Lending Pools — Overview

The Lending Pools are where deposited USDC actually goes to work. Each pool funds a specific kind of real-world exposure, and each is isolated from the others: a shortfall in one pool doesn't touch the capital in another.

The active pools

Private credit and bonds behave differently — different duration, different recovery profile, different sensitivity to rates — which is exactly why Agama keeps them as separate pools rather than one blended fund. See Risks for how those differences show up as risk.

Two ways capital reaches a pool

1. Direct deposit. Depositing USDC straight into a pool gives concentrated exposure to that pool alone.
2. Via agUSD. Minting agUSD auto-allocates the backing across every active pool. Pool-level allocation is handled by the protocol, not the depositor.

Both paths fund the same pools — the difference is whether one depositor's capital lands in a single pool or is spread across all of them.

Isolation

Each pool's accounting is separate. A pool takes on the real-world credit or bond exposure it was created for, and its performance doesn't cross over into the other pools:

• A direct depositor in Pool A is exposed only to Pool A's performance.
• An agUSD holder is exposed to a blend of every pool, so a single pool underperforming is diluted across the whole allocation rather than concentrated.

Where the yield comes from

Pools deploy capital into the real-world private credit and bond deals they're built for, and the yield those deals generate flows back to the pool — and from there, to direct depositors or to agUSD's backing. There's no protocol emission subsidizing the return; it's a pass-through of real-world yield, net of any protocol costs.

See agUSD for how pool yield reaches the diversified path, and sagUSD for how it compounds once staked.