# Concrete, Fypher and ether.fi Plan $10 Million fyUSD Vault

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/54692
Published: 2026-11-12T00:24:48.000Z
Updated: 2026-11-12T00:24:48.000Z
Section: Business

> The planned initial issuance is aimed at institutional users in Asia, with the partners dividing stablecoin, capital and vault operations.

Concrete announced Nov. 11 that it is partnering with stablecoin project Fypher and liquid restaking protocol ether.fi to build vault infrastructure for fyUSD, which is aimed at institutional users in Asia.

The plan calls for an initial $10 million worth of fyUSD to be minted into a Fypher vault supported by Concrete. Fypher will manage the stablecoin’s infrastructure and distribution, while ether.fi will contribute capital to the vault.

Concrete will provide the vault infrastructure and execute on-chain strategies for asset allocation, accounting and rebalancing.