# Token Price

## Price Reporting

USYC price is reported to the USYC Oracle, a Chainlink-style smart contract, once per business day after the Prime Brokerage has reported the prior day's activity.

USYC price report typically occurs at 9 am ET (subject to delays due to operational or technical reasons). The price is reflected onchain once all subscriptions, redemptions, and accrued interest are reconciled.

## Token Price Calculation

USYC price is calculated based on the Net Asset Value (NAV) of the Prime Brokerage account divided by the total supply of USYC on issue:

<div align="left"><figure><img src="/files/kRCYrtTRiIQet2Sc4Miw" alt="" width="563"><figcaption></figcaption></figure></div>

As new investors enter the fund, they buy in at the current price per share.

## Effective Subscription Price

Redemptions always occur at the current USYC price, and Subscriptions occur at the Effective Subscription Price. This aligns subscriptions with whether or not the capital was able to be included in earning yield for that business day.

For subscription with USDC:

* Between the USYC price report and 2:00 pm ET, the effective subscription price is equal to the current USYC price, meaning Circle offers free subscription and redemption at the same price.
* After 2:00 pm ET until the next price report, the effective subscription price is a forecast of the next price report, meaning redemptions occur at a different price than subscriptions.

## Trade Activity

Trade activity occurs Monday to Friday, excluding[ US Federal Holidays](https://www.federalreserve.gov/aboutthefed/k8.htm). The results of the trade activity will reflect the next morning. For example:

* Monday --- trade takes place and accrues interest overnight
* Tuesday --- trade activity is reconciled and reported onchain in the morning

## Interest Calculation

The USYC Oracle provides principal and interest at each price update to compute the current APR.

The principal and interest can be used to compute the overnight interest rate. When forecasting interest, it is important to account for interest that accrues over multiple days (e.g. a Friday repo generates a total of 3 days of interest).

## Integration

### USYC Oracle

The USYC Oracle adheres to the Chainlink aggregator interface.

<table data-header-hidden><thead><tr><th width="144"></th><th></th></tr></thead><tbody><tr><td>Etherscan</td><td><a href="https://etherscan.io/address/0x4c48bcb2160F8e0aDbf9D4F3B034f1e36d1f8b3e#readProxyContract">https://etherscan.io/address/0x4c48bcb2160F8e0aDbf9D4F3B034f1e36d1f8b3e#readProxyContract</a></td></tr><tr><td>ABI</td><td><a href="https://etherscan.io/address/0x3B7ad4835d817181592788A7E6D588D334e0426b#code">https://etherscan.io/address/0x3B7ad4835d817181592788A7E6D588D334e0426b#code</a></td></tr></tbody></table>

### Web2 API

USYC portal provides a JSON API of indexed and normalized on-chain price reports.&#x20;

<table data-header-hidden><thead><tr><th width="144"></th><th></th></tr></thead><tbody><tr><td>Mainnet</td><td><a href="https://usyc.hashnote.com/api/price-reports">https://usyc.hashnote.com/api/price-reports</a></td></tr><tr><td>Sepolia</td><td><a href="https://usyc.dev.hashnote.com/api/price-reports">https://usyc.dev.hashnote.com/api/price-reports</a></td></tr></tbody></table>


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