> ## Documentation Index > Fetch the complete documentation index at: https://docs.usdh.money/llms.txt > Use this file to discover all available pages before exploring further. # sUSDh > Staked USDh: where the rewards come from, how the price grows, and the trade-off. **sUSDh is what you hold after you stake USDh.** The number of sUSDh you hold stays the same. What changes is the **sUSDh price**: how much USDh each one is worth. It rises as rewards build up. In the app, the sUSDh price appears as **Exchange Rate** on the Stake screen (for example, 1 sUSDh = 1.019 USDh) and as **sUSDh Price** on the Transparency page. ## At a glance | | | | - | - | | How it pays | The sUSDh price rises. Your balance stays the same | | Starting price | 1.00 USDh | | Rewards | Change over time, are not guaranteed, and can be zero. Today's rate is in the app | | What backs it | Short-term bonds of other governments, in US dollars | | Fees | None, apart from Ethereum's network fee | | Leaving | Ask to unstake, wait 30 days, then claim. See [Stake and unstake](https://docs.usdh.money/staking.md) | | Run by | The staking protocol, which the USDh issuer does not control | | Contract | `0x0a2F67c696B3845DaceEf73fa7982FEA77e678C2` on Ethereum | ## Where the rewards come from When you stake, the dollars behind your USDh are lent to other governments through short-term bonds in US dollars. A bond is a loan to a government, and the interest it pays is the income. Those governments pay more interest than the US does, and that extra interest funds your rewards. The bonds are bought and held until they mature. There is no trading, no borrowing and no new token printed to pay rewards. Every loan is in US dollars, so there is no currency risk. **Which governments?** sUSDh lends to governments such as Egypt and Bahrain. Today it holds Egypt, with Bahrain being added, and the list can change. Current holdings are on the **sUSDh** tab of the Transparency page in the [app](https://app.usdh.money/). ## How the price grows: an example **1. You stake** The sUSDh price is 1.00. You stake **1,000 USDh** and receive **1,000 sUSDh**. **2. Rewards build up** The price rises to 1.05. **3. Your balance is worth more** You still hold 1,000 sUSDh. It is now worth **1,050 USDh**. **4. Someone stakes after you** They stake 1,000 USDh and receive about **952.38 sUSDh** (1,000 รท 1.05). Same value in, fewer sUSDh, so earlier stakers are not diluted. *These figures show how the price works. They are not a forecast or a target.* ## Who sets the reward rate Nobody types in a new price. A staking protocol wallet that needs several signatures approves a yearly rate on the blockchain. The contract then raises the sUSDh price from that rate, second by second. The rate is set by the staking protocol, not by the USDh issuer. For now, Publius Foundation oversees it. The contract puts firm limits on the rate: * **A cap.** The rate can't go above a cap written into the contract, 25% a year by default. Raising the cap takes 48 hours' public notice, and it can never go above 100%. * **An end date.** A rate can be given an end date. When it passes, the price stops rising. * **A price ceiling.** A rate can be given a maximum price. When it is reached, the price stops rising. * **A pause.** The rate can be paused at any time. The price keeps what it has already earned. When the price stops rising for any of these reasons, it does not catch up later. Every rate decision is recorded on the blockchain. [Verify on-chain](https://docs.usdh.money/check.md) shows where to read it. ## The trade-off Other governments pay more interest than the US because lending to them carries more risk. That difference is why rewards are possible, and it is also the risk. * **Governments restructure.** Countries rarely go bankrupt, but they do restructure their debt, and lenders usually take a loss. **If a government that sUSDh lends to restructures, sUSDh takes the loss on that loan.** USDh does not. * **Rewards can stop.** Rewards can be cut, paused or fall to zero, and nobody owes them to you. Past rewards say nothing about future ones. * **Bonds can be hard to sell in a crisis.** Leaving could take longer, or bonds could be sold at a loss. The full list is on [Risks](https://docs.usdh.money/risks.md). ## What sUSDh is not sUSDh is not a deposit, a fund or an investment product, and it is not an obligation of the USDh issuer. Nobody promises or owes any level of reward. *This page is for information only. It is not an offer, a promise or advice.* *Last updated: Nov 10, 2026* This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.