# Lido proposes investing treasury stablecoins in sUSDS and tokenized funds

> The proposal would permit stablecoin withdrawals through existing Easy Track paths, conversion into sUSDS or selected tokenized money-market funds, and custody through Foundation multisigs acting for the DAO.

- URL: https://riadefi.com/on-chain/2025-11-24-lido-treasury-susds-tmmf-conversion/
- Type: Economic change
- Stage: Proposed
- Evidence: confirmed
- Materiality: material
- Event date: 2025-11-24
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Follow-up: 2025-12-02
- Advisor-relevant: no
- Affects: Lido (protocol)

## What happened

Lido opened a Snapshot vote authorizing its Treasury Management Committee and two Foundations to implement the TMC-6 strategy for approximately $30 million of idle stablecoins.

## What changed

The proposal would permit stablecoin withdrawals through existing Easy Track paths, conversion into sUSDS or selected tokenized money-market funds, and custody through Foundation multisigs acting for the DAO.

## What did not change

No conversion, asset selection, transfer, or custody change was established within November. The proposal did not change stETH staking, withdrawals, validator operations, or the protocol fee.

## Confirmed

- The proposal described approximately $30 million of idle treasury stablecoins.
- Yield-bearing assets would be capped at 15% of total treasury value.
- The liquidity floor would require remaining stablecoin liquidity to cover at least two months of operating costs after specified exclusions.
- USDS could be converted into sUSDS, while eligible tokenized funds could include products such as BUIDL, Fidelity Digital Treasury Fund, or USYC.
- The Snapshot vote extended beyond the November review window.

## Still open

- The vote result and any subsequent on-chain authorization or transfers.
- The assets ultimately selected by the Treasury Management Committee.
- The final Foundation wallet, signer, custody, KYC, redemption, and concentration arrangements.
- The resulting exposure to Sky, fund issuers, custodians, stablecoin liquidity, and legal restrictions.

## What it means for an advisor

- Review the Lido governance-resilience memo for the proposed Foundation custody path and delegated asset-selection authority.
- Add sUSDS, selected fund issuers, custodians, redemption gates, and liquidity guardrails to diligence if execution occurs.
- Verify actual transfers and holdings; governance approval alone would not establish treasury-asset safety.

## Sources

1. [Conversion of Treasury Stablecoins into sUSDS or TMMFs](https://snapshot.org/#/lido-snapshot.eth/proposal/0x4dd947f5e73377b074fd393148b377558179f22ea923d584dd3c718f3bab0687) · Lido Snapshot · 2025-11-24


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.