1. No fiduciary appointment
Use of the Service does not appoint Operator as your investment adviser, broker, agent, trustee, or lawyer. Converter output is a model. Desk prices are a local book. You and your counsel decide whether to issue or transact.
2. RWAV
RWAV is described as a protocol utility token. Operator and persons designing the protocol may hold, receive, or have an interest in RWAV, including the 15% team allocation (unlocked at TGE, not vested). The $1 USDC official-quote taker is paid to the LPs who were hit, not to Operator, unless the fill hits no LP depth. That is not a reason to expect RWAV to appreciate. The 10% issuer floor and protocol liquidity stay locked. Description as utility is a design posture, not a promise of value, listing, or profit. Bond forfeiture that burns RWAV reduces circulating supply; do not treat that burn as a reason to expect price appreciation.
3. Seed liquidity and inventory
The native book is seeded so the Desk is demonstrable without counterparties. Issuer inventory credited on mint is a design allocation. Operator can change seed depth, spreads, and starting USDC/RWAV balances in software. That is not an obligation to make a two-sided market in any Instrument.
4. Converter incentives
The Converter is built to prefer consumptive-utility structures over investment-contract structures. That methodological bias is disclosed: it can under-weight facts you omit and over-weight wrappers you select. It is not an independent audit, fairness opinion, or underwriting commitment. Residual Howey risk can remain elevated after wrappers.
5. Network listing
Displaying Arc Network is a settlement selector, not an endorsement and not a paid listing unless separately disclosed. Operator is independent of Circle and Arc Network.
6. Issuers versus holders
The same interface serves issuers (KYB, Converter, freeze, allowlist) and persons viewing the Desk. Operator does not intermediate their disputes. Freeze and allowlist gates are local; they may not bind transfers that occur elsewhere.