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By Agama
Agama is yield infrastructure for tokenized real-world assets, focused on private credit. This submission covers the build and mainnet launch of our curated private credit vaults and synthetic dollar stack, natively on Soroban.
End-to-end flow, in one pass
1. In. USDC reaches Stellar from a Stellar wallet, from another chain over Circle CCTP, or from physical cash through a MoneyGram SEP-24 anchor.
2. Deposit. deposit() on the Vault takes the USDC and mints agUSD 1:1, a plain SEP-41 token with no transfer restrictions. agUSD is live on Stellar Testnet today.
3. Stake. stake() returns sagUSD shares at the current exchange rate. sagUSD uses DeFindex-compatible vault accounting (distribute_yield / assets-per-share), so sagUSD positions are natively readable by any DeFindex-integrated wallet or protocol. agUSD alone earns nothing; sagUSD is the yield-bearing position. sagUSD is live on Stellar Testnet today.
4. Allocate. allocate() on the Allocation Engine routes capital into a whitelisted pool through a pool adapter. Two adapter types share one interface (allocate, deallocate, get_exposure): an Etherfuse adapter holding Stablebonds as Stellar-native RWA collateral, and private credit adapters for off-chain originator allocations. The call reverts on a cap breach, or if it would push idle reserves below the minimum USDC reserve floor.
5. Earn. The Oracle Adapter validates NAV against per-feed staleness and deviation bounds, then distribute_yield() raises the sagUSD/agUSD exchange rate. No claim step, no rebase.
6. Out. unstake(), then request_withdrawal() burns agUSD and enqueues a FIFO claim. claim_withdrawal() pays USDC once Ready. Withdrawal liquidity hierarchy: idle reserves above floor, then new deposits, then Etherfuse Stablebond redemption, then private credit repayment.
7. Or exit without queueing, by swapping agUSD for USDC through the Soroswap Router on the Stellar DEX in a single Soroban transaction.
Live on Stellar Testnet today and verifiable on Stellar Expert: agUSD, sagUSD and six credit vault contracts curated with Qiro and other asset issuers. Everything else in this flow is what the grant builds.
Two supporting documents are annexed to this submission:
- Agama Settlement Trust Model: full technical architecture, settlement flow, oracle design, withdrawal queue, trust model and default handling. ( https://drive.google.com/file/d/1yQiMW5ZGmfUe9zoz05lOZGO_jn4SP3rR/view )
- Originator Deal Sheet: the anonymised form of our executed MOUs and term sheets, substantiating the committed private credit pipeline with counterparty jurisdictions, regulators, asset classes, committed amounts, yields and tenures. ( https://drive.google.com/file/d/1PSypLGbJE0AHugHPwnfZcadUbB0s_9Nj/view )
$108.2K
- Qiro Finance: underwriting partnership signed (public, qiro.fi)
- Fatra Labs: private credit asset issuer, MOU signed (public, fatralabs.io)
- Octarine Finance: integration partnership signed, a joint deployment is planned once both protocols are live on Stellar (public, octarine.finance)
- Bond.Credit: Watchtower agent integration signed, providing continuous risk monitoring of vault and originator health (public, bond.credit)
- 1 additional EMEA private credit asset issuers - MOUs signed (private, public disclosure forthcoming). One is a major European private credit player based in Luxembourg, lined up as primary originator for our first Stellar pool.
Total: 3 signed private credit asset issuers, with private credit ready to deploy once the first vault goes live.
The three signed asset issuer MOUs are attached here:
- Qiro Finance: https://drive.google.com/file/d/1k1q0o-jZ79kBOefgPKrHrORLTpRgwLOu/view?usp=sharing
- Fatra Labs: https://drive.google.com/file/d/1EP5UzlYZZC8N_IoCG_rC7vF_CN3MfIhH/view?usp=sharing
- Third asset issuer: MOU signed. We are under NDA with this counterparty, so the document is shared in the private review thread between the Stellar reviewers and Agama rather than here.
- Active discussions underway to fill the first batch, across HNWIs, family offices, crypto-native and TradFi VCs, and DeFi protocols routing their own liquidity
- First LOI signed: a DeFi protocol (Bond Credit) committing to route between $50K and $200K of liquidity into an Agama vault at launch. LOI: https://drive.google.com/file/d/1avVHXyExArCWGy7jYFDoDnPAlu1DERXc/view?usp=sharing
- Further LP letters of intent in progress, shared as they are signed
- Protocol fully functional on testnet, live today
- Working proof-of-concept on Stellar testnet covering the full flow: USDC deposit → agUSD mint → sagUSD stake → NAV-accruing yield distribution - built with Soroban smart contracts in Rust
- LP capital in active discussions across HNWIs, family offices and crypto-native VCs
Stellar ecosystem integrations in progress
- DeFindex: we are in active discussions for Agama to become a yield source inside their protocol. Nothing is signed yet, but the fit is direct: DeFindex needs underwritten, real-economy yield to route capital into, and that is exactly what our curated private credit vaults produce. If it converts, Agama's yield becomes accessible to DeFindex users without them ever interacting with our front-end, which is the fastest distribution path available to us on Stellar.
- Merkl: We are in discussions with Merkl, the incentive distribution protocol, to run campaigns on Agama vaults at launch. Nothing is signed yet. Merkl is the standard rail for routing incentives to depositors across ecosystems, and it plugs directly into the part we care about most: converting a live vault into real TVL.
Ash Manicka - Strategic Advisor: Ex-Robinhood and ex-Meta. Joined Robinhood ahead of its IPO and helped lead go-to-market for its most significant crypto initiatives, including Robinhood Wallet. He advises Agama on positioning, distribution and how retail-facing financial products actually get adopted at scale. LinkedIn: https://www.linkedin.com/in/ashwin-manicka/
- Selected for the Vault Accelerator by Lunar Strategy and Turtle Club: a program focused specifically on vault distribution and LP acquisition, which is the exact bottleneck between a working vault and real TVL
- Founder School Cohort FS26-2, the founder program by Protocol Labs (protocol.ai)
Programs and ecosystem validation
- Rayls Launch Partner Program - contract signed, alongside Tether, LayerZero, Lagoon, Obligate and Enzyme
- Won the Rayls Hackathon at ETHCC Cannes 2026
- 2nd place at the Talus × Sui × Cicada Accelerator Program Demo Day
- Selected for Cohort II of the Ethereum Security Subsidy Program, backed by the Ethereum Foundation, Chainlink and Nethermind
- Winner of the Robinhood Chain Innovation Award at Arbitrum Founder House London
- Member of the T-REX Builder Program (ERC-3643) and active contributor to the T-REX Protocol and OnchainID working groups
Evidence: https://docs.google.com/document/d/1E69_kfNsJBzwBaydMRedyGqN1AGm4elk-xlMbhsQQUM/edit?usp=sharing
- Brief description: Vault contract (USDC deposits, agUSD mint/redeem, FIFO withdrawal queue), plus production hardening of the agUSD (SEP-41) and sagUSD contracts already deployed on Stellar Testnet. sagUSD uses DeFindex-compatible vault accounting: distribute_yield() increases assets-per-share on the standard DeFindex share-price model, so sagUSD positions are natively readable by any DeFindex-integrated wallet or protocol without additional integration work. Written in Rust, committed to our public repository under Apache-2.0 from the first commit, with no private development phase.
- How to measure completion: contracts deployed on testnet with transactions publicly verifiable on Stellar Expert; the full deposit / mint / stake / unstake / redeem flow executable end-to-end; sagUSD exchange rate readable through the DeFindex assets-per-share interface; unit test suite passing on all core functions; source public at github.com/agamafinance/agama-soroban.
- Estimated date of completion: November 2026
- Budget: $14,800
- Brief description: web application with Stellar Wallets Kit integration (Freighter, xBull, Albedo, Ledger) covering deposit, staking and withdrawal, plus two ecosystem integrations. A swap interface routed through the Soroswap Router for agUSD/USDC, composable with a deposit in a single Soroban transaction, wired against the published Soroswap testnet Router. A bridge tab built on Circle CCTP for native 1:1 USDC transfers into Stellar, with no wrapped tokens and no third-party bridge risk. CCTP is live on Stellar Mainnet since May 2026.
- How to measure completion: public testnet dApp accessible; a new user can connect a wallet and complete the full deposit and stake flow without assistance; agUSD/USDC swap executing through the Soroswap testnet Router from the dApp; CCTP bridge integration depositing USDC into Stellar end-to-end.
- Estimated date of completion: November 2026
- Budget: $11,400
- Brief description: event ingestion from Soroban RPC, NAV and share-price history exposed via an API powering the dApp and the public transparency data.
- How to measure completion: indexer ingesting all contract events; NAV and yield data exposed via API and displayed in the dApp.
- Estimated date of completion: November 2026
- Budget: $5,400
- Brief description: Soroban contract routing vault capital across pool adapters, with concentration caps per pool, originator and jurisdiction, and a minimum idle USDC reserve floor, all enforced at contract level. Two adapters share one uniform interface (allocate, deallocate, get_exposure) so the Engine stays agnostic to pool type: an Etherfuse adapter holding Stablebonds as Stellar-native government-bond RWA collateral, and a private credit adapter for off-chain originator allocations. Etherfuse Stablebonds are live on Stellar mainnet, so that adapter is built and unit-tested here and goes live at mainnet in Tranche 3.
- How to measure completion: engine live on testnet with both adapters registered; allocations breaching a cap or the reserve floor rejected on-chain; Etherfuse and private credit adapters passing their unit test suites against mock pool contracts; exposure map and current reserve ratio readable via contract calls.
- Estimated date of completion: December 2026
- Budget: $11,800
- Brief description: Oracle Adapter with authorized reporters and per-feed staleness and deviation guards, consuming three feeds. The Reflector USDC/USD feed validates peg integrity of the vault base asset, with a one-hour staleness threshold and a 2% deviation bound. Private credit NAV uses a dedicated reporter feed with a seven-day staleness threshold and a 5% deviation bound, matching the reporting cadence of off-chain credit instruments. Etherfuse Stablebond pricing uses the Etherfuse feed with a 48-hour staleness threshold and no deviation bound, since that NAV is deterministic. Every NAV report is reconciled against originator servicing data before it drives yield distribution.
- How to measure completion: NAV updates flowing on testnet from all three feed types; stale reports reverting with OracleStale and out-of-bounds reports emitting nav_rejected, each demonstrated by a test case; yield distribution to sagUSD driven by oracle data; the reconciliation procedure between on-chain NAV and off-chain originator servicing data documented and executed end-to-end on testnet.
- Estimated date of completion: December 2026
- Budget: $10,400
- Brief description: MoneyGram Access integration at the backend level over SEP-10 authentication and SEP-24 interactive flows, giving a retail cash on and off-ramp across 180+ countries, so a user can go from physical cash to a yield-bearing RWA position without touching a centralised exchange. MoneyGram's sandbox runs on Stellar Testnet, and the SDF Stellar Test Anchor implements the same SEP-24 APIs, so the integration is built and validated on testnet across this tranche. Alongside it, a stress-testing campaign on the full system and a codebase freeze in preparation for the external security audit by OtterSec, an audit firm coordinating with the Stellar Development Foundation through the Soroban Audit Bank, whose Stellar track record includes Soroswap. Audit fees sit outside this budget.
- How to measure completion: SEP-10 authentication and SEP-24 interactive deposit and withdrawal flows completing end-to-end on Stellar Testnet against the MoneyGram Access sandbox, cash to USDC to agUSD and the reverse, with the SDF Stellar Test Anchor covering the same flows during MoneyGram onboarding; sustained multi-day testnet campaign without critical failures; codebase frozen and handed over for audit.
- Estimated date of completion: December 2026
- Budget: $9,600
- Brief description: deployment of the Agama protocol on Stellar Mainnet following completion of the OtterSec external security audit, with monitoring and alerting infrastructure covering vault solvency, NAV updates, oracle liveness and withdrawal queue depth.
- How to measure completion: all contracts live on mainnet under a 2-of-3 multi-sig admin; monitoring and alerting operational.
- Estimated date of completion: February 2027
- Budget: $12,400
- Brief description: onboard a signed asset originator from our committed pipeline into the first live vault, bring the Etherfuse adapter live against the real Stablebond contracts on mainnet as the low-risk base yield layer, deploy agUSD/USDC and sagUSD/agUSD pools on Soroswap as the primary liquidity venue enabling peg arbitrage in both directions, and ship a public transparency dashboard (NAV history, pool composition, realized yield) fed by on-chain data. This deliverable covers the integration and deployment work only; the liquidity itself is provided by Agama and its LPs, not from this budget.
- How to measure completion: first vault open on mainnet with live deposits allocated to a real private credit pool (e.g., one of our signed EMEA originators); Etherfuse Stablebond exposure held through the adapter and readable on-chain; agUSD/USDC swaps executing through the Soroswap Router on mainnet; dashboard publicly accessible and fed by on-chain data.
- Estimated date of completion: February 2027
- Budget: $24,600
- Brief description: remediation of the findings raised by the Stellar audit bank, followed by publication of the final report and a complete security documentation set on GitHub and our documentation site: remediation log, threat model, trust assumptions, oracle and withdrawal-queue failure modes, the off-chain settlement and NAV reconciliation model, and integration guides for Soroban protocols composing with agUSD.
- How to measure completion: every audit finding either remediated or formally acknowledged with a documented rationale; the final report publicly available; security and integration documentation live on GitHub and docs.agama.finance.
- Estimated date of completion: February 2027
- Budget: $7,800
It was not asked when we initially submitted for #45, we can provide it in the future if needed.
Tom David - Co-Founder & CEO: Ex-Google. 5+ years in Web3 Ecosystem development and BD (Privacy Foundation + RWA protocols). VC Associate for 4 years (15+ investments across pre-seed, seed, and Series A). Co-founded Web3 Day (3 editions: Bangkok, Dubai, Singapore, 1,200+ participants).
Eden Baudin - Co-Founder & CTO: 4+ years in Solidity engineering and DeFi protocol development. 15+ Web3 hackathon wins. Built and shipped multiple production-grade smart contract systems. Previous project incubated at Berkeley Blockchain Accelerator.
Github: https://github.com/edenbd1
Ash Manicka - Strategic Advisor: Ex-Robinhood and ex-Meta. Joined Robinhood ahead of its IPO and helped lead go-to-market for its most significant crypto initiatives, including Robinhood Wallet. He advises Agama on positioning, distribution and how retail-facing financial products actually get adopted at scale.
Tom
Eden
Tom
By Agama
Private Credit Yield Vaults on Stellar