Treasury Wallet

The Treasury Wallet is the fund's ERC-7540 Vault contract. It holds fund USDC, records asynchronous subscription and redemption requests, exposes claimable results, and represents fund shares through its ERC-20 interface.

Assets And Shares

Item	Meaning
Asset	USDC held by the Treasury Wallet.
Share	The ERC-20 fund share represented by the Treasury Wallet contract.
Pending deposit	USDC has entered the Treasury Wallet, but the asset/share pair is not claimable.
Claimable deposit	Fulfillment has fixed the asset/share pair and the investor can claim shares.
Pending redemption	The investor's shares have been burned and the redemption awaits fulfillment.
Claimable redemption	Fulfillment has reserved the asset amount and the investor can claim USDC.

Subscription Operations

1. The Self-Custody Wallet approves the exact USDC allowance.
2. requestDeposit pulls the approved USDC into the Treasury Wallet and records a pending deposit.
3. The fund manager sets the price per share in the Fulfill in Vault popup, which calculates the exact share quantity and prepares the fulfillment operation.
4. The Self-Custody Wallet signs fulfillDeposit after pricing and protocol checks are ready.
5. The investor signs deposit to claim the fulfilled shares.

Manager acceptance does not record pricing. The Fulfill in Vault operation is the only step in this workflow that may change price_per_share; it does not issue shares to the investor. Shares are issued when the investor claims the fulfilled deposit.

Redemption Operations

1. The investor signs requestRedeem; the Treasury Wallet burns the shares and records a pending redemption.
2. The canonical service assigns an eligible finalized dealing NAV after the cutoff.
3. The Self-Custody Wallet signs fulfillRedeem after pricing and liquidity checks are ready.
4. The investor signs redeem and the Treasury Wallet transfers the claimable USDC.

The manager fulfills the pending request but does not burn the shares again and does not claim the investor's payout.

Liquidity Boundary

Free USDC can move from the Treasury Wallet to the immutable Self-Custody Wallet through drawdownStrategyAssets. Approved USDC can return through returnStrategyAssets. Assets reserved for claimable redemptions are not available for strategy drawdown. The current Vault Operations page monitors these balances but does not expose drawdown or return buttons.

Operator Rules

• Verify the canonical pending request and controller before fulfillment.
• Wait for finalized dealing NAV and liquidity readiness where required.
• Submit fulfillment once and wait for chain-backed reconciliation.
• Treat Pending, Claimable, and Claimed as distinct states.
• Never treat manager acceptance or fulfillment as the investor's claim.

Return to Investment Management.