$USA is the token paired against the S&P 500. Every dollar of liquidity-pool fees is used to buy SPY, so every trade permanently raises the NAV behind each token.
Priced against the benchmark, not against a coin. If $USA goes up, it went up versus the market, the only chart that has ever mattered.
Liquidity pools generate fees on every swap. On most tokens those fees go to a team multisig or a handful of LP whales. Here the fee switch points at the treasury, it only knows how to buy one thing, and it has no sell function.
Any buy or sell of $USA routes through the USA/SPY pool and pays the standard pool fee.
Fees collect in the protocol-owned position. No team wallet, no discretionary spend, no exceptions.
On each cycle the accrued fees are swapped into SPY (tokenized S&P 500 exposure) on-chain and verifiable.
The SPY is held, never sold, never paid out. Supply is fixed, so SPY per token can only climb.
The important part: nothing is distributed and nothing is sold. Every fee the pool earns turns into SPY the protocol keeps. Trading volume converts into American equity sitting behind the token, and the pile only grows.
The index the pool is quoted against, and the token itself. One of these has been going up for a hundred years. The other one just got here.
$USA trades against the S&P 500. Every fee it earns becomes SPY the protocol never sells.