Updated 21 September 2026. Forest Road Vault V2 is live on Ethereum mainnet and open for controlled, KYC-gated deposits. The application reads the deployment whose permanent proxy entry points appear on the deployed-addresses page. Bootstrap administration has been surrendered to timelocked governance.
What has run live
A funded canary completed minting, USDfr transfer, sUSDfr deposit and transfer, direct USDfr redemption, and entry into the sUSDfr redemption queue. Supply equalled recognized backing after the sequence, and physical USDC held by ReserveManager equalled its idle ledger.
The operations Safe also completed a wallet-specific jurisdiction block and unblock. While blocked, the canary could not send or receive USDfr or sUSDfr, mint, or redeem. A signed USDfr transfer was mined with a failed status and moved no value. Clearing the block restored the wallet's retained allowlist status, and the temporary drill balance redeemed for exactly 1 USDC.
The queue, accrual-boundary, delinquency, rounding and accounting-observation workers are pointed at V2. At the final acceptance snapshot they reported healthy, with no reserve deficit, impairment, rounding loss or pending keeper transaction.
What remains scheduled
The canary's 9.99 sUSDfr queue request becomes eligible on 12 October 2026 at 06:33:35 UTC. The complete settlement and claim sequence has passed on a fork; live settlement and final reconciliation must wait for the contract's 21-day cooldown. This calendar wait does not block deposits.
No synthetic loan was originated on mainnet for acceptance. The first real facility will require its actual documents, opening-data signatures, attester quorum, credit approval and capital. Its origination, continuous accrual, payment, delinquency, cure, default and loss paths have been exercised against the deployed bytecode on forked Ethereum state.
The module-wide Guardian pause/unpause procedure has fork evidence but has not been recorded as a completed live Safe drill. The wallet-specific jurisdiction control described above is a separate control and has been exercised live.
Limits and operating assumptions
The configured USD 100 million value is a bootstrap concentration floor, not a deposit cap. It supplies the reference book size for borrower, state and class exposure limits while the real credit book is smaller. It does not authorize USDfr minting without USDC and does not waive any concentration check.
Continuous accrual is active. Earned cash and PIK interest, the protocol interest fee and the vault performance fee are reflected before cash receipt. Accrual uses each facility's frozen basis; PIK capitalizes into contractual principal only at its scheduled boundary.
An extreme loss that exhausts curator capital, sGROVE coverage and senior assets can leave a sub-USDC-unit rounding remainder. Value-sensitive operations fail closed in that state. A funded, rate-limited worker is configured to supply the exact correction, within a 0.01 USDC per-payment and 0.10 USDC rolling-daily budget.
Review the audit register with each review's scope and limitations. Reviews reduce risk; they do not prove that software, custody, governance, keepers, signers or real-world loan facts cannot fail.