yTBill Lifecycle: institutional eligibility, mint at NAV, route & rebalance, redeem at NAV.
YieldGuard consolidates tokenised U.S. Treasury wrappers into a governed vault position, with deterministic reporting and professional eligibility gating.
| Eligibility gate | KYC_PASS required |
| Deposit & Mint | USDC.e at NAV |
| Route & Rebalance | Caps, proofs, memo trail |
| Redeem & Exit | NAV minus exit fee |
yTBill Lifecycle and Routing Explained
1.
Eligibility Gate: Only professional investors with a non-transferable KYC_PASS can participate. Initial onboarding ensures all compliance objectives are met.
2.
Deposit and Mint: Eligible investors deposit USDC.e, which is converted into yTBill shares at deterministic NAV. The entire workflow is governed by strict access controls and reporting standards.
3.
Route and Rebalance: Funds are allocated among approved wrappers according to net yield, issuer caps, proof-of-reserve health, and execution friction bands. The rebalancing follows a single rule: rotate when the expected advantage exceeds 5bps and passes the benefit test accounting for switching costs. Deposits pause if proof staleness exceeds 60 minutes or NAV diverges above 0.30%; withdrawals remain open. Routing logic inputs are wrapper net yield, issuer cap usage, proof health, and friction metrics; full memo trails log all actions.
4.
Redeem and Exit: Redeem yTBill shares at NAV. An exit levy of 1.5bps is charged and rebated to remaining holders, ensuring fee alignment and holder benefit.