> For the complete documentation index, see [llms.txt](https://docs.excellar.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.excellar.finance/how-does-it-work/xusg.md). # XUSG Excellar’s first offering will be XUSG, a token based on short-term US Treasury Bills, capturing the combined benefits of the ongoing attractive rate environment, deep liquidity, and stability of the underlying market.\ \ To track the performance and exposure of short-term US Treasury Bills, Excellar will invest in the Blackrock’s iShares Short Treasury Bond ETF (SHV), targeting US Treasuries that mature in less than one year. Advantages of using an ETF instead of individual issues are manyfold, including: * Diversification tends to minimize idiosyncratic risks and price dislocations associated with specific issues, such as basis risk surrounding Debt Ceiling flight-to-safety episodes. * ETFs generally have better liquidity and price transparency than the underlying bonds, especially during market stress as demonstrated by the 2020 Pandemic Crash. * ETF managers typically have better trade execution for the underlying bonds. --- # 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. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.excellar.finance/how-does-it-work/xusg.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.