A coin backed by
US Treasuries.
Every trade of $PTRS pays a small tax in USDG. Half buys tokenized T-bills that back the coin. Half is paid to holders every 40 minutes. No owner, on-chain.
The vault
US Treasuries held
$848
Coupons funded
$850
This period's coupon
$850.36
Next payout in
—
Half of every tax dollar
becomes a Treasury bill.
The vault converts its half into cUSDO, a tokenized fund of short-term US Treasuries, and keeps it. Nobody can withdraw it. The only way value leaves is when a holder burns tokens and takes their share. The other half is paid out as a coupon, in USDG, every 40 minutes.
Every trade
buys and sells of $PTRS
The vault
no owner, splits 50 / 50
US Treasuries
back the coin · burn to redeem
Coupon to holders
USDG, every 40 minutes
Buy 400 USDG → $PTRS
+6.00 USDG tax · straight to the vault
Sell $PTRS → 180 USDG
+2.70 USDG tax · straight to the vault
Buy 1,200 USDG → $PTRS
+18.00 USDG tax · straight to the vault
Tax flows in, all by itself
Flap collects the 1.5% tax on every buy and sell and sends it to the vault contract. No treasurer, no multisig, no trust required. The vault splits it the moment it arrives.
Coupon #142
401.20 USDG · 312 holders
0x7f3a…9c2e
0xb41d…44d1
0x08aa…d2f0
Holders get paid, pro-rata
The coupon pot is sent as USDG to every registered holder, weighted by balance. Straight to your wallet, every 40 minutes. Just hold.
Three things you can do.
Nothing you have to.
Buy and hold
Buy $PTRS on Flap with USDG. The tax goes straight to the vault contract, no wallet in between. Your balance is registered for coupons automatically and counts from the next period.
Get paid every 40 minutes
When a period ends, its pot is split by balance and pushed to every holder's wallet in USDG. Nothing to claim. Sell below your registered balance and you forfeit your unpaid coupons to the holders who stayed.
Redeem any time
Burn tokens and receive your exact share of the Treasuries the vault holds. Own 1% of supply, burn it, get 1% of the pile. That is why the price has a floor.
The floor,
read from the chain.
Treasuries divided by circulating supply is what one token redeems for. It cannot go down from someone redeeming, and it goes up with every trade and every day of yield.
Book value per token
$8.74e-7
what burning one token returns in Treasuries. The floor.
Registered for coupons
0.0%
0 of 969.98M circulating tokens
Burned for Treasuries
30.02M
3.00% of total supply, gone forever
In cUSDO
$524.82
+ $323.25 USDG waiting for a fair price
Your position.
Connect to see your coupons and what your tokens redeem for. Everything here is optional; the keeper does it for you.
Coupons
Paid in USDG at the end of every period, by balance, to everyone still holding.
Redeem for Treasuries
Burn tokens and receive your exact share of the cUSDO in the vault. No tax, no slippage. Claim first: redeeming lowers your balance and forfeits unpaid coupons.
Connect a wallet to redeem.
Locked at launch.
Two contracts, deployed once, with no owner, no upgrade path and no pause button. What you read on this page is what the code does, and nobody can change it.
50 / 50
of every tax dollar: Treasuries / coupons
40 min
coupon cadence, on-chain
The vault is open.
Buy, hold, get paid. Or burn and take your share. Your call, every 40 minutes.
Buy $PTRS