> For the complete documentation index, see [llms.txt](https://docs.axis.to/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axis.to/readme.md). # Welcome to Axis Axis builds the infrastructure behind digital asset markets: liquidity, settlement, and credit for the institutions moving capital through them. Axis provisions liquidity, makes markets, and manages risk across venues, currencies, and settlement systems. Two products are live today, and they are deliberately different things: * **USDx.** The Axis Dollar, is a dollar with real utility: a dollar-denominated, over-collateralized token that finances positions and settles trades between Axis counterparties. You **mint** it against supported assets. * **sUSDx.** The Axis Rewards Vault, is a separate product, and it is the yield-bearing one: a tokenized vault position, permissionlessly created when you stake USDx. It is where deposits that would otherwise sit idle earn a return. The rate is variable. {% hint style="warning" %} **Read this first. USDx is not a stablecoin.** USDx is a **synthetic dollar**. It is backed by **digital and tokenized assets first**, plus traditional assets, plus the **corresponding futures and hedge positions** that keep the book market-neutral. That backing is **actively-managed trading inventory**, and holding it is **risky**: USDx can trade above or below its target price, its value depends on live trading, custody, and counterparty conditions, and sUSDx withdrawals may be subject to a cooldown. USDx and sUSDx involve market, liquidity, custody, counterparty, smart contract, operational, and regulatory risks. Start with the [Risk Overview](/risk/risk-overview.md). {% endhint %} ## Start here | If you want to... | Read... | | --------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | | Understand what Axis is, in plain language | [What is Axis?](/start-here/what-is-axis.md) | | Learn where Axis came from | [Origin](/start-here/origin.md) | | See how assets, USDx, strategies, and sUSDx connect | [How Axis Works](/start-here/how-axis-works.md) | | Understand the USDx price-stability mechanism | [How USDx Targets $1](/usdx-the-synthetic-dollar/peg-stability.md) | | Review backing, custody, and transparency | [Backing, Custody & Transparency](/backing-reserves-and-transparency/backing-custody-transparency.md) | | Understand where sUSDx yield comes from | [How Axis Earns Yield](/susdx-the-rewards-vault/how-axis-earns-yield.md) | | Evaluate what can go wrong | [Risk Overview](/risk/risk-overview.md) | | Review the contracts | [System Architecture](/technical-and-architecture/architecture.md) | ## The system at a glance The mint-and-redeem system and the trading engine are related but distinct. Smart contracts enforce the USDx mint, redemption, staking, reward-distribution, and access-control rules. The trading and custody that stand behind the backing are directed offchain and introduce dependencies that smart contracts cannot eliminate. ## Core concepts ### USDx USDx, the Axis Dollar, is Axis's synthetic dollar: a dollar-denominated, over-collateralized token. It is **minted** against supported assets through signed orders submitted by an authorized operator, and a corresponding redemption flow burns USDx and returns the assets specified in the order. Read [What is USDx?](/usdx-the-synthetic-dollar/usdx.md). ### sUSDx sUSDx is the Axis Rewards Vault, a yield-bearing, tokenized vault position that is permissionlessly created when you stake USDx. When rewards are added and vest, each sUSDx position can become redeemable for more USDx. Read [What is sUSDx?](/susdx-the-rewards-vault/susdx.md). ### The trading engine Behind the tokens is a market-neutral trading engine spanning four complementary categories: cross-venue arbitrage, cross-currency arbitrage, funding rate arbitrage, and OTC/RFQ. The engine provisions liquidity where markets need it most, and the active mix can change as opportunities and risk conditions change. None of these return sources is risk-free: execution, liquidity, basis, FX, funding, venue, custody, counterparty, and operational failures can reduce or reverse an expected return. Read [How Axis Earns Yield](/susdx-the-rewards-vault/how-axis-earns-yield.md). The trading and risk infrastructure behind this engine **predates Axis**. It was built and run for years before Axis existed, and has been battle-tested through multiple market cycles and edge cases. See [Origin](/start-here/origin.md). ## Important distinction The sUSDx exchange rate measures **USDx per sUSDx**. It is not the market price of USDx in US dollars, and it is not a guarantee that either token can be sold or redeemed at a particular price or time. ## Where Axis fits Axis is not about capturing every available source of dollar returns. It is about **positioning capital and liquidity where they need to go to meet demand**, creating liquid markets across asset classes and asset standards, and **bridging digital and traditional assets**. ## Community & links * [Website](https://axis.to) · [X](https://x.com/AxisFDN) · [Telegram](https://t.me/AxisFDN) · [LinkedIn](https://www.linkedin.com/company/axis-career/) * Quick links: [FAQ](/resources-and-legal/faq.md) · [How to buy (mint)](/usdx-the-synthetic-dollar/mint-and-redeem.md) --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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