For asset managers and funds
Subscriptions and redemptions at any hour, in your investors' own bank money.
Fund flows settle the day the price is struck — no stablecoin, no float, no cut-off.
The pain today
Cash arrives days after the price is struck.
Subscriptions settle by wire in business hours; redemptions queue behind cut-offs; the cash leg of a tokenized fund unit is a stablecoin or nothing. Reconciliation between the transfer agent, the custodian and the bank takes people.
The primitive that removes it
Delivery-versus-payment against your register. Your transfer agent or fund registrar plugs in as an asset leg. Units and cash change hands in one all-or-nothing step, in the investor's bank's deposit token, final in central bank money. A tokenized money-market fund becomes a cash-sweep instrument that settles the same way.
What stays, what changes, what never happens
What stays the same
Your fund documents, your transfer agent, your custodian, your investors' banks. The unit is still the unit; the register is still the register.
What changes
The register exposes the asset-leg interface; investors settle from network accounts at their banks; subscriptions and redemptions become DvP transactions with a receipt.
What you never take on
A stablecoin as the cash leg, a reserve to diligence, a float, a settlement window. Blockchain operations on your desk.
The board question
“Our investors are at fifty different banks. How does this reach them?”
Through the banks. Every investor holds a network account at its own bank; the fund settles against that account whatever the bank. That is why the participant count, not the issuer count, is the growth variable — and why the first fund on the network reaches every member bank's clients at once.
What it costs
Asset-leg license USD 100–500K a year tiered by settled value; certification USD 25–75K; DvP fees of 0.5–3 bps on settled value. Investors pay nothing beyond their own bank's account. Indicative; your figures go in the joint business case.
See the full fee scheduleSettle the first fund in the sandbox.
A subscription and a redemption against a tokenized unit, delivery-versus-payment, with the finality receipt on the supervisor's screen — in the Georgia program's fourth phase.