Knowledge Base

How does it work

Rebasing Example

Time USDX (balanceOf) Shares rewardMultiplier
1 100 100 1
2 103.8 100 1.038

Consumer

Institutional Fund Flow

  • The USDX contract implements a simple Role-Based Access Control (RBAC) system. This ensures that only authorized accounts can perform certain actions, enhancing security and operational integrity.
  • DEFAULT_ADMIN_ROLE: Grants the ability to grant roles.
  • MINTER_ROLE: Grants the ability to mint tokens.
  • BURNER_ROLE: Grants the ability to burn tokens.
  • BLOCKLIST_ROLE: Grants the ability to manage the blocklist.
  • ORACLE_ROLE: Grants the ability to update the reward multiplier.
  • UPGRADE_ROLE: Grants the ability to upgrade the contract.
  • PAUSE_ROLE: Grants the ability to pause/unpause the contract.

Example role assignments

Role Function Participants
DEFAULT_ADMIN_ROLE Grant roles XFT
MINTER_ROLE Mint tokens • Principal Underwriter
• Distributor
• Customer
• Robinhood
• Bridge
• Securitize
BURNER_ROLE Burn tokens • Principal Underwriter
• Distributor
• Customer
• Robinhood
• Bridge
• Securitize
BLOCKLIST_ROLE Manage blocklist Fund Administrator, KYC/AML
ORACLE_ROLE Update reward multiplier Investment Advisor, portfolio management
UPGRADE_ROLE Upgrade contract XFT
PAUSE_ROLE Pause/unpause • NYSE, market close
• DTCC, market close
• Custodian, redemption pressure
• Circuit breaker mechanisms
  • See current role assignments here.

SERVICE PROVIDERS

  • Investment Advisor
  • Principal Underwriter
  • Administrator
  • Custodian
  • Independent Public Accountant

BURN

LESS CREATION

BALANCE SHEET

Schema

TimeSharesPrice StateNAV/share
010$10Parity $10
110$9Discount $10
210$11Premium $10
TimeSharesPrice StateNAV/shareArbitrage
010$10Parity $10
110$9Discount $10Buy shares $9 → Convert to tokens $10 → Redeem $10
210$11Premium $10Mint tokens $10 → Convert to shares → Sell shares $11

Asset-Based Liquidity Sources

Liability-Based Liquidity Sources

MMF Risks

Literature

  • XFT Municipal Income Fund (the “Fund”) is a continuously offered, diversified, closed-end management investment company that intends to operate as an interval fund. As an interval fund, the Fund will offer to make repurchases of between 5% and 25% of its outstanding shares at net asset value (“NAV”), on a quarterly basis, unless such offer is suspended or postponed in accordance with regulatory requirements.
  • XFT Municipal Money Market Fund’s investment objective is to seek to provide current income that is exempt from federal personal income taxes while maintaining liquidity and a stable share price of $1. As such it is considered one of the most conservative investment options offered by XFT. Although the fund invests in short-term, high-quality securities, the amount of income that a shareholder may receive will be largely dependent on the current interest rate environment and the availability of eligible municipal securities. Investors in a higher tax bracket who have a short-term savings goal and seek a competitive tax-free yield may wish to consider this option.
  • The Fund’s distributions may be taxable as ordinary income or capital gain. A majority of the income dividends that you receive from the Fund are expected to be exempt from federal income taxes. However, a portion of the Fund’s distributions may be subject to federal, state, or local income taxes or the federal alternative minimum tax.
  • Reg M
  • The Fund intends to elect to be treated as a regulated investment company (RIC); if qualified, the Company will not be subject to US income tax to the extent income and gains are distributed.

XFT Mutual Fund

Core API Concepts

Request

curl --location --request POST 'https://api.xft.finance/v0/transfers' \
--header 'Content-Type: application/json' \
--header 'Api-Key: <API Key>' \
--header 'Idempotency-Key: <generate a idempotency-key>' \
--data-raw '{
    "amount": "1000.00",
    "developer_fee": "0.0",
    "on_behalf_of": "customer_123",
    "source": {
        "payment_rail": "ach_push",
        "currency": "usd"
    },
    "destination": {
        "payment_rail": "ethereum",
        "currency": "usdx",
        "to_address": "0xdeadbeef"
    }
}'

Response