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How It Works

Assets, rails, and vaults​

The platform decouples three things that other systems hard-wire together:

  • Assets — the RWA products themselves. rcusdp (USD yield from tokenized T-bill / money-market strategies) and xaua (tokenized gold) live natively on Sui.
  • Rails — the path from where your users' USDC sits to the asset.
  • Vaults — an asset made investable on a specific rail. One asset can have several vaults.
                 ┌──────────────────  Asset (native on Sui)  ──────────────────┐
                 │                                                             │
USDC on Sui ───────────► sui:direct rail ───────────► rcusdp-sui / xaua-sui    │
                 │        (same chain, no bridge)                              │
                 └─────────────────────────────────────────────────────────────┘

Your users' USDC sits on Sui, the same chain as the assets, so deposits go straight into the vault — no bridge, no extra latency. Your integration code is identical across vaults; only the vaultId and settlement timing differ.

New chains and new assets appear as new vault entries in the asset catalog — your integration does not change.

:::note Legacy Solana rail (frozen) A solana:gateway rail (rcusdp-sol) predates the Sui-native integration and is paused: deposit and redeem builds return 409 vault_paused, while claim and cancel-deposit stay open so any remaining balances can exit. Legacy Solana read endpoints remain available. :::

Settlement cycles​

Every vault settles in cycles. Requests accumulate while a cycle is open; at the cutoff the operator closes the batch and deploys assets to, or withdraws them from, the underlying RWA strategy; when results land on-chain the indexer emits the per-account transaction.*.settled events and balances update. (Platform-wide vault.cycle.* events exist in the contract for cycle-level signals; the per-account transaction.* events are the reliable per-user notification.)

Cycles exist because real-world assets take real time to subscribe and redeem (T-bills settle T+1; gold subscription via the issuer settles T+3), and because batching makes settlement cheaper and easier to verify on-chain.

You never manage cycles. You observe them:

WhereWhat you see
GET /v1/vaults/:vaultIdThe vault's settlement design (settlement.deposit, settlement.redeem, settlement.cutoffUtc, settlement.instantRedeem) plus live status, paused, sharePrice, and apy
Positions & transactionsPending deposits/redeems (with recordId) on GET …/positions; indexed rows on GET …/transactions
WebhooksPer-account transaction.*.confirmed / transaction.*.settled events (subscribe to these); platform-wide vault.cycle.* where emitted

What your user experiences​

ActionImmediatelyAfter the cycle settles
Deposit"Processing — will settle T+1" (cancelable)Shares credited; transaction.deposit.settled webhook with the exact shares credited
Redeem (queued)"Processing redemption"USDC claimable; transaction.redeem.settled webhook
ClaimUSDC arrives in the account's own wallet immediately—
Instant redeem (rcusdp-sui, when enabled)USDC immediately, at a higher fee—

Timing per vault is published in the catalog (settlement.deposit, settlement.redeem, settlement.cutoffUtc) — currently T+1 for rcusdp-sui and T+3 for xaua-sui (cutoff 10:00 UTC). Instant-redeem availability and its fee are operator-controlled on-chain and can change at any time — treat the catalog values as indicative, and handle a rejected instant redemption gracefully (fall back to a queued redemption).

The transaction model: build → sign → submit → confirm​

  1. Build — POST /v1/vaults/:vaultId/tx/deposit (or tx/redeem, tx/claim, tx/cancel-deposit) returns an unsigned transaction plus an intentId.
  2. Sign & submit — your wallet infrastructure signs: a WaaS provider for individual accounts, your backend key for omnibus, a multisig flow for treasury/business. You submit to the chain RPC.
  3. Confirm — optionally report the digest back (POST /v1/transactions/:intentId/confirm) for instant status tracking; TBook's indexer also detects the transaction on-chain within about a minute either way.
  4. Settle — the settlement cycle completes and the intent reaches settled; webhooks notify you at each step.

This is why the platform is non-custodial: TBook can propose transactions but can never execute them.

Prices and yield​

Each asset's price is its NAV per share/unit, exposed in the catalog and GET /v1/vaults/:vaultId/price. Where a live NAV source is wired (rcUSDP), the value is refreshed at request time; assets without a live feed yet return their catalog reference price. For yield assets, apy is published alongside. Your users' earnings are computed from indexed history and live positions — see Positions & Earnings for the exact formulas.

Next steps​