IPUSD vaults

ipUSD is a digital dollar used to enter and exit IP Vault, a product offering access to royalty investments. Soneium announced ipUSD and IP Vault with Asseto on 27 October 2026, with opening scheduled for 28 October. The tokens run on Soneium, an Ethereum network developed by Sony Block Solutions Labs, a joint venture between Sony Group and Startale.

According to the project documentation, each ipUSD is backed by one dollar's worth of Startale USD (USDSC) and USDC reserves. Users can exchange these stablecoins for ipUSD and back at a 1:1 ratio. The supported USDC token is USDC.e, a version transferred to Soneium from another blockchain. Conversion depends on the available reserves.

Asseto provides the tokenised fund investment used by IP Vault: an onchain representation of an interest in Partners Group Diversified Royalties Opportunities Evergreen. The fund description identifies Partners Group as its manager and states that it is not affiliated with, and does not endorse, ipUSD or IP Vault. Users must invest in IP Vault and receive vault shares to participate in its royalty returns. Simply holding ipUSD does not earn those returns.

The risk disclosures explain that reserve tokens could lose their dollar value, be frozen by their issuers, or become unavailable because of problems moving assets between blockchains. These risks can affect ipUSD's value and the ability to convert it back. A conversion fee may also be introduced in exceptional market conditions.