The Carry Trade

Most people have heard of “interest” or “yield,” but few understand why it exists — or where it comes from. Behind every interest rate lies a story about where money is abundant and where it is scarce.

The carry trade is that story in motion. It is the invisible current that moves capital around the world — from economies that have low yields and excess liquidity to those that offer higher returns but greater risk.

It’s one of the most fundamental forces in global finance: the quiet engine that shapes exchange rates, debt flows, and monetary policy. Every central bank and major institution participates in it, whether directly or indirectly.

Hamilton takes this dynamic — long reserved for hedge funds and macro trading desks — and makes it accessible to everyone through a programmable, transparent digital dollar called USDh.