Conservative income from private credit
A digital note on a portfolio of secured US loans, paying a stated rate. Interest credited daily, redemption every week.
exUSDC pays 10% a year, in US dollars.
Who we are and how the note works
Exceed is a private credit company. We invest in secured US loans and pay you interest in US dollars on the exUSDC digital note, offered by invitation. The blockchain is our back office. It keeps the register of notes, credits interest, settles purchases and redemptions, and shows what the portfolio holds.
- 1
You
buy exUSDC notes with USDC, a US dollar stablecoin.
- 2
Your account
holds your notes. What the issuer owes you grows every day at the note rate.
- 3
The issuer
Exceed issues the notes on Solana, owes you the money and invests it.
- 4
The portfolio
US consumer credit, secured corporate loans, corporate bonds and the money market.
Exceed builds the portfolio and judges every position on its yield, its collateral and its funding cost. If the portfolio loses money, the value of the notes falls with it: there is no guarantee of return or of principal.
Interest is credited every day. You can redeem every week. Ask by Monday and the USDC is in your account on Thursday. The portfolio is published, so you can check it at any time.
What is in the portfolio
The mandate covers four asset classes: US consumer credit, secured corporate loans, corporate bonds and the money market. The weights shift as markets move.
Today 100% of the portfolio is in US consumer credit: a pool of thousands of US auto loans, each secured on a car.
- US consumer credit100.0%
- Held today · 100%
US consumer credit
US auto loans and home equity lines of credit, originated by Figure, a Nasdaq-listed lender. Each loan is secured on a car or a home.
- In the mandate
Secured corporate loans
AAA-rated senior tranches of securitised corporate loans. Senior tranches are repaid first.
- In the mandate
Corporate bonds
Bonds of Nasdaq-listed companies whose liquid reserves cover their debt comfortably.
- In the mandate
Money market
US Treasury bills, money market funds and dollar cash. Cash sits here until the next investment.
The portfolio by asset class is updated daily. The addresses to verify the holdings are listed under How to check.
Where the yield comes from
The yield comes from borrowers. It is the interest that people and companies pay on their loans.
Banks and specialist lenders make the loans. We buy portfolios of those loans from them and collect the interest. That interest pays yours.
Loans backed by cars, homes or company assets. The collateral is worth more than the loan, and the lender is first in line to be repaid.
Borrowers may stop paying. So we choose each position on its collateral, its payment record and its size.
Since October 2024, holders have been credited interest every day without a break.
That does not remove the risk. If borrowers stop paying, there could be a loss, and the notes would fall in value with the portfolio.
24 months, all positive
Return to holders, after all fees and costs, since the note launched on 5 October 2024. The note ran as pUSD until June 2025, when it moved to the exUSDC token; the record covers both.
Every interest credit is recorded on the Solana blockchain and can be checked on any block explorer. Past performance is not a reliable indicator of future results.
What you can check without taking our word for it
The register, the contract and the audit are public. These are the addresses, and a guide to reading them.
- Register
- 8B9v...Tf4zthe exUSDC token on Solana: every note in issue is on this register. The note has run since 5 October 2024 and moved to this token in June 2025.
- Register, Oct 2024 to Jun 2025
- 9ir8...6GDmthe pUSD token: the same note from its launch on 5 October 2024 until it moved to the exUSDC token
- Program
- par1...uWjVthe smart contract that keeps the register, credits interest and pays redemptions
- Independent tracker
- DeFiLlamathe notes, tracked by a third party from the same on-chain data
- Smart-contract audit
- Quantstamp, 2025the public report
- How to read these
- The register and the addressesevery address, and how to read it on a block explorer
The exUSDC note in detail
What you hold, and what Exceed owes you.
A digital note issued by Exceed on Solana under the Conditions. What Exceed owes you grows every day at the note rate, and you can ask to redeem at any time. The rate, the redemption terms and your rights are set out in the Conditions. The register of holders is kept on the Solana blockchain.
- Rate
- Currently 10% a year in US dollars
- Exceed sets the rate and reviews it every two weeks against the portfolio's performance. A change applies only to future interest. Interest already credited is never revised. The value of a note does not move with markets: it rises at the stated rate and is redeemed at par.
- Risk
- No loss since launch
- Since the note launched in October 2024 (as pUSD; it moved to the exUSDC token in June 2025), it has never had a loss, and holders have been credited interest every day. That is a record, not a promise. Exceed's own capital, 5% of the notes outstanding, sits below the notes and takes the first loss. Beyond it, if the portfolio loses money, the value of the notes falls with it, as the Conditions set out. There is no guarantee of return or of principal.
- Redemption
- Weekly, at par plus accrued interest*
- You can ask to redeem at any time, day or night. Requests received by Monday 12:00 UTC are paid in USDC on Thursday. The portfolio holds liquid instruments that can be sold within days, so in normal markets redemptions of any size are paid in the next weekly window.
- Ownership
- Registered to you
- Your notes are registered to you on the blockchain. Only you can transfer them. Exceed cannot move or pledge them.
* Less a 0.20% redemption fee, as set out in the Conditions.
Questions about your money
What investors usually ask first.
Exceed issues the notes on Solana. The company behind Exceed is Horus Research LLC, registered in Saint Vincent and the Grenadines, which is the party to the Conditions.
The portfolio by asset class, the redemption record and the coverage of the notes are published on this page and updated daily, and the addresses to verify them on a block explorer are listed under How to check. Quantstamp audited the notes' smart contracts in 2025, and the report is public.
Move your notes or pledge them. They are registered to you on the blockchain, and only you can transfer them.
The portfolio's income: the interest borrowers pay on the loans we hold, less the cost of funding. Your interest is paid from this income.
The notes are digital tokens issued under the Conditions, which set out your rights and what Exceed owes you. They are a private offering: not registered with any regulator and not sold to the public. Exceed reviews every request and issues an invitation only after that review; the notes cannot be bought without one.
Not with markets. A bond is priced every day and can lose value when rates or spreads move; a note has no market price. Its value rises every day at the stated rate and is redeemed at par. It falls only if the portfolio loses money beyond Exceed's own capital, as the Conditions set out. That has not happened since launch.
Exceed was founded in 2023 by a former Executive Director at J.P. Morgan, with twelve years at investment banks and the CFA charter. It launched its US dollar note in October 2024 as pUSD; the note moved to the exUSDC token in June 2025.
No management fee and no performance fee. The issuer earns the spread between the portfolio's yield and your rate. The only charge is a 0.20% redemption fee, as set out in the Conditions.
How to invest
What you need to do. You only do the first two steps once.
- 1
Request an invitation
Sign in with your email, tell us who you are and confirm the eligibility points. We review every request personally and confirm your invitation within one business day.
- 2
Add USDC
Send USDC to your account from an exchange you already use, or from a wallet you already have.
- 3
Buy exUSDC notes
Buy exUSDC notes with USDC in the Exceed app. They appear in your account straight away and earn interest from the same day.
- 4
Redeem
Request a redemption at any time in the same app. Requests made by Monday are paid in USDC on Thursday.
Your money earns interest from the first day. You can redeem in any week, at par plus accrued interest*.
* Less a 0.20% redemption fee, as set out in the Conditions.
Documents
The Conditions set the rights and obligations of the parties. Where this page and the Conditions differ, the Conditions prevail.