Legal Disclaimers and Disclosures

U.S. Restriction

Not available to US persons: XUSD targets non-US persons and will seek a “Regulation S” exemption from the US Securities and Exchanges Commission (SEC). Due to the stipulations of this exemption, users registered or residing in the US are not allowed to open accounts with Excellar.

Terms and Conditions

By clicking "Accept" on the website when presented with these Terms and/or by using our products and services and/or by holding XUSD, you are agreeing to these Terms and Conditions ("Terms") that govern the relationship between you and Excellar International Limited ("Excellar" or "we"). Please read these Terms carefully before accessing or using our products and services or holding XUSD.

By registering for an account, accessing or using the Excellar platform ("the Platform"), or purchasing, holding, or using XUSD, you acknowledge that you have read, understood, and agreed to be bound by these Terms. If you do not agree with these Terms, you must not use Excellar or XUSD.

These Terms may be updated, amended, varied or modified by Excellar from time to time. We will notify you of any significant update, amendment, variation or modification to these Terms by posting a notice on our website or through other appropriate means. In the event of a material update, amendment, variation or modification to these Terms, we will give you 30 days' notice in advance by posting a notice on the platform or through other appropriate means. By clicking "Accept" on the platform when presented with the Terms updated, amended, varied or modified in accordance with this paragraph or your continued use of Excellar or XUSD after any such changes constitutes your acceptance of the updated, amended, varied or modified Terms. If you do not agree to any update, amendment, variation or modification to the Terms, you must stop using Excellar and XUSD immediately.

We may in our sole discretion make any non-material update, amendment, variation or modification to these Terms, including, to the fullest extent permitted by applicable law, any amendment, change, variation or modification to these Terms that does not impact your use of Excellar or XUSD. Any such update, amendment, variation or modification will become effective immediately upon our giving notice through the Platform or through other appropriate means.

We may make an update, amendment, variation or modification to these terms without prior advance notice to you in the event that it is required, as determined by us in our sole discretion, for reasons of security, legality or regulatory compliance, including but not limited to for reasons of compliance with any law, regulation, order from a court of competent jurisdiction or direction from our regulator. Such changes will become immediately effective and we will endeavor to notify you through the platform or through other appropriate means as soon as possible thereafter.

We may update and change the Platform from time to time to reflect changes to our products and services, our user's needs and our business priorities. We will try to give you reasonable notice of any material changes.

Risk Factors

  • Underlying Asset Risk: The assets backing XUSD are held in short term U.S. Treasuries and U.S. money market instruments. Defaults on these instruments could lead to loss of collateral value. Underlying assets held to our account for and on behalf of eligible users equal in value to the XUSD held by users, may be lost or inaccessible to users due to various factors including, without limitation, discovery of wrongful conduct, market manipulation, physical or digital attacks, insolvency of Excellar and other factors outside of our control.
  • Smart Contract Risk: Smart contracts used on the Platform may contain vulnerabilities or unforeseen issues that could result in asset loss or disruptions to our products and services. Excellar has taken steps to mitigate such risks, including audits and monitoring, but no smart contract is risk free.
  • Blockchain-Related risk: The use of blockchain technology entails inherent risks, such as irreversible transactions, which may lead to permanent loss of assets in cases of errors or unauthorized transactions.
  • Fork risk: The permissionless nature of blockchains means that existing supported blockchains may fork. Excellar will inform users in advance in case new forks are supported, so that users can track the blockchains where ownership of assets continues to be supported for redemptions.
  • Liquidity and Listing risk: Market fluctuations, changes in listing status, or other factors may impact the liquidity and value of digital assets held in your account.
  • Legal risk: Changes in laws or regulations in your jurisdiction or internationally may impact your ability to use our products and services or the legal status of your digital assets.
  • Regulatory Changes: Any digital asset such as XUSD may decrease in value or lose all of its value due to legislative or regulatory activity, or other governmental or regulatory action. Governmental and regulatory authority regulation of digital assets is unsettled and rapidly evolving.
  • Exchange risk: The loss or compromise of digital asset exchanges may result in the loss of your assets or disruptions to our products and services.
  • Trading Risk: Trading digital assets involves inherent risks, including market volatility, and may result in the loss of some or all of your assets.
  • Banking Risk: Changes in banking relationships or regulations may impact the availability of our products and services, including the ability to deposit or withdraw fiat currency.
  • No Deposit Insurance: Excellar does not provide deposit insurance, and digital assets held in your account are not insured against loss.
  • Insurance: We have not obtained insurance coverage in respect of our business operations.
  • Third Party Platform risk: XUSD’s permissionless feature enables 3rd party platforms to integrate without Excellar's consent. This may lead users to interacting with malicious contracts or contracts with security features that have not been assessed by Excellar. Excellar is not liable for losses related to the usage of 3rd party platforms.
  • Blocked addresses, Blacklisting and Forfeited funds: Excellar reserves the right to block certain XUSD addresses and freeze associated XUSD (temporarily or permanently) if it determines, in its sole discretion, that they may be associated with illegal activity or activity violating these Terms. If you send or receive XUSD to/from a Blocked or Blacklisted Address, Excellar may freeze the XUSD and take steps to suspend or terminate your XUSD Account. In certain cases, Excellar may report suspected illegal activity to law enforcement agencies, which could result in the forfeiture of rights associated with your XUSD, including redemption for USD. Excellar may also be required to freeze XUSD or surrender associated USD if mandated by a legal order from a valid government authority.
  • Termination Risk: You may be unable to withdraw or transfer XUSD prior to our termination of any products and services or your access to your account, in each case, resulting in the loss of any XUSD remaining in your Hosted Wallet.
  • Inaccuracies Risk: Any XUSD may be lost if sent to the wrong address (for example, but without limitation, if the address is improperly formatted contains errors, or is intended to be used for a different type of digital asset). Any XUSD may be lost if sent to a correct address but the recipient does not act as intended. Your transaction request or email to us or via the Platform may be lost, intercepted or altered during transmission.

No Investment Advice

Excellar International Limited does not provide any investment advice or recommendations regarding the purchase, sale, or holding of XUSD or any other digital assets. All decisions to buy, sell, or hold digital assets are solely the responsibility of the user. Users should conduct their own research, seek professional advice, and carefully consider the risks associated with digital asset transactions before making any decisions.