---
title: "Overlaid Assets"
description: "Overlaid Assets are liquid, transferable, non-rebasing representations of supported stablecoin positions, with isolated backing and a 1:1 token redemption relationship."
keywords:
  - "overlaid assets"
  - "non-rebasing"
  - "Aave"
  - "backing"
  - "isolated backing"
  - "1:1 redemption"
canonical_url: https://docs.overlayer.fi/start_here/overlaid_assets
md_url: https://docs.overlayer.fi/start_here/overlaid_assets.md
last_updated: 2026-11-01T13:15:32.000Z
---

# Overlaid Assets

> Overlaid Assets are liquid, transferable, non-rebasing representations of supported stablecoin positions, with isolated backing and a 1:1 token redemption relationship.

An **Overlaid Asset** is the liquid, transferable, non-rebasing representation of a supported stablecoin position in Overlayer. The stablecoin remains the underlying asset and is supplied to Aave, while its Overlaid Asset can circulate and be used across DeFi.

Overlaid Assets separate **using capital from participating in its yield**. You can use the base asset without staking; participation in the backing’s yield requires its corresponding Staked Overlaid Asset.

## Asset families

Each Overlaid Asset belongs to a specific stablecoin family. The format is shared, but the underlying asset remains distinct.

| Underlying stablecoin | Overlaid Asset |
|---|---|
| USDT | T+ |
| USDC | C+ |
| USDG | G+ |

For example, C+ represents a USDC-backed position, not a basket of different stablecoins. The same relationship applies to each asset family.

For asset and network availability, see [Supported Assets & Networks](https://docs.overlayer.fi/resources/supported_assets_and_networks.md).

## Non-rebasing by design

**Non-rebasing means that yield does not automatically change your token balance.** If you hold 1,000 C+, your balance does not become 1,010 C+ because the underlying Aave position has generated yield.

This keeps the base asset’s accounting consistent across wallets, transfers and DeFi integrations. Applications can use C+ without adjusting every holder’s balance as yield accrues.

The distinction also applies to redemption: yield does not make each C+ redeemable for progressively more USDC. The base asset retains its **1:1 token relationship**. Yield participation is represented separately by sC+, whose conversion ratio to C+ increases as yield is allocated.

For the share mechanism and examples, see [Staked Overlaid Assets](https://docs.overlayer.fi/start_here/staked_overlaid_assets.md).

## Productive and isolated backing

The underlying stablecoin is supplied to Aave when an Overlaid Asset is minted. That backing can continue generating lending yield while the base token is held, transferred or used elsewhere. The token’s location and use do not determine whether its backing is productive.

Each asset family maintains **separate backing and accounting**. USDC backing supports C+, while USDT backing supports T+. They do not draw on a common collateral pool, and Overlayer does not cross-collateralize different Overlaid Assets.

:::note
This means a problem affecting one underlying stablecoin does not directly change the backing assigned to another family. It does not mean the families have no shared infrastructure dependencies.
:::

For how backing yield is allocated, see [Yield & Overyield](https://docs.overlayer.fi/protocol/overyield.md).

## Redemption is 1:1

Each Overlaid Asset has a **1:1 redemption relationship with its underlying stablecoin**. Redeeming 1,000 C+, for example, burns those tokens and returns 1,000 USDC under the protocol’s redemption rules.

:::caution
The relationship is expressed in token units, not U.S. dollars. **1 C+ corresponds to 1 USDC—not an independent dollar guarantee from Overlayer.** If USDC loses market value, C+ remains exposed to that underlying asset.
:::

A market swap is different from a protocol redemption. Swapping C+ uses the price and liquidity available in the selected market; the protocol’s 1:1 redemption relationship does not guarantee the same execution price on an exchange.

For instructions, see [Mint & Redeem](https://docs.overlayer.fi/use_the_app/mint_and_redeem.md).

## Using an Overlaid Asset

Overlaid Assets can be held, transferred, traded or used in compatible liquidity pools without entering the staking layer. Supported tokens can also move between enabled networks while retaining their underlying stablecoin identity. Available markets, integrations and liquidity vary by network.

Using an Overlaid Asset in another application does not turn it into a Staked Overlaid Asset. Any separate fees or incentives earned through that application are distinct from Overlayer’s staking yield.

**The base asset remains available for use; staking is the separate choice to participate in the yield generated by its backing.**

For practical instructions, see [Swap](https://docs.overlayer.fi/use_the_app/swap.md) and [Bridge](https://docs.overlayer.fi/use_the_app/bridge.md).

To participate in staking yield, continue with [Staked Overlaid Assets](https://docs.overlayer.fi/start_here/staked_overlaid_assets.md).