How Vetro Prices VUSD and sVUSD with DIA Fundamental Feeds
DIA deployed fundamental feeds for Vetro’s VUSD and sVUSD, pricing each from the mechanism that determines its reserves and vault contracts.
A dollar-pegged settlement asset and a yield token need different prices, for different reasons. Vetro built that distinction into its protocol, and DIA deployed fundamental feeds for the two assets that price each from the mechanism that actually determines its value. The deployment runs on DIA’s fundamental feeds, the pricing layer DIA already uses for reserve-backed and proof-of-reserve assets across its integrations.
We built VUSD for treasuries, and a treasury needs a price it can defend. With DIA, VUSD is valued from its reserves and sVUSD from its vault, and both valuations can be verified onchain before anyone lends against them. A thin market no longer decides what a treasury asset is worth. DIA has deployed both feeds.Jeff GarzikCo-Founder, Vetro
The two assets Vetro separated
Vetro separates stability from yield at the protocol design layer. VUSD is the settlement asset, over-collateralized by a basket of USDC, USDT, and frxUSD, targeting a 1:1 relationship with the dollar. sVUSD is a separate ERC-4626 vault where holders opt into yield, and its price per share only rises as the Agentic Yield Engine delivers on the backing. The yield layer can be switched off without touching VUSD’s issuance, redemption, or peg mechanics.
Two products, so two different valuation problems, and two different fundamental computations.
VUSD is a reserve-backed claim. Its value is Treasury reserves divided by supply, capped at the dollar it targets. DIA prices it from the reserves.
sVUSD is a contract-computed share. Its price per share is totalUnderlying / totalShares, read directly from the vault contract. The value moves only as yield is distributed. No trade needs to happen for the number to be correct, and none needed to happen to read it. DIA prices it from the vault.
The feeds mirror the same architecture, and that is the point of publishing them: a settlement asset and a yield layer that DeFi depends on need prices that come from what the protocol holds and computes, not from how thinly they trade.
Why market pricing is the wrong tool here
Neither asset trades at a size where market prices carry information and a market feed built on that reads a handful of trades and calls it a price.
That thinness is even sharper for sVUSD’s 7-day withdrawal cooldown. A lender accepting sVUSD as collateral cannot liquidate into the underlying for a week. In that window, a market feed on a thin book is precisely the condition where a misprint happens and a liquidation starts from an artifact. A valuation read from the vault contract does not move on a thin book, because it does not depend on one. The price the collateral is valued at is the same price a counterparty can verify, not the last trade someone happened to make.
What DIA provides to Vetro
DIA provides the price feeds that let VUSD and sVUSD be used as collateral and in lending without trusting a thin market book:
- Reserve-backed value for VUSD, computed from the Treasury reserves that back it and capped at its one-dollar target.
- Contract-computed exchange rate for sVUSD, read from the vault, updating as yield is distributed.
- Both built on the fundamental-feeds layer, with feed configuration and update conditions auditable onchain.
The valuation and the evidence for it live on the same rails. Vetro’s Trust Center publishes backing ratios and yield distributions in real time, and reserve reads in its analytics come directly from the chain, so the price a DeFi protocol reads is the price it can verify.
