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es include:
* Integration of real-world assets (RWAs) like US Treasury Bonds
* New arbitrage strategies and on-chain mechanisms
* Enhanced capital efficiency and yield generation
Aster's commitment is to provide safe, productive investment options even during challenging economic conditions.
# Tutorials
USDF and asUSDF tutorials
Follow these step-by-step guides to mint, redeem, and manage your USDF and asUSDF tokens.
### **How to Mint USDF**
1. Go to the USDF tab on the Aster website
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc36dQgR8R_3wVqT1U5zYBXlmyTbGUKEl5NF5xHebgaOX4nVU-yJpTDOafFRGnAVN41lhBd2kzvtWBJRNOQq2I2l4zgx8VQ5s82HzZFDYhhYWRqzOK0k8gjYYJv362DQ85DaIElkg?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
2. Click \[Connect wallet] and sign the message
3. Input a USDT amount to see your estimated USDF
4. Click \[Smart Mint USDF] and confirm
You've successfully minted USDF. Your tokens will appear in your wallet immediately.
### **How to Redeem USDF**
**Option 1: Redeem on Aster**
1. Go to the USDF tab on the Aster website
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcfxciqfoioI2qaoF9DaL1cl0w2QsXfMsibtehvcl5yn0boVR8rnlcJCEn7PALDK55WLPhVnudIPe6lcBm6mKl-mv09vbxza1EM_dSGa-XxwpD_NODD11Vcm-6izlF0HvYk8r-9OA?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
2. Click \[Connect Wallet] and sign the message
3. Click \[Redeem] and \[Approve USDF]
4. Input a USDF amount to see your estimated USDT
5. Confirm the redemption
Your redemption request will appear in the Claim section. Processing takes 1-2 days for standard amounts, up to 7 days for large amounts.
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfIQnZULTIel0-ufIndXHaRZbP3PhPSF3Rnv6n2PgOY0kx74MR1S-VD4OeYwxV06tRSw-XzjeGJzTeYvGcIi9-epuvGTHCKdeJ6BH-Zm0_n1zOwDS_56qKWOLBuh1Yw9pt9E6VBfg?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
**Option 2: Swap on PancakeSwap**
1. Go to the USDF tab on Aster
2. Click \[Redeem]
3. Click \[Swap] to be redirected to PancakeSwap with a quoted USDT amount
This option executes instantly but may have slightly different rates due to pool liquidity.
### **How to Mint asUSDF:**
1. Go to Aster Earn
2. Click \[Connect wallet] and sign the message
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcKmKp_HZr8Ufb9-JX-y0GwI_bSgOsnrlmt8JEsFbLFa8d_IylXnRqq6llwo0MMw9fl8732SPH_2KaXMzFUTnc6TOEFHB9jgwIYkmxnOo6P3R-1wZECGcNS4cyHES7Iy6FdUD5Mng?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
3. Select asUSDF from the dropdown
4. Click \[Approve USDF]
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfQtFAX0MEh6Gookbutas1VQbUh356AnJJssg9fDfWIVf1eQIRZXE4tRElAGCrA9XzFtBR1FjqYCUMz1AKuFjybITK0KtCM7KVkTIgoyRy4c47Bu79xIjrqrJjz874nHqig8uKd7g?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
5. Enter your desired USDF amount
6. Click \[Mint asUSDF] and confirm
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXez3ot_Wk8tklVGMpLDV8qkbLv6cIfLMYMmDjyHOww1NP29vM6nh_Jgi7kLvsP60Ewcn48ulCs2D-cE0SqxglZFODhc1LuMIsqIxfYesjAa5yL5kyiQCyZAe_erAOZEFnRmMQP_5Q?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
Once confirmed, you've successfully minted asUSDF and will begin earning yield immediately.
## How to withdraw asUSDF:
1. Go to Aster Earn
2. Click \[Connect wallet] and sign the message
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdi7KYKK7K5UJWjXZixm6RH-M9QoUtNPr60_JyBmlq7EtnoiC2M9BdcDm-7xALiFtjlvJUvGHe0DutiYtEMUrknYlB3x18-Np-4hsky8codRqkxBlLz099USuceaMxi_sysPn1h?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
3.  Select asUSDF from the dropdown menu
4. Click \[Withdraw]
5. Enter your withdrawal amount
6. Click \[Request withdraw] and confirm
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc2FnDpi6FScsPEqYoZ89U1Gr_WQq-cS88KzssO0gjd_NFZDNBCjxgA5RHH0upTpSQ6aapwhH_lZ7oU4ySIw5pqiHz8Mci-kpBk69SvXjnPUCZ2J0DbN8Mn66oUMRY7p9aWiNpwag?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
Your withdrawal enters the queue. Processing takes approximately 2 hours (T+1 hour).
**Important:** Make sure BNB Chain is selected to view your claim status
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXedkB2XYSJ31d_VapR4xunLa9AQ4_PPWvN8MdvgYzAnv0MaqXJq-cS_VuXaDP7U4DIYx9TMO_rMI32s3z0aTAFKypMVhCISOYdFJMWi9HLcYgcvtr8NmntuKMEnSjZUyY1-ugSghg?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
Remember to click \[Claim] to complete the withdrawal once processing is done
<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd76fqE9Rf3KGRamWr2pHPVWCxzY2ABrpHm96bzXsyyJUcoK8X0rGBZgY4IUjDlOqjIMMug_MA0V6GwQ_w89tFfaEdQwLop_RBj8HNm4Mdrek4nZ50KpXFnUwi3YarywDIR8QWXAA?key=YBw161GYKNkAByDTZqA_i60J" alt=""><figcaption></figcaption></figure>
### **How to Mint USDF LP or asUSDF LP**
Please refer to:
{% content-ref url="/pages/zakAqdNKexUE5AVw1wMb" %}
[LP on PancakeSwap](/earn/overview/ecosystem/pancakeswap/lp-on-pancakeswap)
{% endcontent-ref %}
{% content-ref url="/pages/JtVifeAsMsHCZ2lqcN8Q" %}
[asUSDF on Pendle](/earn/overview/ecosystem/pendle/asusdf-on-pendle)
{% endcontent-ref %}
# FAQs
### **What is USDF?**
USDF is a yield-bearing stablecoin minted with USDT. USDT and USDF are fully convertible at a 1:1 ratio on Aster.
Contract Address: 0x5A110fC00474038f6c02E89C707D638602EA44B5
### **What are USDF's yield sources?**
Yield is generated through delta-neutral hedging strategies such as buying spot BTC, then placing a corresponding short for the same USD amount which earns funding rates.
### **What happens to my USDT when I mint USDF?**
USDT is transferred to Aster's Ceffu account (our custodial partner). Ceffu then deploys the funds to create delta-neutral positions that back USDF and generate yield for asUSDF holders.
### **What is USDF Smart Mint?**
USDF Smart Mint optimizes your USDT-to-USDF conversion rate by routing your mint through the best available path:
* Direct mint on Aster adheres to a 1:1 ratio
* PancakeSwap pools may offer better rates due to liquidity conditions
* Smart Mint automatically chooses the path that gives you the best amount of USDF
### **What is the minting fee?**
Minting on Aster: No fee. If you use 1,000 USDT to mint , you receive 1,000 USDF.
Minting via PancakeSwap: A small swap fee applies. You'll see the estimated fee before confirming.
### **How do I redeem USDF for USDT?**
You have two options:
Option 1: Redeem on Aster
1. Go to the Redeem tab
2. Enter your USDF amount
3. Click \[Redeem]
4. Processing takes 1-2 days for standard amounts, up to 7 days for large amounts
5. You won't earn Au Points during the waiting period
6. Click \[Claim] once processing is complete
Option 2: Swap on PancakeSwap
1. Click \[Swap]
2. Receive USDT instantly (with swap fees)
### **What is the redemption fee?**
Redemption on Aster: 0.1%. If you redeem 1,000 USDF, you receive 999 USDT.
Redemption via PancakeSwap: Swap fees apply. You'll see the exact fee before confirming.
### **What is asUSDF?**
asUSDF is an asToken on Aster Earn and the yield-bearing token of stablecoin USDF. To mint asUSDF, stake USDF on Aster Earn. Holding asUSDF allows you to earn additional rewards. The token contract is: 0x917AF46B3C3c6e1Bb7286B9F59637Fb7C65851Fb.
### **How is asUSDF APY generated?** 
asUSDF APY is generated from delta-neutral strategies which also involve the collection of funding fees. APY is reflected in the net asset value of asUSDF. 
### **Can I withdraw my asUSDF (asUSDF to USDF) at any time?** 
Withdrawals will be subject to a T+1 hour waiting period (2 hours). Check your processing withdrawals in the \[Claim] section.
Remember to click \[Claim] after the waiting period ends.
### **Are there any fees involved?** 
There are no fees to mint or withdraw asUSDF.
# USDF and the Stablecoin Landscape
The stablecoin market has matured into a core layer of the crypto ecosystem. USDT and USDC dominate by volume but decentralized alternatives like DAI and Ethena's USDe have grown alongside DeFi. USDF sits in the decentralized category but with a different approach to yield and risk management. Below is a breakdown of how each compares.
### **Centralised Stablecoins: USDT and USDC**
Both are pegged 1:1 to the US dollar and backed by fiat reserves held by centralized entities. Their main advantages are liquidity and widespread exchange and protocol support.
**USDT (Tether)** is the largest stablecoin by market cap and one of the most traded assets in crypto. Tether holds reserves in excess of its liabilities — $143.7B in assets against $136.6B in liabilities as of 2024 — and generated $13B in net profit that year. Revenue comes from interest on reserve assets (primarily government bonds) and transaction fees.
**USDC (Circle)** is positioned as the regulated, institutional-grade alternative. It exceeded $30B in market cap and processed $1T in on-chain volume in November 2024 alone. Circle generated $132.7M in on-chain revenue in December 2024, second only to Tether's $532.1M.
**Risks of centralised stablecoins:**
* Counterparty risk — solvency and integrity of a single issuer
* Reserve transparency — reliance on issuer disclosures
* Regulatory exposure — subject to policy changes that can affect legality or value
### **Decentralised Stablecoins: USDe and DAI**
**USDe (Ethena)** is a synthetic stablecoin that maintains its dollar peg through a delta-neutral hedging strategy using synthetic assets. It's composable with DeFi protocols and has historically offered up to 18% APY when converted to sUSDe. Revenue comes from liquidity provision, staking, and yield generation within its DeFi ecosystem.
**DAI (Sky)** is collateralised by a basket of cryptocurrencies held in onchain vaults (Collateralized Debt Positions). It's over-collateralized to absorb volatility and maintains its peg through smart contract mechanics on Ethereum. Sky generates revenue through stability fees and governance participation.
### **USDe's Bear Market Limitations**
USDF's yield model is closest to USDe's — but USDe has a structural weakness in bear markets. Its reliance on synthetic asset positions and perpetual funding rates means yield becomes unsustainable when funding rates turn negative for extended periods. Returns that look attractive in bull conditions can reverse sharply in downturns.
***
### How USDF Compares
| | USDT / USDC | USDe | DAI | USDF |
| -------------------------- | --------------------- | ------------------------------------ | ------------------------------ | -------------------------------------------- |
| **Type** | Centralised | Decentralised (synthetic) | Decentralised (collateralised) | Decentralised (multi-strategy) |
| **Peg mechanism** | Fiat reserves | Delta-neutral hedging | Over-collateralised vaults | Diversified DeFi strategies |
| **Yield** | None | Up to \~18% APY | Variable | Variable, with bear market diversification |
| **Bear market resilience** | Stable, no yield loss | Vulnerable to negative funding rates | Moderate | Designed to adapt via alternative strategies |
| **Counterparty risk** | Issuer-dependent | Protocol risk | Protocol risk | Protocol risk |
**USDF's differentiation:** When funding rates turn negative or markets contract, USDF can shift toward alternative yield sources — such as DAI collateralised lending — to maintain returns without depending solely on perpetual market conditions. This multi-strategy approach is intended to provide more consistent yield across market cycles compared to single-mechanism models like USDe.
**Note:** USDF's underlying USDT reserves operate within a regulatory-compliant framework, which also positions it as a more viable option for institutional participants who require both decentralised mechanics and regulatory assurance.
# Overview
[**Aster Earn**](https://www.asterdex.com/en/earn) is a yield-focused product within the Aster platform, giving users access to optimized DeFi and CeDeFi strategies with minimal friction. Rewards update in real time and are distributed automatically. There is no need to claim rewards manually and you can withdraw at any time.
#### **Key Features**
* **High-yield strategies:** Earn returns through structured DeFi and CeDeFi opportunities.
* **Secure custody:** Assets are safeguarded through partnerships with trusted custodians like Ceffu.
* **asUSDF staking:** Stake USDF to receive asUSDF, a yield-bearing version of the stablecoin.
* **Simple UX:** One-click staking makes it easy to participate.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2Fn3FCKUah4uBf9Za2UL5v%2Fimage.png?alt=media&token=c560b2dc-ae7c-48f3-ad3a-c415f64899b4" alt=""><figcaption><p>View your assets and Aster Earn's offerings on one page</p></figcaption></figure>
# Mint asBNB
**What's in this article**
[#how-to-mint-asbnb](#how-to-mint-asbnb "mention")
[#how-to-withdraw-asbnb](#how-to-withdraw-asbnb "mention")
[#asbnb-on-aster-faqs](#asbnb-on-aster-faqs "mention")
[#asbnb-restaking-faqs](#asbnb-restaking-faqs "mention")
**Aster presents asBNB**, a liquid staking product that allows you to stake BNB or slisBNB to mint asBNB — offering flexible utility and strong yield potential.
**Key benefits**:
* **Up to 30% APY** from BNB ecosystem rewards:
* **Binance Launchpool rewards** are reflected in the net asset value of asBNB.
* **Binance Hodler Airdrops** are distributed as asBNB and claimable on the asBNB page.
* **Megadrop rewards** are also distributed as asBNB and claimable on the same page.
**Minting and withdrawal**:
* You can mint asBNB with **BNB or slisBNB**. If you use BNB, it will be automatically converted to slisBNB.
* **Withdrawals always return slisBNB**, even if you minted with BNB or cancel a pending mint.
**Security**:
Smart contracts are fully audited, with strong risk controls in place. See the asBNB FAQ for full details.
### **How to Mint asBNB**
1\. Once you have slisBNB or BNB, go to [Aster Earn](https://www.asterdex.com/en/earn). Select asBNB, click \[Connect wallet], and sign the message.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FnSGokX4J0t0lMnCqTXmQ%2F%E6%88%AA%E5%B1%8F2025-03-31%2016.04.03.png?alt=media&token=b3ca6f5e-0b2a-4d65-b545-e70f4cf1c452" alt=""><figcaption></figcaption></figure>
2. Enter the amount of slisBNB or BNB you want to mint and click \[Approve BNB]. After that, confirm the transaction.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FFNdlGCDSVeqNHhGCgfxV%2F%E6%88%AA%E5%B1%8F2025-03-31%2016.05.13.png?alt=media&token=325043a6-3740-431c-874e-927fad28783f" alt=""><figcaption></figcaption></figure>
3\. Now you can click on \[Mint asBNB].
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FmEtSAG0cRQNWohFzdTqf%2F%E6%88%AA%E5%B1%8F2024-12-10%2016.50.25.png?alt=media&token=c087ed3c-f91c-4ca3-b7cd-0486408a9a4b" alt=""><figcaption></figcaption></figure>
4. If a launchpool is active at the time of your request, it will be queued and processed only after the launchpool ends and the asBNB net asset value is updated. If there’s no active launchpool, your asBNB will be minted immediately.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2F4mlFMWR5YjCuI9PMGrzw%2F%E6%88%AA%E5%B1%8F2024-12-26%2010.20.59.png?alt=media&token=94a2169b-59db-47ab-b4df-9855f34e86b8" alt=""><figcaption></figcaption></figure>
### **How to Get slisBNB**
#### **Method 1: Stake BNB to mint slisBNB on Lista DAO**
**Step 1:**
* Go to [Lista’s BNB liquid staking page](https://lista.org/liquid-staking/BNB) and connect your wallet.
**Step 2:**
* Enter the amount of BNB you want to stake, click “Stake,” and confirm the transaction.
* After the transaction is confirmed, slisBNB will be sent to your wallet.
**Step 3:**
* To view your slisBNB balance, open your Web3 wallet extension and select your account.
* Scroll to the bottom of your Tokens tab and click “Import tokens”.
**Step 4:**
* Paste the slisBNB contract address into the “Token Contract Address” field, then click “Add Custom Token”.
* slisBNB’s contract address: 0xB0b84D294e0C75A6abe60171b70edEb2EFd14A1B
#### **Method 2: Swap BNB to slisBNB on Binance Wallet**
**Step 1: Open Binance Wallet**
* Launch Binance Wallet on your device.
* Ensure you are logged in and have BNB in your wallet.
**Step 2: Navigate to Swap**
* After logging in, click the "Swap" tab at the bottom of the screen.
**Step 3: Select BNB to slisBNB**
* Choose BNB from the dropdown as the token you want to swap.
* Enter the amount of BNB you wish to swap. For example, 0.1 BNB as shown in the image.
* In the “To” section, select slisBNB from the dropdown as the token to receive.
**Step 4: Review the swap details**
* Check the details carefully to make sure everything is correct.
**Step 5: Execute the swap**
* Click the Swap button to initiate the transaction.
* Confirm any prompts that appear to complete the swap.
#### **Method 3: Stake slisBNB from Aster account**
If you had previously deposited slisBNB on Aster, you can directly stake it.
**Step 1:**
* Withdraw your slisBNB from Aster to your personal wallet.
**Step 2:** 
* Go to the [Aster Earn](https://www.asterdex.com/en/earn) page. Select asBNB from the dropdown menu, then click \[Approve slisBNB].
### **How to Withdraw asBNB** 
1. Go to Aster Earn and select asBNB. Click \[Connect wallet] and sign the message. Then select \[Withdraw] and click \[Approve asBNB].
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2FZ8XgfSfVYJCrc9HZiTQJ%2Fimage.png?alt=media&token=423dc6b6-176c-4799-a92c-bf1725c3e085" alt=""><figcaption></figcaption></figure>
2. Enter the amount of asBNB you want to withdraw, then click \[Withdraw] to receive slisBNB.
If there are no active Binance Launchpools, your withdrawal will be processed immediately.
If a launchpool is active, your request will be queued and processed once the launchpool ends and the asBNB net asset value is updated.
Launchpool rewards typically take 3–5 business days to be reflected in the asBNB net asset value.
<figure><img src="https://4068247257-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FWhSHuKmgnGREbVb12PK2%2Fuploads%2F3ykUKLFr3BWLFMl0bYeG%2Fimage.png?alt=media&token=0eac8e3c-befb-4611-b2e4-3e04cbea41e6" alt=""><figcaption></figcaption></figure>
Note: Regardless of whether you used BNB to mint asBNB, withdrawing asBNB will return slisBNB. If your mint request is still in the queue, canceling it will also return slisBNB.
### **asBNB on Aster FAQs**
#### **What is asBNB?**
asBNB is a liquid staking token minted by staking slisBNB through Aster Earn.
Token contract address: 0x77734e70b6E88b4d82fE632a168EDf6e700912b6.
#### **How is asBNB APY generated?**
When you stake slisBNB on Aster Earn, it’s converted into clisBNB by Lista DAO and used to participate in Binance Launchpools. The rewards earned are converted to BNB by Lista DAO and returned to Aster, increasing the net asset value of asBNB. You can view the current asBNB APY [here](https://www.asterdex.com/en/earn/astoken?token=slisBNB).
#### **Do I get Binance Hodler Airdrops?**
asBNB minters are eligible for Binance Hodler Airdrops, distributed as asBNB. Tokens will be sent to Lista DAO, converted to BNB, then to asBNB by Aster. Rewards will be claimable 3–5프로젝트로 돌아가기
