Managed credit vault

Fuel Credit is a fully managed ecosystem credit vault operated by Fuel Labs. It combines permissionless FUEL and USDC top-ups, owner-controlled idle withdrawals, and fixed-term loans whose economic terms are locked before opening.

Liquidity pools

The owner can refill or withdraw idle assets from both pools:

• USDC funds the principal transferred to borrowers in the opening transaction.
• FUEL supports collateral-return operations, receives upfront borrowing fees, and receives all unreleased collateral from positions finalized at maturity.

The contract separately records cumulative funding, withdrawals, defaulted USDC, and FUEL collateral claimed from terminal defaults. Locked borrower collateral is excluded from owner-withdrawable FUEL.

FUEL management strategy

Available FUEL may be deployed for ecosystem management strategies, including:

• market-making operations on Reactor;
• market-making operations on O2;
• support for ecosystem collateral such as Moor.

Strategy activity is managed against the vault's immutable original loan records, outstanding USDC principal, released collateral, and available pool balances.

Backing and repayment risk

The managed vault's repayment obligations are fully backed by the Fuel Ecosystem Fund and Fuel Labs FUEL holdings. This backing provides insurance against FUEL-side repayment and managed-strategy shortfalls.

Backing does not eliminate timing, liquidity, custody, smart-contract, venue, counterparty, or operational risk. The vault still requires reconciliation, liquidity buffers, signer controls, and strategy monitoring.

See Risks and assumptions and Architecture for implementation details.