Resolv is a delta-neutral stablecoin protocol that issues two tokens with explicitly different risk profiles. USR is the stable, dollar-pegged token that targets a $1.00 peg and pays a moderate yield. RLP (Resolv Liquidity Pool token) is the risk-absorbing tranche that takes first-loss exposure and earns leveraged yield in compensation. The structural separation distinguishes Resolv from Ethena's USDe/sUSDe, where the risk and yield are blended in one token. Resolv USR experienced an exploit on March 22, 2026 with $80M in unbacked tokens minted; verify live yield and supply on resolv.xyz before quoting current figures (Resolv dashboard).
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This article covers the two-token mechanism, the funding-rate strategy, the live numbers, and the risks. The model is most relevant to teams comparing delta-neutral synthetic dollars and considering whether to hold the stable leg, the risk leg, or split between them.
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USR and RLP are tokens in a single delta-neutral protocol that holds a basket of long crypto (primarily ETH) and short equivalent perpetual futures. The protocol harvests the funding rate paid on the short legs. Total revenue is split between the two tokens according to the structure.
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USR is the senior tranche. It targets a $1.00 peg and pays a yield set by governance (currently 7.8% APY). USR is non-rebasing; the peg is maintained through arbitrage and the protocol's reserve. Holders of USR have a claim on the reserve before RLP holders.
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RLP is the junior tranche. RLP holders absorb first-loss exposure: if the protocol's basis trade incurs losses (negative funding, hedge slippage, exchange counterparty issues), RLP's NAV drops first. In exchange, RLP earns the residual yield after USR is paid, which has averaged 14% to 22% in normal market conditions and dropped below 5% during funding inversions.
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The split is set by the protocol's collateralization ratio. As of April 2026, RLP backs USR at approximately 1.18:1 — roughly $1.18 of RLP-priced collateral for every $1.00 of USR outstanding. The buffer absorbs negative funding and rebalancing slippage before the USR peg is at risk.
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Resolv holds a basket of long crypto exposure (predominantly ETH and stETH) on Ethereum and offsetting short perpetual futures positions on multiple centralized exchanges. The structure is the same delta-neutral basis trade Ethena uses, with two implementation differences:

Daily protocol revenue (funding-rate harvest plus stETH staking yield) flows into a treasury contract. The contract pays USR holders a fixed APY (7.8% as of April 2026, set by governance and adjusted to maintain coverage). Residual revenue accrues to RLP, increasing its NAV.
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RLP price floats with revenue and losses. When funding is high (bull markets), RLP NAV grows quickly. When funding is negative (bear markets), RLP absorbs the shortfall and NAV drops. The protocol publishes RLP NAV updates daily.
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USR is mintable through the Resolv app by depositing USDC, USDT, or wstETH. Redemption returns USDC, USDT, or wstETH at the prevailing rate. RLP is mintable separately and redeemed at NAV minus a small fee. Both tokens have a redemption queue during stress; under normal conditions, redemption settles within hours.
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The dual-token structure produces two yield numbers, both tracked by the protocol.

The flat USR rate during the September 2024 inversion is the design's central claim: USR holders see stable yield because RLP holders absorb the volatility. RLP holders pay for that stability with their own yield variance and capital exposure.
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Pendle markets list PT-USR for fixed-yield exposure on Ethereum. Implied APY tracks the live USR rate within ~50 bps.
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RLP is explicitly first-loss capital. NAV can drop materially during stress. The August 2024 funding inversion compressed RLP NAV by 1.8% over two weeks. A worse inversion would compress further. Holders should treat RLP as a leveraged-yield position, not a stablecoin equivalent.
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USR's peg depends on RLP's coverage holding. If RLP NAV drops to zero during an extreme stress event, USR redemption would have to be processed against the remaining basis-trade collateral, possibly at a discount. The 1.18:1 coverage ratio is the buffer.
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Resolv is a newer protocol than Ethena and has correspondingly less regulatory clarity. Yield-distributing tokens face the same SEC scrutiny as USDe and sUSDe. A binding rule could narrow the holder universe.
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The structural difference between Resolv and Ethena is whether the risk is layered (Resolv: explicit first-loss tranche) or staked (Ethena: yield only when locked). Both achieve the same economic separation; they expose holders to different mental models. A team wanting maximum stable APY without optionality holds USR. A team wanting capped exposure to funding-rate volatility holds RLP. A team wanting one-token simplicity holds sUSDe.
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Mint USR or RLP directly through the Resolv app by depositing USDC, USDT, or wstETH. Redemption returns the deposit asset at the prevailing rate. The minimum is small (typically $100). Settlement is on-chain within minutes during normal conditions.
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USR trades on Curve, Uniswap V3, and Aerodrome. RLP trades on Uniswap V3 only. Liquidity is shallower than for major stablecoins; spreads of 10-30 bps are typical.
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USR is collateral on Morpho Blue and several smaller money markets. Pendle splits USR into PT and YT for fixed-yield exposure. RLP integrations are more limited because of its NAV volatility, but yield-leverage strategies on Pendle YT-USR exist.
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Treasury teams considering Resolv typically split: a core allocation to USR for the stable yield, a smaller satellite allocation to RLP for the upside. The split is sized to keep the team's USR balance stable through expected RLP NAV drawdowns.
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Tranched protocols (Resolv) and single-token protocols (Ethena) achieve similar economics through different structures. The choice affects the holder's mental model, accounting, and DeFi composability.
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USR is closer to a regulated yield product. The yield is set by governance, the peg is enforced through arbitrage, the buffer is explicit. RLP is a leveraged-yield instrument. The two-token split forces the holder to make a deliberate decision about which exposure to take.
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USDe/sUSDe blends. A holder of unstaked USDe gets a stablecoin with no yield and modest peg risk. A holder of sUSDe gets a yield-bearing token with all the basis-trade exposure. The choice is binary (stake or not), and the staking decision is reversible only after a 7-day cooldown.
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USR balances are stable; redemption value is $1.00. RLP NAV moves daily. A treasury team accounting under fair-value rules sees USR as a stable holding (interest income) and RLP as a marked-to-market asset. With sUSDe, the wrapper redemption value moves; the entire position is marked-to-market.
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USR is straightforward to integrate as collateral on lending markets. RLP's volatility limits its acceptance. sUSDe is broadly accepted as collateral despite its volatility because the basis-trade design is well-understood. Resolv's smaller adoption means fewer DeFi integrations than Ethena's.
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Resolv's basis trade is more transparent than Ethena's in some respects, less in others. The protocol publishes:

The protocol does not yet publish the same level of insurance-fund detail Ethena does. Resolv's effective buffer is the RLP NAV itself; there is no separate fund. This is structural — RLP is the buffer — but the lack of a named, separately-managed insurance reserve is a difference holders should understand.
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Resolv rebalances the spot-perp delta multiple times per day to keep the position close to neutral. Each rebalance consumes a small slippage cost. The cumulative cost is in the basis-point range over a year and is netted out of the published USR APY.
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Resolv's tokens are Ethereum-native. Cross-chain availability of USR is limited to bridged versions on Arbitrum and Base. A treasury team holding USR for the stable yield often needs to settle payments in USDC on Solana, Polygon, or Optimism — chains where USR has no native deployment.
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Eco Routes orchestrates the cross-chain settlement. A team holds USR on Ethereum, submits an intent to settle 50,000 USDC on Solana, and Routes selects the path: redeem USR for USDC, bridge through CCTP, settle. Or a solver willing to take USR directly on Ethereum in exchange for USDC on Solana. The team holds yield-bearing positions on Ethereum and pays from any chain a counterparty needs. See related context in stablecoin treasury APIs compared and stablecoin automation platforms.
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Resolv's structural separation can be evaluated by looking at how USR and RLP performed through the same stress windows that affected sUSDe.
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Funding rates inverted across major venues for nine consecutive days. Ethena's sUSDe APY dropped from 19% to 4% over 11 days. Resolv's USR APY held steady at 6% (governance discretion). RLP NAV compressed by 1.8% over the same window. The split worked as designed: stable yield for USR holders, absorbed loss for RLP holders.
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Multi-day BTC and ETH drawdown of 15% with corresponding funding compression. sUSDe APY dropped from 13% to 7%. USR held at 7.5% (governance had cut from 8% the prior month). RLP NAV compressed by 0.6%. The smaller stress event was absorbed cleanly.
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The data suggests USR is the more stable yield product through stress windows; RLP is the more volatile yield product. A treasury team with low risk tolerance holds USR exclusively. A team comfortable with first-loss exposure for higher carry holds a USR-RLP blend. The structure makes the trade-off explicit in a way single-token designs do not.
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USR is the senior, dollar-pegged stablecoin paying a stable yield. RLP is the junior, first-loss tranche that absorbs protocol-level volatility in exchange for higher yield. Both are tokens of the same Resolv protocol; they share the underlying basis-trade collateral but receive different cuts of revenue and bear different cuts of loss.
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Both run delta-neutral basis trades on ETH. Ethena issues a single USDe and a staked sUSDe; the staking decision is the only risk lever. Resolv issues separate USR and RLP tokens with explicit tranching: USR holders never absorb first loss, RLP holders always do. The structures produce different yield-risk pairings.
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Yes. RLP NAV can drop during prolonged negative-funding periods. The August 2024 inversion compressed RLP NAV by ~1.8%. RLP is a leveraged-yield position with explicit first-loss exposure, not a stablecoin equivalent.
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Different engine. USDM's 5% APY comes from short-duration Treasuries. USR's 7.8% comes from perpetual-futures funding rates. The premium compensates for funding-rate volatility and exchange counterparty risk. Read the digital dollars explainer for context on stablecoin engines.
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Resolv's terms restrict access from the U.S. and several other jurisdictions. Secondary-market acquisition is technically possible. The regulatory posture toward U.S. holders of synthetic-dollar tokens is unsettled.
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Yes. USR is supported on Morpho Blue and several smaller lending markets. LTVs are typically lower than for major stablecoins (60-70%) reflecting the smaller liquidity pool. See automation platforms for related strategies.
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