> For the complete documentation index, see [llms.txt](https://docs.openeden.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.openeden.com/tbill/product-structuring.md).
# Product Structuring
## TBILL Token
The TBILL token is an EIP-20-compliant representation of an Investor's economic interest in the Fund. By depositing USDC and minting TBILL tokens, the Investor will have legal rights to the redemption value of the net assets held by the Fund, proportional to the amount of TBILL tokens the Investor holds relative to the total outstanding supply of TBILL tokens.
The TBILL tokens minted by the Investor will be held in the Investor’s whitelisted wallet. It is the sole responsibility of the Investor to take the necessary steps to safeguard the TBILL tokens from potential loss. The Token Issuer will not be liable for the loss of TBILL tokens held in the Investor’s self-custody.
At present, the TBILL token can only be minted and redeemed via the TBILL Vault by whitelisted wallets that have been fully onboarded after completing the KYC/KYB process. TBILL tokens are currently only transferable between whitelisted wallets. However, other projects and developers are building use cases that bring composability across different venues and networks for the TBILL token, spanning secondary trading, use as collateral for borrowing or trading, and bridging to other blockchain networks.
## Vault Strategy
The Fund aims to provide the highest possible level of income generation while maintaining liquidity and maximum safety of principal. Given these requirements, the Fund will be managed according to the following metrics:
* **Target portfolio composition**: A pool of short-duration US T-Bills
* **Target weighted-average maturity of portfolio**: Less than 3 months
**US T-Bills**
US T-Bills are government debt instruments issued by the US Department of the Treasury to finance government spending as an alternative to taxation. They are backed by the full faith and credit of the US Federal Government, with the government promising to raise money by any legally available means to repay them. Although the US is a sovereign power and may default without recourse, the Treasury has a strong record of repayment that has given its securities a reputation as one of the world’s lowest-risk investments. As a result, Treasury securities occupy a unique position in financial markets, serving as cash equivalents for institutions, corporations, and high-net-worth investors.
There are four types of marketable Treasury securities – US T-Bills, Treasury Notes, Treasury Bonds, and Treasury Inflation-Protected Securities – differentiated by length of maturity. The Treasury security referenced throughout this documentation is US T-Bills, which have a maximum tenor of one year.
As zero-coupon bonds, US T-Bills are issued at a discount to their par value. For example, an investor may purchase a T-Bill with a par value of $1,000 for only $950. When the bill matures, the investor redeems it at par for a yield-to-maturity of \~5%. If the par value of the bill exceeds its purchase price, the difference is the interest earned by the investor. Unlike coupon bonds, US T-Bills do not pay interest to investors on a regular basis.
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