Stellar Institutional Allocation Program Phase 1: 45% Return Review

Stellar Institutional Allocation Program Phase 1 has completed its full cycle from subscription to settlement. The program originally set a monthly return target of 50%+. This was a target, not a guaranteed return. The final realized return after platform retention was 45%, with principal and returns distributed after the term closed.

The useful comparison is not an annualized projection. It is what the program expected to deliver, what it actually delivered, and whether the process reached settlement as scheduled.

Target 50%+. Realized 45%.

The August 25 valuation brief recorded total assets of USD 292,325.68 against initial principal of USD 200,000. That represented USD 92,325.68 of profit before platform retention, or 46.16%. After USD 2,325.68 was retained by the platform, distributable profit was USD 90,000 and closing net asset value was USD 290,000. The resulting realized return was 45%.

The 45% figure is a completed one-month holding-period result, not a forecast, a guaranteed rate, or a continuing rate.

The Phase 1 Timeline

Access was invitation-based. The 200,000 USDT placement was fully subscribed during the July 27–31, 2026 subscription window. The program then entered its one-month closed term and completed settlement on September 3, with an overall realized return of 45%. Dates and amounts are based on BiFu's internal valuation brief and settlement confirmation (UTC+8).

What Drove the Result

The return did not come from a fixed interest payment. The program provided exposure to pre-unlock Hong Kong cornerstone-share positions acquired at institutional cost. The result depended on the spread between that cost and the eventual exit price, together with the value change accumulated before the positions were sold. For how these institutional placement positions are priced and locked, see how to evaluate an IPO anchor fund before you subscribe.

Phase 1 finished below its original 50%+ target, but the complete sequence ran end to end: subscription, closed holding, exit, and settlement.

Risks to Understand Before Participating

The 45% came from a price spread, not a fixed coupon, and the same mechanism loses money when prices move the other way. Three things to weigh before any phase:

• The underlying positions were pre-unlock Hong Kong cornerstone shares. An exit price below institutional cost can result in a loss of capital. Phase 1's result does not determine the result of a later phase, and past performance does not indicate future results.
• The one-month closed term did not allow early redemption. Money that may be needed before maturity had no interim exit.
• Subscription and settlement involved USDT and USD. Participants should review the official product terms for the applicable conversion, settlement, operational, and legal-structure risks before applying.

Phase 2 Is Now Open

Stellar Institutional Allocation Program Phase 2 is now open to eligible users. Its term, subscription limits, application deadline, allocation process, settlement arrangements, and risk disclosures should be confirmed on the official Phase 2 product page before applying. Expected return alone is not a basis for deciding; the fuller method is in why you should never judge an RWA product by expected return alone.

FAQ

Is the return on the Stellar Institutional Allocation Program fixed?

No. The return comes from the spread between institutional cost and the exit price, not a fixed coupon. The Phase 1 figure of 45% is the result of one completed term; Phase 2 holds different positions and exits under different conditions, so its result will differ.

Can participants redeem early during the closed term?

No. Phase 1 did not allow early redemption during its one-month closed term. Participants should confirm the current rules for any later phase on its official product page.

Where can I confirm the Phase 2 terms?

Review the official Phase 2 product page for the current application deadline, limits, allocation process, settlement arrangements, and risk disclosures.

Why is subscription in USDT while returns are credited in USD?

Phase 1 subscriptions were recorded in USDT. At settlement, principal was returned to the wealth account and realized returns were credited to the funding account in USD. Participants should review the official product terms for any conversion and settlement provisions.