How it works
The mint is the posting.
One event, two records — kept equal by proof rather than by comparison.
The three mechanisms
1 · Bind
Your core moves money from a customer’s ordinary account to their token account and emits the standard payment message it already produces. A gateway inside your perimeter signs it with your ledger key; your compliance system countersigns. The shared ledger creates the token in the same step. The posting stays pending until the network confirms; if it does not, the posting is reversed through ordinary core mechanics, and the network never commits partially.
2 · Prove
Every minute, your bank publishes a tamper-proof fingerprint of its token accounts and a mathematical proof that tokens in existence equal it. No customer data leaves. The central bank verifies the proof on its own computer and paints one tick. A late or wrong proof trips a circuit breaker; only your officers and the network operator, together, can lift it.
3 · Settle
To pay a customer of another bank: your token is destroyed and your ledger posts the debit; the central bank moves the money from your settlement account to theirs; their token is created and their ledger posts the credit. Four parts, one transaction, final when three of four confirming computers — one of them the central bank — sign.
Six components
Nobody has to know it is a blockchain.
Issuers see a new settlement account type. Participants see an API. Regulators see a node with more visibility than they had before.
Token gateway
Reads the ISO 20022 messages your core already emits; produces signed token instructions; runs the two-phase commit. Certified connectors for the major cores.
Proof service
Fingerprint and consistency proof every cycle. The v1 suite publishes the total in the clear; the zero-knowledge suite is scheduled behind the same interface.
Identity attestation
Identity checked once, by a bank; a signed attestation any participant can rely on. No personal data on the ledger; revocation on the class clock.
Settlement engine
Destroy → settle → create, atomically, in central bank money. Two bindings to the central bank: a pooled settlement account, or synchronization with the existing RTGS.
Cross-border and securities
Two currencies settle at the same instant on two central banks’ ledgers; a bond delivers against payment in the same step. Nothing can stay locked past its deadline.
Regulator’s screen
A read-only node the supervisor runs: every proof, settlement, rule decision, halt and resolution event, live. Halts and freeze orders are signed with the supervisor’s own key.
Watch it
The whole chain in 72 seconds.
Nine chapters, from a treasurer's instruction to a bank-failure rehearsal — including the minute a proof goes missing.
Industry map
Where the four primitives apply.
Finality in regulated money at any hour, conditional release enforced at the token, identity reuse across institutions, and delivery-versus-payment against any register that plugs in. An industry applies wherever at least two of those are the pain.
Near term — money already in banks, moving between institutions
Industry
Capital markets — issuers, funds, CSDs, custodians, CCPs
- The pain today
- Weeks of settlement; cash leg on a stablecoin or a wire
- The primitive that removes it
- Delivery-versus-payment; margin in central bank money
Industry
Corporate treasury — multi-entity groups
- The pain today
- Cut-offs; cash trapped between entities
- The primitive that removes it
- Finality at any hour; intra-group moves in bank money
Industry
Marketplaces, gig and creator platforms — payout-heavy businesses
- The pain today
- Payout delay; stablecoins adopted to avoid wires
- The primitive that removes it
- Split settlement at sale; instant payouts in the seller’s currency
Industry
Trade finance and commodities — banks, traders, warehouses
- The pain today
- Payment against documents is manual and slow
- The primitive that removes it
- Conditional release at the token; warehouse receipts as an asset leg; PvP for FX
Industry
Insurance and reinsurance — insurers, cedants, reinsurers
- The pain today
- Claims float; bordereaux settlement takes weeks
- The primitive that removes it
- Programmable premiums and payouts; cessions and recoveries PvP
Industry
Government disbursement and collection — treasuries, agencies, development banks
- The pain today
- Conditions enforced after payment; weak audit trail
- The primitive that removes it
- Conditional release; supervisor’s own node as the audit trail
Industry
Syndicated loans and securitization — agent banks, investors
- The pain today
- Settlement measured in weeks; manual waterfalls
- The primitive that removes it
- Distributions and waterfalls as conditional releases on a shared record
| Industry | The pain today | The primitive that removes it |
|---|---|---|
| Capital markets — issuers, funds, CSDs, custodians, CCPs | Weeks of settlement; cash leg on a stablecoin or a wire | Delivery-versus-payment; margin in central bank money |
| Corporate treasury — multi-entity groups | Cut-offs; cash trapped between entities | Finality at any hour; intra-group moves in bank money |
| Marketplaces, gig and creator platforms — payout-heavy businesses | Payout delay; stablecoins adopted to avoid wires | Split settlement at sale; instant payouts in the seller’s currency |
| Trade finance and commodities — banks, traders, warehouses | Payment against documents is manual and slow | Conditional release at the token; warehouse receipts as an asset leg; PvP for FX |
| Insurance and reinsurance — insurers, cedants, reinsurers | Claims float; bordereaux settlement takes weeks | Programmable premiums and payouts; cessions and recoveries PvP |
| Government disbursement and collection — treasuries, agencies, development banks | Conditions enforced after payment; weak audit trail | Conditional release; supervisor’s own node as the audit trail |
| Syndicated loans and securitization — agent banks, investors | Settlement measured in weeks; manual waterfalls | Distributions and waterfalls as conditional releases on a shared record |
Medium term — a register or a supervisor must plug in
Industry
Real estate — registries, conveyancers, funds
- The pain today
- Completion depends on escrow and manual coordination
- The primitive that removes it
- DvP against a land registry as an asset leg; milestone escrow
Industry
Energy and carbon — utilities, traders, registries
- The pain today
- Bilateral netting; registry transfers detached from payment
- The primitive that removes it
- Settlement against carbon and guarantee-of-origin registries
Industry
Telecoms — carriers
- The pain today
- Interconnect and roaming netting across borders
- The primitive that removes it
- PvP dissolves the netting cycle
Industry
Healthcare — insurers, providers, pharmacies
- The pain today
- Claims adjudication detached from payment
- The primitive that removes it
- Release on adjudicated claim
Industry
Travel — airlines, agencies, operators
- The pain today
- Interline and trust-account regimes; slow payouts
- The primitive that removes it
- Conditional settlement in the operator’s own bank money
Industry
Payroll and earned-wage access — employers, payroll providers
- The pain today
- Cross-border payroll cost; wages paid late
- The primitive that removes it
- Wages released as earned, from the employer’s own bank
Industry
Legal and fiduciary escrow — law firms, agents
- The pain today
- A holder in the middle
- The primitive that removes it
- The escrow agent becomes a rule, not a holder
| Industry | The pain today | The primitive that removes it |
|---|---|---|
| Real estate — registries, conveyancers, funds | Completion depends on escrow and manual coordination | DvP against a land registry as an asset leg; milestone escrow |
| Energy and carbon — utilities, traders, registries | Bilateral netting; registry transfers detached from payment | Settlement against carbon and guarantee-of-origin registries |
| Telecoms — carriers | Interconnect and roaming netting across borders | PvP dissolves the netting cycle |
| Healthcare — insurers, providers, pharmacies | Claims adjudication detached from payment | Release on adjudicated claim |
| Travel — airlines, agencies, operators | Interline and trust-account regimes; slow payouts | Conditional settlement in the operator’s own bank money |
| Payroll and earned-wage access — employers, payroll providers | Cross-border payroll cost; wages paid late | Wages released as earned, from the employer’s own bank |
| Legal and fiduciary escrow — law firms, agents | A holder in the middle | The escrow agent becomes a rule, not a holder |
Later — small units, or registers that do not exist yet
Industry
Royalties and licensing — rights holders, platforms
- The pain today
- Fragmented splits; reconciliation
- The primitive that removes it
- Programmable splits in regulated money
Industry
Mobility and machine payments — EV charging, fleets, IoT
- The pain today
- Units too small for today’s rails
- The primitive that removes it
- Micro-settlement once cost per transfer falls
Industry
Loyalty and stored value — retailers, schemes
- The pain today
- Unregulated liabilities
- The primitive that removes it
- Settled in regulated money against an issuer’s account
| Industry | The pain today | The primitive that removes it |
|---|---|---|
| Royalties and licensing — rights holders, platforms | Fragmented splits; reconciliation | Programmable splits in regulated money |
| Mobility and machine payments — EV charging, fleets, IoT | Units too small for today’s rails | Micro-settlement once cost per transfer falls |
| Loyalty and stored value — retailers, schemes | Unregulated liabilities | Settled in regulated money against an issuer’s account |
Two things the map makes clear: the asset-leg interface is the expansion mechanism — every regulated register can become a leg without touching the settlement layer — and in every industry the growth variable is the participant, not the issuer. What the network does not reach: consumer wallets for people without bank access, anonymous flows, anything that needs a bearer instrument.
Follow the dollar
Where is the dollar, right now?
Alice sends $1 to Bob. Step through what every ledger records under a bank transfer, a stablecoin, and a deposit token.
See it against your own core.
The briefing includes a sandbox environment with a mock core that emits your message set, so your integration team can test the gateway before any commitment.