USX

By its nature, USX is an overcollateralised stablecoin, backed by USDC/USDT (other assets may be additionally whitelisted at a later date) and therefore inheriting their security.

It is minted at will by whitelisted institutional market participants upon deposition of requisite collateral, which is provided of equivalent value (that is to say, overcollateralisation is not a result of demanding extra collateral of the minters). Redemption is available only to the same participants and has possession of a quantity of USX as its only prerequisite.

USX may be locked into an eUSX vault in exchange for a right to a proportionate share of the vault's profits, tokenised as eUSX. USX to eUSX locking/unlocking operations are, unlike collateral to USX, entirely permissionless and therefore open to the public.

It must be noted that, in order to preserve the strategy integrity, there is a cooldown imposed on the withdrawal process; this cooldown is amount-dependent and constitutes 7 days for sums over $1 000 and 24 hours otherwise.

Upon being locked in a eUSX vault, USX becomes available for usage by the associated Equinox Fund delta-neutral strategy, the latests components of which can be found listed in the docs.

In return, the suppliers of USX gain a share of the strategy's yield, which is accrued in the form of eUSX appreciation relative to USX.