> For the complete documentation index, see [llms.txt](https://brd-digital.gitbook.io/brd-digital-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://brd-digital.gitbook.io/brd-digital-docs/yield/sbrdusd.md). # sBRDusd USD-settled exposure to Brazilian sovereign yield. sBRDusd gives **USD-settled exposure to a Brazilian sovereign-yield strategy**. It is a yield-bearing position denominated in dollars, not a dollar-pegged settlement asset. The underlying is the same Brazilian Treasury paper behind sBRD, and what differs is the currency you subscribe and redeem in. The indicative rate is around **6.10%**. It differs from the BRL rate on sBRD, because the two are denominated in different currencies. {% hint style="info" %} sBRDusd is **not yet live**. This page describes the product as designed. {% endhint %} ## How to reach it Directly with a BRD Digital account, through a partner, or on-chain. See [Yield](/brd-digital-docs/yield.md). ## Terms * **Underlying:** Brazilian Treasury LFTs, 100%. * **Denomination:** USD. * **Subscription and redemption asset:** USDC. * **Rate:** indicative and floating. Not fixed or promised. ## What moves the return **Policy rates.** The underlying tracks the Brazilian policy rate. When it moves, accrual moves. **Bond prices.** The position is marked against market prices, so movement in the underlying affects realised performance. LFTs are floating-rate, which limits this considerably compared with fixed-coupon paper, but it does not remove it. The effect is most visible over short holding periods. A quoted rate describes carry. It is not a floor on returns. ## Risk The collateral is held off-chain and carries no smart-contract risk. Sovereign, rate, price and liquidity risk apply. Taking the position into a lending market adds that protocol's smart-contract risk, in exchange for the returns looping can produce. See [Yield](/brd-digital-docs/yield.md) and Risk Disclosures. ## Related pages * [Yield](/brd-digital-docs/yield.md), the thesis and the risk breakdown * sBRD, the BRL-denominated product * Proof of Reserves, what backs the underlying --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://brd-digital.gitbook.io/brd-digital-docs/yield/sbrdusd.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.