Concrete is partnering with Fypher to bring vault infrastructure to fyUSD, a new stablecoin built for institutional users in Asia, with ether.fi serving as the primary depositor into the Fypher vault.

fyUSD is expected to launch with $10 million in initial minting, with Concrete serving as the vault infrastructure partner from day one.

fyUSD brings together institutional stablecoin infrastructure, Concrete's on-chain vault architecture, and capital deployed by ether.fi.

The collaboration brings together participants across issuance, vault infrastructure, and capital deployment, creating a foundation for institutional dollars to access on-chain financial markets.

Building Yield Into the Stablecoin Stack

Stablecoins have become core infrastructure for moving dollars on-chain.

But increasingly, the opportunity extends beyond issuance and settlement. Stablecoin ecosystems need infrastructure that allows those dollars to be deployed productively once they are on-chain.

That is where Concrete comes in.

Concrete Vaults provide a single infrastructure layer for deploying assets across on-chain strategies, abstracting away the complexity of allocation, execution, accounting, and rebalancing behind a single vault position.

This structure demonstrates how established DeFi protocols can leverage Concrete's infrastructure to access institutional financial products without building and operating the underlying vault architecture themselves.

Bringing Together Institutional Infrastructure and DeFi Capital

The launch brings together distinct components of the on-chain financial stack.

Fypher provides the stablecoin infrastructure and brings fyUSD to market.

Concrete provides the vault infrastructure, supporting capital allocation, execution, accounting, and on-chain strategy management.

ether.fi Users access and deposit into the Fypher vault through the ether.fi frontend, with ether.fi deploying capital through Concrete's underlying vault infrastructure. 

Together, these participants connect institutional stablecoin issuance with on-chain capital deployment through a unified infrastructure stack.

For Concrete, this collaboration demonstrates the flexibility of its vault architecture, supporting both the financial products being brought on-chain and the protocols deploying capital into them.

Infrastructure for the Next Generation of On-Chain Dollars

Concrete is building the full-stack institutional operating system for on-chain finance.

Our vault infrastructure is designed to sit underneath financial products and ecosystems, providing a standardized way to deploy capital across crypto-native and real-world opportunities.

The collaboration with Fypher and ether.fi demonstrates how that infrastructure can bring together stablecoin issuers, institutional service providers, and established DeFi protocols within a single financial architecture.

With fyUSD entering the market and ether.fi deploying capital through Concrete Vaults, this partnership represents another step toward a more connected institutional on-chain financial system.

Fypher brings fyUSD to market. ether.fi deploys the capital. Concrete powers the infrastructure.

Important Disclaimers

This announcement is provided for informational purposes only and does not constitute an offer, solicitation, investment recommendation, or financial advice. Products, partnerships, deployments, and other arrangements described herein may be subject to further development, approvals, contractual arrangements, eligibility requirements, and jurisdictional restrictions. Any targets, projected returns, deployment amounts, timelines, or forward-looking statements reflect current expectations, are not guaranteed, and may change.

Digital assets and associated strategies involve significant risks, including market volatility, liquidity constraints, counterparty exposure, smart contract vulnerabilities, and possible loss of principal. References to custody, collateralization, risk management, or capital preservation do not constitute guarantees against loss. Unless expressly stated in applicable product documentation, returns are not guaranteed, and digital assets are not bank deposits or government-insured. The roles and responsibilities of Concrete and any third-party issuers, custodians, protocols, or other providers are determined by their respective arrangements and applicable governing documents, which control in the event of any inconsistency.

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