thBILL/USD price feed

thBILL packages a basket of institutional-grade tokenized U.S. Treasury bills, sourced from regulated issuers, into a single token. The issuer, Theo, is a tokenization platform that connects on-chain capital to traditional markets; thBILL is its yield-bearing foundation. Public registries report the fund's total value in nine figures. The net asset value climbs slowly, as bill yield accrues.

In traditional finance a share like this has one number: the fund's own NAV, published by its administrator. On-chain a second number exists, because thBILL trades in pools, real venues clearing real transactions at observable prices. This page computes that second number.

The two should track each other closely; when they part ways, something is being said, about liquidity, about demand for the wrapper, about the price of an immediate exit. An administrator's NAV cannot carry that information. A market rate can.

A fund share like this trades the way it is held: bought for the yield, kept for the duration. The open market that results stays small next to the fund's own size, which is the honest shape of institutional RWA today: positions are bought to be held, so the pools that price them stay quiet.

A parked market is not a dead one. The pools clear steadily at the fund's slow crawl upward, which is what a healthy fund-share market looks like: little drama, continuous pricing, an exit that exists without being used much. Wherever the fund's on-chain distribution happens is where the pools appear; if that map moves, the composition moves with it.

thBILL sits at the exotic end of this catalog: a fund share with a small open market, search traffic near zero. Pages like this exist because the catalog covers what its data covers, quiet corners included. Anyone working with the token, listing it, limiting it, reconciling a NAV, gets the same computed reference the busy pages get.

Covering the thin end is also what keeps the rest of the catalog credible. A method that only worked on deep books would be a weaker promise; carrying the exotic pairs under the same rules keeps the promise whole.