Lock a fixed yield.
Or trade the rate.

Par splits a yield-bearing tokenized T-bill into two tokens: PT, the principal with a locked-in fixed yield, and YT, the variable yield stream. The first fixed-income market and the first yield curve on Robinhood Chain.

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THE ROBINHOOD CHAIN YIELD CURVE IMPLIED APY

LIVE

BENCHMARK IMPLIED APY
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TOTAL VALUE LOCKED
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ACTIVE MARKETS
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NEXT MATURITY
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THE SPLIT

One asset in. Two instruments out.

Deposit a tokenized T-bill. Par mints equal amounts of PT and YT against it. At maturity, PT redeems for the full face value; YT has collected every unit of yield along the way.

DEPOSIT

1.0000 sSGOV

Tokenized 0–3 month U.S. T-bill exposure, accruing ~4.4% variable.

FACE VALUE $100.00

PT-sSGOV PRINCIPAL

1.0000

Redeems for $100.00 at maturity. Buy under par today the discount is your fixed yield. A zero-coupon bond, on-chain.

YT-sSGOV YIELD

1.0000

Collects all yield the deposit earns until maturity. Its price is the market's live bet on rates long yield, no principal.

TWO SIDES OF ONE RATE

Fix it, or trade it.

Hold PT fixed

Buy today$95.73
Redeem 16 JUL 2027$100.00
Fixed yield, locked4.47% APY

Known outcome, no rate risk. If yields fall tomorrow, your rate doesn't.

Hold YT variable

Buy today$4.27
Collects until maturityall yield on $100
Breakeven rate4.61% implied

Leveraged exposure to the rate itself. If realized yield beats implied, YT wins.

See the full curve →