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Questions
Short answers to what people ask first. Each one links to the page that explains it in full.
USDq
What backs USDq?
Tokenized S&P 500 and Nasdaq-100 ETFs on Solana, SPYx and QQQx, each held against an equal short of the matching index perp on Hyperliquid, plus USDC: margin for the shorts and a buffer on Solana. The pair holds its value whichever way the index moves.
Does USDq earn anything?
No. USDq carries no yield of its own. The reserve's yield goes to sUSDq: stake USDq and you hold a share of 80% of every distribution.
How do I turn USDq back into dollars?
Redeem it for USDC on the Mint tab. The program pays USDC one for one, less the 10 bps fee, from the buffer on Solana. The path runs at any hour on any day; the app shows how much the buffer holds now.
How much can I mint in an hour?
Each path refills by the hour: $1,000,000 an hour for minting with USDC, $500,000 an hour for each xStock path. Capacity refills continuously, so half an hour after it is used, half of it is back. USDq supply also has a ceiling that grows with the xStocks' supply and the perps' open interest.
Are USDq and sUSDq ordinary tokens?
Yes. Both are SPL tokens on the original token program, with 6 decimals, so any Solana wallet holds them, you can send them like any other token, and any program can read them without extension checks. sUSDq's worth in USDq is one exchange rate in the program's state.
xStocks
Why can't I mint with SPYx right now?
The xStock paths run while a US equity session is open and the matching perp is trading. They wait from Friday 17:00 to Sunday 20:00 ET, on NYSE holidays, and in the perps' daily pause. The button says when the path opens again. The USDC paths keep running throughout.
Why is the price a little under the ETF's?
Each session has a band: 5 bps in the regular session, 15 bps before and after it, 25 bps overnight. Minting values your xStocks at the price less the band, and redeeming pays them out at the price plus the band. The fee comes after that.
What is the xStock multiplier?
xStocks reinvest dividends and apply splits through a multiplier, so the balance a wallet shows is the token's raw amount times the multiplier. The program counts raw units and applies the same multiplier, and the app shows every xStock amount the way your wallet does.
Staking
How long does unstaking take?
sUSDq: 7 days, then you claim your USDq. stAEQUA: a 10-day cooldown, then a 2-day window to withdraw.
When does sUSDq earn?
Every 8 hours a distribution adds USDq to the sUSDq vault, and it vests evenly over the next 8 hours. sUSDq's worth in USDq rises as it vests, so there is nothing to claim.
How do I lower my fee?
Stake AEQUA. With 100,000 AEQUA in an active position your mint and redeem fee is 5 bps; with 1,000,000 it is 2 bps.
AEQUA
How does AEQUA launch?
As a fair launch: all 1,000,000,000 go to the public launch on equal terms. There is no presale, no team, investor or reserved allocation and no vesting. Mint and freeze authority are revoked at launch, so the supply only falls.
What does the buyback do?
10% of every distribution goes to a vault whose only way out is the buyback; once the Reserve Fund is full, its 10% and the fees go there too. At most once an hour a crank spends up to 5,000 USDq on AEQUA. In the same transaction 50% of what it buys is burned and the rest streams to stAEQUA over 7 days.
The app
Why does the bottom edge say Simulation?
Until the program is deployed, the app runs the protocol in your browser on live prices, with test balances. The slot opens controls to move time forward, add test funds and reset.
Who can use the app?
Anyone outside the United States, South Korea and the other jurisdictions the xStocks prospectus excludes, who is not a US person. The Reserve tab and the docs are open to everyone.
Can I check the reserve myself?
Yes. The Reserve tab reads the reserve on Solana, and sets the hedge report, sent every 60 s, beside Hyperliquid's public figures for the same account, read straight from its info API.