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Fiat-on-Chain

About

Thirty-five years of building market infrastructure with the central bank in the room.

Fiat-on-Chain Ltd owns and operates the networks; a Member Council in each jurisdiction governs the rules.

Zurab Ashvil

Zurab Ashvil, PhD

Founder, Fiat-on-Chain

Architect of L3COS, the regulated blockchain operating system that places the regulator inside consensus; author of L3RS-1, the open standard for regulated assets, governed by the L3RS Foundation under his chairmanship; founder of Fiat-on-Chain and of T3RRA, the settlement layer for compliant tokenized capital markets. Fiat-on-Chain is the cash layer of that stack.

PhD in Cybernetics and Applied Mathematics, Tbilisi State University. Formerly a senior executive at SoftBank Capital. Presented L3COS at the World Economic Forum, Davos, 2020. Works across Tbilisi, London and New York.

  • 1991 — TICEX. Created the Tbilisi Interbank Currency Exchange with the National Bank of Georgia, the country’s first regulated FX market, later absorbed into the central bank: a market infrastructure built from nothing, in a new jurisdiction, with the central bank as counterparty.
  • 2008 — Lehman Brothers. Appointed under the SIPC liquidation to prepare the firm’s technology assets for sale, one of the most complex asset unwindings in US financial history.
  • 2013–2020 — L3COS. Built the regulated blockchain operating system; in 2020 it delivered an operational CBDC prototype inside the Bank of England’s sandbox.
  • 2026 — The standard and the protocol. L3RS-1 published as an open standard under the L3RS Foundation, with three products built on it; the FoC-P reference implementation built and frozen at v1.0.0-rc.1.

How the network is governed

Our network. Your rules.

The structure Visa and Mastercard use: a company-owned network with member-governed rules.

  • Fiat-on-Chain Ltd

    Owns and operates the network in each jurisdiction: settlement operations, technology, certification. Holds any payment-system designation the central bank requires. Never holds money, never issues, never a counterparty.

  • The Member Council

    The issuers in each jurisdiction, with the central bank as observer. No rulebook change takes effect without the Council; fees follow a published formula with a cap on which the Council is consulted. Founding members hold seats and a fixed fee tier.

  • If Fiat-on-Chain fails

    The specification is open, the source is in escrow and released on failure, members hold their own keys, and the Council can appoint a successor operator under the step-in clause.

Talk to us.

For issuers, participants and supervisors: a ninety-minute briefing, in Tbilisi, London or New York, or on a screen.

Request an issuer briefingBook a supervisor demonstration