# Welcome to Sierra Protocol ## Higher Standards. Better Assets. Sierra Protocol is the institutional-grade solution for permissionless yield. Issuing Partners launch permissionless vaults and Liquid Vault Tokens (LVTs) with the exact risk, liquidity, and yield profile they need, backed by any combination of Real World Assets (RWAs) and onchain yield sources. We have built Sierra's infrastructure stack to span all five layers supporting permissionless yield, including: * **Asset Origination -** Sourcing any public or private fixed income asset, instrument, or fund * **Institutional-Grade Operations -** Structuring, custody, administration, verification, reporting, onboarding, compliance * **Onchain Vault Deployment and Tokenization -** Permissionless deployment, security, audits * **Curation & Allocation -** Customizing reserve strategy to a target liquidity, risk and yield profile * **Distribution & Composability -** Enabling seamless secondary market liquidity, transferability and integrations across DeFi & CeFi for added utility There are five ways to use the Sierra Protocol: {% content-ref url="/pages/qPxlciMoSjeubp6WSX0m" %} [Deploying a Permissionless Vault](/protocol-use-cases/deploying-a-permissionless-vault) {% endcontent-ref %} {% content-ref url="/pages/kiGRYGQgivXbTKAgEcca" %} [Accessing Premium Curated Vaults](/protocol-use-cases/accessing-premium-curated-vaults) {% endcontent-ref %} {% content-ref url="/pages/ErNl4FMMmQlvmHEclrQ8" %} [Issuing a Liquid Vault Token](/protocol-use-cases/issuing-a-liquid-vault-token) {% endcontent-ref %} {% content-ref url="/pages/un2uljjc5rR38X0JNzgx" %} [Powering an Earn Offering](/protocol-use-cases/powering-an-earn-offering) {% endcontent-ref %} {% content-ref url="/pages/JoynaZg1iOdX2qFXHWQl" %} [Our Flagship LVT: SIERRA](/our-flagship-lvt-sierra/reserve-strategy) {% endcontent-ref %} ### Who Benefits from the Sierra Protocol Sierra serves many types of issuing and integration partners: * Asset managers and RWA originators that want to enable permissionless access, including full composability across DeFi and CeFi for their assets * DeFi protocols, exchanges, fintechs, neobanks, and card issuers that want to launch a branded permissionless Vault or LVT to integrate into their platform or power their earn offering * Hedge funds, treasury teams, and retail users seeking the industry’s highest quality yield on their stablecoins ### Quick Links Website: X (Twitter): [https://x.com/SierraIsMoney](https://x.com/sierraismoney) Telegram: Blog: {% hint style="warning" %} **Risk Notice:** Permissionless Vaults and Liquid Vault Tokens issued through Sierra Protocol are not regulated financial products, and users should not expect any protections under banking, securities, or consumer protection laws in any jurisdiction. The Vaults and Liquid Vault Tokens are cryptoassets that are not issued by a central bank, should not be considered legal tender and do not represent a claim on deposits at a regulated financial institution. Users should understand that: * Sierra Protocol is not subject to formal regulatory oversight; * There are no government guarantees or investor safeguards; and * Redemption, collateral management, and price stability rely entirely on the mechanisms underlying in the protocol and its governance. Participants should exercise independent judgment and conduct their own due diligence before using the Sierra Protocol, especially in jurisdictions where regulatory treatment of cryptoassets is uncertain or evolving. {% endhint %} # Core Concepts **Vault:** A vault is a portfolio of yield-generating assets powered by Sierra's infrastructure stack. A vault can hold a single yield source or a diversified mix of onchain and offchain assets, which can be actively managed and tailored to provide the exact risk, liquidity, and yield profile that depositors want. **Liquid Vault Token (LVT):** An ERC20 token representing a deposit in a Vault, which is composable and interoperable with DeFi and CeFi. LVTs also have secondary market liquidity on decentralized and centralized exchanges, which allow users to buy and sell LVTs without depositing directly into a Vault. The minting and redemption price of the LVT increases daily to reflect yield generated by the underlying reserves. All LVTs appreciate by the same amount, so holders do not have to stake LVTs or claim rewards to earn yield. **OpenTrade Technology:** London headquartered software firm responsible for developing and maintaining the OpenTrade Platform, which supports Sierra deploying reserves to the OpenTrade SPC. **OpenTrade Segregated Portfolio Company (SPC):** A Cayman Islands legal structure that keeps assets legally separated between portfolios. For each Vault or LVT, all Reserve Assets deployed into Yield Sources are held in their own dedicated segregated portfolio, ensuring Reserve Assets cannot be used to satisfy the liabilities of Sierra, OpenTrade Technology, or other OpenTrade SPC lenders. **Reserve Assets:** The underlying portfolio of assets backing a Vault or LVT, which generate yield through OpenTrade's platform. The reserve assets backing each Vault or LVT are held in a segregated wallet secured by Fireblocks MPC custody. Reserve compositions differ across each Vault and LVT, which are determined by the corresponding [Reserve Management Strategy](/building-with-sierra/reserve-management-strategy) and managed by the [Advisory Council](/building-with-sierra/advisory-council). **Yield Sources:** Each underlying type of RWA and DeFi yield generation strategy available through Sierra. The current set of [Available Yield Sources](/building-with-sierra/available-yield-sources) include RWAs (U.S. Treasuries, Investment-Grade Commercial Paper, AAA-rated CLOs, Trade Finance, Investment-Grade Corporate Bonds etc.) and DeFi (Morpho, AAVE etc.) yield sources. All new yield sources are subject to underwriting by the Advisory Council. Each Vault or LVT allocates to a subset of available yield sources based on its respective [Reserve Management Strategy](/building-with-sierra/reserve-management-strategy). **Net Asset Value (NAV):** The underlying value of Reserve Assets backing a Vault or LVT. NAV is calculated by summing up the total value of reserves deployed into each Yield Source. **Exchange Rate:** The NAV for a Vault or LVT divided by the total amount of Vault tokens or LVTs issued. This is the price used for [Minting and Redeeming](/building-with-sierra/minting-and-redeeming) by [Authorized Participants](/additional-resources/authorized-participant-onboarding). The Exchange Rate for Vaults and LVTs are updated onchain each hour to reflect the accrued yield generated by Reserve Assets. The Exchange Rate for each Vault and LVT is available in the respective [smart contract](/building-with-sierra/blockchain-addresses) using "exchangeRate". **Segregated Portfolio Company (SPC):** A Cayman Islands legal structure that keeps assets legally separated between portfolios. For each Vault or LVT, all Reserve Assets deployed into Yield Sources are held in their own dedicated segregated portfolio, ensuring Reserve Assets cannot be used to satisfy the liabilities of Sierra, OpenTrade, or other OpenTrade customers. **Bankruptcy-Remote Structure:** The combination of Sierra Reserve Limited, the British Virgin Islands entity enabling issuance of Vaults and LVTs, and OpenTrade's Cayman SPC is designed to keep Reserve Assets separate from the operating entities of Sierra and OpenTrade. If either company becomes insolvent, the reserve assets remain isolated and are not available to general creditors. Independent, third-party trustees oversee the structure and security interests are fully perfected. **Authorized Participants:** Institutional entities that have completed [onboarding](/additional-resources/authorized-participant-onboarding) and Know Your Business (KYB) with Sierra Reserve Limited. Once complete, their onchain addresses are whitelisted for Minting and Redeeming Vault tokens and LVTs. **Issuance or Minting:** Vault tokens and LVTs are issued or minted by calling the "deposit" function on the respective smart contract. Only Authorized Participants that have been whitelisted can mint a Vault token or LVT. Issuance or minting occurs by buying Vault tokens or LVTs at the prevailing exchange rate using the underlying liquidity asset (i.e. native USDC on Ethereum). **Redemptions:** Vault tokens and LVTs are redeemed by the [Issuer role](broken://pages/RDcyGDa30ggxRC2Nq0xE) calling the "processRedemption" function on the respective smart contract. Only Authorized Participants that have been whitelisted can request a redemption for a Vault token or LVT. Redemptions occur by selling Vault tokens or LVTs at the prevailing exchange rate and receiving the underlying liquidity asset (i.e. native USDC on Ethereum). **LayerZero OFT:** Sierra uses LayerZero's Omnichain Fungible Token (OFT) standard to enable native transfers of LVTs across blockchains. Tokens are locked on the source chain and minted on the destination chain, allowing a single unified token supply across networks. Sierra uses a 5/5 DVN configuration with Google, LayerZero Labs, Canary, Nethermind and Deutsche Telekom. These validators are diversified across multiple cloud providers and client implementations. **Sierra Governance Token (SGT):** The governance token to be issued by Sierra Governance Limited in the British Virgin Islands. SGT will be the only governance token for the Sierra Protocol and will be issued in October 2026. Peaks from the [Summit Program](https://blog.sierra.money/blog/sierra-summit-program) will convert to SGT at the Token Generation Event (TGE). SIERRA and all other LVTs issued by the Sierra Protocol do not have governance functionality. # Sierra's Infrastructure Stack Sierra composes the best institutional providers in the world into a single, auditable Stack. Every issuing partner inherits this out of the box. These providers include:
[**OpenTrade**](https://www.opentrade.io/) **(Yield & Reserves Management) -** Institutional-grade yield platform with bankruptcy-remote SPC connecting over $200M of stablecoins to RWA & DeFi yield sources [**Five Sigma Finance**](https://www.fivesigma.co.uk/) **(Asset Management)** - FCA-regulated asset manager that has supported $500B+ in private credit transactions. Dedicated team that curates and underwrites all RWA assets and manages entire transaction lifecycle [**J.P. Morgan**](https://www.jpmorgan.com/) **&** [**Wilmington Trust**](https://www.wilmingtontrust.com/) **(RWA Custody) -** All RWA reserves are held in direct custody at Tier-1 GSIBs that institutions already know and trust [**Station70**](https://www.station70.com/) **(Disaster Recovery) -** Multi-layered security solution designed with advanced cryptography to enable recoverability of cryptoassets [**Hypernative**](https://www.hypernative.io/) **(Threat Monitoring) -** 24/7 monitoring across smart contracts and DeFi protocols with over 300 threat types covered [**Chainalysis**](https://www.chainalysis.com/) **(AML Compliance) -** Continuous transaction and address screening to investigate and identify illicit activity and maintain compliance [**LayerZero**](https://layerzero.network/) **(Cross-chain OFT) -** Largest cross-chain messaging protocol securing $75B+ of assets and over $200B of transaction volume [**Fireblocks**](https://www.fireblocks.com/) **(MPC Custody) -** Largest MPC wallet solution with role-based policy engine, trusted by over 2,400 enterprises and $10T volume transacted [**RedStone**](https://www.redstone.finance/) **(Oracle) -** Leading blockchain oracle built for onchain finance, trusted by more than 150 projects and $5B total value secured # What Makes Sierra Unique? ### 1. Sierra is the industry-leading permissionless yield platform Most onchain yield lives in single-strategy, single-chain vaults. This architecture imposes constraints on the eligible yield sources that the vault can access and the flexibility of the end-user experience. In contrast, Sierra operates the issuance and settlement layer beneath other permissionless vaults. Sierra's Issuing Partners deploy a permissionless vault and configure its reserves management strategy. They have the additional optionality to incorporate their own branding and upgrade the vault token into a fully composable LVT. Through OpenTrade's institutional-grade yield platform, Sierra and its Issuing Partners have unparalleled access to any yield source:
### 2. A full institutional-grade stack By issuing permissionless Vaults and LVTs through Sierra, Issuing Partners inherit one auditable Stack that is composed of leading institutional providers: * **Asset Origination** that includes ourcing any public or private fixed income asset, instrument, or fund * **Asset management** of reserves by OpenTrade through a bankruptcy-remote SPC, including weekly reserve attestations from an FCA-regulated asset manager in addition to daily NAV calculation and reporting * **Custody** of RWA reserves at tier-1 GSIBs and use of Fireblocks for reserves deployed in DeFi * **Curation and Allocation** of reserves management strategy by Sierra's Advisory Council * **Deployment and Issuance** by Sierra Reserve Ltd (BVI), a wholly-owned subsidiary of the Sierra Foundation in the Cayman Islands * **Supplemental Infrastructure** including Redstone for onchain oracle and LayerZero's OFT (Omnichain Fungible Token) standard for cross-chain distribution, plus continuous compliance screening with Chainalysis and 24/7 threat monitoring via Hypernative
### 3. Optimized for the best user experience LVTs issued by Sierra, including the flagship SIERRA token, have been designed to provide the best user experience for holders through a single-token model. Yield continously accrues to holders of LVTs through an appreciating minting and redeeming exchange rate. No staking, claiming, lock-ups or other mechanisms are required. Most yield-bearing tokens force a tradeoff that SIERRA all other LVTs issued by Sierra avoid: | Model | How yield reaches you | Drawback | | ------------------------------ | ---------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------ | | Rebasing (i.e. stETH) | Your wallet balance grows | Balances change without user action, requiring bespoke integration and creating an adverse tax treatment in many jurisdictions | | Dual-token (i.e. sUSDe, sUSDS) | Stake a base token to receive a yield-bearing version | Extra steps, redemption locks, and dilution of holders of base token | | Permissioned RWAs (i.e. JAAA) | Users must first KYB with the issuer to access the product | Tokens are typically not transferrable or composable in DeFi | SIERRA and all other LVTs have the best user experience through: * Single token model with no requirement to stake, claim rewards or other mechanisms * Permissionless access through secondary markets, supporting composability and interoperability across CeFi and DeFi * Unique reserve management strategy for each LVT, which can evolve over time through new yield sources added based on the goals of issuing partners # Deploying a Permissionless Vault **Designed for:** Asset managers, RWA originators, fintechs, trading firms and exchanges bringing their own assets or yield strategy onchain\ \ Issuing Partners define the Vault's reserve management strategy, backed by any combination of yield sources across RWAs and DeFi. Sierra provides the smart contracts, legal structuring, custody, and reporting infrastructure to deploy the permissionless vault.\ \ Vault depositors receive a standard ERC-20 vault token that accrues yield through exchange rate appreciation. Underlying reserves are custodied using Fireblocks MPC and deployed into the OpenTrade SPC, with RWAs custodied at Tier 1 GSIBs. Partners can retain full control over the Vault's branding and fees. Issuing Partners have the option to increase functionality of the Permissionless Vault into a full-scale [Liquid Vault Token](/protocol-use-cases/issuing-a-liquid-vault-token). # Accessing Premium Curated Vaults **Designed For:** Hedge funds, treasury managers, DAOs, and sophisticated allocators seeking institutional-grade yield without building the infrastructure themselves Sierra provides direct access to a curated set of vaults constructed and monitored by the Sierra Advisory Council, in collaboration with OpenTrade and Five Sigma. Each vault is backed by a curated blend of investment-grade RWAs and blue-chip DeFi strategies, held in a bankruptcy-remote structure with independent trustee oversight. Onchain allocators get exposure to yield sources normally reserved for offchain institutional investors, packaged as a single onchain asset with daily NAV transparency and weekly attestations from an FCA-regulated asset manager. No onboarding to a new protocol or broker per yield source. No bespoke integration requirements across multiple protocols or blockchains. No compromise on institutional-grade structuring. # Issuing a Liquid Vault Token **Designed For:** DeFi applications, stablecoin issuers, exchanges, consumer platforms and trading protocols wanting to distribute a yield-bearing asset with full DeFi composability A Liquid Vault Token (LVT) is a permissionless Vault upgraded with the infrastructure needed for permissionless secondary market activity and composability: * LayerZero OFT for cross-chain distribution * RedStone fundamental oracles for onchain NAV feeds * Network of [Authorized Participants](/additional-resources/authorized-participant-onboarding) arbitraging secondary market liquidity through minting and redemptions * 24/7 threat detection monitoring with Hypernative Once fully deployed, the LVT is ready for all forms of utility across CeFi and DeFi. As an issuing partner, you get Sierra's institutional stack with the distribution capabilities of a fully composable, yield-bearing asset. SIERRA, the flagship LVT of the Sierra Protocol, became one of the fastest growing LVTs on [Stablewatch](https://www.stablewatch.io/analytics) with this same infrastructure. # Powering an Earn Offering **Designed For:** Fintechs, neobanks, exchanges, and card issuers offering stablecoin yield to their end users Sierra provides the entire yield generation and reserves management layer, while the partner retains full ownership of the user experience, branding, and customer relationship. Deposits from users on a partner's platform are routed through a dedicated Sierra vault into a blend of RWA and DeFi yield sources that was curated by Sierra and the partner. All custody, settlement, compliance, and reporting is handled by Sierra's institutional-grade infrastructure stack. Partners get a plug-in yield engine that: * Eliminates the operational burden of building and maintaining in-house solutions * Unlocks off-chain RWA yield sources that would otherwise be out of reach * Scales seamlessly across user bases from tens of thousands to million * Creates a new revenue stream and improves stickiness of user deposits All of these benefits are achieved without the partner writing a smart contract or changing their existing operational workflows. # Available Yield Sources Last Updated: July 10th, 2026 A Yield Source is an underlying type of RWA and DeFi yield generation strategy available through Sierra. All available Yield Sources have already completed the underwriting process by Sierra's [Advisory Council](/building-with-sierra/advisory-council). Any new Yield Source that becomes available through Sierra must complete underwriting by the Advisory Council before any Vaults or LVTs may allocate to it. Each Vault or LVT allocates to a subset of available Yield Sources based on its respective [Reserve Management Strategy](/building-with-sierra/reserve-management-strategy). Some Yield Sources available are not suitable for a Vault or LVT and so the corresponding reserve assets of that Vault or LVT cannot be allocated to those unsuitable yield source. For example, a Vault that aims to have a lower risk profile may not allocate to a yield source like uncollateralized lending due to Credit Risk or 30 year corporate bonds do to Duration Risk. Here is a comprehensive list of all Yield Sources currently available:
Yield SourceVault NameDescription
Fidelity Institutional Liquidity USD FundxMMFBacked by Fidelity's short-term money market fund, designed to maintain capital value and liquidity while delivering returns in line with US dollar money
market rates
Prudential AAA-Rated CLOsxUSCLOBacked by AAA-Rated Collateralized Loan Obligations through Prudential's PAAA ETF
Investment-Grade Commercial PaperxIGCPBacked by a portfolio of commercial paper issued by Investment-Grade corporate entities with 30-60 day maturity, managed by Five Sigma Finance
Franklin Templeton Benji Money Market FundxFTBBacked by BENJI tokens, which represent shares of the Franklin OnChain U.S. Government Money Fund (FOBXX), a U.S. registered 1940 Act money market fund that invests at least 99.5% of its assets in high-quality U.S. government securities, cash, and repurchase agreements fully collateralized by government securities or cash
Blackrock iShares 0-5 Year High Yield Corporate BondXHYCBacked by the iShares SHYG ETF, which tracks the performance of an index of U.S. dollar-denominated, high yield corporate bonds with remaining maturities of less than five years
WisdomTree Government Money Market FundxWTMMFBacked by the WisdomTree Treasury Money Market Digital Fund (WTGXX), which seeks to provide investors with a high level of current income consistent with preservation of capital and liquidity
WisdomTree Private Credit & Alternative IncomexCRDYXBacked by the WisdomTree Private Credit and Alternative Income Digital Fund that seeks to track the price and performance of the Gapstow Private Credit and Alternative Income Index. Loans are fully collateralized at all times by the eligible collateral. No securities lending or leverage is permitted

Galaxy Digital Private Credit

(USDC)

xPCG7, xPCG30, xPCG90Backed by an investment vehicle that makes unsecured private placement loans to Galaxy Asia. Galaxy Asia’s primary revenue stream is from digital assets operations, which is the primary use of proceeds for the loan. Available with 7, 30 and 90 term length
FalconX Prime Brokerage Lending xDLFBacked Pareto's vault that lends to FalconX through an SPV to facilitate financing to end-counterparties (Trading Firms, Hedge Funds etc.) while being backed by layers of structural protections, including an equity tranche, transaction-level collateralization, and real-time risk engine
TradeFlow Trade FinancexTradeflowCEMP90-USDCAva-1Backed by Obligate eNotes, which lends capital to the TradeFlow Capital Management's CEMP USD Trade Flow Fund
Morpho Gauntlet Prime Vault (Base)xMorphoGPUSDC-BaseBacked by overcollateralized lending against blue-chip cryptoasset collateral like cbBTC and wsETH
Aave USDC EthereumxAaveUSDC-ETHBacked by USDC deposits into Aave’s Core instance on Ethereum, which deploys USDC into overcollateralized lending against bluechip cryptoasset collateral
Wildcat WintermutexWildcatWMTUSDC-ETHBacked by uncollateralized lending to Wintermute, a cryptonative trading firm, on the Wildcat Protocol
OpenTrade Prime+
(USDC/USDT)		xPPVBacked by a curated portfolio of RWAs with an investment strategy that aims to deliver the fixed rate of returns, while maintaining sufficient liquidity to meet deposits and withdrawals at all times and to generate excess return through active asset–liability management (ALM). The strategy will be deliberately conservative, with the majority of assets allocated to highly liquid instruments such as money market funds and ETFs
OpenTrade Stablecoin Staking Yield (USDC/USDT)xSOLYBacked by a basis strategy that is generated from Solana (SOL) staking rewards and SOL perpetual futures funding rates. The strategy is delta-neutral to mitigate price volatility of SOL
Sierra LP StrategyxSLPBacked by a portfolio of SIERRA ecosystem strategies including direct token holdings, concentrated liquidity provision on leading DEXs, and fixed-rate and LP positions on Pendle
# Exchange Rate Mechanism ## Yield Generation Based on the [Reserve Management Strategy](/building-with-sierra/reserve-management-strategy) for a given Vault or LVT, the reserves will be deployed into one or more OpenTrade vaults. For example, allocating reserves to PGIM's AAA-Rated CLO ETF called PAAA is achieved via lending to the xUSCLO vault. Over time, the performance of the underlying PAAA ETF, including monthly dividends and net of OpenTrade's fees, is reflected through the change in the xUSCLO vault's exchange rate. In general, all [Available Yield Sources](/building-with-sierra/available-yield-sources) are deployed as standalone vaults on the OpenTrade platform. Irregardless of whether its an RWA that is publicly traded or a private fund, or an onchain yield source on Ethereum or Solana, the performance of that yield source is tracked and reflected through the vault's exchange rate. As the underlying assets appreciate in value, earn interest, accrue dividends, trading fees, protocol rewards or any other form of return, the return is reflected through an appreciation of the corresponding vault's exchange rate. Therefore, the change in an OpenTrade vault's exchange rate over time reflects the yield that has been generated by the underlying yield source. For RWA yield sources, each vaults' exchange rate is updated once per business day. For DeFi, each vaults' exchange rate is updated once per hour if sufficient yield has been generated. ## Yield Accrual Vaults or LVTs can effectively be viewed as "vault of vaults", where the performance of Vaults or LVTs is the aggregate performance of all of the underlying OpenTrade vaults that reserves have been deployed into. As each underlying OpenTrade vaults' exchange rate is updated, the exchange rate of each Vault or LVT issued by Sierra updates accordingly. This change in each Vault or LVT's exchange rate reflects the yield accrued by the portfolio of reserves backing the Vault or LVT. On each Vault or LVT's respective Transparency Dashboard, Current APY represents a 7-day average of the realized performance of the Vault or LVT's exchange rate. The realized performance is variable and depends on the performance of the underlying yield sources that the reserves backing the Vault or LVT have been deployed into. **Here is an illustration of how the exchange rate mechanism will work in practice with a sample reserves portfolio:** | U.S. Treasury MMFs | 30% | 4.5% | | ------------------ | -------- | --------- | | Commercial Paper | 15% | 5.5% | | DeFi Yield | 55% | 10.0% | | **Current APY** | **100%** | **7.68%** | Through increasing the exchange rate of each Vault or LVT over time, this mechanism is how yield accrues to holders of Vault tokens and LVT. Therefore, there is no rebasing so the amount of tokens held remains constant over time. The difference between a holder's sale and acquisition prices reflects the total yield they have accrued. This mechanism ensures LVTs behave exactly like any other ERC-20 token, which enables seamless composability and utility across DeFi and CeFi while still delivering institutional-grade yield intrinsically. The Vault or LVT's updated exchange rate is the prevailing price used by [Authorized Participants](/additional-resources/authorized-participant-onboarding) for [Mint and Redeeming](/building-with-sierra/minting-and-redeeming). If the secondary market price of LVTs differ from the prevailing exchange rate for minting and redemptions, then Authorized Participants can perform arbitrage. This economic incentive helps to ensure that secondary market prices of LVTs on decentralized and centralized exchanges trades closely to the prevailing exchange rate for minting and redemptions. For example, if an LVT is trading significantly below the prevailing minting and redemption price on a decentralized exchange, an Authorized Participant can purchase the LVT off the secondary market with USDC and redeem the LVT with Sierra, earning the spread. # Minting & Redeeming Institutional users who complete onboarding with Sierra Reserve Limited, the issuing entity all Vaults and LVTs, are [Authorized Participants](/additional-resources/authorized-participant-onboarding). Once onboarded as an Authorized Participant, we whitelist the wallet(s) provided by institutional users for the applicable Vaults and LVTs, which enables direct access to mint and redeem functionality. ### Minting Vault tokens and LVTs 1. Connect your whitelisted wallet to the respective web app, i.e. [https://app.sierra.money](https://app.sierra.money/mint) 2. Navigate to the "Mint" page 3. Input the amount of USDC you would like to spend minting Vault tokens or LVTs 4. Click "Approve" 5. Approve the spending cap in your wallet 6. Approve the deposit transaction in your wallet Once completed, the USDC will be sent to the segregated reserves wallet backing the respective Vault or LVT and the corresponding amount of Vault tokens or LVTs will be minted immediately to your whitelisted wallet using the prevailing [Exchange Rate](/building-with-sierra/exchange-rate-mechanism) ### Redeeming Vault tokens or LVTs 1. Connect your whitelisted wallet to the respective web app, i.e. [https://app.sierra.money](https://app.sierra.money/mint) 2. Navigate to the "Mint" page 3. Input the amount of USDC you would like to receive from redeeming Vault tokens or LVTs 4. Approve the redemption request in your wallet After your redemption request is processed, the Vault Tokens or LVTs will be burned and the corresponding amount of USDC will be transferred to your wallet atomically. Note, the exchange rate used for the redemption is fixed at the time you make the redemption request. {% hint style="info" %} The standard SLA for redemptions is 2 business days. Most redemptions are repaid within the same business day, typically within 1-2 hours. {% endhint %} # Legal Structure The Sierra Protocol is governed by the Sierra Foundation, which is domiciled in the Cayman Islands and has appointed [Leeward](https://leeward.ky/) 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](/additional-resources/authorized-participant-onboarding) and whitelisted to directly access [Minting and Redeeming](/building-with-sierra/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). # Blockchain Addresses Here are all of the relevant blockchain addresses for the Sierra Protocol: * **SIERRA token natively issued on Avalanche** * Address: 0x6E6080e15f8C0010d333D8CAeEaD29292ADb78f7 * Blockchain Explorer: * **SIERRA token natively issued on Ethereum** * Address: 0xbceb5f6877d979ec621ae694da1102cb95691ad3 * Blockchain Explorer: * **SIERRA OFT bridged to Ethereum** * Address: 0x6bf7788EAA948d9fFBA7E9bb386E2D3c9810e0fc * Blockchain Explorer: * **SIERRA's Issuer Vault** * This wallet address holds the reserve assets backing the SIERRA token. The reserve assets held in the Issuer Vault include USDC and Vault Tokens issued by OpenTrade, which represent Sierra's deposits into RWA and DeFi yield sources * The AVAX and ETH held in this address is solely used for gas and does not contribute to the reserve assets backing SIERRA * Address: 0xBC7C0b1b9C61f35068561077FbaA163707128597 * Multichain Portfolio: * **Sierra Protocol Treasury Wallet** * This wallet address holds the operational assets supporting the Sierra Protocol, which is comprised of all revenue generated and the proceeds from raising capital * This wallet address also holds all grants and token incentives recieved by the Sierra Protocol * Monthly reports on the changes in balances of the Treasury Wallet, as well as use of funds will be published * Address: 0x51F8F461DBD96eea8ffAD68fbe18d77bc14f70E1 * Multichain Portfolio: * **SIERRA Timelock on Avalanche** * Our deployment of OpenZepplin's TimelockController contract, which governs all administrative roles for the Sierra Protocol on Avalanche * Address: 0xD3cE23C1cC1ae288496Baf1a276A9B8640206fdd * Blockchain Explorer: # Smart Contract Audits The Sierra Protocol was built using [OpenTrade](https://www.opentrade.io/)'s LYT protocol, which was audited by Spearbit's Cantina in August 2025 and the report is available here: . There were no High Risk or Critical findings. Additionally, all of the underlying OpenTrade vaults that Sierra deploys reserves into are Version 5 vaults, which have been audited by Spearbit Cantina and are available here: . # Risk Framework ## Risk Types All [Available Yield Sources](/building-with-sierra/available-yield-sources) have gone through their respective Underwriting Process by Sierra's [Advisory Council](/building-with-sierra/advisory-council) using our Risk Framework. The Risk Framework analyzes each yield source for 11 risk types: * **Duration Risk:** Risk that an interest rate change causes the value of the reserve assets to change * **Credit Risk:** Risk that the issuer or obligor of the bonds, debt or other forms of yield default on their interest payments or overall debt obligations * **Liquidity Risk:** Risk that SIERRA's reserves will incur loss through withdrawing, redeeming or recalling reserve assets from a yield source * **Term Risk:** Risk that reserve assets in a yield source are completely illiquid until the term or deposit period expires, which may cause SIERRA to not be able to meet all of its redemption obligations in a timely fashion * **Currency Risk:** Risk that reserve assets are deployed in a yield source denominated in another currency than USD and that currency depreciates against USD. Additionally, there is a similar risk that a yield source relies on a different USD-denominated stablecoin than USDC and it depegs below $1 * **Yield Volatility Risk:** Risk that the floating-rate yield sources vary from the initial rate that reserve assets were deployed * **Smart Contract Risk:** Risk that bugs or vulnerabilities in the underlying smart contracts for DeFi yield sources result in partial or full loss of reserve assets deployed * **Exploit Risk:** Risk that a malicious actor uses a DeFi yield source in an unintended way that results in partial or full loss of reserve assets deployed * **Financial Crime Risk:** Risk that a high-risk entity (i.e. sanctioned wallets or darknet marketplace users), based on wallet scoring by AML analytics platforms, comingle their assets in a DeFi yield source that Sierra has reserve assets deployed into * **Regulatory Risk:** Risk that regulators sue, or take similar action, against one of the DeFi yield sources that Sierra has reserve assets deployed into * **Correlation Risk:** Risk that problems with one yield source could trigger issues in another, making additional losses more likely to happen ## Underwriting Process Every Available Yield Source and all new yield sources are assessed using Sierra's Risk Framework by: 1. **Scoring Risk Types -** We assess each yield source against the applicability of each risk type 2. **Discounting Methodology -** We apply a discounting methodology to a yield source's return based on the applicability and severity of all risk types (i.e. uncollateralized lending has higher credit risk than investment-grade commercial paper, so it receives a larger discounted return) to obtain risk-adjusted returns 3. **Establishing Maximum Portfolio Allocation -** We also assign a parameter as the maximum exposure a Vault or LVT can have to an underlying yield source 4. **Periodic Review -** The Advisory Council continually monitors yield sources for residual risks that are not captured in any of the 11 risk types, as well as changing market conditions or other factors that materially affect a given yield source's discounting methodology # Reserve Management Strategy The objective of every Vault or LVT's Reserve Management Strategy is to create a portfolio of yield sources based on the target risk, liquidity and yield profile. This process results in a subset of [Available Yield Sources](/building-with-sierra/available-yield-sources) being whitelisted for a Vault or LVT. The entire underwriting and whitelisting process is conducted by Sierra's [Advisory Council](/building-with-sierra/advisory-council). See SIERRA's [Reserve Management Strategy](/our-flagship-lvt-sierra/reserve-strategy) for the flagship implementation. ### Guiding Principles The Reserve Management Strategy for each Vault or LVT issued by Sierra is built around the same four principles: * **Maintaining Liquidity -** A portion of reserves is allocated to lower-yielding, highly liquid Yield Sources, such as money market funds and commercial paper-backed vaults, to help fulfill redemption requests * **Risk Diversification -** Reserves are spread across Yield Sources, counterparties, and smart contract platforms to reduce concentration and tail risk, producing a more resilient blended return * **Duration & Maturity Management -** Reserves are matched against expected redemption patterns to limit maturity transformation and interest rate sensitivity. Vaults targeting a longer-duration profile intentionally extend this exposure in exchange for enhanced yield * **Yield Enhancement -** After accounting for liquidity, diversification, and duration matching, remaining reserves are allocated toward Yield Sources that boost the blended return of the portfolio, within the limits set by a Vault or LVT's reserve management strategy ### How a Reserve Management Strategy is Built Sierra's [Advisory Council](/building-with-sierra/advisory-council) collaborates with issuing partners to establish their respective reserve management strategy by: 1. **Scoping the Product Goals -** Based on the issuing partners goals and requirements, we define the target risk, liquidity and yield profile 2. **Yield Source Underwriting and Selection -** We review all [Available Yield Sources](/building-with-sierra/available-yield-sources) to create a portfolio that meets the issuing partner's target profile. Additionally, we underwrite and integrate new yield sources demanded by issuing partners that are not yet available using the [Risk Framework](/building-with-sierra/risk-framework) 3. **Setting Maximum Portfolio Allocations -** Using the output of the Risk Framework for each yield source, combined with the issuing partner's target profile for the Vault or LVT, we adjust the maximum portfolio allocation parameters as needed 4. **Portfolio Finalization -** Using the output from yield source selection and maximum portfolio allocations, we establish the portfolio weightings for all yield sources 5. **Yield Source Whitelisting -** In Fireblocks, we must whitelist the contract addresses and setting transaction policies for all applicable OpenTrade vaults corresponding to the underlying yield sources 6. **Dynamic Rebalancing -** As new capital inflows enter the Vault or LVT, combined with yield generated by the reserves, reserves are rebalanced across whitelisted yield sources based on the portfolio weights established in Step 4 7. **Period Reviews & Portfolio Updates -** We continually monitor all Available Yield Sources for risk profile changes due to market conditions or other factors. Additionally, at the request of issuing partners we can add or remove whitelisted yield sources. We can also adjust portfolio weightings as well # Advisory Council Sierra's Advisory Council is responsible for applying the [Risk Framework](/building-with-sierra/risk-framework) to all [Available Yield Sources](/building-with-sierra/available-yield-sources) that can be allocated to by the [Reserve Management Strategy](/building-with-sierra/reserve-management-strategy) for each Vault or LVT issued by the Sierra Protocol. The Advisory Council is comprised of: * Supervisor of the Sierra Foundation * Core Contributors at Sierra Protocol * Senior Leadership at [OpenTrade](https://www.opentrade.io/) * Investment professionals at [Five Sigma Finance](https://www.fivesigma.co.uk/) In Q3 2026, we anticipate announcing several more members joining Sierra's Advisory Council, which bring unique experience in underwriting different asset classes as we expand the set of Available Yield Sources. # Reserve Strategy SIERRA is the flagship LVT issued by the Sierra Protocol. SIERRA's [Reserve Management Strategy](/building-with-sierra/reserve-management-strategy) is designed to allocate to institutional-grade RWAs and use isolated, overcollateralized lending on Morpho to generate competitive risk-adjusted returns while maximizing liquidity that supports expedited redemption capabilities. ### Guiding Principles The four guiding principles applied to SIERRA's Reserve Management Strategy are: * **Maintaining Liquidity:** Always holding 3-5% of reserves in a liquid buffer of USDC to support immediate redemptions, alongside deploying reserves into short-duration, highly liquid instruments such as commercial paper and AAA-rated CLOs * **Risk Diversification:** Reserves are spread across yield sources, spanning investment-grade RWAs and blue-chip DeFi * **Duration & Maturity Management:** Reserves are deployed into short-duration, liquid assets to match to the immediate redemption capacity * **Yield Enhancement:** Achieved through allocating to commercial paper and AAA-rated CLOs, as well as Gauntlet Prime on Base instead of Ethereum since it has higher yield lending against comparable collateral ### Whitelisted Yield Sources
Yield SourceVault NameDescriptionMaximum Portfolio Allocation
Prudential AAA-Rated CLOsxUSCLOBacked by AAA-Rated Collateralized Loan Obligations through Prudential's PAAA ETF 35%
Investment-Grade Commercial PaperxIGCPBacked by a portfolio of commercial paper issued by Investment-Grade corporate entities with 30-60 day maturity, managed by Five Sigma Finance 35%
Morpho Gauntlet Prime Vault (Base)xMorphoGPUSDC-BaseBacked by overcollateralized lending against blue-chip cryptoasset collateral like cbBTC and wsETH 60%
TradeFlow Trade FinancexTradeflowCEMP90-USDCAva-1Backed by Obligate eNotes, which lends capital to the TradeFlow Capital Management's CEMP USD Trade Flow Fund 15%
# Transparency Dashboard The [Transparency Dashboard](https://app.sierra.money/transparency) is designed to provide industry-leading insights into key details and metrics for SIERRA, enabling users to make informed decisions. All information on the Transparency Dashboard is freely accessible for all users via our Web App, as well as download via API (upon request). Key information on SIERRA includes: * SIERRA's historical yield and price appreciation against USD * The allocation of SIERRA's reserve assets across RWA- & DeFi-backed yield sources * The market capitalization of SIERRA * The Current APY of SIERRA * The Fireblocks Backup Verification report prepared by [Station70](https://www.station70.com/) * Weekly Vault Reports prepared by [Five Sigma](https://www.fivesigma.co.uk/) # Buy & Sell SIERRA SIERRA is accessible for all users, excluding jurisdictional restrictions, for buying, holding and transferring. As a permissionless LVT, SIERRA can be held in any non-custodial wallet, as well as alongside other cryptoassets in any custodial solution that supports SIERRA on Avalanche or Ethereum. Users can seamlessly swap USDC and SIERRA via the Swap page on our website, [sierra.money](https://sierra.money/). Our Swap page is powered by the [OKX Wallet aggregator](https://web3.okx.com/dex-swap), which ensures users get the best price available across all liquidity sources. Additionally, users can purchase SIERRA directly on DEXes like [LFJ](https://lfj.gg/) on Avalanche and [Uniswap](https://app.uniswap.org/) on Ethereum. Users can also swap any asset into SIERRA PTs and YTs via [Pendle's](https://app.pendle.finance/) router. Users can also use the swap feature provided by many non-custodial wallets, such as [Metamask](https://metamask.io/) and [Phantom](https://phantom.com/). However, these wallet-based swaps may charge additional fees compared to using the Swap page on SIERRA's website or trading on DEXes directly. # Price Oracle As outlined in the [Exchange Rate Mechanism](/building-with-sierra/exchange-rate-mechanism) section, the RWA-backed vaults update once per business day and the DeFi-backed vaults update once per hour if sufficient yield has been generated. We have partnered with [Redstone](https://www.redstone.finance/), a leading oracle provider, to publish SIERRA's exchange rate used for minting and redemptions. This data can be ingested by lending markets, curators and others to support SIERRA being used as collateral. Check out SIERRA's data on Redstone here: . # Authorized Participant Onboarding An Authorized Participant (AP) in Sierra's ecosystem is an institutional entity formally onboarded and approved by Sierra Reserve Limited to mint and redeem Vaults and LVTs issued by Sierra. Onboarding requires completing KYB, providing information on entity ownership structure, AML/CTF screening, and ongoing monitoring. Once approved, APs must also designate specific wallets that Sierra Reserve whitelists and continuously monitors via Chainalysis. Sierra Reserve retains sole discretion to suspend or revoke AP status at any time for compliance, sanctions, or reputational concerns. If you are interested in onboarding as a Sierra AP, please reach out to discuss further at or submit an [inquiry form](https://docs.google.com/forms/d/e/1FAIpQLScZ8QpJZOLihDJwesasHKF4OEb2g1fezu51NgOiqWu4zIjm5A/viewform) to our team for review. # Risk Disclaimer SIERRA is not a regulated financial product, and users should not expect any protections under banking, securities, or consumer protection laws in any jurisdiction. The SIERRA token is a cryptoasset that is not issued by a central bank, should not be considered legal tender and does not represent a claim on deposits at a regulated financial institution. Users should understand that: * SIERRA is not subject to formal regulatory oversight; * There are no government guarantees or investor safeguards; and * Redemption, collateral management, and price stability rely entirely on the mechanisms underlying in the protocol and its governance. Participants should exercise independent judgment and conduct their own due diligence before buying or using SIERRA, especially in jurisdictions where regulatory treatment of cryptoassets is uncertain or evolving. # Sierra Terms & Conditions *Last Updated: October 2025* PLEASE READ THESE TERMS OF SERVICE CAREFULLY BEFORE ACCESSING OR USING THE SERVICES. BY PROCEEDING, YOU ACKNOWLEDGE AND AGREE TO BE LEGALLY AND UNCONDITIONALLY BOUND BY THESE TERMS. EXCEPT WHERE OTHERWISE STATED IN THESE TERMS, ALL INFORMATION MADE AVAILABLE IN CONNECTION WITH YOUR USE OF THE INTERFACE AND SERVICES IS PROVIDED SOLELY FOR GENERAL INFORMATIONAL PURPOSES. YOU ACKNOWLEDGE THAT HOLDING OR TRANSACTING IN SIERRA TOKENS DOES NOT ESTABLISH ANY CONTRACTUAL, FIDUCIARY, CUSTODIAL, OR AGENCY RELATIONSHIP BETWEEN YOU AND SIERRA RESERVE LTD. SIERRA TOKENS ARE DIGITAL REPRESENTATIONS RECORDED ON PUBLIC BLOCKCHAINS AND DO NOT CONSTITUTE A DEPOSIT, SECURITY, DEBT OBLIGATION, INVESTMENT CONTRACT OR OTHER REGULATED FINANCIAL PRODUCT OF SIERRA RESERVE LTD. UNDER THE LAWS OF THE BRITISH VIRGIN ISLANDS OR ANY OTHER JURISDICTION. SIERRA RESERVE LTD. EMPHASIZES THAT THE USE OF CRYPTO ASSETS AND BLOCKCHAIN TECHNOLOGY INVOLVES SIGNIFICANT RISKS. PLEASE REVIEW SECTION 7 CAREFULLY BEFORE INTERACTING WITH THE PROTOCOL. PRIOR TO MAKING ANY FINANCIAL, LEGAL, TECHNICAL, OR OTHER DECISIONS INVOLVING CRYPTO ASSETS AND/OR THE SERVICES, YOU ARE STRONGLY ADVISED TO CONSULT AN INDEPENDENT, LICENSED, AND QUALIFIED PROFESSIONAL IN THE RELEVANT FIELD. BY OBTAINING AND USING SIERRA TOKENS, YOU UNDERSTAND AND EXPRESSLY AGREE TO THESE TERMS, REGARDLESS OF WHETHER YOU ARE A DIRECT CUSTOMER OF SIERRA RESERVE LTD. YOU ALSO ACKNOWLEDGE THAT YOU HAVE REVIEWED AND UNDERSTOOD EACH OF THE DISCLOSURES SET FORTH IN THIS SECTION. ### 1. Definitions * “**Authorized Participant**” means an entity that has been onboarded and approved by Sierra Reserve Limited to mint and redeem Sierra Tokens directly with the Sierra Reserve, and is bound by the provisions set forth in the Sierra Mint User Agreement * “**General Redemption**” means the process, if and when made available by Sierra Reserve Limited, by which Users of Sierra Tokens who are not Authorized Participants may submit requests directly to Sierra Reserve Limited to redeem Sierra Tokens in exchange for Settlement Assets. For the avoidance of doubt, no User shall have any contractual, legal, or equitable right to General Redemption unless and until such facility is formally implemented and expressly communicated by Sierra Reserve Limited * “**General Redemption Facility**” means any program, mechanism, or process formally established and operated by Sierra Reserve Limited that enables Users who are not Authorized Participants to redeem Sierra Tokens in accordance with the General Redemption terms, procedures, and conditions published by Sierra Reserve Limited The existence, scope, and operation of any General Redemption Facility shall be at the sole discretion of Sierra Reserve Limited, and may be modified, suspended, or terminated at any time without notice. * "**Interface**" refers to the web-based or application-based portal operated or controlled by Sierra Reserve Limited. * "**Restricted Persons**" includes individuals or entities located in restricted jurisdictions, sanctioned under applicable international laws or based in embargoed jurisdictions. * “**Settlement Asset(s)**” means USDC or any other stablecoin or digital asset expressly approved and communicated by Sierra Reserve Limited from time to time as an acceptable medium of exchange for the sale, minting, issuance, repurchase or redemption of Sierra Tokens. * "**Services**" refers to all functionalities, tools, and interfaces made available by Sierra Reserve Limited * “**Sierra Protocol**” refers to a series of open source smart contracts that enable users to mint, redeem, transfer, and interact with Sierra Tokens. * "**Sierra Token**" is a digital asset issued by Sierra Reserve Limited on the Supported Blockchains. * "**Supported Blockchains**" are blockchain networks where Sierra Tokens are officially deployed. * "**Terms and Conditions**" or "**Terms**" refer to all terms outlined in this agreement between the User and Sierra Reserve Limited. * "**User**", "**You**", or "**Your**" refers to any person or entity accessing or using the Services. ### 2. General information about Sierra Reserve Limited and the Sierra Token Sierra Reserve Limited is a company incorporated under the laws of the British Virgin Islands ("BVI") with its registered office at Rough Point, Mount Healthy, P.O. Box 4203, Tortola VG1110, British Virgin Islands, operating under the company number 2180053 ("Sierra Reserve", "Company", "we", "us", or "our"). The Company is responsible for the design, issuance, and ongoing development of the Sierra Token, a blockchain-based, digital asset. The digital infrastructure provided by Sierra Reserve Limited includes the web-based platforms, interfaces, applications, APIs, smart contracts, and related tools (collectively, the "Interface") that enable Users to interact with the Sierra Protocol. Through this Interface, Users can access information and features related to the Sierra Token and its associated functionalities. The protocol provided by and maintained by Sierra Reserve Limited (the "Protocol") enables, among other things: * The issuance and management of the Sierra Token, a digital asset fully backed by a diversified reserve of yield-generating assets, including traditional finance (TradFi) instruments (e.g., short-term sovereign debt, high-grade fixed income securities) and decentralized finance (DeFi) strategies; * Smart contract-based mechanisms for automated yield distribution and asset movement on selective blockchains * Transparent interactions through non-custodial wallet integration; * Data access and governance insights, where applicable. The Sierra Token is structured to reflect the economic outcomes of investment activities undertaken by Sierra Reserve Limited. Sierra allocates the reserve across a diversified mix of real-world and crypto-native assets, with the aim of generating long-term value. While no direct yield distributions are made directly to token holders, Sierra Reserve Limited aims to share the economic benefits of its investment activities through potential appreciation in the value of the Sierra Token over time, although no assurance or guarantee of such appreciation can be made. ### 3. Scope of the Services These Terms apply solely to individuals or entities who interact with Sierra Tokens via custodial or non-custodial wallets and are not an Authorized Participant of Sierra Reserve Limited. You acknowledge and agree that Sierra Reserve Limited does not maintain custody of user assets and does not operate a wallet service, exchange, or general redemption facility. Your acquisition, holding, trading, lending, borrowing, or use of Sierra Tokens via the Sierra Protocol, or otherwise, is subject to these Terms. These Terms govern the manner in which you may interact with the Interface and the Sierra Protocol deployed by or on behalf of Sierra Reserve Limited. Sierra Tokens are digital tokens issued by Sierra Reserve Limited. Holders of Sierra Tokens have no claim, right, or entitlement against Sierra Reserve Limited for general redemption, repayment, guarantee of liquidity or any form of economic return. Sierra Reserve Limited nonetheless aims to facilitate deep and sustainable liquidity in the secondary market through Authorized Participants, so that users may, in practice, be able to buy and sell Sierra Tokens or seek liquidity via such secondary market mechanisms. By sending Sierra Tokens to another blockchain address, you transfer full control and ownership of those tokens to the recipient of that address. You understand and agree that, unless the recipient complies with these Terms and applicable eligibility conditions, they may not be entitled to any associated benefits. ### 4. Compliance with Laws, Jurisdictional Restrictions, and Prohibited Uses Your use and possession of Sierra Tokens are subject to the laws of the British Virgin Islands (BVI), as well as any other local, national, or international laws applicable to you based on your residency, citizenship, or business operations. You are solely responsible for ensuring your actions comply with all relevant legal obligations, including tax reporting, anti-money laundering (AML), counter-terrorist financing (CTF), and financial services regulations. #### 4.1 Sanctioned Countries Sierra Reserve Limited upholds strict adherence to applicable international sanctions laws and related restrictions. Accordingly, you may not access or use the Interface, Protocol, or Sierra Tokens if you are: * Sanctioned by, or designated under, any international regime such as those administered by the United Nations, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the U.K. Office of Financial Sanctions Implementation (OFSI), or the EU Sanctions List; * Operating from, incorporated in, or otherwise affiliated with jurisdictions subject to comprehensive sanctions, including but not limited to North Korea, Iran, Syria, Cuba, Russia, Belarus, Venezuela, or any other territory subject to equivalent restrictions; * Controlled or majority-owned by any individual or entity meeting the above criteria. #### 4.2 Regulatory Restricted Jurisdictions In addition to the above, Sierra Tokens are not available to entities or persons located in or acting on behalf of residents of the United States or the United Kingdom. Your continued use of the Services is contingent upon ongoing compliance with these Terms and all applicable legal frameworks. Sierra Reserve Limited reserves the right to suspend or terminate access to the Interface or Services at its sole discretion, with or without notice, if there is reason to believe you are in breach of any applicable rules or obligations. #### 4.3 Prohibited Activities By using the Services or interacting with Sierra Tokens, you agree that you will not engage in any of the following **unauthorized behaviours**: * Breach or assist others in breaching any law, statute, regulation, or ordinance; * Participate in or facilitate any fraud, deception, or malicious behaviour targeting Sierra Reserve Limited or other users; * Submit or rely on false, deceptive, or incomplete information; * Disrupt or compromise any system, data, or service, including attempts to gain unauthorized access; * Participate in any transactions linked to criminal proceeds or activities; * Upload or spread malware, viruses, or other forms of malicious code; * Access or attempt to access other users’ wallets or accounts without permission; * Use the Services on behalf of another individual or organization without proper authority; * Collect or harvest information about users without their express consent; * Harass, defame, or infringe on the legal, intellectual property, or privacy rights of Sierra Reserve Limited or any third party; * Upload or share illegal, offensive, or protected content without appropriate rights or authorizations. #### 4.4 Banned Use Cases and Transaction Types You also agree that you will not use Sierra Tokens or related tools for any activities involving: * Individuals or entities subject to sanctions; * The purchase or sale of weapons, including firearms, ammunition, explosives, or related gear; * Controlled substances (such as narcotics, steroids, or drug-related equipment), unless the transaction is clearly permitted under both local and international law; * Financing terrorism or laundering illicit funds; * Any investment or payout schemes resembling Ponzi structures, pyramid sales, or multi-level marketing models; * The distribution or sale of products or services that violate third-party intellectual property rights; * Services deemed high-risk from a consumer protection standpoint, including credit repair or financial scams; * Handling legal settlements, court-ordered payments, or tax-related transactions through the Protocol; * Operating unlicensed remittance, money transfer, or payment processing services; * Selling annuity products or engaging in layaway-style payment models; * Manufacturing or distributing counterfeit goods or fake documents, including imitation identification; * Engaging in manipulative trading tactics, including but not limited to wash trading, front-running, and insider trading; * Purchasing goods or services from darknet or illegal marketplaces, even if the platform also sells lawful items. If Sierra Reserve Limited reasonably suspects that you are in no compliance with any of these conditions, it may restrict or permanently revoke your access to the Interface and Services without notice or liability. ### 5. AML AND CTF COMPLIANCE Sierra Reserve Limited is committed to complying with all applicable Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws and regulations in the British Virgin Islands and any other relevant jurisdictions. Although Sierra Reserve Limited operates a non-custodial, decentralized Protocol, we maintain internal standards and screening procedures designed to mitigate the risk that the Sierra Token or related services are used for illicit activities. We reserve the right to implement, directly or through service providers, reasonable measures to detect and deter suspected money laundering, terrorist financing, and other unlawful conduct, including the use of blockchain analytics tools. Sierra Reserve Limited may block or restrict access to the Interface and Services for any address or individual suspected of involvement in illegal or sanctioned activity. We take compliance seriously and may report suspicious activity to competent regulatory or enforcement authorities where required by law or where we deem it appropriate for risk mitigation. You acknowledge and agree that Sierra Reserve Limited may take any measures it considers necessary to comply with applicable AML/CTF obligations, including restricting access to or forfeiting rights associated with Sierra Tokens in cases of abuse. ### 6. Supported Blockchains, Protocol Integrity and Reserve Transparency Sierra Tokens are only officially deployed and supported on specific blockchain networks selected and designated by Sierra Reserve Limited (the “**Supported Blockchains**”). Users are solely responsible for verifying that they are interacting with the correct, officially supported smart contracts and interfaces. Any engagement with Sierra Token contracts on unrecognized, unsupported, or unauthorized blockchains is done entirely at the user’s own risk. Due to the open-source and decentralized nature of blockchain technology, third parties unaffiliated with Sierra Reserve Limited may attempt to deploy unauthorized copies or imitations of Sierra Tokens on other networks or forks of the Supported Blockchains. These unauthorized tokens or wrapped representations (collectively, “copies”) are not supported by Sierra Reserve Limited, and we assume no responsibility or liability for any losses, misrepresentations, or damages arising from their use. In the event of a fork, reorganization, attack, or any material change affecting one or more Supported Blockchains, Sierra Reserve Limited shall have sole discretion to determine whether and how to support the affected chain(s), if at all. Users acknowledge that such events may result in temporary or permanent disruptions to Services and smart contract functionality. Sierra Reserve Limited shall not be liable for any delays, losses, or inability to access Sierra Tokens or related services during or following such events. Sierra Reserve Limited does not guarantee, represent, or warrant the market price, availability, or liquidity of the Sierra Token. The value of the Sierra Token is determined solely by prevailing market forces and trading activity on independent third-party venues. While Sierra Reserve Limited may implement measures intended to promote fair market conditions, it disclaims any obligation or liability with respect to market performance, resale opportunities, or general redemption rights. The investment activities undertaken by Sierra Reserve Limited are intended to generate economic interests that may be reflected through appreciation in the value of the Sierra Token; however, no assurance is given, and no representation or warranty is made, that any such appreciation is guaranteed to occur. To support user confidence and transparency, Sierra Reserve Limited publishes up-to-date data on the Sierra Token reserve composition and yield performance through a public dashboard accessible via the Interface. This dashboard reflects the underlying reserve portfolio, which consists of yield-bearing assets from both traditional finance (e.g., government securities) and decentralized finance protocols. Users are responsible for monitoring this information and acknowledging that reserve values may fluctuate over time based on market and protocol conditions. The dashboard is provided for informational purposes only and does not constitute a contractual obligation or guarantee. Reserve assets supporting Sierra Tokens are maintained in segregated accounts from Sierra Reserve Limited’s corporate operating funds. However, holders of Sierra Tokens have no direct, legal, or beneficial ownership of any reserve assets backing Sierra Tokens. ### 7. Risk Factors and Disclosures This section outlines key risks associated with using the Sierra Reserve Limited Interface, Protocol, and Sierra Token. The list below is not exhaustive and is provided to help you make an informed decision. You acknowledge and accept all such risks by using the Services. #### 7.1 Market Risk and Liquidity Sierra Reserve Limited does not guarantee the price, value, or liquidity of the Sierra Token. Token value may fluctuate significantly based on market dynamics, user demand, macroeconomic conditions, and third-party exchange activity. Sierra Tokens may trade above or below the intrinsic or reserve-backed value at any given time. You are solely responsible for assessing the suitability of holding or transacting with Sierra Tokens and for monitoring market conditions. #### 7.2 Blockchain and Protocol Limitations Sierra Tokens are only supported on specific, authorized blockchain networks (“Supported Blockchains”). Interacting with Sierra Token contracts on unauthorized, third-party, or forked versions of any blockchain is entirely at your own risk. Sierra Reserve Limited is not responsible for losses arising from: * Copies or “wrapped” versions of Sierra Tokens; * Blockchain forks, reorganizations, or network disruptions; * Use of the token or smart contracts on unsupported chains; and * Network congestion or elevated transaction (gas) fees. We do not control or operate the underlying blockchain networks on which the Protocol is deployed. The operation, security, and performance of those networks are not guaranteed. #### 7.3 Reserve Transparency While Sierra Tokens are designed to be backed by a reserve of TradFi- and DeFi-backed yield-generating assets, no specific return or performance level is guaranteed. The reserve portfolio and yield data are made transparently available through a public dashboard accessible via the Interface. This data is for informational purposes only and may be subject to change. The value of reserves may vary over time due to interest rate shifts, market volatility, smart contract risk, or other systemic events. #### 7.4 Smart Contract and Technology Risk All interactions with Sierra Tokens are governed by autonomous smart contracts. These contracts may contain bugs, security vulnerabilities, or logic errors that could result in loss of tokens or access to services. On-chain transactions are irreversible, and Sierra Reserve Limited has no ability to reverse, recover, or modify erroneous or unintended transactions. Users are responsible for double-checking transaction details before confirming any action. #### 7.5 No Custody, Advice, or Fiduciary Relationship Sierra Reserve Limited does not custody any user funds or private keys. We do not serve as your broker, agent, custodian, financial advisor, or fiduciary. You alone are responsible for: * The security and storage of your wallet credentials, including private keys and seed phrases; * Making your own legal, financial, accounting, and tax decisions; and * Understanding and accepting the implications of interacting with decentralized finance systems. Loss of access to your private keys may result in irreversible loss of Sierra Tokens. We cannot assist in recovery. #### 7.6 Regulatory Uncertainty The regulatory status of digital assets, decentralized finance (DeFi) protocols, and yield-bearing tokens remains uncertain and is rapidly evolving in many jurisdictions. Sierra Reserve Limited operates under the laws of the British Virgin Islands (BVI) and does not serve, solicit, or permit retail users located in the United States, the United Kingdom, the European Union, or other jurisdictions subject to sanctions or restrictive cryptocurrency regulations. You acknowledge and agree that: * Regulatory inquiries, enforcement actions, or legal changes may affect your ability to access or use the Services; * New laws or regulations may limit, restrict, or prohibit your ability to interact with the Sierra Protocol or receive yield from Sierra Tokens; * Sierra Reserve Limited reserves the right to restrict, suspend, or terminate access to the Services where legally required or where it determines such action to be necessary for regulatory compliance; and * It is your sole responsibility to determine and ensure that your access to and use of the Sierra Token and related Services is lawful in your jurisdiction, including compliance with any licensing, registration, tax, or reporting requirements that may apply to you under local, national, or international law. Sierra Reserve Limited shall not be liable for any losses, penalties, or legal consequences arising from your failure to comply with applicable laws or regulations. #### 7.7 Cybersecurity and Service Disruptions The Interface and associated Services may be affected by outages, latency, cyberattacks, or unexpected surges in demand. These may result in limited access, delays in yield distribution, or failure of certain functionalities. You agree that: * Sierra Reserve Limited makes no warranty of uninterrupted or error-free operation; * You assume the risk of system failure or downtime; * Sierra Reserve Limited is not liable for losses caused by service interruptions, denial-of-service attacks, or malicious actors. #### 7.8 Transparency and Accuracy While Sierra Reserve Limited strives to provide accurate, timely, and clear information through the Interface and public dashboard, we do not warrant the completeness, reliability, or accuracy of any content presented. All data, including Sierra Token pricing, reserve composition, projected yields (APY), and performance metrics, should be independently verified by the User. Decisions based on such information are made at your own risk. Sierra Reserve Limited invests exclusively in high-quality, liquid, and yield-generating assets across both traditional and decentralized finance markets. We utilize the expertise of reputable third-party service providers, custodians, and asset managers to support reserve performance, diversification, and risk management. We are committed to providing users with the highest degree of transparency reasonably possible. To support this, we maintain a continuously updated, publicly accessible dashboard displaying detailed reserve and performance data. Users are encouraged to review this dashboard regularly at: ; #### 7.9. Public Nature of Blockchain Transactions Sierra Token transactions and user activity are publicly recorded on the blockchain. While wallet addresses are pseudonymous, blockchain transparency may allow third parties to associate on-chain activity with personal identity. You acknowledge that your activity is not private and may be visible to others. #### 7.10. No Responsibility for Third Parties Sierra Reserve Limited does not endorse or assume responsibility for any third-party platforms, bridges, interfaces, tokens, or service providers, including those that purport to support or integrate the Sierra Token. Interaction with any third-party tools is entirely at your own risk. Contributors to the Sierra ecosystem are independent actors and are not agents of Sierra Reserve Limited. ### 8. Privacy Sierra Reserve Limited is committed to safeguarding your personal data and ensuring transparency about how it is handled. We encourage you to review the Sierra Privacy Policy, which outlines in detail how your information is collected, stored, secured, and utilized when you interact with the Interface or related Services. It is your responsibility to read and understand this policy to stay informed about your privacy rights and our data practices. ### 9. No General Redemption Rights Sierra Tokens are not redeemable directly with Sierra Reserve Limited unless onboarded as an Authorized Participant. Users of the Protocol do not hold a contractual right to exchange Sierra Tokens for fiat currency or reserve assets from Sierra Reserve Limited, nor does the Company operate any general redemption or withdrawal facility. However, Sierra Tokens may be freely transferred on-chain and exchanged through various peer-to-peer methods or through third-party venues, including centralized exchanges (CEXs), decentralized exchanges (DEXs), or over-the-counter (OTC) trading platforms. The availability, pricing, and liquidity of Sierra Tokens on these platforms are determined by market dynamics and are not controlled or guaranteed by Sierra Reserve Limited. ### 10. Language These Terms have been drafted and entered into in the English language at your request. All communications, notices, disclosures, and documentation relating to your use of the Interface or Services shall be provided in English. If these Terms are translated into any other language for convenience, legal proceedings, or any other reason, the English version shall take precedence and govern in the event of any inconsistency or dispute. ### 11. User’s Representations, Warranties and Acknowledgements By accessing or using the Interface or any part of the Services, including interacting with Sierra Tokens, you represent, warrant, and acknowledge that: #### 11.1 Legal Capacity and Authority You are at least eighteen (18) years old, have full legal capacity, and are legally competent to enter into and be bound by these Terms. If you are acting on behalf of a legal entity, you represent and warrant that you have the necessary legal authority to bind such entity to these Terms. #### 11.2 Non-Restricted Jurisdiction You are not a citizen, resident, or located in any jurisdiction that is subject to sanctions, embargoes, or other legal restrictions under the laws of the British Virgin Islands, United States, United Kingdom, European Union, or any other country or territory where your use of the Services or possession of Sierra Tokens would violate any applicable laws or regulations. You further represent that you are not a “Restricted Person” as defined in these Terms. #### 11.3 Compliance with Local Law You are solely responsible for ensuring that your access to and use of the Services and Sierra Tokens complies with all laws, rules, and regulations applicable to you, including but not limited to those related to tax, anti-money laundering, counter-terrorist financing, and financial conduct. Sierra Reserve Limited makes no representations regarding the legality of your use of the Services in your jurisdiction. #### 11.4 No Prohibited Use You will not use the Interface, Protocol, or Sierra Tokens for any Prohibited Activities or Banned Use Cases as outlined in Section 4.1 and 4.2 of these Terms, including but not limited to engaging in unlawful conduct, facilitating fraud, transmitting malware, or transacting with sanctioned parties. #### 11.5 Acknowledgement of Risks You understand and accept the risks associated with interacting with smart contracts, blockchain technology, and digital assets, including but not limited to the risk of asset loss due to technical errors, smart contract vulnerabilities, market volatility, and regulatory changes. You have read and understood the Risk Factors and Disclosures in Section 7. #### 11.6 No Expectation of Redemption or Guarantees You acknowledge that Sierra Tokens are not redeemable with Sierra Reserve Limited unless onboarded as an Authorized Participant, and the Company does not provide any general guarantee of liquidity, yield, or value. You further understand that all market-based interactions with Sierra Tokens occur independently of Sierra Reserve Limited via decentralized or third-party platforms. #### 11.7 Independent Decision-Making You understand that Sierra Reserve Limited does not provide investment, legal, accounting, tax, or other professional advice. You have independently evaluated whether participation in the Protocol or interaction with Sierra Tokens is appropriate for you and have consulted with qualified professionals where necessary. #### 11.8 No Fiduciary Relationship You acknowledge that Sierra Reserve Limited does not act as your agent, broker, advisor, custodian, or fiduciary in connection with your use of the Services, and no such relationship is established by your use of the Interface, Sierra Protocol, or Sierra Tokens. #### 11.9 Wallet Security You are solely responsible for safeguarding your access credentials, including private keys, seed phrases, passwords, and any other information required to access and use your wallet. You agree that Sierra Reserve Limited has no control over or ability to access your wallet and bears no liability for any loss or unauthorized access. #### 11.10 Binding Effect These representations, warranties, and acknowledgements are ongoing and form a material basis of your agreement with Sierra Reserve Limited. Any breach may result in termination of your access to the Services and, where appropriate, referral to relevant authorities.
### 12. Disclaimer of Warranties; Limitation of Liability; Indemnification #### **12.1 Disclaimer of Warranties** The Services, the Interface, and all associated content, functionalities, and Sierra Tokens are provided on an “as is” and “as available” basis without warranties of any kind, whether express, implied, or statutory. To the fullest extent permitted under applicable law, Sierra Reserve Limited expressly disclaims all representations and warranties of any kind, including but not limited to: * Any implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement; * Any warranties arising from course of dealing or usage of trade; * Any guarantee that the Services or Interface will be secure, free from viruses or other harmful components, or operate without interruption or error * Any warranty regarding the legality or appropriateness of your use of the services in any jurisdiction; * Any warranties relating to the functionality, availability, or stability of underlying blockchain networks or third-party services; and * Any assurance that sierra tokens will maintain value, yield, or liquidity. You acknowledge that your access to and use of the services is at your sole risk and discretion. #### **12.2 Limitation of Liability** You acknowledge and expressly agree that you assume full responsibility for your access to and use of the Services and/or the Interface. You further acknowledge that any information transmitted to or from the Services or Interface may not be secure and may be intercepted, accessed, or acquired by unauthorized third parties. Your access and use of the Services, Interface, and Sierra Tokens are entirely at your own risk. In light of the foregoing, you understand and agree that, to the fullest extent permitted under applicable law, Sierra Reserve Limited and its affiliates, officers, directors, employees, contractors, or agents shall not be liable to you for any direct, indirect, incidental, special, consequential, punitive, exemplary, or other damages or losses of any kind—whether based in contract, tort, strict liability, or any other legal theory—even if advised of the possibility of such damages. This includes, without limitation, losses or damages relating to: * Your access to, use of, or inability to use the Services and/or Interface; * Unauthorized access to, or alteration of, your transmissions, data, or wallet; * Conduct or content of third parties via the Interface or on any third-party platform; * Any action taken or omitted by Sierra Reserve Limited in response to communications or interactions with you; * Technical malfunctions, system errors, software or hardware failures, latency, outages, omissions, or interruptions in networks or devices (including user wallets, blockchain nodes, or third-party services);\ Damage to any computer, mobile device, or digital wallet equipment resulting from use of the Services; * Inability to access or interact with the Interface or any functionality therein; * Theft, unauthorized access, tampering, or destruction of user-submitted content or on-chain data;\ Data loss, corruption, inaccuracy, delays, or incomplete processing;\ Typographical or display errors; and * Any other circumstance relating to your use of the Services and/or Interface. Sierra Reserve Limited shall not be liable for any losses or damages arising from vulnerabilities, exploits, or unauthorized access related to the Protocol, third-party tools, or smart contracts, nor for any loss of funds caused by user negligence, malicious actors, or misuse of private keys or wallets. You acknowledge that the use of decentralized finance (DeFi) protocols, blockchain-based applications, and cryptographic tokens entails inherent risks, including but not limited to software bugs, governance failures, or regulatory disruption, which may lead to partial or total asset loss. It is your sole responsibility to take adequate measures to secure your digital assets and private credentials. #### **12.3 Indemnification** You agree to fully indemnify, defend, and hold harmless Sierra Reserve Limited and its officers, directors, employees, contractors, and affiliates from and against any and all claims, damages, obligations, losses, liabilities, costs, or expenses (including reasonable legal and professional fees) arising from or related to: * Your use or misuse of the Services, Interface, or Sierra Tokens; * Your violation of these Terms or any applicable law, rule, or regulation; * Any third-party claim arising out of your actions or omissions, including those related to digital asset transfers, wallet security breaches, or interaction with unverified protocols; * Your breach of any representation or warranty made herein. Sierra Reserve Limited reserves the right to assume control of any matter subject to indemnification by you, in which case you agree to cooperate with Sierra Reserve Limited in asserting any available defences. ### 13. Force Majeure Sierra Reserve Limited shall not be held liable or deemed in default under these Terms for any delay or failure to perform resulting from causes beyond its reasonable control, including but not limited to acts of God, natural disasters, fire, flood, earthquake, war, terrorism, civil unrest, government action, labor disputes, failure of suppliers, network or telecommunications failure, Internet outages, smart contract vulnerabilities, or protocol disruptions. Any such event shall suspend the obligations of Sierra Reserve Limited for the duration of the delay or inability to perform. Sierra Reserve Limited will use reasonable efforts to mitigate the impact of a Force Majeure Event but shall not be required to perform under such circumstances until performance is again possible. ### 14. Governing Law, Mediation and Submission to Jurisdiction These Terms shall be governed by and construed in accordance with the laws of the British Virgin Islands, without regard to conflict of law principles. Any dispute, controversy, claim, or difference arising out of or relating to these Terms, the Interface, the Protocol, or any use of the Services shall first be submitted to good faith mediation, which the parties shall attempt to conduct within thirty (30) days of written notice of a dispute. If a dispute cannot be resolved through mediation, it shall be brought exclusively before the courts of the British Virgin Islands. By using the Services, you agree and consent that only those courts shall have authority over the dispute, and you will not challenge that choice or argue that another court would be more convenient or appropriate. ### 15. Amendments Sierra Reserve Limited may modify or update these Terms from time to time at its discretion by posting the revised version of these Terms with an updated revision date. The changes will become effective, and shall be deemed accepted by you, the first time you access or use Sierra Tokens or the Sierra Protocol after the initial posting of the revised Terms. In the event that you do not agree with any such modification, your sole remedy is to terminate your use of the Sierra Protocol. You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of these Terms. Material changes will be communicated via the Interface or official communication channels. ### 16. Rewards and Incentives From time to time, Sierra Foundation, and its affiliates and subsidiaries (collectively, “Sierra Entities”) may offer rewards, incentives, token distributions, point-based programs, or similar arrangements (collectively, "Rewards Programs") that are intended to recognize or incentivize use of the Sierra Protocol or related activities. Rewards may be denominated in SIERRA, Sierra Governance Tokens (“SGT”), other digital tokens, points, or other units of value as determined by Sierra Entities in their sole discretion (“Reward Tokens”). Participation in any Rewards Program is voluntary, subject to any additional terms, conditions, rules, or eligibility criteria established by Sierra Entities and made available through Sierra’s official documentation or user interfaces. Participants are responsible for reviewing, understanding, and complying with all such terms. Nothing in these Terms or in any Rewards Program documentation constitutes a promise, guarantee, or assurance of specific returns, profit, or investment performance. Rewards Programs are not designed, and shall not be construed, to provide investment advice or a contractual right to a benefit of a specific value. Participation in any Rewards Program may have tax, securities, regulatory, or legal consequences in your jurisdiction. You irrevocably agree that it is your responsibility to determine and ensure that your participation in any Rewards Program, the receipt of Reward Tokens, and any related activities comply with all applicable local, national, and international laws, rules, regulations, and reporting obligations that may apply to you. Sierra Entities make no representation that any Rewards Program or Reward Tokens are lawful, permitted, or available in any particular jurisdiction. All Rewards Programs and distribution of Reward Tokens are determined at the sole discretion of Sierra Entities. Sierra Entities reserve the right to modify, suspend, restrict, or terminate any Rewards Program at any time, in whole or in part, with or without notice, for any reason and without liability. # Sierra Mint User Agreement *Last Updated: October 2025* ### 1. Definitions: * “**Additional Terms**”, "**Terms and Conditions**" or "**Terms**" refers to the terms and conditions outlined in the Sierra Mint User Agreement, which supplement the terms and conditions outlined in the general Sierra Terms and Conditions. * “**Authorized Participant**” means an entity that has been onboarded and approved by Sierra Reserve Limited to mint and redeem Sierra Tokens directly with the Sierra Reserve, and is bound by the provisions set forth in the Sierra Mint User Agreement * “**Authorized Wallet(s)**” means one or more blockchain wallet addresses designated by an Authorized Participant and expressly approved by Sierra Reserve Limited for the purposes of minting, redeeming, or settling Sierra Token transactions directly with the Sierra Reserve. * “**Exchange Rate**” means the price of one Sierra Token expressed in Settlement Assets, as published by Sierra Reserve Limited on its official website, Interface, or other authorized communication channels, and made available exclusively to Authorized Participants for the purpose of minting and redeeming Sierra Tokens directly with Sierra Reserve Limited. * "**Interface**" refers to the web-based or application-based portal operated or controlled by Sierra Reserve Limited for the purpose of minting and redeeming Sierra Tokens. * “**Mint Request**”, “**Mint**” or “**Minting**” means an on-chain or Interface-initiated instruction submitted by an Authorized Participant to Sierra Reserve Limited using the Sierra smart contract or through other approved channels to sell, issue or mint Sierra Tokens in exchange for Settlement Assets, in accordance with these Terms. * “**Redeem** **Request**”, “**Redeem**” or “**Redeeming**” means an on-chain or Interface-initiated instruction submitted by an Authorized Participant to Sierra Reserve Limited using the Sierra smart contract or through other approved channels to repurchase or redeem Sierra Tokens in exchange for Settlement Assets, in accordance with these Terms. * "**Restricted** **Persons**" includes individuals or entities located in restricted jurisdictions, sanctioned under applicable international laws or based in embargoed jurisdictions. * "**Services**" refers to all functionalities, tools, and interfaces made available by Sierra Reserve Limited. * “**Sierra** **Protocol**” refers to a series of open source smart contracts that enable users to mint, redeem, transfer, and interact with Sierra Tokens. * "**Sierra** **Token(s)**" is a digital asset issued by Sierra Reserve Limited on the Supported Blockchains. * “**Settlement** **Asset(s)**” means USDC or any other stablecoin or digital asset expressly approved and communicated by Sierra Reserve Limited from time to time as an acceptable medium of exchange for the sale, minting, issuance, repurchase or redemption of Sierra Tokens. * "**Supported** **Blockchains**" are blockchain networks where Sierra Tokens are officially deployed. * "**User(s)**", "**You**", “**They**” or **Your**" refers to any person or entity accessing or using the Services. ### 2. Scope, Applicability and Acceptance These Additional Terms apply exclusively to Users who have been formally onboarded and approved as Authorized Participants by Sierra Reserve Limited (“**Sierra Reserve**”, “**We**”, “**Us**”, or “**Our**”) to directly Mint and Redeem Sierra Tokens through the Sierra Protocol.\ \ These Additional Terms, and all provisions of the general Sierra Terms and Conditions constitute a legally binding agreement between you and Sierra Reserve Limited. By accessing, connecting to, or using the Sierra Reserve Interface, smart contracts, APIs, or related Mint and Redeem functionality, you acknowledge and agree that you have read, understood, and accepted these Terms. Your continued use of the Sierra Reserve Limited services, including submission of any Mint or Redeem Request, constitutes your ongoing agreement to be bound by these Terms, as may be amended from time to time and published on the Sierra Reserve website. These Additional Terms outlined in the Sierra Mint User Agreement supplement the general Sierra Terms and Conditions. If any inconsistency, ambiguity, or discrepancy arises between the general Sierra Terms and Conditions and Sierra Mint User Agreement, the provisions of the Sierra Mint User Agreement shall prevail with respect to Authorized Participants and their use of the Mint and Redeem functionality of the Sierra Protocol. For all other matters not expressly addressed in this Sierra Mint User Agreement, the provisions of general Sierra Terms and Conditions shall continue to apply in full force and effect. ### 3. Onboarding and Eligibility Authorized participants must complete Sierra Reserve Limited’s institutional onboarding process, including identity verification, AML/CTF screening, and ongoing monitoring, before being granted Mint and Redeem privileges.\ \ Sierra Reserve Limited may, at its sole discretion and without prior notice, review, suspend, restrict, or permanently revoke an Authorized Participant’s status or access rights at any time for reasons including, but not limited to, compliance concerns, sanctions exposure, adverse due diligence findings, credit or operational risk, regulatory inquiries, suspected misuse of Mint and Redeem functionality, or any conduct deemed detrimental to the integrity, reputation, or lawful operation of the Sierra Reserve Limited or the Sierra Protocol. Sierra Reserve Limited shall not be liable for any losses, costs, or damages arising from such review, suspension, or revocation, and may take any ancillary action necessary to mitigate associated risks, including freezing or cancelling pending transactions or reporting relevant information to competent authorities. Authorized participants must designate specific blockchain addresses (“Authorized Wallets”) approved by Sierra Reserve Limited for settlement. Authorized Participants are solely responsible for maintaining the security of their Authorized Wallets, private keys, and API credentials. Sierra Reserve Limited shall not be liable for any unauthorized transactions originating from Authorized Wallets. Each Authorized Wallet shall be verified, whitelisted, and continuously monitored by Sierra Reserve Limited in accordance with its compliance, operational, and risk management procedures. Sierra Reserve Limited reserves the right to request additional documentation from Authorized Participants in accordance with its AML & CTF compliance requirements. Transactions initiated from or directed to any wallet address that is not an Authorized Wallet may be delayed, rejected, or voided at Sierra Reserve Limited’s discretion. Sierra Reserve Limited shall bear no responsibility or liability for any losses or delays resulting from the use of non-approved wallet addresses. ### 4. Sale of Sierra Tokens Authorized participants may submit a Mint Request to Sierra Reserve Limited for newly issued Sierra Tokens by delivering a corresponding amount of Settlement Assets, based on the prevailing Exchange Rate, to Sierra Reserve Limited. Sierra Reserve Limited may, at its discretion, add, suspend, or remove any Settlement Asset at any time to comply with regulatory, operational, or market considerations. Changes to the Settlement Assets will be updated on its official website or through other formal channels of communication, including but not limited to institutional onboarding documents or electronic notices. Authorized Participants are responsible for ensuring they are using currently approved Settlement Assets when submitting Mint or Redeem Requests. Sierra tokens will be issued at the prevailing Exchange Rate for Sierra Tokens published by Sierra Reserve Limited on its Interface, including the official web application () and API. The Exchange Rate represents the rate at which Sierra Reserve Limited issues Sierra Tokens to Authorized Participants for Minting purposes only. It does not apply to secondary market trading, where pricing may differ and is determined by independent market forces beyond the control of Sierra Reserve Limited. The Exchange Rate is dynamic and may be updated automatically and without notice in response to market, reserve, or operational conditions. The most recent Exchange Rate displayed on the Interface at the time of Minting shall be deemed the applicable price for that transaction. Upon execution of the Mint transaction on the Sierra smart contract, the transfer of Settlement Assets and the issuance of Sierra Tokens occur atomically on-chain. All Settlement Assets received in connection with the Minting of Sierra Tokens shall be legally and beneficially owned by Sierra Reserve Limited and may be held in pooled accounts, on-chain smart contracts, or segregated custodial services. Holders of Sierra Tokens, including Authorized Participants, acknowledge and agree that they do not have any direct legal, beneficial, or security interest in the underlying reserve assets. Settlement and token delivery are completed simultaneously within the same transaction, ensuring that no party holds custody of their counterparty’s assets at any time. All Mint transactions are final, irreversible, and fully binding once confirmed on the blockchain. Sierra Reserve Limited reserves full discretion to accept, reject, or partially fill any Mint Request for any reason, including market conditions, liquidity constraints, or compliance requirements. ### 5. Repurchase of Sierra Tokens Authorized participants may request to redeem Sierra Tokens (“Redemption Requests”) in exchange for Settlement Assets, subject to the Exchange Rate and applicable redemption fees, minimum amounts, and operational conditions of Sierra Reserve Limited. Sierra Reserve Limited commits to redeem each Sierra Token submitted by an Authorized Participant at the prevailing Exchange Rate for Sierra Tokens published by Sierra Reserve Limited on its Interface, including the official web application () and API.\ \ Upon approval of a Redeem Request by Sierra Reserve Limited, Sierra Tokens will be burned or locked, and the corresponding Settlement Assets will be transferred to the Authorized User’s designated account or wallet. Sierra Reserve Limited aims to process redemptions promptly but does not guarantee real-time settlement.\ \ Sierra Reserve Limited may delay or suspend redemption processing in the event of compliance review, liquidity constraints, blockchain congestion, or regulatory intervention. Sierra Reserve Limited shall process Redemption Requests on a first-come, first-served basis, subject to operational, liquidity, and regulatory constraints. Sierra Reserve Limited may, at its sole discretion, apply redemption caps, queues, or prorated settlements during periods of liquidity stress. Authorized Participants acknowledge that redemptions may be delayed or partially fulfilled in such circumstances.\ \ All redemption rights are conditional upon the Authorized User’s continued compliance with these Terms and applicable law. Sierra Reserve Limited is not obligated to honor redemptions that would contravene law, sanctions, or internal risk limits. ### 6. Fees, Spreads, and Adjustments Sierra Reserve Limited may impose issuance, redemption, and operational fees as disclosed on the app, official website or otherwise notified to the Authorized Participant. Such fees may be deducted from proceeds or included in settlement calculations. All fees are final and non-refundable. Sierra Reserve Limited reserves the right to update or change its issuance, redemption and operational fees and changes will be communicated on its official website or through other formal channels of communication, including but not limited to institutional onboarding documents or electronic notices. ### 7. Representations and Warranties of Authorized Participants Authorized Participants represent and warrant that: * They are acting on their own behalf and not on behalf of, or for the benefit of, any prohibited or sanctioned third party; * They are not a “Restricted Person” and are not subject to any sanctions, restrictions, or prohibitions under applicable law; * They have obtained all necessary corporate and legal approvals required to enter into and perform their obligations under these Terms; * They transact solely for legitimate institutional, treasury, or proprietary purposes and not for manipulative or unlawful activity; * All Settlement Assets used in connection with Minting or Redeeming originate from lawful and verifiable sources; * They acknowledge that Sierra Reserve Limited does not act as their agent, broker, advisor, custodian, or fiduciary in connection with their use of the Services, and no such relationship is established by their use of the Interface, Sierra Protocol, or Sierra Tokens. * They understand and acknowledge that Sierra Tokens are not guaranteed, insured, or backed by any government, and that no promise of liquidity, value maintenance, or redemption parity is made; and * They further acknowledge and agree that ownership of Sierra Tokens does not grant any ownership interest, security interest, or legal or equitable claim over the underlying assets held by the Sierra Reserve Limited. ### 8. Supplementary Risk Factors and Disclosures In addition to the risks listed in Section 7 of the general Sierra Terms and Conditions, Authorized participants acknowledge that: * Mint and Redemption operations depend on reserve composition, liquidity, and external counterparties; * Smart contract or blockchain disruptions may delay settlements; * Redemption value may deviate from market value; and * Regulatory developments may impact mint or redeem operations in certain jurisdictions. Sierra Reserve Limited uses decentralized infrastructure, smart contracts, and third-party services to facilitate the minting and redemption of Sierra Tokens. Authorized Participants acknowledge and agree that the availability and performance of these services depend on external systems, including blockchain networks, custodial partners, oracle providers, and exchange or protocol integrations, which are outside Sierra Reserve Limited’s direct control. As a result, temporary downtime, blockchain congestion, chain forks, validator outages, oracle delays, or other chain-related events may occur that could delay, interrupt, or suspend minting, redemption, or other related functions. In addition, Sierra Reserve Limited may perform routine, emergency, or scheduled maintenance of its systems, interfaces, or smart contracts. During such maintenance periods, access to the Interface, APIs, or smart contract interactions may be partially or fully unavailable. Sierra Reserve Limited will use reasonable efforts to notify Authorized Participants of planned maintenance in advance but cannot guarantee prior notice in the case of emergency or security-critical interventions. Sierra Reserve Limited does not guarantee continuous, uninterrupted, or error-free access to the Interface, APIs, or smart contracts and shall not be liable for any loss, delay, or unavailability arising from such maintenance, downtime, or chain-related events, provided Sierra Reserve Limited acts in good faith and uses reasonable efforts to restore normal operations. In the event of a material disruption or protocol-level incident, Sierra Reserve Limited may take such actions as it deems necessary, including pausing smart contract functionality, disabling minting or redemption, or performing controlled contract upgrades to safeguard the integrity of the Sierra Reserve Limited ecosystem. As an Authorized Participant, You acknowledge that Sierra Tokens are not bank deposits, securities, investment contracts, or financial instruments subject to prudential regulation. Sierra Reserve Limited is not a bank, broker-dealer, or investment adviser. Sierra Tokens are not covered by deposit insurance, investor protection schemes, or equivalent regulatory protections. Your use of the Services is at your own risk. In the event that Sierra Reserve Limited becomes insolvent, enters liquidation, or is subject to regulatory intervention, Sierra Reserve Limited shall use commercially reasonable efforts to apply available reserves toward satisfying outstanding redemption obligations on a pro rata basis, subject to applicable law and regulatory priorities. Authorized Participants acknowledge that redemption claims are unsecured and subordinate to claims of secured creditors, if any. ### 9. Data, Reporting, and Confidentiality Sierra Reserve Limited may collect, analyze, and retain Authorized participant’s data related to minting, redemption, and compliance. Such data may be disclosed to regulators, auditors, or financial partners where required by law. Authorized participants must maintain the confidentiality of all proprietary and operational information shared by Sierra Reserve Limited. ### 10. Termination and Suspension Sierra Reserve Limited may suspend or terminate Mint and Redeem access immediately if the Authorized Participant breaches these Terms, fails compliance, or poses operational or reputational risk. Upon termination, pending Mint or Redeem Requests may be cancelled or settled at Sierra Reserve Limited’s discretion. Any residual balances will be handled in accordance with applicable redemption conditions. ### 11. Indemnification Authorized Participants agree to indemnify and hold harmless Sierra Reserve Limited, its parent, subsidiaries, affiliates, directors, officers, employees, contractors, agents, service providers, successors, and assigns (collectively, the “Indemnified Parties”) from and against any and all losses, liabilities, claims, damages, actions, judgments, settlements, fines, penalties, regulatory assessments, costs, and expenses (including reasonable attorneys’ fees and costs of investigation and defence) arising out of or relating to: * any breach of these Terms or any other agreement with Sierra Reserve Limited; * any breach of your representations and warranties, under these Terms; * the misuse of any Minting or Redeeming privileges, Authorized Wallet(s), or the Sierra Protocol; * any violation of applicable law, regulation, or sanction regime; or * any claim, investigation, enforcement action, or proceeding brought or initiated by any third party or regulatory authority related to your actions or omissions. This indemnification obligation will survive any suspension or termination of your status as an Authorized Participant and any termination of these Terms. ### 12. Force Majeure Sierra Reserve Limited shall not be held liable or deemed in default under these Terms for any delay or failure to perform resulting from causes beyond its reasonable control, including but not limited to acts of God, natural disasters, fire, flood, earthquake, war, terrorism, civil unrest, government action, labor disputes, failure of suppliers, network or telecommunications failure, Internet outages, smart contract vulnerabilities, or protocol disruptions. Any such event shall suspend the obligations of Sierra Reserve Limited for the duration of the delay or inability to perform. Sierra Reserve Limited will use reasonable efforts to mitigate the impact of a Force Majeure Event but shall not be required to perform under such circumstances until performance is again possible. Sierra Reserve Limited shall make commercially reasonable efforts to resume normal operations, including Minting and Redeeming Sierra Tokens, as soon as practicable. ### 13. Governing Law and Dispute Resolution This Sierra Mint User Agreement shall be governed by and construed in accordance with the laws of the British Virgin Islands, as per Section 14 of the general Sierra Terms and Conditions. Disputes shall first be submitted to good-faith mediation and, failing resolution, to the exclusive jurisdiction of the courts of the British Virgin Islands. ### 14. Entire Agreement These Additional Terms, together with the general Sierra Terms and Conditions, constitute the entire agreement governing Authorized participants’ participation in the minting and redemption of Sierra Tokens. No oral representations or prior communications shall modify these Terms. ### 15. Amendments Sierra Reserve Limited may modify or update these Terms from time to time at its discretion by posting the revised version of these Terms with an updated revision date. The changes will become effective, and shall be deemed accepted by you, the first time you access or use Sierra Tokens or the Sierra Protocol after the initial posting of the revised Terms. In the event that you do not agree with any such modification, your sole remedy is to terminate your use of the Sierra Protocol. You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of these Terms. Material changes will be communicated via the Interface or official communication channels. # Privacy & Cookie Policy *Last Updated: October 2025* ### 1. Introduction This **Privacy & Cookie Policy** (“Policy”) explains how **Sierra Reserve Limited** ("Sierra Reserve), a company incorporated in the **British Virgin Islands** (“BVI”) with a registered office at Rough Point, P.O. Box 4203, Mount Healthy, Tortola, VG1110, British Virgin Islands (“Sierra Reserve”, “we”, “us”, or “our”), collects, uses, stores, shares, and protects personal data when you (“you”, “your”, “user”) use or access our website, platform, mobile applications, products, interface or other services (collectively, the “Services”). Sierra Reserve is committed to protecting your privacy in accordance with the **BVI Data Protection Act**, **2021** (“DPA”) and other applicable laws. By using our Services, you consent to the collection, use, and disclosure of your personal data as described in this Policy. ### 2. Applicability This Policy applies to: * All visitors, users, and Authorized Participants of Sierra Reserve’s Services; * Any personal data collected by Sierra Reserve in the course of providing its Services; and * All processing carried out by Sierra Reserve as a “data controller” under the DPA. ### 3. What Personal Data We Collect We may collect the following categories of personal data: #### (a) Identification Data For Authorized Participants, the full name, date of birth, nationality, government-issued identification (passport, ID number), entity information and similar details. #### (b) Contact Data For Authorized Participants, email address, residential or business address, and telephone number. #### (c) Financial & Transactional Data For Authorized Participants, transaction records, source of funds, and other financial information relevant to compliance with anti-money laundering (AML) obligations. Additionally, onchain wallet addresses and other information stored on public blockchains may be collected. #### (d) Technical & Usage Data Device identifiers, IP address, browser type, operating system, access times, pages viewed, and user activity logs. #### (e) Marketing & Communications Data Your communication preferences and records of correspondence with us. We may also collect **aggregated or anonymized data** for analytical purposes, which does not identify you personally. ### 4. How We Collect Personal Data We collect personal data through: * Direct interactions (e.g., Authorized Participant onboarding, inquiries, KYC/AML verification); * Automated technologies such as cookies, server logs, and analytics tools; and * Third parties including identity verification providers, payment processors, and public databases. ### 5. Lawful Basis for Processing (BVI Data Protection Act) Under the BVI Data Protection Act, we process personal data only when one or more lawful bases apply, including: * **Consent:** Where you have given explicit consent; * **Contractual necessity:** Where processing is required to enter into or perform a contract with you; * **Legal obligation:** To comply with statutory duties, such as AML/CFT laws or regulatory reporting; * **Legitimate interests:** For purposes such as security, fraud prevention, analytics, and service improvement, provided such interests are not overridden by your rights; or * **Vital interests:** In cases where processing is necessary to protect life or safety. ### 6. How We Use Personal Data We may use your personal data to: * Provide, maintain, and improve our Services; * Verify your identity and conduct KYC / AML screening; * Manage your account and communicate with you; * Process transactions and prevent fraud; * Comply with BVI legal and regulatory requirements; * Send administrative notifications or updates; * Send marketing or promotional materials (only where you have consented); or * Enforce our legal rights and defend against claims. ### 7. Disclosure of Personal Data We may share your personal data with: * **Service providers** who perform services on our behalf (e.g., IT, analytics, compliance, KYC/AML vendors). * **Professional advisers** (e.g., lawyers, auditors, accountants, insurers). * **Regulatory authorities** in the BVI or other jurisdictions, when required by law. * **Business partners or affiliates** involved in providing the Services. * **In connection with corporate transactions**, such as mergers or sales, provided data remains protected under this Policy. We do not sell your personal data. Any sharing of personal data is limited to essential operational functions or legal obligations. We will ensure all third parties protect your data in accordance with the BVI DPA and equivalent standards. ### 8. International Data Transfers Your personal data may be transferred to and stored outside the BVI. When we transfer data to another jurisdiction, we ensure that: * The jurisdiction has laws providing equivalent protection; or * We use legally approved transfer mechanisms, such as contractual clauses ensuring adequate data protection safeguards. ### 9. Data Security We use appropriate **technical and organizational security measures** to protect personal data from unauthorized access, disclosure, alteration, or destruction. Access to personal data is limited to employees and service providers who require it for legitimate purposes, and who are bound by confidentiality obligations. In the event of a data breach or similar incident, Sierra Reserve will notify affected users through official communication channels. ### 10. Data Retention We retain personal data only as long as necessary to: * Fulfil the purpose for which it was collected; * Comply with legal or regulatory obligations; or * Resolve disputes and enforce our rights. Once the retention period expires, we securely delete or anonymize the data. ### 11. Your Rights Under the BVI Data Protection Act Subject to applicable law, you have the following rights: * Right of access — to request a copy of personal data we hold about you; * Right to rectification — to correct incomplete or inaccurate data; * Right to erasure — to request deletion of personal data, subject to legal obligations; * Right to restrict processing — to limit how we use your data in certain circumstances; * Right to object — to object to processing on specific grounds, including direct marketing; * Right to data portability — to receive your data in a structured, commonly used format; and * Right to withdraw consent — at any time, without affecting processing already lawfully undertaken. To exercise your rights, please contact us (see Section 15). We will respond to verified requests within one (1) month unless extended due to complexity or volume. ### 12. Cookies Policy #### 12.1 What Are Cookies? Cookies are small files placed on your device that allow us to recognize your browser and gather information on how you use our website. #### 12.2 How We Use Cookies We use cookies to: * Enable essential website functionality (login sessions, security); * Improve performance and usability; * Analyze usage for improvements; * Personalize content and remember preferences; * Deliver relevant advertising (only with consent). #### 12.3 Managing Cookies You may: * Adjust browser settings to block or delete cookies. * Opt out of non-essential cookies through our website’s cookie banner or settings panel. Please note that disabling essential cookies may affect functionality. ### 13. Children’s Privacy Our Services are not directed at children under 18. We do not knowingly collect personal data from minors. If you believe a child has provided us data without consent, please contact us immediately. ### 14. Changes to This Policy We may amend this Policy at any time. Updates will be posted on our website with a revised “last updated” date. Your continued use of the Services after changes are made constitutes acceptance of the updated Policy. ### 15. Contact Us If you have any questions, requests, or complaints regarding this Policy or our data practices, please contact: Sierra Reserve Limited\ Rough Point, P.O. Box 4203, Mount Healthy, Tortola, VG1110,\ British Virgin Islands\ Email: If you remain dissatisfied, you may contact the **Office of the Information Commissioner (BVI)** for further assistance. \
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# Jurisdictional Restrictions SIERRA is not available to persons or entities located in the United States, the United Kingdom or any jurisdiction subject to comprehensive sanctions administered by the U.S. Office of Foreign Assets Control (OFAC). This includes citizens, residents, companies, partnerships, or other business entities operating in or subject to the laws of these regions. Access to SIERRA is further restricted in any territory where the offering, holding, or use of such digital assets is prohibited or materially restricted by law. The protocol is designed to comply with applicable international standards and explicitly excludes participants from jurisdictions where legal, regulatory, or sanctions-related constraints apply.