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Hamilton Digital Assets Limited · USDh Terms and Conditions Version 1.1 | October 31, 2026 These terms apply to everyone who holds or uses USDh. USDh is issued by Hamilton Digital Assets Limited, a company incorporated in the British Virgin Islands (“HDA”, “we”, “us” or “our”). A person or entity that has completed HDA’s KYC or KYB and AML checks and other onboarding, has accepted the USDh Mint User Agreement and has a wallet whitelisted by HDA is a “Mint User”. Anyone else who holds USDh is a “Secondary User”. These Terms apply to Secondary Users as well, even though Secondary Users are not customers of HDA. By acquiring, holding, receiving, transferring or otherwise using USDh, however you obtained it, you agree to these Terms and confirm that you have read the disclosures in them. Unless a provision says it applies only to Mint Users or only to Secondary Users, it applies to both, and “you” means both. For Mint Users, these Terms add to the USDh Mint User Agreement. Section 20 explains how these Terms may change. The date of the latest version is shown above.

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1. About USDh

1.1 USDh is a digital token issued by HDA and designed to keep a stable value of one US dollar per USDh. It is a form of stored value. It is not a share, deposit or debt instrument, and it gives no ownership, voting, profit or other economic right in HDA or any of its affiliates. 1.2 USDh is backed by reserves held to back outstanding USDh (the “USDh Reserves”), which may include cash, repurchase agreements, US Treasury bills, tokenized US Treasury funds and US dollar stablecoins, managed under HDA’s reserve policies. The make-up of the USDh Reserves may change over time. 1.3 USDh is not designed to pay interest or any other return, to rise in value, or to give holders any financial benefit. HDA may earn income on the USDh Reserves. Holders have no right to that income. 1.4 Staking, yield and liquidity features involving USDh, including sUSDh, are run by entities and smart contracts independent of HDA, under their own terms. HDA does not operate, control or guarantee them or any return from them.

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2. Minting and redemption

2.1 Mint Users only. Under the USDh Mint User Agreement, HDA offers Mint Users the following services (the “USDh Services”): (a) minting USDh in exchange for accepted assets, and (b) redeeming USDh for accepted assets. Only Mint Users may mint USDh directly with HDA or redeem USDh directly with HDA, except as set out in Section 2.4. 2.2 Secondary Users. Secondary Users may not redeem USDh directly with HDA, except through an Approved Route under Section 2.4. Any other redemption requires the holder to complete onboarding and become a Mint User. A purported redemption request from a Secondary User outside an Approved Route will not be processed. 2.3 Redemption commitment. For each USDh redeemed by a Mint User or through an Approved Route, HDA will deliver one US dollar of value in an accepted asset, subject to these Terms, the USDh Mint User Agreement where it applies, applicable law and any disclosed transaction costs. 2.4 Redemption through an Approved Route. (a) An “Approved Route” is a smart contract operated by a third party, such as an aggregator’s executor contract, that HDA has whitelisted in writing to mint and redeem USDh for the users of that third party’s service. HDA may add, limit or remove Approved Routes at any time. (b) A Secondary User may redeem USDh through an Approved Route (a “Route Redemption”). In a Route Redemption, the USDh is burned and HDA delivers one AUSD for each USDh, from reserves held onchain for this purpose, to the address designated in the transaction. (c) The Approved Route may convert the AUSD into another asset, such as USDC or USDT, in the same transaction at the user’s choice. That conversion takes place at market rates. HDA is not responsible for the conversion rate, slippage or any third-party fees. (d) Route Redemptions settle in the same transaction up to USD 5,000,000 per day across all users of all Approved Routes, subject to available liquidity. Amounts above that are queued in HDA’s redemption contract and settled in AUSD to the designated address within 24 hours. HDA may change these limits at any time based on reserve liquidity. (e) Every Route Redemption is subject to sanctions and wallet screening. HDA will block any Route Redemption to, from or for a Restricted Person or a Blocked Address, and may freeze the USDh involved under Section 10. (f) The operator of an Approved Route is a technical provider only. It is not HDA’s agent or distributor, does not take title to USDh or redemption proceeds other than within a single atomic transaction, and owes no duties to holders on HDA’s behalf. (g) A Route Redemption does not make a Secondary User a Mint User or a customer of HDA, and creates no continuing relationship with HDA. Holders have no right to require HDA to keep any Approved Route available. 2.5 Transfers. Transferring USDh to another address passes to the recipient the rights and obligations of a holder under these Terms. Sending USDh to a Mint User’s wallet gives the sender no redemption right. 2.6 Conditions. HDA’s obligations under these Terms depend on your compliance with them. Breach of these Terms may lead to the freezing or loss of USDh.

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3. Law, AML and sanctions

3.1 Your holding and use of USDh, and any use of the USDh Services, must comply with all applicable laws, including tax, anti-money laundering, counter-terrorist financing and sanctions laws. 3.2 HDA is committed to preventing the use of USDh for money laundering, terrorist financing, sanctions evasion, fraud and other illegal activity. To that end HDA screens transactions, reports suspicious activity where required, and may block, freeze or refuse transactions. 3.3 A “Restricted Person” is any person or entity that is: (a) named on, or owned or controlled by a person named on, any sanctions list maintained by the US Department of the Treasury (including the OFAC Specially Designated Nationals and Blocked Persons List), the US Department of State, the US Department of Commerce (including the Entity List and Denied Persons List), the United Nations Security Council, the European Union or the United Kingdom, or any similar list; (b) a politically exposed person not approved by HDA after enhanced due diligence; or (c) otherwise prohibited from dealing with HDA under applicable law. 3.4 A “Restricted Territory” is: (a) the United States of America, including its territories and possessions; (b) any country or region subject to comprehensive sanctions administered by OFAC, the United Nations Security Council, the European Union or the United Kingdom, currently including Cuba, Iran, North Korea, Syria and the Crimea, Donetsk and Luhansk regions of Ukraine; and (c) any other jurisdiction HDA designates from time to time on usdh.money. Mint Users and users of the Services are subject to the wider list of Prohibited Jurisdictions in the USDh Mint User Agreement and the Terms of Service.

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4. Eligibility

4.1 USDh and the USDh Services are available only in jurisdictions that HDA supports. HDA may choose not to make USDh or the USDh Services available in any market, and may refuse any person registration as a Mint User, without liability. 4.2 By holding or using USDh, or using the USDh Services, you confirm that: (a) you are at least 18 years old; (b) you are not a Restricted Person, are not located in, resident in or organised in a Restricted Territory, and are not holding USDh for a Restricted Person; (c) your acquisition and use of USDh complies with the laws that apply to you; and (d) you will not use USDh or the USDh Services for any illegal purpose, including money laundering, terrorist financing, sanctions evasion, fraud, illegal gambling, extortion or ransom, or for any Restricted Activity or Prohibited Transaction under Sections 14 and 15. 4.3 Persons in the United States are not eligible to become Mint Users. 4.4 HDA may use IP-based geofencing, wallet screening and KYC or KYB checks to enforce these restrictions. 4.5 Mint Users only: some USDh Services may have additional eligibility requirements, checked before use and from time to time.

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5. Copies, wrappers and forks

5.1 Anyone could create a copy of USDh on a supported or unsupported blockchain, or a token that claims to be backed by or to contain USDh (a “wrapper”). HDA supports only USDh issued by HDA. A copy or wrapper is not USDh, carries no rights against HDA, and is not approved, issued or promoted by HDA unless HDA says so through its official channels. HDA is not responsible for any loss from a copy or wrapper. 5.2 If a blockchain on which USDh is deployed forks, HDA may suspend all activity relating to USDh, including minting, redemption and transfers, possibly without warning and for an extended period, until it decides in its discretion that activity can safely resume. HDA will decide which fork, if any, it supports.

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6. Blockchains and smart contracts

6.1 USDh runs on public blockchains that HDA does not control. HDA cannot prevent attacks on, or delays in, those blockchains and is not responsible for losses they cause. 6.2 HDA may suspend activity relating to USDh if a security issue arises with a blockchain or the USDh smart contracts. 6.3 HDA may migrate USDh to another blockchain or contract. If HDA asks, you will take the steps reasonably needed to migrate your USDh. HDA is not liable for any loss from your failure to do so.

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7. Privacy

HDA’s Privacy Policy explains how HDA collects, uses and protects personal information.

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8. Communications

8.1 You agree to receive communications and notices from HDA electronically, by email, by posting on usdh.money or through the app. 8.2 These Terms are in English and HDA will communicate with you in English. Any translation is for convenience only, and the English version governs.

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9. Intellectual property

9.1 Mint Users only: HDA grants you a limited, non-exclusive, non-transferable and non-sublicensable licence to use the USDh Services for the purposes HDA approves. You may not copy, modify, reverse engineer, scrape, resell or create derivative works from the USDh Services. 9.2 All holders: “USDh”, “Hamilton” and related names and logos belong to HDA or its licensors. You may not use them without HDA’s prior written consent, except to refer to USDh accurately.

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10. Blocked addresses and freezing

10.1 HDA may designate any address it determines, in its discretion, to be linked to a Restricted Person, illegal activity, or a breach of these Terms as a “Blocked Address”. 10.2 USDh at a Blocked Address may be frozen at the smart contract level and become non-transferable. You may lose the right to redeem or use that USDh. 10.3 HDA may report suspected illegal activity to the authorities and may surrender reserve assets linked to frozen USDh if a valid legal order requires it. 10.4 HDA is not liable for any loss from freezing or blocking USDh in accordance with its compliance obligations.

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11. Risks

The following risks are not the only ones. 11.1 Price on third-party platforms. HDA does not guarantee that one USDh will always trade at one US dollar on any exchange, pool or other third-party platform. Prices on those platforms may move above or below one dollar. HDA does not control how third parties quote or value USDh. 11.2 Third parties. Third parties may support USDh without HDA’s approval. HDA does not control or endorse them, and their support for USDh does not mean their services are lawful, safe or suitable. HDA is not liable for losses from third-party platforms, including their failure to comply with law, technical errors, or loss of access to USDh. 11.3 Transfers are final. Transactions on a blockchain cannot be reversed. If you send USDh to the wrong address, lose your keys, or send USDh to someone who will not return it, you may lose it permanently. HDA is not obliged to trace or verify USDh balances or transactions. 11.4 Operations. HDA may face cyber attacks, sudden surges in activity or other technical problems that delay or interrupt minting or redemption. You accept that risk. 11.5 Law and tax. The legal and tax treatment of USDh is unsettled in many places and may change in ways that affect minting, redemption, transfer or value. You are responsible for your own compliance and taxes. 11.6 No deposit insurance. USDh is not a bank deposit and is not covered by any deposit insurance or investor compensation scheme. 11.7 Affiliates. HDA’s affiliates may hold, buy, sell or otherwise transact in USDh for any reason, including to support its use. They are not obliged to do so and may stop at any time.

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12. Fees

Mint Users only: HDA does not charge a fee for minting or redeeming USDh, other than cost reimbursements (such as network gas or execution costs) disclosed before the transaction.

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13. Changes and suspension of the USDh Services

13.1 Mint Users only: HDA may change, suspend or discontinue any part of the USDh Services, decline to process any mint or redemption, or limit or suspend your use of the USDh Services at any time, including for compliance, sanctions, security or technical reasons, and will give notice where practicable. HDA may delay a mint or redemption it reasonably believes is suspicious, fraudulent or unlawful, or breaches these Terms. 13.2 All holders: holders have no right to require HDA to keep minting, redemption or any Approved Route available.

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14. Restricted Activities

In connection with USDh or the USDh Services, you must not: (a) break, or help anyone break, any law; (b) defraud, or try to defraud, HDA or any other holder; (c) give false, inaccurate or misleading information; (d) interfere with, intercept or take any system, data or information; (e) deal in the proceeds of illegal activity; (f) introduce malware; (g) try to gain unauthorised access to HDA’s websites, systems or contracts; (h) collect information about other holders without their consent; (i) defame or harass anyone, or infringe anyone’s privacy or intellectual property; or (j) share unlawful, violent or obscene material (together, “Restricted Activities”). Operating an Approved Route in accordance with HDA’s approval is not a Restricted Activity.

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15. Prohibited Transactions

You must not use USDh or the USDh Services for transactions relating to: any Restricted Person or Restricted Territory; weapons; controlled substances or gambling, unless licensed in every relevant jurisdiction; money laundering or terrorist financing; Ponzi, pyramid or multi-level marketing schemes; infringing or counterfeit goods; unlicensed money transmission; darknet markets; wash trading, front-running, insider trading or other market manipulation; or anything else HDA tells you is unacceptable (together, “Prohibited Transactions”). HDA may monitor, block or prevent these transactions, and may suspend or end a Mint User’s status.

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16. Records and taxes

16.1 Mint Users only: HDA keeps a record of your mints and redemptions. 16.2 You are responsible for determining, reporting and paying any taxes arising from your holding or use of USDh.

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17. Indemnity and release

17.1 Mint Users only: the indemnity in the USDh Mint User Agreement applies. 17.2 Secondary Users only: you will indemnify and hold harmless HDA, its affiliates and service providers, and their officers, directors, employees and agents, from all claims, losses and costs, including reasonable legal fees and any fines or penalties imposed by a regulator, arising out of your breach of these Terms, your breach of law, or your holding or use of USDh. 17.3 If you have a dispute with another holder or any third party, you release HDA, its affiliates and service providers, and their officers, directors, employees and agents, from all claims arising out of that dispute.

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18. Limitation of liability and disclaimer

18.1 Mint Users only: the limitation of liability in the USDh Mint User Agreement applies. 18.2 Secondary Users only: to the fullest extent the law allows, HDA, its affiliates and service providers, and their officers, directors, employees and agents, will not be liable for any indirect, incidental, special, consequential or exemplary damages, or for loss of profits, goodwill, use or data, arising from holding or being unable to hold or use USDh, from unauthorised access to your data, or from any other matter involving USDh, even if advised of the possibility. HDA’s total liability to any Secondary User will not exceed one hundred US dollars (USD 100). This cap does not reduce the AUSD owed for a Route Redemption that has settled or been queued under Section 2.4. If you are unhappy with USDh, your sole remedy is to stop holding and using it, without prejudice to any mandatory consumer protection rights where you live. 18.3 All holders: USDh is provided “as is”, without any warranty, express, implied or statutory, including of title, merchantability, fitness for a particular purpose or non-infringement. HDA does not warrant that USDh will meet your needs or that minting, redemption or transfers will be uninterrupted, timely, secure or error-free. HDA is not liable for losses from smart contract vulnerabilities, blockchain failures or congestion, third-party protocol failures, market volatility, regulatory change, or user error. 18.4 Nothing in these Terms limits liability for fraud, wilful misconduct, or any liability that cannot be limited by law.

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19. Force majeure

HDA is not liable for any failure or delay caused by events beyond its reasonable control, including acts of God, war, terrorism, government action, sanctions, epidemics, power or equipment failures, internet disruption and blockchain disruption.

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20. Changes to these Terms

20.1 HDA may change these Terms by posting a new version on usdh.money with a new date. Changes take effect, and are accepted by you, the first time you hold, receive or use USDh or the USDh Services after posting, and apply to transactions started after that. If you do not agree, your only remedy is to stop holding and using USDh and, if you are a Mint User, to end your Mint User status. 20.2 If a change is material, HDA will give notice on usdh.money or by email before it takes effect. A change is not material if it benefits you, is required by law or a regulator, relates to a new product or service, or clarifies an existing term.

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21. Assignment

21.1 You may not assign these Terms or your rights under them, except that transferring USDh passes the holder’s rights and obligations under these Terms to the recipient. Every holder is bound by these Terms, including the rules on Blocked Addresses, Restricted Activities and Prohibited Transactions. 21.2 HDA may assign these Terms at any time without notice or consent. If you object, you may stop holding and using USDh and, if you are a Mint User, end your Mint User status.

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22. Survival

Provisions that by their nature should continue after these Terms end, or after a Mint User’s status ends, will survive.

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23. Website and third-party content

HDA tries to keep the information on its websites accurate and current but does not guarantee it. Links to third-party content are for convenience only and are not endorsements. HDA is not liable for losses from relying on information on its websites or on third-party content.

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24. Disputes

24.1 These Terms are governed by the laws of the British Virgin Islands. 24.2 Any dispute arising out of or in connection with these Terms will be finally resolved by arbitration administered by the BVI International Arbitration Centre under its Arbitration Rules then in force, seated in the British Virgin Islands, before one arbitrator, in English. HDA may seek injunctive or other equitable relief in any court of competent jurisdiction. 24.3 Claims may be brought only individually, not as part of any class, collective or representative proceeding. You may opt out of arbitration and this waiver by emailing legal@usdh.money within 30 days of first acquiring USDh, with your name, contact details and wallet addresses. If you opt out, HDA is also not bound to arbitrate with you.

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25. Entire agreement and order of documents

25.1 If any provision of these Terms is held unenforceable, generally or against any person or class of persons, it will be limited to the minimum extent necessary and the rest of these Terms will remain in force for everyone else. A failure to enforce any provision is not a waiver. Headings are for convenience only. 25.2 These Terms, the USDh Mint User Agreement (for Mint Users), HDA’s published policies and the Privacy Policy are the entire agreement between you and HDA about USDh and the USDh Services. Your use of usdh.money and app.usdh.money is governed separately by the Terms of Service, which are with Publius Foundation as the operator of those interfaces. The General Risk Disclosures published by HDA are incorporated into these Terms. 25.3 These Terms create no rights for anyone other than you, HDA and HDA’s affiliates, who may enforce them as third-party beneficiaries. 25.4 For Mint Users, if these Terms conflict with the USDh Mint User Agreement: (a) for any USDh transaction, these Terms prevail; and (b) for anything else, the USDh Mint User Agreement prevails. Matters relating to staking are governed by the Staking Terms. 26.1 Mint Users must consent to receive disclosures electronically. If you do not consent, you cannot become a Mint User. 26.2 This consent covers all communications HDA must give you in writing in connection with your Mint User status, including legal and regulatory disclosures, changes to these Terms, the USDh Mint User Agreement or the Privacy Policy, transaction communications, and responses to claims. 26.3 HDA will send communications by email, by posting on usdh.money, or through the app. You need a valid email address and a device with a current web browser able to view, save or print them, and you must keep your email address up to date. 26.4 You may withdraw this consent at any time by emailing legal@usdh.money. Withdrawal takes effect after a reasonable processing period and is likely to end your Mint User status. 26.5 Electronic communications have the same effect as paper ones. A communication is treated as received within 24 hours of being posted on usdh.money or emailed to you, unless HDA learns the email was not delivered.

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27. Contact

You can reach Hamilton Digital Assets Limited, a company incorporated in the British Virgin Islands, at legal@usdh.money. Notices to HDA must be sent to that address. Last updated: Oct 31, 2026