InfiniFi USD

InfiniFi’s own changelog calls May 27, 2025 a gated launch. Messari dates the public Ethereum mainnet release to June 3. The two dates describe stages, not a contradiction: controlled access came first, then a public product that attracted deposits quickly.

The canonical iUSD receipt and Gateway were already concrete. A USDC deposit produced iUSD, but the protocol did not leave every dollar idle. It divided backing between assets that could exit quickly and positions whose capital would return only after a term or notice period.

Plain iUSD sits at the entry and redemption layer and receives no distributed yield. siUSD is the liquid staked position. The thirteen liUSD receipts encode unwind periods from one to thirteen weeks. The longer clock increases reward and voting weight because it gives the allocator more confidence that funds will remain.

A lock does not expire by itself. The holder starts unwinding, waits through the selected period and sees the multiplier decay. On June 14, the team also changed siUSD: reward epochs fell from seven days to eight hours, but ERC-4626 compatibility was sacrificed and the Gateway became necessary for staking and unstaking.

Redemption is immediate when the liquid pool can pay. If it cannot, the request joins a FIFO queue and waits for new deposits or maturing assets. The project’s own bank-run disclosure says an impatient holder may sell on an AMM instead, accepting a discount or slippage.

Liquidity is actively managed rather than guaranteed. Two days after gated launch, the multisig pulled back from a cUSDO maturity farm after thin liquidity and an over-peg prompted a pause. The newer keeper design watches a configurable reserve band and may unwind eligible farms, but caps and farm eligibility mean recovery is not automatic from every asset.

InfiniFi’s present slashing document places locked-iUSD in a junior tranche. A confirmed impairment permanently lowers the redemption value of all outstanding and unwinding locked positions in proportion. This is the economic exchange behind the higher target yield.

If the junior buffer disappears, losses can reach the senior side. The risk page explicitly allows an iUSD balance reduction in that case, while the newer slashing page calls siUSD the senior instrument. Both place locked positions first in line for losses, but they leave the order between plain iUSD and siUSD unclear after that buffer is exhausted.

Locked holders can vote on farm allocation within their duration buckets, but that vote is not root control. GOVERNOR and specialized roles can alter parameters, pause, mint and burn receipts, manage locks and restrict transfers. The published security page identifies the team wallet as a 4-of-7 multisig and gives governance changes one-day or seven-day delays. Those delays provide notice; they do not turn every operational action into a holder vote.

The balance sheet has moved beyond the launch-era Pendle markets. The current catalogue names, among others, FalconX institutional lending with a one-week exit, New Silver property credit with one- or eight-week exits, and Fasanara strategies with monthly NAV or redemption cycles. Contracts also appear on BNB Chain, Plasma and Tempo. iUSD is therefore a receipt on a changing portfolio and its redemption machinery, not a dollar sitting still in one contract.