> For the complete documentation index, see [llms.txt](https://docs.elara.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.elara.fi/products/elusd.md).

# ELUSD

ELUSD is the entry point into Elara. Deposit an accepted stablecoin and you receive ELUSD at a 1:1 rate. It does not generate yield on its own. Think of it as a stable, liquid position you can hold, transfer, or stake as sELUSD to earn.

**Accepted collateral.** USDC, USDT and USDe, all on Ethereum Mainnet. Note that USDe is a synthetic dollar rather than a fiat-backed stablecoin, and carries a different risk profile from USDC and USDT.

**Redemption.** ELUSD is redeemable for the underlying stablecoins at par. Redemption is currently permissionless: anyone holding ELUSD can redeem, including a holder who acquired it by transfer rather than by minting. Instant redemption is served from a liquidity buffer targeting 10% of total assets; larger requests are processed as execution partners unwind positions, typically within about 24 hours. See [Liquidity Framework](vscode-webview://1un1r27f2rem2gb60icosd8nlrla9m3ibcss9a6jrchbch72asqf/architecture/liquidity-framework) for the full picture.

**Transfer.** ELUSD is freely transferable, with no lock-ups, holding periods or conditions on who may receive it. At the contract level, transfers can be paused globally and a blocklist can prevent a specific sender or recipient. These are safety mechanisms; neither has been used to date.

**Composability.** ELUSD is technically composable with other DeFi protocols. In practice there is no external DEX liquidity or money market listing today, so the primary market is the operative venue. External liquidity will be established as the protocol grows.