Musubi A/R FAQ

This FAQ covers key information to review before using Musubi A/R.

For step-by-step instructions on how to use Musubi A/R, please also refer to the Musubi A/R User Guide.

Musubi A/R User Guide

1. About Musubi A/R

1.1 What is Musubi A/R?

Musubi A/R is a platform that tokenizes receivables arising from mobility-related businesses and enables eligible users to purchase, manage, and redeem those tokenized receivables onchain.

Each offering displays key information such as face value, purchase price, payment due date, guarantee option, redemption method, applicable fees, and risk disclosures.

Tokenized receivables may provide a potential return, but they also involve risks, including the risk of loss. Please review the terms, conditions, and risk disclosures of each offering carefully before making any purchase.

1.2 What does A/R mean?

A/R stands for Accounts Receivable.

In accounting, accounts receivable refers to the right to receive payment in the future, such as trade receivables or other payment claims.

In Musubi A/R, A/R refers to future payment claims arising from mobility-related contracts.

1.3 What is a tokenized receivable?

A tokenized receivable is a receivable whose relevant information and ownership-related records are recorded on the blockchain as a token.

In Musubi A/R, users can check the holding status and redemption status of the underlying receivable through the tokenized receivable.

1.4 What types of receivables does Musubi A/R handle?

Musubi A/R primarily handles short-term receivables generated from mobility-related businesses in emerging markets.

Please review the details of each individual offering on the relevant information page before making a purchase.

1.5 Are the receivables based on real businesses?

Yes. The receivables handled by Musubi A/R are generated from real mobility-related businesses.

On each tokenized receivable’s detail page, users can review information such as the underlying business or contract, the original creditor, the obligor, the payment due date, and guarantee conditions.

Please review this information carefully before purchasing.

1.6 What does face value mean?

Face value refers to the amount that the obligor is expected to pay for the relevant receivable.

Users may purchase all or part of the face value displayed for each tokenized receivable.

1.7 What is the purchase price?

The purchase price is the amount a user pays to purchase the relevant receivable.

It is calculated by subtracting the discount amount set by the original creditor from the face value.

1.8 What is the discount amount?

The discount amount is the difference between the face value and the purchase price.

If guarantee fees or other fees apply, the actual amount received and the effective return may differ from the displayed discount amount.

1.9 What is the difference between USD and USDC?

USD is the currency unit used to display the face value or payment amount of a receivable.

USDC is the stablecoin used for purchase and redemption.

Musubi A/R distinguishes between the currency used to display the receivable amount and the currency actually used for purchase and redemption.

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2. Returns, Guarantees, and Risks

2.1 How are returns generated?

In Musubi A/R, returns are generated when a user purchases a receivable at a price lower than its face value and receives redemption in accordance with the terms of the tokenized receivable after the payment due date.

However, the actual amount received and the timing of redemption may be affected by factors such as the payment status of the obligor, guarantee conditions, fees, and other terms.

2.2 How is the displayed annualized rate calculated?

The displayed annualized rate is an estimated annualized value calculated based on factors such as the purchase price, face value, number of days until the payment due date, and discount rate.

If guarantee fees or system usage fees are deducted separately, the effective return after fees may differ from the displayed value.

2.3 What does the indicative annualized rate mean?

The indicative annualized rate is an annualized estimate based on the face value, purchase price, payment due date, and discount conditions confirmed at the time of purchase, assuming redemption is made at full face value.

However, the actual redemption amount or redemption timing may be affected by the payment status of the obligor, guarantee conditions, fees, or other factors.

2.4 Are principal and returns guaranteed?

No. Principal and returns are not guaranteed.

For offerings with a guarantee option, guarantee coverage may be provided within a specified scope in accordance with the applicable guarantee terms.

However, the scope, procedures, exclusions, and execution of any guarantee are subject to the terms of the relevant offering and the applicable guarantee terms.

Please review the relevant terms and conditions before purchasing.

2.5 Does 100% guarantee coverage mean the full amount will always be paid?

No. 100% guarantee coverage means the guarantee coverage ratio is set at 100% of the face value.

It does not mean that the full face value will be paid unconditionally in all circumstances.

The execution of any guarantee is subject to the applicable guarantee terms, the terms of the relevant offering, the smart contract design, and any required procedures.

2.6 Who is the guarantor?

The guarantor is the party that provides a guarantee for the relevant obligation within a specified scope.

For offerings with a guarantee option, the name of the guarantor will be displayed on the relevant offering page.

2.7 How are funds reserved for guarantee execution managed?

Funds reserved for guarantee execution are locked in a smart contract.

This structure is designed to restrict the guarantor from freely transferring those funds and to support the ability to perform guarantee obligations in accordance with the applicable terms.

2.8 Does a guarantee eliminate the credit risk of the obligor?

No. Although locking guarantee funds in a smart contract is designed to separate certain credit risks of the individual obligor, it does not eliminate all risks.

Risks related to guarantee conditions, smart contracts, operations, laws and regulations, and other factors may still remain.

2.9 What types of fees may apply?

Depending on the offering, fees such as guarantee fees, system usage fees, and gas fees for blockchain transactions may apply.

Fees other than gas fees will be displayed on the purchase page, confirmation screen, or dashboard.

2.10 When are guarantee fees and system usage fees deducted?

In accordance with the relevant offering terms, if the screen indicates that a fee is “deducted at redemption,” the fee will be automatically deducted from the redemption amount.

2.11 Is the displayed rate before or after fees?

The displayed estimated annualized rate is shown before the deduction of guarantee fees.

2.12 What risks should I consider?

Key risks include non-payment or delayed payment by the obligor, risks related to guarantee conditions, liquidity risk, blockchain and smart contract risks, wallet operation errors, legal, tax, and accounting risks, and risks related to foreign exchange and stablecoins.

Please review the terms and risk disclosures of each offering carefully before purchasing.

2.13 Is there a possibility of loss?

Yes. Losses may occur.

Losses may arise due to non-payment by the obligor, non-application of a guarantee, redemption delays, wallet operation errors, blockchain-related issues, or other factors.

Please review the relevant terms and risk disclosures before purchasing.

2.14 What is liquidity risk?

Liquidity risk refers to the risk that a purchased receivable or token cannot be sold at the desired time or price.

2.15 What is smart contract risk?

Smart contract risk refers to the risk that purchase, token issuance, redemption, guarantee execution, or other processes may be affected by program defects, unexpected behavior, network failures, external service failures, or similar issues.

2.16 What is stablecoin risk?

Stablecoin risk refers to risks related to stablecoins such as USDC, including risks involving the issuer, reserve assets, regulations, liquidity, price stability, and supported transfer networks.

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3. Purchase, Currency, and Wallet

3.1 How do I purchase a receivable?

Select the relevant offering from the tokenized receivables list and enter the face value amount you wish to purchase.

After confirming the purchase price, guarantee fee, payment due date, redemption method, risk disclosures, and other information, approve the payment using the wallet connected to the Musubi A/R official website.

Once the onchain transaction is completed, the purchase will be reflected on your dashboard.

3.2 What should I check before purchasing?

Before purchasing, please review all information shown on the offering page and purchase confirmation screen.

In particular, please check the following items carefully:

• Face value

• Purchase price

• Payment due date

• Guarantee coverage

• Fees

• Redemption method

• Risk disclosures

• Wallet network

Blockchain transactions cannot be reversed.

Please make sure you fully understand the relevant terms and risk disclosures before proceeding.

3.3 Can I cancel after purchasing?

No. Once an onchain transaction is completed, it cannot be canceled.

Please review the relevant terms, payment amount, payment due date, guarantee conditions, and risk disclosures before purchasing.

3.4 Can I purchase multiple offerings at the same time?

Yes. Multiple offerings may be purchased.

However, the terms, payment due dates, guarantee fees, and other details of each tokenized receivable should be reviewed individually.

3.5 Which currency is supported?

Currently, Musubi A/R supports USDC on the Base network.

ETH on the Base network may also be required as gas for blockchain transactions.

3.6 What happens if I send USDC on the wrong network?

If you send USDC on the wrong network, you may lose your assets.

Before purchasing, please make sure your wallet is connected to the network specified by Musubi A/R.

3.7 Why does Musubi A/R use the Base network?

Base is suited for low-cost, fast onchain transactions using USDC.

Musubi A/R uses Base to make processes such as purchasing receivables, issuing tokens, and redemption more efficient.

Support for additional chains may be considered in the future.

3.8 Are gas fees required?

Yes. Gas fees may be required for transactions on the Base network.

How gas fees are displayed may vary depending on your wallet and the transaction details.

Please check the information shown in your wallet before completing any transaction.

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4. Redemption, Transfer, and Onchain Records

4.1 How does redemption work?

Redemption is carried out after the payment due date in accordance with the terms of the relevant offering.

Once the tokenized receivable becomes redeemable, the redemption button on the dashboard will become available. Users should complete the redemption process by following the instructions on the screen.

4.2 What is redemption?

Redemption is the process of receiving funds when a purchased tokenized receivable reaches its payment due date, in accordance with the relevant terms.

The amount received is calculated based on factors such as the face value, applicable fees, guarantee fees, the payment status of the debtor, and guarantee conditions.

4.3 What happens if the obligor does not pay on the payment due date?

If the obligor is late in making payment, redemption may also be delayed in principle.

However, for offerings with a guarantee option, payment may be executed in accordance with the guarantee conditions. As a result, even if the obligors payment is delayed, users may still be able to receive payment on the scheduled date.

Please review the terms of each offering and the applicable guarantee terms for details.

4.4 How is the redemption amount determined?

The redemption amount is determined based on the face value, guarantee fees, system usage fees, payment status, whether the guarantee applies, and other conditions.

The dashboard may display an estimated redemption amount after fee deductions.

4.5 Can I sell the token before the payment due date?

At this time, Musubi A/R does not support transfers of tokenized receivables to third parties or secondary trading.

Support for this feature is planned for future updates.

4.6 What can I check on the dashboard?

On the dashboard, users can check information such as the purchase price, face value, payment due date, guarantee coverage, guarantee fee, estimated redemption amount, redemption status, and transaction history of purchased tokenized receivables.

4.7 Why is the redemption button not clickable?

The redemption button becomes available once the payment due date has arrived.

However, the button may be temporarily unavailable while the system is processing or conditions are being checked.

If the situation does not change after some time, please contact support.

4.8 How are payment records stored?

Registered payment records and transaction history are recorded on an electronic ledger called a blockchain.

Due to the characteristics of blockchain technology, these records are stored in a way that is difficult to alter.

4.9 What is a transaction hash?

A transaction hash is an identifier used to distinguish a specific transaction on the blockchain.

It will be displayed on the purchase completion screen. We recommend keeping it for reference in case any issue occurs.

4.10 Is information recorded on the blockchain public?

Yes. Due to the nature of blockchain technology, transaction information recorded onchain is public.

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5. Eligibility, Troubleshooting, and Security

5.1 Who is the original creditor?

The original creditor is the party that owns the relevant receivable and sells it through Musubi A/R.

5.2 Who is the obligor?

The obligor is the party that is obligated to make payment under the underlying contract.

In the case of a vehicle rental contract, the obligor is typically the driver using the vehicle.

5.3 Why is the obligor’s personal information not displayed?

If the obligor is an individual, their personal information is strictly managed.

Only a unique ID will be displayed on the platform.

5.4 Can Musubi A/R be used from outside Japan?

If you access Musubi A/R from outside Japan, you are responsible for checking and complying with the laws and regulations of your country of residence or place of use.

If use of Musubi A/R is not permitted under local laws or regulations, please refrain from using the service.

5.5 Can anyone use Musubi A/R?

No. Musubi A/R is not available to everyone without restriction.

Sanctioned persons, anti-social forces, persons prohibited from using the service under applicable laws or regulations, and any other persons deemed inappropriate by Musubi A/R may not use the service.

Additional checks or usage restrictions may be applied where necessary.

5.6 Is KYC required?

In principle, KYC is not required.

However, identity verification or submission of additional information may be requested in the future depending on legal requirements, the relevant offering, or usage conditions.

5.7 How should I think about taxes and tax filing?

The tax treatment of income, gains, or losses arising from the use of Musubi A/R may vary depending on your country of residence, transaction details, holding status, and other circumstances.

Please check the relevant tax treatment yourself or consult a qualified tax professional if necessary.

5.8 What should I do if the screen freezes during the purchase process?

First, please do not close the browser tab and wait for a while.

Then check the actual transaction status using your wallet or a blockchain explorer to confirm whether the transaction has been completed.

If the issue continues, or if the transaction appears to be completed but is not reflected on the platform, please contact support with the transaction hash and details of the screen where the issue occurred.

5.9 The payment appears completed in my wallet, but it is not shown on the dashboard. What should I do?

After a blockchain transaction is completed, it may take some time for the information to be reflected on the dashboard.

If it still does not appear after some time, please contact support.

5.10 Can mistakenly sent funds be recovered?

If USDC is sent to an incorrect address, sent on an unsupported network, or sent directly to a contract address, recovery of the funds may not be possible.

Before sending any funds, always confirm the network, wallet address, and transaction details shown on the purchase screen.

5.11 What information should I provide when contacting support?

To help us resolve the issue quickly, please provide as much of the following information as possible:

• Wallet address

• Offering name or invoice ID

• Transaction hash

• Screen where the issue occurred

• Time of occurrence

• Detailed description of the issue

Private keys, secret recovery phrases, and passwords are critical information for asset management.

Musubi A/R and its support staff will never ask for this information. Never share it with any third party.

5.12 How can I protect myself from fake websites and scams?

When using Musubi A/R, always access the service through the official website, official social media accounts, or official announcements.

Please be careful with search ads and links shared by third parties.

Before connecting your wallet or completing any transaction, always check the URL and transaction details carefully.

5.13 Do I need to share my private key or recovery phrase with support?

No. You do not need to share them.

Musubi A/R and its support staff will never ask for your private key, secret recovery phrase, or password.

If you share this information with another person, you are highly likely to lose all assets in your wallet. Never share it with anyone.

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Closing

Musubi A/R marks the beginning of a new RWA experience powered by real-world mobility.

We look forward to making RWAs more accessible, practical, and transparent for users around the world.

Musubi A/R User Guide

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This page is provided for general informational purposes only and does not constitute a recommendation to purchase tokenized receivables or use crypto assets. Before using Musubi A/R, please make sure to review the terms, conditions, important notices, guarantee details, and risk disclosures for each tokenized receivable.