USHP

USHP is a tokenized index product whose issuer is USHP Limited, a British Virgin Islands company and subsidiary of the Cayman Islands-based USHP Foundation, with Index Industries serving as technology and services provider. On November 10, 2026, the USHP Foundation publicly presented the product and its income-bearing version, USHPi. USHP tracks the USHP Index, a U.S. home price benchmark compiled by Index Industries, and is backed by housing-related reserve assets, giving eligible institutions and non-U.S. investors index-level exposure to U.S. residential prices through a single instrument. USHPi is obtained by converting USHP and is used to receive a portion of the income generated by the reserve assets. According to official disclosures, USHP is not offered or sold in the United States or to U.S. persons.

The project mainly addresses the problem that home price benchmarks themselves are not investable, and that homebuilder stocks or REITs mix in operating leverage and company-specific noise. Mechanically, USHP mints and redemptions are normally priced at the lower of the daily U.S. Home Price Index and the net asset value (NAV) per token. The USHP Index is published every U.S. business day and covers 14 metropolitan areas across 10 states. Reserves are independently valued by the reserve administrator ht.digital, which reports NAV roughly every 24 hours; the housing-related assets are attested monthly by a third party, and the relevant data is published onchain. As of August 31, 2026, official disclosures showed reserve NAV of approximately $49.8 million, a USHP market capitalization of about $47.3 million, and collateralization of 105.2%. The product is currently discussed as a tokenized index instrument designed to make U.S. home prices investable onchain.