exUSDC
Dollar income from private credit: secured US loans. Interest credited daily, redemption every week.
Redemption runs on a weekly cycle. Requests are accepted at any time; each window closes on Monday at 12:00 UTC and is paid on Thursday at 12:00 UTC, after which funds remain claimable for 30 days. A request can be cancelled until its window closes. A 0.2% redemption fee applies; there is no purchase fee.
A digital note issued by Exceed on Solana under the Conditions. What Exceed owes you grows every day at the note rate, and you can ask to redeem at any time.
Exceed invests in private credit: US consumer credit, secured corporate loans, corporate bonds and the money market. Part of the return comes from financing: Exceed borrows against the loans at a lower rate than they earn and buys more of the same. It judges every position on its yield, its collateral and its funding cost. If the portfolio loses money, the value of the notes falls with it: there is no guarantee of return or of principal.
Exceed sets the rate and reviews it every two weeks against the portfolio's performance. A change applies only to future interest. Interest already credited is never revised.
Redemption runs weekly. Requests are accepted at any time; each window closes on Monday at 12:00 UTC and is paid on Thursday at 12:00 UTC, three days later, after which funds stay claimable for 30 days. A request can be cancelled until its window closes. The only fee is a 0.2% redemption fee; there is no purchase fee.
Today 100% of the portfolio is in US consumer credit.
Live data unavailable. Shares last verified 21 October 2026.
- US consumer credit100.0%
- US consumer creditHeld · 100%
US auto loans and home equity lines of credit, originated by Figure, a Nasdaq-listed lender. Each loan is secured on a car or a home.
- Secured corporate loansIn the mandate
AAA-rated senior tranches of securitised corporate loans. Senior tranches are repaid first.
- Corporate bondsIn the mandate
Bonds of Nasdaq-listed companies whose liquid reserves cover their debt comfortably.
- Money marketIn the mandate
US Treasury bills, money market funds and dollar cash. Cash sits here until the next investment.
The note may hold any of the classes above. The addresses to verify the holdings are in the "Verify it yourself" section below.
- Issuer
- Exceed (Horus Research LLC)the company that issues the notes and is party to the Conditions
- Offer
- By invitationrequested in the app; every request is reviewed, within one business day
- Interest
- Credited daily at the stated rate
- First loss
- 5% of the notes outstandingExceed's own capital, below the notes; it takes the first 5% of any loss
- Redemption
- Weekly at par plus accrued interestcloses Monday 12:00 UTC, paid Thursday
- Redemption fee
- 0.2%the only fee
- Register
- Solana blockchainthe addresses to check it are under Verify it yourself, below
- Audit
- Quantstamp, 2025
- Conditions
- Terms and Conditions (PDF)
Where this page and the Conditions differ, the Conditions prevail.
Loss order
Exceed's own capital, 5% of the notes outstanding, sits below the notes and absorbs losses first. The notes are touched only beyond that layer. This is an ordering of losses, not a guarantee against them.
Credit
The income comes from pools of consumer and corporate loans. Borrower defaults above each pool's own protections reduce the value of what the portfolio holds and can result in a loss of principal.
Repo financing
Exceed borrows against the loans it holds, at fixed rates where the market offers them, and buys more of the same. Two things decide how safe that is: the collateral, which is the same secured loans, and the funding cost. When the funding cost catches up with the yield, the position is closed; Exceed can unwind positions within days. The lenders who finance a position have first claim on it, and the borrowing makes a loss larger as well as the return.
Settlement assets
Purchases, redemptions and part of the portfolio run through USDC and other dollar tokens. A loss of peg by one of them would affect the value of the portfolio's assets or the cost of its funding.
Liquidity
Redemptions are paid weekly. In a stressed market the issuer may need more than one weekly window to sell positions in an orderly way; the Conditions set the maximum deferral.
Technology
The note depends on Exceed's audited smart contracts and on the on-chain venues where the portfolio is held and financed. A failure or exploit in any of them can result in loss.
No guaranteed return
The rate is set by the issuer and can be changed for future interest with notice. Nothing on this page is a guarantee of return or of principal.
Ask to redeem at any time.
Requests are accepted around the clock, every day of the week. A window closes on Monday at 12:00 UTC and is paid in USDC on Thursday, at par plus accrued interest, less the 0.2% redemption fee. A request made after a window closes goes into the next one.
- Register
- 8B9v...Tf4zthe exUSDC token on Solana: every note in issue is on this register. The note has run since 5 October 2024 and moved to this token in June 2025.
- Register, Oct 2024 to Jun 2025
- 9ir8...6GDmthe pUSD token: the same note from its launch on 5 October 2024 until it moved to the exUSDC token
- Settlement asset
- USDC (Circle)what you pay with and are paid in
- Program
- par1...uWjVthe smart contract that keeps the register, credits interest and pays redemptions
- Signing authority
- WYSy...RrwJsets the rate and funds redemption windows; keys held in multi-party custody
- Smart-contract audit
- Quantstamp, 2025the public report
- Independent tracker
- DeFiLlamathe notes, tracked by a third party from the same on-chain data
- How to read these
- Step-by-step guideon exceed.finance/verify
Everything above is public. A block explorer such as Solscan shows the same figures this page shows, without relying on Exceed.