Vault Street primeUSD

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

Vault Street primeUSD is outside the current firm shelf because its structure maps to the leveraged-looping policy class. This is a firm-policy classification, not an adverse quality rating and not a client trade instruction. The factual mechanism, control, loss, and exit evidence is retained below.

Research triggers: events that reopen the assessment or shelf decision
• Ships an economically separate product whose return does not depend on pledged collateral, borrowing and reinvestment
• The unleveraged product publishes controlling eligibility and redemption terms, independently reconciled NAV and custody, complete authorities and a proposed-size stressed exit against named Treasury and credit alternatives

The research file

Applicability to the surveyed record

Vault Street documents primeUSD as a permissioned Ethereum vault token for a leveraged carry strategy: KYB-approved users deposit USDC, the company allocates into tokenized Treasury and investment-grade credit funds, pledges those positions in DeFi lending markets, and reinvests borrowings. This establishes the surveyed RWA allocator and its receipt-token mechanism without converting the class application into an individual approval review.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Vault Street primeUSD as RWA, reported only Ethereum, and showed approximately $6.36M TVL. That figure describes reported accounting scale, not quality or executable capacity. The current vault schedule identifies the same Ethereum token and an indicative 8x leverage target; the recursive debt structure, not venue size, determines this class application.

Control, liquidation, NAV and exit applicability

Valiant Digital Assets retains discretion over fund providers, lending integrations, collateral mix and leverage. Borrowed assets are reinvested, so adverse fund pricing, borrowing-rate changes, collateral haircuts or liquidation thresholds can force deleveraging and transmit loss through the reported NAV. Deposits, transfers and redemptions are allowlist-gated; standard redemption targets five business days, can extend to twenty in stress, and express next-day processing is non-binding and limited by available liquidity and a 10%-of-NAV aggregate cap. Exit therefore requires company execution, fund-wrapper liquidity and a lending-market unwind.

Firm shelf classification

The leveraged-looping class is outside the current firm shelf. Research describes the product; firm policy determines shelf eligibility; client constraints determine the candidate set; and the advisor alone selects any action or amount.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Vault Street — primeUSD overview · primary · accessed 2026-08-15
  Supports: permissioned token, USDC deposits, fixed-income collateral, leveraged carry, target leverage, redemption timing
• Vault Street — primeUSD vault schedule · primary · accessed 2026-08-15
  Supports: issuer discretion, eligible underlyings, leverage, NAV, redemption extension, limited liquidity
• Vault Street — primeUSD smart contracts · primary · accessed 2026-08-15
  Supports: Ethereum deployment, token contract, request manager, price storage
• DefiLlama — Vault Street primeUSD survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum perimeter, RWA category, survey observation

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.