Disclaimers
The mandatory disclaimers, displayed before your first transaction and accepted by attestation. Reproduced here in full and unedited.
These statements are displayed before your first transaction on the reference interface, are accepted by ticked attestation, and form part of the Terms of Service. They are reproduced here in full, in the order and wording of the protocol specification, section 15.4.1.
The legal analysis contributed eight. Immutability and the Closer key were added when the protocol was frozen at deployment. Specification v0.4 added the last two: the weekend dependence on a fixed set of on-chain pools, and what a depositor should expect. All twelve are mandatory, and this list of twelve is the same list the interface displays, in the same order, because both read DISCLAIMERS in the protocol package.
1. Exact nature of the collateral
Collateralised tracker certificates, ledger-based securities under Swiss law, secured, limited recourse, conferring no right whatsoever over the underlying shares. The issuer was incorporated on 23 October 2025, has no financial history and no credit rating. "The Issuer is not regulated."
2. Out-of-session risk
The official price is frozen from Friday 20:00 to Sunday 20:00 ET and on market holidays. During that window the protocol recognises a fall in the on-chain price and never a rise, and never more than 4% below the official print on tier 1. A position that drops under 115% measured on that price can be taken by a third-party buyer, after at least 90 minutes of on-chain visibility. The loan-to-value available to borrow or withdraw falls out of session and returns at the first official price.
A price shown outside the session is an estimate, not an executable quote. A single-name token has traded on-chain at $132.64 against an official closing price of $28.84: the gap between an on-chain price and a real one can be a factor of four.
3. Your position can be liquidated, at any hour
If your ratio falls below the minimum for its tier, 115% on tier 1 and 120% on tier 2, your collateral is sold to repay your debt and the buyer keeps a discount. You lose that collateral permanently. The threshold applies at every hour of every day, including weekends and holidays. There is no grace period at all beyond the 10 minutes during which the Stability Pool executes nothing after an official price returns.
The first price of Sunday evening comes from a single provider, applies in one step at 20:00 ET, and can differ from Monday's session. For a Stability Pool depositor, 20:10 on Sunday is the moment the entire weekend is absorbed at once.
4. Sequencer risk
Robinhood may filter or reorder transactions without notice, and without a verified uptime feed. Where no such feed exists, the protocol has no way to detect a stopped or censoring sequencer from inside a contract.
5. fyUSD
fyUSD is neither electronic money, nor a deposit, nor guaranteed.
6. Restricted jurisdictions
United States, United Kingdom, Canada, Switzerland, the eleven "Prohibited Investors" and jurisdictions under sanctions. VPN use is prohibited.
7. fyUSD and sfyUSD carry no rights and no claim on any entity
fyUSD and sfyUSD are balances produced by contracts. They carry no governance right, no vote, no share of profits and no claim against any company, foundation or person. Nothing in this interface or in this documentation is an offer, a solicitation or an invitation in respect of any other asset.
8. Issuer and custodian risk
The price feed may continue to publish the price of the share while the value of the token is zero.
9. Immutability
No parameter can be corrected after deployment. An unanticipated corporate action, such as a spin-off, may cause a definitive loss with no human safeguard in existence. A failing component causes the closure of its branch, not its repair.
10. The Closer
A key held by the development company may freeze certain functions for at most 72 hours, liquidations and open sales for at most 24 hours and never twice within 7 days on the same branch, and may irreversibly close a branch or the entire protocol, until day 365 after deployment. New Stability Pool deposits are refused while a liquidation freeze runs; withdrawals are not. The key can neither mint, nor modify, nor block repayments and withdrawals. After that date, no human intervention is possible.
11. Out of session, the only price witness is a fixed set of Uniswap pools
The pools that witness the price at the weekend are chosen before deployment and can never be changed. A coordinated manipulation of them can make positions sitting less than 4% above the threshold sellable at a price below the reopening price.
The exposure is bounded: never more than 4% below the official print, and never more than 15% of a branch's debt across one weekend. On the measured depths it does not pay for the manipulator at any scale that has been analysed, but it is possible. If those pools disappear, no out-of-session liquidation can happen at all, and the loan-to-value available out of session is lower.
12. What a depositor should expect
The structural yield expected of sfyUSD is 3% to 5% a year. The first months are higher, because the Stability Pool is small and not because the protocol earns more. Neither figure is guaranteed by anybody, and both move with the average rate borrowers set for themselves, which is a market outcome.
A depositor holds the collateral side of every liquidation: gains arrive as stock tokens, a withdrawal above 20% of the wrapper's assets can be delivered in kind, and the pool takes an outright loss on any position that falls below the debt it owes.
Why items 2 and 3 read as they do
The specification's original wording of these two described a market that was closed outside the session: a frozen reference price, no liquidation until Monday, and a position that could become liquidatable at a reopening. That design no longer exists. See Markets never close and Price regimes.
The disclosures got stronger. The old item 2 warned about a price that was frozen; the new one warns that the price is an estimate whose uncertainty is priced in, and gives the exact bound on what the protocol will recognise. The old item 3 promised liquidation only during trading hours; the new one says plainly that it can happen at any hour of any day, and names the Sunday-evening moment when the whole weekend lands on the Stability Pool. Both are the version the interface displays and the version you accept by attestation.
What must never be said
The specification also fixes what may never appear in any communication about Fyber, by anyone:
- Any tax argument, however implicit.
- Any promised or advertised yield, including "up to".
- "Paid to borrow" presented as a promise rather than as an observable consequence.
- Any marketing directed at a restricted jurisdiction.
- Any claim of being "fully decentralised" while the Closer key exists. The claim that is made is narrower and precise: no identifiable issuer.
- "Never liquidated at the weekend" or "protected until Monday", in any form.
- "No cliff" without saying whose. It is true of a borrower's threshold, which never moves. It is false for a Stability Pool depositor, who absorbs the whole weekend at the Sunday-evening price.
Rule R-15.4.2
Where these are enforced
The attestation gate, the jurisdiction check, VPN and Tor detection, address screening and the traced periodic review are all functions of the reference interface. None of them exists on-chain, and none of them can, because an on-chain control maintained by an identifiable person would destroy the legal position these disclaimers describe.
Rules R-15.4.3, R-12.8.1
Related
Last reviewed: 2026-09-07 · Spec v0.4