What it costs
The rulebook is free. Here is what you pay for.
Indicative ranges, published on purpose. Your figures go in the joint business case.
Fee schedule
Item
Gateway license — bank
- Who pays
- Issuers
- Basis
- Annual, tiered by tokenized balance
- Indicative
- USD 150–400K / yr
- Covers
- Gateway software, certified connector to your core, updates, integration support
Item
Gateway license — payment institution
- Who pays
- Issuers
- Basis
- Annual, tiered
- Indicative
- USD 60–150K / yr
- Covers
- As above, for a safeguarding ledger
Item
Proof service
- Who pays
- Issuers
- Basis
- Monthly, per ledger
- Indicative
- USD 5–15K / month
- Covers
- Every-cycle proof generation and publication; feed to the regulator's node
Item
Certification
- Who pays
- Issuers, participants, asset legs
- Basis
- On joining; annual renewal
- Indicative
- USD 25–75K, then USD 15K / yr
- Covers
- Conformance to the published test corpus for your profile
Item
Regulatory reporting
- Who pays
- Issuers
- Basis
- Annual
- Indicative
- USD 20–50K / yr
- Covers
- Reports and audit support for your supervisor
Item
Connector deployment
- Who pays
- Issuers
- Basis
- One-time
- Indicative
- USD 30–100K
- Covers
- Install and test the connector to your core
Item
Asset-leg license
- Who pays
- CSDs, transfer agents, platforms
- Basis
- Annual, tiered by settled value
- Indicative
- USD 100–500K / yr
- Covers
- Asset-leg interface, certification support
Item
Participant API
- Who pays
- Participants
- Basis
- Monthly, by accounts and volume
- Indicative
- USD 2–25K / month
- Covers
- Accounts-and-payments API, sandbox, identity-attestation reliance
Item
Identity attestation use
- Who pays
- Participants
- Basis
- Per onboarding or verification
- Indicative
- USD 0.50–3.00
- Covers
- Reliance on another institution's verified attestation
Item
Settlement fees
- Who pays
- Both counterparties
- Basis
- Basis points on payments to other institutions; published formula with a cap; Member Council consulted
- Indicative
- 2–10 bps, tiered
- Covers
- Running the shared ledger; nothing on payments inside your own institution
Item
Cross-currency
- Who pays
- Participants
- Basis
- Share of the quoted spread
- Indicative
- 1–5 bps
- Covers
- Payment-versus-payment between two legs
Item
Securities DvP
- Who pays
- Asset legs and participants
- Basis
- On settled value
- Indicative
- 0.5–3 bps
- Covers
- Delivery-versus-payment against a register
| Item | Who pays | Basis | Indicative | Covers |
|---|---|---|---|---|
| Gateway license — bank | Issuers | Annual, tiered by tokenized balance | USD 150–400K / yr | Gateway software, certified connector to your core, updates, integration support |
| Gateway license — payment institution | Issuers | Annual, tiered | USD 60–150K / yr | As above, for a safeguarding ledger |
| Proof service | Issuers | Monthly, per ledger | USD 5–15K / month | Every-cycle proof generation and publication; feed to the regulator's node |
| Certification | Issuers, participants, asset legs | On joining; annual renewal | USD 25–75K, then USD 15K / yr | Conformance to the published test corpus for your profile |
| Regulatory reporting | Issuers | Annual | USD 20–50K / yr | Reports and audit support for your supervisor |
| Connector deployment | Issuers | One-time | USD 30–100K | Install and test the connector to your core |
| Asset-leg license | CSDs, transfer agents, platforms | Annual, tiered by settled value | USD 100–500K / yr | Asset-leg interface, certification support |
| Participant API | Participants | Monthly, by accounts and volume | USD 2–25K / month | Accounts-and-payments API, sandbox, identity-attestation reliance |
| Identity attestation use | Participants | Per onboarding or verification | USD 0.50–3.00 | Reliance on another institution's verified attestation |
| Settlement fees | Both counterparties | Basis points on payments to other institutions; published formula with a cap; Member Council consulted | 2–10 bps, tiered | Running the shared ledger; nothing on payments inside your own institution |
| Cross-currency | Participants | Share of the quoted spread | 1–5 bps | Payment-versus-payment between two legs |
| Securities DvP | Asset legs and participants | On settled value | 0.5–3 bps | Delivery-versus-payment against a register |
Founding-member terms
First issuer per jurisdiction.
- License fixed at the bottom of the tier for three years
- A seat on the Member Council: binding rights over the rulebook, consultation on the fee formula
- Named reference status in every subsequent jurisdiction
- Right of first refusal on the first securities DvP flows in your market
- Integration team on site at our cost for the key ceremony and go-live
- Sandbox costs borne by Fiat-on-Chain
What we never charge for
Holding money — we never do. Yield, float or interest — none. Payments inside your own institution. The supervisor's node — provided free to the central bank. The rulebook and the specification — published.
Indicative year one for a bank tokenizing the equivalent of USD 70M: USD 450–700K to Fiat-on-Chain, plus settlement fees on actual inter-institution volume.
Turn indicative into agreed.
The joint business case takes your four numbers — tokenizable balances, exchange flows, cross-border flows, reconciliation cost — and produces the case in your currency in a week.