Risk Disclosures
Last updated: August 17, 2026
Part 1. General Disclaimer
Tharwa Global Holdings Ltd is a British Virgin Islands company. Tharwa is not licensed, authorised or supervised by any financial services regulator, and no regulator has approved any product described here. The products available through this interface are not deposits and are not insured or guaranteed by any government or protection scheme. Digital assets are volatile and you may lose everything you deposit. Yields are variable and not guaranteed. Redemption at any target value is an objective, not a promise. Fixed-term products lock your assets for the term and impose penalties on early exit. Smart contracts may contain vulnerabilities and blockchain transactions cannot be reversed. This interface is not available in the jurisdictions listed in Schedule 1 of the Terms of Service, and nothing on it is directed at persons in those jurisdictions. Nothing here is investment, legal or tax advice. Read the Risk Disclosures for each product before using it. Tharwa will never ask you for your seed phrase or private key.
Part 2. Product Risk Disclosures
Each list is displayed in full, in the order given, under the heading "Key risks", adjacent to the product it concerns.
thUSD
Key risks
1. Redemption at parity is not guaranteed.
thUSD targets redemption at one US dollar through designated channels. That target may not be met. The value of the collateral supporting thUSD can fall below the value of thUSD in issue, and in that event redemption at parity may be delayed, reduced or unavailable. thUSD is not a deposit and is not a claim against Tharwa or any other person.
2. Collateral is deployed and its value fluctuates.
Assets deposited to mint thUSD are deployed into a portfolio that may include stablecoins, sukuk, real estate exposure, gold, equities and other assets. Those assets can lose value, become illiquid, or fail. Their composition changes over time and is described in the documentation, which you should read.
3. Redemption channels may be unavailable.
Redemption depends on designated channels which may impose minimum amounts, verification, and processing periods, and which may be suspended or withdrawn. There may be times when you cannot redeem, and secondary market prices may differ from the target value.
4. Smart contract and technical risk.
thUSD is issued and managed by smart contracts. Contracts have been audited but audit does not eliminate risk. A vulnerability, exploit or error could result in partial or total loss. Transactions cannot be reversed.
5. Regulatory and legal risk.
Tharwa is not licensed by any regulator. Regulatory action in any jurisdiction, including classification of thUSD as a regulated instrument, could restrict or prevent its issuance, transfer or redemption, or your ability to access it.
6. Not available in restricted jurisdictions.
thUSD is not offered to persons in the jurisdictions listed in the Terms of Service. If you access it from one of those jurisdictions you do so in breach of the Terms and at your own risk.
sthUSD and wrapped tokens
Key risks
1. Yield is variable and may be zero.
sthUSD represents thUSD deposited into the Protocol's yield mechanism. The yield depends on the performance of the underlying portfolio and the Protocol's parameters. It changes continuously, may be lower than displayed, and may be zero in any period. Displayed figures are indicative and not a promise.
2. You carry all thUSD risks.
sthUSD is exposed to every risk listed for thUSD above, including the risk that redemption at parity is not met.
3. Wrapping and bridging add risk.
Wrapped and bridged versions of Protocol tokens depend on additional smart contracts and, where bridged, on third-party bridge infrastructure that Tharwa does not control. Each adds a point of potential failure and a means by which value can be lost.
4. Smart contract and technical risk.
As for thUSD. A defect in the yield mechanism, the wrapping contract or any bridge could result in loss.
5. Regulatory and legal risk.
As for thUSD. A yield-bearing token is more likely than a bare stablecoin to be treated as a regulated instrument in some jurisdictions.
6. Not available in restricted jurisdictions.
As for thUSD.
Fixed-Term Vaults
Key risks
1. The payout amount is calculated, not guaranteed.
When you deposit, a payout amount is calculated for your selected term. That figure is a calculation at the time of deposit. Whether it is paid at maturity depends on the Protocol continuing to operate and on the value and performance of the assets in which deposits are deployed. Neither the payout amount nor the return of your deposit is guaranteed by Tharwa or by anyone else.
2. Your assets are locked for the term.
Deposits cannot be withdrawn before maturity except through the early exit mechanism, where the Protocol permits it. You should not deposit assets you may need before the end of the term you select.
3. Early exit carries a penalty.
Where early exit is available, a penalty is applied to the amount withdrawn. The penalty is highest immediately after deposit and reduces over the term. The schedule for your term is shown before you confirm and forms part of your terms for that deposit. Early exit may return substantially less than you deposited.
4. The Vault Certificate may have no market.
The token you receive may be transferable on third-party marketplaces. Tharwa does not operate any marketplace and does not guarantee that a buyer, or any particular price, will exist. You may be unable to sell before maturity, or only at a substantial discount.
5. Smart contract and technical risk.
As for thUSD. A defect in the vault contract could affect the recording of your position, the calculation of your payout, or the availability of your assets at maturity.
6. Regulatory and legal risk.
Tharwa is not licensed by any regulator. An instrument with a fixed term and a calculated payout may be treated as a regulated financial instrument in some jurisdictions. Regulatory action could restrict the product, its transfer, or your ability to redeem.
7. Not available in restricted jurisdictions.
As for thUSD.
TRWA
Key risks
1. TRWA confers governance and access rights only.
TRWA gives you the right to participate in Protocol governance and to access features designated for holders. It gives you no right to any share of Protocol revenue or profit, no claim on any Protocol pool or asset, and no right to any payment from Tharwa.
2. Value is uncertain and may fall to zero.
TRWA is not offered as an investment and Tharwa makes no representation as to its value, liquidity or price. Any market for it is operated by third parties. Its price may be volatile and may fall to zero.
3. Incentives are discretionary and not a return.
Any rewards, points or incentives associated with holding or using TRWA are paid from a designated allocation, are discretionary, may be varied, suspended or ended, and are not a return on TRWA or a distribution of Protocol income. Any figure describing an incentive is a description of that programme, not a yield on the token.
4. Governance outcomes are uncertain.
Governance decisions are made by token holders and may not reflect your preferences. Governance may change Protocol parameters, including those affecting products you use.
5. Regulatory and legal risk.
The regulatory treatment of governance tokens varies and may change. Regulatory action in any jurisdiction could affect the token's availability, transfer or use.
6. Not available in restricted jurisdictions.
As for thUSD.