Staked your USDfr? Here’s how to track your position.
Open the Forest Road Vault app, connect your Ethereum wallet, and check your sUSDfr position.
You’ll see your sUSDfr balance, its current USDfr value, projected annual income, and position gains where available.
Remember, sUSDfr yield is reflected in its exchange rate, not through separate daily payouts.
Your position, your numbers, all in one place.
Forest Road Vault is now live on Pendle.
USDfr and sUSDfr are now entering one of DeFi’s leading yield markets, giving FRV users a new way to manage, trade, and position around the yield generated by real-world credit.
Until now, holding sUSDfr meant participating directly in the variable yield generated by Forest Road Vault’s underlying credit book.
With @pendle_fi, that yield becomes tradable.
sUSDfr can be separated into two components:
PT — Principal Token
Represents the principal side of the position and can be redeemed for the accounting asset at maturity.
YT — Yield Token
Represents the future yield and associated rewards generated by the position until expiry.
That opens up several new strategies.
Lock in your yield.
If you believe sUSDfr yield may decline in the future, Pendle allows you to move from floating yield into a fixed-yield position.
Sell future yield upfront.
sUSDfr holders can separate their principal from their future yield and sell the YT, monetizing that yield today while retaining their principal exposure through PT.
Take a view on future yield.
If you believe future sUSDfr yield or the value of associated points will be greater than what the market is currently pricing, you can buy YT and gain targeted exposure to that upside.
Provide liquidity.
Users can also provide liquidity to the FRV markets on Pendle. FRV LPs will receive 2x points compared with simply holding the underlying tokens, creating an additional incentive for users who help deepen market liquidity.
The result is a significant expansion of what users can do with Forest Road Vault.
Before:
Hold USDfr → Stake into sUSDfr → Earn variable credit yield
Now:
Hold. Stake. Fix yield. Trade yield. Buy yield exposure. Provide liquidity.
Forest Road Vault provides the underlying real-world credit infrastructure.
Pendle gives users a market for the yield it produces.
USDfr and sUSDfr are now live on Pendle.
Explore the markets on Pendle:
sUSDfr pool: app.pendle.finance/trade/pools/0x…
USDfr pool: app.pendle.finance/trade/pools/0x…
Real-world credit yield, now tradable on-chain.
🎥Video Guide Contest - Forest Road Vault
Show us how you'd explain Forest Road Vault to someone new.
Best video walkthrough on how to stake, from getting USDfr to depositing into sUSDfr, wins the Gardener role in our Discord + 100 USDfr.
Your own voice, the real flow. No
When a loan loses money, who takes the hit first?
At Forest Road Vault, losses follow a defined cascade:
Curator first-loss capital
sGROVE backstop
sUSDfr principal
Each layer absorbs losses before the next one is reached.
That matters because alignment is stronger when the capital closest to underwriting stands in front of depositor capital.
The structure doesn’t eliminate credit risk.
It defines who bears it, and in what order.
The interest rate is not the underwriting.
A yield can tell you what a facility is expected to pay. It doesn’t tell you why the credit deserves to exist.
That requires looking deeper:
Loan-to-value.
Maturity.
Concentration.
Collateral.
Default remedies.
At Forest Road Vault, facility terms sit downstream of the credit decision, not the other way around.
Because disciplined credit starts with understanding the risk, then pricing it.
Inside the Credit Book: Media & Entertainment
What does lending to film and television actually look like?
Not a bet on whether the next movie becomes a blockbuster.
Forest Road’s Media & Entertainment credit strategy lends against tax credits and contracted receivables that productions are already entitled to receive.
The production gets capital today.
The assigned receivable provides the repayment path.
That distinction matters.
Real-world credit isn’t one asset class. Understanding what sits behind each loan is where the story starts.
Transparency isn’t just about showing the numbers.
It’s about making them verifiable.
Backing. Reserves. Deployed capital. Credit performance. Protocol revenue. Redemptions.
Forest Road Vault brings these pieces into view through on-chain data, giving participants the ability to look beyond a headline metric and examine what’s happening underneath.
Because in credit, visibility matters.
And the strongest form of transparency is the kind you can independently check.
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