# Mint Paths

HOLI is a Treasury token. It mints on five paths. If a printer is not in this table, it is not in the model.

| Mint path | Who receives HOLI | Treasury receives assets? | Increases external supply? |
| --- | --- | --- | --- |
| [Genesis & LP pairing](#genesis-and-lp-pairing-mint) | Users / LP | Yes | Yes / No |
| [Seigniorage-taxed emission](/supply/seigniorage-tax) | Untaxed sHOLI inventory, then taxed withdrawals | Yes (USDG when emission is released) | Only when released |
| [LP pairing](#genesis-and-lp-pairing-mint) | Treasury LP | Yes / already-held assets | No |
| [Mint-to-swap](/supply/mint-to-swap) | Treasury-owned HOLI pool | Yes | No |
| [Team management mint](/dual-token/team#holi-team-management-mint) | Dev address | No | Yes |

Genesis is **Yes / No** because subscriber HOLI is external (<Md expr="N_t" />) and the Genesis LP HOLI sits in <Md expr="S_t^{\mathrm{treas}}" />. LP pairing is **No** on external supply because that HOLI stays in the Treasury LP as inventory. Untaxed sHOLI emission stays in <Md expr="U_t" />; it enters external supply only when USDG tax is paid. Mint-to-swap similarly mints HOLI into a Treasury-owned pool to acquire its external leg; the executed HOLI remains Treasury LP inventory, while the Hook burns the 1% sell charge. Team management mint is the only path that adds external HOLI **without** adding Treasury assets — it is the dilutive row.

Inflation pause vs other printers: [quiet period](/launch/quiet-period).

## Genesis and LP-pairing mint

Genesis is the one-time start mint with two distinct lots:

1. **User HOLI** is credited to USDG subscribers as `holiCredit` and enters external supply immediately. HOLIGenesis does not transfer the tokens until `withdraw` after `deployGenesisHoliUsdgPool()`.
2. **Pairing HOLI** is minted into the Treasury-owned SHYT/HOLI pool and remains Treasury inventory.

Subscription price, eligibility, exact sizes, pool composition, and opening NAV are defined once in [Genesis & Opening Balance Sheet](/launch/opening-balance-sheet). Genesis never runs again.

LP-pairing mint creates Treasury-side HOLI to own a pool. All newly minted HOLI enters that LP at the current market price (Genesis base pools use their launch parameters); it is never sold to users and does not change external supply. The first base pools are SHYT/HOLI and, after the USDG subscription closes fully subscribed, HOLI/USDG. The permissionless one-time `deployGenesisHoliUsdgPool()` function mints the 50,000 HOLI Treasury inventory, pairs it with the specified 100,000 USDG raise allocation, and opens HOLIGenesis `withdraw()`.

Later Stock/HOLI pools use the same mint class: HOLI is minted at market directly into the Treasury LP. Asset approval and swap-then-pair execution are [Asset Admission & POL Deployment](/treasury-mgmt/admission). This path can run during the [7-day quiet period](/launch/quiet-period); it is neither sHOLI emission nor seigniorage-taxed issuance.