Frequently asked questions

1. Sign up to Pivio on www.pv0.one.
2. Complete KYC/AML Onboarding Process to approved your wallet(s).
3. Subscribe to Bond Transaction on Pivio.
4. Connect Wallet on Pivio.
5. Fund Transaction with USDC and receive minted Digital Bond Tokens into your wallet with atomic settlement.
6. Trade your Digital Bond Tokens with other investors.
7. On bond maturity date, claim USDC repayment into your wallet.
8. Digital Bond Tokens will be atomically burned.

1. A bond is created on the blockchain.
2. The bond becomes "open for orders", and you can create an order for this bond through Pivio.
3. The bond price is set and your orders become a “commitment”; this is a commitment to invest funds on a given date.
4. You settle your commitment via Pivio.
5. The bond is issued.
6. The tenor of the bond elapses and the bond matures.
7. You can now claim your final repayment on Pivio.

Yes, you need to connect your digital wallet and fund any bond issuances of interest with USDC. If you don’t have any USDC and want to invest in our products you might consider procuring USDC elsewhere.

No, unfortunately our digital bond products are not available for investment with fiat currency.

A commitment is a legally binding agreement to fund the transaction for the notional investment amount previously declared during the book building process for that transaction.

You will receive your tokens into your wallet immediately upon transferring your USDC into the Digital Bond Token’s smart contract as this occurs on an instantaneous or “atomic” delivery-versus-payment (DVP) basis, thereby eliminating settlement risk for both parties.

Please reach out to your team to discuss by sending a message via our website's contact form, or by emailing info@pv0.one.

If you have forgotten your password:

1. Click the “Forgotten your password?” link on the login screen.
2. You will be asked for your email address.
3. Submit the form and you will be sent an email with a password reset link.
4. Click this link and you’ll be prompted to provide a new password.

If you are already logged in and you want to change your existing password:

1. Click “Manage account settings” and in the “Change your password” form you must provide your old password and new password.
2. Press enter or click the “Change your password” button to submit the form.

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Pivio is PV01’s best in class non-custodial platform that enables fixed income assets to be issued, traded, and settled on the Ethereum blockchain. It is the hub where non-US institutional investors may discover, invest, track, fund, and manage their investments in PV01’s digital bond products.

PV01 is the company behind the development of Pivio. PV01 does not provide its investors with any tax advice. All tax considerations should be reviewed with a qualified accountant.

• Get direct institutional grade access on-chain to the $25 trillion US Treasury bond market.
• Earn interest on USDC holdings without off and on ramp.
• Lock in "precise" USDC yields and cash flows with real-time visibility.
• Diversify, manage risk, and hedge holdings while remaining on-chain.
• Leverage a low risk, interest bearing asset as collateral in transactions.
• Secure, full bankruptcy remote structure means less counterparty risks vs. other providers.

PV01’s digital bond products are public blockchain native debt. Fully fungible and structured as transferable ERC-20 tokens on Ethereum, they are issued, settled, paid, traded, and redeemed on the Ethereum blockchain. This offers on-chain investors predictable and direct one-for-one exposure to US Treasury bills, as the fixed maturities of PV01’s bonds provide investors with full visibility of their investment horizons and the ability to lock in yields and cash flows, unlike other never-maturing instruments linked to funds that constantly buy and sell assets.

Non US institutional investors who hold USDC in their Treasuries or wallets and are not currently earning any yields on those stablecoins.

PV01 bond products are ERC-20 tokens, so they are native to the Ethereum blockchain. In the future, these products may become available on other blockchains.

No, PV01 has no native token and as of now, there are no plans to issue one.

PV01 is the company behind the development of Pivio.

PV01 endeavours to issue Euro denominated sovereign and corporate debt, in addition to helping crypto native companies issue their own company debt on-chain.

You may contact info@pv0.one if you have any questions or want to learn more about our offerings.

We use WalletConnect, which is compatible with most digital wallets such as MetaMask, Safe, Rainbow etc.

PV01 is solving the problem that it is estimated that up to $100bn worth of stablecoins are not earning any yields. With PV01’s bond token products, non-US institutions can safely earn yields on real world fixed income assets such as US Treasuries and other corporate credit.

PV01 charges 20bps on an annualized basis for its Digital Treasury Bill products. The other cost incurred by investors would be Ethereum gas fees. Each subsequent bond product will have its own unique fee structure.

Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. Since each Ethereum transaction requires computational resources to execute, those resources have to be paid for to ensure Ethereum is not vulnerable to spam and cannot get stuck in infinite computational loops. Payment for computation is made in the form of a gas fee. For more information regarding Ethereum gas fees: https://ethereum.org/en/developers/docs/gas

Please see above for steps to purchasing a token. During the bond token issuance process, approved wallet investors will transfer their USDC to the smart contract and a bond token will be automatically minted with atomic settlement. At redemption, investors will log back into Pivio and hit "redeem". In the case of a zero coupon bond, the interest and principal will be returned to the approved wallet and the bond token will be burned atomically.

Order book open
The bond is published on Pivio, and investors may place orders.

In issue
The bond has been priced, commitments have being created, and investors have been notified that their commitments are now ready to be paid.

Outstanding
All commitments have been paid, but the maturity date has not yet been reached. Investors may trade their tokens on the secondary market.

In redemption
The maturity date has been reached, and investors may now claim their funds.

Redeemed
All investors have claimed their funds.

Yes, you can follow the value of the bond off-chain as well as its value if it is traded on the secondary market.

The token price is derived by the underlying price of the asset, minus the transaction fee.

Cash and Treasury management are similar, the only difference being time horizon. Cash management is typically concerned with short-term goals of ensuring that an organisation has enough cash on hand to meet its obligations, while treasury management focuses on the long-term goal of maximising the organisation's profitability.

The Digital Bond Tokens can be sold or transferred onwards to another wallet at any point during the investment life cycle.

At the moment you cannot roll over your investment automatically into a new PV01 bond product, however that is functionality we will bring to Pivio in the near future.

A zero coupon bond doesn’t pay any interest but instead is sold at a discounted price and redeems at 100% (=nominal value). Usually bonds with a maturity of less than 1 year (such as T Bills and Commercial Paper) are issued with a zero coupon.

A money market yield is what money market instruments are expected to return to investors. It is calculated by taking the holding period yield and multiplying it by a 360-day bank year divided by days to maturity. It can also be calculated using a bank discount yield. On Pivio, we display the discount yield by default.

The formula for the money market yield is:

Money market yield = Holding period yield * (360/Time to maturity)

Money market yield = [(Face value – Purchase price)/Purchase price] * (360/Time to maturity)

For example, a T-bill with a $100,000 face value is issued for $98,000 and is due to mature in 180 days. The money market yield is:

For example, a T-bill with a $100,000 face value is issued for $98,000 and is due to mature in 180 days. The money market yield is:

= 0.0204 * 2

= 0.0408, or 4.08%

Money market yield is calculated, using a bank discount yield is calculated, using a bank discount yield.

A discount yield computes the expected return of a bond purchased at a discount and held until maturity, expressed as a percentage. Discount yield is commonly used to calculate the yield on municipal notes, commercial paper and treasury bills sold at a discount.

Assume, for example, that an investor purchases a $10,000 Treasury bill at a $300 discount from par value (a price of $9,700), and that the security matures in 120 days. In this case, the discount yield is ($300 discount)[/$10,000 par value] * 360/120 days to maturity, or a 9% dividend yield.

Perpetual vaults eliminate the need for manual rolling of bonds. By depositing a bond token into the vault, investors receive an ERC-20 compliant receipt token (symbol rTBL for ‘Rolling T-Bill’) that can be redeemed at any time.

Any bond tokens remaining in the vault at maturity are automatically rolled over to a new bond, without requiring any action from investors. This simplifies the process and ensures continuous investment.

Investor deposits bond tokens into the vault

The Investor purchases some bond TBL-1. The Investor then makes a DEPOSIT action and places their TBL-1 token into the Vault, receiving the receipt token rTBL. The Investor can hold rTBL as long as they please, without having to take any further investment action.

Vault rollovers

The Vault, meanwhile, is busy ensuring that as a bond comes to maturity, it buys more of a new bond. The diagram above shows the vault making ROLLOVER actions, so as TBL-1 reaches maturity, TBL-2 is bought using the proceeds of TBL-1. As TBL-2 reaches maturity, TBL-3 is bought using the proceeds of TBL-2. With each rollover action, more of each bond can be bought, using the profits from the previous bond. These profits are compounded, and the full amount is reinvested with each rollover.

Investor redeems their vault tokens

At some point, the Investor wants to take their profit and so they REDEEM, giving back some or all of their rTBL tokens, and they receive in exchange some of whatever bond happens to be live inside the vault at that time; for this example we'll use TBL-3.

The investor can now redeem their TBL-3 bond for USDC using the bond CLAIM action on Pivio, as they would normally do for a bond.

Transfer restrictions

All transfers of rTBL vault tokens are subject to the same regulator protection as the underlying bonds. For each attempted transfer of rTBL tokens, the transaction sender, receiver and initiator addresses are checked against PV01’s internal deny list as well as the Chainalysis sanctions list. This is done automatically by the vault smart contract.

Freezing a vault

PV01 administrators can temporarily freeze movements of rTBL vault tokens.

Vault upgrades

PV01 administrators can upgrade the smart contract code for a vault.

Non-US institutional investors are defined as sophisticated, professional investors who are legal entities (as opposed to retail investors who are individuals) that invests on behalf of its members.

No, the underlying asset will not be registered in your name as there is no direct ownership of it. As an investor in our products, you have a debt claim against the bankruptcy remote SPV of the issuer and hence all the legal and economic benefits of holding the asset off-chain.

Token holders have all the legal and economic rights afforded by the underlying asset.

In order to invest in a bond you must first add a cryptocurrency address to your customer account.

Once you add your wallet address to Pivio we start the process of using KYT services to approve your wallet address.

You will receive an email when your wallet address is approved and you will be able to claim your funds from for your invested bonds.

PV01 will provide attestation reports as consistent with the terms in the Offering Memorandum.

PV01 holds a T license with the Bermuda Monetary Authority (BMA) as a digital asset provider. This allows PV01 to act as an arranger and broker-dealer for the issuers of digital bonds, and to manage the book building and sales process to qualified non-US institutional investors.

PV01 works with Fireblocks for on-chain security and vault management, Chainalysis for blockchain risk analysis, and rAML for KYC/AML services.

PV01 uses FINRA-regulated broker-dealer StoneX’s custodian, BNP Paribas.