Supported assets
dUSD
sdUSD
frxUSD
sfrxUSD
frxETH
sfrxETH
FRAX
FXBs
sUSDS
USDe
sUSDe
ETH
wstETH
rETH
syrupUSDC
syrupUSDT
Plus more coming soon!
What
dTRINITY is the first decentralized stablecoin protocol with borrower subsidies, powered by its native stablecoin, dUSD, backed 1:1 by an onchain reserve of yield-bearing assets.
Why
dTRINITY is designed to stimulate onchain credit demand by adaptively rewarding dUSD users across market cycles, enabling superior rates for both borrowers and lenders.
When
Live on Fraxtal since December 2024, Katana since October 2025, and Ethereum since January 2026.
The TGE (token generation event) for dTRINITY’s governance token is set to take place in 2026.
Where
• Blockchains: Ethereum, Fraxtal, Katana.
• Lending protocols: dLEND, Morpho.
• Liquidity pools: Curve, Sushi Swap.
• Vaults: dSTAKE, Convex, Yearn, Stake DAO.
• Yield markets: Pendle ⏳, Spectra ⏳
• Plus more coming soon.
How
dTRINITY, short for "DeFi Trinity," consists of 3 core components:
Decentralized stablecoin
dUSD is a decentralized stablecoin soft-pegged to the US dollar, backed 1:1 by an onchain reserve of other
dollar-denominated stablecoins and yieldcoins. Users can mint or redeem dUSD atomically and permissionlessly.
Its reserve income is shared with users as activity rewards, including interest rebates for borrowers.
Lending protocols
Lenders can supply dUSD into dLEND, dTRINITY's native lending protocol, to earn enhanced yields and points. Lenders can also stake dUSD into sdUSD (Staked dUSD), an ERC-4626 vault that supplies into and earns yield from dLEND. Borrowers can supply collateral to access dUSD loans and claim interest rebates based on outstanding debt.
dUSD lending markets are also available via external partner protocols such as Morpho.
Liquidity pools
dUSD and sdUSD pools are deployed on major DEXs like Curve to facilitate trading and liquidity. Users can swap dUSD and sdUSD efficiently with other assets onchain, while LPs can provide liquidity to earn pool fees and rewards.
User incentives
Points program
Lend or provide liquidity to earn dT Points pre-TGE. All points will claim to governance tokens at the TGE.
Governance
dTRINITY governance token holders may participate in protocol governance and earn other incentives post-TGE.
Who
dTRINITY provides the ideal stablecoin platform for:
Lenders & borrowers
Yield loopers
Liquidity providers
Advisors
Thanh Le
Co-founder of Coin98
Rune Christensen
Co-founder of Sky
Sam Kazemian
Co-founder of Frax
C2tP
Co-founder of Convex
Winthorpe
Co-founder of Convex
Rune Christensen
Co-founder
of Sky
Sam Kazemian
Co-founder
of Frax
C2tP
Co-founder
of Convex
Winthorpe
Co-founder
of Convex
Thanh Le
Co-founder
of Coin98
dTRINITY (short for "DeFi Trinity") is the world's first subsidized stablecoin protocol, a new DeFi primitive designed to supercharge onchain credit markets. The protocol features dUSD, a decentralized stablecoin backed 1:1 by exogenous, yield-bearing reserves. Unlike traditional models, dTRINITY forwards its reserve earnings to active dUSD borrowers as rebates to lower their interest expenses. This, in turn, creates a higher supply-demand equilibrium that unlocks greater yields and capital efficiency for dUSD users.
Subsidies are funded exogenously by variable yield from dUSD's reserve backing (i.e., float revenue) and distributed to dUSD borrowers in designated markets as interest rebates, represented as the Rebate APY. Rebates are paid in dUSD and must be claimed separately. Borrowers still incur a Gross Borrow APY on outstanding debt. Their effective dUSD borrowing cost is represented as: Net Borrow APY = Gross Borrow APY - Rebate APY.
Subsidizing dUSD borrowers reduces their Net Borrow APY, leading to more credit demand and utilization. This, in turn, raises the Supply APY for lenders, creating a win-win dynamic for both sides of the market. dUSD liquidity providers (LPs) also benefit from greater trading volume and fees thanks to subsidy-driven capital velocity.
The token generation event for dTRINITY’s utility/governance token is currently planned for 2026.
The token generation event for dTRINITY’s governance token is currently planned for the second half of 2026.