> For the complete documentation index, see [llms.txt](https://docs.hamilton.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hamilton.xyz/overview/introduction.md).

# Introduction

Hamilton is the **Sovereign Yield Dollar**: a fully backed digital dollar whose yield comes from dollar-denominated government bonds. Hold **USDh** as a stable digital dollar, or stake it for **sUSDh** and earn up to \~10% APY — variable, not guaranteed.

### Two tokens, one system

|                | USDh                                                                  | sUSDh                                               |
| -------------- | --------------------------------------------------------------------- | --------------------------------------------------- |
| What it is     | A stable digital dollar, targeting 1:1 with USD                       | Staked USDh that accrues value over time            |
| Yield          | None — non-yielding by design                                         | Variable rewards via a rising price per share (PPS) |
| How you get it | Swap in-app, buy on supported venues, or mint directly (institutions) | Stake USDh in the app                               |
| How you exit   | Swap, transfer, or redeem (institutions)                              | Unstake (7-day cooldown), receive USDh              |

USDh is issued by Hamilton Digital Assets Limited (BVI) and backed by reserves held in short-dated U.S. Treasury bills, cash and cash equivalents, and dollar-denominated emerging-market sovereign debt, managed by a separate reserve-management entity. Staking runs on an autonomous smart-contract protocol that is not operated by the issuer — rewards are variable, discretionary, and may be zero.

### Where to go next

* New to Hamilton? Start with [Why Hamilton](/overview/why-hamilton.md) and [How It Works](/overview/how-it-works.md).
* Want exact mechanics, addresses, and roles? See For Developers & Integrators.
* Doing due diligence? See Reserves & Backing and Legal & Corporate Structure.

> Staking rewards are variable and not guaranteed. USDh is not a bank deposit and is not insured by any government scheme. See Risks & Disclosures.