Evident - USDE Policy

These USDE T&Cs contain important information which apply to your dealings with us on our Platform in relation to any activities you engage in in the investing and trading of Digital Units. You should read this document carefully and keep it for future reference. Additional terms and conditions may apply in relation to your general use of our Platform and specific services offered by us on our Platform. Any such terms and conditions are additional to the terms set out in these USDE T&Cs.  

Digital and virtual assets are highly risky assets and therefore are not suitable for the vast majority of people. You acknowledge and understand that dealing in digital and virtual assets may result in partial or total loss of your investment and therefore you are advised to decide the amount of your investment on the basis of your loss-bearing capacity. You acknowledge and understand that accordingly you are a sophisticated and Professional Investor and if you are in any doubt, you shall seek assistance from your own independent advisors (financial, tax, accounting or legal). In addition, as the digital and virtual assets market is relatively new, there may be unforeseen or unpredictable risks. You are advised to carefully consider and use clear judgment to assess your own financial position (with full appreciation and acceptance of the risks) before making any decisions to be involved in any digital or virtual assets transaction. Any and all losses arising therefrom will be borne solely by you and we shall not be held liable in any manner whatsoever or howsoever caused.

Nothing stated in these T&Cs or on our Platform has been subject to scrutiny or approval by the Securities & Futures Commission of Hong Kong (“SFC”) or any other regulatory body.

By obtaining and using USDE, you understand and expressly agree to these Terms, regardless of whether or not you are a customer of Evident, and you acknowledge that you have reviewed and understand each of the disclosures made in this section. Each Section of these Terms apply to all users, and any use of “you” or “your” refers to both Investors and Asset Owners.  

1) About USDE

USDE is a digital token issued by Evident Capital (“Evident”) that operates on Algorand blockchain. USDE is fully backed by an equivalent amount of U.S. Dollar-denominated assets held by Evident. This means that for every USDE issued by Evident and remaining in circulation, Evident will hold on behalf of Users either one U.S. Dollar (“USD”) or an equivalent amount of USD-denominated assets in its Custodian Accounts (the “USDE Reserves”). USDE is not designed to intrinsically create returns for holders, increase in value, or otherwise accrue financial benefit to the USDE holder.

USDE is a verified asset on PeraWallet which is the official Algorand wallet and we have a dedicated page which can be accessed here.

2) Scope of USDE and Key Terms

2a. As you have agreed to, and are subject to, the Evident Account User Agreement, Evident makes available the following USDE-related Services (as defined in the Evident Account User Agreement: (i) issue USD for USDE from Evident, (ii) redeem USDE for USD from Evident, and (iii) send and receive USDE to and/or from Evident Accounts for trades. Your use of the USDE Services is subject to these Terms. You understand and agree that you may only tokenize USD to USDE and redeem USDE for USD in your Evident Account directly with Evident to the extent that you have an Evident Account in good standing.

2b. You may not redeem USDE with Evident unless and until you open an Evident Account. Eligibility for and requirements related to opening an Evident Account are set forth in the Evident User Agreements.

2c. Your use of USDE is subject to these Terms and Evident’s obligations hereunder are conditional on you complying with its provisions. You understand that any violation of these Terms may result in potential consequences, including the possible loss or forfeiture of USD tokenized for USDE.

2d. You understand and agree that sending USDE to another address automatically transfers and assigns to the owner of that address (a “Holder”), and any subsequent Holder, the right to redeem USDE for USD funds so long as the Holder is eligible to, and does, register an Evident Account. For the avoidance of doubt, if a Holder is not eligible to register an Evident Account, or fails to do so, such Holder is not entitled to redeem USDE with Evident.

2e. Each USDE is intended to maintain a value of 1 USD. In order to issue 1 USDE, a corresponding 1 USD (or an equivalent amount of USD-denominated assets) is held in the USDE Reserves. Evident commits to redeem 1 USDE for 1 USD, subject to these Terms, applicable law, and any fees where applicable. While Evident may hold the USDE Reserves in interest-bearing accounts or other yield-generating instruments, you acknowledge that you are not entitled to any interest or other returns earned on such funds. USDE does not itself generate any interest or return for holders of USDE and only represents your right to redeem USDE for an equivalent amount of USD through your account with Evident.

3) Applicable Laws and Regulations

3a. Your holding and use of USDE is subject to the laws, regulations, and rules of any applicable governmental or regulatory authority, including, without limitation, all applicable tax, anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) provisions and sanctions. You agree to act in compliance with and be legally bound by these Terms and all applicable laws and regulations. These Terms are conditional on your continued compliance at all times with these Terms and all applicable laws and regulations.

3b. Applicable laws require us to prevent Restricted Persons from holding USDE using USDE Services. A Restricted Person means any person that is the subject or target of any sanction.

3c. Evident Accounts, USDE Services and support for USDE are currently only available to individuals and institutions (as applicable) located in supported jurisdictions. We do not support US Persons or companies registered in US.

3d. By holding or using USDE, or accessing or using the USDE Services, you further represent and warrant that:

i) you are at least 18 years old, are not a Restricted Person, and are not holding USDE on behalf of a Restricted Person.

ii) you will not be using USDE or the USDE Services (as applicable) for any illegal activity, including, but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, other violent activities or any prohibited market practices, including, but not limited to, those listed under Sections 20 and 21.

3e. You also understand that there are additional representations and warranties made by you elsewhere in (or by reference in) these Terms and that any misrepresentation by you is a violation of these Terms.

3f. If Evident suspects or determines that you or any of your authorized users or customers, as applicable, have violated this these Terms, including, but not limited to, attempting to transact or transacting with Blocked Addresses (as defined in Section 13) or attempting to engage or engaging in Restricted Activities or Prohibited Transactions, and you have a Evident Account, then Evident may be forced to terminate your Evident Account and you may forfeit any USD funds otherwise eligible for redemption.

3g. Notwithstanding the foregoing, Evident may determine not to make USDE or the USDE Services, in whole or in part, available in every market, either in its sole discretion or due to legal or regulatory requirements, depending on your location. We may also, without liability to you or any third party, refuse to let you register for an Evident Account.

3h. Use of certain USDE Services in an Evident Account may have further eligibility requirements that will need to be verified prior to you using such USDE Services, or from time to time in order to continue your use of the USDE Services, and may be subject to additional terms and conditions.

4) Support

Please contact Support at [email protected] to report any violations of these Terms or to ask any questions regarding these Terms or the USDE Services, as applicable.

5) KYC, KYB and AML Compliance

Our KYC, KYB and AML procedures are guided by all applicable laws and regulations. These standards are designed to prevent the use of the USDE Services for money laundering, or terrorist financing activities. We take compliance very seriously and it is our policy to take all necessary steps to prohibit fraudulent transactions, report suspicious activities, and actively engage in the prevention of money laundering and any related acts that facilitate money laundering, terrorist financing or any other financial crimes.

6) USDE Support Only; Copies, Forks & Advanced Protocols Not Supported

6a. Your Evident Account supports sending and receiving only USDE and other Algorand based assets. If you attempt to send any other virtual currency, token, digital currency, or similar digital assets other than USDE or Algorand Supported Digital Currencies (“Other Digital Assets”) to your Evident Account, such Other Digital Assets may be lost forever. If you attempt to send USDE from your Evident Account to a wallet or address that does not support USDE, your USDE will be lost forever. Evident bears no responsibility for any losses you might incur as a result of you sending Other Digital Assets to your Evident Account or you sending USDE from your Evident Account to a wallet or address that does not support USDE.

6b. As a result of the decentralized and open-source nature of USDE it is possible that a party unaffiliated with Evident could create an alternative, equivalent version of USDE on Algorand Blockchains or on an unsupported blockchain (a “copy”) that operates independently from USDE. Similarly, it is possible that a party unaffiliated with Evident may create an asset and purport that such asset is collateralized by or otherwise incorporates USDE into its design (a “wrapper”). Evident supports only USDE and is under no obligation to support any copies of USDE or wrappers and assumes no responsibility for any value that might be lost as a result of this lack of support of copies of USDE.

6c. As a result of the decentralized and open-source nature of the blockchains on which USDE is supported, it is possible that a party unaffiliated with Evident could create an alternative version of the blockchain (a “fork”). Note that in the event of a fork of one of the USDE Supported Blockchain (Algorand), Evident may be forced to suspend all activities relating to USDE (including tokenizing USD for USDE, redeeming USDE for USD, or sending and receiving USDE) for an extended period of time until Evident has determined in its sole discretion that such functionality can be restored (“Downtime”). This Downtime will likely occur immediately upon a “fork”, potentially with little to no warning, and during this period of Downtime you will not be able to conduct various activities involving USDE. In the event of a fork of one of the USDE Supported Blockchains, Evident shall, in its sole discretion, determine which fork it will support, if any.

7) USDE Supported Blockchains and Smart Contract Modifications

7a. USDE operates on Algorand Blockchain. Evident does not have any ability or obligation to prevent or mitigate attacks or resolve any other issues that might arise with Algorand. Any such attacks or delays on Algorand blockchain might materially delay or prevent you from sending or receiving USDE, and Evident shall bear no responsibility for any losses that result from such issues.

7b. Note that in certain circumstances, including, but not limited to, a copy or fork of a USDE Supported Blockchain or the identification of a security issue with a USDE Supported Blockchain, Evident may be forced to suspend all activities relating to USDE (including tokenizing USD for USDE, redeeming USDE for USD, or sending and receiving USDE) for an extended period of time until such Downtime is over and USDE Services can be restored. This Downtime will likely occur immediately upon a copy or fork of any USDE Supported Blockchain, potentially with little to no warning, and during this period of Downtime you will not be able to conduct various activities involving USDE.

7c. Evident reserves the right to migrate USDE to another blockchain or protocol in the future in its reasonable discretion. Upon Evident’s request, you agree to take any and all actions reasonably necessary to effectuate the migration of your USDE to another blockchain or protocol identified by Evident. If you fail to effectuate such migration, the USDE may not be compatible with your Evident Account going forward. Evident will not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatever nature, whether or not reasonably foreseeable by the parties, which you may suffer, sustain or incur, arising out of or relating to your failure to effectuate such migration of your USDE to another blockchain or protocol identified by Evident.

8) Privacy

We are committed to protecting your personal information and helping you understand exactly how your personal information is being used. You should carefully read the Privacy Policy, as it provides details on how your personal information is collected, stored, protected, and used.

9) Limited License; IP Rights

9a. We grant you a limited, non-exclusive, non-sublicensable, and non-transferable license, subject to the terms and conditions of these Terms, to access and use the USDE Services solely for trading on Evident. Any other use of the USDE Services is expressly prohibited. Evident reserves all rights in the USDE and you agree that these Terms do not grant you any rights in or licenses to the USDE except for the limited services set forth above. Except as expressly authorized by Evident, you agree not to modify, reverse engineer, copy, frame, scrape, rent, lease, loan, sell, distribute, or create derivative works based on the USDE, in whole or in part. If you violate any portion of these Terms, your permission to access and use the USDE Services may be terminated pursuant to these Terms.

9b. "Evident.capital", "Evident", and all logos related to the USDE Services are either trademarks, or registered marks of Evident or its licensors. Whether or not you have an Evident Account, you may not copy, imitate, or use them without Evident's prior written consent. All right, title, and interest in and to the Evident website, any content thereon, the USDE Services, and all technology and any content created or derived from any of the foregoing is the exclusive property of Evident and its licensors.

10) Risk Factors & Disclosures

The following list of risks associated with USDE is not exhaustive.

10a. No guarantee of price stability on Third Party Platforms

Subject to the limitations set forth in these Terms,

(i) when Evident tokenizes USD for USDE it will always do so at a rate of one USD ($1) per one (1) USDE; and

(ii) when Evident redeems USDE for USD, it will always redeem such USDE at a rate of one USD ($1) per one (1) USDE, less fees where applicable.

Evident does not guarantee that the value of one (1) USDE will always equal 1 USD ($1) on other platforms. Due to a variety of factors outside of Evident’s control, the value of USDE on third-party platforms such as cryptocurrency exchange platforms could fluctuate above or below 1 USD ($1). Although a USDE is always redeemable for $1, less applicable fees (if any), Evident cannot control how third parties quote or value USDE, and Evident is not responsible for any losses or other issues that may result from fluctuations in the value of USDE.

10b. Third-party platforms

USDE is based on open-source software and runs on Algorand Blockchain. This means that third parties can elect to support USDE on their platforms without any authorization or approval by Evident or anyone else. As a result, USDE support on any third-party platform does not imply any endorsement by Evident that such third-party services are valid, legal, stable or otherwise appropriate. Evident is not responsible for any losses or other issues you might encounter using USDE on non-Evident platforms.

You accept all consequences of sending USDE. USDE transactions are not reversible. Once you send USDE to an address, you accept the risk that you may lose access to, and any claim on, that USDE indefinitely or permanently. For example, (i) an address may have been entered incorrectly and the true owner of the address may never be discovered, (ii) you may not have (or subsequently lose) the private key associated with such address, (iii) an address may belong to an entity that will not return the USDE, or (iv) an address belongs to an entity that may return the USDE but first requires action on your part, such as verification of your identity. For the avoidance of doubt, nothing in these Terms is intended to obligate Evident to track, verify or determine the provenance of USDE balances for Users, including any form of security interests claimed thereon.

10c. Blocked Addresses & Forfeited Funds

Evident reserves the right to “block” certain USDE addresses and, if such addresses are Evident custodied addresses, freeze associated USDE (temporarily or permanently) that it determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms (“Blocked Addresses”). In the event that you send USDE to a Blocked Address, or receive USDE from a Blocked Address, Evident may freeze such USDE and take steps to terminate your USDE Account. In certain circumstances, Evident may deem it necessary to report such suspected illegal activity to applicable law enforcement agencies and you may forfeit any rights associated with your USDE, including the ability to redeem USDE for USD. Evident may also be required to freeze USDE and/or surrender associated USD held in Segregated Accounts in the event it receives a legal order from a valid government authority requiring it to do so.

10d. Software protocols and operational challenges

You are aware of and accept the risk of operational challenges. Evident may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the USDE Services. You understand that the USDE Services may experience operational issues that lead to delays, including delays in redeeming USDE. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree not to hold Evident accountable for any related losses.

10e. Compliance

You are responsible for complying with applicable law. You agree that Evident is not responsible for determining whether or which laws may apply to your transactions, including tax laws. You are solely responsible for reporting and paying any taxes arising from your use of USDE, including any accurate reporting of the tax or legal status of USDE in your jurisdiction.

10f. Legal treatment of USDE transfers

The regulatory status of USDE and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to USDE, blockchain technology and its applications. Accordingly, it is not possible to determine whether a USDE transfer would be recognized under applicable law by a court or regulator on an international level.

10g. Legislative and regulatory changes

Legislative and regulatory changes or actions at the international level may adversely affect the tokenization of USD into USDE, and the use, transfer, redemption and/or value of USDE.

10h. No deposit insurance

USDE held in your Evident Account is not subject to deposit insurance protection.

10i. Claim on funds

Users can redeem USDE directly with Evident. Your ability to redeem 1 USD with us for each USDE is conditional on (i) your possession of a corresponding amount of USDE associated with a registered Evident Account, (ii) no violation of these Terms or your Evident Account User Agreement, and (iii) no action, pending or otherwise, by a regulator, law enforcement or a court of competent jurisdiction that would restrict redemption.

Sending USDE to another address automatically transfers and assigns to that Holder, and any subsequent Holder, the right to redeem USDE for USD with us so long as the Holder is eligible to, and does, register an Evident Account.

10j. Encumbrances

Depending on the actions of the owners of USDE addresses before your receipt of USDE from another USDE address, it is possible that the transfer of USDE between USDE addresses could result in the USDE in your account becoming subject to a lien or other form of security interest before redemption.

10k. On-chain transactions irreversible

When USDE is sent to a third-party USDE address, such transaction is completed on USDE Supported Blockchains. This means that such a transaction is irreversible and Evident does not have the ability to reverse or recall any transaction once initiated. You bear all responsibility for any losses that might be incurred as a result of sending USDE to an incorrect or unintended USDE address.

10l. Affiliate Activities

You understand and agree that individuals or entities affiliated with Evident may hold, purchase, sell, or otherwise engage in transactions using or involving USDE. You further understand and agree that such persons may engage in this activity for any reason, including but not limited to engaging in commercial transactions, promoting transaction activity that utilizes USDE, or otherwise supporting the use or adoption of USDE. This activity may involve selling USDE to other entities for provision to their end users. You understand and agree that no individual or entity, whether affiliated with Evident or otherwise, is under any obligation to engage in these activities, and they may be discontinued at any time.

11) Third Parties

11a. You understand and agree that Evident does not control any products or services sold or offered by third parties using the USDE now or in future.

11b. Evident is not liable for any losses or issues that may arise from such third-party transactions, including, but not limited to, failure to comply with applicable law and regulations (including any consequences for illegal transactions that might be triggered under these Terms), the quality and delivery of such products and services, or your satisfaction with any products or services, the purchase of which is facilitated by the USDE Services. If you are not satisfied with any goods or services purchased from a third party using the USDE, you must handle those issues directly with the third-party seller.

12) Fees; Authorization

Except as disclosed on the Fee Schedule or as otherwise disclosed to you prior to completing a transaction in your Evident Account, Evident will not charge you any fees for tokenizing USD for USDE, or receiving USDE. You should always check the USDE Fee Schedule before completing a transaction in your Evident Account to make sure you understand exactly what fees might be incurred. You also agree to pay any other fees that may be charged by Algorand, payments processors or your bank in connection with sending funds to Evident or receiving funds from Evident.

13) Currency Conversion

13a. All tokenizations of USD will be credited in USDE to your Evident Account based on a rate of one (1) USDE per 1 USD ($1), minus any applicable banking or transaction fees. If you wire funds to Evident to complete a tokenization of USD into USDE, you should denominate your wire transfer in USD. If you transmit your wire in a fiat or crypto currency other than USD, Evident’s banking and transaction processing partners will convert such funds to USD at their then applicable conversion rate and may charge additional fees for completing such currency conversion. Your Evident Account will then be credited with an amount of USDE equal to the amount of USD that results following such currency conversion and deduction of any fees charged for such currency conversion.

13b. Evident is not responsible for any processing delays that may result in connection with completing such currency conversion. Additionally, Evident’s banking partners may not support all non-USD currencies, and may be forced to reject or return a wire received in a non-supported currency. Note that your Evident Account only supports USDE amounts out to two decimal places, so all USDE amounts will be rounded down to two decimal places.

14) Right to Change/Remove Features or Suspend/Delay Transactions

14a. We reserve the right to

(i) change, suspend, or discontinue any aspect of the USDE Services at any time, including hours of operation or availability of any feature, without notice and without liability and

(ii) decline to process any issuance or redemption without prior notice and may limit or suspend your use of one or more USDE Services at any time, in our sole discretion.

14b. Our rights under this paragraph are subject to our obligations under applicable law and licenses, including but not limited to our reasonable suspicion of inappropriate or illegal conduct. Suspension of your use of any of the USDE Services will not affect your rights and obligations pursuant to these Terms. We may, in our sole discretion, delay issuances or redemptions if we reasonably believe the transaction is suspicious, may involve fraud or misconduct, violates applicable laws, or violates the terms of these 

Terms.

15) Transactions Irreversible

Once a transaction has been initiated, it cannot be reversed. Except as set forth in these Terms, all transactions processed through Evident are non-reversible. You may have additional refund or chargeback rights under your agreement with the recipient of such funds, your bank, or applicable law. You should periodically review statements from your bank, which should reflect all applicable transactions made using that payment method. You can also access the record of your transactions by logging into your Evident Account.

16) Insufficient Funds

16a. If a payment made to tokenize USD for USDE is reversed by your bank or Evident’s banking and payments transaction partners after a tokenization of USD for USDE is completed, then Evident reserves the right to (i) retroactively cancel such tokenization of USD for USDE and deduct such USDE from your Evident Account, (ii) deduct such amounts from future USDE issuances to your Evident Account or otherwise received into your Evident Account, (iii) suspend your Evident Account and access to the USDE Services until resolved, (iv) pursue legal action or any other means of recovery legally available. To secure your performance of these Terms, you grant to Evident the right to (a) block transactions involving USDE from your account, including any non-USDE account, and (b) set off any fees or other amounts owed by you against funds Evident holds on your behalf.

16b. In the event that Evident is forced to engage a third party to assist with the recovery of any funds owed by you to Evident, you will be charged any fees or expenses that are incurred by Evident in connection with such recovery efforts, including, but not limited to, collection fees, legal fees or convenience fees charged by third parties. You hereby explicitly agree that all communication in relation to funds owed by you to Evident or a delinquent account will be made by electronic mail or phone. Such communication may be made by Evident or by any third party acting on its behalf, including but not limited to a third-party collection agent. Note that if Evident is forced to engage such third parties in connection with recovering amounts that you owe Evident, your credit may be negatively impacted.

17) Restricted Activities

In connection with your holding or use of USDE, or using Evident Services (as applicable), you hereby agree that you will not:

a) violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation;

b) intentionally try to defraud (or assist in the defrauding of) Evident or other Users;

c) provide false, inaccurate, or misleading information;

d) take any action that interferes with, intercepts, or expropriates any system, data, or information;

e) partake in any transaction involving the proceeds of illegal activity;

f) transmit or upload any virus, worm, or other malicious software or program;

g) attempt to gain unauthorized access to other Evident Accounts, the Evident website, or any related networks or systems;

h) use the USDE on behalf of any third party or otherwise act as an intermediary between Evident and any third parties;

i) collect any User information from other Users, including, without limitation, email addresses;

j) defame, harass, or violate the privacy or intellectual property rights of Evident or any other Users; or

k) upload, display or transmit any messages, photos, videos or other media that contain illegal goods, violent, obscene or copyrighted images or materials

(such activities, “Restricted Activities”).

18) Prohibited Transactions

18a. Using USDE for transactions related to the following is prohibited, and Evident reserves the right to monitor and, if appropriate, block or otherwise prevent transactions that relate to:

a) any Restricted Persons;

b) weapons of any kind, includin g but not limited to firearms, ammunition, knives, explosives, or related accessories;

c) controlled substances, including but not limited to narcotics, prescription drugs, steroids, or related paraphernalia or accessories, unless licensed and authorized by the jurisdiction in which the User is based as well as by the jurisdiction in which the transaction takes place;

d) gambling activities including but not limited to sports betting, casino games, horse racing, dog racing, games that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing, unless licensed and authorized by the jurisdiction in which the User is based as well as by the jurisdiction in which the transaction takes place;

e) money-laundering or terrorist financing;

f) any sort of Ponzi scheme, pyramid scheme, or multi-level marketing program;

g) goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;

h) credit repair services, or other services that may present consumer protection risks;

i) court ordered payments, structured settlements, tax payments, or tax settlements;

j) any unlicensed money transmitter activity;

k) layaway systems, or annuities;

l) counterfeit goods, including but not limited to fake or “novelty” IDs;

m) wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit;

n) purchasing goods of any type from “Darknet” markets, or any other service or website that acts as a marketplace for illegal goods (even though such marketplace might also sell legal goods); or

o) any other matters, goods, or services that from time to time we communicate to you that are unacceptable and which, for example, may be restricted by our and your bank or payment partners

(such transactions, “Prohibited Transactions”).

18b. In the event that Evident learns you are making any such Prohibited Transactions, Evident will consider it to be a violation of these Terms and may also suspend or terminate your Evident Account, which can result in the potential forfeit of any US Dollar funds otherwise eligible for redemption.

19) Taxes

Evident will maintain a record of your transaction history pursuant to the terms of the Evident User Agreements. This transaction history will include all transactions you complete with Evident including tokenizing USD for USDE, redeeming USDE for USD, transferring USDE and trades done on Evident.

20) Indemnification; Release

20a. For the purpose of this Section, the term “losses” means all net costs reasonably incurred by us or the other persons referred to in this Section which are the result of the matters set out in this Section and which may relate to any claims, demands, causes of action, debt, cost, expense or other liability, including reasonable legal fees (without duplication).

20b. If you have a dispute with one or more Users or third parties, you release Evident (and its affiliates and service providers, and each of their officers, directors, agents, joint ventures, employees and representatives) from all claims, demands, and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes.

21) Limitation of Liability; No Warranty

21a. YOU EXPRESSLY UNDERSTAND AND AGREE THAT EVIDENT AND OUR AFFILIATES AND SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF EVIDENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO HOLD OR USE USDE; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO INVOLVING USDE; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (IV) ANY OTHER MATTER INVOLVING USDE.

21b. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH USDE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE HOLDING AND USE OF USDE.

21c. USDE IS PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. EVIDENT, OUR AFFILIATES, AND OUR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. EVIDENT MAKES NO WARRANTY THAT (I) THE USDE WILL MEET YOUR REQUIREMENTS, (II) THE USDE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (III) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU WILL MEET YOUR EXPECTATIONS.

22) Force Majeure

Evident shall have no liability for any failure or delay resulting from any condition beyond our reasonable control, including but not limited to governmental action or acts of terrorism, earthquake, fire, flood, or other acts of God, labor conditions, power failures, equipment failures, and Internet disturbances.

23) Amendments

23a. Evident may amend any portion of these Terms at any time by posting the revised version of these Terms with an updated revision date. The changes will become effective, and shall be deemed accepted by you, the first time you access or use USDE after the initial posting of the revised Terms and shall apply on a going-forward basis with respect to transactions initiated after the posting date. In the event that you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the USDE and terminate your Evident Account (if any). You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of these Terms.

23b. If the revised Terms includes a material change, we will provide you with prior notice via our website and/or email before the material change becomes effective. For this purpose, a “material change” means a significant change other than changes that (i) are to your benefit, (ii) are required to be made to comply with applicable laws and/or regulations or as otherwise required by one of our regulators, (iii) relates to a new product or service made available to you, or (iv) otherwise clarifies an existing term.

24) Assignment and Third-Party Holders

24a. You may not transfer or assign these Terms or any rights or obligations hereunder, by operation of law or otherwise and any such attempted assignment shall be void, subject to the following exception. Sending USDE to an address will automatically transfer and assign to that Holder, and any subsequent Holder, the right to redeem USDE for USD so long as the Holder is eligible to, and does, register an Evident Account.

24b. Each Holder is subject to all terms of these Terms as if a User including, but not limited to, the requirements to not transact with Blocked Addresses and not engage in Restricted Activities or Prohibited Transactions.

24c. We reserve the right to freely assign these Terms and the rights and obligations of these Terms to any third party at any time without notice or consent. If you object to such transfer or assignment, you may stop holding and using USDE; you may also stop using our Evident Services, and terminate these Terms by contacting Support at [email protected] and asking us to close your Evident Account.

25) Survival

Upon termination of these Terms (and termination of your Evident Account), all rights and obligations of the parties that by their nature are continuing will survive such termination.

26) Website; Third Party Content

Evident strives to provide accurate and reliable information and content on the Evident website, but such information may not always be correct, complete, or up to date. Evident will update the information on the Evident website as necessary to provide you with the most up to date information, but you should always independently verify such information. The Evident website may also contain links to third-party websites, applications, events or other materials (“Third Party Content”). Such information is provided for your convenience and links or references to Third Party Content do not constitute an endorsement by Evident of any products or services. Evident shall have no liability for any losses incurred as a result of actions taken in reliance on the information contained on the Evident website or in any Third-Party Content.

27) Legal Compliance

The USDE and Evident Services are subject to AML and CTF provisions, including Sanctions. By holding or using USDE, or using the USDE Services, you represent and warrant that your actions are not in violation of Sanctions. Without limiting the foregoing, you may not hold or use USDE, or use the USDE Services if you are a Restricted Person or intend to transact with or on behalf of any Restricted Persons.

28) Entire Agreement

28a. The failure of Evident to exercise or enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. If any provision of these Terms shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that these Terms shall otherwise remain in full force and effect and remain enforceable between the parties, except as specified in Section 26. Furthermore, if any portion of these Terms, whether in whole, or in part, shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid against certain persons or categories of persons that are purportedly bound by these Terms, such portion of these Terms shall otherwise remain in full force and effect and remain enforceable as to any other persons bound by these terms. The headings and explanatory text are for reference purposes only and in no way define, limit, construe, or describe the scope or extent of such section. These Terms and Evident’s policies governing the holding or use of USDE, the use of the USDE Services referenced herein, the Privacy Policy constitute the entire agreement between you and Evident with respect to the holding or use of USDE, and the use of the USDE Services. These Terms are not intended and shall not be construed to create any rights or remedies in any parties other than you and Evident and other Evident affiliates which each shall be a third-party beneficiary of these Terms, and no other person shall assert any rights as a third-party beneficiary hereunder.

28b. Notwithstanding anything to the contrary set forth in these Terms or otherwise, in the event of a conflict between any term set forth herein and any term set forth in the Evident Account User Agreement (i) in connection with any USDE transaction, the terms of these Terms shall control, and (ii) in respect of any other Digital Currency transaction, the terms of the Evident Account User Agreement shall control.