TBook RWA Vault Disclaimer & Terms
Last updated: December 2025
Legal Notice
These pages regarding the TBook RWA Vault (the "Vault Documentation") are provided to facilitate your understanding of the key features of the TBook Vault interface. TBook is a technology interface provider. The TBook Vault facilitates users' access to the R25 Protocol and the underlying assets (rcUSD/rcUSD+).
IMPORTANT DISTINCTION:
- •The Interface Provider: TBook Entities ("TBook") provide the smart contract interface and user portal.
- •The Asset Issuer: RiftWriter Company Limited ("IssuerCo") and RazeStaker Company Limited ("StakingCo") (collectively, "R25 Entities") are the issuers and managers of the underlying assets.
Neither the Vault Documentation nor any related communication constitutes an offer to sell, or any solicitation or recommendation of an offer to buy any Tokens by TBook. TBook does not act as an investment advisor, broker-dealer, or custodian of the underlying assets.
Forward-Looking Statements: The Documentation contains "forward-looking statements" regarding the R25 Protocol and TBook Vault. Forward-looking statements are based solely on current beliefs, expectations, and assumptions. Because these statements relate to the future, they are subject to inherent uncertainties and risks. TBook has no control over the internal operations, solvency, or asset management of the R25 Entities. Actual results may differ materially. You should not rely on any of these forward-looking statements.
Speculative Nature: Acquiring any token via the TBook Vault (including tbRCUSD) is speculative and involves substantial risks. There can be no assurances that the R25 Protocol will maintain the peg of rcUSD, and TBook does not guarantee the safety of the principal. Holders may incur losses, including total loss of their investment.
REGULATORY NOTICE
NONE OF THE TOKENS (INCLUDING tbRCUSD, rcUSD, OR rcUSD+) ARE REGISTERED IN ANY JURISDICTION. THE PURCHASE AND RECEIPT OF ANY TOKEN IS LIMITED SOLELY TO NON-U.S. PERSONS AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED. THE SERVICE IS NOT PERMITTED IN THE UNITED STATES AND CERTAIN OTHER RESTRICTED JURISDICTIONS.
Risk Management
PLEASE NOTE: The underlying assets are managed by the R25 Protocol, not TBook. The following risk management framework describes the mechanisms employed by R25 Entities, as disclosed in their documentation. TBook provides this information for reference only and does not independently verify the solvency of R25.
Overview of Risks
- •Third-Party Protocol Risk: The risk that the R25 Protocol (IssuerCo or StakingCo) fails, becomes insolvent, or suffers a smart contract exploit. TBook is not liable for failures of the R25 Protocol.
- •Smart Contract Risk: Vulnerabilities in contracts (minting, staking, rewards, oracles, cross-chain) of either TBook or R25.
- •Market Risk / De-Peg Risk: Adverse movements in the value of the Supporting Assets held by IssuerCo, causing rcUSD to lose its 1:1 peg.
- •Liquidity Risk (Supporting Assets): Difficulty for IssuerCo to liquidate illiquid assets quickly to meet redemptions.
- •Liquidity Risk (Vault): Insufficient liquidity in the Vault to support immediate user redemptions due to delays from the Underlying Protocol.
- •Counterparty Risk: Default or failure of external counterparties (MMF providers, fund managers, custodians like Anchorage, etc.) utilized by R25.
- •Regulatory Risk: Evolving legal landscape for virtual assets and DeFi in BVI, Hong Kong, or globally.
- •Compliance Risk: Assets may be frozen by IssuerCo or StakingCo if a user fails to meet KYC/AML requirements or is found to be in a Restricted Jurisdiction.
Mitigation Strategies By R25 Protocol
- •Professional Investment Management: R25 represents that real-time operational data of Supporting Assets is available on-chain and managed by professional entities.
- •Diversification: R25 states that assets are spread across various classes and geographies.
- •Active Liquidity Management: R25 employs MMFs and stablecoins to ensure liquidity. Note: TBook does not control this liquidity pool.
- •Credit Support: R25 may employ additional credit enhancements. TBook does not provide credit support for the underlying assets.
Transfer Restrictions & Restricted Jurisdictions
Individuals located in, resident of, or citizens of, and entities located in or incorporated under the laws of the following jurisdictions (the "Restricted Jurisdictions") are PROHIBITED from using the TBook Vault to acquire tbRCUSD or interact with R25:
Primary Restricted Jurisdictions:
Other Restricted Jurisdictions:
Afghanistan, Algeria, Angola, Bangladesh, Belarus, Bolivia, Bosnia and Herzegovina, Bulgaria, Burkina Faso, Burundi, Cameroon, Central African Republic, Côte d'Ivoire, Crimea, Cuba, Donetsk People's Republic, Democratic People's Republic of Korea (North Korea), Democratic Republic of the Congo, Egypt, Ethiopia, Gaza Strip, Guatemala, Guinea, Haiti, Iran, Iraq, Kenya, Kherson, Lao People's Democratic Republic, Lebanon, Liberia, Libya, Luhansk People's Republic, Mali, Moldova, Monaco, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Nepal, Nicaragua, Niger, Nigeria, North Macedonia, Pakistan, Palestine, Qatar, Republic of Guinea-Bissau, Russia, Serbia, Sevastopol, Somalia, South Africa, South Sudan, Sudan, Syria, Tunisia, Türkiye, Ukraine, Venezuela, Vietnam, West Bank, Yemen, Zimbabwe, Zaporizhzhia.
The List of Restricted Jurisdictions may be updated from time to time by TBook or R25 Entities at their sole discretion. Users must inform TBook immediately if their status changes. TBook reserves the right to block IP addresses and freeze accounts associated with Restricted Jurisdictions to comply with the Underlying Protocol's requirements.
Legal Matters & Terms of Service
1. NO FIDUCIARY DUTY; TECHNOLOGY PROVIDER STATUS
YOU ACKNOWLEDGE AND AGREE THAT TBOOK IS A TECHNOLOGY PROVIDER ONLY. TBOOK DOES NOT HAVE POSSESSION, CUSTODY, OR CONTROL OF THE SUPPORTING ASSETS, WHICH ARE HELD BY THE R25 ENTITIES OR THEIR CUSTODIANS. TBOOK DOES NOT OWE YOU ANY FIDUCIARY DUTIES.
2. COMPLIANCE WITH APPLICABLE LAW
A prospective user must comply with all laws and regulations that apply to them. IssuerCo, StakingCo, and TBook are not responsible for a user's compliance with these legal requirements. You agree to indemnify TBook against any legal actions arising from your violation of these restrictions (e.g., accessing the Vault via VPN from the USA).
3. GOVERNING LAW AND DISPUTE RESOLUTION
This Documentation and any action related thereto shall be governed by the laws of the British Virgin Islands (BVI), without regard to its conflicts of law rules. Any dispute shall be referred to and finally resolved in accordance with the BVI IAC Arbitration Rules. The number of arbitrators shall be one. The language shall be English.
4. AMENDMENT
Any provision of this Documentation may be amended, waived, or modified by TBook at any time. Continued use of the Vault constitutes acceptance of such amendments.
5. LIMITATION OF LIABILITY AND DAMAGES (THE "NUCLEAR" CLAUSE)
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW:
(A) NO LIABILITY FOR THIRD PARTIES: TBOOK SHALL NOT BE LIABLE FOR ANY LOSSES ARISING FROM THE ACTS, OMISSIONS, INSOLVENCY, OR DEFAULT OF ISSUERCO, STAKINGCO, OR ANY R25 ENTITY. IF THE UNDERLYING ASSET (rcUSD) DE-PEGS OR BECOMES UNREDEEMABLE, TBOOK HAS NO OBLIGATION TO COMPENSATE USERS.
(B) NO INDIRECT DAMAGES: TBOOK SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING DAMAGES FOR LOST PROFITS, GOODWILL, USE, OR DATA.
(C) LIABILITY CAP: THE MAXIMUM LIABILITY OF TBOOK ARISING OUT OF OR IN ANY WAY CONNECTED TO THIS DOCUMENTATION OR THE TBOOK VAULT WILL NOT EXCEED THE FEES ACTUALLY EARNED BY TBOOK FROM THE USER'S TRANSACTION (IF ANY), AND IN NO EVENT SHALL EXCEED THE FACE VALUE OF THE ASSETS.
(D) "AS IS" SERVICE: THE TBOOK VAULT IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED.
By using the TBook Vault, you acknowledge that you have read, understood, and agree to be bound by these terms.