Accounting and Settlement
Accounting keeps total Vault value represented while money and tokenized RWA positions move through settlement.
Core accounting values
Important values include Total Vault Value, total Vault shares, NAV per share, ipUSD held, registered RWA value and outstanding settlement value.
Subscription settlement
Queued ipUSD is not yet a Vault share position. At settlement, the applicable amount enters the Vault and shares are created using the relevant NAV.
RWA purchase accounting
When ipUSD is sent out for an RWA purchase, that value can remain represented as Outstanding RWA Purchase Value / Assets in settlement until the incoming RWA position is registered and valued.
RWA redemption accounting
When an RWA position is sent for redemption, its value can remain in Assets in settlement until ipUSD proceeds return and the redemption is reconciled.
Withdrawal settlement
Instant and Standard Withdrawals reduce share exposure and return ipUSD according to their respective capacity, queue and settlement rules.