Sony-backed Ethereum Layer 2 Soneium opened its IP Vault for first-round ipUSD subscriptions on Oct. 28, with a combined $600,000 launch cap across its first two rounds.
“The IP Vault is open,” Soneium announced on X, inviting users to deposit for the first round. The product page is marked “Accepting subscriptions.”
The minimum subscription is 100 ipUSD, according to the deposit guide. Deposits join a queue rather than immediately becoming investments. Once they settle, users receive vault shares whose value can rise or fall with the underlying assets.
https://x.com/i/status/2115354359827763486
Blockscout data showed about 600,020 ipUSD held by the product’s pre-deposit contract when checked on Oct. 28. That token balance is not a measure of how much has already been invested in the royalties fund.
The opening advances the royalty-vault plans in Soneium’s Oct. 26 tokenized-IP roadmap, previously covered by The Defiant.
Stable Dollars, Separate Investment Shares
The product documentation distinguishes ipUSD, the dollar stablecoin used to enter and exit the vault, from the investment itself. Holding ipUSD alone provides no royalty exposure. Users can convert USDSC, or Startale USD, and USDC.e into ipUSD one for one through the interface.
Vault shares represent a proportional interest in the vault’s tokenized fund position, ipUSD liquidity buffer and assets moving through settlement—not direct ownership of individual songs or other intellectual property. Returns accrue in the share value rather than increasing the number of shares held. Soneium says that value updates monthly from the fund’s report and can fall.
The site identifies the underlying portfolio as Partners Group’s Evergreen Royalties Opportunities fund, tokenized by Asseto, and lists $641 million in fund net assets as of August 2026. That fund-wide figure is separate from the vault’s launch capacity. The site names holdings including The Weeknd’s catalogue and Warner Bros. Discovery’s film and TV music.
Partners Group’s own account of The Weeknd deal describes a royalty-backed note provided on behalf of clients—a debt instrument secured against royalties, rather than an outright catalogue purchase.
The product documentation says Partners Group manages the underlying fund but is not affiliated with, and does not endorse, ipUSD or IP Vault. Its contracts-and-disclosures page names the manager and tokenization platform but does not name a legal issuer or share class for the tokenized position. Soneium says access is limited to eligible users in supported jurisdictions.
Exits Depend on Liquidity
The withdrawal guide says instant exits pay ipUSD in the same transaction only when sufficient capacity is available, and charge a 5% protocol fee. Standard withdrawals have no protocol withdrawal fee but enter a queue. They can take three to six months in low-liquidity conditions if the vault needs to redeem its underlying position through the fund’s quarterly redemption schedule.
Standard withdrawal payouts use the share value at settlement, not when the request is submitted, so investors remain exposed to changes in value while waiting. Before investment settlement, unlocked subscriptions can be cancelled without a protocol fee after a ten-minute delay.
Soneium Portal will not provide a market for vault shares at launch, although the shares can be transferred between wallets. Soneium has scheduled the first subscription settlement for Nov. 2, 2026.
*Updated Oct. 28, 2026: This article has been updated to reflect the opening of first-round subscriptions and add onchain balance and fund-structure details.*