XHYC, issued by Open Trade Technology Ltd, is a tokenized-fund vault that gives professional lenders onchain exposure to the strategy tracking High Yield Corporate Bond Vault [S1][S2].

The vault references High Yield Corporate Bond Vault (XHYC) as eligible loan collateral funding a fully collateralised secured loan to the borrower [S3][S4]. Return accrues through an appreciation model rather than rebasing, so the token's exchange rate against the stablecoin rises daily as interest accrues [S5][S4]. Fees are borne by the borrower and netted from the benchmark, producing a Loan Fee Rate after advisor, platform, liquidity, and spread components [S5].

Open Trade Technology Ltd, registered in England and Wales, operates the platform as a technology provider and is not a party to the loans [S6][S7]. The borrower is OpenTrade SPC, a bankruptcy-remote Cayman Islands segregated portfolio company whose portfolio is managed by Five Sigma Finance Ltd., an FCA-regulated firm [S8][S9]. The tokenholder is a lender under a Master Lending Agreement, Loan Confirmations, and a Security Trust Deed, holding a secured claim [S10][S2]. Access is restricted to professional, institutional, and high-net-worth clients after KYC and AML screening, with sanctioned jurisdictions excluded [S11][S7]. Mulvaney Trustees (UK) Ltd holds a perfected security interest in collateral at regulated UK and Swiss custodians [S12][S3].

Vault tokens follow the ERC-20 standard within ERC-4626 vaults issued natively on Avalanche and Ethereum [S2][S13][S14]. Tokens are minted when a stablecoin deposit funds the loan and burned on withdrawal, with redemptions settling in the same stablecoin deposited [S2][S15]. Most withdrawals settle same-day, up to two business days, against a 6pm GMT cut-off, with value set by the daily exchange rate rather than an external oracle [S4][S15].

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vaults.md" },
    { id: "S2", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vault-tokens.md" },
    { id: "S3", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/loan-collateral.md" },
    { id: "S4", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/exchange-rates.md" },
    { id: "S5", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/interest-rate-and-fees.md" },
    { id: "S6", url: "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md" },
    { id: "S7", url: "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md" },
    { id: "S8", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/bankruptcy-remote-structure.md" },
    { id: "S9", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/key-parties.md" },
    { id: "S10", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal.md" },
    { id: "S11", url: "https://docs.opentrade.io/getting-started/onboarding/eligibility-requirements.md" },
    { id: "S12", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/security-trust-deed.md" },
    { id: "S13", url: "https://docs.opentrade.io/developers/blockchain-protocol.md" },
    { id: "S14", url: "https://docs.opentrade.io/welcome-to-opentrade/supported-blockchain-networks.md" },
    { id: "S15", url: "https://docs.opentrade.io/getting-started/how-to-make-a-withdrawal.md" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Tokenized funds

Five Sigma manages the investment strategies behind OpenTrade's tokenized vaults (money market, asset-backed credit, corporate credit and diversified credit), which are tokenized and distributed on Avalanche and Ethereum.

Five Sigma is the asset manager behind a suite of OpenTrade tokenized credit and fixed-income vaults.

Five Sigma is an asset manager running credit and fixed-income strategies for tokenized vaults distributed via the OpenTrade platform.

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Asset management

Five Sigma

High Yield Corporate Bond Vault (XHYC) is a token providing exposure to a tokenized fund issued by OpenTrade through OpenTrade SPC.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund invests in corporate credit and keeps its assets in accounts segregated from the issuer's own funds.

Professional investors and institutions can mint and redeem directly with OpenTrade in USDC.

OpenTrade SPC is incorporated in the Cayman Islands.

Holder terms are governed by the law of the United Kingdom.

XHYC has been issued on Avalanche as an ERC-4626 token since March 2025.

High Yield Corporate Bond VaultXHYC