# Denomination asset

**Every Chamber vault is denominated in USD.** That's fixed — it's not a setting you choose when you create a vault, and it's the same on every chain.

"Denomination asset" is the technical term for the vault's unit of account: the currency the vault uses to keep score. For Chamber vaults, that's always USD.

## What's measured in USD

Everything that expresses vault value:

* **NAV** (net asset value) — total value of what the vault holds.
* **Vault token price** — what one unit of the vault is worth.
* **Deposits and withdrawals** — sized in USD terms at execution time.
* **Performance** — returns are reported in USD.
* **Fees** — management, performance, entry, and exit fees all accrue in USD terms.

## The vault doesn't have to hold stablecoins

USD is the *unit*, not a holding requirement. A vault can be 100% WETH and still report its value in USD — the price just moves with ETH. The denomination asset controls **how** value is reported, not **what** the vault holds.

This matters for reading performance:

* A **stablecoin-yield vault** aims for steady USD returns — flat-ish line going up.
* A **directional vault** (e.g. ETH-heavy) will swing with its underlying. A bad week for ETH is a bad week for the vault in USD terms, even if the manager didn't trade.

Depositors should read performance with the vault's strategy in mind, not just the number. The performance chart in the app lets you overlay ETH and BTC as benchmarks — useful for checking whether a directional vault is actually outperforming the asset it's exposed to, rather than just riding the market.

## How pricing works

Vault NAV is computed continuously from onchain oracle prices of everything the vault holds, converted to USD. The vault token price you see in the app is live NAV divided by total supply. Deposits and withdrawals use the same pricing.

See [Oracles](/concepts/oracles.md) for which oracle providers Chamber uses (Chainlink, Pyth, and TWAP) and how price feeds are selected per asset.

## Why USD and not a specific stablecoin

Chamber accounts in USD rather than pegging to a specific stablecoin (USDC, USDT, DAI) so the vault isn't tied to any one issuer's peg or redemption path. In practice depositors interact using the stablecoins on that chain, but the accounting layer sits above them.

## Related

* [Create a vault](/manage/create-a-vault.md) — the creation flow.
* [Fees & performance](/manage/fees-performance.md) — how fees accrue against USD NAV.
* [Vault token & shares](/concepts/vault-tokens.md) — how the receipt token works.


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