Proposal to add USDte/USDT Stableswap-NG Pool to the Gauge Controller

Gauge Proposals
1

Summary

Techdollar issues credit facilities to founders, employees and funds, secured by private-company equity. USDte is Techdollar’s deposit-receipt token: users mint it 1:1 by depositing stablecoins, and it is used to fund and settle Techdollar-originated loans.

We propose adding the USDte/USDT Stableswap-NG pool on Ethereum to the Gauge Controller. The pool will be the main on-chain venue for USDte, letting borrowers, capital partners and holders move between USDte and USDT in a single trade.

References / Useful links

Techdollar Protocol Description

Techdollar originates credit lines for owners of frontier technology. Founders, employees and funds borrow against eligible private-company equity without selling their shares. Every share collateralizing a credit line is audited by RSM, and issuing companies waive transfer restrictions before any credit offer is made, securing the collateral and protecting lenders in the event of default. Each facility is a fully secured loan under traditional off-chain legal documentation drafted by Manatt, Phelps & Phillips, LLP. Techdollar manages the full process for lenders: origination, underwriting, servicing, monitoring and disposition.

  1. Quote request. The borrower submits ownership and collateral documentation.
  2. Review and pricing. RSM verifies ownership, share charges and transferability. Techdollar sets an appropriate LTV range using a proprietary underwriting process and valuation methodology developed in partnership with Caplight, determines the loan coupon and defines borrower covenants.
  3. Documentation. Techdollar issues facility documents and, where needed, issuer control documents to perfect transfer eligibility. Documentation signed by the borrower and the issuer perfects the security interest. Confidentiality is maintained between issuers, lenders and borrowers throughout. Techdollar acts as the legal lender of record.
  4. Funding. Verified accredited LPs or qualified investors in private syndications fund the facility, settled in USDte.
  5. Proceeds. Borrowers receive dollar balances on the Techdollar platform within 72 hours of signed loan documents. Proceeds are issued as USDte and can be accessed immediately through bank withdrawal, the Techdollar Card or stablecoins.
  6. Monitoring. Caplight provides NAV and secondary-market signals. LTV breaches are handled through defined cure procedures with set time windows. Cures are made only through principal paydown; additional equity can never be added to a position to mitigate risk.

USDte. Users mint USDte through the Techdollar website by depositing stablecoins. Each USDte is minted 1:1 against the deposited stablecoins, which stay in the USDte contract as its reserve. Accepted collateral: currently USAT, USDT, USDC and frxUSD.

Backing can be checked on-chain at any time on the USDte contract:

  • backingRatio() returns the reserve coverage, where 10000 = 100%.
  • totalReserveValue() returns the value of the reserves held.

USDte is redeemable for its collateral through the same contract.## Motivation

  • Peg depth and a public price. A Curve pool against USDT gives USDte a deep, transparent on-chain market alongside mint and redemption.
  • Real settlement flow. USDte is the funding and settlement rail for Techdollar facilities. Borrowers converting proceeds, and capital partners entering or exiting positions, will route through this pool, generating swap volume and fees for Curve LPs and veCRV holders.
  • One pool, one major. A USDte/USDT pool concentrates liquidity in one place rather than splitting it across pools.
  • A new stablecoin backed by private-credit flows. USDte brings private-credit settlement flow to Curve and diversifies the stablecoins in its pools.
  • Committed incentives. Techdollar will fund voting incentives and direct gauge rewards to bring the pool to $10M+ TVL by the end of 2026, targeting roughly 10% APY for LPs.

Pool Details

  • Type: Stableswap-NG plain pool, Ethereum
  • Coins:
    • USDte (0x6c306FcDc56E172F8d7F6D0CE6c8d14FFace23ea)
    • USDT (0xdAC17F958D2ee523a2206206994597C13D831ec7)
  • A: [444]
  • Fee: [0.01%]
  • Off-peg fee multiplier: [5]
  • EMA time: [866s]
1 Like