Trevee Plasma USD (PLUSD) is a yield-bearing stablecoin pegged to the value of the United States dollar and operates on the Plasma blockchain network. The token is a component of the Trevee Earn ecosystem and is designed to generate yield for its holders by allocating its underlying reserve assets into decentralized finance (DeFi) strategies.

Overview

Trevee Plasma USD, which uses the ticker PLUSD, functions as a stablecoin with the primary objective of maintaining a one-to-one value with the U.S. dollar. Beyond its function as a stable store of value, PLUSD is engineered to be a productive asset. The project's stated goal is to establish PLUSD as the principal medium of exchange within the Plasma ecosystem. The mechanism involves users depositing the stablecoin USDT into the Trevee protocol to mint an equivalent amount of PLUSD. ^[1]

The underlying USDT reserves are not held passively; instead, they are automatically deployed into a portfolio of low-risk, yield-generating DeFi strategies. This process is managed through Midas Vaults infrastructure, with asset allocation overseen by curators from Midas and Mithras Labs. The yield generated from these strategies is then distributed as rewards to users who stake their PLUSD. Staked PLUSD is represented by a separate token, splUSD, which accrues the rewards from the system's yield-generating activities. This dual-token system separates the stablecoin (PLUSD) from the yield-accruing staked version (splUSD). ^[1]

History

Based on available market data, Trevee Plasma USD appears to have launched in late October 2025. The token's price history indicates its first recorded market activity around October 30, 2025. On this date, the token recorded its all-time low price of $0.7559, suggesting a brief period of de-pegging from its $1.00 target shortly after its debut. ^[2]

Following its launch, the token's value stabilized and subsequently reached an all-time high of $1.01 on November 7, 2025. Market activity showed a significant decline shortly thereafter; on November 13, 2025, the token's 24-hour trading volume decreased by 72.70% compared to the previous day, indicating a sharp reduction in trading interest. ^[2]

Technology

The Trevee Plasma USD protocol is built on the Plasma network and integrates several components to manage minting, yield generation, and reward distribution.

Core Infrastructure

The system's foundation is the Plasma blockchain, with its smart contract address located at 0xf91c31299E998C5127Bc5F11e4a657FC0cF358CD. All on-chain transactions and token data can be verified through the Plasmascan block explorer. ^[2]

A critical component of the protocol's architecture is its reliance on Midas Vaults for asset management and yield generation. The documentation describes this infrastructure as a "battle-tested solution" that is audited and secures approximately $1.5 billion in total assets. This integration is intended to provide a secure and reliable foundation for managing the user-deposited funds that back PLUSD. ^[1]

Yield Generation and Asset Management

The process of generating yield begins when a user deposits USDT into the Trevee protocol and mints PLUSD. The deposited USDT is automatically transferred to a Midas Vault operating on the Plasma mainnet. From there, the curators, Midas and Mithras Labs, allocate the assets into a diversified portfolio of whitelisted DeFi farming strategies. These strategies are selected based on a strict set of risk-management criteria. Examples of protocols utilized for these strategies include established DeFi lending platforms like Aave and Fluid. ^[1]

Reward Distribution and Staking

Yield earned from the various DeFi strategies is continuously auto-compounded within the Midas Vault to optimize the annual percentage yield (APY). The accumulated yield is periodically converted into stablecoins, which are then used to mint new PLUSD tokens. This newly minted PLUSD is not returned to the general supply but is instead sent directly to the plUSD staking contract. Users who have staked their PLUSD receive splUSD tokens in return, and it is these splUSD holders who receive the newly minted PLUSD as staking rewards. This mechanism ensures that only active stakers benefit from the yield generated by the protocol's underlying assets. ^[1]

Security and Risk Management

The Trevee protocol emphasizes a security-first approach, primarily through its use of the established Midas Vaults infrastructure and a rigorous vetting process for all yield-generating strategies. The curators, Midas and Mithras Labs, are responsible for ensuring that all selected strategies adhere to a predefined set of whitelisting criteria designed to minimize risk. ^[1]

To be approved for inclusion in the PLUSD asset portfolio, a DeFi strategy must meet the following conditions:

• Audits: The strategy's underlying protocol must be fully audited by reputable security firms.
• Internal Due Diligence: The strategy must pass Trevee's own internal security review.
• Strategy Type: Only lending or staking strategies are permitted, excluding more complex or higher-risk activities.
• Protocol Maturity: The protocol must have been deployed and operational for more than six months.
• Total Value Locked (TVL): The protocol's TVL must exceed $100 million.
• Liquidity: The protocol must offer direct redeemability of assets or a functionally equivalent mechanism to ensure funds can be withdrawn.
• Concentration Risk: The vault's total deposits are not allowed to constitute more than 10% of the TVL of any single protocol it interacts with, preventing over-exposure to any one platform.

These criteria are designed to ensure that the USDT backing PLUSD is only exposed to established, well-audited, and highly liquid DeFi protocols. ^[1]

Tokenomics

The tokenomics of Trevee Plasma USD revolve around its function as a stablecoin and its associated staking mechanism.

Trevee Plasma USD (PLUSD)

PLUSD is designed to maintain a peg to the U.S. dollar. As of November 13, 2025, its market capitalization and fully diluted valuation were both reported at $39,778,264. The circulating supply and total supply were identical at 39,740,416 PLUSD, indicating that all existing tokens are in circulation. The maximum supply of PLUSD is uncapped (infinite), which is common for stablecoins that must be minted or burned to maintain their peg based on user deposits and redemptions. ^[2]

Staked Trevee Plasma USD (splUSD)

splUSD is the associated liquid staking token within the ecosystem. Users receive splUSD when they stake their PLUSD in the protocol's staking contract. This token represents a user's share of the staking pool and is the vehicle through which yield rewards are accrued. The value of splUSD is expected to increase over time relative to PLUSD as rewards are added to the staking pool. ^[1]

Ecosystem and Partnerships

Trevee Plasma USD is a product within the "Trevee Earn" vertical of the broader Trevee ecosystem. Its operations are supported by key partnerships that provide the necessary infrastructure and oversight.

• Midas: Serves as the core infrastructure partner, providing the audited Midas Vaults used for asset management and automated yield compounding.
• Mithras Labs: Acts as a co-curator alongside Midas, sharing responsibility for selecting, vetting, and managing the portfolio of DeFi yield strategies.
• Integrated Protocols: The system deploys assets into established DeFi protocols, with Aave and Fluid cited as examples of platforms used for yield generation.

The project maintains a presence on Twitter under the handle @Trevee_xyz to communicate with its community. ^{[1] [2]}

Markets and Trading

PLUSD is traded exclusively on decentralized exchanges (DEXs), with Lithos being the most popular platform for trading the token. It is also available on Oku Trade, another DEX operating on the Plasma network. ^[2]

The primary trading pairs for PLUSD include:

• PLUSD/USDT0: The most active pair, traded on Lithos.
• SPLUSD/PLUSD: Available on both Lithos and Oku Trade.
• TREVEE/PLUSD: Traded on Lithos.
• USDT0/PLUSD: Traded on Oku Trade.

The trading activity is concentrated in these pairs, facilitating swaps between PLUSD, its staked variant, and other stablecoins or ecosystem tokens on the Plasma network. ^[2]