The hedge comes first.
OnRates is a working name for Treasury hedging research. We are testing whether trading desks have recurring exposure their current routes cannot hedge economically. A USDC-collateralized Treasury-yield contract on HIP-3 is one possible implementation, not a settled product decision.
No deployed markets, production API, executable quotes or credit service are offered here. No stake financing, liquidity commitments, data licenses or regulatory approvals are claimed. Listed markets are proposals.
The customer hypothesis
Trading desks with Treasury duration or macro trading demand may value an alternative that uses stablecoin collateral. This is a hypothesis to test against their actual futures and dealer routes, including all costs and risks.
What the product would do
Provide synthetic exposure to changes in specific Treasury yields or a curve spread. A yield contract is not a Treasury security, a money-market investment, a fixed-income return or an FX payment rail. It does not pay the Treasury yield just because the reference is an interest rate.
What has to be demonstrated
- A recurring customer use case and conditional pilot commitment.
- Executable liquidity at relevant trade sizes.
- A robust, licensed reference feed and defined off-hours behavior.
- Viable funding, fee and collateral economics versus existing alternatives.
- A feasible operating and legal structure for eligible participants.
Hours and access
Trading hours, weekend operation, eligibility and onboarding remain undecided. We do not promise 24/7 liquidity, permissionless access, no KYC, lower costs or guaranteed execution.
Privacy
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