For underwriters
An underwriter provides the capital behind protection and earns the premium on every contract that capital backs. Every contract is fully collateralised, so an underwriter always knows the most it can lose.
Who underwrites
Investors and fundsA return that does not depend on crypto or stock markets.
Currency desks and tradersPaid for a view on a currency they already follow.
Treasuries holding stablecoinsEarning on idle USDC.
Businesses with the opposite exposureAn exporter who gains when its currency weakens can back cover that pays then.
Pool creatorsRun a pool: choose the market, durations and prices, and earn a share of its fees.
Banks and institutionsPut balance sheet to work on currencies their clients need covered.
Use cases
InvestorEarn from currency riskDeposit USDC into a pool and earn premiums.DeskRun your own poolSet your own markets, durations and prices.
Guides
How pools workPools, capacity and who backs each contract.Deposit capitalAdd USDC to a pool and choose what it backs.Earn premiumsHow premiums are shared, contract by contract.Understand lossesWhat a payout costs you and the most you can lose.WithdrawTake out free capital at any time.Capital reservationHow each contract's maximum payout is set aside.