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<!DOCTYPE html><html><head><meta charSet="utf-8"/><title>How it Works | XFT Finance</title><meta name="robots" content="index,follow"/><meta property="og:title" content="How it Works | XFT Finance"/><meta name="theme-color" content="#111" media="(prefers-color-scheme: dark)"/><meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"/><style>
:root {
--nextra-primary-hue: 212deg;
--nextra-primary-saturation: 100%;
--nextra-navbar-height: 4rem;
--nextra-menu-height: 3.75rem;
--nextra-banner-height: 2.5rem;
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.dark {
--nextra-primary-hue: 204deg;
--nextra-primary-saturation: 100%;
}
</style><link rel="icon" href="/favicon.svg"/><link rel="icon" href="/favicon-light.svg" type="image/svg" media="(prefers-color-scheme: dark)"/><meta property="og:image" content="/img/logo.svg"/><meta property="og:title" content="XFT Finance Docs"/><meta property="og:description" content="At XFT, our mission is to make institutional-grade financial products and services available to everyone. We believe that blockchain technology has the potential to improve both the infrastructure of — and access to — financial products and services. We also believe that the best technical improvements need to be combined with the best practices from traditional finance, including investor protections, transparency in reporting, legal and regulatory compliance, intelligent and robust product structuring, working with the best service providers, and top-notch client service."/><meta name="next-head-count" content="12"/><link rel="preload" href="/_next/static/css/445c4173ffc2bf04.css" as="style"/><link rel="stylesheet" href="/_next/static/css/445c4173ffc2bf04.css" data-n-p=""/><noscript data-n-css=""></noscript><script defer="" nomodule="" src="/_next/static/chunks/polyfills-78c92fac7aa8fdd8.js"></script><script src="/_next/static/chunks/webpack-6724777efff47c03.js" defer=""></script><script src="/_next/static/chunks/framework-0995a3e8436ddc4f.js" defer=""></script><script src="/_next/static/chunks/main-6cde79d0e71b4535.js" defer=""></script><script src="/_next/static/chunks/pages/_app-5e08cacbd1e15530.js" defer=""></script><script src="/_next/static/chunks/2154-0774a5d570997ae1.js" defer=""></script><script src="/_next/static/chunks/9773-b9dc34013cd8d52b.js" defer=""></script><script src="/_next/static/chunks/pages/general-access-products/USDX/how-it-works-81a0ea36f0fafbdb.js" defer=""></script><script src="/_next/static/kswwImgX88EJaGWTmIRU3/_buildManifest.js" defer=""></script><script src="/_next/static/kswwImgX88EJaGWTmIRU3/_ssgManifest.js" defer=""></script></head><body><div id="__next"><script>!function(){try{var d=document.documentElement,c=d.classList;c.remove('light','dark');var e=localStorage.getItem('theme');if('system'===e||(!e&&true)){var t='(prefers-color-scheme: dark)',m=window.matchMedia(t);if(m.media!==t||m.matches){d.style.colorScheme = 'dark';c.add('dark')}else{d.style.colorScheme = 'light';c.add('light')}}else if(e){c.add(e|| '')}if(e==='light'||e==='dark')d.style.colorScheme=e}catch(e){}}()</script><div dir="ltr"><script>document.documentElement.setAttribute('dir','ltr')</script><div class="nextra-nav-container nx-sticky nx-top-0 nx-z-20 nx-w-full nx-bg-transparent print:nx-hidden"><div class="nextra-nav-container-blur nx-pointer-events-none nx-absolute nx-z-[-1] nx-h-full nx-w-full nx-bg-white dark:nx-bg-dark nx-shadow-[0_2px_4px_rgba(0,0,0,.02),0_1px_0_rgba(0,0,0,.06)] dark:nx-shadow-[0_-1px_0_rgba(255,255,255,.1)_inset] contrast-more:nx-shadow-[0_0_0_1px_#000] contrast-more:dark:nx-shadow-[0_0_0_1px_#fff]"></div><nav class="nx-mx-auto nx-flex nx-h-[var(--nextra-navbar-height)] nx-max-w-[90rem] nx-items-center nx-justify-end nx-gap-2 nx-pl-[max(env(safe-area-inset-left),1.5rem)] nx-pr-[max(env(safe-area-inset-right),1.5rem)]"><a class="nx-flex nx-items-center hover:nx-opacity-75 ltr:nx-mr-auto rtl:nx-ml-auto" href="/"><span style="display:flex;justify-content:center;gap:0.5rem"><img src="/favicon.svg" style="width:24px"/><h1>XFT Finance Docs</h1></span></a><div class="nextra-search nx-relative md:nx-w-64 nx-hidden md:nx-inline-block mx-min-w-[200px]"><div 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17.7412C6.63375 17.4759 6.19499 16.6569 5.8125 16.4378C5.4975 16.2647 5.0475 15.838 5.80124 15.8264C6.51 15.8149 7.01625 16.4954 7.18499 16.7723C7.99499 18.1679 9.28875 17.7758 9.80625 17.5335C9.885 16.9337 10.1212 16.53 10.38 16.2993C8.3775 16.0687 6.285 15.2728 6.285 11.7432C6.285 10.7397 6.63375 9.9092 7.20749 9.26326C7.1175 9.03257 6.8025 8.08674 7.2975 6.81794C7.2975 6.81794 8.05125 6.57571 9.77249 7.76377C10.4925 7.55615 11.2575 7.45234 12.0225 7.45234C12.7875 7.45234 13.5525 7.55615 14.2725 7.76377C15.9937 6.56418 16.7475 6.81794 16.7475 6.81794C17.2424 8.08674 16.9275 9.03257 16.8375 9.26326C17.4113 9.9092 17.76 10.7281 17.76 11.7432C17.76 15.2843 15.6563 16.0687 13.6537 16.2993C13.98 16.5877 14.2613 17.1414 14.2613 18.0065C14.2613 19.2407 14.25 20.2326 14.25 20.5441C14.25 20.7863 14.4188 21.0746 14.8688 20.9824C16.6554 20.364 18.2079 19.1866 19.3078 17.6162C20.4077 16.0457 20.9995 14.1611 21 12.2276C21 7.12937 16.9725 3 12 3Z"></path></svg><span 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class="nx-flex nx-flex-col nx-gap-1 nextra-menu-desktop max-md:nx-hidden"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/">Welcome to XFT</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/trust-and-security">Trust & Security</a></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products">General-Access Products<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX">USDX Token<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/basics">USDX Basics</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/comparison-stablecoins">Comparison to Stablecoins</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/comparison-XFT-products">Comparison to Other XFT Products</a></li><li class="nx-flex nx-flex-col nx-gap-1 active"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-bg-primary-100 nx-font-semibold nx-text-primary-800 dark:nx-bg-primary-400/10 dark:nx-text-primary-600 contrast-more:nx-border-primary-500 contrast-more:dark:nx-border-primary-500" href="/general-access-products/USDX/how-it-works">How It Works</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/USDX-vs-rebasing-USDX">USDX vs Rebasing USDX (rUSDX)</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/rebasing">Rebasing</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq">FAQ<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/eligibility">Eligibility</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/onboarding-and-kyc">Onboarding & KYC</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/investing-and-redeeming">Investing & Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/USDXc">USDXc</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/transfers">Transfers</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/economics-and-fees">Economics & Fees</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/trust-and-transparency">Trust & Transparency</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/technology">Technology</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/faq/partners-and-media">Partners & Media</a></li></ul></div></div></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/USDX/disclaimer">USDX Legal Disclaimer</a></li></ul></div></div></li></ul></div></div></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products">Qualified-Access Products<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/cash-management-101">Cash Management 101</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/minting-and-redeeming">Minting and Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/eligibility">Eligibility</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/onboarding-and-kyc">Onboarding & KYC</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg">OUSG Token<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/overview">Overview</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/eligibility-&-onboarding">Eligibility & Onboarding</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/investing">Investing</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/redeeming">Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/yield">Yield</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/fees-and-taxes">Fees & Taxes</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/ousg-vs-rebasing-ousg">OUSG vs Rebasing OUSG (rOUSG)</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/rebasing">Rebasing</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/technical">Technical</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/trust-and-transparency">Trust & Transparency</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 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Subscriptions</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#step-1-deposits" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Step 1: Deposits</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#step-2-cohort-assignment" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Step 2: Cohort Assignment</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#step-3-certificate-and-USDXc-generation" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Step 3: Certificate and USDXc Generation</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#step-4-token-minting--claiming" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Step 4: Token Minting & Claiming</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#ii-redemptions" class="nx-font-semibold nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">II. Redemptions</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#step-1-redemption-request" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Step 1: Redemption Request</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#step-2-redemption-fulfillment" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">Step 2: Redemption Fulfillment</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#iii-secondary-markets-or-transfers" class="nx-font-semibold nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">III. Secondary Markets or Transfers</a></li></ul></div></nav><div id="reach-skip-nav"></div><article class="nx-w-full nx-break-words nextra-content nx-flex nx-min-h-[calc(100vh-var(--nextra-navbar-height))] nx-min-w-0 nx-justify-center nx-pb-8 nx-pr-[calc(env(safe-area-inset-right)-1.5rem)]"><main class="nx-w-full nx-min-w-0 nx-max-w-6xl nx-px-6 nx-pt-4 md:nx-px-12"><div class="nextra-breadcrumb nx-mt-1.5 nx-flex nx-items-center nx-gap-1 nx-overflow-hidden nx-text-sm nx-text-gray-500 dark:nx-text-gray-400 contrast-more:nx-text-current"><div class="nx-whitespace-nowrap nx-transition-colors nx-min-w-[24px] nx-overflow-hidden nx-text-ellipsis hover:nx-text-gray-900 dark:hover:nx-text-gray-100" title="General-Access Products"><a href="/general-access-products">General-Access Products</a></div><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-w-3.5 nx-shrink-0"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg><div class="nx-whitespace-nowrap nx-transition-colors nx-min-w-[24px] nx-overflow-hidden nx-text-ellipsis hover:nx-text-gray-900 dark:hover:nx-text-gray-100" title="USDX Token"><a href="/general-access-products/USDX">USDX Token</a></div><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-w-3.5 nx-shrink-0"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg><div class="nx-whitespace-nowrap nx-transition-colors nx-font-medium nx-text-gray-700 contrast-more:nx-font-bold contrast-more:nx-text-current dark:nx-text-gray-100 contrast-more:dark:nx-text-current" title="How It Works">How It Works</div></div><h1 class="nx-mt-2 nx-text-4xl nx-font-bold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100">How it Works</h1>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">There are three major processes for USDX:</p>
<ol class="nx-mt-6 nx-list-decimal first:nx-mt-0 ltr:nx-ml-6 rtl:nx-mr-6">
<li class="nx-my-2"><strong>Subscriptions</strong>, whereby which create new USDX tokens</li>
<li class="nx-my-2"><strong>Redemptions</strong>, whereby an investor returns Tokens to XFT to get their money back (plus accrued yield)</li>
<li class="nx-my-2"><strong>Transfers</strong>, whereby an investor sells their Tokens in the secondary market or utilizes their Tokens within DeFi</li>
</ol>
<h2 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-10 nx-border-b nx-pb-1 nx-text-3xl nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400">I. <strong>Subscriptions</strong><a href="#i-subscriptions" id="i-subscriptions" class="subheading-anchor" aria-label="Permalink for this section"></a></h2>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>Step 1: Deposits</strong><a href="#step-1-deposits" id="step-1-deposits" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Once you complete <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/USDX/faq/onboarding-and-kyc">onboarding</a>, you can choose to deposit funds in three ways: (a) in USD via wire transfer, (b) in USDC via our web interface, which will direct you to send USDC to an address we control, or (c) in USDT via direct stablecoin transfer to an address we control. When you send a wire transfer, your subscription is considered ‘made' at the time we receive the wire. Let's call this your <strong>Closing Date</strong>. For legal and accounting reasons, however, when you send USDC or USDT, your Closing Date is considered to be when we convert it to USD and initiate the wire of the money to our primary bank account. (This typically happens within one Business Day).</p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>Step 2: Cohort Assignment</strong><a href="#step-2-cohort-assignment" id="step-2-cohort-assignment" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">For legal and regulatory reasons, each subscription is assigned a <strong>cohort</strong>, the purpose of which we'll describe in a minute. The time that your investment / loan is made (i.e. your Closing Date) determines which cohort your loan is part of. Each cohort runs from Wednesday to Tuesday. This closing date is also the date after which you begin earning interest. (For more on how interest rates are set, see <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/USDX/faq/economics-and-fees#how-are-the-yields-on-the-USDX-determined">this question</a>)</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Cohorts are important because – for legal and regulatory reasons – they determine when you can claim your Tokens. More on this below.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">[*For those interested in the details, for accounting and operational purposes, we technically consider 8pm UTC to be the cutoff time each day so subscriptions and redemptions that happen after 8pm UTC Tuesday are treated ‘as if' it happened on Wednesday. For example, a subscription made at 8:00:00pm UTC on (Tuesday) June 20th would be treated as part of the (Wednesday) June 21st cohort, which would <em><strong>end</strong></em> at 7:59:59pm UTC on Tuesday, June 27th.]</p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>Step 3: Certificate and USDXc Generation</strong><a href="#step-3-certificate-and-USDXc-generation" id="step-3-certificate-and-USDXc-generation" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Temporary Global Certificate Generation</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Typically within three Business Days from when your subscription is made, you will receive a Temporary Global Certificate representing your rights to payment, instead of receiving USDX tokens. Why not just immediately provide you with Tokens? For legal and contractual reasons, the note that USDX represents has heightened transfer restrictions for at least 40 days (this period is called the “Restricted Period”). The USDX token itself, in contrast, can be transferred between qualifying non-US persons after this Restricted Period. Therefore, to ensure you (and we) remain in compliance, we first issue a Temporary Global Certificate that represents the USDX tokens you are eligible to receive at the end of the Restricted Period. The Temporary Global Certificate is literally a PDF certificate that records your deposit and redemptions, and that we provide to you and keep on file. When your USDX tokens are minted, we then update the Temporary Global Certificate accordingly. At that point, the USDX tokens themselves become the representation of your rights under the note that USDX represents and the Temporary Global Certificate is no longer relevant.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>USDXc Generation</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">When your Temporary Global Certificate is issued, USDXc tokens are minted. The number of USDXc tokens, or “Cooking USDX,” that are minted upon the issuance of your Temporary Global Certificate is equivalent to the number of USDX tokens that will be minted after the conclusion of the Restricted Period. When the Restricted Period ends, and USDX tokens are minted, the associated USDXc tokens are burned.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">USDXc serves as an onchain bookkeeping representation of the corresponding Temporary Global Certificate. Unlike Temporary Global Certificates, each of which are specific to the individual or entity who subscribed, USDXc tokens are not attributed onchain to specific subscribers. Instead, USDXc tokens are used solely as an accounting mechanism so that this off-chain data - the total number of USDX tokens not yet minted for subscriptions in the Restricted Period - can be tracked onchain. This allows onchain data aggregators to track USDX subscriptions that are still in the Restricted Period, so that they can accurately report data such as USDX’s TVL. <strong>USDXc tokens are merely a bookkeeping device of the issuer; the tokens are non-transferable and are held only by the issuer, not by subscribers.</strong></p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>Step 4: Token Minting & Claiming</strong><a href="#step-4-token-minting--claiming" id="step-4-token-minting--claiming" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Importantly — and here's where the cohort concept comes into play — the Restricted Period on your Certificate starts the day after your Certificate's cohort ends.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Continuing our previous example, the (Wednesday) June 21st cohort ends on (Tuesday) June 27th (i.e. a week later), so the first day of that Certificate's Restricted Period would be (Wednesday) June 28th. Forty days after June 27th — the end of the cohort — is Sunday, August 6th. One day later — Monday, August 7 — would then be your <strong>Token Eligibility Date</strong>, the first date on which your Tokens can be minted and claimed.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">To ensure you remained informed about what is happening with your investment, you will receive notifications via email (and in your XFT account) upon all of the following events:</p>
<ul class="nx-mt-6 nx-list-disc first:nx-mt-0 ltr:nx-ml-6 rtl:nx-mr-6">
<li class="nx-my-2">When your onboarding application has been approved</li>
<li class="nx-my-2">When you are eligible to start depositing funds</li>
<li class="nx-my-2">When your Temporary Global Certificate is generated</li>
<li class="nx-my-2">When your Tokens have been minted and are ready to claim</li>
<li class="nx-my-2">When we acknowledge a Temporary Global Certificate redemption request you've made via email to <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="mailto:support@XFT.finance">support@XFT.finance</a></li>
<li class="nx-my-2">After we have fulfilled your redemption request</li>
</ul>
<h2 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-10 nx-border-b nx-pb-1 nx-text-3xl nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400">II. <strong>Redemptions</strong><a href="#ii-redemptions" id="ii-redemptions" class="subheading-anchor" aria-label="Permalink for this section"></a></h2>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>Step 1: Redemption Request</strong><a href="#step-1-redemption-request" id="step-1-redemption-request" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">If you already have Tokens, you request a redemption via our web interface. If you have not received your Tokens but have already been issued a Temporary Global Certificate, you may request a redemption by emailing us at <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="mailto:support@XFT.finance">support@XFT.finance.</a></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">[Note that, for technical reasons, if you have Tokens represented by a Certificate(s) less than two Business Days away from the Token Eligibility Date, you will not be able to trigger a redemption of those Tokens by email. Instead you will have to wait until your Tokens are minted, claim them (or have us claim them for you), then request a redemption via the web app. For example, assume your Token Eligibility Date was Friday June 23 (which for our purposes starts at 8pm UTC Thursday June 22. ) Two Business Days earlier than Friday is Wednesday June 21st, which starts at 8pm UTC on Tuesday June 20, so any early redemption requests received after 7:59:59pm UTC will be ineligible to redeem early.]</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">The Cutoff Time for receiving redemption requests is the same as for Subscriptions.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Note that all redemptions are denominated in US Dollars and, to ensure compliance with US securities laws, must be made via wire transfer to bank accounts outside the US</p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>Step 2: Redemption Fulfillment</strong><a href="#step-2-redemption-fulfillment" id="step-2-redemption-fulfillment" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Fulfillment of a redemption request typically takes place within two Business Days of receiving a valid redemption request. The fees you pay for a redemption is fulfilled depends on the amount of money you are redeeming:</p>
<ul class="nx-mt-6 nx-list-disc first:nx-mt-0 ltr:nx-ml-6 rtl:nx-mr-6">
<li class="nx-my-2"><strong>If you are redeeming less than $100,000</strong>, note that the funds you receive will be net (i.e. you will pay) any fees associated with the transfer. USDX is only redeemable in US Dollars, so please ensure that your bank account accepts US Dollars. Should your bank convert any wired US Dollars to another currency, you bear any currency exchange risk and exchange fees.</li>
<li class="nx-my-2"><strong>If you are redeeming $100,000 or more</strong>, Any wire fees (but not any currency fees or exchange rate risk) will be covered by us.</li>
</ul>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">In both cases, you will pay our standard <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/USDX/faq/economics-and-fees">redemption fees</a>.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Note that <strong>redemptions for Temporary Global Certificates (i.e. prior to your token issuance) is only available for amounts greater than $100,000</strong>; for amounts less than this you will need to wait until your Tokens are minted.</p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">When redeeming the via the web app, the redemption request is considered ‘received' at the time you submit it. Note that if you send an early redemption request via email, however, we may not ‘receive' the request for several days depending upon the backlog of support requests we receive.</p>
<h2 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-10 nx-border-b nx-pb-1 nx-text-3xl nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400">III. <strong>Secondary Markets or Transfers</strong><a href="#iii-secondary-markets-or-transfers" id="iii-secondary-markets-or-transfers" class="subheading-anchor" aria-label="Permalink for this section"></a></h2>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Because they are only minted after the Restricted Period ends, Tokens are transferable to anyone within eligible geographies at your discretion, including selling, utilizing within DeFi, and buying more Tokens from others.</p>
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<hr class="nx-my-8 nx-border-neutral-200/70 contrast-more:nx-border-neutral-400 dark:nx-border-primary-100/10 contrast-more:dark:nx-border-neutral-400"/>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><strong>Legal Notice</strong></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>These pages are provided solely to facilitate your understanding of certain key features and terms of USDX and its issuer, and is qualified in all respects by the Tokenized Credit and Security Agreement, your Subscription Agreement, the Borrowing and Lending Memorandum, and the Limited Liability Company Agreement of XFT USDX LLC.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>For the purposes of these pages, the capitalized term “Token” shall refer to the transferrable USDX token.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Neither these pages, nor any related links or discussions, nor any portion hereof or thereof, constitutes any offer to sell, or any solicitation of an offer to buy, any securities, including but not limited to USDX Tokens.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Neither these pages, nor any related links or discussions, nor any portion hereof of thereof, constitutes any representation, warranty or covenant on the part of XFT Finance Inc., XFT USDX LLC or any other person.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>These pages and their links contain, and officers, agents or representatives of XFT Finance Inc. or XFT USDX LLC may from time to time make, "forward-looking statements". Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of XFT Finance Inc., XFT USDX LLC and their respective officers, agents and representatives. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Acquiring USDX Tokens is speculative and involves substantial risks. There can be no assurances that a USDX Token holder will not incur losses, including total loss of their investment in USDX Tokens.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>The USDX Tokens are not offered OR SOLD, and will not be offered OR SOLD, in the United States or to US persons. In addition, the USDX Tokens have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any other jurisdiction, and may not be offered, sold or otherwise transferred in the United States or to US persons unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. Additional limitations on transfer also apply.</em></p><div class="nx-mt-16"></div><div class="nx-mb-8 nx-flex nx-items-center nx-border-t nx-pt-8 dark:nx-border-neutral-800 contrast-more:nx-border-neutral-400 dark:contrast-more:nx-border-neutral-400 print:nx-hidden"><a title="Comparison to Other XFT Products" class="nx-flex nx-max-w-[50%] nx-items-center nx-gap-1 nx-py-4 nx-text-base nx-font-medium nx-text-gray-600 nx-transition-colors [word-break:break-word] hover:nx-text-primary-600 dark:nx-text-gray-300 md:nx-text-lg ltr:nx-pr-4 rtl:nx-pl-4" href="/general-access-products/USDX/comparison-XFT-products"><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-inline nx-h-5 nx-shrink-0 ltr:nx-rotate-180"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg>Comparison to Other XFT Products</a><a title="USDX vs Rebasing USDX (rUSDX)" class="nx-flex nx-max-w-[50%] nx-items-center nx-gap-1 nx-py-4 nx-text-base nx-font-medium nx-text-gray-600 nx-transition-colors [word-break:break-word] hover:nx-text-primary-600 dark:nx-text-gray-300 md:nx-text-lg ltr:nx-ml-auto ltr:nx-pl-4 ltr:nx-text-right rtl:nx-mr-auto rtl:nx-pr-4 rtl:nx-text-left" href="/general-access-products/USDX/USDX-vs-rebasing-USDX">USDX vs Rebasing USDX (rUSDX)<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-inline nx-h-5 nx-shrink-0 rtl:nx-rotate-180"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg></a></div></main></article></div><footer class="nx-bg-gray-100 nx-pb-[env(safe-area-inset-bottom)] dark:nx-bg-neutral-900 print:nx-bg-transparent"><div class="nx-mx-auto nx-flex nx-max-w-[90rem] nx-gap-2 nx-py-2 nx-px-4 nx-hidden"><button title="Change theme" class="nx-h-7 nx-rounded-md nx-px-2 nx-text-left nx-text-xs nx-font-medium nx-text-gray-600 nx-transition-colors dark:nx-text-gray-400 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50" id="headlessui-listbox-button-:Rkt6:" type="button" aria-haspopup="listbox" aria-expanded="false" data-headlessui-state=""><div class="nx-flex nx-items-center nx-gap-2 nx-capitalize"><svg fill="none" viewBox="3 3 18 18" width="12" height="12" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" fill="currentColor" d="M12 3v1m0 16v1m9-9h-1M4 12H3m15.364 6.364l-.707-.707M6.343 6.343l-.707-.707m12.728 0l-.707.707M6.343 17.657l-.707.707M16 12a4 4 0 11-8 0 4 4 0 018 0z"></path></svg><span class="">Light</span></div></button></div><hr class="dark:nx-border-neutral-800"/><div class="nx-mx-auto nx-flex nx-max-w-[90rem] nx-justify-center nx-py-12 nx-text-gray-600 dark:nx-text-gray-400 md:nx-justify-start nx-pl-[max(env(safe-area-inset-left),1.5rem)] nx-pr-[max(env(safe-area-inset-right),1.5rem)]">XFT Finance Docs</div></footer></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{}},"page":"/general-access-products/USDX/how-it-works","query":{},"buildId":"kswwImgX88EJaGWTmIRU3","nextExport":true,"autoExport":true,"isFallback":false,"scriptLoader":[]}</script></body></html>