Covault • Risk Disclosures

Risk Disclosures

Last updated: October 20, 2026

Covault is in pre-launch testing on a test network with no real funds. This document describes how Covault is designed to work and will be updated before real money is supported.

Not a bank

Covault is not a bank. Your balances are not bank deposits and are not FDIC-insured.

Digital dollars

Balances are held as USDC, a digital dollar issued by Circle. USDC is designed to hold a value of one US dollar but is not guaranteed; the issuer could fail or, in rare legal cases, freeze an address.

You control your money

Funds sit in a vault only your account can access. Covault cannot move, freeze or unlock them — and cannot recover them if you lose all your access methods. Set up a backup passkey.

No interest, no returns

This version pays no interest and makes no promise of growth.

Locks are real

Rules you set are enforced by code and can only be made stricter. You can always request an early exit, released after your cooling-off period.

Technology risk

Software and networks can have bugs or outages. Contracts are audited before any real money is supported; until then this is a test network with no real funds.

Fees

Covault does not charge fees on your vault. Our on-ramp partner may charge for card or bank purchases.