# Treasury Asset Valuation

Every line in <Md expr="A_t" /> is a quantity times a USDG mark. HOLI itself is not a line in <Md expr="A_t" />. Formal NAV is <Md expr="n_t = A_t / N_t" />.

The protocol holds **only governance-approved assets**. Except **SHYT**, approved names are **blue chips**, marked at the **effective on-chain price of the corresponding /HOLI pool**. USDG numeraire via HOLI routes. Official NAV is **1×** the external LP leg. The protocol has **no liabilities**.

## USDG

<Eq expr="V_{\mathrm{USDG}} = q_{\mathrm{USDG}}\, p_{\mathrm{USDG}}" />

When the USDG mark is valid, <Md expr="p_{\mathrm{USDG}} = 1" />. If the mark is invalidated, this line is excluded from <Md expr="A_t" /> until it is valid again. Validity is [price sources](/nav/prices).

## SHYT

<Eq expr="V_{\mathrm{SHYT}} = q_{\mathrm{SHYT}}\, p_{\mathrm{SHYT}}" />

<Md expr="p_{\mathrm{SHYT}}" /> is the **effective on-chain price** of the corresponding SHYT/HOLI pool (USDG numeraire via held HOLI/USDG). SHYT is **fully circulating**; **market cap = FDV**. That mark convention is how NAV, the Phase II trigger, and the green-channel SHYT leg are priced. [SHYT Tokenomics](/dual-token/shyt). SHYT legs in <Md expr="A_t" /> are marked at that market. The 1% sell-HOLI fee and slippage affect the **fill**, not <Md expr="n_t" />.

## Stock

<Eq expr="V_{\mathrm{Stock}} = q_{\mathrm{Stock}}\, p_{\mathrm{Stock}}" />

<Md expr="p_{\mathrm{Stock}}" /> is the **effective on-chain price** of the corresponding Stock/HOLI pool, in USDG via HOLI routes. Same held-pool rule as SHYT. No StockA/StockB mark. Approved stock names are **blue chips**.

## RWA

<Eq expr="V_{\mathrm{RWA}} = q_{\mathrm{RWA}}\, p_{\mathrm{RWA}}\, (1-\delta)" />

<Md expr="p_{\mathrm{RWA}}" /> is the HOLI-route USDG price when a route exists. <Md expr="\delta \in [0,1]" /> is the disclosed liquidity / redemption discount. Illiquid or gated RWA is not marked at the same tightness as USDG.

## LP external leg

For protocol-owned pool <Md expr="j" />, the external-asset quantity implied by the protocol's LP share is:

<Eq expr="q_{j,t}^{X} = \alpha_{j,t}\, R_{j,t}^{X}" />

The external-leg mark is:

<Eq expr="V_{j,t}^{\mathrm{ext}} = q_{j,t}^{X}\, p_{j,t}^{X}" />

That 1× mark is what enters <Md expr="A_t" /> — including a SHYT, USDG, or admitted-stock leg at the **effective on-chain price** of the held /HOLI pool. HOLI in the pool is already out of <Md expr="N_t" />; do not add it to the numerator. How the legs sum is [POL accounting](/nav/pol). This page only names the leg.