Where Does the Yield Come From?
Camino Treasury yield is backed by short-term U.S. Treasury bills (T-bills) through the M^0 protocol. When you deposit stablecoins, your funds earn real-world government bond yield — not from lending or liquidity pools.What is M^0?
M^0 is a decentralized protocol that issues the M token. Each M token is backed 1:1 by short-term U.S. Treasury bills held by independent, regulated custodians. The protocol ensures full collateralization and transparent on-chain verification of reserves.How Yield Flows to You
T-Bill Yield Accrues
The underlying M tokens earn yield from the T-bill collateral. This yield is reflected in the M token’s continuously compounding earner rate.
Yield Characteristics
- T-Bill Backed — Yield comes from U.S. government debt, not DeFi lending or liquidity mining
- Stable Returns — T-bill rates are set by market conditions and are generally low-volatility
- Continuously Compounding — Yield accrues every block, not on a fixed schedule
- Fully Collateralized — Every M token is backed 1:1 by T-bill reserves
- Transparent — Reserve backing is verifiable on-chain through the M^0 protocol