> ## Documentation Index
> Fetch the complete documentation index at: https://docs.tori.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Introduction

> Institutional-grade yields, now accessible on-chain

<Note>
  **About trUSD:** trUSD is a synthetic dollar backed by trading positions, which is different from fiat-backed
  stablecoins like USDC or USDT. Learn more in our [Risk Disclosures](/resources/risks).
</Note>

## What is Tori Finance?

Tori Finance is a synthetic dollar protocol that brings institutional-grade, market-neutral strategies on-chain.

For decades, the best risk-adjusted returns in finance have been locked behind geographic restrictions, accreditation requirements, and million-dollar minimums. Institutional trading desks and money market participants have run these strategies, but access has always been limited to the privileged few.

**Tori changes that.** We're bringing these time-tested strategies on-chain, making them accessible with any amount.

## Core products

<CardGroup cols={2}>
  <Card title="trUSD" icon="https://mintcdn.com/tori-a4f37b86/3H8dnTWjceeNc9vd/logo/trusd.svg?fit=max&auto=format&n=3H8dnTWjceeNc9vd&q=85&s=3c72b11855ed4df895cb78d07080fd17" href="/products/trusd" width="1024" height="1024" data-path="logo/trusd.svg">
    **The base synthetic dollar**

    Backed, attested, and audited. Swap in the app.
  </Card>

  <Card title="strUSD" icon="https://mintcdn.com/tori-a4f37b86/3H8dnTWjceeNc9vd/logo/strusd.svg?fit=max&auto=format&n=3H8dnTWjceeNc9vd&q=85&s=eea2c32da73c1b108f46e9f5de3f0ed3" href="/products/strusd" width="1024" height="1024" data-path="logo/strusd.svg">
    **The vault receipt token**

    Stake trUSD to earn rewards from institutional trading strategies.
  </Card>
</CardGroup>

## The problem Tori solves

The stablecoin market exceeds **\$300 billion**, yet most holders earn nothing on their assets. Existing yield options force users to make difficult tradeoffs:

| Category | How it works | Limitation |
| - | - | - |
| **T-bill wrappers** | Tokenize government bonds | Capped at the risk-free rate; often require KYC |
| **Basis trade protocols** | Capture funding rates from perpetual markets | Variable, can go negative; concentrated crypto exposure |
| **Credit protocols** | Lend to borrowers for yield | Default risk; often illiquid during stress |
| **High-yield stables** | Various strategies | Significant drawdown risk or complexity |

**Tori offers a different approach:** market-neutral strategies that institutional traders have used for decades, now accessible on-chain with full transparency.

## How rewards are generated

Tori doesn't rely on a single trade. Capital is spread across several market-neutral strategies:

<AccordionGroup>
  <Accordion title="Money markets" icon="landmark" defaultOpen>
    Short-duration instruments in select global markets, at institutional rates retail participants don't normally see.
    Money markets carry the largest share of the book.
  </Accordion>

  <Accordion title="Futures arbitrage" icon="chart-line">
    When futures trade at a premium to spot, buying one and selling the other captures the spread. One of the oldest
    arbitrage trades in finance.
  </Accordion>

  <Accordion title="Calendar spreads" icon="calendar">
    Near-term and far-term contracts on the same market drift out of line with each other. Trading that relationship
    earns the gap without taking a view on price.
  </Accordion>
</AccordionGroup>

Arbitrage positions are paired long and short, so returns come from pricing gaps rather than market direction. New strategies get added when the risk-reward clears the bar. The full breakdown is in [Strategy](/strategy/overview).

## How it works

<Steps>
  <Step title="Swap">Connect your wallet and swap USDC or USDT for trUSD. No verification required.</Step>

  <Step title="Stake">
    Convert trUSD to strUSD with a single transaction. Your position accrues rewards as they are distributed based on current market
    conditions.
  </Step>

  <Step title="Earn">
    strUSD accumulates rewards automatically as they are distributed. The exchange rate between strUSD and trUSD increases over time as rewards
    are generated.
  </Step>

  <Step title="Unstake">
    When you're ready to exit, request unstaking. There's a 7-day cooldown period for liquidity management.
  </Step>

  <Step title="Exit">After the cooldown, swap your trUSD back to USDC or USDT.</Step>
</Steps>

## What makes Tori different

### Global access without barriers

Traditional yield strategies require:

* Accredited investor status
* \$1M+ minimum investments
* Geographic restrictions
* Complex fund structures

**Tori requires none of this.** Anyone with a Web3 wallet can access the same strategies that were previously reserved for institutional investors. Eligibility is restricted in some jurisdictions; the [Terms of Service](/legal/terms) have the details.

### DeFi composability

strUSD is a liquid ERC-20 you hold in your own wallet, not a fund share on a register. It transfers freely, can back a lending position or a DEX pool, and plugs into anything that accepts an ERC-20. The live venue catalog is in the app at [app.tori.finance/defi](https://app.tori.finance/defi); see [DeFi integrations](/resources/integrations) for the current list.

### Transparent and verifiable

Every layer of the stack has an outside party attached, and each one publishes somewhere you can look:

| Layer | Provider | Details |
| - | - | - |
| **Proof of Reserves** | Accountable | Continuous independent attestations, live at [tori.accountable.capital](https://tori.accountable.capital) |
| **Security monitoring** | Hypernative + internal | Automated threat detection running around the clock |
| **Smart contract audits** | Sherlock, Nethermind | Two independent firms; reports on the [audits page](/security/audits) |

The full stack, including the reserve fund and role permissions, is on the [security overview](/security/overview).

### Custody

On-chain, assets sit in audited contracts behind multisig and timelocked admin roles ([who holds which key](/security/roles)). Off-chain, they're held with institutional custodians in segregated accounts. [Backing](/solution/backing) describes the full custody model.

## What you're holding

trUSD is a synthetic dollar backed by hedged trading positions, not dollars in a bank account. Rewards come from trading, which means they're variable. The contracts are audited, reserves are attested continuously, and a reserve fund sits behind the system, but no design removes risk entirely. The [Risk Disclosures](/resources/risks) set out what's involved.

## Quick links

<CardGroup cols={3}>
  <Card title="Get started" icon="rocket" href="/quickstart">
    Wallet to earning in five steps
  </Card>

  <Card title="Strategy" icon="brain" href="/strategy/overview">
    Each strategy, in detail
  </Card>

  <Card title="Security" icon="shield" href="/security/overview">
    Audits, monitoring, and who holds the keys
  </Card>
</CardGroup>

## Contact

For partnerships, reach out to [partnerships@tori.finance](mailto:partnerships@tori.finance). For support and community discussion, join our [Discord](https://discord.gg/torifinance).


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.