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HOW USDR WORKS

USDR operates under a disciplined, asset-referenced framework designed to support stability, transparency, and long-term sustainability.

Rather than relying on algorithmic or market-driven expansion, USDR is governed by clearly defined issuance principles, real-world asset backing, and optional participation mechanisms that align holders with underlying economic activity.

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The system is structured around the following components:

  1. Issuance governance

  2. Asset and reserve management

  3. Circulation and settlement

  4. Optional staking participation

  5. Yield allocation and distribution discipline

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Each component is designed to prioritize system integrity over short-term optimization.

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Issurance Framework

USDR issuance is controlled and conditional, not demand-driven.

New USDR may be issued only when predefined conditions are satisfied, which may include:

  • Availability of approved backing assets

  • Confirmation of asset valuation and reserve coverage

  • Compliance with internal risk and governance thresholds

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Issuance may be restricted, delayed, or paused when conditions are not met.
There is no automated or reflexive minting tied to market price movements.

This framework is designed to preserve confidence in USDR’s asset reference over time.

Issuance & Regulatory Alignment

USDR is designed to operate within a regulated and compliant issuance structure, working with licensed digital asset infrastructure partners where applicable.

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For issuance structuring, market infrastructure, and regulatory coordination, USDR works with licensed partners such as InvestaX and IX Swap, each operating under their respective regulatory frameworks.

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These partners support compliant issuance processes, market access infrastructure, and regulatory alignment where applicable.

Licensed partners do not act as guarantors of value, stability, or performance, and their involvement does not constitute endorsement or assurance of outcomes.

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IX Swap acts as a licensed platform service provider, supporting:

  • Retail-accessible issuance and distribution workflows

  • Investor onboarding and payment processing

  • Platform-level compliance and transaction execution

Distribution between platforms may occur through distribution assignment arrangements, subject to regulatory constraints.

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InvestaX acts as a licensed issuance and distribution platform, facilitating:

  • Investor onboarding and KYC

  • Execution of purchase agreements and investment memoranda

  • Distribution of USDR to eligible professional or institutional investors

Legal and Transactional Structure

The following diagram illustrates the legal, transactional, and operational structure supporting USDR, highlighting the separation of asset ownership, asset management, fund management, issuance, and distribution.

This structure is designed to align with established investment and asset management practices, while maintaining clear governance boundaries between each role.

Key Roles and Entities

Asset Owners

(website: Ramada Plaza by Wyndham Bangkok Sukhumvit 48 and

website: Ramada by Wyndham Bangkok Sukhumvit 87)

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The current asset owners of the underlying hotel properties enter into Asset Acquisition Agreements for the transfer or structuring of asset interests.These assets form part of the real-world economic base supporting USDR.

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Project Developer

Siamese Asset Public Company Limited

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Siamese Asset PLC acts as the project developer of the underlying hotel assets, responsible for the development of the projects from the greenfield stage through completion and stabilization.

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Key responsibilities include:

  • Project development and construction management

  • Brand positioning and hotel concept development

  • Coordination with international hotel brands

  • Asset stabilization through initial operating phases

 

Each hotel asset has completed approximately two years of operating history prior to inclusion in the structure, providing:

  • Operational performance visibility

  • Established brand positioning

  • Initial revenue and cost normalization

 

Siamese Asset PLC does not act as the issuer, fund manager, or distributor of USDR and does not guarantee asset performance or token value.

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Hotel Operator

Siamese Kew Green (SK)

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Siamese Kew Green is the hotel operating company responsible for the day-to-day operation of the hotel properties.

Siamese Kew Green is a joint venture between:

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The joint venture combines local development expertise with international hospitality management standards.

Fund Manager & Issuer — Tavarna Group (BVI)

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Tavarna Group acts as both:

  • Fund manager, overseeing capital allocation and asset-level governance

  • Issuer, responsible for the issuance framework of USDR

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Key responsibilities include:

  • Entering into asset management arrangements with Alltel

  • Overseeing asset performance and reserve alignment

  • Managing issuance governance and supply discipline

  • Contracting with licensed distribution and platform partners

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Tavarna Group does not guarantee asset performance, token value, or returns.

Asset Manager — Alltel (Thailand)

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Alltel acts as the asset manager, responsible for:

  • Day-to-day operation and management of the hotel assets

  • Execution of operating and management strategies

  • Coordination with hotel operating and management companies

  • Reporting operational performance to the fund manager

Alltel operates pursuant to:

  • Asset Acquisition Agreements

  • Asset Management Agreements

  • A Real Estate / Service & Technical Assistance Agreement (RSTA) with the fund manager

Alltel does not control token issuance or investor-facing activities.

Governance Separation​

 

This structure ensures clear separation between:

  • Asset ownership and operation

  • Fund management and oversight

  • Token issuance and distribution

Neither asset managers nor platform partners:

  • Guarantee asset performance

  • Guarantee token value or stability

  • Act as fiduciaries to tokenholders unless explicitly stated

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USDR holders do not have direct ownership or management rights over the underlying assets.

Key Documents &
Agreements

The following documents govern the legal, transactional, and operational framework of USDR. Investors are encouraged to review these documents carefully to understand their rights, obligations, and risk exposure.

For informational purposes only

Investment Memorandum (IM) / Whitepaper

 

Purpose

Provides a comprehensive overview of USDR, including its structure, objectives, asset backing framework, risk factors, and use cases.

 

Covers

  • Overview of USDR and its design principles

  • Asset and reserve philosophy

  • Issuance and supply discipline

  • Staking and participation mechanics (if applicable)

  • Risk disclosures and limitations

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Important Notes

  • Informational in nature

  • Does not constitute an offer, guarantee, or financial advice

  • Prevails as the primary reference document for understanding USDR

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Subscription Agreement / Purchase Agreement

 

Purpose
Governs the legal relationship between the investor and the issuer at the point of acquiring USDR.

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Covers

  • Investor eligibility and representations

  • Subscription amount and payment mechanics

  • Token allocation and delivery terms

  • Transfer restrictions (if any)

  • Governing law and dispute resolution

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Why It Matters
This is the binding contract that formalizes an investor’s participation.

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Asset Management Agreement
(Including Real Estate / Service & Technical Assistance Agreement – RSTA)

 

Purpose
Defines how underlying assets are operated and managed.

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Covers

  • Appointment of the asset manager

  • Scope of asset management and operational responsibilities

  • Performance reporting and oversight

  • Fee structures (if applicable)

  • Termination and replacement mechanisms

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Important Clarification

  • Asset managers do not guarantee asset performance or token value

  • Tokenholders do not gain direct control over assets

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Summary

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Hotel Operating & Management Agreement

 

Purpose
Governs the day-to-day operation of hotel assets by the hotel operating company.

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Covers

  • Hotel operations and service standards

  • Brand compliance and guest experience

  • Revenue management and cost control

  • Operational reporting to the asset manager

 

Why It Matters
Explains how operating income is generated, which may indirectly support reserve or distribution mechanisms.

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Risk Disclosure Statement

 

Purpose
Provides a consolidated summary of material risks associated with USDR.

 

Covers

  • Asset performance risk

  • Liquidity and market risk

  • Operational and governance risk

  • Regulatory and jurisdictional risk

 

Why It Matters
This document ensures investors understand what can go wrong, not just how the structure works.

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Terms of Use & Legal Disclaimers

 

Purpose
Governs use of the USDR website and information portal.

 

Covers

  • Website usage limitations

  • No-offer / no-advice disclaimers

  • Jurisdictional restrictions

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Contact

Tavarna Group Limited

Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands

Disclaimer

USDR is not legal tender, not a bank deposit, and not a guaranteed financial product.
Nothing on this website constitutes financial, investment, or legal advice.
Availability and use of USDR may be restricted in certain jurisdictions.

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