USD* Protected Staking

USD*-P (USD* Protected) is the principal-protected version of Perena's USD*, a yield-bearing digital dollar on Solana. It is designed for depositors who want to earn yield on their stablecoins while limiting downside.

• Fixed yield: USD*-P earns a fixed 5% APY generated by the USD* pool.
• Capital buffer: it earns from the same underlying pool as USD*, but the junior tranche (USD*-J) absorbs losses first.
• Insurance fund: if USD* depegs, USD*-P holders are subject to reimbursement from an insurance fund.

USD*-P is an SPL token with mint address CPFZ7wUFpg5obsGB2GKXQ8rPY5ALuxs87dEjQjsrVxWw.

USD*-P is the senior tranche of the USD* vault. Its fixed rate is a protocol parameter stored on-chain (500 basis points), and the USD*-P price grows at that rate as the vault settles its net asset value.

The senior entitlement is settled before any yield goes to the junior tranche, so USD*-P holders give up the upside above 5% in exchange for a more predictable return. Perena launched it with an initial capacity of 1 million USD.

• 1. Open the app: go to app.perena.org/earn and connect a Solana wallet.
• 2. Deposit: choose the protected option in the USD* vault and deposit stablecoins; you receive USD*-P at its current price.
• 3. Redeem any time: withdrawals follow the same mechanics as standard USD* redemptions. You can redeem for any of the underlying stablecoins, and no redemption fee applies.

Perena describes USD*-P as a low-risk position by design, but not a risk-free one.

• Protection has limits: senior capital is shielded only until losses exceed the junior tranche's share of the vault.
• Reimbursement timing: in a loss scenario the protocol determines the losses and provides reimbursement within 6 months, so funds may be impaired in the meantime.
• Underlying risks: USD*-P shares the strategy, counterparty and smart contract risks of the USD* vault.
• Capped upside: the yield is fixed at 5% even when USD* earns more.