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Northvault
Strategy book

A diversified, on-chain-native approach to stablecoin yield.

We do not run a single-strategy book. Deposits are deployed across reserves, vetted market-maker lending, on-chain liquidity provision, and a small opportunistic sleeve. Allocation is governed by exposure limits and rebalanced as conditions change. Specific counterparties and venues are not disclosed publicly.

Strategies
4
Active buckets
Allocation
100%
Of book deployed
Blended target
6.1–9.9%
Estimated, variable
Concentration
≤30%
Per counterparty / venue
Allocation

Target weights across the book.

Allocation rebalances within bands as conditions change. The chart shows the current target weights and the estimated yield range for each bucket. Specific counterparties and venues are not disclosed publicly.

Blended target
6.1–9.9%
estimated · variable
  • Reserves & cash equivalents
    45%4.5–5.5%
  • Market-maker lending
    30%8–12%
  • On-chain liquidity provision
    17%7–14%
  • Opportunistic strategies
    8%6–18%
Yield bands

Estimated yield range per bucket.

Bands are the ranges within which each strategy is expected to operate under reasonable conditions. The reserves sleeve is the most predictable; the opportunistic sleeve is the most variable. None of these are guarantees.

Reserves & cash equivalents4.5–5.5% estimated · 45% of book
Market-maker lending8–12% estimated · 30% of book
On-chain liquidity provision7–14% estimated · 17% of book
Opportunistic strategies6–18% estimated · 8% of book
0%5%10%15%20%
Reserves & cash equivalents
Reserves
45% of book
Estimated target
4.50%–5.50%
Venue type
Tokenised treasury and short-duration money-market instruments.

Short-duration, dollar-denominated cash equivalents — including tokenised treasury exposure — providing the liquidity floor for redemptions and the stable base yield of the book.

Key risks · Low duration risk. Exposure to the issuer of any tokenised cash instrument and to the underlying reserve assets.
Market-maker lending
MM lending
30% of book
Estimated target
8.00%–12.00%
Venue type
Institutional lending via vetted prime venues and bilateral facilities.

Over-collateralised, short-tenor loans to vetted market-making and trading counterparties. Counterparties are subject to underwriting, collateral monitoring, exposure caps, and termination rights.

Key risks · Counterparty credit risk; collateral liquidation risk under fast-moving market conditions. Concentration limits enforced per counterparty.
On-chain liquidity provision
DeFi LP
17% of book
Estimated target
7.00%–14.00%
Venue type
Decentralised exchanges on Solana and major EVM networks. Venue mix rotates with conditions.

Concentrated-liquidity positions in stablecoin-pair pools on established decentralised exchanges. Stablecoin-only pairs to minimise impermanent loss. Earns trading fees and protocol incentives.

Key risks · Smart-contract risk; impermanent loss (minimised but not eliminated); oracle and routing risk; protocol incentive variability.
Opportunistic strategies
Opportunistic
8% of book
Estimated target
6.00%–18.00%
Venue type
Regulated derivatives venues and institutional spot markets.

Short-duration basis trades, cross-venue spread capture, and funding-rate strategies. Allocation is intentionally small and tactical; yield is highest-variance in the book.

Key risks · Execution risk, funding-rate reversal, slippage, venue downtime. Position-level stop-outs and dollar caps in place.
Selection & oversight

How a strategy gets onto this page.

  • Investment committee approval, with documented thesis and risk limits
  • Counterparty or venue diligence: legal, operational, technical
  • Exposure caps at the strategy, counterparty, and venue level
  • Continuous monitoring of utilisation, drawdown, and exit liquidity
  • Periodic review with the option to scale down, pause, or wind out
What you should expect

Honest about variability.

Blended yield is a function of where stablecoin markets are at any given moment. We do not promise a number, and we do not subsidise yield to mask a soft market. The strategy book is structured to deliver durable mid-teens estimated APY across reasonable conditions — and to take the floor lower in soft markets rather than reach for risk.

See the transparency page