> For the complete documentation index, see [llms.txt](https://ifichi.gitbook.io/ifichi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ifichi.gitbook.io/ifichi/what-is-ifichi/introduction/synthetic-tokens.md).

# Synthetic Tokens

At the heart of IFICHI are synthetic assets known as iTokens, mirroring the value of an underlying asset.

Example: An iToken like "iUSDC" mirrors the USDC stablecoin. Borrowers create iUSDC by pledging collateral (like ETH), while lenders exchange USDC for iUSDC. Post-maturity, iUSDC holders can redeem their tokens for USDC.