> For the complete documentation index, see [llms.txt](https://ixs.gitbook.io/ixs-gitbook/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ixs.gitbook.io/ixs-gitbook/institutions-and-individuals/rwa-vaults.md).

# RWA Vaults

Permissioned & permissionless. IXS Vaults are ERC-4626 onchain wrappers for tokenized real-world assets — money market funds, corporate bonds, private credit, and BTC-backed yield — sourced from licensed institutional issuers. IXS operates as the settlement layer where institutional issuers, allocators, and autonomous agents transact in the same regulated Vaults — not separate products for separate audiences. What differs is the access path, not the underlying yield.

**Permissioned Vaults.** Onchain access to tokenized Treasuries, money market funds, and corporate bonds, structured for institutional and accredited investors. See Permissioned Vaults for eligibility and access.

**Permissionless Vaults.** Open-access vaults on the ERC-4626 standard, with no KYC required at the protocol layer. Built for agent operators and developers who need programmatic, non-custodial access to regulated yield. See Permissionless Vaults and IXS Agent Rail.

**IXS BTC Real Yield.** Collateralize BTC to access regulated fixed-income yield without selling the underlying asset. See IXS BTC Real Yield for the full product mechanics.