The reserve
Treasury and backing
What backs every KRONOS, how it is valued, and why it only goes up.
Backing per token
backing per KRONOS = total reserves ÷ KRONOS supply
| Reserve | Counted at |
|---|---|
| USDG | 1:1 |
| Morpho USDG vault shares | The vault's exchange rate (ERC-4626) |
| RWA sleeve (stock tokens) | Oracle price with a 50% haircut |
The rules that protect it
- Reserves ≥ $1 per KRONOS, always. The treasury refuses to mint past its risk-free value.
- Bonds never lower backing. A deposit that would reduce backing per token reverts.
- The floor bid raises liquid backing. Anyone can sell KRONOS to the treasury at liquid backing less 1.5%; the spread stays in reserves.
- The treasury never lends its backing. Prime Accounts borrow from outside lenders in the LendingPool.