> For the complete documentation index, see [llms.txt](https://synthesys-2.gitbook.io/zodiac-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://synthesys-2.gitbook.io/zodiac-docs/introduction.md).
# Introduction
{% hint style="info" %}
This documentation is updated as Zodiac's products and integrations develop, and some details may change. Nothing here is an offer, a solicitation, or investment advice.
{% endhint %}
Zodiac issues **zTokens**: yield-bearing tokens, each backed 1:1 by a single regulated fund.
Every Zodiac vault holds exactly one fund and issues exactly one token against it. Each zToken is backed 1:1 by that single fund tracking the fund's NAV. There are no baskets, no strategies, and no allocation decisions. The token tracks the fund's NAV.
Vaults cover money market, credit, and equity funds across several currencies, including USD, SGD, AUD, EUR, and GBP. Each underlying fund is run by a regulated asset manager.
{% hint style="info" %}
One fund. One vault. One zToken. Always 1:1. Powered by Zodiac.
{% endhint %}
Whitelisted wallets subscribe with USDC or with the underlying fund tokens, and mint zTokens. Once minted, zTokens are freely transferable: anyone can hold them, send them, and integrate them. Yield accrues through the zToken's exchange rate, so balances stay fixed while each unit becomes redeemable for more of the underlying over time.
### What zTokens let you do
* Embed fund-backed yield in a wallet, exchange, or fintech product without operating fund subscription infrastructure yourself.
* Use a single-fund, yield-bearing token in vaults, lending markets, and structured products.
* Hold multi-currency fund exposure (USD, SGD, AUD, EUR) as standard on-chain tokens.
### What this documentation covers
zToken mechanics, subscription and redemption flows, in-kind conversion, hosted vaults, access requirements, fees, and the risks you take on as an integrator.
If you are new here, Zodiac at a glance is the shortest path to understanding how the pieces fit together.
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