Partners

The issuers, infrastructure and service providers that make the USD.estate structure work.

USD.estate relies on named institutions for reserves, issuance, settlement and compliance. There are no insurance or value-protection partners. Credit protection comes from the bonds' own real-estate collateral, loan-to-value limits, issuer structures and the per-issuer and per-bond caps. The partners below provide the infrastructure that makes that credit accessible, verifiable and settleable onchain.

Partner status

A partner is listed only once the relationship is agreed. Entries marked "intended counterparty" are intended counterparties, not confirmed relationships.

Circle: Reserve & Settlement Currency

USDest is backed 1:1 by USDC, issued by Circle. USDC is the currency for USDest mint and redemption, bond subscriptions, and coupon and principal receipts. Keeping every protocol cash flow in one fully reserved dollar token keeps accounting simple and settlement final.

Tokenized T-bill Fund: Reserve Yield (intended counterparty)

Part of the USDest reserve is held in a tokenized fund investing in short-dated US Treasury bills, for example USYC. The fund's yield is what the BasePositionManager harvests into sUSDest. Selection criteria for the reserve fund include:

daily liquidity
a named administrator and custodian
eligibility for non-US institutional holders
availability on Base

Tortuga: Real-Estate Securitisation Notes (intended counterparty)

Tortuga issues T-Evergreen notes: ISIN-bearing notes issued from segregated compartments of a Luxembourg securitisation vehicle, backed by a pool of real-estate bonds and tokenized as ERC-3643 securities. T-Evergreen notes have their own quarterly redemption windows and a limited instant-liquidity sleeve.

Estating: Swiss-ISIN Real-Estate Bonds (intended counterparty)

Estating structures Swiss-ISIN bonds backed by individual properties or portfolios. Eligible bonds must meet the protocol's security, LTV and valuation criteria and be available as ERC-3643 tokens.

ERC-3643 Token & Identity Infrastructure

Bond tokens use the ERC-3643 (T-REX) standard. Each bond has an identity registry and compliance module run by the issuer's token agent. The BondPositionManager holds an ONCHAINID identity with claims issued for the Holding Subsidiary. That identity is what makes it eligible to hold every allowlisted bond.

Paying Agents, Trustees & Security Agents

Every eligible bond names the parties that pay coupons and principal and that hold and enforce security for noteholders. They are specified per bond in its documentation and shown on each position in Bonds.

KYC / KYB Provider: Identity Verification & Compliance (intended counterparty)

A specialist verification provider runs KYC and KYB for approved institutions that mint or redeem USDest. Checks include document verification, beneficial ownership, sanctions and PEP screening, and ongoing monitoring.

Attestation Firm: Proof of Reserves & Bonds (intended counterparty)

An independent accounting firm will perform agreed-upon procedures on USDest reserves and sUSDest bond positions. See Proof of Reserves & Bonds.

Corporate Services: Cayman Administration (intended counterparty)

A licensed Cayman corporate services provider supplies the registered office, directors or supervisor, and administration for the USD.estate Foundation and the Holding Subsidiary.

Liquidity Venues: Secondary Markets (intended counterparty)

USDest/USDC and sUSDest/USDest pools on decentralised exchanges give holders an instant exit at market prices. Pool addresses are listed in Contract Addresses once deployed.