C-Token (Coupon)

What is C-Token

C-Token represent the coupon part of a RWA, it is the income leg. It can capture the return of the underlying asset, such as interest of a bond, rent of a REIT.

Why it matters

• Income first – Hold C to receive the bond’s coupon cash flows on-chain.

• Flexible exit – You can sell anytime in the pool (T+0), instead of waiting for every coupon date.

• Composable yield – LP, stake, or combine with P/S to build custom payoffs.

How to get C-Token

• Stablecoin users: Open AquaFlux Swap, choose a pool, buy C-Token directly.

• RWA holders: Wrap the asset, then Split to mint P/C/S—keep C (swap out P/S if needed).

Acquire & exit

• Acquire

  • Wrap a supported RWA and Split into P/C/S, or

  • Buy C directly in the pool/AMM.

• Exit

  • Sell anytime (T+0) at the market price, or

  • Hold to collect upcoming coupons per schedule.

FAQ

Does C-Token have a fixed redemption like 1.00? No. C is a claim on coupon income, not on par value.

What if the asset underpays or defaults? S takes losses first. If losses exceed S, C can be reduced; only after that might P be affected.

Why does C’s price move? Interest rates, default expectations, time until the next coupons, and pool liquidity.