> For the complete documentation index, see [llms.txt](https://docs.townsq.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.townsq.xyz/institution-backed-yield-vault-features/lending-to-institutions-and-rwa-issuers.md).

# Lending to institutions & RWA issuers

Vault deposits are represneted by non-transferable receipt tokens tracking a pro-rata claim on vault assets. These vaults are not offered or accessible in Korea; access is geo-fenced.

The yield could come from:

* Trading strategies from hedge funds, quant teams, and prop trading firms;
* Private credits of cash-flow (non-public) companies;
* RWAs such as tokenized commodities where banking interest yield is offered; etc.