From board to plan
The board decides where to play. This is what follows: when each cell ships, who unlocks it, and what holds if the pipeline slips. The throughline is one fact, so put it up front: the cell we lead with is a Q4 capability, gated on our own build.
Timeline: which cell ships when
The testnet gates prove the engine in the bottom-left of the board. The lead cell, HIGH–HIGH, is a gold / mainnet capability, gated on the permissioned-pool build.
Engineering dependency, in one line
The permissioned pool wraps an ERC-4626 vault and inherits the credit facility’s ERC-3643 stack on the token leg, so the liquidity pool enforces the same identity, claims, and compliance as the facility. Dennis sizes the contract at about a week once designed; the design of the liquidity-pool-to-credit-facility connection does not exist yet, and OpenZeppelin places delivery at October. Where the lender deposit and withdraw step attaches its gate (full ONCHAINID, the MVKYC floor, or none) is legal-gated, pending counsel. Build it as a configurable module so the legal answer is a setting, not a rebuild.
Who unlocks which cell, and in what order
The board groups the partners. This sequences them: what each one opens, and where it stands. Lead with the three that build the HIGH band; the rest are scale or optionality. Status is close-probability, not the role each would play.
Scroll for more → · Lead band: South Street + TradePro + BitGo. Scale: Apex once T-REX lands. Optionality: Circle for the medium fork. Tailwind: DTCC under all of it.
If the pipeline slips: the architecture is the hedge
The HIGH pool is the most complex build; once it exists, the lower tiers reuse its compliance primitives via adapters rather than re-architecting. That is engineering insurance. The deeper risk is commercial, partners not closing, so the fallbacks are read with that in mind.
Internal framing. The point is robustness, not doubt: we do not bank the company on any single deal closing.
Everything from the call, slotted
Each entity discussed on 1 June, placed on the same two axes. Collateral entities sit by their inherent grade; the liquidity venues are demand-side answers, shown below the grid.
Liquidity venues are demand-side answers, not collateral: Morpho (LOW), Aave Horizon (MID), Circle and broker-dealer cash (HIGH). BridgeTower, Hedera and Stellar assets are still to be scoped.
Full partner matrix (Appendix A)
| Entity | Kind | Collateral tier | Natural cell | Confidence (role) | Figure note |
|---|---|---|---|---|---|
| South Street Securities | Business · broker-dealer | enables HIGH demand | HIGH–HIGH | High | repo ~US$1B/day per meeting; internal |
| TradePro (Terry) | Business · FINRA | enables HIGH demand | HIGH–HIGH | High | own-licence route; 80/20; internal |
| BitGo | Custody · DvP cash | enables HIGH demand | HIGH–HIGH | High | cash-crossing leg, not a liquidity source |
| DTCC | Infrastructure | unlocks HIGH supply | HIGH–HIGH | High | SEC no-action to DTC (2025-12-11) names ERC-3643; launch Oct 2026 |
| Apex / T-REX | Product · native (building) | HIGH | HIGH–* | High; blocked | ~US$100B; native once T-REX Ledger live |
| PSG Digital | Business + supply | HIGH | HIGH–* | High | ~US$1.6B; ADGM 3C + HK Type 9/4; internal |
| Denari | Issuer · wrapped | MID | MID row | High | ~300 wrapped public securities; internal |
| BridgeTower | Product | provisional HIGH | HIGH–* | Low | US$11B / oil / Chainlink unconfirmed |
| Tezos (uranium) | Product · commodity | LOW / MID | structure-dependent | Low | confirm structure |
| Acacia; Robinhood; Hedera / Stellar | Product / to scope | to scope | to scope | Low | named only / pending |
Liquidity answers, not grid entities: Aave v4 (permissioned hubs), Aave Horizon (~US$1B, MID), Morpho (~US$11B, LOW default), Circle (KYC’d, medium fork), BitGo (DvP cash for HIGH).
Next step
