Capital at Risk. For Institutional Investors Only. Not for Use by Retail Investors.
Archax Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 838656).
What is GOVY, how it works and the problems it solves
Most institutions don't have a treasury management problem. They have a treasury convenience problem. The yield is there. The underlying asset, the US Treasury Bill, is widely regarded as one of the safest instruments on the planet. What's missing is a way to hold them that doesn't demand constant operational attention. $GOVY solves that.
$GOVY is a tokenised perpetual US Treasury product from Archax, the UK's first FCA-regulated digital asset exchange, broker and custodian.
$GOVY gives institutional holders direct, legally enforceable ownership of short-dated US Treasury Bills, on-chain, with automated monthly rolling, 24/7 subscription and redemption, and insolvency-remote custody.
In plain terms: you hold one token. That token always represents your specific T-Bill. When that T-bill matures, $GOVY automatically replaces it with the next one. You never need to monitor auction calendars, submit resubscription instructions or manage settlement gaps.
The instrument manages itself.
"One token. Always your specific T-Bill. No roll management required."
US Treasury Bills are widely regarded as one of the world's safest short-duration yield instruments. But accessing them directly, as many institutions want to do, has historically meant manually managing the roll at maturity and being restricted to normal business hours.
Previous attempts to address this have typically removed the ‘direct access’ element – and with it, the High Quality Liquid Asset (HQLA) Level 1 status that makes T-Bills attractive in the first place.
The problems:
Additionally, neither option is designed for the operational reality of institutions that hold stablecoins, operate on-chain or need treasury assets to function as collateral, settlement currency or working as part of a DeFi protocol’s mechanics.
$GOVY address all these points and fills the gap.
The most important distinction is legal, not technical. Where most tokenised treasury products give you a fund share, an SPV note or an indirect claim routed through layers of legal structure, $GOVY gives you direct beneficial ownership of the underlying T-Bill, held in an insolvency-remote regulated custodian under UK trust law.
This means:
The competitive bar in tokenised treasuries is set by simplicity, transparency and institutional seriousness. $GOVY is designed to clear that bar on all three.
Subscriptions and redemptions are available 24 hours a day, seven days a week, not just during traditional market hours. You can subscribe using fiat currency, or using a range of stablecoins directly integrated into the $GOVY structure. Redemption works in both directions: take back fiat or stablecoins at NAV or use the ‘Breaker’ function to receive your specific underlying T-Bill token directly.
The Breaker is unique to $GOVY. It allows any holder to take direct delivery of the underlying Treasury token, converting their $GOVY position into raw T-Bill exposure at any time, without requiring Archax or any third party to authorise the exit.
This is not a feature offered by comparable products in the market.
$GOVY is an institutional product, available to professional investors only.
The primary audiences are:
$GOVY is not just a token. It is infrastructure. Archax brings the full regulated custody, tokenisation and distribution stack. Northern Trust acts as sub-custodian for the underlying assets, proof of reserves on-chain and FCA authorisation throughout.
For institutions that need to demonstrate to their own compliance and risk functions that an on-chain treasury instrument is sound and designed as HQLA Level 1, this regulatory grounding is not a nice-to-have. It is the reason they can participate at all.
$GOVY is not a product you buy. It is a sovereign instrument you hold, move, collateralise or take delivery of - without ever managing a bond portfolio.