About
Bringing the risk-free rate
on-chain.
Bytode is a fully-reserved, yield-bearing token backed one-for-one by short-dated U.S. Treasury bills on Robinhood Chain.
By mid-2026, more than $34 billion of real-world assets had moved on-chain — and roughly 80% of it is tokenized U.S. Treasuries, now over $15 billion outstanding. The safest, most liquid yield in the world is finally becoming a settlement primitive.
Bytode exists to make that yield ownable in a single token. One $BYTODE is a claim on a basket of 0–3 month Treasury bills, overnight reverse-repo and a stablecoin cash buffer. It rebases daily as the bills accrue, so holding the token is holding the T-bill rate — passed through on-chain after one disclosed fee, redeemable 24/7.
We build on Robinhood Chain — Arbitrum Orbit L2 · settles to Ethereum · gas in ETH — the Ethereum L2 purpose-built for tokenized real-world assets. Self-custody your wallet, verify the reserve yourself, and bridge into Ethereum DeFi when you want to. The instrument is boring on purpose; the transparency is the product.
We publish what an institutional treasury desk would demand: CUSIP-level holdings, a full maturity ladder, weighted-average maturity, and an independent proof-of-reserve attestation every 24 hours. If we cannot prove it, we do not hold it.
01 — Subscribe
Deposit USDC
Whitelist a wallet, deposit USDC, and the transfer agent issues $BYTODE to you 1:1 at the live net asset value. Minimum ticket is $1. The USDC settles into a basket of 0–3 month U.S. Treasury bills, overnight reverse-repo and a cash buffer held by a regulated qualified custodian.
02 — Accrue
Earn the T-bill rate
As the underlying bills accrue toward par, NAV rebases daily — one token is worth progressively more than one dollar. Holders earn the ordinary short-Treasury coupon, currently ~4.52% net APY after a transparent 0.15% management fee. No lock-up, no emissions.
03 — Redeem
Burn back to USDC
Redeem any time: the token burns and returns USDC at NAV with instant T+0 settlement. Reserves stay short — a 21-day weighted-average maturity — so liquidity is structural, not promised.
The trust model
A tokenized Treasury fund is only as good as its reserve and its proof. Ours rests on four commitments.
Bankruptcy-remote custody
Every dollar of reserve sits with a regulated qualified custodian in segregated accounts — Treasury bills held at CUSIP level, repo collateralized by U.S. Treasuries, and a small USDC settlement buffer. Reserves are legally isolated from the issuer.
Daily proof-of-reserve
An independent attestation runs every 24 hours, reconciling holdings against tokens outstanding and hashing the result on-chain. The reserve ratio holds at 102.1% — 1284+ attestations published to date.
Short by design
The ladder never reaches for duration or credit. It is short-dated U.S. government paper and overnight repo — the closest thing to the risk-free rate — so mark-to-market swings stay small and redemptions clear cleanly.
Compliant access
Subscriptions are offered under Reg D 506(c) and Reg S to eligible non-U.S. persons and qualified purchasers only. KYC and eligibility are checked before a wallet is whitelisted. Not available to U.S. persons.