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United States Dollar Coin Plus (USDC+) is an optimally efficient version of the USDC stablecoin provided by Circle (CRCL), a publicly traded US company. It produces efficiency and interest rates through a lender/borrower-based strategy.
Reflect is a Member of the Circle Alliance - a program by Circle to combine the best operators who wish to scale the use of its digital cash.
Please be aware that Reflect and its USDC+ stablecoin are not affiliated with or endorsed by Circle Inc and are entirely separate entities.

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Operational Strategy

Here you will find a description of the financial intermediation strategy utilised by onchain programs in order to maximise the interest rate of its USDC collateral. The Capital Supplier Methodology The Capital Supplier strategy is one of the simplest and safest ways to generate interest onchain. It works by supplying your USDC to overcollateralised lending pools, where borrowers pay interest to access liquidity.
1

USDC is Deposited

USDC is sent to the Reflect program, which holds all deposits in a non-custodial pool that no human can access.
2

Best Rates are Found

The program scans Solana’s top lending markets to find where USDC can earn the highest interest rates.
3

USDC is Put to Work

USDC is automatically distributed across trusted lending platforms like Kamino, and Jupiter to capture the best available rates.
4

USDC+ is Issued

Depositors receive USDC+ tokens representing their share of the pool. Because the pool earns interest, 1 USDC+ is worth slightly more than 1 USDC and grows over time.
5

Collateral Grows

As interest accumulates, the value of USDC+ increases. It can be converted back to USDC anytime to claim earnings.

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Strategic Value Propositions

USDC+ is designed to provide a familiar, safe, and low-risk-tolerance yield-bearing asset for use within financial applications requiring interest rates on their stablecoin balances.

Reduction in Margin Costs

By providing USDC to all prominent lending venues, Reflect is lowering the cost of margin for cash, which encourages more volume.

Prevent Impermanent Loss

By adding a native interest rate to Solana’s largest liquidity pair token, you can reduce impermanent loss faced on one side of the pool.

Increase in Available Margin

Reflect provides cash-capital to money markets over a longer time-horizon and therefore increases the available size of lending for these markets.

Earn During Settlement

USDC is a payments-powerhouse but cannot be intermediated during payment-settlement periods. USDC+ enables low-risk value capture for this period.

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Risk Modeling Cross-Margin Strategies

Integrators should understand the composite risk profile when deploying USDC+ within their applications, as the strategy inherits risks from all underlying lending venues. Primary Risk Considerations Since USDC+ distributes capital across multiple borrow/lend markets, the risk profile combines individual protocol exposures with cross-margin strategy considerations:

Protocol Security Risk

Each lending venue carries distinct smart contract risks, audit histories, and security track records that compound across the strategy.

Liquidity & LTV Variance

Different protocols maintain varying Loan-to-Value ratios and withdrawal capacities that may affect liquidity during market stress.
Key Risk Factors for Integration:
  • Multi-venue exposure: Smart contract risks compound across all active lending protocols
  • Liquidity constraints: Withdrawal capacity dependent on utilisation rates across venues
  • Yield volatility: Interest rates fluctuate based on market conditions and cross-venue competition
  • Venue concentration: Capital allocation methodology may create dependencies on specific protocols
Integrators should treat USDC+ as a higher-risk asset compared to native USDC and implement appropriate user disclosures regarding multi-venue exposure and inherited protocol risks.