Vaults are issued by Shores Vault SPC, a Cayman Islands exempted segregated portfolio company. Each vault is a separate segregated portfolio (a cell) with its own assets and liabilities. The assets of one cell are not available to the creditors of another.The SPC is not registered with the Cayman Islands Monetary Authority (CIMA) as a mutual fund or private fund. shUSD holders are lenders with a limited-recourse claim on their cell. [TBD: counsel confirmation of holder-claim wording]
Issues shUSD for each cell and holds that cell’s loans
Shores Foundation (Cayman foundation company)
Issues SHORES; walled off from the vaults
Shores operating company
Runs the app and manages the vaults; never the issuer of shUSD. [TBD: entity name and jurisdiction]
Security agent / trustee
Holds liens for the benefit of each cell. [TBD: name]
Servicers
Service loans locally. [TBD: names]
⌘I
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