FAQ

USD.estate allocates only to permissioned real-estate debt securities issued by regulated, ring-fenced vehicles: for example Luxembourg securitisation notes and Swiss-ISIN real-estate bonds. Bonds must be secured on, or backed by, real estate within maximum LTV limits, independently valued, paid in or convertible to USDC, and tokenized as ERC-3643. The full list is in Bond Eligibility Criteria. The protocol does not buy equity, speculative development exposure without senior security, or general corporate debt.

Send the bond documentation and token details to issuers@usd.estate. Allocation is not self-serve. The Operating Company runs diligence first. If the bond qualifies, it is proposed through the public allowlist timelock.

It depends on documentation and onboarding: typically several weeks from first contact to allowlist proposal, plus the timelock delay, plus the issuer's own subscription and settlement timetable.

Deployment is deliberately paced. Every bond must pass diligence and the allowlist timelock. The reserve floor keeps part of the vault liquid for redemptions, the per-issuer cap limits concentration, and many bonds can only be subscribed on the issuer's schedule. Unallocated capital is not idle: it earns T-bill yield through the USDest reserve.

The Holding Subsidiary, a Cayman subsidiary of the USD.estate Foundation, is the legal holder. Onchain, the tokens are held by the BondPositionManager, whose ONCHAINID identity carries claims issued for the Holding Subsidiary. Depositors never hold bonds directly.

Every position is listed with issuer, ISIN, face value, coupon, maturity and status on the Bonds and Proof of Reserves pages.

No. Bonds are held to maturity or until the issuer redeems them under their terms. Redemptions are paid from the reserve at epoch close. Depositors who need immediate liquidity can sell sUSDest on secondary markets.

The position is flagged as a credit event and stops accruing coupon. If the impairment trigger is met, it is written down. Enforcement then proceeds under the bond terms through the trustee or security agent, and recoveries are deposited into the vault. See In the Event of a Missed Coupon or Issuer Default.

Through conservative structuring: maximum LTV limits, independent valuations, senior security, per-issuer caps, a liquid reserve floor, and hold-to-maturity. The protocol underwrites bonds as income-producing credit held to maturity, not as assets it expects to sell.

The protocol is operated by the USD.estate Foundation, a Cayman Islands foundation company that holds the protocol's IP and is the parent of the Holding Subsidiary. The Operating Company is the technical and operational service provider under a services agreement. It builds the protocol and supports diligence and operations.

ERC-3643 tokens can only be transferred to verified identities. Registering the BondPositionManager's identity in each bond's identity registry is what lets it receive and hold the bond, and it ties the onchain holder to the Holding Subsidiary.

No. Issuers onboard the Holding Subsidiary as their investor. They do not receive personal data about sUSDest holders.