# Nara

*Co-building a synthetic dollar backed by real-world payment financing*

**Authors:** [Vadim Zolotokrylin](https://holdex.io/c/people/vadim-zolotokrylin)

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[Nara](https://nara.io/) is a synthetic dollar (NaraUSD)
and a yield-bearing staked variant (NaraUSD+) backed by real-world short-term
payment-financing receivables.
The thesis is straightforward.
Cross-border payment flows generate large, short-duration liquidity needs.
Routing those flows through DeFi turns the financing spread into a structurally
yield-bearing asset that NaraUSD+ holders can stake into.

Holdex came in for product co-building and product engineering.
Both hands-on, both shipping production code.

## What we shipped

The Holdex engagement at Nara covers the on-chain layer end to end.
Mint and redeem mechanics for NaraUSD against the underlying receivables.
Vault accounting for the staked NaraUSD+ position.
The yield-distribution flow
that pipes payment-financing returns back to stakers.
It is the kind of full-stack DeFi build where product architecture
and protocol engineering have to move together.

## The story

Launch partners Mansa and Hercle had secured over $60M in assets
for the protocol at launch.
NaraUSD+ turns short-term payment financing into a double-digit yield product.
The wedge is the integration into existing PayFi flows,
where the cross-border-payment originators already have the receivables.
NaraUSD gives those receivables a tradable on-chain wrapper.

## Links

- Site: [nara.io](https://nara.io/)