Summary
Ketju does not approve OpenTrade: it serves "No Retail Users," and it does not disclose who can pause or change its vault contracts or name its custodians. Investors must be high-net-worth individuals, companies, professional clients, sophisticated investors, or accredited investors "or the equivalent," and must pass full Kroll KYC/AML/CFT screening. That alone places OpenTrade with BUIDL, USYC and the other institutional-only RWA products in this batch of reviews, none of which Ketju approves. OpenTrade forked its Perimeter Protocol from Circle Research, whose design lists privileged Pool Admin roles as standard. Yet OpenTrade’s public materials document no admin, pause or emergency power over the vaults. Its docs refer only to "Regulated Custodians" and "Broker/Dealers," with no firm named. We found no primary audit report for vault versions v2 through v5, though the docs refer to several audits. The bankruptcy-remote Cayman SPC wrapper is a real strength, but it cannot stand in for disclosing who controls the contracts.
Review triggers
- A US-eligible offering opens to the US clients Ketju's advisors serve
- Admin, pause, and emergency-control powers over the deployed vault contracts are disclosed, including key-holder identity and any timelock
- Named regulated custodians and broker-dealers are disclosed for each product
- A primary audit report for the current vault contract version is published and reviewed
Facts
- Verdict
- Not approved
- Type
- Tokenized real-world assets
- Chains examined
- Avalanche, Plume Mainnet, Ethereum
- Reviewed
- Last confirmed