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<!DOCTYPE html><html><head><meta charSet="utf-8"/><title>USDY Basics | XFT Finance</title><meta name="robots" content="index,follow"/><meta property="og:title" content="USDY Basics | XFT Finance"/><meta name="theme-color" content="#111" media="(prefers-color-scheme: dark)"/><meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"/><style>
:root {
--nextra-primary-hue: 212deg;
--nextra-primary-saturation: 100%;
--nextra-navbar-height: 4rem;
--nextra-menu-height: 3.75rem;
--nextra-banner-height: 2.5rem;
}
.dark {
--nextra-primary-hue: 204deg;
--nextra-primary-saturation: 100%;
}
</style><link rel="icon" href="/favicon.svg"/><link rel="icon" href="/favicon-light.svg" type="image/svg" media="(prefers-color-scheme: dark)"/><meta property="og:image" content="/img/logo.svg"/><meta property="og:title" content="XFT Finance Docs"/><meta property="og:description" content="At XFT, our mission is to make institutional-grade financial products and services available to everyone. We believe that blockchain technology has the potential to improve both the infrastructure of — and access to — financial products and services. We also believe that the best technical improvements need to be combined with the best practices from traditional finance, including investor protections, transparency in reporting, legal and regulatory compliance, intelligent and robust product structuring, working with the best service providers, and top-notch client service."/><meta name="next-head-count" content="12"/><link rel="preload" href="/_next/static/css/445c4173ffc2bf04.css" as="style"/><link rel="stylesheet" href="/_next/static/css/445c4173ffc2bf04.css" data-n-p=""/><noscript data-n-css=""></noscript><script defer="" nomodule="" src="/_next/static/chunks/polyfills-78c92fac7aa8fdd8.js"></script><script src="/_next/static/chunks/webpack-6724777efff47c03.js" defer=""></script><script src="/_next/static/chunks/framework-0995a3e8436ddc4f.js" defer=""></script><script src="/_next/static/chunks/main-6cde79d0e71b4535.js" defer=""></script><script src="/_next/static/chunks/pages/_app-5e08cacbd1e15530.js" defer=""></script><script 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class="nextra-nav-container nx-sticky nx-top-0 nx-z-20 nx-w-full nx-bg-transparent print:nx-hidden"><div class="nextra-nav-container-blur nx-pointer-events-none nx-absolute nx-z-[-1] nx-h-full nx-w-full nx-bg-white dark:nx-bg-dark nx-shadow-[0_2px_4px_rgba(0,0,0,.02),0_1px_0_rgba(0,0,0,.06)] dark:nx-shadow-[0_-1px_0_rgba(255,255,255,.1)_inset] contrast-more:nx-shadow-[0_0_0_1px_#000] contrast-more:dark:nx-shadow-[0_0_0_1px_#fff]"></div><nav class="nx-mx-auto nx-flex nx-h-[var(--nextra-navbar-height)] nx-max-w-[90rem] nx-items-center nx-justify-end nx-gap-2 nx-pl-[max(env(safe-area-inset-left),1.5rem)] nx-pr-[max(env(safe-area-inset-right),1.5rem)]"><a class="nx-flex nx-items-center hover:nx-opacity-75 ltr:nx-mr-auto rtl:nx-ml-auto" href="/"><span style="display:flex;justify-content:center;gap:0.5rem"><img src="/favicon.svg" style="width:24px"/><h1>XFT Finance Docs</h1></span></a><div class="nextra-search nx-relative md:nx-w-64 nx-hidden md:nx-inline-block mx-min-w-[200px]"><div 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17.7412C6.63375 17.4759 6.19499 16.6569 5.8125 16.4378C5.4975 16.2647 5.0475 15.838 5.80124 15.8264C6.51 15.8149 7.01625 16.4954 7.18499 16.7723C7.99499 18.1679 9.28875 17.7758 9.80625 17.5335C9.885 16.9337 10.1212 16.53 10.38 16.2993C8.3775 16.0687 6.285 15.2728 6.285 11.7432C6.285 10.7397 6.63375 9.9092 7.20749 9.26326C7.1175 9.03257 6.8025 8.08674 7.2975 6.81794C7.2975 6.81794 8.05125 6.57571 9.77249 7.76377C10.4925 7.55615 11.2575 7.45234 12.0225 7.45234C12.7875 7.45234 13.5525 7.55615 14.2725 7.76377C15.9937 6.56418 16.7475 6.81794 16.7475 6.81794C17.2424 8.08674 16.9275 9.03257 16.8375 9.26326C17.4113 9.9092 17.76 10.7281 17.76 11.7432C17.76 15.2843 15.6563 16.0687 13.6537 16.2993C13.98 16.5877 14.2613 17.1414 14.2613 18.0065C14.2613 19.2407 14.25 20.2326 14.25 20.5441C14.25 20.7863 14.4188 21.0746 14.8688 20.9824C16.6554 20.364 18.2079 19.1866 19.3078 17.6162C20.4077 16.0457 20.9995 14.1611 21 12.2276C21 7.12937 16.9725 3 12 3Z"></path></svg><span 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class="nx-flex nx-flex-col nx-gap-1 nextra-menu-desktop max-md:nx-hidden"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/">Welcome to XFT</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/trust-and-security">Trust & Security</a></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products">General-Access Products<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy">USDY Token<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1 active"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-bg-primary-100 nx-font-semibold nx-text-primary-800 dark:nx-bg-primary-400/10 dark:nx-text-primary-600 contrast-more:nx-border-primary-500 contrast-more:dark:nx-border-primary-500" href="/general-access-products/usdy/basics">USDY Basics</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/comparison-stablecoins">Comparison to Stablecoins</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/comparison-XFT-products">Comparison to Other XFT Products</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/how-it-works">How It Works</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/usdy-vs-rebasing-usdy">USDY vs Rebasing USDY (rUSDY)</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/rebasing">Rebasing</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq">FAQ<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/eligibility">Eligibility</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/onboarding-and-kyc">Onboarding & KYC</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/investing-and-redeeming">Investing & Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/usdyc">USDYc</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/transfers">Transfers</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/economics-and-fees">Economics & Fees</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/trust-and-transparency">Trust & Transparency</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/technology">Technology</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/partners-and-media">Partners & Media</a></li></ul></div></div></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/disclaimer">USDY Legal Disclaimer</a></li></ul></div></div></li></ul></div></div></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products">Qualified-Access Products<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/cash-management-101">Cash Management 101</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/minting-and-redeeming">Minting and Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/eligibility">Eligibility</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/onboarding-and-kyc">Onboarding & KYC</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg">OUSG Token<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/overview">Overview</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/eligibility-&-onboarding">Eligibility & Onboarding</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/investing">Investing</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/redeeming">Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/yield">Yield</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/fees-and-taxes">Fees & Taxes</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/ousg-vs-rebasing-ousg">OUSG vs Rebasing OUSG (rOUSG)</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/rebasing">Rebasing</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/technical">Technical</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/trust-and-transparency">Trust & Transparency</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/regulatory-compliance">Regulatory Compliance</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/other">Other</a></li></ul></div></div></li></ul></div></div></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/protocols">Protocols<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity 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Finance</a></li></ul></div></div></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/developer-guides">Developer Guides<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/developer-guides/mantle-integration-guidelines">Integration Guidelines for Protocols Supporting USDY on Mantle</a></li></ul></div></div></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/tools">XFT Token Tools (Bridge and Converter)<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/tools/XFT-bridge">XFT Token Bridge</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/tools/converter">XFT Token Converter<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/tools/converter/usdy-musd-conversion">USDY and mUSD Conversion</a></li></ul></div></div></li></ul></div></div></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/addresses">Smart Contract Addresses</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/audits">Smart Contract Audits</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/XFT-v1-vaults-laas">XFT V1 - Vaults & LaaS</a></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/legal">Legal<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/legal/terms-of-service">Terms of Service</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/legal/privacy-policy">Privacy Policy</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/legal/cookies-policy">Cookies Policy</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/legal/disclaimers">Disclaimers</a></li></ul></div></div></li></ul></div></div></div><div class="nx-sticky nx-bottom-0 nx-bg-white dark:nx-bg-dark nx-mx-4 nx-py-4 nx-shadow-[0_-12px_16px_#fff] nx-flex nx-items-center nx-gap-2 dark:nx-border-neutral-800 dark:nx-shadow-[0_-12px_16px_#111] contrast-more:nx-border-neutral-400 contrast-more:nx-shadow-none contrast-more:dark:nx-shadow-none nx-border-t" data-toggle-animation="off"><div class="nx-grow nx-flex nx-flex-col"><button title="Change theme" class="nx-h-7 nx-rounded-md nx-px-2 nx-text-left nx-text-xs nx-font-medium nx-text-gray-600 nx-transition-colors dark:nx-text-gray-400 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50" id="headlessui-listbox-button-:Rlsr6:" type="button" aria-haspopup="listbox" aria-expanded="false" data-headlessui-state=""><div class="nx-flex nx-items-center nx-gap-2 nx-capitalize"><svg fill="none" viewBox="3 3 18 18" width="12" height="12" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" fill="currentColor" d="M12 3v1m0 16v1m9-9h-1M4 12H3m15.364 6.364l-.707-.707M6.343 6.343l-.707-.707m12.728 0l-.707.707M6.343 17.657l-.707.707M16 12a4 4 0 11-8 0 4 4 0 018 0z"></path></svg><span class="">Light</span></div></button></div></div></aside><nav class="nextra-toc nx-order-last nx-hidden nx-w-64 nx-shrink-0 xl:nx-block print:nx-hidden nx-px-4" aria-label="table of contents"><div class="nextra-scrollbar nx-sticky nx-top-16 nx-overflow-y-auto nx-pr-4 nx-pt-6 nx-text-sm [hyphens:auto] nx-max-h-[calc(100vh-var(--nextra-navbar-height)-env(safe-area-inset-bottom))] ltr:-nx-mr-4 rtl:-nx-ml-4"><p class="nx-mb-4 nx-font-semibold nx-tracking-tight">On This Page</p><ul><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#what-is-usdy" class="nx-font-semibold nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">What is USDY?</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#how-does-it-work" class="nx-font-semibold nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">How does it work?</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#i-onboarding" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">I. Onboarding</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#ii-investing" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">II. Investing</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#redeeming" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Redeeming</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#understanding-rusdy" class="nx-font-semibold nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Understanding rUSDY</a></li></ul></div></nav><div id="reach-skip-nav"></div><article class="nx-w-full nx-break-words nextra-content nx-flex nx-min-h-[calc(100vh-var(--nextra-navbar-height))] nx-min-w-0 nx-justify-center nx-pb-8 nx-pr-[calc(env(safe-area-inset-right)-1.5rem)]"><main class="nx-w-full nx-min-w-0 nx-max-w-6xl nx-px-6 nx-pt-4 md:nx-px-12"><div class="nextra-breadcrumb nx-mt-1.5 nx-flex nx-items-center nx-gap-1 nx-overflow-hidden nx-text-sm nx-text-gray-500 dark:nx-text-gray-400 contrast-more:nx-text-current"><div class="nx-whitespace-nowrap nx-transition-colors nx-min-w-[24px] nx-overflow-hidden nx-text-ellipsis hover:nx-text-gray-900 dark:hover:nx-text-gray-100" title="General-Access Products"><a href="/general-access-products">General-Access Products</a></div><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-w-3.5 nx-shrink-0"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg><div class="nx-whitespace-nowrap nx-transition-colors nx-min-w-[24px] nx-overflow-hidden nx-text-ellipsis hover:nx-text-gray-900 dark:hover:nx-text-gray-100" title="USDY Token"><a href="/general-access-products/usdy">USDY Token</a></div><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-w-3.5 nx-shrink-0"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg><div class="nx-whitespace-nowrap nx-transition-colors nx-font-medium nx-text-gray-700 contrast-more:nx-font-bold contrast-more:nx-text-current dark:nx-text-gray-100 contrast-more:dark:nx-text-current" title="USDY Basics">USDY Basics</div></div><h1 class="nx-mt-2 nx-text-4xl nx-font-bold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100">USDY Basics</h1>
<h2 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-10 nx-border-b nx-pb-1 nx-text-3xl nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400">What is USDY?<a href="#what-is-usdy" id="what-is-usdy" class="subheading-anchor" aria-label="Permalink for this section"></a></h2>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">USDY (<strong>US</strong> <strong>D</strong>ollar <strong>Y</strong>ield Token) is a tokenized note secured by short-term US Treasuries and bank demand deposits. USDY is accessible to non-US individual and institutional investors and is designed to combine the accessibility of a stablecoin with high-quality, US dollar-denominated yield.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Creating a product that meets these requirements while also complying with applicable US laws and regulations does impose some limitations, however. For example, although you start earning interest as soon as we process your deposit, note that <strong>we can only mint your transferable USDY tokens between 40-50 days later</strong> (depending upon exactly when you invest). Furthermore, <strong>we can only redeem to USD via bank wire to non-US bank accounts</strong>.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">USDY comes in two versions: an “accumulating” version (USDY) whose per-token price increases as yield accrues, and a “rebasing” version (rUSDY) whose price remains at US$1.00. Whereas the price of USDY tokens increases as the value of the underlying assets increase, with rUSDY you simply receive more rUSDY in your wallet; in effect the yield on the underlying assets accrues in the form of additional rUSDY tokens. For example, if you acquired 100 rUSDY tokens when the price per token of USDY was $1.00 – and then the price per token of USDY increased to US$1.01, the price per token of rUSDY would remain at $1.00, but your wallet would now hold 101 rUSDY tokens. This ‘rebasing’ happens automatically when the USDY price is updated each business day.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">You can easily and instantly convert back and forth between USDY and rUSDY on our <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/usdy-vs-rebasing-usdy#how-do-i-convert-between-usdy-and-rusdy">website</a> at any time.</p>
<table class="nx-block nx-overflow-x-scroll nextra-scrollbar nx-mt-6 nx-p-0 first:nx-mt-0"><thead><tr class="nx-m-0 nx-border-t nx-border-gray-300 nx-p-0 dark:nx-border-gray-600 even:nx-bg-gray-100 even:dark:nx-bg-gray-600/20"><th class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 nx-font-semibold dark:nx-border-gray-600"></th><th class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 nx-font-semibold dark:nx-border-gray-600">USDY</th><th class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 nx-font-semibold dark:nx-border-gray-600">rUSDY</th></tr></thead><tbody><tr class="nx-m-0 nx-border-t nx-border-gray-300 nx-p-0 dark:nx-border-gray-600 even:nx-bg-gray-100 even:dark:nx-bg-gray-600/20"><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Token Type</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Accumulating</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Rebasing (distributing)</td></tr><tr class="nx-m-0 nx-border-t nx-border-gray-300 nx-p-0 dark:nx-border-gray-600 even:nx-bg-gray-100 even:dark:nx-bg-gray-600/20"><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Yield Accrual Profile</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Reflected through an increasing redemption price (Reference Token Price)</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Reflected as a subdivision of rUSDY tokens into additional rUSDY tokens daily</td></tr><tr class="nx-m-0 nx-border-t nx-border-gray-300 nx-p-0 dark:nx-border-gray-600 even:nx-bg-gray-100 even:dark:nx-bg-gray-600/20"><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">As Treasury Yield Accrues, the Token Price</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Increases</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Remains at $1.00</td></tr><tr class="nx-m-0 nx-border-t nx-border-gray-300 nx-p-0 dark:nx-border-gray-600 even:nx-bg-gray-100 even:dark:nx-bg-gray-600/20"><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Best Suited for</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Buy-and-hold cash management (some custodians only support accumulating tokens), collateral in smart contracts</td><td class="nx-m-0 nx-border nx-border-gray-300 nx-px-4 nx-py-2 dark:nx-border-gray-600">Yield-bearing means of settlement or exchange</td></tr></tbody></table>
<h2 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-10 nx-border-b nx-pb-1 nx-text-3xl nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400">How does it work?<a href="#how-does-it-work" id="how-does-it-work" class="subheading-anchor" aria-label="Permalink for this section"></a></h2>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl">I. Onboarding<a href="#i-onboarding" id="i-onboarding" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">To <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/faq/onboarding-and-kyc">onboard</a> you must be eligible and complete our <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/faq/onboarding-and-kyc">Know Your Customer (KYC)</a> process, provide us with the wallet address where you would like to receive your Tokens, and sign the <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/faq/investing-and-redeeming">appropriate paperwork</a>.</p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl">II. Investing<a href="#ii-investing" id="ii-investing" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<ol class="nx-mt-6 nx-list-decimal first:nx-mt-0 ltr:nx-ml-6 rtl:nx-mr-6">
<li class="nx-my-2"><strong>Deposit Funds.</strong> Once your onboarding is completed, you will receive an email stating when you are eligible to invest. From then on, you can deposit USDC at any time and USDT. (For deposits of $100K plus, USD bank wires are also possible. Contact us for more information). You will start <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/faq/economics-and-fees">earning interest</a> as soon as we process your funds (typically within 2-3 Business Days).</li>
<li class="nx-my-2"><strong>Cohort Assignment.</strong> Your purchase will be assigned a <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/how-it-works">cohort</a>, which determines the date on which we can provide you with your tokens. This approach ensures compliance with legal and regulatory requirements.</li>
<li class="nx-my-2"><strong>Certificate Generation.</strong> As soon as we process your funds, you will receive a <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/how-it-works#step-3-certificate-and-usdyc-generation">Temporary Global Certificate</a> that entitles you to receive your actual tokens as soon as we're allowed to provide them to you. This is between 40 and 50 days after we process your deposit. This date is listed on your Temporary Global Certificate.</li>
<li class="nx-my-2"><strong>Token Minting.</strong> As soon as the required amount of time has passed, you will receive your tokens in your designated wallet. You are then free to transfer your tokens to anyone within eligible geographies.</li>
</ol>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl">Redeeming<a href="#redeeming" id="redeeming" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Note that to comply with applicable US laws and regulations, we can only redeem USD via bank wire to non-US bank accounts. If you wish to redeem you will be required to provide us with such bank details before we can process a redemption request. Note that redemption for Temporary Global Certificates (i.e. prior to your token issuance) is only available for amounts greater than $100,000; for amounts less than this you will need to wait until your Tokens are minted.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">For more information, see our <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/how-it-works">How it Works</a> page as well as the FAQ section of these docs.</p>
<h2 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-10 nx-border-b nx-pb-1 nx-text-3xl nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400">Understanding rUSDY<a href="#understanding-rusdy" id="understanding-rusdy" class="subheading-anchor" aria-label="Permalink for this section"></a></h2>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><strong>rUSDY = A Type of ‘Wrapped’ USDY</strong></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">It’s important to understand that each rUSDY still corresponds to some amount of “regular” USDY that is locked in a wrapper contract. This wrapper contract locks the USDY in the contract, mints the corresponding amount of rUSDY, and sends that rUSDY to your wallet. For example, if you had 1,000 USDY tokens worth $10 each — so, a total of $10,000 of value — the 1,000 USDY would be locked in the wrapper contract, which would then mint 10,000 rUSDY tokens and then send those to your wallet. Conversely, if you wanted to <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/usdy-vs-rebasing-usdy#how-do-i-convert-between-usdy-and-rusdy">convert</a> your rUSDY tokens back to USDY tokens, your rUSDY tokens would be sent to the wrapper contract. This wrapper would then burn the rUSDY tokens, “unlock” the corresponding number of USDY tokens, and send those USDY tokens to your wallet.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">This means that the <em>total</em> supply of USDY is comprised of two ‘types’ of USDY:</p>
<ul class="nx-mt-6 nx-list-disc first:nx-mt-0 ltr:nx-ml-6 rtl:nx-mr-6">
<li class="nx-my-2"><strong>Wrapped USDY</strong> - i.e. USDY that is locked in the rUSDY wrapper contract and corresponds to the ‘reserve’ for the corresponding issued rUSDY.</li>
<li class="nx-my-2"><strong>Non-Wrapped USDY</strong> — i.e. USDY that <em>isn’t</em> locked in the rUSDY wrapper contract.</li>
</ul>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">There are three important implications of this:</p>
<ul class="nx-mt-6 nx-list-disc first:nx-mt-0 ltr:nx-ml-6 rtl:nx-mr-6">
<li class="nx-my-2">The “dollar value” that is represented by all rUSDY tokens is exactly equal to the amount of “dollar value” represented by all applicable wrapped USDY tokens. In other words, <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TVL_rUSDY = TVL_Wrapped_USDY</code> → <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TVL_rUSDY = Num_Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY</code> (Token Reference Price is the ‘face value’ of the token. You can learn more about how the price of USDY is determined <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/faq/economics-and-fees">here</a>)</li>
<li class="nx-my-2">Because of this, if you were to add up the total amount of USDY and the amount of rUSDY, you would be <em>double counting the value of the wrapped USDY</em>, because some of that value is already represented by the rUSDY.</li>
<li class="nx-my-2">Therefore, to properly calculate the TVL of USDY, the appropriate calculation is as follows:</li>
</ul>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">Total USDY TVL (e.g. both versions) = Num_rUSDY_Tokens * $1.00 + Num_Non-Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY</code></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">OR</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">Total USDY TVL (e.g. both versions) = (Num_Wrapped_USDY_Tokens + Num_Non-Wrapped_USDY_Tokens_ * TokenReferencePrice_per_USDY</code></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">i.e. the two calculations should result in the same number (adjusting for rounding).</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><strong>rUSDY Price Stability via Rebasing</strong></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Rebasing is a mechanism through which the total supply of tokens is adjusted. The basic intuition is that, if we’re trying to keep the price per token at $1.00, as the value of rUSDY’s underlying assets increase in value, we need to increase the number of tokens such that the “value of assets” divided by the number of tokens remains constant.
For tokens like USDY and rUSDY, the redemption value of the rUSDY token can be calculated by dividing the TVL of the rUSDY share class by the number of rUSDY tokens</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TokenReferencePrice_per_rUSDY = TVL_rUSDY / Num_rUSDY_Tokens</code></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">From above, recall that <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TVL_rUSDY = Num_Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY</code>, so we have
<code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TokenReferencePrice_per_rUSDY = (Num_Wrapped_USDY_Tokens * TokenReferencePrice_per_USDY) / Num_rUSDY_Tokens</code>
Therefore, as <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TokenReferencePrice_per_USDY</code> increases each day based on the <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/faq/economics-and-fees#how-is-the-price-of-usdy-determined">Token yield rate</a> for that month, <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TokenReferencePrice_per_rUSDY</code> would <em>also</em> increase…unless we also increased <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">Num_rUSDY_Tokens</code>. Since we want to keep <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">TokenReferencePrice_per_rUSDY</code> at $1.00, this means that we must increase <code class="nx-border-black nx-border-opacity-[0.04] nx-bg-opacity-[0.03] nx-bg-black nx-break-words nx-rounded-md nx-border nx-py-0.5 nx-px-[.25em] nx-text-[.9em] dark:nx-border-white/10 dark:nx-bg-white/10" dir="ltr">Num_rUSDY_Tokens</code> to keep the price at $1.00.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">For more technical details on how rebasing works, you can read more <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/rebasing">here</a>.
For more detailed information about USDY, please refer to the rest of these support docs or reach out to us at <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="mailto:support@XFT.finance">support@XFT.finance</a></p>
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<hr class="nx-my-8 nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400"/>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><strong>Legal Notice</strong></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>These pages are provided solely to facilitate your understanding of certain key features and terms of USDY and its issuer, and is qualified in all respects by the Tokenized Credit and Security Agreement, your Subscription Agreement, the Borrowing and Lending Memorandum, and the Limited Liability Company Agreement of XFT USDY LLC.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>For the purposes of these pages, the capitalized term “Token” shall refer to the transferrable USDY token.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Neither these pages, nor any related links or discussions, nor any portion hereof or thereof, constitutes any offer to sell, or any solicitation of an offer to buy, any securities, including but not limited to USDY Tokens.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Neither these pages, nor any related links or discussions, nor any portion hereof of thereof, constitutes any representation, warranty or covenant on the part of XFT Finance Inc., XFT USDY LLC or any other person.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>These pages and their links contain, and officers, agents or representatives of XFT Finance Inc. or XFT USDY LLC may from time to time make, "forward-looking statements". Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of XFT Finance Inc., XFT USDY LLC and their respective officers, agents and representatives. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Acquiring USDY Tokens is speculative and involves substantial risks. There can be no assurances that a USDY Token holder will not incur losses, including total loss of their investment in USDY Tokens.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>The USDY Tokens are not offered OR SOLD, and will not be offered OR SOLD, in the United States or to US persons. In addition, the USDY Tokens have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any other jurisdiction, and may not be offered, sold or otherwise transferred in the United States or to US persons unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. Additional limitations on transfer also apply.</em></p><div class="nx-mt-16"></div><div class="nx-mb-8 nx-flex nx-items-center nx-border-t nx-pt-8 dark:nx-border-neutral-800 contrast-more:nx-border-neutral-400 dark:contrast-more:nx-border-neutral-400 print:nx-hidden"><a title="USDY Token" class="nx-flex nx-max-w-[50%] nx-items-center nx-gap-1 nx-py-4 nx-text-base nx-font-medium nx-text-gray-600 nx-transition-colors [word-break:break-word] hover:nx-text-primary-600 dark:nx-text-gray-300 md:nx-text-lg ltr:nx-pr-4 rtl:nx-pl-4" href="/general-access-products/usdy"><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-inline nx-h-5 nx-shrink-0 ltr:nx-rotate-180"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg>USDY Token</a><a title="Comparison to Stablecoins" class="nx-flex nx-max-w-[50%] nx-items-center nx-gap-1 nx-py-4 nx-text-base nx-font-medium nx-text-gray-600 nx-transition-colors [word-break:break-word] hover:nx-text-primary-600 dark:nx-text-gray-300 md:nx-text-lg ltr:nx-ml-auto ltr:nx-pl-4 ltr:nx-text-right rtl:nx-mr-auto rtl:nx-pr-4 rtl:nx-text-left" href="/general-access-products/usdy/comparison-stablecoins">Comparison to Stablecoins<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-inline nx-h-5 nx-shrink-0 rtl:nx-rotate-180"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg></a></div></main></article></div><footer class="nx-bg-gray-100 nx-pb-[env(safe-area-inset-bottom)] dark:nx-bg-neutral-900 print:nx-bg-transparent"><div class="nx-mx-auto nx-flex nx-max-w-[90rem] nx-gap-2 nx-py-2 nx-px-4 nx-hidden"><button title="Change theme" class="nx-h-7 nx-rounded-md nx-px-2 nx-text-left nx-text-xs nx-font-medium nx-text-gray-600 nx-transition-colors dark:nx-text-gray-400 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50" id="headlessui-listbox-button-:Rkt6:" type="button" aria-haspopup="listbox" aria-expanded="false" data-headlessui-state=""><div class="nx-flex nx-items-center nx-gap-2 nx-capitalize"><svg fill="none" viewBox="3 3 18 18" width="12" height="12" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" fill="currentColor" d="M12 3v1m0 16v1m9-9h-1M4 12H3m15.364 6.364l-.707-.707M6.343 6.343l-.707-.707m12.728 0l-.707.707M6.343 17.657l-.707.707M16 12a4 4 0 11-8 0 4 4 0 018 0z"></path></svg><span class="">Light</span></div></button></div><hr class="dark:nx-border-neutral-800"/><div class="nx-mx-auto nx-flex nx-max-w-[90rem] nx-justify-center nx-py-12 nx-text-gray-600 dark:nx-text-gray-400 md:nx-justify-start nx-pl-[max(env(safe-area-inset-left),1.5rem)] nx-pr-[max(env(safe-area-inset-right),1.5rem)]">XFT Finance Docs</div></footer></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{}},"page":"/general-access-products/usdy/basics","query":{},"buildId":"kswwImgX88EJaGWTmIRU3","nextExport":true,"autoExport":true,"isFallback":false,"scriptLoader":[]}</script></body></html>