{"id":"trevee-plasma-usd","title":"Trevee Plasma USD","content":"**Trevee Plasma USD (PLUSD)** is a yield-bearing [stablecoin](https://iq.wiki/wiki/stablecoin) pegged to the value of the United States dollar and operates on the Plasma [blockchain](https://iq.wiki/wiki/blockchain) network. The token is a component of the [Trevee](https://iq.wiki/wiki/trevee) Earn ecosystem and is designed to generate yield for its holders by allocating its underlying reserve assets into [decentralized finance](https://iq.wiki/wiki/defi) (DeFi) strategies.\n\n## Overview\n\nTrevee Plasma USD, which uses the ticker PLUSD, functions as a [stablecoin](https://iq.wiki/wiki/stablecoin) with the primary objective of maintaining a one-to-one value with the U.S. dollar. Beyond its function as a stable store of value, PLUSD is engineered to be a productive asset. The project's stated goal is to establish PLUSD as the principal medium of exchange within the Plasma ecosystem. The mechanism involves users depositing the stablecoin USDT into the [Trevee](https://iq.wiki/wiki/trevee) protocol to mint an equivalent amount of PLUSD. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\nThe underlying USDT reserves are not held passively; instead, they are automatically deployed into a portfolio of low-risk, yield-generating [DeFi](https://iq.wiki/wiki/defi) strategies. This process is managed through Midas Vaults infrastructure, with asset allocation overseen by curators from Midas and Mithras Labs. The yield generated from these strategies is then distributed as rewards to users who stake their PLUSD. Staked PLUSD is represented by a separate token, `splUSD`, which accrues the rewards from the system's yield-generating activities. This dual-token system separates the [stablecoin](https://iq.wiki/wiki/stablecoin) (PLUSD) from the yield-accruing staked version (`splUSD`). [\\[1\\]](#cite-id-qrnTo5fCaE)\n\n## History\n\nBased on available market data, [Trevee](https://iq.wiki/wiki/trevee) Plasma USD appears to have launched in late October 2025. The token's price history indicates its first recorded market activity around October 30, 2025. On this date, the token recorded its all-time low price of $0.7559, suggesting a brief period of de-pegging from its $1.00 target shortly after its debut. [\\[2\\]](#cite-id-vlh1oi3e8C)\n\nFollowing its launch, the token's value stabilized and subsequently reached an all-time high of $1.01 on November 7, 2025. Market activity showed a significant decline shortly thereafter; on November 13, 2025, the token's 24-hour trading volume decreased by 72.70% compared to the previous day, indicating a sharp reduction in trading interest. [\\[2\\]](#cite-id-vlh1oi3e8C)\n\n## Technology\n\nThe [Trevee](https://iq.wiki/wiki/trevee) Plasma USD protocol is built on the Plasma network and integrates several components to manage minting, yield generation, and reward distribution.\n\n### Core Infrastructure\n\nThe system's [foundation](https://iq.wiki/wiki/foundation) is the Plasma [blockchain](https://iq.wiki/wiki/blockchain), with its smart contract address located at `0xf91c31299E998C5127Bc5F11e4a657FC0cF358CD`. All on-chain transactions and token data can be verified through the Plasmascan [block](https://iq.wiki/wiki/block) explorer. [\\[2\\]](#cite-id-vlh1oi3e8C)\n\nA critical component of the protocol's architecture is its reliance on Midas Vaults for asset management and yield generation. The documentation describes this infrastructure as a \"battle-tested solution\" that is audited and secures approximately $1.5 billion in total assets. This integration is intended to provide a secure and reliable foundation for managing the user-deposited funds that back PLUSD. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\n### Yield Generation and Asset Management\n\nThe process of generating yield begins when a user deposits USDT into the [Trevee](https://iq.wiki/wiki/trevee) protocol and mints PLUSD. The deposited USDT is automatically transferred to a Midas Vault operating on the Plasma [mainnet](https://iq.wiki/wiki/mainnet). From there, the curators, Midas and Mithras Labs, allocate the assets into a diversified portfolio of whitelisted DeFi farming strategies. These strategies are selected based on a strict set of risk-management criteria. Examples of protocols utilized for these strategies include established DeFi lending platforms like [Aave](https://iq.wiki/wiki/aave) and Fluid. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\n### Reward Distribution and Staking\n\nYield earned from the various DeFi strategies is continuously auto-compounded within the Midas Vault to optimize the [annual percentage yield](https://iq.wiki/wiki/annual-percentage-yield-apy) (APY). The accumulated yield is periodically converted into stablecoins, which are then used to mint new PLUSD tokens. This newly minted PLUSD is not returned to the general supply but is instead sent directly to the `plUSD` [staking](https://iq.wiki/wiki/staking) contract. Users who have staked their PLUSD receive `splUSD` tokens in return, and it is these `splUSD` holders who receive the newly minted PLUSD as staking rewards. This mechanism ensures that only active stakers benefit from the yield generated by the protocol's underlying assets. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\n## Security and Risk Management\n\nThe [Trevee](https://iq.wiki/wiki/trevee) protocol emphasizes a security-first approach, primarily through its use of the established Midas Vaults infrastructure and a rigorous vetting process for all yield-generating strategies. The curators, Midas and Mithras Labs, are responsible for ensuring that all selected strategies adhere to a predefined set of whitelisting criteria designed to minimize risk. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\nTo be approved for inclusion in the PLUSD asset portfolio, a DeFi strategy must meet the following conditions:\n\n* **Audits:** The strategy's underlying protocol must be fully audited by reputable security firms.\n* **Internal Due Diligence:** The strategy must pass Trevee's own internal security review.\n* **Strategy Type:** Only lending or [staking](https://iq.wiki/wiki/staking) strategies are permitted, excluding more complex or higher-risk activities.\n* **Protocol Maturity:** The protocol must have been deployed and operational for more than six months.\n* **Total Value Locked (TVL):** The protocol's TVL must exceed $100 million.\n* **Liquidity:** The protocol must offer direct redeemability of assets or a functionally equivalent mechanism to ensure funds can be withdrawn.\n* **Concentration Risk:** The vault's total deposits are not allowed to constitute more than 10% of the TVL of any single protocol it interacts with, preventing over-exposure to any one platform.\n\nThese criteria are designed to ensure that the USDT backing PLUSD is only exposed to established, well-audited, and highly liquid DeFi protocols. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\n## Tokenomics\n\nThe [tokenomics](https://iq.wiki/wiki/tokenomics) of [Trevee](https://iq.wiki/wiki/trevee) Plasma USD revolve around its function as a [stablecoin](https://iq.wiki/wiki/stablecoin) and its associated [staking](https://iq.wiki/wiki/staking) mechanism.\n\n### Trevee Plasma USD (PLUSD)\n\nPLUSD is designed to maintain a peg to the U.S. dollar. As of November 13, 2025, its market capitalization and fully diluted valuation were both reported at $39,778,264. The circulating supply and total supply were identical at 39,740,416 PLUSD, indicating that all existing tokens are in circulation. The maximum supply of PLUSD is uncapped (infinite), which is [common](https://iq.wiki/wiki/common) for stablecoins that must be minted or burned to maintain their peg based on user deposits and redemptions. [\\[2\\]](#cite-id-vlh1oi3e8C)\n\n### Staked Trevee Plasma USD (splUSD)\n\n`splUSD` is the associated [liquid staking](https://iq.wiki/wiki/liquid-staking) token within the ecosystem. Users receive `splUSD` when they stake their PLUSD in the protocol's staking contract. This token represents a user's share of the [staking](https://iq.wiki/wiki/staking) pool and is the vehicle through which yield rewards are accrued. The value of `splUSD` is expected to increase over time relative to PLUSD as rewards are added to the staking pool. [\\[1\\]](#cite-id-qrnTo5fCaE)\n\n## Ecosystem and Partnerships\n\nTrevee Plasma USD is a product within the \"Trevee Earn\" vertical of the broader [Trevee](https://iq.wiki/wiki/trevee) ecosystem. Its operations are supported by key partnerships that provide the necessary infrastructure and oversight.\n\n* **Midas:** Serves as the core infrastructure partner, providing the audited Midas Vaults used for asset management and automated yield compounding.\n* **Mithras Labs:** Acts as a co-curator alongside Midas, sharing responsibility for selecting, vetting, and managing the portfolio of DeFi yield strategies.\n* **Integrated Protocols:** The system deploys assets into established DeFi protocols, with [Aave](https://iq.wiki/wiki/aave) and Fluid cited as examples of platforms used for yield generation.\n\nThe project maintains a presence on Twitter under the handle `@Trevee_xyz` to communicate with its community. [\\[1\\]](#cite-id-qrnTo5fCaE) [\\[2\\]](#cite-id-vlh1oi3e8C)\n\n## Markets and Trading\n\nPLUSD is traded exclusively on [decentralized exchanges](https://iq.wiki/wiki/decentralized-exchange) (DEXs), with Lithos being the most popular platform for trading the token. It is also available on Oku Trade, another DEX operating on the Plasma network. [\\[2\\]](#cite-id-vlh1oi3e8C)\n\nThe primary trading pairs for PLUSD include:\n\n* **PLUSD/USDT0:** The most active pair, traded on Lithos.\n* **SPLUSD/PLUSD:** Available on both Lithos and Oku Trade.\n* **TREVEE/PLUSD:** Traded on Lithos.\n* **USDT0/PLUSD:** Traded on Oku Trade.\n\nThe trading activity is concentrated in these pairs, facilitating swaps between PLUSD, its staked variant, and other stablecoins or ecosystem tokens on the Plasma network. [\\[2\\]](#cite-id-vlh1oi3e8C)","summary":"Trevee Plasma USD (PLUSD) is a yield-bearing, USD-pegged stablecoin on the Plasma blockchain. Part of the Trevee Earn ecosystem, it uses Midas Vaults to generate yield from audited DeFi strategies, aiming to be a primary medium of exchange on Plasma.","images":[{"id":"QmV8h366P9g1Zg8XWZHrU1tiHBZEqNL4MsjWHm2QENPShD","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"cryptocurrencies"}],"tags":[{"id":"Stablecoins"},{"id":"Protocols"},{"id":"Developers"},{"id":"Blockchains"}],"media":[{"id":"QmYezu7AbVT2qvpax2UUM6Z6jBzi3GQEPpuhAX5zLLqifb","name":"Cópia de Design sem nome (2).png","caption":"","thumbnail":"QmYezu7AbVT2qvpax2UUM6Z6jBzi3GQEPpuhAX5zLLqifb","source":"IPFS_IMG"},{"id":"QmU5CBeqtj87nUuXDb8UBz9pqrMx3Ekiu2cLj9QA9jBeTJ","name":"ChatGPT Image Nov 13, 2025, 03_07_45 PM.png","caption":"","thumbnail":"QmU5CBeqtj87nUuXDb8UBz9pqrMx3Ekiu2cLj9QA9jBeTJ","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"qrnTo5fCaE\",\n    \"url\": \"https://docs.trevee.xyz/trevee-earn/plasma-plassets\",\n    \"description\": \"Trevee Earn Documentation for plAssets\",\n    \"timestamp\": 1763057182451\n  },\n  {\n    \"id\": \"vlh1oi3e8C\",\n    \"url\": \"https://www.coingecko.com/en/coins/trevee-plasma-usd\",\n    \"description\": \"Trevee Plasma USD market data on CoinGecko\",\n    \"timestamp\": 1763057182451\n  },\n  {\n    \"id\": \"event-trevee-plasma-usd-launch-link\",\n    \"description\": \"Event link\",\n    \"url\": \"https://www.coingecko.com/en/coins/trevee-plasma-usd\",\n    \"timestamp\": 1763057183485\n  },\n  {\n    \"id\": \"event-reached-all-time-high-price-link\",\n    \"description\": \"Event link\",\n    \"url\": \"https://www.coingecko.com/en/coins/trevee-plasma-usd\",\n    \"timestamp\": 1763057183485\n  },\n  {\n    \"id\": \"event-significant-drop-in-trading-volume-link\",\n    \"description\": \"Event link\",\n    \"url\": \"https://www.coingecko.com/en/coins/trevee-plasma-usd\",\n    \"timestamp\": 1763057183485\n  }\n]"},{"id":"website","value":"https://plasma.earn.trevee.xyz"},{"id":"twitter_profile","value":"https://twitter.com/Trevee_xyz"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/trevee-plasma-usd"},{"id":"contract_url","value":"https://plasmascan.to/token/0xf91c31299E998C5127Bc5F11e4a657FC0cF358CD"},{"id":"references","value":"https://docs.trevee.xyz/trevee-earn/plasma-plassets"},{"id":"commit-message","value":"\"feat: Create wiki page for Trevee Plasma USD (PLUSD) stablecoin\""}],"events":[{"id":"ba7baf94-457a-40b7-bb9f-54f29dd4719c","date":"2025-10","title":"Trevee Plasma USD Launch","type":"CREATED","description":"PLUSD launched, with its first price data recorded on October 30, 2025, when it hit its all-time low of $0.7559, indicating an initial de-pegging event.","link":"https://www.coingecko.com/en/coins/trevee-plasma-usd","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"e3016791-ebff-459e-ab6b-e4b22466dfb9","date":"2025-11","title":"Reached All-Time High Price","type":"DEFAULT","description":"PLUSD reached its all-time high price of $1.01 on November 7, 2025, shortly after its launch.","link":"https://www.coingecko.com/en/coins/trevee-plasma-usd","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"869f6df7-6e97-480d-be6d-8b9d6988d0c4","date":"2025-11","title":"Significant Drop in Trading Volume","type":"DEFAULT","description":"The token's 24-hour trading volume experienced a sharp decrease of 72.70% on November 13, 2025, indicating a sudden decline in market activity.","link":"https://www.coingecko.com/en/coins/trevee-plasma-usd","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"language":"en","version":1,"linkedWikis":{"blockchains":["plasma-finance"],"founders":["anon"],"speakers":[]},"operator":{"id":"0xd5893989b9952c6568a99F854795AcC5Ae480D56"}}