> ## Documentation Index
> Fetch the complete documentation index at: https://docs.solayer.org/llms.txt
> Use this file to discover all available pages before exploring further.

# RFQ Stakeholders

## 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.

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## 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:**
  1. QLPs receive USDC from users through the RFQ protocol.
  2. The received USDC is deposited into the cUSDO vault to mint **cUSDO**.
  3. QLPs hold cUSDO in self-custody and redeem it for USDC when fulfilling user withdrawals.

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## 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.                                                          |

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## 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.

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