# $CASH The tokenomics for the CASH stablecoin are pretty simple and straightforward. CASH can only exist by either being backed by collateral in vaults or being burnable for a fixed premium in the [PSM](/cash-stablecoin/psm.md). The backing nor the price of CASH is **not** algorithmic.\ \ To supplement borrowers having to lock in extra collateral value compared to the value of the received CASH, the protocol allows people to deposit their locked collateral into one-sided first- and third-party yield sources. [Liquidations](/liquidation/math-behind-liquidations.md) also happen in steps, saving more of your collateral and giving you more time to pay back. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.phase.cash/cash-stablecoin/usdcash.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.