USD.estate does not lend and does not originate. The sUSDest vault subscribes to bonds issued by regulated vehicles, using the same documents and on the same terms as any other investor.
Illustrative.
The protocol accepts only debt securities that are legally ring-fenced, secured on real estate, independently valued and settleable in USDC.
Luxembourg
Notes issued from a segregated compartment of a Luxembourg securitisation vehicle, for example Tortuga T-Evergreen.
Swiss ISIN
Swiss-ISIN bonds issued per property or portfolio, for example through Estating.
Other real-estate debt securities are considered case by case. They must meet all general criteria and be approved through the allowlist timelock.
Common to every instrument
An ERC-3643 implementation with an identity registry that can allowlist the BondPositionManager, plus a published token agent and freeze/forced-transfer policy.
A senior claim on real-estate collateral, directly or through the issuing vehicle's asset pool, with enforcement through a trustee, security agent or noteholder representative.
USD-denominated, or with coupons and principal paid or converted to USDC before reaching the protocol. Any FX exposure must be disclosed and priced.
This is the intake gate. Before any bond can receive capital from sUSDest, it must meet every criterion and pass the allowlist timelock. Any change to the criteria is published in the docs and takes effect only for bonds proposed after the change.
Every position passes eligibility review, a public allowlist timelock and onchain guardrail checks before any capital moves. Funds settle only against delivery of the bond tokens.
The issuer or arranger submits the bond and its documents. Diligence runs against the published criteria: legal structure and ring-fencing, governing documents, the security package and collateral, valuation and loan-to-value, coupon, tenor and currency, paying-agent arrangements, and the token's ERC-3643 implementation. KYB is completed on the issuer.
If the bond passes review, the Foundation multisig queues the addition to the bond allowlist through the timelock controller. The proposal is public onchain, and nothing can be allocated to the bond until the 7 days delay expires. In parallel, the issuer's token agent registers the BondPositionManager's identity in the bond's identity registry.
The strategy multisig commits USDest to a specific subscription, identified by a hash of the agreed terms. At settlement, USDest is redeemed for USDC and paid to the issuer's subscription account; at the same moment the ERC-3643 bond tokens are delivered to the BondPositionManager — delivery-versus-payment. If terms change or the commitment expires, it is cancelled.
The position is held to maturity. Coupons are paid in USDC to the BondPositionManager, converted to USDest and deposited into the vault. At maturity, or when the issuer redeems early under the bond terms, principal returns to the vault. It is never sold early to fund redemptions.
Issuer and collateral jurisdictions must both be on the approved list. At launch the list centres on Western European jurisdictions with creditor-friendly insolvency regimes and reliable real-estate title systems. This is the launch scope; the approved list is governed through the public timelock.
Securitisation vehicles with segregated compartments.
Swiss-ISIN bonds issued per property or portfolio.
Photographs are illustrative and do not depict any issuer's collateral.
The vault subscribes on the same documents and terms as any other investor. What changes is how the position is settled and held.
Funds settle only against delivery of the bond tokens: USDC is paid to the issuer's subscription account at the same moment the ERC-3643 bond tokens are delivered to the BondPositionManager.
The protocol holds bonds through a single verified identity, the BondPositionManager, which the Holding Subsidiary backs. The Holding Subsidiary signs subscription documents, completes issuer investor onboarding and exercises noteholder rights on behalf of the protocol.
Positions are held to maturity and are never sold early to fund redemptions. The protocol treats a bond's own liquidity windows as a source of principal cash flow, not as a redemption line, and does not assume it can exit any bond before its scheduled cash flows.
Allocation from sUSDest is not self-serve. Send the bond documentation and token details, and diligence runs against the published criteria.
What happens next
Review the Bond Eligibility Criteria.
Contact issuers@usd.estate with the bond documentation and token details, or use this form.
Diligence runs against the published criteria. If the bond qualifies, the Foundation multisig queues it through the allowlist timelock.
Once the timelock has passed and the token identity is registered, the strategy multisig can allocate.
Note
We do not set coupons; issuers price their own bonds.