# Goverance

USDREFI governance is designed for practical decision-making at current scale, with a clear path to progressive decentralization.

## Foundation Multisig

During the current phase, vault assets are held in **multisig-controlled Gnosis Safes** operated by the Regenerative Finance Foundation. The Foundation Safe uses a 2-of-3 threshold with clear signer roles and separation of duties.

The Foundation Safe controls:

* Capital deployment into curated credit pools
* Vault parameters (global cap, tier caps)
* TierRegistry overrides
* Emergency withdrawal toggle
* Reward distribution funding

## Legal Structure

USDREFI launches as a **non-custodial, hosted solution**. During the Beta phase:

* The Regenerative Finance Foundation hosts the interface
* The Foundation acts as counterparty to lending platforms
* Users sign Terms and Conditions via wallet on first deposit
* The Foundation is not liable for losses
* Product details may change at the Foundation's discretion

To increase deposit ceilings or introduce more complex assets, Regenerative intends to transition to a dedicated legal entity (e.g. a Curaçao BV or external regulated service provider).

## Terms & Conditions

Key terms users agree to on first deposit:

* No direct withdrawals — exit via secondary market swap only
* USDREFI may trade at discount or premium
* Reward rates are not guaranteed
* The Foundation is not liable for losses from credit defaults, market conditions, or operational issues