Subscriptions

Subscriptions

Overview

Whitelisted investors deposit USDC into the vault in exchange for HYBOND tokens. The number of tokens received is determined by the prevailing exchange rate at the time of settlement.

Minting Formula

num_HYBOND = (usdcDeposited - txFee) / exchangeRate

Accepted Collateral

Issuer	Asset
Circle	USDC
OpenEden	USDO

Redemption Asset

USDC

Deposit Rules

Level	Rule	Description
User	Verified Wallet Address	Wallet address must be thoroughly verified before whitelisting on the smart contract level
User	Whitelisted	Wallet address must be whitelisted
User	First Deposit Minimum	Deposit must meet or exceed the firstDeposit vault parameter
User	Subsequent Deposit Minimum	Subsequent deposits must meet or exceed the subsequentDeposit vault parameter

Settlement Timeline (Subscription)

Day	Time (Ireland)	Time (SGT)	Action
0	7:00 AM	3:00 PM	USDC subscription received
	8:00 AM	4:00 PM	OED cut-off recorded
	9:00 AM	5:00 PM	BNY SDHYBF subscription request triggered
	10:00 AM	6:00 PM	USDC claimed as tx fee; USD wire released to BNY
	12:00 PM	8:00 PM	BNY SDHYBF cut-off recorded
	2:00 PM	10:00 PM	Wire released to BNY Mellon
	10:00 PM	—	NAV snapshotted; Shares delivered to OED
1	2:00 AM	10:00 AM	Tokenized shares delivered to investor

ℹ️ OED follows a 4:00 PM SGT cut-off, aligned with BNY's dealing window of 9:00 AM – 12:00 PM Irish time (5:00 PM – 8:00 PM SGT).

Processing Time

Mint processing is current manual, with settlement up to T+4 Ireland and US business days.

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