> For the complete documentation index, see [llms.txt](https://docs.teddy.cash/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.teddy.cash/master.md). # Introduction ![](/files/-MjeNgh3-GsgC-a7z1SS) Teddy Cash is a decentralized borrowing protocol that allows you to draw [interest-free](/borrowing.md#how-can-the-protocol-offer-interest-free-borrowing) loans against AVAX used as [collateral](https://docs.teddy.cash/borrowing#what-do-you-mean-by-collateral). Loans are paid out in TSD (a USD pegged stablecoin) and need to maintain a [minimum collateral ratio](https://docs.teddy.cash/borrowing#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio) of 110%. In addition to the collateral, the loans are secured by a Stability Pool and by fellow borrowers collectively acting as guarantors of last resort. Learn more about these mechanisms in our documentation. Teddy Cash as a protocol is non-custodial, immutable, and governance-free. It was launched on August 26th, 2021 and is one of many projects originating from the [**Snowball DAO**](https://snowball.network). ### Teddy Dollar (TSD) stablecoin The Teddy Dollar (TSD) is the first stablecoin on the [Avalanche](https://avax.network) network that uses AVAX as collateral. In addition to the collateral, the loans are secured by a [Stability Pool](/stability-pool-and-liquidations.md) containing [TSD](/general.md#what-are-tsd-and-teddy) and by fellow borrowers collectively acting as guarantors of last resort. Teddy Cash as a protocol is non-custodial, immutable, and governance-free. If you still have questions after browsing our FAQs and documentation — [join our Discord!](https://discord.gg/R4Pn5mRZcH) **Get an overview of the protocol here:** {% embed url="" %} ###