> For the complete documentation index, see [llms.txt](https://docs.realfi.co/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.realfi.co/compliance/regulatory-status-of-the-protocol-entities.md). # Regulatory status of the protocol entities The RealFi protocol operates through a multi-entity offshore architecture designed to separate governance, issuance, and operational functions. *RealFi Foundation* is a Cayman Islands foundation company that governs the protocol. The Foundation is the steward of the protocol's long-term direction and is responsible for protocol-level decision-making in accordance with its governing documents. *RealFi Reserve Ltd.* is the British Virgin Islands business company that issues USDr. USDr is not classified as a regulated financial instrument under current BVI virtual asset guidelines at launch. *RealFi Yield Ltd.* is the British Virgin Islands business company that issues sUSDr. sUSDr is characterized as a debenture under the BVI Securities and Investment Business Act 2010 and is issued in reliance on the own-issuance exemption. *RealFi Protocol Ltd.* is the British Virgin Islands business company that will issue RFG, the protocol's governance token. RFG has not yet been issued. Each entity's regulatory status is subject to ongoing monitoring as global stablecoin, digital asset, and securities regulation evolves. Classification under any jurisdiction's framework may change in response to regulatory developments. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.realfi.co/compliance/regulatory-status-of-the-protocol-entities.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.