Architecture

USD+ is a yield-generating vault token on HyperEVM that allocates stablecoins across two Morpho V2 lending markets.

Core Components

User-Facing

• Depositor: Accepts USDC/BeatUSD deposits, mints USD+ shares

• Withdrawal Queue: Manages queued withdrawals with rate protection, burns USD+ shares

Capital Management

• Deposit Receiver: Holds idle capital, provides withdrawal liquidity

• Morpho V2 Orchestrator: Allocates funds between the two lending markets, handles USDC <> BeatUSD conversions

Pricing & Accounting

• Pricer: Manages exchange rates between USD+ and underlying assets

• Exchange Updater: Calculates NAV from positions across both markets

• Accountant: Tracks fees and vault accounting

Two-Market Strategy

Market	Asset	Typical APY	Risk
Morpho Vault 1	USDC	4-6%	Low
Morpho Vault 2	BeatUSD	5-10%	Low

Why two markets?

• Diversification reduces concentration risk

• BeatUSD market offers higher yields

• BeatUSD earns yield before being lent (double yield layer)

• Active rebalancing optimizes risk-adjusted returns

Access Control

Role-based permissions via MultiRolesAuthority:

• ALLOCATOR_ROLE: Deploy funds across markets

• KEEPER_ROLE: Update exchange rates

• SOLVER_ROLE: Process withdrawals

No single role can access user funds directly.

Flow Summary

Deposit → Deposit Receiver → Orchestrator → Morpho Markets → Yield
Withdraw → Queue (rate-protected) → Solver processes → Assets returned