Centrifuge Protocol · Ethereum

USDS (Janus Henderson Treasury Fund)

Overview

The Centrifuge Protocol USDS pool on Ethereum is a single-asset stablecoin deposit where suppliers earn variable interest on USDS tokens. The protocol generates yield by routing borrowing demand against pooled liquidity and paying suppliers from the resulting interest spread. This pool stands as one of several venues for USDS deposits on Ethereum.

Total APY is 3.57%, with no additional reward component. Trend data is not available for this pool, so comparisons to recent periods are unavailable. The current rate falls below the 30-day mean of 3.84%. This suggests a slight compression in yield over the past month.

TVL stands at $964M and has shown stability based on its absolute size. Primary exposure is depeg risk associated with single-asset stablecoin pools. Utilisation rates for this pool are within typical ranges, which helps maintain supply-side rate responsiveness to borrower demand fluctuations.

Composed 2026-05-22 from the structured data above. See methodology for the full pipeline.

Risk profile

• Smart contract risk

  Funds are deposited into a smart contract. A bug or exploit in the contract could lead to total loss. Audits reduce, but do not eliminate, this risk. Check the protocol page for audit history.

• Depeg risk

  The pool is built on stablecoins. A depeg of any underlying asset would impact returns and principal.

• Yield variability

  Current APY is 5.35%; 30-day mean is 3.59%. Yields can change as TVL and incentive emissions change.

• DefiLlama yield prediction

  DefiLlama's model classifies this pool's yield as "Down" with 70% confidence based on historical patterns.

These notes are derived from the pool's structured data, not editorial advice. See our methodology.