Underlying asset
sUSDfr
Issued by Forest Road. The facts below were checked on the date shown, from the sources listed.
sUSDfr is issued by Forest Road. What stands behind it: real-world credit. It is a mezzanine tranche on USDfr: losses reach it after the junior tranche and before the senior one. It is redeemed through a queue.
Facts
- Issuer
- Forest Road
- What stands behind it
- real-world credit
- Strategy
- loans to renewable-energy projects, part of the interest paid in kind
- Valued in
- USD
- Position in the capital stack
- mezzanine tranche
- Who has to keep a promise
- borrowers off chain, a manager off chain
- Redemption
- redeems through a queue; the issuer's stated worst case is 21 days
- Where the money sits
- ReserveManager: the idle USDC, and the record of loan principal deployed off chain
Ethereum · 0x8317736611b542ddb4a820fe344b621a904bdd48 · source
RedemptionQueue: sUSDfr redemptions waiting their 21 days, settled first in, first out
Ethereum · 0xa3a91cf083b76bcc1a963c81a2977c8f7350d1f8 · source
CuratorModule: the curators' first-loss capital, ahead of stakers
Ethereum · 0x867e888afc76f8b20c27698d886ea4180b555214 · source
sGROVE backstop, behind the curators and ahead of sUSDfr
Ethereum · 0x5608144285eab640df97937a772a8737c1f88a72 · source
Most of the backing is loan principal deployed off chain to renewable-energy projects the documents do not name (https://forestroadvault.com/transparency).
Researched on 2026-10-09; the amounts in the labels are as of that day. - Who can change it
- a timelock · 48 h delay · the admin role 0x28b36b6a48ed3f7409464c811a9ed538a824120e (Ethereum)
a timelock · 48 h delay · the upgrade role 0x28b36b6a48ed3f7409464c811a9ed538a824120e (Ethereum)
a multisig (Safe) · 2 of 4 signatures · guardian role 0x297e88c997c2e0edf70a5f817aadca2858aa6c04 (Ethereum) - Audits
- not found in a source that meets the standard
- Bug bounty
- not found in a source that meets the standard
- Depends on
- none recorded
A tranche of USDfr
Other assets from the same issuer: USDfr - Chains
- Ethereum
- Checked
- 2026-10-09, from the issuer's own documents
- Sources
- https://forestroadvault.com/docs/overview
https://forestroadvault.com/docs/how-to
https://forestroadvault.com/docs/status
https://forestroadvault.com/docs/roles-and-governance
https://forestroadvault.com/docs/addresses
https://forestroadvault.com/transparency
https://forestroadvault.com/risk
https://github.com/Forest-Road-Company/forest-road-vault/blob/main/SECURITY.md
Pendle markets on it
Live Pendle markets on this asset, as of 9 Oct 2026. Names and dates only. Market data: Pendle.
| Chain | Maturity | Principal token |
|---|---|---|
| Ethereum | 2027-01-28 | PT-sUSDfr-28JAN2027 |
The fixed rate, read on chain
No daily record of a market on this asset yet: the record starts when this site first reads the market's contract.
Not found
What the research has not answered for this asset, said rather than left blank.
- A named audit report, with a link.
- A public bug bounty programme.
- Incidents: this encyclopedia does not yet keep a record of incidents from primary sources.