Ethereum mainnetTransactions use real assets. Access is KYC-gated; review the legal and risk disclosures before transacting.

The dollar built on working credit.

Forest Road's specialty finance book is on-chain. Deposit stablecoins to mint USDfr, stake it into sUSDfr, and earn what the loan book earns. The book spans media & entertainment, renewable energy, and digital assets.

Enter AppHow it works
Sectors
3
Receivable-backed
2
Marked-to-market
1

Live Ethereum mainnet:– supply– backing– facilities· refreshed every 60s

Originated, underwritten, and serviced in-house by The Forest Road Company, a specialty finance investment firm lending against real claims since 2018.

Investment firmThree sectorsOn-chain loan book

One stable dollar. One way to earn.

USDfr is the dollar; sUSDfr puts it to work in loans Forest Road originates, underwrites, and services.

USDfr

The stablecoin

Fully backed, and verifiable on-chain.

  • Minted 1:1 from approved stablecoins via a KYC-gated controller.
  • Backing is stablecoin reserves, short-term instruments, and deployed loan principal. Check it on-chain at any time.
  • It is a dollar claim and earns nothing on its own.

Never more supply than backing, enforced on every mint.

Check it live →

sUSDfr

The yield-bearing vault

Variable yield, from the book's actual performance.

  • Stake USDfr to get it; its value can fall if loans lose money.
  • Redemptions are filled first in, first out, as loan repayments come in.
  • Fees come out of realized performance only, at capped, disclosed rates.

Built for alignment. Our capital absorbs losses first.

Forest Road and its partners post first-loss capital that sits ahead of every depositor. If a loan underperforms, that capital absorbs the loss before depositors are touched. The order is written into the contract.

The dual record system →
Loss cascade: enforced ordering

1 · First-loss capital

absorbs first

posted by Forest Road and partners

2 · Backstop reserve

absorbs second

a separately funded reserve that absorbs ahead of depositors

3 · sUSDfr principal

last

depositors, touched only beyond both layers

The order is written into the contract and tested: a loss cannot skip a layer. This is an ordering of losses, not a guarantee against them.

Live on mainnet. Check everything.

Review the verified contracts, live protocol state, current risks, and production disclosures before interacting.

Transparency dashboardRead the risks →