Deals and Origination

SPVs and Asset Ownership

The USD.infra Vault routes capital into bankruptcy-remote project SPVs that fund AI infrastructure projects. 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 are available to eligible holders who satisfy verification and other applicable eligibility requirements. Redemptions are subject to the Vault's published exchange rate, dynamic exit fee, liquidity floor, circuit breakers, and queue mechanics.

Assets

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

• Connectivity projects under long-term contracts, with CDN and compute projects added as they are onboarded;

• 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.