# Time Based Tokens (TBTs)

<mark style="color:orange;">**TBTs (Time-Based Tokens**</mark><mark style="color:orange;">)</mark> represent the time value of money for any digital asset.

When people stake into a Time Vault Strategy, Time-Based Tokens are minted. Each individual Time Vault Strategy has a uniquely assigned TBT.

* Example: Staking USDC into Aave v2 Time Vault Strategy mints the **fUSDC TBT**
* Example: Staking stETH into the Lido Time Vault Strategy mints the **fstETH TBT**
* Example: Staking ETH/DAI LP into the Uniswap Time Vault mints the **ETH/DAI TBT**

A TBT is an ERC-20 token, created by the Flash Protocol whenever a new [strategy](/time-vault-strategies-tvs.md) is registered. TBTs are specific to a given strategy and represent the [yield pool](/time-vault-strategies-tvs/time-vault-pools.md#example-1-yield-pool). This means 100% of the total TBT supply can be redeemed for 100% of the total yield in the yield pool in a given strategy.

{% hint style="info" %}
TBTs were previously referred to as "fTokens".
{% endhint %}


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