# Mint-to-Swap

**Mint-to-swap:** when premium **exceeds 500%**, the protocol may mint HOLI and **buy approved assets at market**. Each registered Treasury pool may execute **once per hour**, with **≤ 2%** price impact in that pool.

Premium **exceeds 500%** means market price **> 6× NAV** — <Md expr="P_m > 6\, n_t" />. The Treasury receives the asset, while the newly minted HOLI remains on the Treasury side of that pool. It does not immediately enter external HOLI supply. Supply accounting: [Mint Paths](/supply/paths).

## Gate

<Eq expr="\pi_t > 500\%" />

That is <Md expr="P_m > 6\, n_t" />.

## Cadence and size

* **Once per hour per registered Treasury pool**
* **≤ 2%** price impact in that pool per execution

The cooldown is intentionally **per pool**, not global. A HOLI/USDG execution moves the HOLI/USDG curve by at most 2%; it does not directly move SHYT/HOLI or Stock/HOLI curves. Arbitrage subsequently re-aligns the HOLI routes. To distribute mint-to-swap across Treasury assets, the Team Safe may execute one capped trade in each approved pool during the same hour. A user therefore does not face more than the 2% mint-to-swap price-limit move in any one pool during that hour.

## Into what

Governance policy limits this to **approved** assets under [asset admission](/treasury-mgmt/admission). The contract enforces that the target is a registered Treasury HOLI pool; it does not read Snapshot or enforce the approved-asset list. Bought assets enter the Treasury: undeployed, or immediately into pools.

This mint can run in the [quiet period](/launch/quiet-period). It still needs premium **exceeds 500%**, the **per-pool** one-hour cooldown, and the **per-pool** 2% impact limit — its own rules. It is not staking inflation.