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Users (Stablecoin Restakers)

Stablecoin Restakers drive the core functions of the protocol by locking USDC to mint sUSD, delegating sUSD to Exogenous AVSs (exoAVSs) to secure external systems, as well as withdrawing funds when necessary.

  • Offering USDC for sUSD: Users provide USDC in exchange for sUSD, specifying a commission rate (e.g., 1 basis point) along with their order.
  • Commission Allocation: The specified commission is pooled in the decentralized RFQ system to incentivize market makers.

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Qualified Liquidity Providers (QLPs, market makers)

QLPs subscribe for TBILL tokens by depositing USDC into the TBILL vault. In exchange, the QLPs receive TBILL tokens, which they self-custody in their private accounts, ensuring they retain control and ownership over their TBILL tokens. The QLPs will redeem their TBILL tokens for USDC from the TBILL Vault when processing withdrawals.

  • Order Fulfillment: Market makers can view and fulfill specific user orders from the RFQ system.
  1. Receive USDC from the user.
  2. Deposit the USDC to receive TBILL tokens.
  3. Hold these TBILL tokens securely in their designated vault.
StakeholderDescription
Token IssuerHill Lights International Limited, the Token Issuer, is a registered professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the British Virgin Islands Financial Services Commission.
Investment ManagerAdam Eve Capital is a registered fund management company regulated by the Monetary Authority of Singapore with an investment mandate for short-dated U.S. T-Bills. The sole purpose of the Investment Manager is to invest the Fund’s assets in segregated accounts with tier-one, regulated, and qualified custodians.
Fintech Service ProviderOpenEden Labs Pte Ltd, the developer of the TBILL Vault, is a financial technology company and not a regulated entity, depository, bank, or credit union.

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RFQ OverviewProtocol Overview