Marketing and Summary Disclosures
Draft
This disclosure is a draft and must be reviewed by Cayman and securities counsel before publication.
sUSDest is a non-custodial ERC-4626 vault token with ERC-7540 redemptions. It is not a stablecoin. Its NAV reflects USDest held by the vault and real-estate bond positions (ERC-3643 permissioned securities) held through the BondPositionManager, whose legal holder is a subsidiary of the USD.estate Foundation. Deposit and redemption share prices are calculated under published rules: the deposit price includes accrued-but-unpaid coupon and the redemption price does not. Redemptions are processed in fixed epochs from available USDest, and bonds are not sold before maturity to fund redemptions. Coupon, principal and recovery payments are routed under predefined smart-contract logic and the applicable bond documents. Neither the USD.estate Foundation, its subsidiary, the Operating Company nor any multisig or execution role has discretion to select individual users for redemption, change the redemption order, redirect ordinary-course payments, change NAV methodology, or allocate to bonds that are not on the timelocked allowlist or do not meet the published eligibility criteria. The strategy multisig may change the allocation between reserve assets and allowlisted bonds only within onchain guardrails, including a reserve floor and a per-issuer cap. sUSDest holders have no direct claim against any bond issuer or underlying real estate. Yield is not guaranteed and depends on issuer coupon and principal performance, real-estate collateral values and recoveries, Treasury bill yields, fees, redemption timing, and impairment treatment.
USDest is a synthetic dollar backed 1:1 by USDC, with reserves held in USDC and tokenized short-dated US Treasury bill funds. Direct mint and redemption are limited to approved institutions. USDest holders receive no yield; reserve yield is harvested into sUSDest. USDest has no exposure to real-estate bonds.
USDest and sUSDest are not bank deposits, are not insured by any government agency, and are not offered to US persons, persons in the United Kingdom, or persons in sanctioned jurisdictions.