Mint & redeem
The primary market. Capital enters by minting at NAV +1% and exits by redeeming at NAV −1% — the spread on both sides stays in the vault, so every entry and every exit adds backing.
Mints 24h
Redemptions 24h
Net flow 24h
Accrued backing
Mint cap
Minting is capped per rolling window. The cap bounds the worst-case damage from any mispricing — even a bad NAV print can only be exploited up to the cap before it is corrected — and doubles as a TVL throttle at launch, keeping the vault small while the system proves itself. The cap is raised on a published schedule, never silently.
Mints vs redemptions — 90 days
Green bars are stablecoin entering the vault through mints; red bars hanging below zero are stablecoin leaving through redemptions. Whichever direction dominates, the 1% / 1% spread is retained — flow in either direction accrues backing.
Live entries & exits
- Redeem$1.20K · 1.25Qa tokens0x7e58…f980just now
- Redeem$756.52 · 789.15T tokens0x7a1c…49671m ago
- Redeem$177.81 · 185.48T tokens0x24a9…4e893m ago
- Redeem$259.92 · 271.14T tokens0xea5f…62d85m ago
- Mint$2.48K · 2.58Qa tokens0x6f80…e2c46m ago
How mint & redeem work
- MintDeposit stablecoin, receive tokens priced at NAV +1%. The 1% premium stays in the vault, raising backing for every existing holder.
- RedeemBurn tokens, receive stablecoin at NAV −1%. The 1% discount stays in the vault — exits strengthen backing too. Redemptions pay out of the stablecoin buffer, so no basket assets are force-sold.
- HaltBoth directions halt automatically if the posted NAV is stale (older than 36 hours) — no one can mint or redeem against a price the oracle no longer stands behind.
Worked example — at current NAV
NAV is $0.0₁₂9430 per token, so minting with $1,000 pays $0.0₁₂9524 per token and returns 1.05Qa tokens. Redeeming those same tokens immediately would pay back $980.20 — the vault keeps $19.80 of round-trip spread as permanent backing, whatever NAV is.