> 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**. Hold **USDh** as a stable digital dollar, or stake it for **sUSDh** and participate in rewards funded by dollar-denominated sovereign bonds.

### Two tokens, one system

|                | USDh                                                                                  | sUSDh                                                                  |
| -------------- | ------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- |
| What it is     | A stable digital dollar, targeting 1:1 with USD                                       | USDh that has been staked; its value in USDh changes as rewards accrue |
| Rewards        | None — USDh does not pay rewards, by design                                           | Variable and discretionary; may be reduced or zero in any period       |
| What backs it  | US dollars, US Treasury bills, and assets that are themselves backed by US Treasuries | Short-duration, dollar-denominated sovereign bonds                     |
| How you get it | Swap in the app, acquire 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                                 |

The two tokens are backed differently, and that is deliberate. The reserves behind unstaked USDh are held for stability and liquidity, which is why USDh pays nothing. When USDh is staked, the reserves behind it are held in sovereign bonds, and the income from those bonds is what funds staking rewards. Rewards, and the risks that come with them, apply only if you choose to stake.

USDh is issued by Hamilton Digital Assets Limited (BVI). Reserves are managed by a separate entity. Staking is operated by a smart-contract protocol that the issuer does not control.

Hamilton is live on Ethereum, with more networks planned.

### Where to go next

* **New here?** Start with [Why Hamilton](/overview/why-hamilton.md) and [How It Works](/overview/how-it-works.md).
* **Ready to use it?** [Getting Started](/using-hamilton/getting-started-connect-and-swap.md), then [Staking & Unstaking](/using-hamilton/staking-and-unstaking.md).
* **Want the detail?** [USDh](/the-tokens/usdh-the-stable-dollar.md), [sUSDh](/the-tokens/susdh-the-staked-dollar.md), and [Where the Rewards Come From](/the-tokens/where-the-rewards-come-from.md).
* **Reviewing Hamilton?** [Reserves & Backing](/trust-and-transparency/reserves-and-backing.md), [Security & Audits](/trust-and-transparency/security-and-audits.md), and [Governance & Controls](/for-developers/governance-and-controls.md).
* **Integrating?** [Contract Addresses](/for-developers/contract-addresses.md).
* **Just have a question?** The [FAQ](/resources/faq.md) and [Glossary](/resources/glossary.md).

Current figures are published on the Transparency page in the [Hamilton app](https://app.hamilton.xyz).

> Staking rewards are discretionary, variable, and not guaranteed. They may be reduced, suspended, or zero in any period. USDh is not a bank deposit, is not insured by any government scheme, and is not an investment product.

*This documentation is provided for information only. It is not an offer to sell or a solicitation to buy any asset, and it is not investment, legal, or tax advice.*