Protocol Architecture
The protocol separates stablecoin conversion, vault accounting, queue settlement and RWA position management into distinct product and contract responsibilities.
Product layers
At a high level the system has an ipUSD conversion layer, an IP Vault share/accounting layer, settlement queues and RWA management/valuation inputs.
Stablecoin conversion
The swap interface converts supported stablecoins to and from ipUSD. This flow is separate from Vault share issuance and does not itself create investment exposure.
Vault accounting
The Vault accounts for RWA positions, ipUSD liquidity and assets in settlement. NAV per share represents the current accounted value per Vault share.
Settlement queues
Subscription and Standard Withdrawal flows use ordered queues. Capacity and settlement operations determine when queued requests execute.
RWA lifecycle
RWA purchases and redemptions can move through an in-settlement state before the final asset or ipUSD proceeds are reconciled into the Vault.