wsrUSD
$1.0991Wrapped srUSD — a savings token compounding the rUSD reserve’s yield every block.
What is wsrUSD?
wsrUSD — Wrapped Savings rUSD — is the transferable savings token of Reservoir Protocol’s dollar stack. rUSD, srUSD and wsrUSD are issued natively on Ethereum and made available on other chains as LayerZero omnichain tokens. The base token, rUSD, is a stablecoin minted and redeemed at par against a conservatively-managed reserve. Saving rUSD issues srUSD, which earns a governance-set interest rate that accrues daily; wsrUSD wraps that position into a fee-free token whose value compounds every block — the composable form used as collateral across lending markets.
This report looks through the wrapper to the reserve that ultimately backs every wsrUSD: a balance sheet of assets against the redeemable rUSD / srUSD / wsrUSD claims, the yield the reserve earns and distributes (the source of the savings rate), where it is deployed across chains and protocols, the collateral those positions are exposed to, and the borrowers on the other side of each market. Every figure is projected from the latest on-chain snapshot.
Market Cap
$108.46M
Price
$1.0991
Portfolio
How the reserve is composed and deployed — balance sheet, positions, distribution, and history.
Balance Sheet
Managed assets against redeemable claims — what the reserve holds versus what depositors can redeem.
- Vault Deposits $109.5M 100%
- wsrUSD · wrapped savings $108.46M 99%
- srUSD · savings $620.16K 1%
- rUSD · base dollar $307.11K 0%
Positions
What backs the reserve, grouped by position type.
Distribution
Where the reserve is deployed, by share of portfolio value.
- Monad 57.1%
- Ethereum 37.2%
- Other (2) 5.7%
- Curvance 53.7%
- Dolomite 30.1%
- Morpho 8.8%
- Other (2) 7.3%
Concentration
How concentrated the deployment is — across protocols, and across the assets backing the reserve.
- Effective protocols How many equal-size protocols would match this concentration score (10,000 ÷ score). A lower count means more of the value sits with a few large protocols.
- 2.6
- Largest protocol
- Curvance · 53.7%
How the reserve's deployed value is spread across protocols — fewer venues holding more of the value pushes the score up.
- Effective assets How many equal-size assets would match this concentration score (10,000 ÷ score). A lower count means more of the value sits with a few large assets.
- 3.0
- Largest asset
- USDC · 45.1%
How the assets backing the reserve are distributed — heavier reliance on a single underlying pushes the score up.
Reading the gauges. Each gauge scores concentration: everything in one holding scores 10,000, ten equal holdings score 1,000. Shares are squared, so a few big positions dominate the score. The "effective" count is how many equal-sized holdings would score the same (10,000 ÷ score). The method is the Herfindahl–Hirschman Index (HHI); bands follow US antitrust thresholds:
- Below 1,500 diversified
- 1,500 – 2,500 moderately concentrated
- Above 2,500 highly concentrated
Portfolio Over Time
Cumulative portfolio value, stacked by position. Hover a snapshot for the breakdown.
The dashed line is the outstanding claim. A book below it in the early history is the engine still catching up to the asset's on-chain positions — historical coverage, not under-collateralization — and closes as adapters land; it is only there in the asset's early days.
Exposure
What the reserve is exposed to — collateral, asset flow, and the borrowers on the other side.
Collateral Exposure
Portfolio exposure to each collateral asset, across every protocol and chain. Doesn’t include the direct holdings or unborrowed reserve.
- Assets
- 24
- Chains
- 3
- Protocols
- 4
Asset Flow
From each underlying asset, through the positions holding it, to the collateral third-party borrowers post against it. That final column is where a default lands: the collateral that would have to clear for the reserve to be made whole.
Top Borrowers
The reserve earns its yield by lending to these counterparties. If their positions deteriorate faster than liquidations can clear them, the loss lands on the collateral backing the reserve — health factors near 1.0 are the early warning.
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0x44a6…5fad0xdc38…0d4e0x81a4…49c90xcf7e…c9040xd33b…17fe0x4768…c9b20xbCd1…8eE00x1Cab…f9450x7c76…7B690x7a27…e9bc0x6cc6…c4bd0x902c…fb090x1cb4…88940xb20a…6b500xc468…4ca60x95d7…6b78Concentration
How concentrated the exposure is — across the collateral assets backing it, and across borrowing counterparties. Shares here are of the collateral exposure above — like that table, they don’t include the direct holdings or unborrowed reserve, so they read higher than shares of the whole reserve (the RWA callout below).
- Effective collaterals How many equal-size collaterals would match this concentration score (10,000 ÷ score). A lower count means more of the value sits with a few large collaterals.
- 2.8
- Largest collateral
- wsrUSD · 57.8%
How the exposure is spread across the collateral assets borrowers post — heavier reliance on a single collateral pushes the score up.
- Borrowers
- 201
- Effective borrowers How many equal-size borrowers would match this concentration score (10,000 ÷ score). A lower count means more of the value sits with a few large borrowers.
- 7.4
- Largest position
- 22.8%
How the exposure is spread across borrowing counterparties. Pool-based protocols (e.g. Aave) can't be broken down per borrower, so an entire pool counts as a single position — the score likely overreports true counterparty concentration.
Gauge key. Scores are Herfindahl–Hirschman Index (HHI) concentration scores, explained under the Portfolio gauges in the previous section:
- Below 1,500 diversified
- 1,500 – 2,500 moderately concentrated
- Above 2,500 highly concentrated
2.64% of the reserve is exposed to PRIME
PRIME (Staked wYLDS) is an on-chain RWA token: tokenized exposure to a Figure Technologies warehouse lending facility — short-duration, asset-backed credit (HELOCs [home-equity lines of credit] awaiting securitization) carried at ~$1 NAV (~$407M total asset value). The credit is originated and serviced off-chain.
PRIME to USDC redemption is not instant. It is a two-phase on-chain flow — RequestRedeem moves shares to Pending, where they stop earning yield (an unbonding period), then CompleteRedeem returns USDC once the payout pool is funded. Per Hastra’s integration guide a redemption "remains pending until the Redeem Vault is liquid"; no settlement SLA or maximum pending duration is published.
Redemptions can be paused if a de-peg or exploit is detected, and asset-backed credit is slow to unwind under stress. So the reserve’s unborrowed, liquid balance — not PRIME redemption — is the first-line redemption buffer.
Of this, $2.89M is collateral posted by borrowers — 3.41% of the collateral exposure. The share of reserve reads lower because it also counts the direct holdings and unborrowed reserve.
The reserve holds $24.74M unborrowed and liquid — a first-line redemption buffer that does not depend on PRIME redemption. That matters precisely because PRIME is slow to unwind under stress.
Yield & Equity
How the reserve’s return is split between wsrUSD holders — the senior claim, paid the savings rate first — and DAM, the protocol’s equity token, which keeps the spread and funds the incentive program.
What is DAM?
DAM is the protocol equity and governance token of Reservoir — the residual claim on the economics of the rUSD system. wsrUSD and DAM sit on opposite sides of the same balance sheet: wsrUSD is the depositor side, a senior claim paid the savings rate first and redeemable at par; DAM is the shareholder side, keeping whatever the deployed reserve earns above that rate and absorbing the cost of growing the system.
Value reaches DAM through two channels: buybacks — Reservoir commits up to 50% of monthly protocol net revenue to buying DAM on the open market, with all repurchased DAM held in treasury (per Reservoir’s DAM Buyback Program) — and incentive spend, DAM distributed via Merkl campaigns on top of native yield to deepen rUSD liquidity. A wsrUSD holder's yield does not depend on DAM's price, but the spread DAM captures funds the protocol standing behind the savings rate. The figures below measure that trade: what the reserve earns above the savings rate, what the incentive program costs, and the net between them.
Yield Structure savings rate vs deployed-portfolio return
The reserve deploys $109.5M of claims into yield venues. Holders are owed the savings rate; everything the portfolio earns above it is protocol revenue — the margin that ultimately backs the DAM equity token above.
Program Economics 2 active campaigns
Active Incentive Campaigns live Merkl campaigns paying DAM rewards on top of native yield
Revenue vs Cost History annualized run-rates · 191 points
Cumulative Profit and Loss (PnL) realized net since first capture
Mint / Redeem
How dollars enter and leave the underlying rUSD reserve at par — PSM liquidity, the redeem buffer behind instant exits, and the primary-market flow they carry.
Primary-Market Flow 229 days · redemptions proxied by buffer refills, mints by deployments
- Steakhouse USDC Steakhouse Financial · 590 refills 69.20% whitelisted
- Steakhouse Prime USDC Steakhouse Financial · 1,247 refills 30.79% whitelisted
PSM, savings-module and buffer state read on-chain · flow from full event scan
Bridging
wsrUSD and rUSD are issued on Ethereum and travel cross-chain as LayerZero Omnichain Fungible Tokens (OFT) — locked on Ethereum and minted 1:1 on each destination, so the cross-chain supply stays unified. The bridge integration is independently audited (auditor shown above), and the destination set below is read directly from the adapter’s on-chain peers() mapping.
Destination chains
On-chain LayerZero OFT peers — where wsrUSD is minted cross-chain, sized by amount.
On-chain OFT peers() reads (wsrUSD OFT Adapter) + Reservoir audit docs (docs.reservoir.xyz)
Listings
Markets that accept wsrUSD as collateral, and the terms on which they list it.
Due Diligence Coming soon
A written assessment across the core risk dimensions — mechanism, smart contract, counterparty, market and oracle — with the reasoning behind each.
The assessment narratives are being finalised.