USDC Prime+ DeFi Exposure VaultxPPDeFi-USDCEth
xPPDeFi-USDCEth, issued by Open Trade Technology Ltd, is a tokenized-fund vault that gives professional lenders onchain exposure to the strategy tracking USDC Prime+ DeFi Exposure Vault. The vault references USDC Prime+ DeFi Exposure Vault (xPPDeFi-USDCEth) as eligible loan collateral funding a fully collateralised secured loan to the borrower. Return accrues through an appreciation model rather than rebasing, so the token's exchange rate against the stablecoin rises daily as interest accrues. Fees are borne by the borrower and netted from the benchmark, producing a Loan Fee Rate after advisor, platform, liquidity, and spread components. Open Trade Technology Ltd, registered in England and Wales, operates the platform as a technology provider and is not a party to the loans. 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. The tokenholder is a lender under a Master Lending Agreement, Loan Confirmations, and a Security Trust Deed, holding a secured claim. Access is restricted to professional, institutional, and high-net-worth clients after KYC and AML screening, with sanctioned jurisdictions excluded. Mulvaney Trustees (UK) Ltd holds a perfected security interest in collateral at regulated UK and Swiss custodians. Vault tokens follow the ERC-20 standard within ERC-4626 vaults issued natively on Avalanche and Ethereum. Tokens are minted when a stablecoin deposit funds the loan and burned on withdrawal, with redemptions settling in the same stablecoin deposited. 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.