USD.infra USD.INFRA

• It can be deposited into the USD.infra vault to mint sUSD.infra, a separate yield-bearing token that accrues value from financed digital infrastructure.

• DAWN finances AI infrastructure, connectivity infrastructure, and compute infrastructure that generates revenue through commercial contracts.

What is USD.infra

USD.infra is the settlement dollar at the center of DAWN, an RWA protocol that brings project finance for digital infrastructure on-chain. DAWN lends to real-world infrastructure projects (RWAs), like AI infrastructure, connectivity networks, and compute facilities, whose revenue comes from long-term commercial contracts and it returns those contracted cash flows to on-chain capital as yield. USD.infra is the unit in which that capital is deposited, deployed, and repaid.

Value moves through the system as users mint USD.infra against dollar reserves and either hold it as a stable unit of account, use it to settle infrastructure payments, or deposit it to earn yield. Capital committed to financing is deployed into loans against infrastructure contracts, or held in reserve. Contract revenue flows back through the protocol in USD.infra. As more digital infrastructure is financed on DAWN, the utility of USD.infra as the settlement layer for that activity grows.

What makes USD.infra Unique

• Infrastructure settlement: USD.infra is built for on-chain settlement of real-world infrastructure payments, the recurring revenue generated by networks and compute

• Contract-based financing: DAWN underwrites long-term commercial contracts rather than hardware collateral, so the capital USD.infra denominates is tied to contracted cash flows from RWA infrastructure

• Full-stack digital infrastructure: DAWN finances connectivity, compute, and AI infrastructure under one protocol, making USD.infra the common dollar across all infrastructure that powers AI and the Internet.

What Can You Use USD.infra for?

USD.infra is pegged to the US dollar. The DAWN protocol offers the following use cases:

• Value retention: Hold a stable, dollar-denominated unit of account on-chain, insulated from broader crypto market volatility

• Infrastructure settlement: Pay for and settle real-world infrastructure services on-chain in USD.infra

• Yield generation: Deposit USD.infra to mint sUSD.infra, which accrues yield from DAWN’s loans to real-world digital infrastructure

• Collaterialization: Use USD.infra as a liquid, composable asset, paired with sUSD.infra, in decentralized exchanges, lending markets, and other DeFi applications.

How Does USD.infra Work?

USD.infra is minted one-to-one against dollar-denominated reserves and can be redeemed at par through the protocol. Its peg is maintained by full reserve backing, collateralized by other stablecoins and US Treasuries.

Within DAWN, USD.infra is the currency of the protocol's financing activity. Loans to infrastructure projects are made in USD.infra, contract payments are collected in USD.infra, and holders who want exposure to that activity deposit USD.infra to mint sUSD.infra, whose value rises as contract payments accrue. DAWN operates on Solana, so users pay network fees in SOL, while the protocol's own fees are handled at the application level.