> For the complete documentation index, see [llms.txt](https://docs.infrastructure.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.infrastructure.finance/usd.infra-vault/capital-stack.md).

# Capital Stack

**TLDR:**

* The USD.infra Vault aggregates capital, routes it into AI infrastructure deals, tracks yield and accounting, and makes sUSD.infra usable across DeFi.

## **What backs the Vault**

The USD.infra Vault is backed by:

* AI infrastructure and project economics financed through project SPVs;
* Contracted revenue and other AI infrastructure cashflows flowing into the revenue pool; and/or
* Contractual rights, receivables, and deal-specific protections embedded in SPV structures.

## **Why the Vault exists**

The USD.infra Vault is the interface that makes the entire operation scalable.

* **Capital formation:** Aggregates capital and deploys it across proven AI infrastructure deal types.
* **Yield accounting:** Provides a clear structure for distributions, fees, and exchange rate.
* **DeFi composability:** Makes sUSD.infra liquid, transferable, and usable across supported DeFi venues.
* **Operational clarity:** Gives users a clean interface for understanding where capital is deployed and how value flows back.

## **USD.infra Vault use cases**

* **Eligible participation:** on-chain users can participate in Vault performance through sUSD.infra, subject to eligibility and transfer restrictions.
* **Capital routing:** the Vault funds defined, contracted projects across multiple SPVs and deal types, including apartment buildings, ISP acquisitions and carrier offload arrangements today, with compute infrastructure as an expansion area.

## **Vault Infrastructure**

The USD.infra Vault architecture is implemented on Solana and is designed to handle:

* Minting, burning, and accounting for USD.infra and sUSD.infra;
* Programmatic yield distributions based on explicit rules; and
* Capital routed to defined, contracted projects across supported deal types.

The USD.infra Vault contracts and redemption mechanics are being rolled out in phases. The redemption design includes immediate exchange-rate redemptions from the liquidity sleeve, dynamic exit fees, a minimum liquidity floor, circuit breakers, and queue-based processing when the floor is reached (see [Liquidity and Redemptions](/usd.infra-vault/liquidity-and-redemptions.md)).