Clearing
the open economy
A sophisticated infrastructure to deliver consistent value conversion between correlated assets, for any size, at any time.
Close to 5% (billions) of volume is processed off-peg by at least 5 bps.
When a stablecoin slips, every ordinary swap settles at the broken market price. You sell USDC at $0.9995 and eat the spread, punished for moving via inefficient routes, and stripped of all the upside when the rate improves.
Abstract market conditions to
achieve target rate
- Step 1 · The order
You pay 10,000 USDT, the market fills at 0.9995: 5 bps under target.
- Step 2 · Settled
Clear settles 9,995 USDC now, at market rate.
- Step 3 · Minted
The missing 5 bps is minted: 5.00 iouUSDT, an ERC-20 claim.
A unique architecture to achieve fungibility
Who it is for
Stablecoin holders & traders
Hedge your stablecoin inventory, redefine exposure without friction thanks to IOUs.
Move between stablecoins without paying the depeg: Clear settles what the market gives now and mints the gap as an IOU. Redeem it from the Reserve, or zap it into a single output asset.
Liquidity providers & yield seekers
Be the counterpart liquidity to earn yield on every trade routed via Clear.
Choose one stablecoin or a set. Each asset sits in its own meta-reserve, and the unissued part of each spread compounds into the LP token's NAV.
Speculators & arbitragers
Trade IOUs on secondary markets to facilitate fast liquidity and earn arbitrage profits.
IOUs are standard ERC-20 claims on their underlying. Buying them supplies instant exits to holders who zap, and pulls prices back toward target.
Stablecoin issuers
Integrate your stablecoin to the ecosystem seamlessly, enhance routing, value creation, and composability.
Your stablecoin gets oracle-based pricing, its own isolated meta-reserve and a standard ERC-20 IOU that composes across DeFi.
Supported stablecoinsYour stablecoin
All pulled live. All verifiable on-chain.
Live
at V1
- USDC
- USDT
- USDS
- GHO
More incoming.
FAQ
Questions, answered.
Everything about IOUs, custody, clearUSD and the Reserve.
An IOU is an ERC-20 token that represents its underlying 1:1 (e.g. 1 iouGHO = 1 GHO). IOUs are issued by the protocol to represent the gap between the market price and the target price at the time of a swap. They can be redeemed for their underlying, or traded on a secondary market to consolidate several output assets into a single one on a trade.
Yes.
Clear receives a swap request from an exchange or aggregator, evaluates the market price from oracle feeds, calculates the difference between that market price and the target exchange rate, and issues IOUs to cover the gap, optimising the output amount for the trader. Clear abstracts away market conditions to secure the best rate: that is the role of a clearing house.
Yes.
The Reserve is the counterparty to every swap routed through the protocol. Depositing into a Clear reserve means choosing exposure to one stablecoin or a set of them, and earning yield on the swap volume processed against that liquidity.
Separating assets into distinct meta-reserves, and building liquidity allocation strategies through a vault layer, lets the protocol isolate each asset and so avoid the contagion of any kind of risk, technical or market.
On every swap the protocol processes, a percentage of the spread represented by the IOUs is not actually issued and compounds into the NAV of the protocol's LP token. Reserves can also realise arbitrage profits when a stablecoin trades above its target value, and those are captured entirely by LPs.