> 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/usd.infra-vault-overview.md). # USD.infra Vault Overview **TLDR:** * The USD.infra Vault is on-chain project finance for digital infrastructure assets. It's a vault that routes a stablecoin, USD.infra, into real-world assets (RWA), specifically digital infrastructure deployments that power AI. Contracted revenue from digital infrastructure payments then provides yield into the vault. * Flow: stablecoins → mint/receive USD.infra → deposit into the USD.infra Vault → receive sUSD.infra → vault deploys capital into SPVs and reserve assets → revenue provides yield back to the vault → sUSD.infra reflects vault performance through exchange rate (subject to eligibility and transfer restrictions). * Key idea: Stable money in → infrastructure financed → cashflows back → vault performance is reflected in sUSD.infra exchange rate. ## **What the USD.infra Vault is** The USD.infra Vault is an on-chain DeFi vault for financing digital infrastructure assets of the future: turning long-term cash-flowing digital infrastructure into liquid, financeable, on-chain assets. It uses on-chain capital deposited into it to fund real digital infrastructure and returns contracted revenues from those assets into the vault as yield. USD.infra Vault participation is limited to eligible non-U.S. persons and is subject to transfer restrictions and applicable eligibility requirements.
## **The Problem that the USD.infra Vault Solves** AI is driving the largest infrastructure build-out in a generation. Close to $7 trillion is expected to go into global data center development by 2030, and everything that supports those data centers has to grow with them: networks, compute, caches, and power. At the same time, that infrastructure is getting smaller and more distributed. Micro-neoclouds and fixed wireless, like solar panels before them, are examples of infrastructure technology getting smaller, more accessible, and closer to everyday users. However, infrastructure financing has not caught up. Legacy infrastructure finance models were built for large, centralized projects, and they underwrite the borrower or the hardware. Micro-deployments do not fit those underwriting or operational workflows, so operators with signed contracts and paying customers wait for capital, or never get it. This has created a capital market gap. Traditional capital is limited and not built for distributed digital infrastructure, while on-chain capital is actively seeking competitive, uncorrelated cash flows that real-world infrastructure can provide. That is the gap that the USD.infra Vault bridges. It underwrites the contract rather than the hardware, which makes small deployments financeable, and turns their contracted cash flows into on-chain yield. ## **How the Vault Generates Cashflows** The USD.infra Vault deploys capital into real-world digital infrastructure assets that produce recurring cash flows. Those cash flows are collected from the underlying payments for services, and are returned to the Vault, where Vault performance is reflected for eligible participants through the Vault's shared pool mechanics. The Vault is built around operating assets with measurable performance and allocates capital across compute and connectivity infrastructure segments, with power coming at a later date. ### **Compute Asset Types:** | **Asset** | **Description** | | ---------------------------------------- | --------------------------------------------------------------------------------------------------------------------------- | | Edge Compute / Mini Data Centers | Modular compute deployed close to network infrastructure, monetized through contracted hosting and processing arrangements. | | GPU Compute (Neocloud) | GPU capacity leased under contract to AI frontier labs. | | Training Content Delivery Networks (CDN) | Caching and delivery capacity at the network edge, contracted with content and application providers. | ### **Connectivity Asset Types:** | **Asset** | **Description** | | ------------------- | ------------------------------------------------- | | Apartment Buildings | Internet contracts with whole buildings. | | Carrier Offload | Sell Wi-Fi data to Mobile Carriers via Passpoint. | | ISP Acquisitions | Regional ISP upstarts with operational synergies. | ### **Power Asset Types (coming soon):** | Asset | Description | | --------------------------- | --------------------------------------------------------------------------------------------------------------------------------- | | Behind-the-Meter Power | On-site generation and battery storage at data centers and neocloud sites, monetized through long-term power delivery agreements. | | Distributed Battery Storage | Battery systems at apartment buildings and commercial sites on the network, monetized through peak demand reduction contracts. | ### **How Digital Infrastructure Becomes Financeable** The assets in the Vault are different forms of digital infrastructure, but they all follow the same model: capital is deployed upfront, service is delivered over time, customers pay recurring fees, and those cash flows can be measured and routed back to capital. Projects are admitted under fixed eligibility criteria and funded by a published allocation rule. This is the core insight behind the system: once digital infrastructure can be measured, contracted, and paid for in a repeatable way, it can be financed more like an asset and less like a bespoke infrastructure project. ## **Third-party research note** Read more about DAWN’s USD.infra Vault offering in [Messari’s “State of DePIN 2025” report](https://messari.io/report/state-of-depin-2025), which discusses the emerging category of on-chain infrastructure finance. The USD.infra Vault is offered only to eligible non-U.S. persons. Reg S restrictions, transfer restrictions, and eligibility limitations apply and may continue to apply to certain holders based on purchase date and jurisdiction.