Comparison to other investment tokens

USH is not classified as a traditional stablecoin; like stablecoins, USH can be transferred to investors without their needing to be onboarded with the issuer, although onboarding is necessary for minting or redeeming with Truly. However, unlike with stablecoins, USH holders earn almost all of the return from the assets that back USH.

Below is a table that compares stablecoins and USH:

	Stablecoins	USH
Bankruptcy-remoteness	Stablecoins are generally issued out of operating companies. If a stablecoin issuer went bankrupt, including for reasons unrelated to operating their respective stablecoins, holders may be unable to redeem	USH is issued by our issuing entity, a company that is designed to be bankruptcy-remote from any other entities, including Truly operating companies
Yield	Stablecoin holders receive no direct interest	USH holders receive returns generated from the underlying assets (less amounts to satisfy fees, taxes, obligations, and expenses) in the form of increasing Backing Value, and when repurchases are made, repurchase price
Secured by high quality assets	Stablecoins are generally unsecured liabilities of their issuers with no security interest in the assets that back them and are at risk of being subordinated to the claims of other creditors	USH holders have a security interest in the assets that back it, and USH is the only secured issuance of the issuing entity
Regulatory status	Stablecoins exist in a regulatory gray area and are not structured in a way to be able to pay holders a yield	USH is be issued in compliance with US federal and state securities and financial crime compliance laws and Virgin Island law
Third-party oversight	Stablecoin issuers can, in many cases, unilaterally change the type of assets that back them	The trust company protects USH holders as trustee for the security interest, able to force a wind-down in an event of non-compliance