# Flexible Term USDC Vault

## Summary 

The flexible term USDC Vault aims to provide lenders with the risk free rate of return for USD. It's collateral portfolio consists exclusively of highly liquid US Treasury Bills and USD Money Market Funds.  Interest accrues and compounds daily and lenders can move in and out at anytime. Withdrawals made before the cut off time are repaid same day, typically within 6 hours. 

<table><thead><tr><th width="255">Vault</th><th width="475">Details</th></tr></thead><tbody><tr><td><strong>Vault Name</strong></td><td>Flexible Term USDC Vault</td></tr><tr><td><strong>Token Symbol</strong></td><td>XTBT</td></tr><tr><td><strong>Protocol Version</strong></td><td>4.0</td></tr><tr><td><strong>Eligible Collateral</strong></td><td>US Treasury Bills, USD Money Market Funds (Fidelity, Wilmington Trust, Franklin Templeton)</td></tr><tr><td><strong>Stablecoins Accepted</strong></td><td>USDC</td></tr><tr><td><strong>Networks Supported</strong></td><td>Avalanche, Ethereum</td></tr><tr><td><strong>Investments</strong></td><td>Anytime, <a href="../../product-overview/vault-tokens">vault tokens</a> minted immediately </td></tr><tr><td><strong>Withdrawals</strong> </td><td>Anytime, repaid T+0 if made before cut-off time</td></tr><tr><td><strong>Minimum Investment</strong></td><td>100 USDC</td></tr><tr><td><strong>Term / Lockup</strong></td><td>None</td></tr><tr><td><strong>Fees</strong></td><td>50 bps per annum, deducted from the gross yield generated on the underlying collateral</td></tr><tr><td><strong>Interest Accrual</strong></td><td>Lenders earn a <a href="flexible-term-usdc-vault/interest-rate-and-fees">variable interest rate</a> (“Loan Fee Rate”) which is benchmarked to the <a href="https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates&#x26;field_tdr_date_value_month=202501">4-Week Bank Discount Daily Treasury Rate</a> less Fees. Principal and interest compounds daily. </td></tr><tr><td><strong>Exchange Rate Method</strong></td><td>Reference price set by Investment Advisor each day at 23:59 GMT. Exchange rate between XTBT/USDC increases each day to reflect daily interest accrual. </td></tr><tr><td>Legal Structure</td><td>Leverages the same institutional grade <a href="../../product-overview/legal">legal framework</a>, <a href="../../product-overview/legal/bankruptcy-remote-structure">bankruptcy remote structure</a>, and <a href="../../product-overview/key-parties">regulated service providers and counter-parties</a> as our other OpenTrade Treasury Management &#x26; Yield Product. </td></tr></tbody></table>


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