this period, Units accrue at the standard rate. The integration introduces a new access channel for acquiring USDu and staking into sUSDu.

This deployment supports broader distribution of sUSDu and increases access for mobile users.

2026 Roadmap

We have published our 2026 roadmap outlining the expansion of yield generation across multiple asset classes including BTC, tokenized commodities such as gold, silver and RWAs. It defines our transition into yield infrastructure that executes strategies across various assets and distributes the yield to holders.

The next product, xGLD, is a yield-bearing gold asset planned for Q2 2026. xGLD will generate yield through a carry trade while maintaining exposure to gold price and can be used as a yield-bearing collateral.

Unitas Labs

@UnitasLabs

x.com/i/article/2032…

41

1:06 PM • Mar 13, 2026

Closing

Unitas continues to expand capital deployment, integrations and asset coverage. The protocol is focused on scaling execution across multiple strategies and asset classes while maintaining verifiable collateral and transparent operations.

March marked a step forward in building yield infrastructure capable of supporting larger capital flows across digital assets and RWAs. The next phase will focus on increasing deployed capital and expanding the range of supported assets.

Unitas Yield Academy is a new educational article series that explains the core mechanisms behind these products using clear examples and current data. In this first issue, we explain Yield Passthrough and use USDu and sUSDu as the example.

How Yield Passthrough Affects APY

A common point of confusion is how a yield bearing stablecoin backed by short-term U.S. Treasuries yielding 3.7% can provide 5-6% APY on its staked asset.

The explanation is in how the protocol distributes yield.

A yield-bearing stablecoin protocol usually has 2 assets. The first is the payment asset, which is designed to stay pegged to $1 and is used for transfers and payments. The second is the staked asset, which receives the yield generated by the collateral and strategies backing the protocol.

The yield is generated on the full collateral pool and passed through only to the staked portion of supply. If only part of total TVL is staked, the effective APY on the staked asset can exceed the underlying yield of the collateral pool.

Holders of the unstaked asset usually receive other incentives such as points or token rewards in exchange for forfeiting the yield.

What is Yield Passthrough?

Yield Passthrough is a mechanism through which yield generated on total backing capital is distributed only to the staked asset.

In the case of USDu and sUSDu, USDu is the payment asset and sUSDu is the yield-bearing asset. USDu is remains pegged to $1, while sUSDu receives the yield generated by the collateral pool.

This means sUSDu's APY is a function of 2 variables:

• The yield generated on total USDu backing

• The percentage of total USDu supply that is staked for sUSDu

When the amount of staked USDu is smaller, the generated yield is distributed across fewer tokens, which results in a higher APY for sUSDu.

Yield Passthrough in Practice

The example below uses rounded numbers for ease of understanding.

Assume total USDu TVL is $100M, earning 5% APY, and only 32% is staked into sUSDu.

The equation:

• Total USDu TVL = $100M

• Total sUSDu TVL = $32M

• Underlying yield = 5.0%

The formula is:

(100 / 32) x 0.05 = ~15.62%

In this example, the full $100M collateral base generates yield, but only $32M of staked capital receives it. That is why the displayed APY on sUSDu is higher than the underlying 5.0% yield.

Current USDu and sUSDu Metrics

The formula above was a simplified example used for explanation. Current USDu and sUSDu data shows the same mechanism with a much higher staking ratio.

On Solana, USDu TVL is currently $52.5M and sUSDu circulating supply is 44M. At an sUSDu price of $1.11, the total value staked in sUSDu is about $48.84M. That means about 93% of USDu TVL is staked.

The 7-day APY is 12.22%. If Yield Passthrough is removed from the calculation, the underlying strategy yield is about 11.4%.

On BNB Chain, USDu TVL is $45.29M and sUSDu circulating supply is 39.52M. At an sUSDu price of $1.039, the total value staked in sUSDu is about $41.06M. That means about 91% of USDu TVL is staked.

The staking ratio directly affects sUSDu APY. When a larger share of USDu is staked, sUSDu APY moves closer to the underlying yield. And conversely, when a smaller share of USDu is staked, the yield passthrough effect becomes larger and sUSDu APY increases.

Why Hold USDu

USDu is the payment asset and it also has a higher Units multiplier in Season 2 of our points program.

Holding USDu earns 20 Units per day, while holding sUSDu earns only 5 Units per day. That means USDu currently earns 4x the Units of sUSDu.

After Season 2 concludes, eligible users will receive UP rewards based on their activity.

Learn how to participate:

Unitas Labs

@UnitasLabs

1/ Unitas introduces the Season 2 Units campaign.

Units accumulated during the season determine final UP allocation at distribution.

This thread explains how to participate in the season.

189

1:37 PM • Mar 18, 2026

Closing

Yield Passthrough is one of the core mechanisms used in yield-bearing stablecoins. It allows the staked asset to provide an APY above the underlying yield generated by the collateral pool.

We hope this article was helpful. Future issues of Unitas Yield Academy will cover additional topics and mechanisms across digital asset yield products. The goal is to make DeFi easier to understand and more accessible as the global financial system moves onchain.

About Unitas

Unitas is a yield infrastructure focused on making proven sources of yield accessible through digital assets. Current products include USDu and sUSDu, with future expansion planned across tokenized yield-bearing assets such as equities, commodities and credit.

Yield is generated through a basket of delta-neutral strategies and distributed to assets issued by Unitas. Our objective is to make yield accessible, transparent and usable across the crypto ecosystem.

Disclaimer: This article is provided for educational purposes only. Nothing in this article constitutes financial, legal or investment advice. Any figures included here are illustrative or point in time examples and do not guarantee future returns.

mited transparency, hidden risks and inconsistent execution make it difficult for capital to deploy into onchain yield with confidence.

Unitas Yield Infrastructure

Unitas is focused on solving these challenges by building infrastructure designed specifically for sustainable yield generation.

USDu, our flagship stablecoin product, is a dollar asset backed by collateral deployed into yield strategies executed by the protocol. Since launch, USDu has grown to more than $80M in TVL and continues expanding as adoption increases.

While USDu provides the foundation, the long-term vision for Unitas extends far beyond a single asset.

Unitas is evolving into a yield infrastructure layer capable of supporting multiple asset classes. Instead of operating isolated strategies, the protocol is building an execution framework that allows capital to access yield opportunities across different markets under a unified system.

Over time, this infrastructure will support yield generation on a broader set of assets including BTC, tokenized commodities such as gold and silver and other RWA's.

Our next upcoming product is xGLD, a yield-bearing gold asset expected to launch in Q2 this year. xGLD will generate yield through a carry trade strategy while maintaining exposure to gold's price. The asset will be composable across DeFi and designed to integrate with lending markets, liquidity pools and other protocols.

xGLD is designed for users who want exposure to gold while earning yield on their holdings or increase their capital efficiency by utilizing it as collateral.

$UP at the Core

As Unitas expands its yield infrastructure, UP serves as the core asset aligning the ecosystem.

The protocol generates revenue from the yield strategies operating across its infrastructure. As the scale of the infrastructure grows, so does the revenue generated by the underlying strategies.

The UP token represents participation in the growth of the yield infrastructure itself. As more capital is deployed through Unitas and more strategies operate across different asset classes, the revenue generated by the protocol increases.

UP is the asset that captures the revenue generated by the protocol’s yield strategies.

As Unitas expands its yield infrastructure across new assets and markets, the revenue produced by these strategies accrues to the users through UP.

Unitas Labs

@UnitasLabs

x.com/i/article/2019…

142

3:51 PM • Mar 10, 2026

Supporting the Next Phase of Growth

We have raised $13.33M in seed funding to accelerate the development of Unitas.

This capital allows us to expand the engineering team, deepen integrations across major ecosystems and continue building the infrastructure required to execute yield strategies at scale.

Our focus is on strengthening execution systems, custody controls and monitoring tools that support transparent and reliable yield generation as the protocol grows.

Unitas Labs

@UnitasLabs

1/ We are excited to announce that Unitas has raised $13.33M in seed funding to build the infrastructure layer for sustainable onchain yield.

Our mission is simple: make stable assets productive through transparent, market-neutral strategies.

283

3:23 PM • Mar 12, 2026

Looking Ahead

The next stage of onchain finance will require infrastructure capable of supporting large scale capital deployment across multiple asset classes.

Unitas is focused on building that infrastructure.

By combining scalable execution systems, diversified yield strategies and a unified ecosystem asset through UP, the protocol is creating an environment where capital can access sustainable returns across digital and real world assets.

As new assets such as commodities and RWAs enter onchain markets, the demand for yield infrastructure will continue to grow.

Unitas aims to provide the systems that enable that transition.

The progress made so far is only the beginning. With the upcoming launch of xGLD and continued expansion across ecosystems, 2026 will mark a major step forward in building the yield infrastructure layer for onchain finance.

Revenue generation by Unitas is derived from executed strategies that include delta-neutral positions such as JLP fee capture and funding payment accrual. These strategies generate realized returns without directional price exposure. UP is the only asset that receives revenue from these activities, giving holders direct stake in the performance of Unitas.

Protocol Revenue and UP

Unitas establishes a revenue allocation model in which a defined proportion of net realized revenue from underlying strategies is directed to UP token holders. The specific allocation percentage is subject to governance parameters set by UP holders through the governance process.

Revenue sources that channel into UP include:

• Net realized revenue from JLP and other market-neutral strategy execution.

• Net realized revenue from future yield strategies, including tokenized equities, tokenized gold and other RWA yield generation.

All revenue from executed strategies is first earned by Unitas before any allocation to UP holders. A governance vote by UP holders determines the revenue share assigned to the stUP distribution pool. Realized revenue allocated to the pool is converted to UP and deposited into the staking contract that backs stUP, increasing redemption value for stUP holders.

Token Distribution

The UP token distribution model is designed to align stakeholders across community, ecosystem, team and investors. The allocation categories and percentages are as follows:

1. Ecosystem & Community allocation supports both community distribution and ecosystem expansion. A portion is allocated to the community through an airdrop to Units holders. The timing and tranches of airdrop distribution will be communicated separately following TGE.

   The remaining allocation is reserved for ecosystem growth, including protocol integrations, partner incentives and initiatives that support long-term expansion across the broader DeFi ecosystem.

2. Liquidity & Exchange Programs allocation supports exchange integrations, market-making and onchain liquidity initiatives. It is used for programs such as the Binance Wallet Booster Campaign, liquidity provisioning on trading venues and maintaining healthy market depth for UP as adoption scales.

3. Team allocation follows a vesting schedule with a defined cliff and linear unlock designed to align contributor incentives with long-term protocol development and operations.

4. Investor allocation receives the same cliff and vesting schedules designed to align investors with sustained protocol growth and governance involvement.

   

Vesting and Unlock Schedule

The vesting model for UP is structured to support sustained alignment of contributors and early investors with the long-term performance of the protocol.

Governance and Participation

UP token holders will be able to participate in the governance framework of the Unitas Protocol.

Governance functions include:

• Setting revenue allocation percentages to stUP holders

• Adjusting risk parameters for deployed strategies

• Approving additions to yield strategy categories

• Determining ecosystem distribution schedules

Each stUP token represents one vote in governance proposals. Governance outcomes require predefined thresholds for quorum and approval to implement changes. This governance model ensures that holders can vote on parameters that influence strategy composition, revenue allocation and risk configurations.

UP as the Core Economic Asset

UP holders are the primary beneficiaries of protocol revenue and participate in its distribution through defined revenue-sharing mechanisms.

Revenue generated by the USDu and future yield strategies, including tokenized equities, metals and other RWAs, flows through the same allocation framework. A portion of realized revenue is directed to UP holders through staking and governance-defined distribution parameters. This model places economic benefits and governance authority in the same asset, ensuring that contributors, long-term users and token holders engage with the protocol under identical economic terms.

UP is the only asset that represents ownership of protocol revenue and governance rights in Unitas. The protocol does not issue equity. All revenue benefits from executed strategies are allocated to UP. Holders receive that revenue and vote on parameters that define strategy scope, risk limits and distribution policies.

TGE and Next Steps

The UP TGE marks the activation of UP governance and the subsequent distribution of tokens to the community. After the TGE, UP holders will initiate governance proposals to finalize revenue and risk parameters for ecosystem participants. The protocol will continue expanding strategy categories and integrations, including future yield streams from tokenized equities and tokenized metals, subject to governance approval.

TGE is a milestone in the protocol’s development and the foundation for ongoing work on transparent yield infrastructure, strategy execution and expanded utility.

UP token is the primary economic instrument through which protocol performance is aligned with its users.

Disclaimer: This material is provided for informational purposes only and does not constitute investment advice, financial advice, legal advice or tax advice. Participation in digital asset protocols involves risk. Users should conduct their own research and consult with qualified advisors before making any financial decisions.

What is Pendle and How It Works

Pendle enables yield separation. A yield bearing asset is divided into two components with a fixed maturity date.

• PT represents principal plus a fixed return until maturity

• YT represents the variable yield generated until maturity

When sUSDu is used on Pendle, it is split into PT-sUSDu and YT-sUSDu for the 23 Apr market.

sUSDu is the yield bearing form of USDu. Users stake USDu to receive sUSDu. Yield generated by the protocol increases the value of sUSDu relative to USDu over time.

On Pendle, PT-sUSDu provides fixed yield until 23 Apr. YT-sUSDu provides exposure to the underlying sUSDu yield over the remaining term. At maturity, PT can be redeemed for its underlying value and YT value decreases to 0 as yield accrual ends.

PT-sUSDu

PT-sUSDu is suited for users seeking predictable returns until maturity.

PT-sUSDu represents principal locked until 23 Apr with a fixed yield implied at the time of purchase. Buying PT at a discount and holding to maturity locks the fixed return.

How to buy PT-sUSDu

1. Go to the PT-sUSDu page

2. Select Buy PT

3. Choose the token and input the amount

4. Approve and confirm the transaction.

The result is fixed yield locked until 23 Apr with no exposure to variable sUSDu yield.

LP-sUSDu

Providing liquidity suits users who want multiple yield sources and Units exposure.

An LP position consists of a dynamic mix of PT and SY. SY represents the standard yield portion of sUSDu within Pendle.

LPs earn:

• PT fixed yield

• Underlying sUSDu yield on the SY portion

• Swap fees from the pool

• 50 Units per LP token

Units are calculated only on the SY portion of the position. The PT to SY ratio changes over time, which causes Units earned to vary.

How to provide liquidity

1. Go to the sUSDu pool page

2. Choose the amount to provide

3. Approve the token

4. Confirm the liquidity transaction.

The result is exposure to fixed yield, variable yield, swap fees and Units until 23 Apr.

YT-sUSDu

YT-sUSDu suits users seeking higher yield exposure and maximum Units allocation.

YT-sUSDu represents the yield generated by 1 sUSDu over the remaining term until 23 Apr. YT holders receive all variable yield produced during that period. Each YT-sUSDu earns 50 Units daily.

YT value decreases over time as maturity approaches and reaches 0 at 23 Apr. Returns depend on realized sUSDu yield relative to the implied yield paid when acquiring YT.

How to buy YT-sUSDu

1. Go to the YT-sUSDu page

2. Select Buy YT

3. Enter the amount

4. Approve and confirm the transaction.

The result is variable yield exposure plus 50 Units per YT until maturity.

Closing Perspective

The Pendle integration expands sUSDu distribution and utility. Users can access fixed yield, variable yield exposure or diversified LP income with Units incentives.

Unitas continues expanding sUSDu distribution across ecosystems and increasing access points for yield strategies.

Disclaimer: This guide is for informational purposes only and does not constitute investment advice, financial advice or a recommendation of any strategy. Digital assets involve risk, including the potential loss of principal. PT, YT and LP strategies involve pricing, liquidity and smart contract risk. Users are responsible for conducting their own research and understanding all risks before participating.

BNB Chain Deployment

On Jan 14, Unitas deployed USDu on BNB Chain. This extended USDu and sUSDu beyond Solana and provided direct access to EVM-native users. Expansion to BNB Chain increased addressable liquidity and enabled integration with EVM DeFi infrastructure.

sUSDu now ranks among the highest yielding dollar assets available on EVM based on publicly reported data. JLP hedging remains the primary strategy backing USDu, and the protocol has expanded into additional yield sources that will be announced soon.

The Units campaign will soon be integrated on BNB Chain. Users will accrue Units based on DeFi activity including lending and liquidity provision. Additional integrations across EVM protocols are in progress to expand utility and distribution of USDu and sUSDu.

Unitas Labs

@UnitasLabs

1/ Unitas is now live on @BNBCHAIN

This expands USDu and sUSDu across the EVM ecosystem and enables broader access to Unitas yield strategies.

Learn more

38

1:36 PM • Jan 14, 2026

Binance Wallet Booster Campaign – Phase 1

Phase 1 of the Booster Campaign with Binance Wallet recorded over 83k participants. Campaign tasks included social quests, staking USDu and Binance Alpha Points qualification.

Following the BNB Chain deployment, the number of sUSDu holders on BNB Chain exceeded 75k+. This materially increased distribution across EVM and accelerated adoption of USDu and sUSDu within the BNB ecosystem.

The campaign demonstrated strong demand for risk managed yield exposure through USDu and sUSDu.

Booster Campaign – Phase 2

Phase 2 introduced direct USDT deposits through the Binance Wallet interface. Users deposited USDT to earn native sUSDu yield alongside $UP token rewards.

Deposited USDT was converted by the protocol into sUSDu. The total allocation cap of $40M was filled in 3 minutes. Each user was subject to a maximum allocation of $20k.

The speed of the cap fill reflects strong demand and rapid capital formation within the Binance Wallet user base. Phase 2 substantially increased USDu supply and reinforced liquidity depth on BNB Chain.

Unitas Labs

@UnitasLabs

The $40M USDT cap has been filled in 3 minutes!

Phase 2 of the Unitas x @BinanceWallet Booster Campaign reached full allocation.

Thank you to everyone who participated and supported USDu and sUSDu on BNB Chain.

Further announcements regarding the $UP TGE will be shared soon.

94

3:10 AM • Jan 21, 2026

Circle Alliance Program

Unitas joined the Circle Alliance Program in January. This partnership connects USDu to USDC focused infrastructure and aligns the protocol with global USDC distribution initiatives.

Participation expands access to risk managed yield strategies built around USDu. The integration strengthens distribution across custodians, institutional allocators and DeFi participants.

Unitas Labs

@UnitasLabs

Excited to share that Unitas has joined the @circle Alliance Program!

A global community of teams focused on bringing the world on-chain, powered by USDC.

36

9:17 PM • Jan 19, 2026

Stablewatch Listing

sUSDu was listed on Stablewatch. Users can independently verify TVL, APY, yield paid out and sUSDu price directly through the platform interface.

The listing adds an external data reference point for sUSDu performance metrics and strengthens transparency standards around yield reporting.

View the sUSDu metrics: https://www.stablewatch.io/analytics/assets/sUSDu-Unitas

Closing Perspective

January delivered expansion across chains, supply growth, ecosystem alignment and distribution scale. USDu and sUSDu are now deployed on Solana and BNB Chain with verified yield performance and expanding integrations.

Unitas is expanding from operating individual yield strategies into a unified yield execution framework built for long term capital deployment at scale. As TVL grows, the protocol is extending beyond a single strategy to support multiple collateral types and yield mechanisms under consistent controls.

The roadmap includes enabling yield generation across assets beyond USDu, including BTC, tokenized commodities such as gold and silver, and other RWAs. BNB Chain will be a primary environment for this expansion, enabling users to earn yield on different assets through a consistent execution framework that meets institutional requirements for liquidity, backing and risk controls.

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.

Accountable Proof of Solvency

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: ZK Data Verification

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.

ht digital Independent Reserve Verification

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.

Growth Milestone: $25M in TVL

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.

27

3:20 PM • Nov 17, 2025

Yield Distribution: $1.3M Earned by sUSDu Holders

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.

Closing Perspective

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.