A quiet mineral landscape at dawn with a structure of four stacked translucent layers

USDY by Xylapay

A dollar.With more behind it.

A stablecoin built around a 400% collateralization architecture, supported by locked Platinum and Rhodium commodity tokens.

Explore USDY View reserves

125 Million USDY in circulation, supported by $500 Million of locked XPTY and XRHY commodity collateral.

Collateral architecture

0%

Collateralized.
By design.

USDY is designed around four units of collateral architecture for every unit of USDY.

USDY$1

Collateral architecture$4

125 Million USDY in circulation, supported by $500 Million of locked commodity collateral: $400 Million XPTY and $100 Million XRHY.

The initial supply is established against this commodity collateral architecture. USDY minted after the initial supply is backed one-to-one with US dollars.

Backing model

Two phases.
One dollar.

USDY is backed differently depending on when it is issued. The initial supply stands on locked commodity collateral. Everything minted afterwards is backed one-to-one with US dollars.

Phase 01Commodity collateral

Initial supply

Issued against the 400% commodity collateral architecture.

The initial USDY supply is established against the reserve architecture rather than against cash deposits.
Collateral is held in Xylapay's tokenized commodity assets: XPTY (Platinum) and XRHY (Rhodium).
Those commodity tokens are locked as collateral, not merely allocated to the reserve.
400% is the designed collateralization target for this phase; verified coverage is published from on-chain reserve data.

Phase 02US dollars

After the initial supply

Every new unit is backed one-to-one with US dollars.

Once the initial supply is complete, further USDY is minted against US dollars at a one-to-one ratio.
One dollar in, one USDY out: new issuance adds no leverage to the system.
The commodity collateral from the initial phase stays locked in the reserve and is not released by later minting.
The result is a dollar-backed unit sitting on top of an overcollateralized commodity base.

USDY in circulation

125 Million USDY

Total commodity collateral

$500 Million (XPTY + XRHY)

Post-initial minting

1:1 US dollar backing

More behind
every dollar.

USDY is designed with collateral coverage beyond its dollar-denominated reference value. Instead of relying on a single reserve layer, the architecture is designed to create additional collateral coverage.

Buffer

Additional collateral creates a larger reserve buffer.

Diversification

Collateral can be distributed across different reserve assets.

Transparency

Reserve architecture should be observable and understandable.

USDY Collateral

What stands
behind USDY.

XPTYLocked Collateral

Platinum

Xylapay's tokenized Platinum asset.

Asset: Platinum (XPTY)
Ticker: XPTY
Commodity: Platinum
Reserve Role: USDY Collateral
Lock Status: Locked Collateral

Locked collateral value is published in the transparency section.

XRHYLocked Collateral

Rhodium

Xylapay's tokenized Rhodium asset.

Asset: Rhodium (XRHY)
Ticker: XRHY
Commodity: Rhodium
Reserve Role: USDY Collateral
Lock Status: Locked Collateral

Locked collateral value is published in the transparency section.

On-chain collateralization

Collateral you
can read yourself.

USDY is an on-chain collateralized stablecoin. Both sides of the balance — the circulating supply and the locked commodity collateral — live on Solana, so coverage is verifiable from public data rather than asserted in a statement.

01

Collateral exists as tokens

USDY collateral is not an off-chain claim. It is held as Xylapay's tokenized commodity assets — XPTY (Platinum) and XRHY (Rhodium) — which exist as SPL tokens on Solana.

02

Collateral is locked on-chain

Allocated collateral is locked at the protocol level rather than marked as reserved in an internal ledger. The lock state is a property of the chain, not of a report.

03

Supply is publicly readable

USDY in circulation is the token supply on Solana. Anyone can read it directly from the network without relying on a figure published by the issuer.

04

Coverage is independently computable

Because both the locked collateral and the circulating supply are on-chain, the collateralization ratio can be recomputed by any third party from public data.

On-chain recordSolana

Network: Solana
Token standard: SPL
USDY in circulation: 125 Million USDY
Locked XPTY collateral: $400 Million
Locked XRHY collateral: $100 Million
Total locked collateral: $500 Million
Collateralization: 400% (target 400%)
Collateral state: Locked on-chain

Commodity collateral is locked on-chain during the initial supply phase. USDY minted after that phase is backed one-to-one with US dollars, while the locked collateral remains in place.

Verify on-chain

Collateral Control

Locked.
Not just
allocated.

Commodity tokens allocated as USDY collateral are locked as part of the reserve architecture.

Collateral statusLocked

Locked XPTY$400 MillionUSD value of locked XPTY

Locked XRHY$100 MillionUSD value of locked XRHY

Total Commodity Collateral$500 MillionXPTY + XRHY locked collateral

VerificationOn-chain verification

Simple above.
Structured below.

01
USDY issuance
A dollar-denominated unit is issued.
02
Reserve requirement
Issuance maps to a 400% collateral target.
03
XPTY + XRHY collateral
Commodity tokens are allocated to the reserve.
04
Collateral lock
Allocated tokens are locked, not merely assigned.
05
USDY in circulation
USDY moves while collateral stays fixed.

Scroll horizontally →

Transparency

See what
stands behind it.

Reserve figures, published from verified data only.

USDY in circulation125 Million USDY

Total collateral$500 Million

Collateralization ratio400%Target: 400%

XPTY locked$400 MillionPlatinum collateral

XRHY locked$100 MillionRhodium collateral

Last updatedLive data pendingUpdated daily (UTC)

NetworkSolana

View on-chain View reserve details

Trust less.
Verify more.

Balances and lock state are read directly from the chain.

XPTY lock

$400 Million

XRHY lock

$100 Million

Total locked collateral

$500 Million

Network

Solana

Last verification

View on-chain

A stablecoin
built to move.

01

Payments

Dollar-denominated value designed for digital payment infrastructure.

02

Settlement

A common digital unit for settling value.

03

Liquidity

Designed to participate in supported digital-asset markets.

04

Treasury

A digital dollar instrument designed for modern financial operations.

Product experience

Know what
backs every
dollar.

One view of balance, collateral and reserve status.

125 Million USDY in circulation · $500 Million collateral

USDY — Reserve overview

USDYReference value

$1.00

Circulating supply

125 Million USDY

Total collateral

$500 Million

Collateralization

400% · target 400%

Reserve status

Collateral locked

XPTY — Platinum

$400 Million locked

XRHY — Rhodium

$100 Million locked

Infrastructure

Built on-chain.

USDY operates on Solana infrastructure.

Network: Solana
Token: USDY
Standard: SPL

View on-chain

Questions,answered.

USDY