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Huam adopts a dual-token system to separate stability from yield accrual:
USDhm is the base synthetic dollar. It maintains a 1:1 peg with USDC through direct mint and redeem functionality. USDhm itself does not generate yield—it serves as stable collateral and the unit of account within the protocol.
sUSDhm is the yield-bearing token. Users stake USDhm into an ERC-4626 vault to receive sUSDhm. As protocol revenue accrues, the exchange rate between sUSDhm and USDhm increases. Users can unstake at any time to receive their proportional share of USDhm plus accumulated yield.
This separation ensures that users who need stability can hold USDhm, while those seeking yield can opt into sUSDhm.
Minting
Approved users deposit USDC to mint USDhm at a 1:1 ratio. The USDC collateral is held in the Minter contract until the corresponding USDhm is staked.
Redeeming
USDhm can be redeemed for USDC at any time at a 1:1 ratio, minus a 0.1% fee. This fee compensates for operational costs including unwinding hedged positions.
Access
- Minting is restricted to whitelisted addresses
- Staking and unstaking sUSDhm is permissionless
- Non-whitelisted users can acquire USDhm on secondary markets and stake freely
