> ## Documentation Index
> Fetch the complete documentation index at: https://docs.drakewell.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# USDdw: fixed yield credit vaults

> USDdw gives access to fixed-rate yield. See how you mint it, where the yield comes from, and the key terms.

USDdw gives access to fixed-rate yield. You mint USDdw by depositing USDC into one of its credit vaults, each of which accepts capital at a fixed rate. Drakewell deploys that capital into a range of delta-neutral and market-neutral strategies, such as the basis trade and arbitrage, and into over-collateralized private credit.

Rates are set per vault. Current terms at [drakewell.fi](https://drakewell.fi).

## Key terms

| Term | Detail |
| - | - |
| Deposit asset | USDC |
| Token | USDdw, minted when you deposit into a credit vault |
| Rate | Fixed rate, set globally, each vault provider charges their own carry |
| Yield source | A range of delta-neutral and market-neutral strategies, such as the basis trade and arbitrage, and over-collateralized private credit |
| Yield mechanism | Share price appreciation. No rebase and no distributions. |
| Credit vaults | Accountable on Ethereum, Venzo on Arbitrum, and Drakewell's own vault on Aleo. |
| Redemptions | Settled on the venue's schedule, up to 7 days. |
| Proof of reserves | Published live by Drakewell. Solvency is validated by Accountable. |

## Who USDdw is for

USDdw is offered to eligible institutional participants. Each venue runs its own eligibility checks, and access may be restricted in some jurisdictions. See [Disclosures](https://docs.drakewell.fi/trust/disclosures.md).

## Learn more

> [card] [How it works](https://docs.drakewell.fi/usddw/how-it-works.md)
>
> From mint to redemption, and where the yield comes from.

> [card] [Credit vaults](https://docs.drakewell.fi/usddw/vaults.md)
>
> Where to mint USDdw, with networks and contract addresses.

> [card] [Risks](https://docs.drakewell.fi/usddw/risks.md)
>
> What can go wrong, and how Drakewell limits it.


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