usdai
USD.ai sUSDaiDeFiCCC-
USD.AI · Vault · Arbitrum

USD.ai sUSDai DeFi Yield & Risk Rating

USD.ai sUSDai is an ERC-4626/ERC-7540 yield-bearing vault on Arbitrum that stakes USDai, a synthetic dollar backed by M0 Protocol's $M token. Yield is generated from GPU-collateralized infrastructure loans to AI compute operators, structured through bankruptcy-remote SPVs with UCC-1 filings, plus T-bill yield on idle capital. The protocol is built by Permian Labs and uses MetaStreet lending pools with a FiLo first-loss curator model.

AUM
$555m
Net APY
7.76%
Active Users
4k
Type
Vault
Network
Arbitrum
CCC-
High RiskCeiling BB+
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CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC- to BB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security78
KMPKey Management Permissions39
MMarket69
LLiquidity36
CCollateral56
PMProtocol Mechanics70
ICEInfra Counterparty Exposures52
PCEProtocol Counterparty Exposures29
GGovernance44
FRFinancial Resilience24
TLCTeam Legal Compliance60
DTDocumentation Transparency78
Updated Sep 8, 2026Framework v0.1-betaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 10.85%
$555m
Over the last 30 days, the total value of USD.ai sUSDai has grown 10.85% with $54.33M in inflows.
Net APY · 30D▼ 0.67%
7.76%
Over the last 30 days, the APY has decreased from 7.81% to 7.76%.
Active Users · 30D▲ 19.14%
4k
Over the last 30 days, active users have increased by 19.14%, reaching 4.1K wallets.
Market Details
ChainArbitrum
TreasuryNot reported
Code AuditsCantina ↗Quantstamp ↗KTL ↗
Oracles UsedChainlink ↗
Stated Withdrawal Time30 days
Infrastructure ProviderMetaStreet
Component Ratings
Contract Addresses (14)
Smart Contract0x0B2b...955ef9
LoanRouter0x0C2E...9597D1
USDaiToken0x0A1a...ed82EF
PriceOracle0xd40a...741EBc
ChipGovernor0x0DDC...847b26
BaseYieldEscrow0x9Ddf...4b1A9E
DepositTimelock0x0D71...23c9F8
USDaiProxyAdmin0x2ddf...aadc3c
UpgradeTimelock0x0eEA...95639b
DefaultAdminSafe0x5f0b...25841f
sUSDaiProxyAdmin0x0b32...4d8d9f
StrategyAdminSafe0xe7e5...4b3670
GovernanceTimelock0x0EEC...398221
ChipGovernanceToken0x0C1c...b71F6e
Key Strengths
S1Full admin stack verified on-chain: both admin roles sit behind multisig Safes and proxy upgrades flow through a dedicated timelock, so no single key can move user funds or upgrade contracts.
S2Multiple published audit reports from top firms with no critical or high findings, alongside an active six-figure bug bounty.
S3A comprehensive risk framework covering collateral tokenization, first-loss protection by curators, conservative loan-to-value limits, debt service reserves, mandatory hardware insurance and aggressive amortization.
S4No leverage or rehypothecation on the depositor side and no directional crypto market exposure; yield comes from infrastructure lending and Treasury-bill backing.
Key Risks
R1Heavy off-chain execution dependency: loan origination, hardware custody, default enforcement and liquidation all rely on human execution, under a legal structure that has never been tested in court.
R2Redemptions run through a month-long queue that an admin must service; there is no permissionless exit, and the secondary market is thin relative to protocol size.
R3A small multisig signer pool with substantial overlap between the two admin Safes, and signer addresses that are not publicly linked to the organizations said to hold them.
R4A short upgrade timelock on the token and vault proxies leaves users a narrow window to react; the longer governance delay does not cover proxy upgrades.

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