Real-world credit. On-chain.

The dollar built on working credit.

Real-world credit. Brought on-chain.

Forest Road Vault turns USDC into USDfr, a fully backed dollar, and lets you stake it as sUSDfr to earn variable yield from a book of receivable-backed and collateralized loans — film & TV, renewable energy and digital assets — with the backing, book and loss layers readable on-chain.

Open the yield calculator Read the risks first

Community ToolEthereum MainnetBlock 26,047,245

Book yield (contractual)

16.74%

Performing weighted — not an APY

Deployed

$3.0M

In performing facilities

Net default rate

0.00%

$0 written off to date

Facilities

Originated on the book

Snapshot from the official transparency page · Sept 24, 2026 · block 26,047,245. Book yield is what borrowers owe, not what depositors earn. Yield is variable and not guaranteed.

01 · Yield calculator

What could a deposit earn?

An illustrative estimate built on the live book's contractual yield and the published fee schedule. Adjust the amount to see how a position would look today.

Performing weighted yield (contractual)

16.74%

Gross, weighted by live outstanding principal across Active and Amortizing loans.

Gross APY

16.74%

Before protocol fees

Estimated net APY

~13.56%

Illustrative, after fees

Deposit amount (USDC)

$USDC

Minted 1:1 into USDfr, then staked into sUSDfr at 1.004225 USDfr/share.

Your sUSDfr position

USDfr minted (1:1): 10,000.00 USDfr
sUSDfr shares received: 9,957.9278
Share of staked pool: 1.2187%
Pro-rata book income (est. net): $1,296.78/yr

Daily

$3.71

$4.59 gross

Weekly

$26.00

$32.10 gross

Monthly

$113.00

$139.50 gross

Yearly

$1,355.94

$1,674.00 gross

Hold timeline (est. net)

simple accrual

1 daybelow 21d exit queue$10,003.71+$3.71
1 weekbelow 21d exit queue$10,026.00+$26.00
1 month$10,111.45+$111.45
3 months$10,334.34+$334.34
6 months$10,668.68+$668.68
1 year$11,355.94+$1,355.94
2 years$12,711.88+$2,711.88

Exits go through a 21-day FIFO redemption queue, so holds shorter than that can't be fully realized on schedule.

Fee breakdown (illustrative)

Gross performing weighted yield16.7400%
Interest fee (10% of gross interest)−1.6740%15.0660%
Performance fee (10% above HWM)−1.5066%13.5594%
Management fee (currently 0%)−0.000%13.5594%
Estimated net APY~13.56%

Simplified: 16.74% × 0.90 × 0.90. The real performance fee is charged only on gains above a global high-water mark (1.003847 USDfr/share), by diluting shares — not as a flat cut.

16.74% is contractual book yield — what borrowers owe on performing loans, weighted by principal. It is not realized cash yield, not an sUSDfr return, and not guaranteed. Returns are variable, net of fees, and depositor principal can be lost if defaults exhaust the loss cascade.

Actual sUSDfr returns depend on cash actually collected from borrowers, fees, how much USDfr is staked, idle reserves that earn nothing, and whether any loan defaults. Figures use simple, non-compounding accrual. This is an educational estimate, not financial advice.

02 · How it works

Two tokens, five steps.

USDfr is the backed dollar. sUSDfr is the yield-bearing vault share. Everything else is plumbing that keeps the two honest.

USDfr

Backed dollar

Minted 1:1 from canonical USDC; minting is KYC-gated.
Every mint checks the backing invariant (supply ≤ backing).
Earns nothing on its own.
Direct USDfr → USDC redemption is available against idle reserves (currently $128,842.89).

sUSDfr

Yield-bearing

ERC-4626 vault share — deposit USDfr, receive sUSDfr at the exchange rate.
Continuous accrual of cash + PIK interest, net of fees.
Exit is asynchronous through a queue, not a standard synchronous withdrawal.
decimals() = 24 (six-decimal virtual-share offset).

01Connect
KYC-gated mint
Connect a wallet and complete KYC. Only minting is KYC-gated on-chain — holding, viewing, transferring and staking are open to anyone.
02Mint
USDC → USDfr 1:1
Deposit canonical USDC and mint USDfr one-for-one. Every mint checks the backing invariant: supply can never exceed backing. USDfr alone earns nothing.
03Stake
USDfr → sUSDfr
Stake USDfr into the ERC-4626 vault and receive sUSDfr at the current exchange rate (1.004225 USDfr/share). Entry is synchronous.
04Earn
Continuous accrual
Yield accrues continuously from cash and PIK interest, net of fees. NAV moves with time even before cash arrives; PIK capitalizes into principal only at scheduled boundaries.
05Redeem
21-day FIFO queue
Exit sUSDfr through an epoch-based FIFO queue with a 21-day cooldown; settlement is paced by loan repayments. Exit is not instant.

Continuous accrual

NAV includes interest earned but not yet received. The exchange rate can rise before cash arrives — and a borrower who doesn't pay means that accrual may not be realized.

PIK interest

Payment-in-kind interest accrues continuously but only capitalizes into loan principal at the scheduled boundary.

Epoch queue

Redemptions settle FIFO per epoch, paced by repayments. The queue never distributes more than is available and can't be double-claimed.

03 · Sectors

Where the money goes.

The book lends across three marketed sectors. Each has a different collateral type, duration and risk profile.

🎬

Receivable-backed

Media & Entertainment

Collateral: Tax credits and contracted receivables for film & TV
Duration: Short — months to ~2 years
Security: UCC-1 lien perfected

Repayment depends on contracted payments, not box-office performance.

No data yet–

☀️

Receivable-backed

Renewable Energy

Collateral: ITC/PTC transferable tax credits and project cashflows
Duration: Medium to long — construction + operation
Borrowers: Small/mid-market, underserved by traditional banks

Longer duration means capital is committed through construction and operation.

Net default rate0.00%

◈

Marked-to-marketRelated party

Digital Assets

Collateral: Liquid digital assets
Duration: Short & revolving
Monitoring: Continuous collateral health via m-of-n attested marks

The borrower is Forest Road's own trading subsidiary — a related party, so a conflict of interest exists.

Net default rate0.00%

The on-chain CollateralRegistry also carries life-sciences and real-estate collateral classes that are not currently marketed as sectors.

04 · Live book

Transparency, snapshotted.

Every figure below is read from the official transparency page at block 26,047,245 (Sept 24, 2026). For the latest values, check forestroadvault.com/transparency ↗.

USDfr supply

~3,131,364

Published as 3.1mm; ≤ backing · 0xcC07…f83d ↗

Backing value

$3,131,364.10

Idle + deployed (derived); published as $3.1mm

Backing invariant

supply ≤ backing

Enforced in-contract on every mint

Reserves

0x8317…dD48 ↗

Idle stablecoin reserve: $128,842.89
Deployed principal: $3,002,521.21

The Book

0xe562…4F7d ↗

Facilities originated: 7
Book exposure: $3,002,521.21
Performing weighted yield: 16.74%
All-outstanding contractual yield: 16.74%
Performing principal: $3,002,521.21
Gross performing income run-rate: 502,921.45 USDfr/yr
Non-performing principal: $0

sUSDfr Vault

0xAF55…E234 ↗

Staked assets: 810,544.35 USDfr
Shares outstanding: 807,100.01
Fee-net exchange rate: 1.004225
Performance-fee NAV rate: 1.004267
Global high-water mark: 1.003847
Last fee checkpoint: 2026-09-24T05:45:23Z

Loss cascade

Fixed order, written into the contract. Non-invertible. Never pausable.

1
Curator first-loss capital
16.65% of outstanding loans. Posted per collateral class; absorbs losses first.
$500,001
2
sGROVE backstop
Unfunded
USDfr coverage reserve (separate from staked GROVE). Each loss may call min(loss, live reserve). Currently unfunded.
$0
3
sUSDfr depositor principal
Touched only after both layers above are exhausted.
810,544.35 USDfr

Historical credit performance

0xD08F…7263

Overall net default rate: 0.00%
Net principal written off: $0
Cumulative funded principal: $3,000,020
Media & entertainment: –
Renewable energy: 0.00%
Digital assets: 0.00%

Redemption queue

0xa3a9…d1f8

Current epoch: 1
Settlement status: ended · head eligible in 17d 18h
Queued shares: 69.5433 sUSDfr
Settlement liquidity: $2,151.67
Cooldown: 21 days

sGROVE backstop

0x5608…8a72

Live callable reserve: $0
Funded coverage reserve: $0

Protocol revenue

0xED7F…b063

Revenue since deployment

60,191.6076 USDfr-equiv.

Origination fees: 60,000.3999
Performance fees: 191.2076
Interest fees: 0.0000
Management fees: 0.0000

Fee schedule

Fee	Rate	Cap	Basis
Origination fee	2.00%	—	All classes, charged to borrowers
Interest fee	10.00%	—	Of gross interest, via the waterfall
Performance fee	10.00%	20%	Above a global high-water mark
Management fee	0.00%	2%	365-day basis

Ethereum mainnetAs of block 26,047,245 · Sept 24, 2026. Contract addresses link to Etherscan where the full address is published.

05 · Safety & security

What's proven — and what isn't yet.

Forest Road publishes its test coverage, invariants, role graph and review history. Here it is in one place, including the parts still outstanding.

3,108

Non-fork release checks

3,105 passing tests + 3 endpoint checks

208

Heavy invariant tests

512 runs, depth 256

Halmos symbolic properties

Formal, not sampled

1,074/1,074

Function reachability

Deployed-scope functions

99.40%

Line coverage

94.95% branch coverage

537

Mainnet-fork tests

0 failures, 0 skips

Addresses verified

On Etherscan

Proxies verified

With verified implementations

Nine core invariants

#	Invariant	Rule	Verified by
1	Backing USDfr.totalSupply() ≤ backing value. Halmos symbolic proofs	USDfr.totalSupply() ≤ backing value.	Halmos symbolic proofs
2	Waterfall Protocol fee + senior leg == gross interest. No double-counting. Invariant suite	Protocol fee + senior leg == gross interest. No double-counting.	Invariant suite
3	Loss cascade Curator → sGROVE → sUSDfr. Strict and non-invertible. 9-path Halmos proof	Curator → sGROVE → sUSDfr. Strict and non-invertible.	9-path Halmos proof
4	NFT gate A loan NFT mints only when every attestation kind is satisfied and on-chain conditions hold. Invariant suite	A loan NFT mints only when every attestation kind is satisfied and on-chain conditions hold.	Invariant suite
5	Queue FIFO Never distributes more than is available. No double-claim. Invariant suite	Never distributes more than is available. No double-claim.	Invariant suite
6	Concentration Per-vertical, per-state and per-borrower limits enforced atomically at origination. Invariant suite	Per-vertical, per-state and per-borrower limits enforced atomically at origination.	Invariant suite
7	Exchange rate The sUSDfr rate never decreases from yield accrual alone. Losses arrive only via the cascade. Invariant suite	The sUSDfr rate never decreases from yield accrual alone. Losses arrive only via the cascade.	Invariant suite
8	Access control No privileged action is reachable by an unauthorized role. 100% branch coverage	No privileged action is reachable by an unauthorized role.	100% branch coverage
9	Reserve Idle USDC + deployed == backing. Donations can't inflate it; a shortfall can't be hidden. Permissionless reconciliation	Idle USDC + deployed == backing. Donations can't inflate it; a shortfall can't be hidden.	Permissionless reconciliation

Governance & roles

Bootstrap administration has been surrendered to a timelock. The role-admin graph is flat — no role can grant itself — and it's validated live by ValidateMainnetProductionV2.s.sol (positive and negative holdings).

DEFAULT_ADMIN_ROLE + UPGRADER_ROLE
Governance timelock only
No EOA on mainnet
GUARDIAN_ROLE
Operations Safe
Can pause user paths — never the loss cascade
CREDIT_ROLE
Internal modules only
WaterfallEngine, DefaultManager, ClaimBridge — never an EOA
ATTESTER_ROLE
m-of-n signer keys
≥2 signers for high-value facts
ORIGINATOR_ROLE / SERVICER_ROLE
Ops (Forest Road)
Originates and services facilities

Review history

Sept 13, 2026
Corrovera dual-chain ensemble
125 source files; scope limitations noted.
Sept 17, 2026
Corrovera diff review
Plus follow-up probes.
Sept 18, 2026
Internal Solana & curator correctness review
Internal team.
Sept 20, 2026
Corrovera curator-vault review
Plus remediation verification.
Sept 20, 2026
Internal review of exact Ethereum V2 deployment
Run on forked mainnet.

Result: no Critical, High or Medium contract defect confirmed in the deployed Ethereum review.

Context: Corrovera is not a top-tier firm, and there is no Trail of Bits, OpenZeppelin or CertiK audit yet.

Accepted residuals

Not yet done

V2 is live and open for controlled, KYC-gated deposits, with 7 facilities originated on mainnet, $3M+ deployed and a 0.00% default rate. The funded canary covered minting, transfer, sUSDfr deposit, direct redemption and queue entry, and supply equalled backing afterwards. These items are still outstanding:

No top-tier audit yet (no Trail of Bits, OpenZeppelin or CertiK engagement).
Module-wide Guardian pause proven on a fork only — no live Safe drill yet.
Queue canary (9.99 sUSDfr) not yet settled — eligible Oct 12, 2026 after the 21-day cooldown.
sGROVE backstop is unfunded ($0 live callable reserve).
Limited operating history — live on mainnet since September 2026.
Keeper infrastructure runs on shared hosting.

Note

The configured $100M figure is a concentration floor, not a deposit cap.

06 · Risks

Read this before you deposit.

Yield comes from lending, and lending carries risk. These are the ones that matter most right now. The levels are this community tool's own judgment, not an official rating.

Credit risk

High

Borrowers can default. If losses exceed curator first-loss capital and the sGROVE backstop, they reach sUSDfr depositor principal. Accrued-but-unpaid interest in NAV may never be collected.

Backstop gap

High

The sGROVE backstop currently holds $0. Today the only layer ahead of depositors is $500,001 of curator first-loss capital (16.65% of loans).

Liquidity risk

Elevated

sUSDfr exits through a 21-day epoch-based FIFO queue, and settlement is paced by loan repayments. You cannot withdraw instantly, and settlement liquidity can be thin.

Smart contract risk

Elevated

Reviews so far are by Corrovera plus internal teams — no top-tier audit yet. Strong test coverage and formal proofs reduce, but don't eliminate, the chance of a bug.

Early stage

Elevated

The protocol is early stage with limited operating history. 7 facilities are live, but the track record is short, and the module-wide Guardian pause has only been drilled on a fork, with no live Safe drill yet.

Oracle / attester risk

Moderate

Off-chain facts (collateral marks, loan conditions) are set by m-of-n attesters — as few as 2 signers for high-value facts. Colluding or compromised attesters could misstate them.

Related-party risk

Moderate

The digital-assets facility lends to Forest Road's own trading subsidiary. That is a conflict of interest, even with attested mark-to-market monitoring.

Regulatory risk

Moderate

Private credit, stablecoins and tokenized lending face evolving rules. KYC gating and jurisdiction screening may change who can mint, hold or transfer.

Infrastructure risk

Moderate

Keeper infrastructure runs on shared hosting. An outage could delay accrual checkpoints, reconciliation or queue processing.

Read the full, official risk factors at forestroadvault.com/risk ↗.

07 · FAQ

Common questions.

What is USDfr?

USDfr is a dollar token minted 1:1 from canonical USDC. Minting is KYC-gated, and every mint checks the backing invariant so total supply can never exceed backing value. On its own, USDfr earns nothing — it can be redeemed directly for USDC against idle reserves.

How does sUSDfr generate yield?

Staking USDfr gives you sUSDfr, an ERC-4626 vault share. The vault's USDfr funds loans across film & TV, renewable energy and digital assets. Interest (cash and PIK) accrues continuously into the exchange rate, net of protocol fees. The book's 16.74% is the contractual rate borrowers owe — your actual return is variable and will differ.

Can I withdraw instantly?

No. sUSDfr redemptions go through an epoch-based FIFO queue with a 21-day cooldown, and settlement is paced by loan repayments. withdraw() and redeem() are not directly callable by holders. Separately, USDfr (unstaked) can be redeemed for USDC against idle reserves.

What happens if a loan defaults?

Losses follow a fixed three-layer cascade written into the contract: curator first-loss capital ($500,001) absorbs first, then the sGROVE backstop (currently $0), and only then sUSDfr depositor principal. The order can't be skipped or inverted, the cascade can never be paused, and it's covered by a 9-path Halmos proof.

Who controls the protocol?

Admin and upgrade roles sit with a governance timelock — no EOA holds them on mainnet. An Operations Safe holds the Guardian role and can pause user paths, but never the loss cascade. Credit actions are restricted to internal modules, and off-chain facts require m-of-n attester signatures.

How are fees charged?

A 2% origination fee is paid by borrowers. A 10% interest fee is taken from gross interest via the waterfall. A 10% performance fee (capped at 20%) applies only to gains above a global high-water mark and is taken by minting fee shares (dilution), not by deducting from your balance. The management fee is currently 0% (capped at 2%).

Is it audited?

It has been reviewed by Corrovera (several passes in Sept 2026) and by internal teams, with no Critical, High or Medium defect confirmed in the deployed Ethereum review. Corrovera is not a top-tier firm, and there's no Trail of Bits, OpenZeppelin or CertiK audit yet. Test coverage is extensive: 3,108 release checks, 208 heavy invariant tests, 8 Halmos properties, and 99.40% line / 94.95% branch coverage.

Why is sUSDfr.decimals() = 24?

The vault uses a six-decimal virtual-share offset on top of USDfr's 18 decimals — a standard defense against ERC-4626 inflation/donation attacks. Integrators should read decimals() rather than assume 18, and note that convertToShares()/convertToAssets() can revert in a degraded state.