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

# US Treasury Yield

> How Camino Treasury distributes yield from U.S. Treasury bills

## 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. Holdings denominated in C0 are entitled to a share of the T-bill yield generated by the underlying collateral — distributed weekly through an on-chain `YieldDistributor`.

## 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 provides full collateralization and transparent on-chain verification of reserves.

## How Yield Flows to You

<Steps>
  <Step title="Deposit Stablecoins">
    You deposit USDC into Camino Treasury and receive C0.
  </Step>

  <Step title="Hold C0">
    Your C0 balance is recorded on-chain. The operator tracks balances over each yield period.
  </Step>

  <Step title="Period Publishes">
    At the end of each weekly period, the operator publishes a merkle root to the on-chain `YieldDistributor`. The root commits to every eligible holder's allocation for that period.
  </Step>

  <Step title="Claim Your Share">
    Submit your merkle proof to the distributor's `claim()` to receive the period's yield directly to your wallet. `GET /v1/yield/{address}` returns ready-to-submit claim entries; `GET /v1/yield/artifacts?periodId=N` returns the full period artifact so anyone can independently verify what's committed on-chain.
  </Step>
</Steps>

## Yield Characteristics

* **T-Bill Backed** — Yield comes from U.S. government debt, not DeFi lending or liquidity mining.
* **Weekly Distribution** — Roots are published per period; claims are independent on-chain transactions.
* **Independently Verifiable** — Every period's full merkle artifact (root, leaves, proofs) is public.
* **Fully Collateralized** — Every M token is backed 1:1 by T-bill reserves.

## Next Steps

<CardGroup cols={2}>
  <Card title="Deposit and Start Earning" icon="arrow-up-right" href="/guides/deposit-and-earn">
    Deposit stablecoins into C0
  </Card>

  <Card title="Yield Tracking" icon="chart-line" href="/guides/yield-tracking">
    List your claimable allocations and submit on-chain claims
  </Card>
</CardGroup>