> For the complete documentation index, see [llms.txt](https://qiro.gitbook.io/qiro-vaults/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://qiro.gitbook.io/qiro-vaults/about-us/architecture-overview.md).

# Architecture Overview

Qiro Credit Vaults are structured across four layers, from investor capital at the top to yield-generating borrowers at the bottom.

Qiro Credit Vaults are structured across four layers. Capital flows down through them on deployment and back up on repayment.

```mermaid
flowchart TD
    I(["Investors"])
    V["1 · Vault<br/>(pooled capital, share price)"]
    S["2 · Subaccounts<br/>(isolated, capped mandates)"]
    D["3 · Deal SPVs<br/>(bankruptcy-remote legal lender)"]
    Y["4 · Yield Sources<br/>(borrowers, liquid strategies)"]

    I -- deposit --> V
    V -- allocate --> S
    S -- fund --> D
    D -- draw --> Y

    Y -. repay .-> D
    D -. repay .-> S
    S -. recall .-> V
    V -. redeem .-> I

    classDef investor fill:#1E1B3A,stroke:#6B56F1,stroke-width:3px,color:#FFFFFF;
    classDef l1 fill:#6B56F1,stroke:#6B56F1,stroke-width:0px,color:#FFFFFF;
    classDef l2 fill:#5B45E0,stroke:#5B45E0,stroke-width:0px,color:#FFFFFF;
    classDef l3 fill:#4C33D9,stroke:#4C33D9,stroke-width:0px,color:#FFFFFF;
    classDef l4 fill:#3D28B8,stroke:#3D28B8,stroke-width:0px,color:#FFFFFF;

    class I investor;
    class V l1;
    class S l2;
    class D l3;
    class Y l4;

    linkStyle 0,1,2,3 stroke:#6B56F1,stroke-width:2px;
    linkStyle 4,5,6,7 stroke:#0D9488,stroke-width:2px;
```

For a narrative walkthrough of the same system, see [How It Works](/qiro-vaults/about-us/how-it-works.md).

### Layer 1: Vault

The entry point for investors. The Vault accepts stablecoin deposits, issues share tokens, and maintains the share price. It holds pooled capital until the Risk Curator deploys it into Subaccounts.

### Layer 2: Subaccounts

The allocation layer. Capital flows from the Vault into one of several Subaccounts, each deploying under a mandate agreed with Qiro in advance and each carrying a hard cap on the cumulative capital it can draw.

Capital in one Subaccount is held apart from every other, and the accounting for each is kept separate.

### Layer 3: Deal SPVs

The legal isolation layer. For credit facilities, capital moves from a Subaccount into a Deal SPV, a bankruptcy-remote vehicle established for that borrower. The SPV is the legal lender. Not all yield sources require one.

### Layer 4: Yield Sources

Where yield is generated.

**Private credit borrowers**: payment companies and fintech lenders that draw down facilities, deploy the capital in their operations, and repay principal plus interest on schedule.

**Liquid strategies**: a portion of vault capital may be allocated to liquid yield sources such as T-bills or lending protocols, to earn a baseline return on undeployed capital and maintain a liquidity buffer for redemptions.