Protocol Information
thUSD is a yield-bearing stablecoin backed by thBILL (tokenized U.S. Treasury exposure) and a hedged physical-gold carry strategy; yield accrues to holders who stake into sthUSD.
Sub Category: Tokenized Trading Strategies
Audits:
Methodology
TVL: thUSD TVL equals circulating thUSD supply, built from the reserve side. On-chain reserves held in the thUSD reserve wallet — thBILL (valued at thBILL contract NAV via convertToAssets, not market price), USDC and USDT — are reported as those assets. The remainder of supply is backed by physical gold and silver purchased and leased through StoneX and Monetary Metals, part of it tokenized as thGOLD and thSLVR held in the reserve wallet, with the gold position hedged with CME gold futures, and is reported as thUSD. thBILL held in the reserve is also tracked by the Theo Network thBILL adapter, which is flagged doublecounted under the Theo Network parent.View code on GitHubCompetitors
Theo Network thUSD history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Sep 10, 2026 to Oct 20, 2026.
All-time high TVL: $135.79m on Sep 12, 2026. All-time low TVL: $132.06m on Oct 18, 2026.
Daily TVL, Sep 21, 2026 to Oct 20, 2026
| Date | TVL |
|---|---|
| Sep 21, 2026 | $134.61m |
| Sep 22, 2026 | $134.59m |
| Sep 23, 2026 | $134.31m |
| Sep 24, 2026 | $134.32m |
| Sep 25, 2026 | $133.81m |
| Sep 26, 2026 | $133.82m |
| Sep 27, 2026 | $133.82m |
| Sep 28, 2026 | $133.79m |
| Sep 29, 2026 | $133.57m |
| Sep 30, 2026 | $132.25m |
| Oct 1, 2026 | $132.26m |
| Oct 2, 2026 | $132.26m |
| Oct 3, 2026 | $132.27m |
| Oct 4, 2026 | $132.3m |
| Oct 5, 2026 | $132.29m |
| Oct 6, 2026 | $132.3m |
| Oct 7, 2026 | $132.32m |
| Oct 8, 2026 | $132.26m |
| Oct 9, 2026 | $132.22m |
| Oct 10, 2026 | $132.22m |
| Oct 11, 2026 | $132.19m |
| Oct 12, 2026 | $132.17m |
| Oct 13, 2026 | $132.18m |
| Oct 14, 2026 | $132.22m |
| Oct 15, 2026 | $132.17m |
| Oct 16, 2026 | $132.17m |
| Oct 17, 2026 | $132.17m |
| Oct 18, 2026 | $132.06m |
| Oct 19, 2026 | $132.09m |
| Oct 20, 2026 | $132.09m |
TVL at each month end, Sep 2026 to Oct 2026
| Date | TVL |
|---|---|
| Sep 30, 2026 | $132.25m |
| Oct 20, 2026 (latest) | $132.09m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/theo-network-thusd
Frequently asked questions
What is Theo Network thUSD's TVL?
As of Oct 20, 2026, Theo Network thUSD has $132.07m in total value locked. TVL has decreased 1.9% over the past 30 days.
What chains does Theo Network thUSD operate on?
Theo Network thUSD operates on Ethereum. Ethereum holds the largest share at 100%.
How does Theo Network thUSD's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Theo Network thUSD ranks #11 by TVL. The category holds $4.029b across 173 protocols, and Theo Network thUSD accounts for 3.3% of that total. Similar protocols include Ethena USDtb, Re, Huma, Anemoy Capital, OpenTrade, Plume Vaults, Frax USD, Usual USD0, Sky RWA, and stUSDT.