> ## Documentation Index > Fetch the complete documentation index at: https://pegana.xyz/docs/llms.txt > Use this file to discover all available pages before exploring further. # Yield-bearing NAV oracles explained > USDY, sUSD, syrupUSDC, sUSDe, sHYUSD, JLP, ONyc — these aren't $1 stablecoins. Their intrinsic value is a NAV (net asset value) that grows over time as the underlying strategy earns. Monitoring them requires a different formula than USDC. A new asset class hit Solana in 2025–2026: **yield-bearing stables**. Unlike USDC ("1 token = \$1 of bank deposit"), these tokens represent a share of a portfolio that earns yield. Their per-share value rises over time. Calling them "stablecoins" is technically wrong — they're tokenized funds. Seven of them are tracked on Solana today: * **USDY** — [Ondo](https://ondo.finance/usdy)'s T-bill token * **sUSD** — [Solayer](https://solayer.org)'s T-bill + restaking MEV * **syrupUSDC** — [Maple](https://maple.finance)'s institutional lending * **sUSDe** — [Ethena](https://ethena.fi)'s funding-arb * **sHYUSD** — [Hylo](https://docs.hylo.so)'s Stability-Pool staked hyUSD (monitoring\_only) * **JLP** — [Jupiter](https://jup.ag)'s perps liquidity pool (monitoring\_only) * **ONyc** — [OnRe](https://onre.io)'s reinsurance (monitoring\_only) Each has a redemption price published by its issuer that grows according to the strategy. ## Why the formula is different For USDC, the answer to "what's the peg?" is "$1, always." Compare market to $1, you're done. For USDY, the answer to "what's the peg?" is "the NAV Ondo published 3 minutes ago, which is $1.078 as of today." If you compare USDY's market price to $1, you'll think it's catastrophically over-pegged. It isn't — it's correctly priced against a NAV that's grown 7.8% over its lifetime. So the formula becomes: \*\*peg = NAV, not peg = $1**. The discount you actually care about is `market - NAV`, not `market - $1\`. A market price below NAV is redemption stress; a market price above NAV is buy-side demand running ahead of the issuer's published rate. ## How NAV gets on chain Three patterns dominate today on Solana: **Pyth Redemption Rate** (USDY, syrupUSDC, sUSDe, ONyc). The issuer signs and pushes a redemption price to a dedicated Pyth feed. Pegana subscribes to the SSE stream and reads it the moment it's published. **Staleness gate: 30s** — older readings are refused so you don't act on a NAV from yesterday. **Token-2022 InterestBearing extension** (sUSD). The mint itself stores a rebasing rate. Reading it is a `getAccount` on the mint and a small calculation. Pegana's `solayer_susd` adapter does this every 15s. **Issuer dashboard scrape** (fallback). When an issuer hasn't published a Pyth feed yet, Pegana can fall back to scraping the issuer's published NAV from its dashboard. Such entries are explicitly marked `verified=false` in `assets.toml` until a real feed lands. (pbUSDC used this fallback but was deactivated 2026-06-01 — only a thin dust pool remained, so its prices were unreliable; USD\* was removed 2026-05-22.) ## The market side is trickier than it looks Yield-bearing stables are often thin. Maple's syrupUSDC has institutional liquidity but limited DEX depth. ONyc trades on a couple of venues. The Jupiter route quote can swing meaningfully on small order sizes. Pegana mitigates this in two ways: 1. **Thresholds** for yield-bearing assets are widened — sUSD's drift threshold is 2.75% (275 bps), calibrated from a 24h p99 of \~2.19%, not 0.30%, because its noise sits up there by design. 2. **Confidence label.** The engine tags low-liquidity feeds with a confidence label so downstream consumers can decide whether to act on a thin-market signal. See [confidence score](/docs/concepts/confidence-score). ## When the NAV itself is the risk Sometimes the depeg isn't `market < NAV` — sometimes the **NAV itself drops**. * **ONyc**'s NAV reflects underwriting performance: a catastrophic claim event drops the NAV directly. * **sUSDe**'s NAV depends on positive perp funding: a sustained negative-funding regime stops the NAV from growing, may even reverse it. * **syrupUSDC**'s NAV can be hit by a borrower default. Pegana surfaces NAV drops as legitimate alerts even when market tracks NAV closely. The `/explain` command on the bot calls out the issuer-specific risks for each asset (T-bill shock, negative funding, claim event, borrower default) so subscribers see what could cause the next alert before it fires. ## What this means for builders If you're integrating yield-bearing stables as **collateral**, the cardinal sin is treating NAV as constant. A \$1-pegged USDC oracle, applied to USDY, will overvalue collateral by 7.8% today and more tomorrow. Use the actual NAV feed. Pegana exposes both `intrinsic_usd` (NAV) and `market_usd` in the same payload so you can pick which one your protocol should price against. ## Read next See the current state of every tracked yield-bearing asset. The intrinsic-vs-market formula and per-asset thresholds. ### Sources * [Ondo — USDY mechanics](https://ondo.finance/usdy) * [Solayer — sUSD design](https://solayer.org) * [Ethena — sUSDe](https://ethena.fi) * [Maple — syrupUSDC](https://maple.finance) * [OnRe — ONyc](https://onre.io) * [Pyth — Redemption Rate feeds](https://docs.pyth.network)