Users (Stablecoin Depositors)
Stablecoin depositors are the primary participants of the protocol.They lock USDC to mint sUSD, delegate sUSD to Exogenous AVSs (exoAVSs) to secure external systems, and redeem their assets when necessary.
- Minting sUSD: Users deposit USDC and receive sUSD, optionally setting a commission rate (e.g., 1 basis point) when creating an order.
- Commission Allocation: The specified commission is pooled in the decentralized RFQ system to reward Qualified Liquidity Providers (QLPs) that fulfill orders.
Qualified Liquidity Providers (QLPs, Market Makers)
QLPs provide liquidity within the RFQ system by subscribing to cUSDO, a tokenized representation of short-dated U.S. Treasury Bills issued on Solana.By depositing USDC into the cUSDO Vault, QLPs receive cUSDO tokens which they self-custody and later redeem for USDC when processing withdrawals.
- Order Fulfillment Process:
- QLPs receive USDC from users through the RFQ protocol.
- The received USDC is deposited into the cUSDO vault to mint cUSDO.
- QLPs hold cUSDO in self-custody and redeem it for USDC when fulfilling user withdrawals.
Underlying Issuance Structure
The cUSDO token is part of a regulated tokenized Treasury framework operated by OpenEden.It replaces the previous TBILL token, maintaining equivalent backing and operational logic.
| Stakeholder | Description |
|---|---|
| Token Issuer | OpenEden Digital Ltd, a Bermuda-licensed digital asset business regulated by the Bermuda Monetary Authority (BMA), issues the cUSDO token fully backed by U.S. Treasury Bills. |
| Investment Manager | Adam Eve Capital, regulated by the Monetary Authority of Singapore (MAS), manages the underlying U.S. Treasury Bill investments in segregated custodial accounts. |
| Fintech Service Provider | OpenEden Labs Pte. Ltd., responsible for operating the technical vault infrastructure used in the cUSDO issuance process. |
Transition Note
As of 2 November 2025, all TBILL tokens previously held in Solana vaults have been upgraded to cUSDO.All subsequent RFQ transactions and QLP operations are executed exclusively in cUSDO, ensuring uninterrupted functionality and consistent 1:1 USD collateralization.