Yield Tokenization

The yield tokenization market on TON allows users to split stgUSD into:

• PT (Principal Token): Represents fixed yield

• YT (Yield Token): Represents variable yield

For example, FIVA is one such protocol implementing this model. This mechanism enables tgUSD to support a broader range of DeFi strategies. The interaction and trading between PT and YT can increase market demand for tgUSD → incentivize more users to mint tgUSD → boost tgUSD TVL, forming a virtuous cycle.

Strategy Type	Action	Yield Source / Advantages	Risk Warning
Expecting APY to Rise	Buy YT at a low price to gain leveraged exposure to yield increases	- YT is usually priced lower than the underlying asset, allowing users to amplify exposure with the same capital amount - If YT is priced at 5% of the underlying, a 1% yield increase could raise its value by up to 20x - FIVA and partner protocol points can also be leveraged	Higher losses if yields decrease
Expecting APY to Fall	Buy PT to lock in the current fixed return	- PT can be redeemed at maturity for a fixed amount of tgUSD, unaffected by APY changes - Enjoys initial yield even if rates drop (e.g., 10% → 8%, still earns 10%)	Missed upside if yields rise
Expecting APY to Stay Stable	Provide liquidity to FIVA Pools	- Original protocol yield + trading fees + points from FIVA and partners	Minor impermanent loss (IL)