> ## 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 to everyone

<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 yield protocol that brings institutional-grade, market-neutral yield 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 to anyone, anywhere, 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**

    Fully backed and audited. Swap anytime.
  </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 yield-bearing token**

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

## The Problem We Solve

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                                 | Limitations                                                                              |
| ------------------------- | -------------------------------------------- | ---------------------------------------------------------------------------------------- |
| **T-Bill Wrappers**       | Tokenize government bonds                    | Returns capped at subpar rates (\~4%); often require KYC                                 |
| **Basis Trade Protocols** | Capture funding rates from perpetual markets | Yields highly variable (4-6% nowadays) and can go negative; concentrated crypto exposure |
| **Credit Protocols**      | Lend to borrowers for yield                  | Exposed to high credit/default risk; often illiquid during stress                        |
| **High-Yield Stables**    | Various strategies                           | Often carry 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 Yield Is Generated

Unlike protocols that rely on a single strategy, Tori deploys capital across multiple market-neutral approaches in markets across the globe:

<AccordionGroup>
  <Accordion title="Money Markets" icon="landmark" defaultOpen>
    Short-duration instruments in select global markets. Access to institutional money market rates that aren't
    typically available to retail participants. This is typically our largest allocation.
  </Accordion>

  <Accordion title="Futures Arbitrage" icon="chart-line">
    Capturing price differences between spot and futures markets. When futures trade at a premium to spot, the spread
    can be captured as yield. This is one of the oldest arbitrage strategies in finance.
  </Accordion>

  <Accordion title="Calendar Spreads" icon="calendar">
    Trading mispricing between different contract expiry dates. Markets often misprice the relationship between
    near-term and far-term contracts, creating opportunities for risk-adjusted returns.
  </Accordion>
</AccordionGroup>

We continuously evaluate and may add new strategies as opportunities arise. Our strategies are structured to be delta-neutral, with long and short positions designed to offset each other, generating returns from pricing opportunities, not market direction.

## How It Works

Getting started with Tori takes just a few minutes:

<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 begins accruing yield based on current market
    conditions.
  </Step>

  <Step title="Earn">
    strUSD accumulates yield automatically. The exchange rate between strUSD and trUSD increases over time as yield is
    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.

### True DeFi Composability

Unlike traditional funds that lock up your capital, strUSD is a liquid ERC-20 token that you own and control. This means you can:

* Use strUSD as collateral in lending protocols
* Provide liquidity in DEX pools
* Transfer freely between wallets
* Integrate into any DeFi application

*DeFi integrations are currently in development. See [DeFi Integrations](/resources/integrations) for updates.*

### Transparent and Verifiable

Tori's infrastructure is built for transparency:

| Component                 | Provider                | What It Does                                               |
| ------------------------- | ----------------------- | ---------------------------------------------------------- |
| **Proof of Reserves**     | Accountable             | Real-time, independent attestations that anyone can verify |
| **Security Monitoring**   | Hypernative + Internal  | AI-powered 24/7 threat detection and surveillance          |
| **Smart Contract Audits** | Sherlock and Nethermind | Full security audits                                       |

All reserve data is independently verifiable at any time.

### Institutional-Grade Custody

All assets are held in institutional-grade custody:

* **On-chain**: Audited smart contracts with multi-signature controls
* **Off-chain**: Qualified institutional custodians with segregated accounts
* We only work with established, reputable counterparties

## Understanding What You're Using

To make informed decisions, here's what you should know:

| Aspect           | Details                                                             |
| ---------------- | ------------------------------------------------------------------- |
| **Product Type** | trUSD is a synthetic dollar, different from fiat-backed stablecoins |
| **Yield Source** | Market-neutral trading strategies (variable returns)                |
| **Security**     | Audited contracts, 24/7 monitoring, reserve fund buffer             |
| **Transparency** | Real-time Proof of Reserves                                         |

Like all DeFi products, Tori involves risk. We've designed multiple safeguards, but we encourage you to review our [Risk Disclosures](/resources/risks) to understand what's involved.

## Quick Links

<CardGroup cols={3}>
  <Card title="Get Started" icon="rocket" href="/quickstart">
    Start earning in minutes
  </Card>

  <Card title="Strategy" icon="brain" href="/strategy/overview">
    How we generate yield
  </Card>

  <Card title="Security" icon="shield" href="/security/overview">
    Our security measures
  </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).