Streamflow Launches USD+: Yield-Bearing Solana Stablecoin Backed by U.S. Treasuries

The launch of USD+ by Streamflow represents a significant shift in the stablecoin landscape. Unlike dominant stablecoins such as USDC and USDT, which are backed by yield-generating assets like Treasury bills but retain the interest for their issuers, USD+ is engineered to pass that yield directly to the holder. According to the announcement, users holding USD+ in a Solana wallet can expect to earn a variable yield, estimated at approximately 3.6% APY at launch, distributed daily on-chain as additional tokens. This rate is not fixed; it will fluctuate based on prevailing U.S. interest rates and broader market conditions.

This direct-yield model addresses a common critique in decentralized finance (DeFi): the centralization of profit from reserve assets. By designing USD+ to distribute yield daily, Streamflow aims to create a more equitable financial primitive where the economic benefits of the underlying collateral—short-term U.S. Treasury Bills—flow to the end user. The stablecoin is designed to maintain a steadfast $1 peg, ensuring it functions as a reliable store of value and medium of exchange while generating passive income.

Underpinning USD+ is M0’s universal stablecoin platform, which provides the critical infrastructure for collateral management. Through the M0 Protocol, verified collateral—in this case, U.S. Treasury holdings—is locked to mint the asset-backed stablecoin. The reserves are held by licensed custodians and are independently verified, with their status transparently tracked and continuously monitored by validators to ensure full backing. This operational framework is crucial for building trust in a product that introduces additional layers of custody and verification beyond typical on-chain tooling.

Streamflow has explicitly designed USD+ for Web3 companies managing treasuries and crypto-native capital managers. The identified use cases highlight its utility for professional on-chain finance: managing idle treasury balances while earning yield, settling payroll and contributor payments, holding capital between deployments without sacrificing composability, and using it as a yield-bearing settlement asset across various DeFi protocols. This focus positions USD+ not just as a retail product but as a foundational tool for the evolving on-chain corporate treasury.

A key technical differentiator for USD+ is its full composability across the Solana DeFi ecosystem. Unlike some yield-bearing or “rebasing” stablecoins whose mechanics can break compatibility with smart contracts, USD+ is engineered to function seamlessly within lending markets, liquidity pools, and other on-chain applications. This allows users and protocols to earn the underlying Treasury yield while simultaneously utilizing the stablecoin for leverage, liquidity provision, or payments—retaining the flexibility expected from a modern digital dollar.

Streamflow, the team behind the project, brings substantial Solana-specific expertise to this venture. Known for its token management infrastructure supporting vesting, airdrops, and recurring payments, Streamflow has powered over 26,000 projects and served more than 1.3 million users, with a peak total value locked (TVL) of around $2.5 billion. The team’s deep integration within Solana is expected to facilitate the adoption of USD+ across the ecosystem for lending, liquidity provision, and payments as the stablecoin launches and grows.

Once live, users will be able to acquire USD+ by swapping assets like USDC or USDT or by on-ramping fiat directly through Streamflow’s interface using popular Solana wallets, with support for multiple currencies planned. The product is currently in a “coming soon” phase, with a waitlist open for early access. As the stablecoin space evolves, USD+ stands as a notable experiment in aligning the incentives of stablecoin issuers with those of their users, potentially setting a new standard for yield distribution in the sector.