# Table of Contents - [Genesis Story | Manifest](#genesis-story-manifest) - [Manifest Overview | Manifest](#manifest-overview-manifest) - [Legal and Regulatory Compliance | Manifest](#legal-and-regulatory-compliance-manifest) - [What are HEIs | Manifest](#what-are-heis-manifest) - [Governance | Manifest](#governance-manifest) - [Originating HEIs | Manifest](#originating-heis-manifest) - [HEI Returns | Manifest](#hei-returns-manifest) - [What is $USH? | Manifest](#what-is-ush-manifest) - [When House Prices Fall | Manifest](#when-house-prices-fall-manifest) - [Targeting 13% IRR | Manifest](#targeting-13-irr-manifest) - [$USH vs. Direct Real Estate | Manifest](#-ush-vs-direct-real-estate-manifest) - [Benefits of Ownership | Manifest](#benefits-of-ownership-manifest) - [$USH vs. Stablecoins | Manifest](#-ush-vs-stablecoins-manifest) - [Protocol Mechanics | Manifest](#protocol-mechanics-manifest) - [$USA Governance Token | Manifest](#-usa-governance-token-manifest) - [Trade $USH | Manifest](#trade-ush-manifest) - [Bankruptcy Remote | Manifest](#bankruptcy-remote-manifest) - [Liquidity | Manifest](#liquidity-manifest) - [Buy $USH | Manifest](#buy-ush-manifest) - [Supply & Utility | Manifest](#supply-utility-manifest) - [Hold $USH | Manifest](#hold-ush-manifest) - [$USH Yield Comparisons | Manifest](#-ush-yield-comparisons-manifest) - [$USH in DeFi | Manifest](#-ush-in-defi-manifest) - [Investment Structure | Manifest](#investment-structure-manifest) - [Asset Quality | Manifest](#asset-quality-manifest) - [Yield Generation | Manifest](#yield-generation-manifest) - [How do I acquire $USA tokens? | Manifest](#how-do-i-acquire-usa-tokens-manifest) - [$USH vs. ETFs | Manifest](#-ush-vs-etfs-manifest) - [$USH Collateral Pool | Manifest](#-ush-collateral-pool-manifest) - [Earn Manifest Points | Manifest](#earn-manifest-points-manifest) --- # Genesis Story | Manifest #### [](#what-is-manifests-long-term-vision) **What problem does Manifest solve**? Manifest solves the fundamental barriers that have prevented global investors from accessing U.S. private markets, particularly real estate. These barriers include high transaction costs, operational burdens, complex taxation, management overhead, illiquidity, and geographic restrictions. Traditional investing in U.S. real estate for international investors has been extremely difficult – we've made it as simple as buying Bitcoin. #### [](#what-is-manifests-long-term-vision-1) What is Manifest's long-term vision? Our vision is to transform how global capital accesses private markets, making institutional-grade investments accessible to anyone, anywhere. We're starting with U.S. residential real estate through $USH, and plan to expand to additional financial instruments that increase global investor access to high-quality U.S. assets across multiple sectors. #### [](#who-founded-manifest-and-what-is-their-background) Who founded Manifest and what is their background? Manifest was founded by Nathaniel Sokoll-Ward and Robert V. Lee. Nathaniel, our CEO and Co-Founder, is a repeat founder who previously built and exited Roostify, which powered $600B/year in mortgages for major financial institutions like Chase and HSBC. Robert, our COO and Co-Founder, is a former Deloitte strategy consultant with 10 years of experience advising Fortune 500 companies on finance and innovation. #### [](#what-backing-does-manifest-have) What backing does Manifest have? Manifest has raised $2.5M in pre-seed funding co-led by VanEck Ventures and Lattice Fund, with participation from Compound and SALT. We've emerged from leading crypto accelerators Alliance and CV Labs. [PreviousManifest Overview](/) [NextGovernance](/overview/governance) Last updated 16 hours ago --- # Manifest Overview | Manifest [NextGenesis Story](/overview/genesis-story) Last updated 1 hour ago **Warning:** Manifest's $USH and $USA tokens are **NOT released yet.** Any token claiming to be associated with Manifest right now is **fake**. Stay sharp and wait for official releases. #### [](#who-can-use-manifest) **What is Manifest**? Manifest makes American assets DeFi compatible. Our first product is called $USH, an ERC-20 token that targets stable ~13% annual returns from American residential real estate equity. For the first time, American real estate can be used in a programmatic capacity onchain, similar in utility to stablecoins, but with a significantly higher native yield. #### [](#who-can-use-manifest-1) What kind of assets does Manifest focus on? Manifest enables investment in U.S. private credit and equity assets. Our first product, $USH, provides exposure to U.S. residential real estate through Home Equity Investments (called “HEIs”). Our protocol is designed to expand to other private market assets over time, always focusing on high-quality, institutional-grade investments with strong risk-adjusted returns. #### [](#who-can-use-manifest-2) Who can use Manifest? Anyone, anywhere can use Manifest to invest in U.S. private market assets. Our protocol is designed for global accessibility, making previously exclusive investment opportunities available to a much broader range of investors regardless of their location or investment size. #### [](#how-is-manifest-different-from-traditional-real-estate-investment-platforms) How is Manifest different from traditional real estate investment platforms? Manifest harnesses blockchain technology so you can invest in a portfolio of diversified American real estate equity in under 30 seconds. With dramatically lower fees, deep secondary liquidity, and tax efficiency, Manifest opens institutional-grade real estate to everyone, everywhere — while providing full transparency, seamless DeFi composability, and unmatched simplicity. #### [](#why-is-manifest-initially-focused-on-american-real-estate) Why is Manifest initially focused on American real estate? American real estate is among the most stable and high-performing asset classes in history. International investor demand is already tens of billions of dollars a year, but many face significant barriers to entry. By unlocking access to U.S. real estate, we're addressing substantial existing demand while enabling onchain exposure to historically strong risk-adjusted returns. **Quick Links** Website: [https://www.manifest.finance/](https://www.manifest.finance/) Telegram: [https://t.me/manifestfinance](https://t.me/manifestfinance) Twitter: [https://x.com/ManifestFinance](https://x.com/ManifestFinance) LinkedIn: [https://www.linkedin.com/company/manifest-finance-hq](https://www.linkedin.com/company/manifest-finance-hq) ![Manifest | Bet on America.](https://docs.manifest.finance/~gitbook/image?url=https%3A%2F%2F333208156-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252Fv6H9uWogckr7tlf4DuuQ%252Fuploads%252FEP0khcBimmhVziQxdQaM%252Fimage.png%3Falt%3Dmedia%26token%3Df871587a-a37d-4176-8b14-3109a9ccd75b&width=768&dpr=4&quality=100&sign=bce0f069&sv=2) --- # Legal and Regulatory Compliance | Manifest #### [](#what-regulatory-frameworks-govern-manifest) What regulatory frameworks govern Manifest? Manifest operates under BVI and Cayman law and complies with relevant U.S. securities laws and financial regulations. Our structure is designed to ensure compliance while maximizing accessibility and efficiency for global investors. We maintain ongoing legal and regulatory compliance monitoring to adapt to evolving regulatory landscapes. #### [](#how-does-manifest-handle-kyc-aml-compliance) How does Manifest handle KYC/AML compliance? We implement comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols in compliance with BVI regulations. This includes identity verification processes for all investors, transaction monitoring, suspicious activity reporting, and other standard compliance measures. Our procedures are designed to balance security and compliance with user experience. #### [](#are-there-any-investor-accreditation-requirements) Are there any investor accreditation requirements? Manifest's compliance framework addresses all relevant regulatory requirements while maximizing accessibility. The specific accreditation requirements for investors depend on their jurisdiction and the regulatory pathways we utilize for various investor categories. Our platform guides investors through the appropriate onboarding process based on their specific situation. #### [](#how-does-manifest-address-cross-border-regulatory-issues) How does Manifest address cross-border regulatory issues? We've developed comprehensive strategies for navigating international regulatory considerations, including country-specific compliance measures and structures designed to comply with international investment regulations. Our approach enables global investors to access U.S. private markets while respecting relevant jurisdictional requirements. #### [](#how-are-investor-rights-protected) How are investor rights protected? Investor rights are protected through multiple mechanisms: 1. Legal structures that protect investor interests in the underlying assets, 2. Transparent onchain recording of all transactions, 3. Compliance with relevant securities regulations, 4. Governance protocols that align Manifest's incentives with investor outcomes, and 5. Regular reporting and disclosure. #### [](#what-privacy-protections-are-in-place-for-investors) What privacy protections are in place for investors? We implement robust privacy protections for all investor data, complying with relevant data protection regulations. Personal identifying information is securely managed with industry-standard encryption and access controls. We minimize data we collect and store to limit risks to privacy. #### [](#how-are-the-underlying-real-estate-assets-insured) How are the underlying real estate assets insured? The properties backing our HEIs are required to maintain appropriate homeowners insurance and other insurances, such as flood insurance, where required. Where necessary, insurance can be force-placed by the servicer to protect the property if the homeowner stops paying for their policy. #### [](#what-legal-structure-underpins-manifest-and-usdush) What legal structure underpins Manifest and $USH? Manifest operates through a carefully designed legal structure that optimizes for regulatory compliance, investor protection, and operational efficiency. Manifest consists of three entities: Manifest Foundation, a Cayman foundation company, Manifest BVI Ltd., a BVI business company, and U.S. Asset Holding Co., a Delaware corporation. Manifest Foundation wholly owns Manifest BVI Ltd.; Manifest BVI Ltd. wholly owns U.S. Asset Holding Co. $USH is issued by Manifest BVI Ltd. to power permissionless transfer of $USH. These entities are bankruptcy remote from Villcaso Corporation which provides operational and technical services to each. #### [](#are-there-any-transfer-restrictions-for-usdush) Are there any transfer restrictions for $USH? Users are required to follow the rules for transfers that apply to the jurisdictions in which they are planning a transfer. This means, where necessary, registering a transaction or making transfers pursuant to exemptions to registration. There are no technical restrictions on transfers after an investor receives $USH that is not subject to restricted securities status. #### [](#how-does-the-tax-efficient-structure-of-usdush-work) How does the tax-efficient structure of $USH work? $USH benefits from two primary tax efficiencies: 1. The Collateral Pool of HEIs benefits from Section 1031 like-kind exchanged on HEIs that are settled. This allows the protocol to reinvest the proceeds of settled assets without paying capital gains taxes or withholding tax associated with U.S. taxes on real estate transfers. 2. Non-U.S. investors have the opportunity to benefit from the tax laws in their local jurisdiction and the Virgin Islands to reduce the taxes they pay versus what they would owe if they purchased the same real estate in the U.S. directly. [PreviousGovernance](/overview/governance) [NextWhat are HEIs](/home-equity-101/what-are-heis) Last updated 2 days ago --- # What are HEIs | Manifest #### [](#what-regulatory-frameworks-govern-manifest) What are Home Equity Investments? Home Equity Investments (called “HEIs”) are financial instruments that provide investment exposure to U.S. home price appreciation without the burden of ownership or property management. Unlike traditional real estate investments that require active management and dealing with tenants, HEIs offer a streamlined approach to gaining exposure to the U.S. housing market. HEIs help homeowners to access their home equity. Unlike traditional mortgage products, HEIs operate on an equity-sharing model rather than a debt model. When a homeowner receives an HEI, they get immediate cash in exchange for sharing a portion of their home's value with investors. This arrangement creates no monthly payment obligations for the homeowner while providing investors with preferred equity positions on owner-occupied real estate. The fundamental structure provides benefits to both parties: homeowners gain liquidity without increasing their debt burden, while investors gain fractional ownership in residential properties with the potential for significant returns. This alignment of interests creates a unique investment vehicle that differs substantially from traditional real estate investment approaches. HEI securitizations and ratings are common on Wall Street. [Here’s a past securitization rating](https://docsend.com/view/a78uynd3xstkaa4b) conducted by DBRS Morningstar from 2023. [PreviousLegal and Regulatory Compliance](/legal-and-regulatory-compliance) [NextHEI Returns](/home-equity-101/hei-returns) Last updated 17 hours ago --- # Governance | Manifest Manifest is managed by a professional director and guided by tokenholders of its $USA governance token, ensuring compliance with relevant regulations while providing decentralized control to our community. This governance structure combines the benefits of blockchain technology with the stability and oversight of the professional management. [PreviousGenesis Story](/overview/genesis-story) [NextLegal and Regulatory Compliance](/legal-and-regulatory-compliance) Last updated 1 day ago --- # Originating HEIs | Manifest #### [](#what-regulatory-frameworks-govern-manifest) Originating HEIs Manifest acquires HEIs with a large built in discount on the price of the underlying property. Manifest works with an origination partner to originate each HEI. Our partner sets terms for each HEI with the homeowner based on the current value of the home and the prevailing market terms for HEIs. Currently these terms result in a discount in the value of the asset of approximately 50%. Manifest’s origination partner handles all homeowner-facing elements of the HEI transaction. Manifest directs the origination partner to originate HEIs within a set investment ‘buy box’ based on Manifest’s expertise with HEIs. The origination partner also performs industry standard mortgage underwriting and closing processes to make sure all assets are valid and meet investment requirements. #### [](#initial-assessment-and-qualification) **Initial Assessment and Qualification** The origination of HEIs follows a structured assessment process to identify qualified homeowners who meet established financial and property-related criteria. This ensures alignment with our risk management and return expectations. This stage is critical in maintaining portfolio quality and risk-adjusted investment exposure. * Homeowner Equity Position: Accounting for all mortgages on the property, including the HEI, the homeowner must have a minimum of 25% equity in the property (to ensure the homeowner has meaningful economic interest in the home). * Property Type: Single-family homes * Market Selection: U.S. MSAs (cities and densely populated areas) * Financial and Credit Evaluation: Comprehensive review of homeowner creditworthiness, debt obligations, and financial stability according to industry-standard underwriting practices. #### [](#property-valuation-and-due-diligence) **Property Valuation & Due Diligence** Our origination partner uses several valuation methods to value the home. All valuations are from third parties to avoid conflicts of interest on individual properties. The process adheres to institutional standards and includes: * Hybrid Appraisal: Properties are valued by automated valuation models and live professional appraisers if there are any extenuating circumstances. * Industry Standard Underwriting: Standard homeowner diligence, including credit reports, title reports, and other verifications are performed to understand homeowner and property situation before HEI origination. #### [](#hei-pricing-and-investment-structuring) **HEI Pricing & Investment Structuring** Based on diligence, the homeowner is made an offer by our origination partner. The offer follows the standard HEI deal structure. * Equity Multiple: 2.0x or greater * Effective Rate Cap: 19.99% per month, annualized * Term: 10 years or matched to the primary mortgage, whichever is longer #### [](#legal-documentation-and-execution) **Legal Documentation & Execution** Our origination partner makes the offer to the homeowner and a closing date is set. All agreements are signed and appropriate recordings on title are made to secure the HEI. #### [](#funding-and-post-origination-asset-management) **Funding & Post-Origination Asset Management** Upon execution, capital deployment and ongoing asset monitoring commence. Proactive asset management and valuation updates help ensure that HEIs are performing and investors are protected. * Investment Disbursement: Homeowner receives funding. * Ongoing Valuation & Portfolio Oversight: Regular monitoring of property value, homeowner financial health, and exit readiness * HEI Settlement: The HEI matures when the property is sold, refinanced, or the duration expires. The homeowner also has a repurchase right so they can terminate the HEI whenever they want by requesting a payoff statement. Typically, the terminating HEI payment is captured automatically as part of a closing process in a sale or refinance. [PreviousHEI Returns](/home-equity-101/hei-returns) [NextWhen House Prices Fall](/home-equity-101/when-house-prices-fall) Last updated 17 hours ago --- # HEI Returns | Manifest #### [](#what-regulatory-frameworks-govern-manifest) How do HEIs generate returns for investors? The return profile of HEIs stems from their unique structure. When Manifest makes an HEI investment, it receives 2x economic rights relative to its investment amount. This is called the “Equity Multiple.” For example, if Manifest invests $100,000 in a $1,000,000 home, it receives a 20% economic interest in the home's value (double the 10% that the investment represents of the home's value). This creates an immediate "paper gain" that translates into actual returns when the property is eventually sold, refinanced, or reaches the end of the HEI term. To protect homeowners, the value capture for investors is capped at a monthly rate of approximately 20% such that short term HEI deals do not result in homeowners delivering all the equity due to the Equity Multiple after an investment. This homeowner protection is called the “Effective Rate Cap”. Returns are ultimately realized when one of three events occurs: * The homeowner sells the property. * The homeowner refinances and buys out the HEI. * The HEI reaches its contractual maturity date between 10 and 30 years after origination, depending on the term of the primary mortgage on the property. At any of these trigger events, the investor receives their proportional share of the home's value based on the Equity Multiple established at the beginning of the investment, capped by the Effective Rate Cap. #### [](#single-hei-example) **Single HEI Example** Consider a sample HEI deal with the below terms: * Initial Home Value: $830K * Investment Amount: $136K * Term: Matched to primary mortgage * Equity Multiple: 2.0x * Effective Rate Cap: 19.99% per year, compounded monthly The below table shows the value of the sample HEI contract and projected rates of return over various time horizons. The grey shading shows whether the return is constrained by the “Effective Rate Cap.” Settlement Year 1 2 3 4 5 10 14 18 Base Case HPA 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% Exit Home Value $859,050 $889,117 $920,236 $952,444 $985,780 $1.17M $1.34M $1.54M Equity Multiple 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Uncapped Proceed $281,520 $291,373 $301,571 $312,126 $323,051 $383,683 $440,285 $505,237 Capped Proceeds $165,821 $202,181 $246,513 $300,566 $366,472 $987,511 $2.18M $4.82M Gross IRR 21.93% 21.93% 21.93% 21.93% 18.89% 10.93% 8.75% 7.56% In the case of an individual HEI that lasts for four years, the returns are capped at 21.93% per year resulting in an IRR of 21.93% which is below the uncapped return. An HEI that extends to year five has a gross IRR of 18.89%, which is below the capped return. #### [](#portfolio-level-considerations) **Portfolio Level Considerations** For a portfolio of HEIs, returns are primarily driven by: * Individual HEI factors: * Home equity ownership value vs. amount invested (the “Equity Multiple”). * Typical home appreciation in target markets. * Effective Rate Cap * Early exit events (homeowners selling or refinancing before term end), which can accelerate returns and allow for earlier reinvestment of capital. * Tax-deferred reinvestment. Portfolio level returns may be reduced by: * Expenses for HEI acquisition and management * Defaults. * Losses due to uninsured damages. [PreviousWhat are HEIs](/home-equity-101/what-are-heis) [NextOriginating HEIs](/home-equity-101/originating-heis) Last updated 17 hours ago --- # What is $USH? | Manifest $USH is a yield generating ERC-20 token backed by a portfolio of HEIs. $USH is our first product – a tokenized real estate vehicle backed by home equity investments (“HEIs”) in U.S. residential, owner-occupied housing. It enables seamless, onchain access to institutional-grade real estate with the liquidity and efficiency of tokenized assets, but with the appreciation potential of private equity real estate. $USH is an ERC-20 token and compatible with any EVM ecosystem and blockchain. [PreviousWhen House Prices Fall](/home-equity-101/when-house-prices-fall) [NextProtocol Mechanics](/usdush-token/protocol-mechanics) Last updated 1 day ago --- # When House Prices Fall | Manifest #### [](#what-happens-if-home-values-decline) What happens if home values decline? The Equity Multiple provides a strong buffer against market declines. Since the investor's effective ownership percentage is doubled relative to their investment, the value of the house would need to fall more than 50%, and the homeowner would need to sell their house at that lower value, before the investor would experience any loss on principal. **For example, in a typical HEI, an investor contributes $100,000 toward a $1,000,000 home (10% of value) but receives 20% of the economic rights. This means the home value would need to drop below $500,000 or 50% before the HEI would be underwater. This provides meaningful downside protection compared to traditional equity investments, though severe market corrections could still result in losses.** #### [](#what-happens-during-extreme-market-volatility) What happens during extreme market volatility? During extreme market volatility, the protocol's robust design provides stability. The underlying assets are held by bankruptcy remote custodians and our claims are secured by liens on title. Because the assets are real, in an extremely volatile market, investors should seek the relative safety $USH provides. [PreviousOriginating HEIs](/home-equity-101/originating-heis) [NextWhat is $USH?](/usdush-token/what-is-usdush) Last updated 1 day ago --- # Targeting 13% IRR | Manifest #### [](#what-regulatory-frameworks-govern-manifest) How does $USH acheive 13% IRR (projected)? The projected 13% net-IRR for $USH stems from the fact that $USH is collateralized by a portfolio of HEIs. Manifest will buy freshly originated HEIs. Manifest projects, based on industry trends and guidance from its partners, that these newly originated HEIs will mature after 4.5 years on average. However not all HEIs will settle; some defaults are expected. Manifest expects to be able to generate returns of 16.0-17.5% on a portfolio of HEIs after: * Origination costs * Losses from defaults. * Costs from operations and servicing the portfolio of HEIs * Cash drag from holding limited cash equivalents for working capital and liquidity (cash equivalent holdings expected to be ~ 5% of TVL) Manifest governance may decide to apply additional fees. In the event of these fees, Manifest expects annual fees of approximately 2.0-3.0%. The combination of these factors produces the projected 13.0-14.5% returns on assets managed by Manifest annually. See our PPM for more details. Description Annual Return Manifest portfolio after: - Origination costs - Losses from defaults - Costs from operations and servicing - Cash drag from cash equivalents used for working capital and liquidity (expected to be ~5% of TVL) 16.0-17.5% Manifest governance fees (2.0-3.0%) Net Returns to $USH 13.0-14.5% #### [](#how-does-the-usdush-yield-compare) [PreviousYield Generation](/usdush-token/yield-generation) [NextLiquidity](/usdush-token/liquidity) Last updated 17 hours ago --- # $USH vs. Direct Real Estate | Manifest #### [](#do-i-own-real-estate-when-i-buy-usdush) Do I own real estate when I buy $USH? No, you don't directly own real estate when you buy $USH. Instead, you gain equity exposure to the most valuable part of the U.S. real estate market, owner-occupied homes, in a diversified way through HEIs. This model intentionally avoids the burdens of direct ownership while still providing investment exposure to the underlying property value. [Previous$USH vs. ETFs](/usdush-token/usdush-vs.-etfs) [Next$USH Collateral Pool](/collateral/usdush-collateral-pool) Last updated 1 day ago --- # Benefits of Ownership | Manifest #### [](#what-regulatory-frameworks-govern-manifest) What are the main benefits of $USH? 1. ~13% annual returns net 2. Institutional-grade exposure to U.S. residential housing with improved liquidity and efficiency 3. Access to off-market discounts of approximately 50% to fair-market home values 4. Global accessibility; investments are possible in under 30 seconds 5. A tax-efficient structure designed for perpetual tax deferral 6. DeFi composability allowing tokens to be used across protocols for additional yield 7. Real-time transparency with all assets recorded onchain 8. Voting - $USH holders can vote on whether to redeem all their tokens for the value of the collateral real estate. $USH holders, through this limited right, control the value of their investment because they are able to determine when they will collectively receive the value of the backing assets. [PreviousLiquidity](/usdush-token/liquidity) [Next$USH Yield Comparisons](/usdush-token/usdush-yield-comparisons) Last updated 17 hours ago --- # $USH vs. Stablecoins | Manifest #### [](#what-regulatory-frameworks-govern-manifest) Is $USH a stablecoin? No, $USH is not a stablecoin. Unlike stablecoins which aim to maintain a constant value, $USH is designed to appreciate in value as the underlying real estate assets appreciate. $USH is comparable to stablecoins only in terms of efficiency and liquidity, but its fundamental purpose is to provide investment returns through capital appreciation. #### [](#advantages-of-usdush-tokens-over-stablecoins) **Advantages of $USH Tokens Over Stablecoins** #### [](#appreciation-potential) _**Appreciation Potential**_ While stablecoins are designed specifically to not appreciate in value, $USH tokens offer exposure to potential appreciation in the residential real estate market through their underlying home equity investments. This provides an opportunity for capital growth that stablecoins purposely avoid. #### [](#real-asset-backing) _**Real Asset Backing**_ $USH tokens are collateralized by beneficial interests in home equity investments, representing ownership in tangible real assets. This differs from many stablecoins which may rely on fiat reserves, other cryptocurrencies, or algorithmic mechanisms to maintain their value. Further real assets hold their value better during both market downturns and periods of high inflation. #### [](#regulatory-clarity) _**Regulatory Clarity**_ $USH tokens operate within a clear regulatory framework. This contrasts with the evolving and sometimes uncertain regulatory environment surrounding stablecoins. #### [](#institutional-structure-and-governance) _**Institutional Structure and Governance**_ Manifest uses a bankruptcy remote structure composed of a Cayman foundation company, a BVI business company and a Delaware C-corp to isolate the HEI assets and tokens from the Labs co. Manifest uses a custodian to hold the HEIs assets and has corporate governance provided by a professional director. [Previous$USH Yield Comparisons](/usdush-token/usdush-yield-comparisons) [Next$USH vs. ETFs](/usdush-token/usdush-vs.-etfs) Last updated 17 hours ago --- # Protocol Mechanics | Manifest #### [](#how-does-profit-distribution-work-in-the-manifest-ecosystem) How does profit distribution work in the Manifest ecosystem? As the $USH Collateral Pool accumulates value, profits are reinvested in additional HEIs to grow the backing value per token and defer capital gains taxes. Distributions are ultimately made to $USH tokenholders when the $USH tokenholders vote to redeem their tokens. #### [](#what-mechanisms-ensure-protocol-stability) What mechanisms ensure protocol stability? Protocol stability is ensured through multiple mechanisms: diversification of underlying assets, HEIs structured with downside protection, reserve buffers, transparent onchain monitoring, and contingency procedures for extreme market scenarios. Further, $USH tokenholders have the option to vote and demand a redemption of all $USH. #### [](#how-does-the-protocol-handle-redemptions-if-necessary) How does the protocol handle redemptions if necessary? The protocol was designed to liquidate all its assets in the event of a full redemption. A full redemption can be initiated either through a governance vote by $USH tokenholders, or independently by Manifest. If the full redemption occurs, all HEI assets will be sold. Cash from this transaction will be used to repurchase all outstanding $USH tokens. [PreviousWhat is $USH?](/usdush-token/what-is-usdush) [NextYield Generation](/usdush-token/yield-generation) Last updated 1 day ago --- # $USA Governance Token | Manifest #### [](#what-is-usdusa) What is $USA? $USA is Manifest's governance token that enables community participation in protocol decisions. Token holders can propose and vote on key protocol decisions, including whether to initiate fees, that shape the future of the Manifest ecosystem. #### [](#how-is-usdusa-different-from-usdush) How is $USA different from $USH? While $USH represents investment exposure to U.S. real estate assets, $USA is purely a governance token. $USH is backed by real-world assets and designed to appreciate with those assets, whereas $USA derives its value from the governance rights it confers over the Manifest protocol, protocol fee distributions, and its role in the broader ecosystem. #### [](#what-governance-rights-do-usdusa-holders-have) What governance rights do $USA holders have? $USA holders have limited rights to permit Manifest to draw fees from $USH tokenholders and permit Manifest to use that capital to launch other tokens. These rights are designed to empower the governance tokenholders while enabling governance controls that fit within government regulations. #### [](#can-i-participate-in-governance-without-holding-usdusa) Can I participate in governance without holding $USA? While direct voting requires holding $USA tokens, we will implement several mechanisms for broader community participation including governance forums for open discussion, temperature checks on proposals before formal voting, and delegation systems that allow $USA holders to delegate their voting rights to community representatives they trust to vote on their behalf. Note that $USH holders have their own voting processes related to specific $USH related questions. #### [](#what-utility-does-usdusa-provide) What utility does $USA provide? Beyond governance rights, $USA provides the opportunity to earn rewards in the form of $USA token buybacks or staking. Future utility may include additional staking opportunities, discounts, and other rewards. #### [](#how-does-usdusa-contribute-to-the-manifest-ecosystem) How does $USA contribute to the Manifest ecosystem? $USA creates alignment between Manifest users, governance participants, and the protocol itself. By decentralizing decision-making through $USA, we ensure the protocol evolves to meet user needs, manages risks effectively, and continues innovating in a sustainable manner. $USA also creates economic incentives for participation in protocol governance and long-term ecosystem growth. [PreviousEarn Manifest Points](/using-manifest/earn-manifest-points) [NextSupply & Utility](/governance/supply-and-utility) Last updated 1 day ago --- # Trade $USH | Manifest #### [](#can-i-convert-usdush-back-to-fiat-currency-easily) Can I convert $USH back to fiat currency easily? Yes, $USH is designed with liquidity in mind. $USH is designed to trade permissionlessly so investors can sell to other investors to get immediate liquidity. If over 60% of $USH investors vote, all $USH backing assets will be liquidated for cash and all tokens will be redeemed. [PreviousHold $USH](/using-manifest/hold-usdush) [Next$USH in DeFi](/using-manifest/usdush-in-defi) Last updated 1 day ago --- # Bankruptcy Remote | Manifest #### [](#what-regulatory-frameworks-govern-manifest) **What happens to the underlying real estate if Manifest ceases operations**? The underlying real estate assets backing $USH are held in secure, bankruptcy-remote structures separate from Manifest's operational entity. This legal separation ensures that tokenholders' interests in the underlying assets are protected regardless of Manifest's operational status. Additionally, our governance structure includes contingency protocols to ensure continuity of asset management in all scenarios. [PreviousAsset Quality](/collateral/asset-quality) [NextBuy $USH](/using-manifest/buy-usdush) Last updated 17 hours ago --- # Liquidity | Manifest #### [](#how-liquid-is-usdush) How liquid is $USH? $USH offers significantly enhanced liquidity compared to traditional real estate investments. While traditional real estate can take months to sell and private equity real estate funds typically have multi-year lock-up periods, $USH's tokenized structure enables trading similar to other digital assets, providing liquidity previously through CeFi, DeFi and TradFi. #### [](#how-does-usdush-integrate-with-defi-protocols) How does $USH integrate with DeFi protocols? $USH is designed for comprehensive DeFi integration, allowing tokens to be leveraged, borrowed, and used across DeFi protocols for additional yield opportunities. This composability unlocks new utility beyond traditional real estate investments, enabling $USH to interact with lending platforms, yield aggregators, AMMs, and other DeFi infrastructure. #### [](#can-i-use-usdush-as-collateral-for-loans) Can I use $USH as collateral for loans? Yes, $USH is designed to function as collateral in DeFi lending protocols. At launch Manifest expects there to be lending pools on permissionless protocols such at Morpho. #### [](#can-i-provide-usdush-liquidity-in-amms) Can I provide $USH liquidity in AMMs? Yes, $USH can be paired with other tokens to provide liquidity in automated market makers (AMMs) and decentralized exchanges. Liquidity providers earn trading fees and may receive additional incentives from Manifest's liquidity mining program. At launch, there will be $USH pools on permissionless swap protocols such as Uniswap. #### [](#how-does-usdush-work-in-decentralized-derivatives-markets) How does $USH work in decentralized derivatives markets? $USH can be utilized in decentralized derivatives markets as margin collateral, enabling users to gain leveraged exposure to various assets or to hedge existing positions. The stable, real-world backed nature of $USH makes it well-suited for derivatives applications where collateral quality is particularly important. Specific derivatives protocol integrations are announced as they become available. #### [](#can-i-use-usdush-for-cross-chain-applications) Can I use $USH for cross-chain applications? Yes, $USH is designed with cross-chain compatibility in mind, allowing users to leverage their real estate exposure across multiple blockchain ecosystems. Through bridges and cross-chain protocols, $USH can be utilized in DeFi applications on various networks, expanding the potential use cases and yield opportunities available to token holders. #### [](#how-does-usdushs-integration-with-defi-compare-to-other-real-world-asset-tokens) How does $USH's integration with DeFi compare to other real-world asset tokens? $USH offers superior DeFi integration compared to most real-world asset tokens because it is permissionless by design. This means $USH can be used like $USDC in DeFi and your favorite DeFi protocol can permissionlessly integrate $USH. [PreviousTargeting 13% IRR](/usdush-token/targeting-13-irr) [NextBenefits of Ownership](/usdush-token/benefits-of-ownership) Last updated 23 hours ago --- # Buy $USH | Manifest #### [](#how-do-i-buy-usdush) How do I buy $USH? You can acquire $USH through: (1) Our [website](https://manifest.finance) or through supported exchanges or (2) Supported DeFi protocols. The process is designed to be simple and efficient, allowing investments in under 30 seconds. Specific purchase channels and methods are detailed on our website, with step-by-step guidance for new users. #### [](#what-is-the-minimum-investment-amount-for-usdush) What is the minimum investment amount for $USH? $1,000 if purchased from Manifest directly. Other supported exchanges and protocols where $USH trades likely have lower minimums. #### [](#can-i-invest-in-usdush-if-im-not-in-the-united-states) Can I invest in $USH if I'm not in the United States? Yes, $USH is designed for global accessibility. Anyone, anywhere can invest in U.S. real estate through our platform with the simplicity of buying Bitcoin. We've specifically built our solution to address the needs of international investors who previously faced significant barriers to accessing U.S. real estate investments. #### [](#how-quickly-can-i-invest-in-usdush) How quickly can I invest in $USH? Investments in $USH can be completed in under 30 seconds once you've completed the initial setup and identify verification process. This represents a dramatic improvement over traditional real estate investments that typically require weeks or months of process, paperwork, and closing procedures. #### [](#is-there-a-lockup-period-for-usdush-investments) Is there a lockup period for $USH investments? $USH has no mandatory lockup period. Contrast this with traditional private equity real estate funds that typically have multi-year lockup periods. The tokenized structure provides liquidity through secondary market trading, allowing investors to enter and exit positions based on their own investment timelines rather than predetermined fund structures. U.S. investors will face a one year lockup for their $USH investment purchased directly from Manifest due to rules under Regulation D and Rule 144. [PreviousBankruptcy Remote](/collateral/bankruptcy-remote) [NextHold $USH](/using-manifest/hold-usdush) Last updated 1 day ago --- # Supply & Utility | Manifest #### [](#will-usdusa-have-a-fixed-supply) Will $USA have a fixed supply? $USA has a maximum supply cap of 100M tokens. The majority of tokens are allocated to help grow the protocol and support its future development. #### [](#what-determines-the-value-of-usdusa) What determines the value of $USA? The value of $USA is determined by the market. Over time, we believe the market will value $USA for: governance utility over an increasingly valuable protocol, participation in protocol profit sharing, utility within the Manifest ecosystem, and the overall success and growth of the Manifest protocol. As Manifest grows and manages more assets, the value of governing those assets typically increases as well. #### [](#can-i-stake-usdusa) Can I stake $USA? Yes, $USA can be staked to enhance your governance power, earn additional rewards, and participate in profit sharing from the protocol. Staking demonstrates long-term alignment with the protocol and provides increased influence in governance decisions proportional to both stake amount and staking duration. [Previous$USA Governance Token](/governance/usdusa-governance-token) [NextHow do I acquire $USA tokens?](/governance/how-do-i-acquire-usdusa-tokens) Last updated 1 day ago --- # Hold $USH | Manifest #### [](#what-regulatory-frameworks-govern-manifest) **What wallet do I need to hold $USH and $USA**? $USH and $USA can be held in any Ethereum-compatible wallet. To ensure functionality with DeFi integrations, we recommend non-custodial wallets. #### [](#how-do-i-track-the-performance-of-my-usdush-investment) How do I track the performance of my $USH investment? Every asset backing $USH is recorded onchain, allowing unprecedented access to portfolio composition, valuations, and collateral health. Our platform provides a comprehensive dashboard for tracking $USH performance, with detailed analytics and reporting. This transparency represents a significant advancement over traditional private market investments. #### [](#what-user-interface-does-manifest-provide-for-investors) What user interface does Manifest provide for investors? Manifest provides an intuitive, secure user interface through our web platform. The interface allows investors to purchase and manage $USH tokens, track performance, participate in governance (for $USA holders), monitor Manifest Points, and access educational resources. [PreviousBuy $USH](/using-manifest/buy-usdush) [NextTrade $USH](/using-manifest/trade-usdush) Last updated 17 hours ago --- # $USH Yield Comparisons | Manifest Investment Strategy Yield / IRR (%) Liquidity Level Collateral / Asset Backing Manifest’s $USH ~13% IRR (net to investors after fee switch) High: $USH DeFi liquidity ($USH token holders can also vote to sell backing assets and redeem the token under specific conditions) Fractional home equity interests (options on U.S. residential real estate values) Bank Savings Account (USD) ~0.4–0.5% APY Very High: funds withdrawable anytime (no lock-up) Bank deposits (cash at bank; federally insured) Robinhood Gold (Cash Sweep) 4.0% APY Very High: daily liquidity (no lock-up) Cash in partner banks (up to $1.5–2.5 MM FDIC coverage) Superstate USTB Fund (tokenized T-Bills) 4.1% 7-day yield High: redeemable each business day (open-ended fund) Short-term U.S. Treasury bills (gov’t-backed) Ondo USDY (US Dollar Yield token) 4.35% APY High: on-chain token, daily yield accrual; redeemable through issuer Short-duration U.S. Treasury investments MakerDAO DAI (Savings Rate) 4.75% APY High: no lock-up; can enter/exit DAI Savings freely Mixed collateral (crypto assets, USDC, Treasuries via Maker) MakerDAO USDS (Spark “Sky” Rate) 6.5% APY High: no lock-up on savings (deposit/ withdraw USDS anytime) USDS stablecoin (backed by MakerDAO reserves; real-world treasury yields) Figure Markets – Forward Vault (HELOC RWA) up to 8% APY Medium: relatively liquid structure (monthly interest payouts; some withdrawal mechanism) Pool of home equity line of credit loans (real-estate backed debt) Family Office Portfolio (multi-asset) ~11% IRR (target) Medium: moderate liquidity (mix of public securities and illiquid alts) Diversified assets (public equities, bonds, PE, real estate, etc.) Private Equity Funds (Buyout PE) ~15-20% IRR (long-term) Very Low: very illiquid (capital locked ~7–10 years) Private business equity ownership (unlisted companies) Usual USD0++ (Staked Stablecoin, 4‑yr lock) ~11% APY (projected) Very Low: 4-year lock-up (early exit only with penalty or secondary market) USD0 stablecoin (100% T-Bill backed) staked for protocol revenue rights (USUAL token) [PreviousBenefits of Ownership](/usdush-token/benefits-of-ownership) [Next$USH vs. Stablecoins](/usdush-token/usdush-vs.-stablecoins) Last updated 17 hours ago --- # $USH in DeFi | Manifest #### [](#how-does-usdush-integrate-with-defi-protocols) How does $USH integrate with DeFi protocols? $USH is designed for comprehensive DeFi integration, allowing tokens to be leveraged, borrowed, and used across DeFi protocols for additional yield opportunities. This composability unlocks new utility beyond traditional real estate investments, enabling $USH to interact with lending platforms, yield aggregators, AMMs, and other DeFi infrastructure. #### [](#can-i-use-usdush-as-collateral-for-loans) Can I use $USH as collateral for loans? Yes, $USH is designed to function as collateral in DeFi lending protocols. At launch there will be lending pools on permissionless protocols such at Morpho. #### [](#can-i-provide-usdush-liquidity-in-amms) Can I provide $USH liquidity in AMMs? Yes, $USH can be paired with other tokens to provide liquidity in automated market makers (AMMs) and decentralized exchanges. Liquidity providers earn trading fees and may receive additional incentives from Manifest's liquidity mining program. At launch, there will be $USH pools on permissionless swap protocols such as Uniswap. #### [](#how-can-i-earn-additional-yield-with-usdush-in-defi) How can I earn additional yield with $USH in DeFi? You can earn additional yield with $USH through multiple DeFi strategies: 1. Participating in the Manifest liquidity mining program 2. Providing liquidity in AMMs to earn trading fees 3. Depositing in lending protocols to earn interest 4. Using in yield aggregators that optimize returns across protocols 5. Using as collateral to borrow other assets for yield farming These strategies can be implemented individually or combined for more complex yield optimization. #### [](#can-i-use-usdush-in-yield-aggregators) Can I use $USH in yield aggregators? Yes, $USH is designed to be compatible with yield aggregators that optimize returns by algorithmically shifting assets between different protocols based on yield opportunities. This allows passive investors the ability to maximize returns without actively managing multiple positions. Specific yield aggregator integrations are announced as they become available. #### [](#how-does-usdush-work-in-decentralized-derivatives-markets) How does $USH work in decentralized derivatives markets? $USH can be utilized in decentralized derivatives markets as margin collateral, enabling users to gain leveraged exposure to various assets or to hedge existing positions. The stable, real-world backed nature of $USH makes it well-suited for derivatives applications where collateral quality is particularly important. Specific derivatives protocol integrations are announced as they become available. #### [](#can-i-use-usdush-for-cross-chain-applications) Can I use $USH for cross-chain applications? Yes, $USH is designed with cross-chain compatibility in mind, allowing users to leverage their real estate exposure across multiple blockchain ecosystems. Through bridges and cross-chain protocols, $USH can be utilized in DeFi applications on various networks, expanding the potential use cases and yield opportunities available to token holders. #### [](#how-does-usdushs-integration-with-defi-compare-to-other-real-world-asset-tokens) How does $USH's integration with DeFi compare to other real-world asset tokens? $USH offers superior DeFi integration compared to most real-world asset tokens because it is permissionless by design. This means $USH can be used like $USDC in DeFi and your favorite DeFi protocol can permissionlessly integrate $USH. [PreviousTrade $USH](/using-manifest/trade-usdush) [NextEarn Manifest Points](/using-manifest/earn-manifest-points) Last updated 1 day ago --- # Investment Structure | Manifest #### [](#how-does-manifest-source-its-heis) How does Manifest source its HEIs? Manifest sources its HEI from its HEI origination partners. We leverage institutional relationships and proprietary deal flow to source high-quality investments. We buy assets from the same flows as PE firms, pension funds, university endowments, and sovereign wealth funds. #### [](#how-are-the-underlying-properties-selected) How are the underlying properties selected? Our origination partners select assets based on criteria Manifest provides. Our team analyzes market fundamentals, property characteristics, valuation metrics, and risk factors to provide our origination partners a buy box. Properties that fit in this buy box are eligible for our HEIs. We focus on owner-occupied residential properties in stable or growing markets, optimizing for long-term appreciation potential while managing downside risk. #### [](#what-does-private-equity-style-access-mean-for-investors) What does "private equity style access" mean for investors? Private equity style access means we provide the benefits typically associated with private equity real estate funds – institutional-grade deal sourcing, off-market opportunities, professional asset management, and the ability to deploy capital at scale – but without the traditional drawbacks such as high minimums and long lock-ups. $USH offers the benefits of private equity, with improved liquidity, lower investment thresholds, and global accessibility. #### [](#how-does-manifest-achieve-50-discounts-to-fair-market-home-values) How does Manifest achieve ~50% discounts to fair market home values? Homeowners are demanding HEIs at an unprecedented rate. Because HEIs uniquely facilitate liquidity for homeowners without requiring active debt payments, or loss of occupancy rights, homeowners sell their equity at significant discounts to fair market home values – typically 50%. #### [](#what-is-the-investment-timeline-for-the-underlying-assets) What is the investment timeline for the underlying assets? The underlying HEIs are originated with terms of 10-30 years, though they may realize returns earlier through refinancing, home sale, or other liquidity events. An average home equity investment is settled in 4.5 years. The structure of $USH allows investors to gain exposure to these long-term assets while maintaining liquidity through the tokenized structure, decoupling the investment horizon of the underlying assets from the investor's liquidity needs. #### [](#how-diversified-is-the-portfolio-backing-usdush) How diversified is the portfolio backing $USH? $USH is backed by a diversified portfolio of HEIs across multiple properties, regions, and market segments within the U.S. residential real estate market. This diversification helps manage risk and provides balanced exposure to the broad U.S. housing market while reducing concentration in any single property or region. At launch, HEIs backing $USH will come from the 13 states in which our origination partner operates. Over time, we aim to have HEIs from all 50 states in the portfolio. #### [](#how-are-assets-valued-on-the-manifest-platform) How are assets valued on the Manifest platform? Assets are valued using institutional-grade methodologies consistent with private equity real estate best practices. Our valuation process incorporates third-party appraisals, market comparables, and proprietary models. All valuations are recorded onchain, providing unprecedented transparency into portfolio composition and asset values. #### [](#what-happens-to-the-underlying-real-estate-if-manifest-ceases-operations) What happens to the underlying real estate if Manifest ceases operations? The underlying real estate assets backing $USH are held in secure, bankruptcy-remote structures separate from Manifest's operational entity. This legal separation ensures that tokenholders' interests in the underlying assets are protected regardless of Manifest's operational status. Additionally, our governance structure includes contingency protocols to ensure continuity of asset management in all scenarios. #### [](#can-i-invest-in-specific-properties-rather-than-the-broader-usdush-token) Can I invest in specific properties rather than the broader $USH token? No. $USH provides exposure to the diversified portfolio of HEIs rather than specific properties. This approach provides risk diversification, economies of scale, and simplified investor experience. We may explore more targeted investment options in the future based on investor demand and market conditions. #### [](#how-are-property-taxes-maintenance-and-homeowners-insurance-handled) How are property taxes, maintenance, and homeowners insurance handled? Property taxes,maintenance, and homeowners insurance are the responsibility of the homeowners who continue to occupy and own their homes. This structure eliminates the traditional burdens of real estate ownership for investors in $USH while still providing investment exposure to American homes. [Previous$USH Collateral Pool](/collateral/usdush-collateral-pool) [NextAsset Quality](/collateral/asset-quality) Last updated 2 days ago --- # Asset Quality | Manifest #### [](#what-regulatory-frameworks-govern-manifest) How diversified is the portfolio backing $USH? $USH is backed by a diversified portfolio of HEIs across multiple properties, regions, and market segments within the U.S. residential real estate market. This diversification helps manage risk and provides balanced exposure to the broad U.S. housing market while reducing concentration in any single property or region. At launch, HEIs backing $USH will come from the 13 states in which our origination partner operates. Over time, we aim to have HEIs from all 50 states in the portfolio. #### [](#how-are-assets-valued-on-the-manifest-platform) How are assets valued on the Manifest platform? Assets are valued using institutional-grade methodologies consistent with private equity real estate best practices. Our valuation process incorporates third-party appraisals, market comparables, and proprietary models. All valuations are recorded onchain, providing unprecedented transparency into portfolio composition and asset values. #### [](#can-i-invest-in-specific-properties-rather-than-the-broader-usdush-token) Can I invest in specific properties rather than the broader $USH token? No. $USH provides exposure to the diversified portfolio of HEIs rather than specific properties. This approach provides risk diversification, economies of scale, and simplified investor experience. We may explore more targeted investment options in the future based on investor demand and market conditions. #### [](#how-are-property-taxes-maintenance-and-homeowners-insurance-handled) How are property taxes, maintenance, and homeowners insurance handled? Property taxes, maintenance, and homeowners insurance are the responsibility of the homeowners who continue to occupy and own their homes. This structure eliminates the traditional burdens of real estate ownership for investors in $USH while still providing investment exposure to American homes. [PreviousInvestment Structure](/collateral/investment-structure) [NextBankruptcy Remote](/collateral/bankruptcy-remote) Last updated 17 hours ago --- # Yield Generation | Manifest #### [](#what-are-the-expected-returns-of-usdush) What are the expected returns of $USH? $USH is expected to increase in value approximately 13% annually. These returns accumulate in the token. #### [](#how-are-returns-generated-with-usdush) How are returns generated with $USH? $USH accrues value based on the increase in value of its backing real estate assets. $USH, as a permissionless and composable token, may be used for additional yield generation activities in DeFi. #### [](#does-usdush-pay-dividends-or-distribute-income) Does $USH pay dividends or distribute income? No. $USH is designed primarily as a capital appreciation vehicle rather than an income distribution vehicle. By re-investing capital into assets as opposed to distributing dividends, Manifest perpetually defers capital gains taxes (via 1031 exchanges), and withholding tax associated with U.S. taxes on real estate transfers. $USH tokenholders can vote to dissolve the vehicle, in which case the backing assets are sold, taxes paid, and all tokens are redeemed. See “9. Protocol Mechanics.” #### [](#how-frequently-are-returns-calculated-and-reported) How frequently are returns calculated and reported? Asset valuations and portfolio performance are calculated daily and recorded onchain, providing full transparency to the assets backing $USH tokens. Please email the team to request the PPM: [\[email protected\]](/cdn-cgi/l/email-protection#d1a5b4b0bcffb3a7b891bcb0bfb8b7b4a2a5ffb7b8bfb0bfb2b4) . [PreviousProtocol Mechanics](/usdush-token/protocol-mechanics) [NextTargeting 13% IRR](/usdush-token/targeting-13-irr) Last updated 2 days ago --- # How do I acquire $USA tokens? | Manifest #### [](#how-do-i-acquire-usdusa-tokens) $USA Acquisition $USA tokens can be acquired through multiple channels: participation in governance incentive programs, Manifest Points airdrops, liquidity mining incentives, supported exchanges, and our token distribution events. The specific acquisition methods available at any given time are detailed on our platform and in our community channels. #### [](#how-is-usdusa-distributed) $USA Distribution $USA is distributed through multiple channels including: community airdrops based on Manifest Points, strategic partner allocations, liquidity mining programs, governance incentives, and a portion reserved for the core team and early investors. The distribution model is designed to ensure broad community ownership and align incentives among all ecosystem participants. Manifest Foundation is in charge of all $USA related reward activities. [PreviousSupply & Utility](/governance/supply-and-utility) Last updated 1 day ago --- # $USH vs. ETFs | Manifest #### [](#what-regulatory-frameworks-govern-manifest) How is $USH different from an ETF? Investing in $USH instead of a traditional real estate ETF offers several advantages, particularly for investors who want higher returns, better liquidity, tax efficiency, and on-chain accessibility. #### [](#why-invest-in-usdush-instead-of-a-real-estate-etf) **Why Invest in $USH Instead of a Real Estate ETF?** Feature $USH (Manifest) Traditional Real Estate ETF **Returns** Targeting ~13% annual appreciation from HEIs, a historically high-performing real estate asset class. Typically 5-8% annual returns, tied to REITs or real estate stocks. **Asset Backing** Fully backed by HEIs — secured contracts on U.S. residential properties. Backed by publicly traded REITs or real estate stocks, which are influenced by broader stock market fluctuations. **Secondary Trading** Tradable 24/7 on DeFi platforms like Uniswap, Curve, and Aave. No intermediaries. Limited to stock market hours (9:30 AM – 4 PM ET) and requires brokerage accounts. **Transaction Costs** Lower on-chain fees, with direct blockchain-based trading. Brokerage fees, spreads, and management expenses apply. **Tax Efficiency** No U.S. tax reporting for non-U.S. investors. No dividend taxes since returns accrue via price appreciation. Dividends are taxable as ordinary income. Investors may have U.S. tax obligations depending on residency. **Decentralization & Custody** Self-custody: No intermediaries, no banks. Funds are fully under investor control. Centralized custody by brokers. Subject to third-party risks. **Composability (DeFi Usage)** Can be staked, lent, or borrowed on DeFi platforms to generate additional yield. No additional yield-generating options beyond ETF appreciation. **Access to Private Market Returns** HEIs have historically been available only to institutional investors—$USH democratizes access. Public REITs have lower yield and higher volatility than private real estate investments. **Volatility** Lower correlation to stock markets and traditional financial instruments. Higher correlation to the stock market, making ETFs more volatile in downturns. **Transparency** Fully on-chain, daily NAV updates. Investors can track HEI portfolio growth directly. Quarterly or annual reporting. Investors must trust fund managers. #### [](#what-are-the-main-benefits-of-usdush) What are the main benefits of $USH? $USH offers seven key benefits: 1. ~13% annual returns 2. Institutional-grade exposure to U.S. residential housing with improved liquidity and efficiency 3. Access to off-market discounts of approximately 50% to fair-market home values 4. Global accessibility; investments are possible in under 30 seconds 5. A tax-efficient structure designed for perpetual tax deferral 6. DeFi composability allowing tokens to be used across protocols for additional yield, 7. Real-time transparency with all assets recorded onchain. #### [](#how-liquid-is-usdush) How liquid is $USH? $USH offers significantly enhanced liquidity compared to traditional real estate investments. While traditional real estate can take months to sell and private equity real estate funds typically have multi-year lock-up periods, $USH's tokenized structure enables trading similar to other digital assets, providing liquidity previously unavailable in real estate investments. #### [](#is-usdush-just-the-first-product-from-manifest) Is $USH just the first product from Manifest? Yes, $USH is our first product, focused on U.S. residential real estate. We plan to launch additional financial instruments in the future, expanding the ability for global investors to access and leverage other U.S. private credit and equity assets through our protocol. #### [](#how-do-usdush-holders-influence-the-protocol) How do $USH holders influence the protocol? $USH holders can vote on whether to redeem all their tokens for the value of the collateral real estate. $USH holders, through this limited right, control the value of their investment because they are able to determine when they will collectively receive the value of the backing assets. [Previous$USH vs. Stablecoins](/usdush-token/usdush-vs.-stablecoins) [Next$USH vs. Direct Real Estate](/usdush-token/usdush-vs.-direct-real-estate) Last updated 17 hours ago --- # $USH Collateral Pool | Manifest #### [](#what-is-the-usdush-collateral-pool) What is the $USH Collateral Pool? The Collateral Pool is the portfolio of real-world assets that back $USH tokens. It's a transparent, efficient mechanism so investors understand what assets back $USH. The Collateral Pool consists of 100% of the interests in Manifest’s asset holding vehicle, U.S. Asset Holding Co., a Delaware C corporation. All HEIs backing $USH will be owned by U.S. Asset Holding Co. or trusts in which U.S. Asset Holding Co. owns 100% of the beneficial interests. Additionally, any cash held for working capital or liquidity in the Collateral Pool will be held by U.S. Asset Holding Co. For ease of description, we will describe the Collateral Pool as the set of assets held by U.S. Asset Holding Co. #### [](#how-does-the-collateral-pool-back-usdush) How does the Collateral Pool back $USH? In the event of a redemption of $USH, the Collateral Pool will be liquidated for cash to redeem $USH tokens. Every asset in the Collateral Pool is made visible with data onchain, providing unprecedented transparency into the collateral backing $USH. #### [](#what-types-of-assets-are-in-the-collateral-pool) What types of assets are in the Collateral Pool? The Collateral Pool contains HEIs in U.S. residential, owner-occupied properties. These are carefully selected for quality, location, growth potential, and risk characteristics. As Manifest expands, new Collateral Pools may be created for new asset backed tokens. Some working capital assets in the Collateral Pool may be held as cash or cash equivalents. #### [](#how-is-the-collateral-pool-managed) How is the Collateral Pool managed? The Collateral Pool is managed through a combination of asset management by the Manifest team and decentralized governance through $USA token holders. Management includes sourcing investments, optimizing portfolio composition, implementing risk management strategies, and maximizing returns for $USH holders. #### [](#how-transparent-is-the-collateral-pool) How transparent is the Collateral Pool? The Collateral Pool offers unprecedented transparency for a real estate investment vehicle. Data on every asset in the Collateral Pool is recorded onchain, allowing investors to verify portfolio composition, asset values, collateral health, and performance metrics in real-time. This transparency creates trust and accountability previously impossible in traditional real estate investments. #### [](#how-does-the-collateral-pool-generate-returns) How does the Collateral Pool generate returns? The Collateral Pool generates returns through the appreciation and maturation of the underlying HEIs. #### [](#what-happens-if-assets-in-the-pool-decrease-in-value) What happens if assets in the pool decrease in value? Our HEI terms create a substantial buffer against housing market downturns due to the Equity Multiple. Additionally, our diversification across multiple properties and regions mitigates concentration risk. If the values of HEIs in the Collateral Pool fall, the $USH backing value will fall, which will likely lead to a decrease in $USH value on the secondary market. #### [](#how-is-the-collateral-pool-different-from-other-rwa-backing-mechanisms) How is the Collateral Pool different from other RWA backing mechanisms? The Collateral Pool differs from other RWA backing mechanisms through: 1. Focus on equity-based real estate exposure rather than debt, 2. Real estate assets (HEIs) with built in downside protection due to the Equity Multiple, 3. Complete onchain transparency of all assets, and 4. Governance input from $USH and $USA token holders on strategic portfolio decisions. #### [](#what-risk-management-strategies-are-applied-to-the-collateral-pool) What risk management strategies are applied to the Collateral Pool? The Collateral Pool is managed by governance of the protocol. Governance uses a buy box to help ensure all HEI assets in the Collateral Pool meet the criteria for purchase. Manifest has contractual rights to obtain replacement assets if the assets originally delivered do not fit in the buy box. Governance can change the buy box rapidly if there are changes in the marketplace that need to be addressed. #### [](#how-does-the-collateral-pool-scale) How does the Collateral Pool scale? The Collateral Pool scales efficiently through our streamlined process for sourcing and acquiring HEIs. Unlike traditional real estate that faces scaling challenges due to management overhead, our HEI approach allows us to tap into the $35 trillion U.S. home equity market without operational constraints, enabling virtually unlimited scaling potential. [Previous$USH vs. Direct Real Estate](/usdush-token/usdush-vs.-direct-real-estate) [NextInvestment Structure](/collateral/investment-structure) Last updated 2 days ago --- # Earn Manifest Points | Manifest #### [](#when-will-manifest-points-be-available) When will Manifest Points be available? The first season of Manifest Points will commence in mid-2025. Follow the official [Manifest Twitter account](https://x.com/ManifestFinance) for details. #### [](#what-are-manifest-points) What are Manifest Points? Manifest Points are our non-transferable, non-token reward system that tracks user engagement and participation in the Manifest ecosystem. Points are accumulated through various activities and serve as the basis for potential airdrops, special access opportunities, and other benefits. They're designed to reward early adopters and active community members. #### [](#how-do-i-earn-manifest-points) How do I earn Manifest Points? You can earn Manifest Points through multiple activities including: holding $USH tokens, participating in governance with $USA, providing liquidity, completing educational tasks, referring new users, engaging with our community channels, participating in testing programs, and contributing to protocol development. The specific point values for different activities are published on our platform and updated periodically. #### [](#what-can-i-do-with-manifest-points) What can I do with Manifest Points? Manifest Points determine your eligibility and allocation for potential token airdrops, provide access to exclusive investment opportunities, unlock premium features, enhance your standing in the community, and may qualify you for special promotions or incentive programs. Points are designed to reward long-term, active participation in the Manifest ecosystem. #### [](#how-do-manifest-points-relate-to-airdrops) How do Manifest Points relate to airdrops? Manifest Points serve as the primary basis for determining airdrop eligibility and allocation amounts. Users with higher point totals generally receive larger allocations in potential airdrops of $USA tokens and potentially other tokens in the future. Points create a fair, transparent system for identifying the most engaged and valuable community members. #### [](#how-do-i-check-my-manifest-points-balance) How do I check my Manifest Points balance? Your Manifest Points balance is visible in your dashboard on the Manifest platform after connecting your wallet. The dashboard provides a breakdown of how you've earned points and upcoming opportunities to earn additional points. Points are generally updated in real-time, but may also be retroactively applied, as you participate in qualifying activities. #### [](#will-early-users-of-the-protocol-receive-special-benefits) Will early users of the protocol receive special benefits? Yes, early users of the protocol receive special benefits based on how they create value for the protocol. #### [](#can-i-transfer-my-manifest-points-to-another-user) Can I transfer my Manifest Points to another user? No, Manifest Points are non-transferable and tied to your specific wallet address. [Previous$USH in DeFi](/using-manifest/usdush-in-defi) [Next$USA Governance Token](/governance/usdusa-governance-token) Last updated 2 days ago ---