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This Week at Royco #3 - The Lineup Fills In

Two more markets opened to the public this week. The protocol keeps expanding.

TL;DR

  • Two new markets open: Neutrl, USD.AI. Six are now live.

  • Senior apyUSD launched on Pendle. An asset that could work as collateral while earning yield and carrying drawdown coverage.

Two New Markets Open

  • Neutrl (sNUSD): Market-neutral synthetic dollar. Yield from OTC arbitrage and hedged trades, uncorrelated to crypto direction.

  • USDai_Official (sUSDai): Yield from loans against the GPUs powering the AI economy. T-Bill floor between active loans, hardware insurance on every position.

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A New Collateral Shape

Senior apyUSD went live on Pendle this week, joining the Junior they listed last week.

Both tranches of the same yield, now tradeable on Pendle. Senior brings something new: yield and drawdown coverage in one asset.

For lending markets, this is a different kind of asset to price. Less downside means higher LTVs. Higher LTVs mean more capital efficiency. More efficiency means cheaper credit.

One new collateral. A cascade of secondary effects.

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By the Numbers

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What's Next

Six markets live, plenty more queued. New launches and announcements coming soon, several of them set to reshape how onchain credit works.

Royco Dawn is on its way to becoming the reference layer for risk transformation, and the catalyst for the next chapter of onchain credit.