The boring three quarters: USDG, the ~7%, and where it comes from

75% of the treasury sits in USDG, the Paxos-issued Global Dollar that Robinhood Chain adopted as its native stablecoin — about 68% of all stablecoin value on the chain. The pick wasn't ours to make; it's simply where the chain's cash lives.

The ~7% figure you see on the treasury desk is the chain's own Earn rate on USDG, sourced from Morpho lending markets where institutional borrowers pay for liquidity — not a subsidy, and not our invention. The Global Dollar Network passes more than 90% of reserve yield back to its 130+ partners rather than keeping it at the issuer, which is why the sleeve earns anything at all.

The other sleeves — 15% WETH, 10% screened index, capped — carry the upside and the risk. The cash sleeve is there so a quiet week still ends with the backing per token a hair higher than it started. Targets, not promises: rates move, and the disclaimer at the bottom of every page means what it says.