> For the complete documentation index, see [llms.txt](https://docs.elara.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.elara.fi/start-here/readme.md).

# What is Elara?

Elara Finance is a treasury management product from the **Brila ecosystem**. It gives treasuries, allocators, institutions and individual investors a way to earn dollar-denominated yield on stablecoins without having to piece together strategies across fragmented DeFi venues themselves.

The flow is simple: deposit an accepted stablecoin (USDC, USDT or USDe), receive **ELUSD**, a liquid dollar-referenced token. If you want yield, stake ELUSD into **sELUSD**, a wrapper that appreciates in value as returns come in.

Yield comes from concentrated liquidity market making on stablecoin pairs. Every position is stablecoin-denominated with no directional exposure, no lending and no credit extension. Capital preservation is the objective that shapes the mandate, though it is an actively managed one rather than a guarantee.

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**ELUSD is not the same as a fiat-backed stablecoin like USDC or USDT.** It targets a dollar peg but carries different risks: there are no fiat reserves in a bank and no government guarantee behind it. Strategy and NAV losses are borne by sELUSD holders, and there is no reserve fund or junior tranche behind them. See the [Risk Management](/risk-and-security/risk-management.md) section for details.
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Elara is not available to U.S., UK, EU/EEA or Singapore persons, or to anyone in a jurisdiction where access would be restricted. 
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