thUSD is a yield-bearing stablecoin powered by a delta-neutral gold carry strategy.
The Strategy
thUSD collateral backs a two-part position:
Long thGOLD — Theo's tokenized gold product. Yield comes from lending physical gold to established retailers via FundBridge Capital, with security over inventory and a 20% first-loss buffer.
Short CME gold futures — Neutralizes gold price exposure, isolating the yield.
No directional gold risk. Users hold a stablecoin; Theo manages the strategy. The position is supplemented by a reserve of cash-equivalent RWAs (including thBILL) and digital assets.
thUSD vs sthUSD
thUSD is the base token, pegged 1:1 to USD. It does not accrue yield on its own.
Stake thUSD → receive sthUSD → earn yield. Yield is paid block by block. You can begin unstaking anytime, with an average queue time of approximately 5 days before you can claim your thUSD back. Staking and unstaking happen on Ethereum mainnet only. Bridge to Ethereum first if your thUSD is on another chain.
Why Gold?
Most stablecoin yields come from crypto-native sources that compress in quiet markets. Gold carry is structurally different — independent of crypto cycles, backed by $247B+ in average open interest on gold derivatives. Does not degrade as TVL grows.
How to Get thUSD
Secondary market (no whitelisting needed): Buy on Uniswap v4 (thUSD/USDC pair).
Minting (whitelisting required): Whitelisted users can mint thUSD 1:1 with USDC or USDT on Ethereum mainnet. To request access, contact the Theo sales team via "Get in Touch" on theo.xyz.
Position transparency: app.theo.xyz/transparency