USD.cav
USD.cav is the LP Token of the CAV USD Index, a pool of dollar-linked Reserve Assets. The Robinhood Testnet deployment lets you explore the portfolio, inspect live quotes, and test trades with demonstration assets.
Shared capital across stablecoin markets
Each stablecoin reserve serves every trading pair containing that asset. As the pool’s asset universe grows, the same reserves serve more markets. Every reserve exchange uses Multiswap’s post-trade execution model.
Portfolio exposure and trading income
Holding USD.cav gives exposure to the pool’s stablecoin backing. The same assets support stablecoin trading, which generates receive fees recorded in Rewards. The pool’s reward distribution and reinvestment rules determine how that income reaches LPs.
Trades pay the pool the full value of the assets they receive, valued at post-trade prices. Trading fees generate income on top. That connects trading activity to the portfolio’s accounting, while the underlying stablecoins determine its market exposure. Read Portfolio Exposure and Trading Income for the complete model and deployment status.
Two ways to interact
Trade the reserves. Choose a stablecoin to sell and another to buy. The pool calculates the net receive amount and shows the resulting prices. Orders can also include several assets.
Provide or remove liquidity. Exchange a proportional basket of participating reserves and USD.cav. This changes the LP supply as well as the pool’s reserves. It uses dedicated liquidity operations.
Buying a Reserve Asset and acquiring the pool’s LP Token are different positions. One gives you that asset; the other gives you a claim on the portfolio’s backing.
What the token represents
The LP Token has a share of pool backing. Its value depends on the quantities and values of the underlying assets and the pool’s accounting. Redemption follows the pool’s backing and liquidity rules. The LP Token’s value varies with that backing.
The pool overview shows its registered assets, balances, scales, and derived weights. Use the current pool view to inspect its composition.
Why begin with stablecoins?
Stablecoins provide a concrete market for exploring shared reserves and trade execution. Sell one dollar-linked asset for another and inspect the effect on amounts, prices, and weights.
The same accounting structure can support other registered tokens. Equity and RWA portfolios require appropriate asset tokens and deployment configuration. The current testnet demonstrates the structure with stablecoins.
See Trading, Liquidity, and Deployment Details.