Astera, Ethereum's Native Credit Layer

Bringing Credit Markets Home to Ethereum

DeFi has a capital problem. Billions in stablecoins sit idle in traditional finance wrappers, earning minimal yield while Ethereum protocols starve for efficient credit. Current solutions force a choice: accept centralized custody or navigate complex, capital-inefficient CDPs.

Astera breaks this false dichotomy with asUSD—a stablecoin that represents $1 of Astera credit, sourced entirely from liquidity and collateral in the Ether, with yield created and distributed entirely on-chain.

The Stablecoin Ethereum Deserves

USDC and USDT have served a critical role—they brought billions of traditional capital on-chain, creating the liquidity foundation that made DeFi possible. But their architecture contains some flaws that leave a gap in the market for something completely different. While USDC connects Ethereum to traditional finance, Astera gives US Dollars the best access to Ethereum yield.

Think of asUSD as Ethereum's own credit layer: instantly deployable liquidity that can seed new protocols in minutes, not months. Working alongside USDC's stability, asUSD adds the dynamism DeFi needs to grow.

Where asUSD Comes From

Unlike algorithmic stablecoins that failed or purely centralized coins that can't innovate on-chain, asUSD emerges from actual credit demand:

• Borrowers mint asUSD by depositing collateral into Astera Lend

• Protocols receive asUSD credit lines to bootstrap liquidity

• Market makers access asUSD to provide depth across DeFi

Each asUSD in circulation represents real economic activity on Ethereum. Credit backed by code, collateral, and math—while maintaining deep liquidity pairs with USDC for seamless interchange.

The Yield That Stays Home

USDC provides the bridge to traditional yields—a valuable service that brings TradFi rates on-chain. asUSD captures the yields that only exist on-chain:

• Native staking that compounds automatically

• Credit spreads from the growing ecosystem of DeFi borrowers

• Protocol revenues from facilitator operations

We call this ethonomics. Every basis point of yield generated by asUSD stays on Ethereum, is secured by Ethereum, and is distributed to Ethereum users.

A Symphony, Not a Solo

With regulatory frameworks like the GENIUS Act, we're about to see 200+ branded stablecoins flood Ethereum. WalmartUSD. BankOfAmericaUSD. Each serving their niche, their users, their purpose.

asUSD offers something unique in this chorus: Ethereum-native credit.

USDC will remain the bridge to traditional finance—critical infrastructure for institutional adoption. asUSD becomes the credit engine for DeFi-native innovation. Together, they create a complete monetary system: one foot in traditional finance, one foot in the future.

The Credit Layer Nobody Else Can Build

Every major stablecoin captures a different slice of yield:

• USDC/USDT farms T-bill yields

• Sky tokenizes real-world bonds

• Ethena harvests funding rates

• Curve aggregates trading fees

Astera is here to capture credit yield—the 6-30% APR that borrowers pay for capital efficiency in DeFi.