Hello aarnâuts! We’re back with the July update. Alongside the platform build, much of this month went into assembling the rails the product has to run on. TL;DR Settlement rails confirmed en
Hello aarnâuts! We’re back with the July update.
Alongside the platform build, much of this month went into assembling the rails the product has to run on.
TL;DR
The product is designed so investors can subscribe in either dollars or stablecoins, with the stablecoin leg converting to dollars through a regulated custodian and OTC desk before anything reaches the fund vehicle. This month we confirmed that flow end to end: how the money moves, and what the controls are.
In parallel, we are establishing the banking relationship in GIFT City that the vehicle settles through, including the currency conversion and hedging leg that turns dollar subscriptions into rupee deployment, and income back into dollars.
Conversations are advanced with two to three established Indian credit managers to anchor the initial allocation, with documentation progressing on each. The design point matters equally: the product is built as a diversified allocation across multiple managers rather than exposure to a single fund or originator.
Work also progressed on the front end of the same pipeline: the investor verification and wallet infrastructure through which capital enters.
Stage 2 of our sandbox application is with the regulator and under review.
We ran a live, onchain round-trip of our deposit and redemption flow on a second network. It completed with no changes to our existing contracts. Because our contracts are built to standard EVM specifications, we are locked to no single chain: same contracts, second network, no rework.
That is important because where institutional capital settles is still moving. We want to be able to follow it.
Underneath the rails, the platform itself moved to the control standard institutions expect: every sensitive action now requires explicit permission, high-risk approvals need two people to sign off, and automated security scanning runs on every build before anything ships.
This month, the un# podcast hosted two guests: one building the rails of stablecoin money, and one charting where tokenization is heading.Nikhil Chandhok, Circle
Leads product and technology at Circle. On the show, he talked through what US stablecoin legislation means for USDC as money, how AI agents are beginning to transact on stablecoin rails, and Arc, Circle’s L1 with USDC as gas.
Watch the full episode: link
Ronit Ghose, Citi Institute
Leads future of finance research at Citi Institute after 23 years as a public market equity analyst. On the show, he walked through the thinking behind Citi’s Tokenization 2030 report, which projects a $5 trillion plus tokenization market, largely led by the US, by the end of the decade.
Watch the full episode: link
July put the machinery around the product in place: the settlement flow confirmed end to end, the underlying book forming across multiple managers, and Stage 2 of our sandbox application with the regulator.
As more capital moves onchain, our focus stays the same: build with discipline, deploy where the capital settles, and keep every layer, from rails to contracts, under controls institutions can trust.
