Tokenomics

yTBill is a vault share that mints on deposit and burns on redemption. It accrues income from a set of Treasury wrappers that pass an allow-list and a reserve policy. Transfers respect a non-transferable eligibility pass. Treasurers receive government exposure through an auditable on-chain receipt that reconciles with custody records and fund terms.

The Strategy Router compares wrappers on net APY that already reflects issuer fees, gas, spread and settlement friction. It applies hard caps per issuer and instrument that hold concentration in check. Deposit intake pauses when proof-of-reserve feeds fall outside policy or when NAV divergence appears, while withdrawals remain honoured under mandate. This keeps behaviour predictable and keeps disclosure credible.

Rotation occurs when the expected advantage reaches five basis points and when the benefit test clears the switching-cost allowance. Execution uses atomic bundles with min-out guards and private relays where routes support that feature. Each event leaves a concise memo that records the edge, the realised frictions, the allowance draw, and any levy credits that flowed to holders who remained. The rule captures small durable edges without needless turnover.

A streaming fee accrues per second inside the vault and follows a published ladder that compresses with scale and tenure through monthly rebate mints. A firm floor protects unit economics through cycles. The exit levy equals 1.5 basis points (0.015%) and remains in the vault rather than the treasury wallet, which improves fairness during flow churn and discourages opportunistic switches.

The legal wrapper is a Luxembourg RAIF in SCSp form that is managed by an authorised AIFM and safekept by a regulated depositary. The depositary reconciles positions and co-signs sensitive movements through a Safe multisig. Distribution addresses professional investors and transfers respect the eligibility gate. This frame places recognised institutions between keys and assets, which reduces operational surface and improves audit readiness.

Concentration receives hard caps per issuer and per instrument that the Router cannot cross. Liquidity management uses RFQ paths, private relays where available, staged execution for size, and min-out protections. Data hygiene rejects stale or outlier inputs and surfaces visible flags across the interface and exports. Order fairness uses official NAV strikes with swing at valuation points during large flows, and queues form under policy where conditions warrant. The result is a control stack that committees can examine without hand-waving.

The platform publishes one per-share NAV series that drives charts, factsheets and exports with matching as-of stamps. Realised APY links the daily net returns from that series through a geometric method that annualises with the proper day count. Indicative APY shows assumptions and friction bands without theatrics. Rebalance memos form a tidy trail of decisions and costs. Status banners mark provisional or restated figures, which keeps archives honest.

Onboarding includes KYC or KYB that results in the eligibility pass. Orders receive clear cut-off treatment and settlement windows that match wrapper calendars. Issuance and redemption update the registry with idempotent tags and signed hashes that allow replay. Support replays APY and NAV snapshots with permalinked reports that carry job identifiers and input hashes. The path from ticket to archive remains short and testable.

Treasurers value instruments that boards recognise, that require little ceremony to reconcile, and that do not hide economics behind opaque spreads. YieldGuard keeps the centre of gravity on net results, deterministic valuation, visible fees and enforceable gates. The system leaves most of the government income with the client while preserving a transparent revenue line that keeps the business sturdy through cycles.