> 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/deals-and-origination.md).

# Deals and Origination

## **SPVs and Asset Ownership**

The USD.infra Vault routes capital into bankruptcy-remote project SPVs that fund digital infrastructure deployments. This structure is designed to isolate project-level economics and protect Vault participants from risks outside a given project.

The structure works as follows:

* The Vault allocates USD.infra into Project SPVs.
* The SPV holds the contractual rights to market and monetize those assets, including the associated project revenue.
* Project revenue accumulates into a revenue pool and supports yield distributions through the Vault.

## **Tokenized Participation**

On-chain participants hold sUSD.infra, representing a contractual participation claim on Vault's shared pool and its yield, subject to transfer restrictions and eligibility requirements. Token holders do not directly own SPVs or the underlying infrastructure.

## **Legal**

The USD.infra Vault requires careful structuring across special purpose vehicles (SPVs), securities considerations, sanctions and compliance requirements, and participant eligibility. Redemptions from sUSD.infra to USD.infra remain subject to Vault liquidity and redemption policy. 

## **Assets**

The USD.infra Vault ultimately finances real digital infrastructure cashflows, including:

* Internet and compute infrastructure deployments;
* Contracted revenue streams, such as apartment building agreements and carrier offload arrangements; and
* Cashflow acquisitions or roll-ups, such as ISP acquisitions underwritten on proven operating revenue.

Beneath the deal layer is the capital stack itself. The structure that aggregates capital, tracks accounting, and routes value back to participants.