Subscription
USYC can be obtained by any client of the Hashnote Fund (both US and International) or by onboarding directly as an International client to the Short Duration Yield Fund (SDYF).
Qualifications
US Individuals and entities can allocate some or all of their investment in the Hashnote Feeder Fund to USYC. Note that this may impact some use cases. Hashnote Feeder Fund is available to US individuals and entities who are qualified eligible participants under CFTC regulations.
For International peoples or entities, the minimum requirement is a $100k USD investment. Availability will vary by jurisdiction.
Ledger
Ownership in the Short Duration Fund is represented as shares at the Transfer Agent, and whose digital twins are represented onchain as a Smart Contract token (ERC20 specification). The on-chain representation introduces additional utility beyond what has been historically possible in traditional finance.
Workflow
Once subscribed to either of the funds, the client's Wallet will be added to the Allowlist in order to be permissioned to hold USYC. Once this is completed a client can start earning interest by wiring US Dollars or depositing USDC into the fund. This can be accomplished via wire/transfers or through the Teller Smart Contract. In both cases, the amount of USYC received by the client will be equal to the deposit amount divided by the current Price of USYC.
Traditional Subscription Flow
Subscribe via Fiat
Client wires dollars to Fund (domestic=US Feeder, International=Intl Feeder, or SDYF)
Dollars get moved to SDYF bank account
Wire initiated to Prime Brokerage
If dollars arrive before 2 pm EST, USYC will be minted at the current rate
Else USYC is minted the next business day
Subscribe via USDC
Client transfers USDC to Fund wallet
Funds converted to USD and arrive at the SDYF bank account
`Subscribe via Fiat` step #3
For atomic subscriptions, please refer to the Automated Teller section for additional details.
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