Description
XLUSD is issued by Excellar International SAC Ltd., a Bermuda-incorporated and Bermuda Monetary Authority-licensed digital asset business. Each token represents a proportional interest in the Excellar International XLUSD Segregated Account, whose USD-denominated reserves are held separately and managed through delta-neutral strategies including DeFi lending and borrowing, liquidity provision, market making, arbitrage, hedged structured products, derivatives, staking, and inter-account lending. Eligible users may purchase, hold, transfer, and redeem XLUSD through Excellar's Platform and hosted wallet services, subject to KYC/AML requirements, jurisdictional restrictions, eligibility criteria, transaction costs, and the stated test-phase limitations. Retail clients are excluded.