00 · overview

Dollars with
the sound off.

mUSD is a dollar on Robinhood Chain that you can mute. Mint it against USDG, mute it, and the amount and both parties never reach the ledger. Observers see that something moved. They never see who, to whom, or how much. Visible when you choose. Silent when you don't.

mUSD price

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collateral ratio

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reserve

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mUSD supply

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muted

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$MUTE CA

answers

Asked plainly.

What is mUSD?

A dollar you can make silent. mUSD is a fractional-algorithmic stablecoin on Robinhood Chain: each unit is minted from USDG, most of which is held as collateral while the remaining share buys and erases $MUTE. The protocol moves that ratio to hold the price at $1.

How does the peg hold?

Below $1 the collateral ratio rises, so more USDG backs each new mUSD and redeeming pays more hard collateral. Above $1 the ratio falls and more of each mint is the algorithmic share. Redemption is always open, so arbitrage pulls the price back to $1. The mechanism is public and the ratio is on the Overview at all times.

What does “mute” actually do?

It moves mUSD from your visible balance into the shielded pool and writes a note encrypted only to you (x25519) plus a commitment in the Merkle tree. Nothing else is recorded. Your balance is unreadable to everyone but you.

What can an observer see when I send muted?

One nullifier spent and one new commitment added. No amount, no sender, no recipient. The recipient decrypts their note with their own key; nobody else can.

Can I become visible again?

Yes. Unmute returns a private note to your visible balance at any time, and Redeem burns visible mUSD for your USDG collateral plus the $MUTE share. Silent when you choose, visible when you choose.

What is $MUTE for?

$MUTE is the share token. A slice of every mint buys $MUTE and erases it, every fee buys more and erases that too, and bonds and the Window pay out in it. Demand for private dollars flows into $MUTE. Holders govern the protocol parameters.

Is my USDG actually deposited?

Yes. A deposit is a real USDG transfer on Robinhood Chain to the treasury. The server reads the transaction receipt, checks that the Transfer log runs from your wallet to the treasury, and only then credits your vault. Every deposited dollar sits in a treasury address you can open on the explorer.

How do I get USDG back out?

Redeem mUSD for USDG in your vault, then Withdraw. Withdrawals enter a queue the treasury pays from a cold wallet, usually within 24 hours, and the payout transaction hash is written next to your request. There is deliberately no hot key on the server.

What is Silent Yield?

40% of every protocol fee, paid to muted mUSD holders. Each time anyone mutes, sends, unmutes, redeems or trades on the Blind Desk, 40% of the fee is split pro-rata across every muted balance and credited as mUSD, inside the mute, in the same instant. There is no staking, no lock and nothing to claim. It is paid from fees that are already collateral-backed mUSD, so nothing is printed and it has no end date. The remaining fee still buys $MUTE and erases it.

What is a Drop?

A pay link. You lock muted mUSD behind a random secret and share the link. Whoever opens it connects a wallet and the mUSD lands in their muted balance. The secret lives only in the link fragment; the server stores a hash of it, and the ledger shows one nullifier and one commitment, indistinguishable from any muted send. One claim per drop.

What is a Mirror?

A view key: an HMAC over your address with a server salt, encoded together with your address so the mirror page can verify it. It reads your muted balance and history and has no spending power. This is the selective-disclosure model privacy coins use for audits: you choose who sees, and only they see.

How do Relays work?

When someone claims your Drop or connects through your link (mutemoneyrh.xyz/?ref=your-address) for the first time, they are bound to you. 20% of every fee they pay from then on is credited to your visible mUSD, forever. The rest is split between Silent Yield and Erase. One relay per wallet, set once, never changed.

What is the Blind Desk?

Private exposure to tokenized stocks. You commit muted mUSD to a long or short in HOOD, TSLA, NVDA, SPY and others at 1x, priced off the live exchange tape. When you close, P&L settles back into your muted balance. Nobody can see what you hold, how much, or which way. Positions are capped per wallet and protocol-wide, shorts stop out at a 95% loss, and orders fill only while the tape is fresh. The protocol is the counterparty; fees go to Erase.

What are Bonds?

The fastest way to grow the reserve. Deposit USDG and receive $MUTE at 20% below market, vesting linearly over 5 days, claimable as it vests and withdrawable to your wallet from the treasury. Your USDG goes into the mUSD reserve and mints nothing, so bonds push the collateral ratio up. Capacity is capped per day and the program closes with the Window.

What is Cryo?

A locked bond. Take $MUTE at 30% below market, held for 48 hours instead of vesting over 5 days. While locked it earns 80% APY, paid in $MUTE from the same fixed pool that funds the Window. At release you claim principal plus yield in one click. The USDG goes to the reserve and mints nothing.

What is the Window, and why does it close?

A limited staking period: stake mUSD and earn a fixed APY paid in $MUTE from a pool set aside in advance. It has a hard end date and a hard pool size. Permanent subsidised yield is what turned Anchor into the only reason to hold UST. A yield that ends cannot become load-bearing.

What is Erase?

The buyback. Every mute, muted send and unmute pays 30 bps, every redeem pays 50 bps. 40% streams to muted holders as Silent Yield; the rest collects in USDG and each cycle the protocol buys $MUTE at market and removes it from supply, publishing a receipt. Use of private money becomes permanent scarcity in the share token.

Which chain and which wallet?

Robinhood Chain (chainId 4663). Connect any EVM wallet such as MetaMask or Rabby; the site switches the network for you. USDG is the collateral asset.

How is risk handled?

The collateral ratio is published live, redemption is always open, yield programs have fixed pools and end dates, and Blind Desk exposure is capped per wallet and protocol-wide. Withdrawals are paid from a cold wallet, so no key on the server can move funds. A peg is a mechanism, and muted notes are encrypted to your keys alone, so keep your keys and size your position sensibly.

silent yield

Get paid to stay silent.LIVE

share of every fee

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paid to muted holders

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last 24h

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running APR · from fees

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payouts streamed

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wallets earning

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you have earned

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40% of every protocol fee is paid to the people holding muted mUSD. Every mute, send, unmute, redeem and Blind Desk trade pays a fee. The moment it is paid, 40% of it is split across all muted balances, pro-rata, and lands inside your muted balance as mUSD. The rest still buys $MUTE and erases it.

No staking. No lock. No claim button. Mute mUSD and your balance grows every time anyone uses the protocol. Unmute whenever you like and keep everything you earned.

Nothing is printed to pay for it. The fee is mUSD that is already backed by USDG collateral, so Silent Yield is revenue, paid in dollars. It has no pool to run dry and no end date, because it is funded by usage. The more private money moves, the more the silent side earns.

01 · signal

What the ledger can see.

Every entry below is public. Muted transfers appear as one nullifier and one commitment, with the amount and both parties absent. This is the entire footprint.

02 · blind desk

Stocks, unobserved.1X

positions open

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notional inside

000000

volume

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fees → erase

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Commit muted mUSD to tokenized stocks. Long or short, 1x, priced off the live exchange tape. Ticker, size, side and P&L all stay muted; the ledger records one nullifier and one commitment, identical to any muted send. 30 bps each way goes to Erase. Orders fill only while the tape is live.

03 · bonds · cryo

$MUTE below market. Reserve above.−20% / −30%

bond price · $MUTE

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market price

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capacity today

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bonded so far

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cryo price · $MUTE

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in cryo

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Bonds. Deposit USDG and take $MUTE at 20% below market, vesting linearly over 5 days. The USDG goes straight into the reserve and mints nothing, so every bond makes mUSD more collateralized. Daily capacity is capped, first come first served. Minimum 50 USDG.

Cryo. Lock the bond instead: $MUTE at 30% below market, held 48 hours, and the locked MUTE earns 80% APY in $MUTE the whole time, paid from the Window's fixed pool. Nothing is printed. Bond, lock, earn, release.

04 · the window

Yield with an end date.LIMITED

APY · paid in $MUTE

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mUSD staked

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reward pool left

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closes in

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stakers

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Temporary by design. Stake mUSD and earn a fixed APY paid in $MUTE from a pool the treasury funded in advance. Nothing is printed and no mUSD is created. When the pool or the clock runs out, the Window closes. A yield with an end date can never become the thing holding up the peg.

05 · erase

Every fee buys $MUTE and deletes it.

$MUTE erased

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bought back

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queued · next cycle

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cycles

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30 bps on mute, send and unmute, 50 bps on redeem. 40% streams to muted holders as Silent Yield. The rest collects in USDG, and each cycle the protocol buys $MUTE at market and erases it from supply. The erase receipt is public. The payer never is.

06 · relays

Bring someone in. 20%, forever.

Anyone who claims your Drop, or arrives through your relay link, is bound to you. From then on 20% of every fee they pay (mute, send, unmute, redeem) is credited to your mUSD. Not once. Every time. The rest is split between Silent Yield and Erase.

wallets you relayed

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earned from their fees

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Top relays. Addresses are masked. Relays are counted, never named.

07 · drops · mirror

DropPAY LINK

Send muted dollars as a link. Lock muted mUSD behind a secret; whoever opens the link claims it into their own muted balance. No recipient is ever named. On the ledger it is one nullifier and one commitment, the same as any muted send. Text it. DM it. Print it as a QR. Create one from the Send tab in the vault.

MirrorVIEW KEY

Show one person. Nobody else. Generate a view key and whoever holds it can read your muted balance and history on a mirror page. It can never spend. Hand it to an accountant, a partner, an auditor, and to nobody else. Generate one with mirror next to your muted balance.

08 · protocol

Three moves. No names.

Mint mUSD

Deposit USDG. Most of it becomes hard collateral; the small algorithmic share buys $MUTE at market and erases it. You receive $1-pegged mUSD. Redeem any time to reverse it.

Mute it

Muted mUSD becomes a note encrypted only to you. Your balance is unreadable to everyone else.

Send without a trace

A muted send keeps the amount and both parties hidden. The ledger holds one nullifier and one new commitment. That is digital cash.

Phases

The ledger & $MUTE

Real privacy primitives (commitments, nullifiers, encrypted notes), USDG deposits verified on Robinhood Chain, open mint and redeem.

Live

Drops, Mirror, Blind Desk

Pay-by-link muted transfers, read-only view keys, muted stock positions, bonds, Cryo and the Window.

Live

mUSD contracts on Robinhood Chain

Solidity mint and redeem against deposited collateral, a signed 24/7 oracle, and an mUSD pool.

Peg automation

Algorithmic collateral-ratio control and keeper bots holding $1 through arbitrage.

Planned

Zero-knowledge settlement

Muted transfers verified by on-chain ZK proofs, then professional audits.