Launching Institutional afi-rwaUSDi Vault

AFI is introducing the afi-rwaUSDi Institutional Vault, a dedicated Proof-Of-Reserve vault backed by less liquid assets like market-neutral funds, private credit, etc. This vault represents the first institutional deployment of AFI’s on-chain reserve verification framework, enabling regulated issuers to bring real-world collateral on-chain with transparent, mathematically enforced backing. rwaUSDi asset is issued by Multipli.

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Overview

The afi-rwaUSDi Vault is built to solve the core challenge of RWA integration:

Off-chain collateral cannot be verified or enforced by smart contracts.

By locking rwaUSDi inside an ERC-4626 PoR Vault and minting afi-rwaUSDi as the on-chain receipt token, AFI creates a provable, deterministic link between:

1. Less liquid assets like market-neutral funds, private credit, etc.

2. Tokenized rwaUSDi supply

3. Circulating afi-rwaUSDi in DeFi

This transforms gold-backed assets from issuer-dependent claims into cryptographically verifiable collateral, suitable for institutional deployment across DeFi.

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Vault Architecture

1. Reserve Tokenization (Off-Chain → On-Chain)

The Assessed Entities hold a diversified pool of assets, including cash reserves, fund investments, strategic equity positions, and income-generating real-world operating assets. These reserves are tokenized as rwaUSDi, where:

• 1 rwaUSDi = $1 backed by market-neutral funds, private credit etc

• Backing is attested by custodians and independent auditors

• Supply reflects real-world gold holdings

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2. Locked Collateral (On-Chain POR Vault)

The issuer deposits 100% of their rwaUSDi supply into the AFI Proof-Of-Reserve Vault. The vault enforces:

afi-rwaUSDi supply ≤ rwaUSDi locked in vault

rwaUSDi becomes non-circulating collateral, fully visible on-chain.

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3. Minting of Institutional Receipt Token (afi-rwaUSDi)

For every rwaUSDi deposited, the vault mints 1 afi-rwaUSDi, a clean ERC-4626 receipt token engineered for DeFi composability.

afi-rwaUSDi is the circulating asset, that can be used by:

• Institutional treasuries

• DeFi lending protocols

• Liquidity pools

• Market makers

• Cross-chain integrations

This token is always provably backed by gold reserves.

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Why This Structure Is Needed

1. RWA tokens are opaque by default

Most RWA issuers publish reserve reports via PDFs, legal attestations, or monthly audits. These mechanisms cannot be read or trusted by smart contracts.

afi-rwaUSDi solves this by binding reserve backing to on-chain enforcement, not delayed documentation.

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2. On-chain solvency requires real-time constraints

afi-rwaUSD cannot be over-minted or under-backed. The vault mathematically enforces full collateralization at the contract level:

• No entity can increase circulating supply

• No reserves can be silently redeployed

• No fractional exposure can occur

• No recursive minting (like xUSD) is possible

All supply changes require collateral deposits and are visible in real time.

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3. DeFi requires verifiable collateral—not issuer promises

Protocols such as Aave, Morpho, Curve, Pendle, and money-market primitives cannot rely on off-chain trust. They require deterministic invariants, such as:

Circulating Tokens ≤ Verified Reserves

afi-rwaUSD provides this guarantee natively.

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Flow Summary

Without AFI

Real World Assets → Custodian → Issuer → rwaUSDi → DeFi (Unverified)

With AFI Proof-of-Reserve

Real World Assets → Custodian → rwaUSD → AFI PoR Vault → afi-rwaUSDi → DeFi (Verified)

afi-rwaUSDi is the first institutional-grade, provably backed, composable RWA stablecoin.