Overlayer

Overlayer is a non-custodial protocol that upgrades existing stablecoins into productive on-chain capital. It is designed around full backing, deterministic redemption, non-rebasing settlement assets, and explicit separation between settlement and yield.

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What is Overlayer

Overlayer is a non-custodial protocol that upgrades supported stablecoins into productive on-chain assets without replacing them.

When a user deposits a supported stablecoin, the protocol mints the corresponding overlaid asset. The overlaid asset remains liquid, transferable, non-rebasing, and fully composable. If the user wants yield exposure, they can stake it and receive a separate staking representation that accrues value through share-based accounting rather than balance rebasing.

This separation between settlement and yield is one of the core design choices of the protocol. Overlayer is a receipt-based architecture with deterministic minting, redemption, and explicit separation between the base asset and the yield-bearing representation.

At a high level, Overlayer is built around a small set of core guarantees: