> For the complete documentation index, see [llms.txt](https://stableigen.gitbook.io/stableigen/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://stableigen.gitbook.io/stableigen/where-the-yield-comes-from/yield-vault.md).

# Yield Vault

### steUSD (ERC-4626 Vault)

steUSD represents the yield-accruing, staked form of seUSD.

#### Yield Distribution

Yield accumulates directly to seseUSD holders. Yield rate fluctuates based on the total staked amount; higher when fewer tokens are staked, and vice versa (boosting Morpho core rates and AVSs rewards).

#### Unstaking Process

Upon unstaking steUSD, tokens are burned, and users receive seUSD after a 7-day cooldown to ensure liquidity and mitigate potential withdrawal pressure from lending markets. 

This might create some arbitrage opportunities on steUSD market price, similar to what happens with [sUSDe.](https://docs.ethena.fi/video-guides/how-to-stake-usde)