Disclosures

This documentation explains the Axis protocol and its technical design. It is not legal, tax, investment, or accounting advice, and it does not replace the terms that govern access to any Axis interface or service.

No guarantee

USDx and sUSDx are not bank deposits and are not described here as insured products. Axis does not guarantee:

• that USDx will trade at exactly $1;

• a fixed or minimum sUSDx return;

• continuous minting, redemption, trading, or withdrawal;

• the availability or value of collateral;

• that software, custodians, venues, counterparties, or operators will perform without failure.

sUSDx yield is variable and is earned, not promised: it comes from Axis's structural edge in cross-venue and cross-asset fragmentation, a durable, market-neutral source that does not rely on any single mechanism. Funding is one component (and can be the larger share in a given period); see the Transparency Dashboard for current attribution. See How Axis Earns Yield for where the yield originates.

Eligibility and local law

Eligibility for the USDx Primary Market is set out in Eligibility & Onboarding. Holding USDx is not restricted in the same way, but availability can depend on the interface or service used, applicable terms, and local law. Users are responsible for reviewing the terms presented by the relevant access point and obtaining professional advice where appropriate.

Restricted jurisdictions

Access to Axis interfaces is restricted in Belarus, Cuba, the Democratic Republic of the Congo, Iran, Libya, Myanmar, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, the United States, and Yemen. USDx and sUSDx are not offered to US persons. They are also not offered anywhere that offering them would be unlawful. Access may be further restricted by the terms of the relevant interface or service.

Protocol controls

At launch, the V2 contracts will include role-based controls and address-restriction functionality. Authorized roles will be able to restrict addresses, change supported assets, custodians, and settlement routes, adjust primary-market capacity caps, configure the redemption cooldown and servicing, and disable minting and redemption. These powers create administrative and censorship risks even when used for security or compliance purposes.

Redemption of sUSDx is designed as an asynchronous (ERC-7540) flow, request, servicing by an operator, then claim, rather than an instant withdrawal, so a request may remain pending until it is serviced.

See Access Control for the exact contract permissions.

Risk disclosure

The full statement is set out in the Risk Disclosure, which covers the nature of USDx and sUSDx, technology, platform changes, regulatory, jurisdiction, and further risks.

Participation can result in partial or total loss. Review the Risk Overview, How USDx Targets $1, How Axis Earns Yield, and Security Overview before interacting.

Any performance figures published for the V1 private beta or earlier strategy composites are legacy history. They describe a different, prior deployment, are not part of the V2 protocol disclosed here, and are not indicative of V2 results.

Documentation status

Protocol parameters, supported assets, contract state, and access conditions can change, and the parameters above are set by the protocol. Verify current onchain state and the terms of the interface you use; do not rely on an example or historical statement as a guarantee of current availability.