# Fixed Term US Treasury Bill Vaults

## Summary

Each US Treasury Bill Vault consists of thirteen (13) 4-week fixed term loans each year where Lenders can make secured loans in USDC to OpenTrade SPC and earn returns in USDC as those loans are repaid. Lenders can automatically roll loans, withdraw early, or take repayment on the loan maturity date. 

For more information on the lending lifecycle, please visit:

{% content-ref url="fixed-term-us-treasury-bill-vaults/fixed-term-vault-mechanics" %}
[fixed-term-vault-mechanics](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/fixed-term-vault-mechanics)
{% endcontent-ref %}

## Making Loans

Lenders can issue loans into a Fixed Term USD Vault by connecting a whitelisted wallet and depositing USDC into the Loan Vault. 

{% content-ref url="../product-overview/investment-process" %}
[investment-process](https://docs.opentrade.io/stablecoin-yield/product-overview/investment-process)
{% endcontent-ref %}

## Loan Collateral

All loans in the fixed term US Treasury Bill Vaults are fully collateralised with US Treasury Bills, USD, and USDC. Lenders hold a fully perfected security interest in the loan collateral through the Security Trustee. 

The Borrower is restricted to use loan proceeds only to buy eligible collateral and is prohibited from moving collateral outside of the accounts that the Lenders, through the Security Trustee, have a fully perfected security interest in. 

For more information on Loan Collateral, please visit:

{% content-ref url="../product-overview/loan-collateral" %}
[loan-collateral](https://docs.opentrade.io/stablecoin-yield/product-overview/loan-collateral)
{% endcontent-ref %}

## Interest Rates & Fees

**Interest Rates**

Each loan pays fixed interest rate to Lenders over the term of the loan. This is called the **Confirmed Loan Fee Rate,** which is set for each loan on the Loan Commencement Date. 

**Fees**

The Borrower pays fees to the parties supporting the product. These include Advisory Fees (payable to the Investment Advisor, Five Sigma), **Platform Fees** (payable to the Platform Provider, Open Trade Technology Ltd.). 

For more information on interest rates and fees, please see:

{% content-ref url="fixed-term-us-treasury-bill-vaults/interest-rates-and-fees" %}
[interest-rates-and-fees](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/interest-rates-and-fees)
{% endcontent-ref %}

## Early Withdrawal Requests

**Early Withdrawal Request** can be made by Lenders at anytime and processed on business days during banking hours. Lenders are repaid the net sale proceeds of the collateral behind their loan, less an **Early Withdrawal Request Fee.** 

For more information on Early Withdrawal requests, please see:

{% content-ref url="fixed-term-us-treasury-bill-vaults/early-withdrawal-requests" %}
[early-withdrawal-requests](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/early-withdrawal-requests)
{% endcontent-ref %}

## Automatic Loan Rollover

By default, all Loans will have be set for **Automatic Loan Rollover**, whereby at the end of a Loan Cycle the principal and interest will compound and roll over into a new loan. 

For more information on Loan Rollovers and Rollover Termination Notices, please see:

{% content-ref url="fixed-term-us-treasury-bill-vaults/loan-rollovers-and-rollover-termination" %}
[loan-rollovers-and-rollover-termination](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/fixed-term-us-treasury-bill-vaults/loan-rollovers-and-rollover-termination)
{% endcontent-ref %}

## Withdrawing USDC

When a Lender would like to withdraw their USDC, they must first issue either a [Rollover Termination Notice](https://docs.opentrade.io/stablecoin-yield/stablecoin-yield-vaults/loan-rollovers-and-rollover-termination#issuing-a-rollover-termination-notice) or [Early Withdrawal Request](#early-withdrawal-requests). Once the loan has been repaid by the Borrower by depositing USDC into the vault, the Lender can redeem their vault tokens for the corresponding amount of USDC.