For Professional Investors

• The investor funds from an allow‑listed prime crypto custodian. Coins land in a RAIF staging wallet that uses institutional MPC custody.
• The router allocates from that wallet into the chosen sleeve so that coins do not idle. The screen shows the next dealing window and the route.
• Where a sleeve demands fiat settlement, the platform converts through a regulated venue that sits in our perimeter and settlement proceeds through recognised clearing systems.

• Stablecoins before allocation sit in the RAIF on‑chain custody.
• Tokenised Treasury wrappers sit in the RAIF on‑chain custody under per‑issuer caps that the dashboard shows.
• Money‑market fund shares sit on transfer‑agent registers that we reconcile to issuer statements.
• Treasury bills settle across DTC and Fed links in the RAIF name.
• Repo cash and collateral sit in tri‑party or sponsored clearing accounts with conservative schedules.

• Tokenised wrappers that take USDC or USDT receive direct mints from the staging wallet and wrapper tokens return to segregated addresses that the depositary knows.
• The government‑only money‑fund sleeve moves through a tokenised share class where that exists or through the transfer agent where that does not.
• US bills settle across DTC and Fed links and coins convert on our bridge so that settlement may complete through our clearing channels.
• The repo sleeve accepts cash from the bridge and holds collateral that the clearing agent supervises.

• We safekeep securities positions through recognised clearing channels and transfer agents and we reconcile those to issuer records.
• We do not hold investor stablecoins as client money at a bank. Coins remain in the RAIF digital‑asset custody until allocation or conversion.
• The depositary monitors cash flows, positions and breaches and receives files that tie coin movements to securities settlement.

• Allowed assets are whitelisted at contract level and at custody level.
• Proof of reserve gates apply where wrappers publish them. Deposits pause when feeds age beyond our rule and withdrawals remain open.
• Issuer limits and venue limits apply before and after conversion and the screen shows headroom.
• A reconciler ties coins in, mints out, securities fills and money‑fund confirms with persistent timestamps and as‑of windows.

• Source wallet, received coins and the staging wallet address.
• Chosen sleeve mix, next dealing windows, cut‑offs and the conversion leg where we must bridge to fiat.
• Per‑issuer exposure, proof of reserve timeliness, haircut statistics and settlement progress.
• A cost trace that separates wrapper fees, our fee and real frictions on the bridge.

Staged stablecoins sit in segregated RAIF wallets under an institutional MPC custodian (Fireblocks) with allow‑listed routes and dual‑control release. Coinbase Custody International is the approved alternate. The depositary monitors addresses and logs. Securities and money‑fund units appear in the in‑app service‑provider panel with the named clearing channels.

The appointment is in final selection with the depositary. The depositary shortlist includes Kapital Bank Luxembourg and Standard Chartered Luxembourg, and the global custody leg will run through a group entity that holds DTC and Fed links. The name appears in the subscription pack and in the in‑app service‑provider panel.

• We act as allocator and router. Issuers remain separate legal persons with their own boards, auditors, custodians and transfer agents.
• We disclose where legal title sits, whether holdings are segregated or omnibus, and the full custody chain.
• We describe the issuer’s insolvency mechanics that you can judge the ring‑fencing.
• Transfer rules at the issuer level pass through to us and to registered wallets.
• We map issuer domicile and governing law and we route only where those patterns fit our eligibility rules.

• Routing is based on net economics to the investor that include wrapper fees and operating frictions.
• We receive no revenue share, rebate or marketing payment from issuers unless we have disclosed it in writing that investors can see.
• Where we hold operational side letters that cover support or quota reservations, we state that they do not alter economics. We keep a short register that investors may review.
• We seek most‑favoured terms on fees and service levels at defined asset tiers and we tell you when such terms apply.

• We set conservative platform caps by issuer and we honour issuer capacity limits or agreed mint and redeem quotas for large clips.
• For large tickets we coordinate fills with issuers and dealers and we publish the expected schedule.
• Where an issuer runs a queue we surface backlog and timestamps in the app. We reroute or we pause deposits rather than build hidden queues.

• Our calendars mirror issuer cut‑offs and settlement windows. The app shows time to cash by sleeve and it blocks orders that would miss a window.
• Under stress we use a fixed liquidity sequence that runs through repo unwind and the MMF sleeve before secondary sales. Wrappers that fail to redeem on time are down‑weighted or moved to observe.
• Off‑calendar cash‑management bill supply is tagged and presented so that committees can forecast cash dates.

• We require proof of reserve timeliness targets from issuers. When attestations age beyond our threshold, deposits pause while withdrawals remain open.
• We reconcile issuer reports to custodian statements and on‑chain balances. We raise alerts on mismatches and we mark status in public.
• We disclose who attests, the scope, and the cadence. We prefer continuous or daily programmes over episodic claims.

• We maintain named contacts and escalation paths with response targets and we share the RACI tables with investors.
• Issuer changes to fees, cut‑offs or custody trigger a cool‑down and a full re‑approval before routing resumes.
• We run joint resilience drills that cover oracle outages, TA downtime and chain halts and we publish results on the status page.

• Issuer and custodian concentration caps are enforced in code and the dashboard shows headroom.
• Auditor resignation, custodian incidents or control failures at an issuer trigger a rebalance freeze and the sleeve moves to observe.
• Where wrappers use repo internally we display haircuts, fail rates and eligible collateral schedules.

• Live per‑issuer exposure and concentration trends.
• Proof of reserve timeliness with last attestation timestamp, source and next expected update.
• Dealing telemetry that includes cut‑offs, submitted versus filled orders and realised settlement lags.
• An incident log with time‑stamped issues, remediation and whether we paused deposits or changed caps.
• A cost trace for each route that sets out wrapper fee, our fee and switching frictions actually incurred.

• We restate issuer claims in our own words and we verify them. Claims that cannot be evidenced do not appear.
• We do not route to wrappers whose eligibility regimes clash with our professional‑only gate or with your constraints.
• We avoid wrappers whose distribution stance could compromise our RAIF and AIFM perimeter.

• We pre‑approve alternates so that we can rotate within policy if an issuer degrades without leaving the cash universe.
• We maintain sleeve cash buffers sized to ordinary daily redemptions and we publish schedules for large events.
• Where an issuer must be exited we present a dated plan that covers dealing points, expected haircuts and residual tails and we report progress until flat.

1. Do you receive compensation from wrapper issuers. If yes, what and where do you disclose it.
2. Where does legal title sit and along which custody chain. Are holdings segregated.
3. What are your issuer concentration caps and who can approve a change.
4. What are the cut‑offs, settlement windows and queue mechanics under stress.
5. What are the proof of reserve cadences, who signs them and what is your auto‑pause threshold.
6. What mint and redeem quotas do you hold with each issuer at large flow.
7. What are your downgrade triggers and what steps follow.
8. Do you hold side letters and can we review the operational terms.
9. How do you evidence realised costs and slippage per route.
10. What is your rotation plan if an issuer is suspended or sanctioned.