# 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.

***