Token
Bonds
Discounted BERRIER, vested linearly, sold for assets the Treasury keeps.
Summary
Bonds sell BERRIER below the buyback price in exchange for USDG, Stock Tokens or CARRY legs. The BERRIER vests over 7 days; the payment goes to the Treasury.
Price
Utilisation discount
The discount starts small and widens slowly while a bond's capacity goes unsold, then narrows as it fills.
Worked example
Auction price 0.50 USDG, discount 4%: 1,000 USDG buys 2,083 BERRIER, vesting over 7 days.
Vesting and redemption
Claim the vested part at any time.
CARRY-leg bonds
Paying with CARRY legs lets the Treasury hold note exposure that settles into USDG or stock.
Governance surface
Capacity, discount bounds and accepted assets are governed.
Risk notes
Vesting means the market price may move before you claim.