JUSD Finance

Summary

Ketju does not approve JUSD Finance under its class rule for off-chain credit sold as a stablecoin: the return depends on borrowers and trading counterparties whose books a holder cannot see from the chain, and withdrawals queue. JUSD is a website, run by Farthings Inc of Panama, that takes USDC into two vaults run by other companies: Accountable on Ethereum and Venzo on Arbitrum. DefiLlama describes the strategy as delta-neutral trading across exchanges plus private credit, on chain and off chain. The two vaults held about $22.9 million on 2026-10-16. Measured as the 7-day growth of the share price, they paid about 12.3% on Ethereum and 12.7% on Arbitrum. We found no evidence that JUSD, Accountable, or Venzo has lost money.

Review triggers
• JUSD or its venues publish borrower-level data and third-party verification sufficient to underwrite the credit on chain

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2027-01-16.

Research

How it works

A depositor sends USDC to a vault and receives a JUSD share. The share price rises as the vault books interest, and the site says that interest comes from the vault’s credit book. The Terms of Use describe the Accountable vaults as lending vaults, where documents between the borrower and the lenders on Accountable’s platform govern each loan. They name Euler and Morpho as other venues behind the site. The two vaults that DefiLlama rates are the Accountable vault on Ethereum (0x2B5895b716311A1eaC8f93fB88C56aF9eC8C1A69) and the Venzo vault on Arbitrum (0x9519217E8926A2B39BAcD2d6EC3EfD02503595E2). The Terms of Use list borrower default as a risk that can reduce or end returns and principal.

Who controls it

Farthings says it does not hold assets or operate the vault contracts, and that each venue’s own agreements control. Accountable is a British Virgin Islands company, and its agreements fall under BVI law with the courts of Tortola. The site links a proof-of-solvency page run by Accountable. The page we fetched loaded only its title, so we could not read the reserve figures. DefiLlama lists no audit for JUSD, and the DefiLlama TVL adapter marks the Ethereum vault as double counted because it is also part of Accountable. We could not tie any figure on either vault to a loan tape or a borrower name.

Withdrawals

The Terms of Use say withdrawals are not instant. They queue for epoch or batch settlement on the venue’s schedule, and the venue may delay or suspend them or pay them at a different share price than the site shows. A holder who wants to withdraw during a market stress waits in that queue, and the vault cannot sell the collateral behind its loans quickly.

Class rule

Ketju applies the class rule for off-chain credit sold as a stablecoin to JUSD. The yield pays for lending to borrowers and running trades that a token holder cannot inspect or enforce. Ketju already applies the same rule to Accountable, the platform behind the Ethereum vault. Ketju will review JUSD again only if JUSD or its venues publish borrower-level data with third-party checks, so that a holder can read the credit from the chain.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• JUSD Finance · primary · accessed 2026-10-16
  Supports: Farthings Inc Panama, deposit USDC receive JUSD, share price rises from credit book, proof of reserves link
• JUSD Finance: Terms of Use · primary · accessed 2026-10-16
  Supports: non-custodial interface, Accountable BVI agreements, venues Euler and Morpho, credit risk, withdrawals queue
• Accountable: JUSD proof of solvency page · primary · accessed 2026-10-16
  Supports: proof of solvency link, page loaded title only
• DefiLlama yield adapter: JUSD Finance · secondary · accessed 2026-10-16
  Supports: vault addresses, Accountable and Venzo vaults, rate method
• DefiLlama TVL adapter: JUSD Finance · secondary · accessed 2026-10-16
  Supports: double counted flag, TVL method
• DefiLlama: JUSD Finance protocol page · secondary · accessed 2026-10-16
  Supports: strategy description, TVL by chain, no audits recorded
• DefiLlama: yield pools feed · secondary · accessed 2026-10-16
  Supports: two pools, rates, Ethereum and Arbitrum

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.