Understanding ipUSD and the IP Vault
ipUSD and IP Vault are separate parts of the product. ipUSD is used to enter and exit; IP Vault shares are the investment position created after settlement.
ipUSD
ipUSD is the stable-value asset used across the product on Soneium. Supported conversion flows let users obtain ipUSD from USDSC or USDC.e and convert it back through the swap interface.
- ipUSD is used for subscriptions and withdrawal proceeds.
- Holding ipUSD alone does not provide exposure to the Vault’s royalty-backed assets or NAV changes.
IP Vault
IP Vault is the royalty investment layer. Users subscribe with ipUSD. When a subscription settles, the user receives IP Vault shares priced at the applicable NAV.
- Share count does not automatically increase when the portfolio performs.
- Changes in vault value are reflected through NAV per share.
- Wallets and explorers may display the share token as sIPUSD.
RWA
A real-world asset (RWA) is an economic interest in an offchain asset, fund or investment vehicle represented through legal and onchain structures. IP Vault can hold tokenized RWA positions alongside ipUSD liquidity and assets in settlement.
How the assets relate
ipUSD is the entry/exit asset; IP Vault shares are proportional interests in the Vault; underlying RWA tokens represent positions held by the Vault rather than assets users need to purchase directly.
- ipUSD → stable-value product asset
- IP Vault shares / sIPUSD → user vault position
- RWA tokens → underlying positions accounted for by the Vault