📖FAQ
Read our Frequently Asked Questions for OpenTrade Stablecoin Staking Yield, powered by Figment
Disclaimer
OpenTrade Stablecoin Staking Yield powered by Figment is an OpenTrade product. The information provided in this document is for informational purposes only and has been sourced from publicly available information, or directly from the issuer or arranger of the investment product described herein. This document does not constitute, and should not be construed as, an offer, solicitation, recommendation, or advice to invest, buy, or sell any securities or financial products. We make no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information provided. This document reflects only the information available to us at the time of publication and does not necessarily represent our views, opinions, or assessments of the investments discussed. Potential clients are advised to conduct their own due diligence, seek independent financial advice, and consider their individual investment objectives, financial situation, and risk tolerance before making any lending decisions. Past performance is not indicative of future results. Any investment in financial products carries inherent risks, and lenders should be aware that they may lose part or all of their invested capital. We disclaim any liability for decisions made based on the information contained in this document and assume no responsibility for updating this information in the event of changes. By reviewing this document, you acknowledge and accept these limitations. Product Specific Risk Disclosure OpenTrade Stablecoin Staking Yield powered by Figment is not a bank deposit, is not FDIC-insured, and does not guarantee returns. Your principal is at risk. Yields generated by this product are variable and depend on market conditions, including funding rates. Any yield figures referenced represent historical or recent realized performance and are not indicative of future results. Actual returns may vary materially over time and may be higher or lower than prior periods. This product involves market, protocol, counterparty, and operational risks. Withdrawal times may vary depending on protocol conditions. The product is designed to provide access to yield on stablecoins using staking rewards paired with delta-neutral strategies and is structured with enhanced infrastructure safeguards (custody controls, asset segregation, and known counterparties). However, users must remain aware of the inherent risks of digital asset markets. This product is intended for institutional clients only. Staking infrastructure is provided by Figment and/or other qualified venues. Figment provides the access platform (including the Figment App and APIs). OpenTrade manages yield strategies along with reputable partners.
Information up-to-date as of March 12 2026 and subject to change.
This site is authored and maintained by OpenTrade.
What happens when I invest in the vault?
When an investor deposits USDC, the stablecoins are transferred into the wallet of a bankruptcy-remote SPV (OpenTrade SPC). This wallet is hosted by Circle. The investor receives xSOLY vault tokens, which represent their share in the vault and accrue value as staking rewards accumulate.
USDC is then converted to SOL on the designated exchange. Simultaneously, an equal and opposite short position is opened in SOL perpetual futures to hedge price exposure. The SOL is held with a qualified custodian and aims to stake exclusively with Figment, a validator with strong uptime and efficient reward distribution. This ensures the vault consistently earns yields near the upper end of the Solana network average.
Who are the key counterparties and service providers involved in the transaction lifecycle?
Open Trade Technology Ltd. ("Platform Provider")
London headquartered software firm responsible for developing & maintaining the OpenTrade Platform including the web app & blockchain protocol.
OpenTrade SPC ( "Borrower")
A bankruptcy remote Cayman Segregated Portfolio Company (SPC) operated by an independent board of directors. OpenTrade SPC is currently the only Borrower approved for the Treasury Management Product. OpenTrade SPC is the financial counter-party for Lenders and broker/dealers, banks, and custodians.
OpenTrade Foundation
OpenTrade Foundation is the sole shareholder of OpenTrade SPC. It serves to make OpenTrade SPC bankruptcy remote by ensuring that Five Sigma and Open Trade Technology Ltd have no ownership stake in OpenTrade SPC, meaning its assets would not form part of their bankruptcy estates in the event either party were to become insolvent. The OpenTrade Foundation's supervisor is Leeward Management, a leading corporate service provider in the Cayman Islands.
AWR Capital ("Investment Advisor")
AWR Capital is a London-based algorithmic trading hedge fund and financial services company founded by leading financial executives and portfolio managers. It advises OpenTrade SPC and is responsible for execution of the the delta-neutral SOL carry trade.
Five Sigma Finance Ltd. ("Investment Advisor")
Five Sigma Finance Ltd. ("Five Sigma") serves as an Investment Advisor. Five Sigma is a London-based, FCA regulated investment firm with over $800M AUM. They are responsible for managing the day to day operations of OpenTrade SPC. Five Sigma is an appointed representative of Capricorn Fund Managers, which is authorised and regulated by the Financial Conduct Authority (FCA). For the Stablecoin Staking product, Five Sigma performs two functions (1) update the exchange rate daily and (2) issuing weekly attestations that show the assets and liabilities of the vault.
Figment
Figment is a Toronto-based blockchain infrastructure firm, founded in 2018, specializing in institutional-grade staking solutions for proof-of-stake (PoS) blockchains. They provide staking infrastructure for over 700 institutional clients (asset managers, exchanges, custodians, foundations) across multiple networks. In the scope of this product, Figment provides technical infrastructure required for SOL staking. It also provides access to the vault via Figment APIs and its web platform.
Crypto.com
Crypto.com is one of the world’s leading digital asset platforms, empowering over 100 million users globally to access, trade, and spend cryptocurrency with confidence. Founded in 2016 and headquartered in Singapore, the company has built a trusted, fully regulated ecosystem that bridges traditional finance and Web3 through its exchange, mobile app, Visa card, and secure DeFi wallet. In this product, Crypto.com is a venue on which SOL and perp futures are traded. Crypto.com additionally provides qualified custody through which SOL can be staked.
OKX
OKX is one of the world’s leading cryptocurrency exchanges and Web3 technology platforms, serving millions of users across more than 100 countries. Founded in 2017, the company provides a comprehensive suite of products that enable users to trade, earn, and build with digital assets through its advanced exchange, self-custody Web3 wallet, and decentralized services. With a strong focus on innovation, security, and transparency, OKX bridges centralized finance and the decentralized economy, empowering individuals and institutions to participate confidently in the evolving digital asset ecosystem. In this product OKX is a venue on which SOL and perp futures are traded.
Mulvaney Trustees (UK) Ltd. dba Vantru ("Security Trustee")
Vantru serves as the Security Trustee, which holds a master security interest in the underlying loan collateral on behalf of Lenders. In the event of a default, Lenders can instruct the Security Trustee to take ownership of loan collateral to be liquidated or held to maturity so as to repay loans in default, pursuant to the Security Trust Deed executed between OpenTrade SPC and Vantru and as referenced in the Master Lending Agreement signed between OpenTrade SPC and Lenders.
Circle Internet Financial LLC ("Circle")
Circle is the issuer of USDC, the world's second largest stablecoin by market capitalisation. Circle serves as a custodian for USDC. USDC invested in the product is initially transferred to a Circle Mint account before being transferred to a Crypto.com exchange account. For withdrawal repayments, USDC is transferred from Crypto.com to the same Circle Mint account before being repaid to Lenders. Circle provides the ability to always mint and redeem USDC 1:1 with USD. Circle is a regulated and licensed money transmitter in the US.
What if funding rates differ across exchanges?
The strategy will seek to optimise for funding rates across exchanges, currently the exchanges used are OKX and Crypto.com.
What is the role of the Investment Advisor, AWR Capital?
AWR Capital is a London-based algorithmic trading hedge fund and financial services company founded by leading financial executives and portfolio managers.
As the Investment Advisor, AWR's mandate is to oversee the execution of the algorithmic delta-neutral SOL strategy. It does not have discretion to deviate outside the parameters of this strategy and it is contractually bound to always act in ways that ensure OpenTrade SPC can meet its obligations to investors at all times. Practically speaking this means it is either 1) moving into a delta-neutral staked SOL position following an investment or 2) moving out of the delta neutral position into USDC so the SPV can repay investor withdrawals and fulfil its obligations under the MLA.
What are xSOLY tokens and how do they work?
When a user invests USDC into the vault, they receive xSOLY ERC-20 vault tokens. Vault tokens represent the users position in the vault.
As interest accrues, the exchange rate between xSOLY and USDC increases, reflecting yield earned.
When the investor redeems, the xSOLY tokens are burned, and an equivalent amount of USDC is returned at the latest exchange rate.
For more information on vault tokens, see here.
How are withdrawals processed?
The investor submits a withdrawal request via the FigApp, OpenTrade Web App, or by calling the contract directly. OpenTrade will then unstake the corresponding portion of SOL (incl. any rewards received) based on the amount requested for withdrawal. The short perp position is closed simultaneously to maintain delta-neutrality. The SOL is converted back into USDC, which is repaid to the investor's wallet.
Withdrawal processing times are determined by the time required to unstake SOL, withdrawals are typically repaid within 3-5 business days. For more information on Withdrawals.
Instant liquidity facilities are available on a case by case basis. Please enquire with your account manager.
How can I verify the collateral exists?
Five Sigma, an FCA regulated asset manager produces a weekly “vault report” that attests to the vault's collateral (USDC, Staked SOL and perp futures of the vault) and liabilities (total outstanding loan principal).
What happen if OpenTrade, AWR, or Five Sigma ceases operations?
The vault is held inside a bankruptcy-remote Special Purpose Vehicle (SPV) meaning the assets in the vault are legally segregated from Open Trade Technology Ltd, AWR, and Five Sigma's own balance sheet.
If these parties were to shut down or cease to operate, your funds would not form part of its assets and cannot be claimed by creditors.
A licensed Security Trustee (Vantru) holds a master security interest over all wallets and accounts on behalf of investors. In the event of default or enforcement, the Trustee can take control of the assets directly and return them to investors.
All assets are held with regulated counterparties who have been notified of the assignment to the Trustee.
Wallets are whitelisted and controlled by multi-signature access, ensuring no single party can move funds unilaterally.
What are the fees?
The vault charges a total fee of 1.10% per annum on the total amount invested in the vault.
This fee covers:
Platform fees – for operating the vault infrastructure and smart contracts.
Liquidity and execution costs – for trading, hedging, and maintaining exchange positions.
Advisory and management fees – for oversight, strategy management, and reporting.
All fees are netted from performance automatically, so investors see the yield after all fees are deducted.
What is the exchange rate? How are fees deducted from it?
The exchange rate between xSOLY and USDC is a number that can be used to determine the value of a given position and calculate returns time. As the collateral increases (or decreases) in value, the exchange rate increases (or decreases). For more on exchange rates, read here.
Fees are deducted from the exchange rate so that investors see the net performance.
How does staking work and generate yield?
Staking on Solana means helping to secure the network and earning SOL rewards in return.
When OpenTrade stakes SOL, it is delegating its tokens to a validator (like Figment) who helps confirm and add new blocks to the Solana blockchain.
OpenTrade SPC keeps ownership of your SOL and it never leaves its account.
The validator uses our delegated stake to increase its voting weight in the network’s Proof-of-Stake consensus system.
Solana’s blockchain is divided into time periods called epochs. Each epoch is when the network calculates staking rewards, activates new stake, and deactivates unstaked tokens. When OpenTrade stakes SOL, it becomes active in the next epoch and when OpenTrade unstakes, it’s released after the current epoch ends.
Every epoch, the Solana protocol issues new SOL tokens (inflation) as rewards for validators who confirm blocks correctly. Validators receive these rewards and share them proportionally with the delegators (OpenTrade) who staked SOL with them.
The more SOL a validator has delegated to it and the better its performance, the higher the rewards it earns. These rewards are immediately re-staked by OpenTrade.
What are the risks associated with staking, and how are they mitigated
While staking SOL is considered a low-risk yield-generating activity, it still carries a few operational and protocol-level risks.
If the validator goes offline, misses blocks, or performs poorly, the vault may earn lower rewards during that epoch.
Mitigation:
The vault aims to stake exclusively with Figment, a top-performing validator with strong uptime and efficient reward distribution.
Figment uses redundant infrastructure and real-time monitoring to maintain consistent performance.
How volatile are staking rewards?
While staking SOL is considered a low-risk, Staking rewards on Solana, particularly through Figment’s validator, have been remarkably stable over time. Based on historical data from September 2023 to 2025, Figment’s staking reward rate (SRR) averaged around 8.2% annualised.
Over this 18-month period, the lowest observed reward was 6.98% (on December 11, 2023), and the highest was 17.42% (on January 22, 2025), the latter coinciding with a period of elevated network activity and validator performance.
In general, staking yields have fluctuated within a narrow 7–9% band for most epochs, making them one of the most predictable sources of on-chain income compared with trading or funding-rate-based returns.
How fast can you unstake SOL?
When SOL is unstaked, it must go through a cooldown period before becoming liquid. Once its unstaked, OpenTrade will unwind the corresponding perp future position and convert the SOL to USDC to repay the investor. Withdrawals are are typically repaid within 3-5 business days.
What are SOL PERPs and how do they work?
SOL PERPs (short for Solana Perpetual Futures Contracts) are derivative instruments that track the price of SOL, allowing traders to take long or short exposure to Solana without owning the underlying tokens.
A perpetual contract is similar to a traditional futures contract — except that it never expires. Instead of settling on a fixed date, PERPs are designed to track the spot price continuously through a funding rate mechanism between longs and shorts.
Because PERPs have no expiry, they rely on a periodic cash flow (the funding rate) to keep prices aligned with the spot market:
When the PERP price trades above spot, longs pay shorts (positive funding).
When the PERP trades below spot, shorts pay longs (negative funding).
The funding rate is reset every hour on Crypto.com and every 8 hours on OKX.
Every exchange requires margin before OpenTrade can trade a perpetual futures (PERP) contract. While certain exchanges offer leverage and cross margining (where the collateral is a pool of assets), OpenTrade will margin the SOL PERP with 100% SOL (staked SOL).
How deep is the PERP market?
The SOL PERP market is very deep and liquid, with billions of dollars in active positions and daily volume.
As of October 2025, there was in aggregate across the top 20 exchanges:
~$3.9 billion in perpetual open interest
~$34 billion per day in volume
Do you use any leverage?
No. The product is not leveraged, as we maintain 100% asset backing to fully collateralize any short positions. While the hedge (perp) may be executed with leverage on a single exchange, the overall strategy remains fully collateralized because the corresponding assets are held across multiple venues.
How do you make sure that you are always hedged?
OpenTrade, in partnership with AWR, uses an algorithmic legging process to enter the delta-neutral position efficiently and safely. When investor USDC is converted into SOL, the system simultaneously executes a long SOL spot trade and an equal-notional short SOL-PERP on the exchange.
Both legs are placed near-simultaneously through AWR’s execution engine, which continuously monitors order-book depth, spreads, and volatility to determine the optimal timing and size for each order.
The algorithm dynamically adjusts orders in milliseconds to keep the vault’s net SOL exposure (delta) as close to zero as possible, ensuring minimal slippage or temporary price risk during entry.
This automated legging process allows OpenTrade to deploy capital efficiently, maintain precise hedging accuracy, and ensure that each investor’s capital is fully protected from SOL price movements from the moment it is invested.
How is the funding rate calculated?
On Crypto.com, the funding for perpetual contracts is settled hourly.
The funding rate is based on a “premium rate”, which is derived from the difference between the mark price of the perpetual contract and the index price (i.e. the spot/reference price) over a 4-hour interval.
The “Average Premium Rate” is calculated as the mean of the premium rate per minute over that 4-hour window.
Then the hourly funding rate = Average Premium Rate ÷ 4 (i.e. distributing that 4-hour premium across each hour).
During each hour end (session settlement), funding is transferred between longs and shorts: • If the funding rate is positive, longs pay shorts. • If the funding rate is negative, shorts pay longs.
On OKX, the funding for perpetual contracts is settled every 8 hours, 3 times a day.
OKX uses a "premium index" that measures the gap between the perpetual futures price and the real spot price every minute. The weighted moving average of the premium index over the entire settlement interval is then calculated, where more recent minutes are given higher weight, this smooths our short-term spikes.
By default, funding fees are charged or paid every 8 hours (at 00:00, 08:00, and 16:00 UTC), though some contracts settle every 1, 2, or 4 hours. You are only obligated to pay or receive the fee if you hold an open position at the exact moment of settlement.
How volatile is the funding rate? Can it generate an overall negative return?
In normal conditions, funding rates are typically around ±0.01% per 8 hours, but they can fluctuate more widely depending on market sentiment, commonly ranging from -0.02% to +0.03% per 8 hours, with occasional spikes above 0.05% during periods of crowded long positioning. In certain extreme market conditions the funding rate can turn negative, however, such periods are usually temporary and tend to occur during sharp market sell-offs or when short positioning becomes crowded.
Negative funding episodes typically last from a few funding intervals (hours) to several days, in sustained bearish conditions. In most cases, the rate normalizes once market positioning rebalances, as arbitrageurs and basis traders enter the market to capture the imbalance between spot and perp pricing.
Although hourly funding rates are volatile relative to their mean, averaging over time reveals a stable long-run level and remain comfortably within the margin covered by the vault’s 6–8% staking yield, making the strategy structurally resilient to funding fluctuations.
Do you track the funding rate direction?
AWR maintains a forecast for funding rates on all coins at all times.
How do you pay for the funding rate? How frequently and in which currency?
Funding is settled hourly on Crypto.com, with the vault paying or receiving small amounts automatically depending on whether the funding rate is negative or positive.
Funding is settled per 8 hour period on OKX, with the vault paying or receiving small amounts automatically depending on whether the funding rate is negative or positive.
OpenTrade will maintain a stablecoin position to cater to funding rate payments and will re-invest the excess stablecoin back into the strategy.
Can the PERP be liquidated because of a lack of collateral?
Liquidation risk is virtually zero with the way the Stablecoin Staking Yield product is designed, because the short SOL-PERP is fully collateralised with the same asset it tracks (SOL), and the structure creates what’s known as “right-way risk”: the collateral and OpenTrade’s PERP position move in the same beneficial direction so the margin improves when the market moves against our trade.
Can the PERP be liquidated because of auto deleveraging policies applied by an exchange?
Crypto.com does not use auto deleveraging, so the position is always hedged.
Instead, Crypto.com maintains an Insurance Fund that accumulates liquidation fees paid by losing traders. Its purpose is to cover cases where a trader’s losses exceed their wallet balance following forced liquidation. If the Insurance Fund is depleted, and there remain uncovered losses from liquidations, then the Socialised Loss Mechanism is triggered. Under this mechanism, all traders with positive profits in that session must share the uncovered losses pro rata, based on the size of their profits.
If Socialised Loss is triggered, it effectively will reduce the realized profit by the pro-rata rate applied to OpenTrade based on the profits made.
On OKX theoretically auto-deleverage can occur and close the existing Perpetual futures positions in extraordinary circumstances at a low probability.
Normally, highly leveraged positions are matched and closed in a manner consistent with effective reduction of risk to the OKX platform. Accounts with profitable positions on high leverage and accounts with losses on high leverage are the first target for auto-deleverage.
When ADL is triggered, positions in the ADL queue are ranked based on the leverage PnL%. For example, positions with the highest positive leverage PnL% will be offsetted first, and vice versa. Once a match between a loss-making position and an opposing deleveraged position is made, both positions are offset against each other and closed. This realizes the loss on the loss-making position and any profit on the deleveraged position.
To mitigate this risk, we actively manage the position by closing or reducing exposures and realizing PnL when needed, ensuring that positions do not accumulate excessively large unrealized negative PnL that could increase the probability of liquidation or ADL events.
What happens if SOL price increase by 10X or 20X?
Impact on hedging:
Even though the PERP will incur a huge mark-to-market loss, the SOL collateral’s value will increase by exactly the same amount.
Collateral Value ≥ PERP Mark-to-Market Loss.
Impact on Funding Rate:
If SOL’s price multiplies by 10× or 20×, the funding rate itself doesn’t mechanically increase and the rate will depend on market sentiment, not price level.
However such bull run typically drives long-side demand, causing funding to turn positive (longs pay shorts), so the vault would earn additional income.
Impact on staking rewards:
If SOL’s price increases, the staking rewards (in SOL terms) remains unchanged as the Solana protocol pays rewards in SOL, not in dollars. However, the USD value of those rewards will increase proportionally with the SOL price. As the product is fully hedged, rewards credited in SOL will be hedged upon receipt.
What happens if SOL price drops by 50%?
Impact on hedging:
The PERP profit offsets the reduced SOL collateral value. The PERP gain is immediately marked to market, in real time.
The vault’s total account equity (SOL value + PERP PnL) remains constant.
Impact on Funding Rate:
The funding rate on SOL perpetual futures (SOL-PERPs) is likely to change meaningfully, because many traders will try to hedge or speculate on further downside, pushing the PERP price below spot temporarily as shorts crowd in. This is likely to push the funding rate into negative territory and OpenTrade will have to pay longs.
Impact on staking rewards:
If SOL’s price drops, the staking rewards (in SOL terms) remains unchanged as the Solana protocol pays rewards in SOL, not in dollars. However, the USD value of those rewards will fall proportionally with the SOL price. As the product is fully hedged, rewards credited in SOL will be hedged upon receipt.
What if SOL drops to 0?
In a theoretical scenario where the price of SOL is actually 0, we will have a market-to-market gain on the short perp equivalent to the nominal amount of our long position. In reality, the position will be unwound far in advance of this ever happening.
How do you respond to ADL (auto de-leveraging)?
Crypto.com does not implement ADL so it is not a risk with the current vault set up.
On OKX, an Auto-Deleveraging (ADL) event happens when the exchange cannot close a liquidated trader’s position through the order book or insurance fund, and instead automatically reduces positions on the opposite side of the market (in our case partially or fully unwinding our short SOL-PERP position).
ADL on major assets like SOL is extremely rare and indicates a severe market dislocation (e.g., sudden price spikes and system-wide liquidations).
OpenTrade and AWR take a 6 steps approach to mitigating ADLs and the impact of ADLs:
Monitor ADL queues and alerts continuously track exchange ADL indicators, margin levels, and liquidation warnings through API or dashboard monitoring.
In case of a potential ADL, unstake SOL and prepare SOL for transfer to OKX as a collateral.
Pause new investments conversion: temporarily halt new deposits conversion into spot SOLANA; keeping incoming funds in USDC until the market normalises.
Diversify exposure across venues: spread hedge positions across multiple exchanges to reduce single-exchange ADL risk.
Rebalance to delta neutrality: adjust exposure to restore the vault’s delta-neutral position by selling the long or short position.
If ADL is triggered: rebuild the short hedge as soon as trading resumes, restoring the structure and validating margin health across venues. This may take a few hours and days depending on the size of the position.
To mitigate this risk, we actively manage the position by closing or reducing exposures and realizing P&L when needed, ensuring that positions do not accumulate excessively large unrealized negative P&L that could increase the probability of liquidation or ADL events.
How do you respond to persistently negative funding rates?
Historically, SOL’s average funding has remained either positive or negative in the low single digits, far below the staking yield, so the net carry remains strongly positive.
Over very short periods, exceptional large temporary dislocations between spot and PERP prices (inside a few hours) could create a small temporary mark-to-market loss, if an investor enters when SOL funding or basis conditions are unfavourable and exits immediately afterward. These short-term effects are not reflective of true performance, since the vault is designed for a holding period of several days or longer.
If funding rates stay negative for a period of time (shorts pay longs) it creates a drag on the yield, reducing overall profitability. Although historically this is an exceptionally rare occurrence, if they were to remain steeply negative for a sustained period of time, >72 hours, the strategy will:
Quantify the net carry loss from funding vs staking yield
Pause new investments conversion : temporarily halt new deposits conversion into spot SOLANA; keeping incoming funds in USDC until the market normalises.
Convene a risk meeting with our investment advisors to decide on the way forward and the correct strategy to adopt.
The trading system operating by AWR tracks funding rates 24/7/365 and has automated monitoring and alerting so, in the above scenario, it would be apparent and monitored from the first instant it started.
How do you respond to / mitigate the risk of socialised losses?
Should the exchange impose a profit haircut (Socialised Loss) across profitable accounts to cover residual bankrupt losses, OpenTrade would:
Diversify exposure across venues: spread hedge positions across multiple exchanges to reduce single-exchange Socialised Loss risk.
Pause new investments conversion: temporarily halt new deposits conversion into spot SOLANA; keeping incoming funds in USDC until the market normalises.
Assess the impact on overall return and re-evaluate exchange selection if the risk persists.
Is the collateral lent or re-hypothecated?
No. The collateral is held exclusively in the name of the bankruptcy remote SPV in segregated accounts (with Circle and Crypto.com) at all times and is never on-lent or re-hypothecated.
Is the OpenTrade Vault smart-contract audited?
Yes, all smart-contracts involved are audited by 3rd party cyber security experts. These audits are made publicly available here.
Are the accounts where collateral is held bankruptcy remote?
Yes, all accounts where collateral is held are bankruptcy remote. They are segregated accounts held in the name of the bankruptcy remote SPV, OpenTrade SPC. Each provider is given a notice of assignment which makes them aware of this arrangement from the very beginning of the engagement.
Each investor has a fully perfected security interest in the accounts and underlying collateral. For more information on the legal structure, see here.
For operational efficiencies, collateral is held in omnibus accounts but each investor's collateral is legally separate from those of other investors.
Is USDC and/or collateral held in segregated accounts?
Investment proceeds and collateral is held in bankruptcy remote, omnibus accounts. There is a single exchange account, single custody account, and dedicated Solana validators. Each investor's collateral is still legally separate from those of other investors.
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