U.S. Treasuries, tokenized on Robinhood Chain.
$KINAL is a fully-reserved, yield-bearing Real-World Asset backed 1:1 by short-dated U.S. Treasury bills — hold it, watch NAV accrue, and redeem in seconds on Robinhood Chain.
- NAV / $KINAL
- $1.0413
- AUM
- $0.0M
- Reserve ratio
- 0.0%
01 — The market
The oldest safe asset is moving on-chain. Treasuries lead every RWA chart.
of real-world assets are now on-chain — up roughly 5× from ~$6B at the start of 2025 (RWA.xyz / Yellow, mid-2026)
of that is tokenized U.S. Treasuries — the fastest-growing RWA category (RWA.xyz, May 2026)
of all on-chain RWA value is Treasuries & cash-equivalents. The risk-free rate is the killer app
the 3-month T-bill that sets the rate. $KINAL passes it through, net of fee, on Robinhood Chain
02 — How it works
The Treasury bill,
re-issued as code.
The same instrument central banks price the world against — now subscribable, redeemable and self-custodied on Robinhood Chain.
STEP 1
Subscribe → mint
Send USDC and the transfer agent issues $KINAL to your whitelisted wallet at the current NAV. Minimum ticket 1 — no qualified-purchaser gate on the retail class.
STEP 2
Bills accrue → NAV rebases
Your reserve holds 0–3 month U.S. Treasury bills, overnight reverse-repo and a cash buffer at a regulated qualified custodian. The bills' coupon passes through daily, net of a 0.15% management fee — NAV simply rises.
STEP 3
Redeem → T+0
Burn $KINAL and receive stablecoins back, with instant T+0 settlement against the fund's liquidity buffer. No lock-ups, no gates — the T-bill window on Robinhood Chain never closes.
03 — Reserve
102.1% reserved,
attested daily.
An independent agent attests the bills held in custody every 24 hours and hashes the report to Robinhood Chain. Reserves exceed tokens outstanding — every bill is on the record.
102.1%
Reserve ratio
21d
Weighted avg. maturity
24h
Attestation
T+0
Settlement
Underlying reserve · what backs $KINAL
U.S. T-Bill 4-Week · 912797M8 · 14 Aug 26
31.4%
U.S. T-Bill 8-Week · 912797LP · 11 Sep 26
24.9%
U.S. T-Bill 13-Week · 912797KQ · 16 Oct 26
22.7%
O/N Reverse Repo (UST-collat.) · — · Overnight
18.2%
Settlement cash buffer · USDC · —
2.8%
Proof-of-reserve feed · #1284
View attestations→04 — The shelf
4 tokenized Treasury products. One rate curve, on-chain.
| Product | Token | Net APY | WAM | AUM | NAV | |
|---|---|---|---|---|---|---|
| Short-Term TreasuryFlagship | $KINAL | 4.52% | 21d | $318.4M | $1.0413 | Subscribe → |
| 3-Month Bill Ladder | $KINAL3M | 4.31% | 64d | $96.2M | $1.0288 | Subscribe → |
| TIPS · Inflation-Linked | $KINALi | 4.02% | 1.4y | $41.7M | $1.0091 | Subscribe → |
| Overnight Repo Sweep | $KINALo | 4.61% | 1d | $62.9M | $1.0006 | Subscribe → |
Net of fees · CUSIP-level holdings in the product shelf
Instrument of record
Robinhood Chain mainnet.
Built for real-world assets.
Arbitrum Orbit L2 · settles to Ethereum · gas in ETH · self-custodied · compliance at the protocol level. The risk-free rate belongs on the chain built for RWA.
05 — Where it sits
Real yield,
not incentives.
Every basis point here is the ordinary coupon of U.S. government debt — not farmed, not subsidized. It moves with the fed funds rate and the bill curve, alongside the largest tokenized-Treasury products on the market.
$KINAL · flagship
0–3mo T-bill ladder · attested daily
4.52%
OUSG
Ondo Finance
4.50%
USYC
Circle / Hashnote
4.71%
BUIDL
BlackRock · Securitize
4.10%
USDY
Ondo Finance
5.30%
BENJI
Franklin Templeton
3.58%
3-month T-bill
risk-free reference
3.8%
Net of fees · peer APYs per issuer disclosures, 2026 · yields vary with rates
06 — Live flow
Subscribed, redeemed, distributed — as it settles.
| Type | Wallet | Product | Amount | Tx | When |
|---|---|---|---|---|---|
| SUBSCRIBE | 0x647c…4b55 | $KINALi | $8,449.62 | 0x931d31…e39b44 | 42s ago |
| TRANSFER | 0x5070…0009 | $KINALo | $5,530.14 | 0x25bb38…c5b44c | 1h ago |
| REDEEM | 0xcc4d…01e7 | $KINAL3M | $3,881.24 | 0x09d996…065224 | 3h ago |
| TRANSFER | 0x162c…b368 | $KINALo | $30,264.59 | 0x82e88b…017a02 | 3h ago |
| SUBSCRIBE | 0x333d…360d | $KINAL | $4,143.76 | 0x6eafa3…1e2380 | 7h ago |
| SUBSCRIBE | 0x8fa7…4187 | $KINAL3M | $21,373.29 | 0xc80bb8…6f9b25 | 7h ago |
| SUBSCRIBE | 0x38db…a147 | $KINAL | $335.06 | 0x499e84…623d35 | 7h ago |
07 — FAQ
Asked, answered, on the record.
What actually backs $KINAL?+
A basket of short-dated (0–3 month) U.S. Treasury bills, overnight reverse-repo collateralized by Treasuries, and a small USDC cash buffer — held one-for-one against tokens outstanding by a regulated custodian. Reserves are 102.1% of liabilities and attested every 24 hours.
Where does the yield come from?+
The ordinary coupon of U.S. government debt. The bills accrue toward par; that accrual passes through to holders daily, net of a 0.15% management fee, as a rising NAV. Nothing is farmed or emitted — the 4.52% tracks the T-bill curve.
How do I verify the reserves exist?+
An independent attestation agent reconciles the custodian's holdings against tokens outstanding and publishes a signed proof-of-reserve report — with CUSIP-level detail — hashed to Robinhood Chain every 24 hours. The full ledger lives on the Reserves page.
Why Robinhood Chain?+
It is the Arbitrum-Orbit Ethereum L2 purpose-built for tokenized real-world assets — sub-cent fees, seconds to settle, self-custody, and a bridge into Ethereum DeFi. Gas is paid in ETH; there is no separate network token. The risk-free rate belongs on the chain built for RWA.
How fast can I redeem?+
Instantly. Redemption burns your $KINAL and returns stablecoins against the fund's liquidity buffer with T+0 settlement — the T-bill window on Robinhood Chain is open 24/7/365. Larger redemptions draw on maturing bills on a same-day basis.