Earn Stablecoin Yield with the MUSD Savings Vault
Deposit MUSD, earn yield. The Mezo MUSD Savings Vault is live — hold sMUSD for protocol fees, or stake in the gauge for MEZO emissions.
The Mezo MUSD Savings Vault has been generating real yield since launch, and with MEZO emissions now live, it just got more valuable.
If you've already deposited MUSD, you've been earning yield from MUSD loan activity. The vault is live and open for deposits at mezo.org/earn/vaults, with no lockup period and no withdrawal fees, giving you the flexibility to deposit for as short or as long a period as you’d like.
Real yield, from day one
When you deposit into the MUSD Savings Vault, you earn a share of protocol fees from Mezo’s Bitcoin loan operations.
Every time someone borrows MUSD against their Bitcoin, repays loan interest, and incurs origination or refinancing fees, a portion of that revenue flows to the vault.
The current APR is 5%, but the realized yield varies based on protocol activity.
How it works: sMUSD
When you deposit MUSD, you receive sMUSD — a receipt token representing your share of the vault.
Your yield doesn't appear as a separate balance. It's embedded in the sMUSD exchange rate. Over time, 1 sMUSD becomes redeemable for more than 1 MUSD. When you withdraw, you get back more than you put in, depending on the yield realized during the period you deposited.
What's new: MEZO emissions are live
With the MEZO token now live, the MUSD Savings gauge can also distribute MEZO emissions to users who choose to stake their sMUSD in the gauge. This can be done directly on the vault page once you have an sMUSD balance.
Staking your sMUSD in the gauge redirects your share of fee revenue to veBTC voters. In exchange, you earn MEZO proportional to the number of votes the gauge receives. The more veBTC votes are directed to the savings gauge, the more MEZO flows to stakers.
The choice between holding and staking:
Hold sMUSD — fee revenue goes directly to you. No action required.
Stake sMUSD in the gauge — fee revenue goes to veBTC voters. You earn MEZO emissions instead.
The yield from each source fluctuates — MUSD protocol fees and MEZO emissions both shift based on gauge activity. Either path works depending on your strategy. Check the Vote page and the MUSD Savings Vault on the Vaults page to see current rates.
How to get started
- Go to mezo.org/earn/vaults
- Select the MUSD Savings Vault
- Deposit MUSD — you'll receive sMUSD immediately
- Hold to earn fee yield passively, or stake in the gauge to earn MEZO
This material is provided for informational and illustrative purposes only, and contains forward-looking statements regarding future events, milestones, development, and utility. Such statements are based on current expectations and assumptions and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. Digital assets are highly volatile assets with no guaranteed value, utility, or performance. Participation involves significant risk, including but not limited to price volatility, regulatory uncertainty, technological vulnerabilities, and liquidity risk, which may result in partial or total loss of funds. The materials do not constitute, and should not be construed as, financial, investment, or legal advice. Participants must conduct their own due diligence on all relevant matters, and seek advice from legal, tax, or financial advisors regarding the risks and consequences of participation. All actions taken are done so at your own risk.