Legal Structure

The Sierra Protocol is governed by the Sierra Foundation, which is domiciled in the Cayman Islands and has appointed Leeward as the Supervisor of the Foundation. Sierra has a wholly-owned subsidiary, Sierra Reserve Limited in the BVI, which is the issuing entity of all Vaults and LVTs. Institutional users who complete onboarding with Sierra Reserve Limited are Authorized Participants and whitelisted to directly access Minting and Redeeming functionality.

Sierra Foundation and Sierra Reserve Limited have a Master Lending Agreement with OpenTrade SPC, a bankruptcy-remote entity in the Cayman Islands. The OpenTrade SPC is overseen by an independent third-party trustee with a perfected security interest and managed by a multi-billion dollar FCA-regulated institutional asset manager. All reserves backing Vaults and LVTs are lent to the OpenTrade SPC, where RWAs are held in Tier 1 institutional custodians (i.e. J.P. Morgan).