> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/bitnet/clearing-and-settlement/lifecycle/dvp.md).

# DvP

DvP

<figure><img src="/files/PZ1rRZO2Cpa66I9jP9Zd" alt="" width="375"><figcaption></figcaption></figure>

1\. Alice sends USD to HTLC\
2\. Bob sends XRT to HTLC \
3a. HTLC sends XRT to Alice \
3b. HTLC sends USD to Bob

{% tabs %}
{% tab title="ETF" %}

<figure><img src="/files/VgjcTxWuVAufS2oA8KaD" alt=""><figcaption></figcaption></figure>

1\. AP sends basket to HTLC\
2\. ETF sends shares to HTLC\
3\. Reveal secret \
4a. HTLC -> ETF shares to AP \
4b. HTLC -> Basket to ETF
{% endtab %}

{% tab title="ETF FAIL" %}

<figure><img src="/files/sntHdWJ1PSAGTRYyvI9j" alt=""><figcaption></figcaption></figure>

1\. AP sends basket to HTLC\
2\. ETF sends shares to HTLC\
3\. T+1 fail\
4a. HTLC -> ETF shares to ETF\
4b. HTLC -> AP basket to AP
{% endtab %}

{% tab title="USD/GME" %}

<figure><img src="/files/rhECmLPhEmWzYUfl2Xng" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="USD/GME FAIL" %}

<figure><img src="/files/PRIWrAeLxB4sLcsgEXTU" alt=""><figcaption></figcaption></figure>
{% endtab %}
{% endtabs %}