etrUSD looks like one token, but its claim runs through two proxies, a custom vault, trUSD reserves and an operator-written external-assets figure. The resulting price is transparent arithmetic built on assets whose full position list is not public in the contract.
etrUSD at 0x6f20…592d is a BridgeableReceiptToken with mint, burn, account-lock and LayerZero controls. It is not the vault contract and not ERC-4626.
The vault at 0xcd69…De54 accepts trUSD, tracks assets and issues that receipt token. Separating the two matters: token owner powers govern balances and bridging, while vault owner powers govern deposits, withdrawals, fees and asset reporting.
The June 23 pre-deposit phase accepted USDC and USDT under a $50 million cap, waived fees and imposed a 30-day hard lock. Tori now marks that phase complete.
Live configuration shows the next form: deposits and withdrawals active, a 75 million cap, seven-day scheduled claims and a 5% instant-exit fee. A request is a claim on available trUSD under the contract, not a bank-style demand deposit.
At review, 44.393 million etrUSD divided into 44.812 million reported trUSD assets, producing 1.009431824 trUSD per share.
Only about 100,578 trUSD was the difference between total assets and the 44.711577 million externalAssets field. The owner or operator can update that larger figure within a growing daily change bound. The arithmetic is onchain; most input value represents positions outside the vault address.
The operator is not described as a price oracle in the ABI, yet its update changes share price, withdrawal amounts, high-watermark fees and loss recognition. Monitoring and Accountable attestations help test the input but do not remove this authority.
RockawayX describes strUSD staking, two Curve pools, Pendle and a leverage overlay that should activate only when yield exceeds borrow cost and health factor stays above 1.5×. It targets about 14% real APY, explicitly without guarantee.
Current Tori docs say the ecosystem phase is live, but the reviewed contract did not enumerate every active allocation. trUSD backing also reaches custodians, brokers, market-neutral trades and FX hedges. Strategy loss, counterparty failure, peg movement and stale valuation all flow into etrUSD.
Safe 0x4Fde…5132 returned six registered owner addresses and a four-signature threshold. This does not establish six natural persons or their identities. The Safe owns the receipt token and vault; the resource timelock tied to the vault reports 24 hours.
Owner powers include fee, limit, whitelist, withdrawal-lag and operator changes, pauses and emergency withdrawal; the proxy implementations can also change. etrUSD holders have no token vote over these actions.
The code lets shares participate pro rata in reported NAV and seek redemption through configured routes. Within the documents reviewed, we did not locate an etrUSD-specific instrument making that route an insured deposit, title to a named custody account, a fixed return or an unconditional legal repurchase promise. This is a limit of the material obtained, and the underlying trUSD terms should not be treated as a separate etrUSD contract.
USDC/USDT deposits enter a $50 million capped phase with waived fees and a 30-day hard lock.
The live vault records its high-watermark update at 2026-08-25 17:19:35 UTC.
The vault records 44,711,577 trUSD of external assets at 2026-09-01 15:56:23 UTC.
Last evidence review: 2026-09-05
Tori Ecosystem Vault has two contracts. Address 0x6f20…592d is etrUSD, an 18-decimal BridgeableReceiptToken whose owner can configure minters and burners, lock accounts and control LayerZero messaging. Address 0xcd69…De54 is Upshift's custom TokenizedVault, which accepts Tori's synthetic dollar trUSD at 0xd058…1697 and mints or burns etrUSD.
This corrects the prior ERC-4626 label. The vault exposes asset(), share-price, deposit and redemption functions, but does not implement the ordinary ERC-4626 totalAssets/convertToAssets interface. etrUSD is transferable vault accounting, not trUSD, strUSD, a fixed-dollar claim or ownership of specific offchain positions.
The vault converted from a 30-day pre-deposit lock into an ecosystem phase with a seven-day withdrawal lag. RockawayX's policy describes allocations to strUSD staking, Curve trUSD-USDC and strUSD-trUSD pools, Pendle positions and a conditional looping overlay. Those are policy bands and indicative targets; reviewed public state did not enumerate the exact current position-by-position allocation.
The strategy inherits trUSD's reserve model. Tori says reserves include onchain assets and segregated offchain positions with custodians and market-neutral trades. Basis, rates, FX hedges, counterparties, smart contracts, pegs and oracles can create gains or losses. A share can fall in trUSD terms, while trUSD itself can trade away from one dollar.
On 5 September 2026, etrUSD supply was 44,393,443.862949971794173752. The vault reported total assets of 44,812,155.012384316134712485 trUSD and a share price of 1.009431824003719470 trUSD. Of those assets, 44,711,577 trUSD were the externalAssets field last updated on 1 September; owner or operator 0xE7A7…1271 can write that field within a time-based change limit. NAV therefore combines onchain balances with privileged reporting rather than reading every offchain position trustlessly.
Deposits were not paused. The configured cap was 75 million trUSD, with 50 million maximum per deposit. Scheduled redemption burns shares after a seven-day lag and charged 0% withdrawal fee; the next computed claim date was 11 September. Instant redemption, when liquidity allows, charged 5%. The contract showed a 0.2% annual management fee and 10% performance fee above a high-watermark. Owner can change fees, limits, whitelists, pause states, operator, withdrawal duration and emergency withdrawals; several material changes consume a resource timelock.
Both proxy contracts and the vault are owned by Safe 0x4Fde…5132. Live Safe calls returned six registered owner addresses and a threshold of four signatures. Scheduled caller 0x43F4…9675 reports an 86,400-second delay for the vault. These controls are visible. Within the documents reviewed, we did not locate a separate etrUSD legal instrument promising redemption or title to custodial accounts; that search limit does not establish that no such instrument exists.
It is a vault receipt, but the token implementation is BridgeableReceiptToken and the separate Upshift TokenizedVault uses a custom interface. The prior ERC-4626 description was technically inaccurate.
The vault returned 1.009431824003719470 trUSD per share. That is trUSD-denominated NAV, not a guarantee of $1.0094 in cash.
The scheduled route had a seven-day lag and 0% fee. The instant route carried a 5% fee and still depends on available assets and contract controls.
The contract calculates share price from reported total assets and supply, but owner or operator can update the large externalAssets component within a change bound. Offchain positions and oracle inputs therefore remain trust dependencies.
The reviewed code lets a holder request or execute redemption under vault rules. No separate public etrUSD agreement was found granting title to specific custodian assets, deposit insurance, fixed yield or unconditional dollar repayment.
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