USD+ (Overnight Finance) - Yield-Bearing Stablecoin Across 9 Chains

2026-07-11

USD+ is a yield-bearing USD-pegged stablecoin issued by Overnight Finance. Rather than sitting idle, every USD+ is backed by a delta-neutral portfolio of DeFi positions that continuously generate yield. Holders automatically receive daily rebases that increase their USD+ balance, passing through the yield earned on the underlying collateral. It is a productive stablecoin: you earn without doing anything after the initial deposit.

The peg is maintained through a delta-neutral strategy. USDC or USDT collateral is split across yield-generating DeFi positions: LP positions, lending, and similar: while directional price exposure from those positions is hedged with short perpetual futures. The net position is market-neutral; only the yield remains. Redemptions are available 1:1 for the underlying collateral at any time, which anchors the peg to the downside.

Adding USD+ to peggedassets-server required handling its rebase mechanics across nine chains: Ethereum, Base, Arbitrum, Optimism, Polygon, BSC, zkSync Era, Linea, Sonic, and Blast. The totalSupply() call on each chain gives the circulating figure, but because USD+ rebases, that supply increases each day as yield accrues. The adapter reads supply snapshots rather than summing mint events, and correctly classifies the supply increase as yield distribution rather than new issuance. Getting the rebase accounting right across nine simultaneous deployments was the core challenge.

Website: overnight.fi · Twitter: @overnight_fi