roadmap

Three phases. We don't put dates on them, because the second depends on a licence and we won't promise a regulator's timeline.

phase 0: router and basis oracle#

What's live now. We route conversions between wrappers through existing venues and publish the basis between them. We hold nothing; you sign every leg.

For you: a route you'd otherwise assemble by hand, with every leg and fee shown before you sign. The cost is whatever the venues charge, plus spread and price impact, and for thin wrappers that can be a lot. We show it rather than hide it.

For us: the basis data. It tells us how large and persistent the gaps between wrappers are, and whether a pool that closes them would be used. That's the go or no-go for phase 1.

phase 1: conversion pool#

A pool that holds wrappers from several issuers and converts one into another directly, one wrapper in, another out, without selling into a stablecoin and bridging. Conversions would be cheaper and faster, and possible at any hour, including when no issuer is minting.

For you: lower and more predictable cost, and conversions that don't depend on each wrapper's own thin pool. You'd go through identity checks (KYB for institutions) to use it, because the pool would be holding securities on your behalf.

Why it needs a licence: a pool that takes custody of tokenized securities and exchanges them is doing what securities law regulates: holding client assets and arranging deals in securities. Doing that properly means a licence in the jurisdiction we operate from, the compliance that comes with it, and only serving people each issuer allows. We'd rather do that slowly than run a pool without it.

phase 2: canonical token#

One token per stock, backed by the wrappers held in the phase 1 pool. Instead of thirteen tokens for one share, you'd hold one, and it would work wherever it's listed.

For you: a single token per stock, with the issuer wrappers behind it. This depends on phase 1 existing and on issuers being willing to have their wrappers held this way, so it's the furthest out and the least certain.