Soneium Launches Royalty Vault With $600,000 Cap

The design choice here is the story: Soneium is deliberately splitting a stablecoin-like instrument from the royalty-bearing position, so holding ipUSD signals nothing about exposure until settlement, and even then the claim arrives as separate vault shares. That two-step structure, plus multi-month standard exits, matters most to anyone treating the launch cap as a proxy for demand — the $600,000 ceiling and the settlement mechanics, not the headline number, define who can actually participate. Whether the split becomes a template for other royalty products, and how the settlement lag shapes secondary interest, are the open questions worth watching.