> For the complete documentation index, see [llms.txt](https://gmd-protocol.gitbook.io/gnd-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism.md).

# gmUSD Working Mechanism

- [What is gmUSD?](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism/what-is-gmusd.md)
- [Yield-Bearing Mechanism](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism/yield-bearing-mechanism.md)
- [PSALM](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism/psalm.md)
- [Incentivization](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism/incentivization.md)
- [Black Hole Liquidity](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism/black-hole-liquidity.md)
- [Launch and Market-Making](https://gmd-protocol.gitbook.io/gnd-protocol/gmusd-working-mechanism/launch-and-market-making.md)