> For the complete documentation index, see [llms.txt](https://docs.theo.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.theo.xyz/platform/thbill.md).

# thBILL

thBILL is a basket of institutional-grade tokenized U.S. Treasury bills sourced from regulated issuers. thBILL functions as a foundational, yield-bearing component within the Theo ecosystem, optimized for consistent performance across all market conditions.

## Composition

At launch, thBILL solely comprises tULTRA, a wrapped representation of Standard Chartered Libeara's best-in-class tokenized Treasury bill, operated in collaboration with Wellington Management and FundBridge.

{% content-ref url="/pages/8WD6dmjPsl07Fq5Nk7Px" %}
[tULTRA](/platform/thbill/tultra.md)
{% endcontent-ref %}

As additional U.S. Treasury bills tokens are issued by regulated institutions, they will be added to the thBill basket — expanding its diversification and making it the most robust onchain gateway to T-bill exposure.

## Design

thBILL utilizes Theo's [iToken standard](/platform/thbill/ttokens-and-itokens.md), which enforces the composition of the basket.

## Minting and Redemption

thBILL can only be minted and redeemed by users who have passed KYC. Minting and redemption is processed instantly, with underlying collateral settled within 4 business days.

Participants have no claims over underlying assets. Upon redemption, the equivalent value of the redeemed thBILL is returned in USDC.

If you are an institution or market maker interested in directly minting thBILL, please reach out to our team.


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