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Terms of Service

Last updated: June 21, 2026

These Terms of Service (the “Terms”) govern your access to and use of the websites, applications, smart contracts, and related services made available by Fypher (collectively, “Fypher,” “we,” “us,” or “our”), including the FYUSD digital dollar, the Vault (vFYUSD), and the Earn and Redeem flows (together, the “Services”). By accessing or using the Services, you agree to be bound by these Terms. If you do not agree, do not access or use the Services.

Please read these Terms carefully. They contain important information about your legal rights, remedies, and obligations, including a binding arbitration provision and a class-action waiver (Section 18), and significant disclaimers, limitations of liability, and risk disclosures.

1. Eligibility

To use the Services, you must be at least 18 years old and have the legal capacity to enter into a binding contract. By using the Services, you represent and warrant that you meet these requirements and that all information you provide is accurate and complete.

2. Prohibited Persons and Jurisdictions

The Services are not offered to, and may not be used by, any person who is a U.S. person (as defined under Regulation S of the U.S. Securities Act and applicable regulations) or who is located in, incorporated or otherwise established in, or a resident of any Restricted Jurisdiction. Restricted Jurisdictions include the United States of America and any jurisdiction subject to comprehensive sanctions administered by the U.S. Office of Foreign Assets Control (OFAC), the United Nations, the European Union, or the United Kingdom (including, without limitation, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, and Luhansk regions), as well as any other jurisdiction in which access to or use of the Services would be unlawful.

By using the Services, you represent and warrant that: (a) you are not a U.S. person and are not located in or a resident of a Restricted Jurisdiction; (b) you are not subject to any sanctions and are not listed on any government list of prohibited or restricted parties; and (c) you will not use the Services on behalf of, or for the benefit of, any such person. You may be required to confirm these representations before accessing certain features. We may restrict access from certain jurisdictions at our discretion.

3. The Services

Fypher provides a software interface that lets eligible users interact with on-chain protocols and third-party providers. FYUSD is a digital dollar token intended to be backed by U.S. dollar–denominated reserves held with regulated custodians. The Vault issues vFYUSD, a token representing a share of a yield strategy. Yield and reserve management may be provided by third parties (including, without limitation, qualified custodians and strategy providers). Fypher is a non-custodial interface: you transact directly from a wallet you control, and you are solely responsible for your wallet, private keys, and transactions. We do not take custody of your crypto assets through the interface, and we cannot reverse, cancel, or recover transactions once submitted to a blockchain.

4. No Advice

Nothing in the Services constitutes, and nothing should be construed as, investment, financial, legal, tax, accounting, or other professional advice, or a solicitation, recommendation, endorsement, or offer to buy or sell any asset. All content is provided for informational purposes only. You are solely responsible for evaluating the merits and risks of any transaction and should consult your own advisors.

5. Risk Disclosures

Digital assets and decentralized protocols involve substantial risk. By using the Services, you acknowledge and accept the following risks, among others:

  • No guarantee of value or peg. FYUSD and related tokens may lose value or fail to maintain a 1:1 relationship with the U.S. dollar (“depeg”). Stated yields, APYs, and APRs are estimates, are variable, and are not guaranteed.
  • Smart-contract risk. Smart contracts may contain bugs, vulnerabilities, or be subject to exploits, hacks, or economic attacks that could result in total loss of funds.
  • Custody and counterparty risk. Reserves, fiat conversion, and yield strategies rely on third-party custodians and providers whose insolvency, default, error, or misconduct could affect FYUSD, the Vault, or redemptions.
  • Regulatory risk. Laws and regulations applicable to digital assets and stablecoins are evolving and uncertain, and changes could adversely affect the Services or your ability to use them.
  • Liquidity and redemption risk. Redemptions may be delayed, suspended, batched (e.g. epoch settlement), or unavailable, and lock-up periods may restrict access to funds.
  • Market and technology risk. Blockchain congestion, oracle failures, forks, and volatility may cause delays, failed transactions, or losses.
  • No insurance. Digital assets and balances are not deposits, are not insured by the FDIC, SIPC, or any government agency, and are not protected by any deposit-insurance scheme.

You represent that you have the knowledge and experience to evaluate these risks and that you can bear the risk of total loss. Do not transact with funds you cannot afford to lose.

6. Fees

Use of certain features may be subject to fees, which are disclosed at the point of the relevant action (for example, a one-time conversion fee on deposits) and may change from time to time. You are also responsible for any network (gas) fees and any taxes arising from your transactions.

7. Identity Verification and Compliance

We may require you to complete identity verification (KYC) and to provide information for anti–money laundering (AML), counter-terrorist-financing, and sanctions-screening purposes as a condition of accessing some or all of the Services. We may refuse, suspend, or terminate access, and may report activity to authorities, where required by law or where we suspect prohibited or unlawful activity.

8. Wallets and Security

You are solely responsible for securing your wallet, private keys, seed phrases, and credentials, and for all activity that occurs through your wallet. We are not responsible for any loss arising from unauthorized access to your wallet, lost keys, or your interaction with third-party wallets or services. Any wallet-connection provider you use is governed by its own terms.

9. Prohibited Conduct

You agree not to, and not to permit any third party to:

  • use the Services for any unlawful purpose, including money laundering, terrorist financing, fraud, or sanctions evasion;
  • circumvent, disable, or interfere with security or access controls, including jurisdiction or eligibility restrictions (e.g. via VPN or misrepresentation);
  • engage in market manipulation or any deceptive or abusive trading practice;
  • reverse engineer, scrape, or introduce malware or otherwise disrupt the Services; or
  • infringe the rights of Fypher or any third party.

10. Intellectual Property

The Services, including all software, text, designs, graphics, and trademarks (other than open-source components and third-party or on-chain assets), are owned by or licensed to Fypher and are protected by intellectual-property laws. Subject to these Terms, we grant you a limited, non-exclusive, non-transferable, revocable license to access and use the interface for its intended purpose. All rights not expressly granted are reserved.

11. Third-Party Services

The Services may integrate or link to third-party protocols, custodians, and services. We do not control and are not responsible for third-party services, and your use of them is at your own risk and subject to their terms. Inclusion of a third party does not imply endorsement.

12. Disclaimer of Warranties

THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE,” WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED, SECURE, ERROR-FREE, OR FREE OF HARMFUL COMPONENTS, OR THAT ANY TOKEN WILL MAINTAIN ANY PARTICULAR VALUE OR PEG.

13. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT WILL FYPHER OR ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, REVENUE, DATA, OR DIGITAL ASSETS, ARISING OUT OF OR RELATING TO THE SERVICES, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY LAW, OUR TOTAL AGGREGATE LIABILITY FOR ALL CLAIMS RELATING TO THE SERVICES WILL NOT EXCEED THE GREATER OF (A) THE FEES YOU PAID TO US IN THE SIX (6) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR (B) ONE HUNDRED U.S. DOLLARS (US$100).

14. Indemnification

You agree to indemnify, defend, and hold harmless Fypher and its affiliates and their respective officers, directors, employees, and agents from and against any claims, damages, losses, liabilities, and expenses (including reasonable legal fees) arising out of or relating to your use of the Services, your violation of these Terms, or your violation of any law or the rights of any third party.

15. Modifications to the Services and Terms

We may modify, suspend, or discontinue the Services, in whole or in part, at any time and without liability. We may also amend these Terms; the “Last updated” date reflects the latest version, and your continued use of the Services after changes take effect constitutes acceptance of the revised Terms.

16. Termination

We may suspend or terminate your access to the Services at any time, with or without notice, including if we believe you have violated these Terms or applicable law. Sections that by their nature should survive termination (including Sections 4, 5, and 12–18) will survive.

17. Privacy

Your use of the Services is also governed by our Privacy Policy, which is incorporated into these Terms by reference.

18. Governing Law and Dispute Resolution

These Terms and any dispute arising out of or relating to them or the Services will be governed by the laws of the jurisdiction in which the operating Fypher entity is organized, without regard to conflict- of-laws principles. To the maximum extent permitted by law, you and Fypher agree that any dispute will be resolved by final and binding individual arbitration, and you waive any right to participate in a class, collective, or representative action. You may opt out of arbitration by notifying us in writing within 30 days of first accepting these Terms. Nothing in this section prevents either party from seeking injunctive relief to protect intellectual-property or confidential information.

19. Miscellaneous

If any provision of these Terms is held unenforceable, the remaining provisions will remain in full force. Our failure to enforce any right is not a waiver. You may not assign these Terms without our consent; we may assign them freely. These Terms constitute the entire agreement between you and Fypher regarding the Services and supersede prior agreements.

20. Contact

Questions about these Terms may be sent to legal@fypherfi.com.