Underlying asset
USDfr
Issued by Forest Road. The facts below were checked on the date shown, from the sources listed.
USDfr is issued by Forest Road and pays its holders nothing of its own: what stands behind it (real-world credit) earns for the issuer, or for those who stake it. It is a senior tranche on its issuer's shared pool: losses reach it only after the junior tranche is gone. Only approved holders can redeem it; others leave by selling. Its yield on Pendle is a campaign of incentives.
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
- senior tranche
- Who has to keep a promise
- borrowers off chain, a manager off chain
- Redemption
- redeemed only by approved holders
- 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
Other assets from the same issuer: sUSDfr - 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/points
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-USDfr-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.