Ethereum contracts deployedTransactions may use real assets. Primary-market minting and instant redemption are KYC-gated; deployment does not mean every product or entry path is open. Review the legal and risk disclosures.

Working credit, with an on-chain record.

Forest Road Vault records loans Forest Road originates, underwrites, and services on-chain. USDfr is backed by reserve assets and deployed loan principal; sUSDfr reflects net book performance after fees and losses. The Vault covers Media, Renewables, and Digital Assets.

Enter AppHow it works
Sectors
3
Receivable-backed
2
Marked-to-market
1

Live Ethereum mainnet:– supply– backing– facilities· refreshed every 60s

Originated, underwritten, and serviced in-house by Forest Road, a specialty finance company lending against real claims since 2018.

Specialty finance companyThree sectorsThe Vault's on-chain book

System map

One system, explained from every angle.

Every page below answers a different question about the same flow of capital. The motion changes because the mechanism changes: capital travels, backing reconciles, losses descend and liquidity turns.

USDCreserveUSDfrcredit-backedsUSDfrvault sharesCredit bookidentified loansRepaymentprincipal + interest
Capital path synchronized records

The complete loop

Reserve in. Credit out. Repayments home.

  1. 01

    Issue USDfr. USDC enters reserve and USDfr is minted only against recognized backing.

  2. 02

    Put it to work. Staked USDfr finances named facilities after legal and on-chain records agree.

  3. 03

    Return the cash. Principal and interest flow back through the waterfall, vault and redemption queue.

Trace the complete system →
Capital path
USDCreserveUSDfrcredit-backedsUSDfrvault sharesCredit bookidentified loansRepaymentprincipal + interest
Capital path synchronized records
Protocol overviewFollow reserve capital through two tokens, identified loans and returning cash.Explore Backing invariant
USDfr supplyOn-chain
Backing valueOn-chain
contract invariant holding
Idle reserveDeployed principal
Live transparencyReconcile supply, backing, reserves and the book against live contract state.Explore Position lifecycle
01DepositUSDC enters reserve
02MintUSDfr issued 1:1
03StakesUSDfr reflects net book performance
04Exitqueue settles from cash
On-chain state Legal recordkept in step
How the Vault worksMove from USDC to USDfr and sUSDfr, then exit through the cash-paced queue.Explore Loss propagation
realised loss
01Curator first-lossabsorbs first
02sGROVE USDfr reserveabsorbs second
03sUSDfr principallast
Risk factorsSee where an attestation failure or realised loss enters—and the order it travels.Explore Liquidity flow
LenderUSDC
MorphoUSDC / sUSDfr
sUSDfrBorrower
Lend USDCVariable utilizationBorrow against collateral
Borrow & lendLend USDC or post sUSDfr as collateral in the variable-rate Morpho market.Explore Collateral classes
Mediaassigned receivables
Renewablestax-credit claims
Digital Assetsmarked to market
One loan bookclass limits enforced on-chain
The three sectorsThree distinct collateral models feed one class-limited, identified loan book.Explore

One credit-backed unit. One staked position.

USDfr is backed by reserves and deployed loan principal. sUSDfr is a staked position whose value reflects the Vault's net book performance after fees and losses.

USDfrThe credit-backed unit

Backing moves with supply.

Minted 1:1 from USDC. Backing includes idle USDC and deployed loan principal; the contract refuses a mint that would put supply above recognized backing.

Supply
≤
Backing
invariant checked on every mint
Check the backing →
sUSDfrThe staked position

Net performance moves share value.

Stake USDfr into the vault. Its rate reflects book performance after fees and losses, and can fall if losses reach depositors.

net book performance
View the live vault →

A purpose-built surface for every move.

The interface follows the same path as the capital. Each action simulates against current chain state before the wallet opens.

Open the app →
01

USDC → USDfr

Deposit

Mint only against verified backing.

Open surface ↗02

USDfr → sUSDfr

Stake

Receive a share of actual book performance.

Open surface ↗03

sUSDfr → queue

Redeem

Exit in order as cash becomes available.

Open surface ↗

Built for alignment. Our capital absorbs losses first.

Forest Road posts first-loss capital that sits ahead of every depositor. If a loan underperforms, that capital absorbs the loss before depositors are touched. The order is written into the contract.

The dual record system →
Loss cascade: enforced ordering

1 · First-loss capital

absorbs first

posted by Forest Road

2 · Backstop reserve (sGROVE)

absorbs second

a separate USDfr coverage reserve held by the sGROVE contract

3 · sUSDfr principal

last

depositors, touched only beyond both layers

The order is written into the contract and tested: a loss cannot skip a layer. This is an ordering of losses, not a guarantee against them.

Live contract state

Transparency should move at the speed of the book.

Supply, backing, deployed principal, the vault rate and facilities are public reads—not an off-chain summary.

Read pendingSUPPLY ≤ BACKING
USDfr supply—
≤
Backing value$—
Idle reserve$—
Deployed principal$—
sUSDfr / USDfr—
Facilities originated—
Open the live book

Contracts deployed. Status stays explicit.

Review the verified contracts and on-chain state together with current entry switches, eligibility requirements, legal disclosures, and risks. A mainnet deployment does not mean every product or transaction path is open.

Transparency dashboardRead the risks →