Liquidity depth per major asset
Circle USYC's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Primary exit is direct redemption via Circle Teller contract into USDC; near-real-time (T+0) under instant-redemption capacity, T+1 above capacity. No public disclosure of the capacity threshold. Redemption fee: 0.03%. Oracle updates once daily on US business days at 9am ET only; after-hours and weekend redemptions face stale-price or next-day settlement. Secondary market effectively zero: CoinGecko reports $112K/24h trading volume vs $2.97B market cap, with trading halted on all listed venues 16 days before assessment date. The single-exit-route-only structure creates liquidity risk in any scenario where the Teller is paused, USDC is disrupted, or redemption volume exceeds T-bill settlement capacity. Scored yellow: primary redemption mechanism is sound under ordinary conditions but fragile under stress (holiday weekend + large simultaneous redemptions + Teller pause).
Sources #
- URLCircle USYC product page - redemption mechanicsCircle product page: AUM $312.9M shown; T+0 redemption into USDC, T+1 above instant-redemption capacity; redemption fee 0.03%; 24/7 redemption availability statedretrieved 2026-05-16
- CoinGecko - Circle USYC price and secondary market dataCoinGecko: USYC 24h trading volume $112,266.96; trading halted 16 days ago on all listed exchanges; market cap $2.98B; circulating supply 2.7B tokensretrieved 2026-05-16
- USYC Token Price / NAV methodologyUSYC docs token-price page: oracle updates once daily on business days at 9am ET; after 2pm ET subscriptions use next-day forecast price; non-business days no updateretrieved 2026-05-16
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →