# Welcome to XFT Welcome to XFT! This site provides information for developers and users. XFT is a digital asset manager. We issue stablecoins for global corporations in retail, hospitality, and industrials. These stablecoins power our transaction banking platform, which offers full-stack blockchain solutions to the most complex cash management problems for corporate treasurers. Our mission is to use blockchains to build resilient internet capital markets and accelerated global supply chains. ## Platform *** XFT has an ecosystem of over 20000+ onchain assets. Learn more about our solutions below. * International Deposits Network: * BITNET: * XFT Token Service: * Tech: * API Concepts: * Learn: * Get started: * Contact: # Technical Implementation ## Protocol All XFT token contracts implement the ERC-20 standard, enabling the storage and transfer of tokensbalances across individual accounts. It supports additional functionalities such as minting and burning, controlled by privileged accounts, and incorporates asset freezing mechanisms to prevent financial crimes. Most XFT tokenized products implement the following ERC-20 token logic. See [Equities](#equity-protocol) for logic update. ``` FEATURES - Access control - Rebasing token mechanism - Minting and burning functionality - Block/Unblock accounts - Pausing emergency stop mechanism - Reward multiplier system - EIP-2612 permit support - OpenZeppelin UUPS upgrade pattern PUBLIC AND EXTERNAL FUNCTIONS initialize(string memory name_, string memory symbol_, address owner): Initializes the contract. name(): Returns the name of the token. symbol(): Returns the symbol of the token. decimals(): Returns the number of decimals the token uses. convertToShares(uint256 amount): Converts an amount of tokens to shares. convertToTokens(uint256 shares): Converts an amount of shares to tokens. totalShares(): Returns the total amount of shares. totalSupply(): Returns the total supply. balanceOf(address account): Returns the account balance. sharesOf(address account): Returns the account shares. mint(address to, uint256 amount): Creates new tokens to the specified address. burn(address from, uint256 amount): Destroys tokens from the specified address. transfer(address to, uint256 amount): Transfers tokens between addresses. blockAccounts(address[] addresses): Blocks multiple accounts at once. unblockAccounts(address[] addresses): Unblocks multiple accounts at once. isBlocked(address account): Checks if an account is blocked. pause(): Pauses the contract, halting token transfers. unpause(): Unpauses the contract, allowing token transfers. setRewardMultiplier(uint256 _rewardMultiplier): Sets the reward multiplier. addRewardMultiplier(uint256 _rewardMultiplierIncrement): Adds the given amount to the current reward multiplier. approve(address spender, uint256 amount): Approves an allowance for a spender. allowance(address owner, address spender): Returns the allowance for a spender. transferFrom(address from, address to, uint256 amount): Moves tokens from an address to another one using the allowance mechanism. increaseAllowance(address spender, uint256 addedValue): Increases the allowance granted to spender by the caller. decreaseAllowance(address spender, uint256 subtractedValue): Decreases the allowance granted to spender by the caller. DOMAIN_SEPARATOR(): Returns the EIP-712 domain separator. nonces(address owner): Returns the nonce for the specified address. permit(address owner, address spender, uint256 value, uint256 deadline, uint8 v, bytes32 r, bytes32 s): Implements EIP-2612 permit functionality. PRIVATE AND INTERNAL FUNCTIONS _authorizeUpgrade(address newImplementation): Internal function to authorize an upgrade. _mint(address to, uint256 amount): Internal function to mint tokens to the specified address. _burn(address account, uint256 amount): Internal function to burn tokens from the specified address. _beforeTokenTransfer(address from, address to, uint256 amount): Hook that is called before any transfer of tokens. _afterTokenTransfer(address from, address to, uint256 amount): Hook that is called after any transfer of tokens. _transfer(address from, address to, uint256 amount): Internal function to transfer tokens between addresses. _blockAccount(address account): Internal function to block account. _unblockAccount(address account): Internal function to unblock an account. _setRewardMultiplier(uint256 _rewardMultiplier): Internal function to set the reward multiplier. _spendAllowance(address owner, address spender, uint256 amount): Internal function to spend an allowance. _useNonce(address owner): Increments and returns the current nonce for a given address. _approve(address owner, address spender, uint256 amount): Internal function to approve an allowance for a spender. EVENTS Transfer(from indexed addr, to uint256, amount uint256): Emitted when transferring tokens. RewardMultiplier(uint256 indexed value): Emitted when the reward multiplier has changed. Approval(address indexed owner, address indexed spender, uint256 value): Emitted when the allowance of a spender for an owner is set. AccountBlocked(address indexed addr): Emitted when an address is blocked. AccountUnblocked(address indexed addr): Emitted when an address is removed from the blocklist. Paused(address account): Emitted when the pause is triggered by account. Unpaused(address account): Emitted when the unpause is triggered by account. Upgraded(address indexed implementation): Emitted when the implementation is upgraded. ROLES DEFAULT_ADMIN_ROLE: Grants the ability to grant roles. MINTER_ROLE: Grants the ability to mint tokens. BURNER_ROLE: Grants the ability to burn tokens. BLOCKLIST_ROLE: Grants the ability to manage the blocklist. ORACLE_ROLE: Grants the ability to update the reward multiplier. UPGRADE_ROLE: Grants the ability to upgrade the contract. PAUSE_ROLE: Grants the ability to pause/unpause the contract. ``` ``` [{"inputs":[],"stateMutability":"nonpayable","type":"constructor"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"allowance","type":"uint256"},{"internalType":"uint256","name":"needed","type":"uint256"}],"name":"ERC20InsufficientAllowance","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"},{"internalType":"uint256","name":"shares","type":"uint256"},{"internalType":"uint256","name":"sharesNeeded","type":"uint256"}],"name":"ERC20InsufficientBalance","type":"error"},{"inputs":[{"internalType":"address","name":"approver","type":"address"}],"name":"ERC20InvalidApprover","type":"error"},{"inputs":[{"internalType":"address","name":"receiver","type":"address"}],"name":"ERC20InvalidReceiver","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"ERC20InvalidSender","type":"error"},{"inputs":[{"internalType":"address","name":"spender","type":"address"}],"name":"ERC20InvalidSpender","type":"error"},{"inputs":[{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint256","name":"blockTimestamp","type":"uint256"}],"name":"ERC2612ExpiredDeadline","type":"error"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"}],"name":"ERC2612InvalidSignature","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"USDXBlockedSender","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"},{"internalType":"uint256","name":"shares","type":"uint256"},{"internalType":"uint256","name":"sharesNeeded","type":"uint256"}],"name":"USDXInsufficientBurnBalance","type":"error"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"USDXInvalidBlockedAccount","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"USDXInvalidBurnSender","type":"error"},{"inputs":[{"internalType":"address","name":"receiver","type":"address"}],"name":"USDXInvalidMintReceiver","type":"error"},{"inputs":[{"internalType":"uint256","name":"rewardMultiplier","type":"uint256"}],"name":"USDXInvalidRewardMultiplier","type":"error"},{"inputs":[],"name":"USDXPausedTransfers","type":"error"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"addr","type":"address"}],"name":"AccountBlocked","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"addr","type":"address"}],"name":"AccountUnblocked","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"previousAdmin","type":"address"},{"indexed":false,"internalType":"address","name":"newAdmin","type":"address"}],"name":"AdminChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"owner","type":"address"},{"indexed":true,"internalType":"address","name":"spender","type":"address"},{"indexed":false,"internalType":"uint256","name":"value","type":"uint256"}],"name":"Approval","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"beacon","type":"address"}],"name":"BeaconUpgraded","type":"event"},{"anonymous":false,"inputs":[],"name":"EIP712DomainChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"uint8","name":"version","type":"uint8"}],"name":"Initialized","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"account","type":"address"}],"name":"Paused","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"uint256","name":"value","type":"uint256"}],"name":"RewardMultiplier","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"bytes32","name":"previousAdminRole","type":"bytes32"},{"indexed":true,"internalType":"bytes32","name":"newAdminRole","type":"bytes32"}],"name":"RoleAdminChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"address","name":"account","type":"address"},{"indexed":true,"internalType":"address","name":"sender","type":"address"}],"name":"RoleGranted","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"address","name":"account","type":"address"},{"indexed":true,"internalType":"address","name":"sender","type":"address"}],"name":"RoleRevoked","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"from","type":"address"},{"indexed":true,"internalType":"address","name":"to","type":"address"},{"indexed":false,"internalType":"uint256","name":"value","type":"uint256"}],"name":"Transfer","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"account","type":"address"}],"name":"Unpaused","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"implementation","type":"address"}],"name":"Upgraded","type":"event"},{"inputs":[],"name":"BLOCKLIST_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"BURNER_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"DEFAULT_ADMIN_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"DOMAIN_SEPARATOR","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"MINTER_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"ORACLE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"PAUSE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"UPGRADE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"_rewardMultiplierIncrement","type":"uint256"}],"name":"addRewardMultiplier","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"}],"name":"allowance","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"approve","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"balanceOf","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address[]","name":"addresses","type":"address[]"}],"name":"blockAccounts","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"from","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"burn","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"convertToShares","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"shares","type":"uint256"}],"name":"convertToTokens","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"decimals","outputs":[{"internalType":"uint8","name":"","type":"uint8"}],"stateMutability":"pure","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"subtractedValue","type":"uint256"}],"name":"decreaseAllowance","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"eip712Domain","outputs":[{"internalType":"bytes1","name":"fields","type":"bytes1"},{"internalType":"string","name":"name","type":"string"},{"internalType":"string","name":"version","type":"string"},{"internalType":"uint256","name":"chainId","type":"uint256"},{"internalType":"address","name":"verifyingContract","type":"address"},{"internalType":"bytes32","name":"salt","type":"bytes32"},{"internalType":"uint256[]","name":"extensions","type":"uint256[]"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"}],"name":"getRoleAdmin","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"grantRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"hasRole","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"addedValue","type":"uint256"}],"name":"increaseAllowance","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"name_","type":"string"},{"internalType":"string","name":"symbol_","type":"string"},{"internalType":"address","name":"owner","type":"address"}],"name":"initialize","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"isBlocked","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"mint","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"name","outputs":[{"internalType":"string","name":"","type":"string"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"}],"name":"nonces","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"pause","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"paused","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"value","type":"uint256"},{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint8","name":"v","type":"uint8"},{"internalType":"bytes32","name":"r","type":"bytes32"},{"internalType":"bytes32","name":"s","type":"bytes32"}],"name":"permit","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"proxiableUUID","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"renounceRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"revokeRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"rewardMultiplier","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"_rewardMultiplier","type":"uint256"}],"name":"setRewardMultiplier","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"sharesOf","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes4","name":"interfaceId","type":"bytes4"}],"name":"supportsInterface","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"symbol","outputs":[{"internalType":"string","name":"","type":"string"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"totalShares","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"totalSupply","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"transfer","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"from","type":"address"},{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"transferFrom","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address[]","name":"addresses","type":"address[]"}],"name":"unblockAccounts","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"unpause","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"newImplementation","type":"address"}],"name":"upgradeTo","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"newImplementation","type":"address"},{"internalType":"bytes","name":"data","type":"bytes"}],"name":"upgradeToAndCall","outputs":[],"stateMutability":"payable","type":"function"}] ``` ## Dependencies The contracts build their foundation on top of OpenZeppelin Contracts library, widely used and recognized battle-tested components throughout the Ethereum ecosystem: * AccessControlUpgradeable.sol * PausableUpgradeable.sol * UUPSUpgradeable.sol * CountersUpgradeable.sol * ECDSAUpgradeable.sol * EIP712Upgradeable.sol * IERC20PermitUpgradeable.sol * IERC20MetadataUpgradeable.sol ## Income & Yield Distribution XFT uses a process called "rebasing" or changing the total supply of tokens, a reward multiplier, and share-based accounting to distribute bond income to token holders. Under the hood, USDX holders own a fixed amount of shares in a mutual fund. `balanceOf(account) = shares[account] * rewardMultiplier` When underlying mutual fund assets accrue yield, XFT increases the reward multiplier. This proportionally mints additional USDX tokens to each holder's wallet based on the number of shares they own. * `shares` - map of account share of the total supply. * `rewardMultiplier` - sum of addRewardMultiplier. #### Rebasing Example If a user purchased 100 USDX tokens when the reward multiplier was 1.00, that user would receive 100 shares. If the reward multiplier was updated to reflect a 3.8% return, that user would then have 103.8 USDX tokens but still have the same 100 shares. | Time | USDX (balanceOf) | Shares | rewardMultiplier | | ---- | ---------------- | ------ | ---------------- | | 1 | 100 | 100 | 1 | | 2 | 103.8 | 100 | 1.038 | ## Role-Based Access Control The USDX contract implements a simple Role-Based Access Control (RBAC) system. This ensures that only authorized accounts can perform certain actions, enhancing security and operational integrity. * DEFAULT\_ADMIN\_ROLE: Grants the ability to grant roles. * MINTER\_ROLE: Grants the ability to mint tokens. * BURNER\_ROLE: Grants the ability to burn tokens. * BLOCKLIST\_ROLE: Grants the ability to manage the blocklist. * ORACLE\_ROLE: Grants the ability to update the reward multiplier. * UPGRADE\_ROLE: Grants the ability to upgrade the contract. * PAUSE\_ROLE: Grants the ability to pause/unpause the contract. #### Example role assignments | Role | Function | Participants | | -------------------- | ------------------------ | ----------------------------------------------------------------------------------------------------------------------- | | DEFAULT\_ADMIN\_ROLE | Grant roles | XFT | | MINTER\_ROLE | Mint tokens |

• Principal Underwriter
• Distributor
• Customer
• Robinhood
• Bridge
• Securitize

| | BURNER\_ROLE | Burn tokens |

• Principal Underwriter
• Distributor
• Customer
• Robinhood
• Bridge
• Securitize

| | BLOCKLIST\_ROLE | Manage blocklist | Fund Administrator, KYC/AML | | ORACLE\_ROLE | Update reward multiplier | Investment Advisor, portfolio management | | UPGRADE\_ROLE | Upgrade contract | XFT | | PAUSE\_ROLE | Pause/unpause |

• NYSE, market close
• DTCC, market close
• Custodian, redemption pressure
• Circuit breaker mechanisms

| ## Bond Protocol * **Symbol:** ISIN * **Name:** \[issuer] \[coupon] \[maturity] Example: * Symbol = ISIN = US48251W5004 * Name = Ticker = KKR 6.25 03/01/28 ### Real Estate Protocol * **Symbol:** \[[UPI](https://upi.reso.org/builder/index.html)] OR \[BBL/BIN] * **Name:** \[address] * LN, ST, AVE, BLVD, RD Example: * Symbol = UPI = 65-001-120 \ Name = Property Address = 315 HEPBURN ST WILLIAMSPORT PA 17701 * Symbol = BIN-BBL = 1015862-1008350041 \ Name: EMPIRE STATE BUILDING ### Equity Protocol All tokenized stocks implement the following modified or net new ERC-20 logic. See [ERC-8056](http://xft.sh/erc8056). ``` FEATURES - Share multiplier mechanism - Distribution multiplier mechanism - Raw and effective share classes PUBLIC AND EXTERNAL FUNCTIONS totalShares(): Returns the total amount of shares. totalRawShares(): Returns the total amount of effective shares. totalEffectiveShares(): Returns the total amount of effective shares. totalSupply(): Returns the total supply. convertToShares(uint256 amount): Converts an amount of tokens to shares. convertToTokens(uint256 shares): Converts an amount of shares to tokens. setRewardMultiplier(uint256 _rewardMultiplier): Sets the reward multiplier. addRewardMultiplier(uint256 _rewardMultiplierIncrement): Adds the given amount to the current reward multiplier. setShareMultiplier(uint256 _shareMultiplier): Sets the share multiplier. addShareMultiplier(uint256 _shareMultiplierIncrement): Adds the given amount to the current share multiplier. PRIVATE AND INTERNAL FUNCTIONS _setRewardMultiplier(uint256 _rewardMultiplier): Internal function to set the reward multiplier. _setShareMultiplier(uint256 _ShareMultiplier): Internal function to set the share multiplier. EVENTS RewardMultiplier(uint256 indexed value): Emitted when the reward multiplier has changed. ShareMultiplier(uint256 indexed value): Emitted when the share multiplier has changed. ROLES ORACLE_ROLE: Grants the ability to update the multipliers. ``` ## Distributions & Corporate Actions `effectiveShares = rawShares * shareMultiplier` #### Stock split example
totalSharestotalSupplyshareMultiplierrewardMultiplierbalanceOfshare/token
t0100.0000100.00001.00001.0000501.0000
Distribution100.0000103.80001.00001.038051.90.9634
2-for-1 split200.0000103.80002.00001.038051.91.9268
# Contract Overview All XFT tokenized products implement the following ERC-20 token logic. #### Features * Access Control * Rebasing token mechanism * Minting and burning functionality * Block/Unblock accounts * Pausing emergency stop mechanism * Reward multiplier system * EIP-2612 permit support * OpenZeppelin UUPS upgrade pattern **Public and External Functions** * `initialize(string memory name_, string memory symbol_, address owner)`: Initializes the contract. * `name()`: Returns the name of the token. * `symbol()`: Returns the symbol of the token. * `decimals()`: Returns the number of decimals the token uses. * `convertToShares(uint256 amount)`: Converts an amount of tokens to shares. * `convertToTokens(uint256 shares)`: Converts an amount of shares to tokens. * `totalShares()`: Returns the total amount of shares. * `totalSupply()`: Returns the total supply. * `balanceOf(address account)`: Returns the account blanace. * `sharesOf(address account)`: Returns the account shares. * `mint(address to, uint256 amount)`: Creates new tokens to the specified address. * `burn(address from, uint256 amount)`: Destroys tokens from the specified address. * `transfer(address to, uint256 amount)`: Transfers tokens between addresses. * `blockAccounts(address[] addresses)`: Blocks multiple accounts at once. * `unblockAccounts(address[] addresses)`: Unblocks multiple accounts at once. * `isBlocked(address account)`: Checks if an account is blocked. * `pause()`: Pauses the contract, halting token transfers. * `unpause()`: Unpauses the contract, allowing token transfers. * `setRewardMultiplier(uint256 _rewardMultiplier)`: Sets the reward multiplier. * `addRewardMultiplier(uint256 _rewardMultiplierIncrement)`: Adds the given amount to the current reward multiplier. * `approve(address spender, uint256 amount)`: Approves an allowance for a spender. * `allowance(address owner, address spender)`: Returns the allowance for a spender. * `transferFrom(address from, address to, uint256 amount)`: Moves tokens from an address to another one using the allowance mechanism. * `increaseAllowance(address spender, uint256 addedValue)`: Increases the allowance granted to spender by the caller. * `decreaseAllowance(address spender, uint256 subtractedValue)`: Decreases the allowance granted to spender by the caller. * `DOMAIN_SEPARATOR()`: Returns the EIP-712 domain separator. * `nonces(address owner)`: Returns the nonce for the specified address. * `permit(address owner, address spender, uint256 value, uint256 deadline, uint8 v, bytes32 r, bytes32 s)`: Implements EIP-2612 permit functionality. **Private and Internal Functions** * `_authorizeUpgrade(address newImplementation)`: Internal function to authorize an upgrade. * `_mint(address to, uint256 amount)`: Internal function to mint tokens to the specified address. * `_burn(address account, uint256 amount)`: Internal function to burn tokens from the specified address. * `_beforeTokenTransfer(address from, address to, uint256 amount)`: Hook that is called before any transfer of tokens. * `_afterTokenTransfer(address from, address to, uint256 amount)`: Hook that is called after any transfer of tokens. * `_transfer(address from, address to, uint256 amount)`: Internal function to transfer tokens between addresses. * `_blockAccount(address account)`: Internal function to block account. * `_unblockAccount(address account)`: Internal function to unblock an account. * `_setRewardMultiplier(uint256 _rewardMultiplier)`: Internal function to set the reward multiplier. * `_spendAllowance(address owner, address spender, uint256 amount)`: Internal function to spend an allowance. * `_useNonce(address owner)`: Increments and returns the current nonce for a given address. * `_approve(address owner, address spender, uint256 amount)`: Internal function to approve an allowance for a spender. **Events** * `Transfer(from indexed addr, to uint256, amount uint256)`: Emitted when transferring tokens. * `RewardMultiplier(uint256 indexed value)`: Emitted when the reward multiplier has changed. * `Approval(address indexed owner, address indexed spender, uint256 value)`: Emitted when the allowance of a spender for an owner is set. * `AccountBlocked(address indexed addr)`: Emitted when an address is blocked. * `AccountUnblocked(address indexed addr)`: Emitted when an address is removed from the blocklist. * `Paused(address account)`: Emitted when the pause is triggered by account. * `Unpaused(address account)`: Emitted when the unpause is triggered by account. * `Upgraded(address indexed implementation)`: Emitted when the implementation is upgraded. **Roles** * `DEFAULT_ADMIN_ROLE`: Grants the ability to grant roles. * `MINTER_ROLE`: Grants the ability to mint tokens. * `BURNER_ROLE`: Grants the ability to burn tokens. * `BLOCKLIST_ROLE`: Grants the ability to manage the blocklist. * `ORACLE_ROLE`: Grants the ability to update the reward multiplier. * `UPGRADE_ROLE`: Grants the ability to upgrade the contract. * `PAUSE_ROLE`: Grants the ability to pause/unpause the contract. # FAQ **Q: What is XFT?**\ A: XFT is a digital asset manager. We issue stablecoins for global corporations in retail, hospitality, and industrials. These stablecoins power our transaction banking platform, which offers full-stack blockchain solutions to the most complex cash management problems for corporate treasurers. Our mission is to use blockchains to build resilient internet capital markets and accelerated global supply chains. **Q: Why stablecoins?**\ A: Instant zero-fee 24/7/365 global programmable internet payments **Q: Why XFT stablecoins?**\ A: Backed 1:1 w/ tokenized cash, cash equivalents for in-kind redemptions. Native U.S. Treasury Marketable Securities issuance. Deep direct, indirect liquidity corridors. Federal Reserve Discount Window access. **Q: What is the BITNET?**\ A: The BITNET is XFT's all-to-all blockchain trading system home to 20000+ tokenized securities across all asset classes. **Q: Why BITNET?**\ A: Programmatic multi-asset composability. Offline digital payments. Use stocks, bonds, real estate to buy groceries. BITNET improves: 1. Operational risk mitigation through standardization and automation 2. Intraday liquidity 3. Post-trade FX matching and netting processes BITNET reduces: 1. Funding and number of payments required 2. Inconsistent FX matching and FX netting 3. Credit consumption 4. Intraday overdraft costs and correspondent bank charges 5. Communication required to confirm positions pre-settlement **Q: What is the International Deposits Network?**\ A: The International Deposits Network (IDN) is XFT's RTGS payment system for tokenized commercial bank deposits. It is used to put onchain tokenized products into traditional offchain bank accounts. Send cross-border real-time payments using IDN blockchain deposit accounts. **Q: What is XFT Token Service?**\ A: XFT Token Service generates TANs for legacy and blockchain payment rail interoperability. This means users can send stablecoins to a wallet using, for example, the associated ABA RTN. It is also used for onchain bank account creation. **Q: What is Bitstream?**\ A: Bitstream is the central securities depository arm of The XFT Group.
What is blockchain? Blockchain is a payment system that is: \ Secure \ Instant \ Global \ Transparent \ Immutable \ Programmable \ \ Forward-only timestamped database secured by math. \ Fedwire or ATM on your phone. \ All-to-all bond trading system. \ RTGS money or security transfer system except instead of being behind a Chase Bank or Visa, its on your phone. \ Public Google Sheet file that is readable, writable, accessible for free to anyone with an internet connection.
What is a crypto wallet? Bank account except instead of being secured by a 4 digit pin, its secured by a 256 digit pin. \ Internet version of your physical wallet. \ Like your Venmo or debit card account.
What is a stablecoin? A digital dollar or “token” usable anywhere the internet is as means of payment where 1 token = 1 USD.\\ \ USD on the internet. Physical, fiat paper bills in your pocket, on your phone. \ Stablecoins are used in the same way as a holder would use USD, whether to send and receive payments, acquire and trade assets, or simply to hold USD to use in the future.\\ \ Digital p2p transferable money market mutual fund where 1 token = 1 share = 1 USD.\\ \ Transferable unit of account recorded on a database called a blockchain. \ Like airline miles, hotel points, casino chips
How are XFT units permissionless? All XFT units are operate in a very similar way as other fiat-backed stablecoins like USDC or USDP. Primary Users (those who have an account with XFT) can mint and redeem USDX (for example) at $1. Both Primary and Secondary users can freely transfer their units, deposit it into smart contracts, and interact with any protocol that is compatible with the ERC20 standard.
How do I purchase USDXT? Customers may purchase USDXT with USD via XFT API, web app or distribution partner.
What is a central bank digital currency (CBDC)? A CBDC is a digital form of central bank money that is widely available to the general public. It is a digital liability of a central bank.
How do yield-bearing XFT products distribute income? Tokens rebase daily, accruing new tokens regardless of where the yield-bearing unit is held. \ The mechanism of rebasing modifies the balanceOf via a rewardMultiplier. \ For more details, refer to the documentation here.
Why blockchain? **Blockchain is a payment system that is:** \ \ Secure \ Instant \ Zero-fee \ 24/7/365 \ Global \ Transparent \ Immutable \ \ **By the numbers:** \ \ Reduced yield spreads by 25 bps ([BIS](https://www.bis.org/publ/work1116.htm)) \ Enhanced liquidity by 5.3% ([HKMA](https://www.hkma.gov.hk/media/eng/publication-and-research/research/research-memorandums/2023/RM04-2023.pdf)) \ Cost savings of 35-65% across settlement value chain ([Digital Asset](https://www.digitalasset.com/hubfs/Canton_Connectivity%20and%20Control%20Within%20Regulatory%20Guardrails_FINAL.pdf)) \ Up to $5 billion in cost savings for equity-post trading ([Digital Asset](https://www.digitalasset.com/hubfs/Canton_Connectivity%20and%20Control%20Within%20Regulatory%20Guardrails_FINAL.pdf)) \ Reduce investment bank costs by $12 billion a year ([Accenture](/))
What is netting? A way of consolidating or reconciling multiple payments between two or more parties to create a single amount due to each participant. It simplifies doing business and reduces risk. Netting refers to the consolidation of multiple financial obligations or payments into a single net amount. By strategically offsetting positive and negative positions, netting reduces the total number and value of payments involved as well as their associated settlement risks. **Example:** Party A is due to receive USD 75,000 from Party B. At the same time, Party B is due to receive USD 30,000 from Party A. Instead of Party B paying USD 75,000 to Party A and Party A paying USD 30,000 to Party B in two separate transactions (called gross settlement), the payments can be netted. That way Party A owes nothing, and Party B pays Party A USD 45,000.
Why netting? • Reduction of credit risk \ • Reduction of settlement risk \ • Reduction of liquidity risk \ • Reduction of systemic risk
What are the types of netting? • Payment Netting \ • Novation Netting \ • Close-Out Netting \ • Multilateral Netting
Why blockchain for netting? * Lower costs for all parties * Reduce manual data entry and file uploads * Automate and speed processing of matching and netting transactions * Increase security through encryption and tamper-evident distributed ledger technology * Provide transparency and enhance trust with permissioned access to transaction data
## Definitions, acronyms, and abbreviations *** **Payment-versus-payment (PvP)** A settlement mechanism that ensures that the final transfer of a payment in one currency occurs if and only if the final transfer of a payment in another currency or currencies takes place. If more than two currencies are involved in a PvP chain, it is called PvPvP in the context of this study. ``` Burn = Withdraw = Offramp = Redeem Mint = Deposit = Onramp = Create ``` ``` Par Value = Face Value = Nominal Value ``` **Business Identifier Code (BIC)** \ Used for addressing messages, routing business transactions and identifying business parties. **International Bank Account Number (IBAN)** \ Specifies the structure of ISO-compliant national IBAN formats, which facilitate automated cross-border payment transaction processing. **Legal Entity Identifier (LEI)** \ Used to enable the consistent and accurate identification of legal entities which are party to a financial transaction. **ABA routing transit number (ABA RTN)**\ The nine-digit code printed on the bottom of checks to identify the financial institution on which it was drawn. **Merchant account**\ A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards. AML anti-money laundering \ API application programming interface \ BIS Bank for International Settlements \ CFT combating the financing of terrorism \ CPMI Committee on Payments and Market Infrastructures \ DID decentralised identifiers \ DLT distributed ledger technology \ FX foreign exchange \ KYC know your customer \ PFMI Principles for financial market infrastructures \ PSP payment service provider \ PoC proof of concept \ RTGS real-time gross settlement Sistema de Pagos Electrónicos Interbancarios (SPEI)\ Society for Worldwide Interbank Financial Telecommunication (SWIFT)\ International Bank Account Number (IBAN)\ Business Identifier Code (BIC)\ Bank Identifier Code (BIC)\ Market Identifier Code (MIC)\ Legal Entity Identifier (LEI)\ CHIPS Universal Identifier (UID)\ Clearing House Interbank Payments System (CHIPS)\ Routing Transfer Number (RTN)\ American Banking Association (ABA)\ Automated Clearing House (ACH)\ Single Euro Payments Area (SEPA)\ North American Clearinghouse Association (NACHA)\ Originating Depository Financial Institution (ODFI)\ Receiving Depository Financial Institution (RDFI)\ Tokenized Account Number (TAN)\ Bankers Automated Clearing System (BACS)\ Automated Customer Account Transfer Service (ACATS)\ Automated Customer Account Transfer Service (ACATS)\ Depository Trust Company (DTC)\ Proof of Authorization (PoA)\ Request for Payment (RfP)\ Real Time Payments (RTP)\ The Clearing House (TCH)\ Credit Union (CH)\ Home Equity Line of Credit (HELOC)\ Electronic Funds Transfer (EFT)\ Real-Time Gross Settlement (RTGS)\ Financial Instrument Global Identifier (FIGI)\ Automated Customer Account Transfer Service (ACATS)\ Depository Trust & Clearing Corporation (DTCC)\ National Securities Clearing Corporation (NSCC)\ Financial Industry Regulatory Authority (FINRA)\ Account Transfer on Notification (ATON)\ Standard Entry Class (SEC)\ Peer-to-peer (P2P)\ Consumer Financial Protection Bureau (CFPB)\ Plan d’Epargne en Actions (PEA)\ Delivery vs. Payment (DVP)\ Receive vs. Payment (RVP)\ National Best Bid/Offer (NBBO)\ Volume-weighted average price (VWAP)\ Exponential Moving Average (EMA)\ Magnetic ink character recognition (MICR)\ Building Identification Number (BIN)\ Borough-Block-Lot (BBL)\ National Book-Entry System (*NBES*)\ Commercial Book-Entry System (CBES)\ Central Counterparty (CCP)\ central securities depository (CSD)\ Fast Automated Securities Transfer Program (FAST)\ Securities Transfer Agents Medallion Program (STAMP)\ Hash Time Locked Contract (HTLC)\ Point Time Locked Contract (PTLC)\ Multy-Party Hash Time Locked Contract (MPHTLC)\ payment-versus-payment (PvP)\ Continuous Net Settlement (CNS)\ Continuous Linked Settlement (CLS)\ deferred net settlement (DNS)\ real-time gross settlement (RTGS)\ Designated-Time Net Settlement (DTNS)\ Large-Value Payment Systems (LVPS)\ Direct Registration System (DRS)\ Direct Holding System (DHS)\ Demand Deposit Account (DDA)\ Controlled Disbursement Account (CDA)\ Merchant Discount Rate (MDR)\ Merchant category code (MCC)\ Accounts payable (AP)\ Accounts receivable (AR)\ Point-of-sale (POS)\ Mail order/telephone order (MOTO)\ Europay, Mastercard, and Visa (EMV)\ Automated teller machine (ATM)\ Personal identification number (PIN)\ Electronic draft capture (EDC)\ Third-Party Payment Processor (TPPP)\ Payment service provider (PSP)\ Payment Card Industry Data Security Standards (PCI DSS)\ Personally Identifiable Information (PII)\ Request for Quote (RFQ)\ Request for Cross (RFC)\ Request for Cross (R-Cross)\ Committed Cross (C-Cross)\ Better Price or Volume Match (BPVM)\ Portfolio Trades (PT)\ Systematic internalisers (SI)\ Liquidity provider (LP)\ Multilateral trading facility (MTF)\ Broker crossing network (BCN)\ Double volume cap (DVC)\ Direct Market Access (DMA)\ Sponsored Access (SA)\ Smart Order Router (SOR)\ Straight Through Processing (STP)\ Small Order Execution System (SOES)\ National Association of Securities Dealers (NASD)\ National Best Bid and Offer (NBBO)\ Ethereum Best Bid and Offer (EBBO)\ Informal value transfer system (IVTS)\ Variable Prepaid Forward (VPF)\ Variable Prepaid Forward Contract (VPFC) \ Prepaid Variable Forward Contract (PVFC) Trade at Settlement (TAS) \ Trade at Marker (TAM) \ Basis Trade Index Close (BTIC) \ Trade at Cash Open (TACO)\ Inter-Commodity Spreads (ICS)\ Good Till Cancel (GTC)\ Good Till Date (GTD)\ Fill and Kill (FAK)\ Fill or Kill (FOK)\ All or None (AON)\ ELECTRONIC TRADING SYSTEM (ETS)\ MANUAL TRADING SERVICE (MTS)\ REQUEST FOR QUOTE TRADING SYSTEM (RFQS)\ Trade order management system (TOMS)\ Order Management System (OMS)\ Execution Management System (EMS)\ Order and Execution Management System (OEMS)\ Electronic Communication Networks (ECNs)\ Crossing Networks (CNs)\ ALTERNATIVE TRADING SYSTEMS (ATS)\ SMALL ORDER EXECUTION SYSTEM (SOES)\ National Association of Securities Dealers Automated Quotations (NASDAQ)\ Chicago Mercantile Exchange (CME)\ Chicago Board of Trade (CBOT)\ New York Mercantile Exchange (NYMEX)\ New York Commodities Exchange (COMEX)\ Reuters Trade Notification Service (RTNS)\ Financial Information eXchange (FIX)\ Transaction Cost Analysis (TCA)\ Payment Card Industry Data Security Standard (PCI-DSS)\ Near-field communication (NFC)\ Payment for Anonymous Routing (PAR)\ Tax-Free Savings Account (TFSA)\ Registered Retirement Income Fund (RRIF)\ Registered Retirement Savings Plan (RRSP)\ Adjusted Cost Base (ACB)\ Optional Cash Purchase (OCP)\ Direct Share/Stock Purchase Plan (DSPP)\ Share Purchase Plan (SPP)\ Pre-Authorized Debit (PAD)\ Dividend Purchase Plan (DPP)\ Optional Cash Purchase (OCP)\ Trade-based money laundering (TBML)\ Ultimate Beneficial Ownership (UBO)\ In-person verification (IPV)\ Most Favored Nation (MFN)\ Free Writing Prospectus (FWP) Tender option bond (TOB)\ Tender option termination event (TOTE)\ Mandatory termination event (MTE)\ Merchant of Record (MoR)\ Usage-Based Billing (UBB)\ Programmable Transaction Blocks (PTB)\ Verifiable Random Function (VRF)\ Elliptic Curve Verifiable Random Function (ECVRF)\ Bring Your Own Store (BYOS)\ Merkle Mountain Range (MMR)\ Byzantine Fault Tolerance (BFT)\ Binary Canonical Serialization (BCS)\ Directed Acyclic Graph (DAG)\ Encrypted Object Store (EOS)\ Total Value Locked (TVL)\ Contract Execution Environment (CEE) Peak Load Contribution (PLC)\ Dynamic Line Rating (DLR)\ Single point of failure (SPOF)\ Earnings Before Interest, Taxes, Depreciation, \ Amortization, Rent (EBITDAR)\ Bring Your Own Power (BYOP)\ Bring Your Own Power and Cooling (BYOP\&C)\ Securities-Backed Line of Credit (SBLOC)\ Securities Based Lending (SBL)\ Line of Credit (LOC) Informal value transfer system (IVTS)\ Local exchange trading system (LETS)\ Local energy trading system (LETS) LN, ST, AVE, BLVD, RD FRN FLOATING RATE NOTE \ FNMA FANNIE MAE \ FNMDN FANNIE DISCOUNT NOTE \ FHLMC FREDDIE MAC \ FREDN FREDDIE MAC DISCOUNT NT \ FFCB FEDERAL FARM CREDIT BANK \ FFCBDN FED FARM CRD DISCOUNT NT \ FHLB FEDERAL HOME LOAN BANK \ FHLBDN FED HOME LN DISCOUNT NT\ F FLOAT\ DN DISCOUNT NOTE\ NT NOTE\ WI WHEN ISSUED\ WIB WHEN ISSUED BOND\ RI REISSUED\ OTR ON-THE-RUN\ FHFA FEDERAL HOUSING FINANCE AGENCY\ FHFB FEDERAL HOUSING FINANCE BOARD\ GSE GOVERNMENT SPONSORED ENTERPRISE Federal Home Loan Bank \ Federal Home Loan Banks is a banking system which consists of 11 separate regional banks which are private, cooperative, government-sponsored enterprises. The Banks support residential mortgage lending by their member-stockholders such as commercial banks, credit unions, and insurance companies. Federal Farm Credit Bank \ Federal Farm Credit Banks Funding Corporation engages in issuing, marketing, and handling the Farm Credit Systems debt securities. It offers discount notes, designated bonds, floating rate bonds, fixed rate bonds, and retail bonds. Fannie Mae\ Fannie Mae buys and holds mortgages, and issues and sells guaranteed mortgage-backed securities to facilitate housing ownership for low to middle-income Americans. The Company was chartered by the United States Congress, but went public in 1970. Freddie Mac\ Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. Freddie purchases single-family and multi-family residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass through securities and debt instruments in the capital markets. When-issued\ When-issued (WI) trading refers to trading of the new security after the announcement but before issuance. LEGAL ENTITY IDENTIFIER 254900HROIFWPRGM1V77 United States Treasury \ 254900C5LP6DN9OP9V83 FEDERAL FARM CREDIT BANK \ 2549001DPIFGXC1TOL40 FEDERAL HOME LOAN BANK \ S6XOOCT0IEG5ABCC6L87 FREDDIE MAC \ B1V7KEBTPIMZEU4LTD58 FANNIE MAE \ G5GSEF7VJP5I7OUK5573 Barclays Bank plc \ 549300QJJX6CVVUXLE15 RBC Dominion Securities, Inc.
PSPayment system: a set of instruments, procedures and rules for the transfer of funds between or among participants; the system includes the participants and the entity operating the arrangement.
CSD/SSS

Central securities depository: an entity that provides securities accounts, central safekeeping services and asset services, which may include the administration of corporate actions and redemptions, and plays an important role in helping to ensure the integrity of securities issues (that securities are not accidentally or fraudulently created or destroyed or their details changed).

Securities settlement system: an entity that enables securities to be transferred and settled by book entry according to a set of predetermined multilateral rules. Such systems allow transfers of securities either free of payment or against payment. Typically, a CSD also operates an SSS.

CCPCentral counterparty: an entity that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts.
TRTrade repository: an entity that maintains a centralised electronic record (database) of transaction data.
**Mil Rates**\ An expression of the daily rate of per-share income earned in a bond or money market fund. **Minimum**\ This refers to the smaller dollar amount an investor may deposit into an account. There are different types of minimums, including a minimum initial investment required to open both retirement and non-retirement accounts, and a minimum subsequent investment once the account has been established. # What is USDXT? USDXT is a payment stablecoin that is 100% backed by short-term US treasuries and USD. **WHY USDXT?** Instant settlement \ 24/7/365 redemptions vs. business hours only \ Global access vs. geographic restrictions \ No counterparty risk vs. trusting multiple counterparties \ Programmable vs. manual processes \ Zero fee vs. wire transfer fees # Blockchain # EVM ### Testnet
ChainChain IDAddress
Ethereum Sepolia111551110x16267111BbDA693cB174687fF8a09e6726dD036d
Arbitrum Sepolia4216140xC1BF9854E43b84f3abec5f5d1C72F0a6f602034b
XDC Apothem510x1c2498F2a17c684DB61c0DEe2371c118C5ea3d5E
Polygon Amoy80002
Avalanche Fuji431130x5Da10F63a849a49c8fdAD4c2CD463C5BA7603aB8
Base Sepolia845320x1c2498F2a17c684DB61c0DEe2371c118C5ea3d5E
See [xft.finance/dollars](https://xft.finance/dollars) for all yield-bearing and payment stablecoin deployments. # Contract Overview ## USDXT Contract Overview All XFT tokenized products implement the following ERC-20 token logic. **Features** * Access Control * Rebasing token mechanism * Minting and burning functionality * Block/Unblock accounts * Pausing emergency stop mechanism * Reward multiplier system * EIP-2612 permit support * OpenZeppelin UUPS upgrade pattern **Public and External Functions** * `initialize(string memory name_, string memory symbol_, address owner)`: Initializes the contract. * `name()`: Returns the name of the token. * `symbol()`: Returns the symbol of the token. * `decimals()`: Returns the number of decimals the token uses. * `convertToShares(uint256 amount)`: Converts an amount of tokens to shares. * `convertToTokens(uint256 shares)`: Converts an amount of shares to tokens. * `totalShares()`: Returns the total amount of shares. * `totalSupply()`: Returns the total supply. * `balanceOf(address account)`: Returns the account blanace. * `sharesOf(address account)`: Returns the account shares. * `mint(address to, uint256 amount)`: Creates new tokens to the specified address. * `burn(address from, uint256 amount)`: Destroys tokens from the specified address. * `transfer(address to, uint256 amount)`: Transfers tokens between addresses. * `blockAccounts(address[] addresses)`: Blocks multiple accounts at once. * `unblockAccounts(address[] addresses)`: Unblocks multiple accounts at once. * `isBlocked(address account)`: Checks if an account is blocked. * `pause()`: Pauses the contract, halting token transfers. * `unpause()`: Unpauses the contract, allowing token transfers. * `setRewardMultiplier(uint256 _rewardMultiplier)`: Sets the reward multiplier. * `addRewardMultiplier(uint256 _rewardMultiplierIncrement)`: Adds the given amount to the current reward multiplier. * `approve(address spender, uint256 amount)`: Approves an allowance for a spender. * `allowance(address owner, address spender)`: Returns the allowance for a spender. * `transferFrom(address from, address to, uint256 amount)`: Moves tokens from an address to another one using the allowance mechanism. * `increaseAllowance(address spender, uint256 addedValue)`: Increases the allowance granted to spender by the caller. * `decreaseAllowance(address spender, uint256 subtractedValue)`: Decreases the allowance granted to spender by the caller. * `DOMAIN_SEPARATOR()`: Returns the EIP-712 domain separator. * `nonces(address owner)`: Returns the nonce for the specified address. * `permit(address owner, address spender, uint256 value, uint256 deadline, uint8 v, bytes32 r, bytes32 s)`: Implements EIP-2612 permit functionality. **Private and Internal Functions** * `_authorizeUpgrade(address newImplementation)`: Internal function to authorize an upgrade. * `_mint(address to, uint256 amount)`: Internal function to mint tokens to the specified address. * `_burn(address account, uint256 amount)`: Internal function to burn tokens from the specified address. * `_beforeTokenTransfer(address from, address to, uint256 amount)`: Hook that is called before any transfer of tokens. * `_afterTokenTransfer(address from, address to, uint256 amount)`: Hook that is called after any transfer of tokens. * `_transfer(address from, address to, uint256 amount)`: Internal function to transfer tokens between addresses. * `_blockAccount(address account)`: Internal function to block account. * `_unblockAccount(address account)`: Internal function to unblock an account. * `_setRewardMultiplier(uint256 _rewardMultiplier)`: Internal function to set the reward multiplier. * `_spendAllowance(address owner, address spender, uint256 amount)`: Internal function to spend an allowance. * `_useNonce(address owner)`: Increments and returns the current nonce for a given address. * `_approve(address owner, address spender, uint256 amount)`: Internal function to approve an allowance for a spender. **Events** * `Transfer(from indexed addr, to uint256, amount uint256)`: Emitted when transferring tokens. * `RewardMultiplier(uint256 indexed value)`: Emitted when the reward multiplier has changed. * `Approval(address indexed owner, address indexed spender, uint256 value)`: Emitted when the allowance of a spender for an owner is set. * `AccountBlocked(address indexed addr)`: Emitted when an address is blocked. * `AccountUnblocked(address indexed addr)`: Emitted when an address is removed from the blocklist. * `Paused(address account)`: Emitted when the pause is triggered by account. * `Unpaused(address account)`: Emitted when the unpause is triggered by account. * `Upgraded(address indexed implementation)`: Emitted when the implementation is upgraded. **Roles** * `DEFAULT_ADMIN_ROLE`: Grants the ability to grant roles. * `MINTER_ROLE`: Grants the ability to mint tokens. * `BURNER_ROLE`: Grants the ability to burn tokens. * `BLOCKLIST_ROLE`: Grants the ability to manage the blocklist. * `ORACLE_ROLE`: Grants the ability to update the reward multiplier. * `UPGRADE_ROLE`: Grants the ability to upgrade the contract. * `PAUSE_ROLE`: Grants the ability to pause/unpause the contract. ## Application Binary Interface (ABI) ```json [{"inputs":[],"stateMutability":"nonpayable","type":"constructor"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"allowance","type":"uint256"},{"internalType":"uint256","name":"needed","type":"uint256"}],"name":"ERC20InsufficientAllowance","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"},{"internalType":"uint256","name":"shares","type":"uint256"},{"internalType":"uint256","name":"sharesNeeded","type":"uint256"}],"name":"ERC20InsufficientBalance","type":"error"},{"inputs":[{"internalType":"address","name":"approver","type":"address"}],"name":"ERC20InvalidApprover","type":"error"},{"inputs":[{"internalType":"address","name":"receiver","type":"address"}],"name":"ERC20InvalidReceiver","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"ERC20InvalidSender","type":"error"},{"inputs":[{"internalType":"address","name":"spender","type":"address"}],"name":"ERC20InvalidSpender","type":"error"},{"inputs":[{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint256","name":"blockTimestamp","type":"uint256"}],"name":"ERC2612ExpiredDeadline","type":"error"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"}],"name":"ERC2612InvalidSignature","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"USDXTBlockedSender","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"},{"internalType":"uint256","name":"shares","type":"uint256"},{"internalType":"uint256","name":"sharesNeeded","type":"uint256"}],"name":"USDXTInsufficientBurnBalance","type":"error"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"USDXTInvalidBlockedAccount","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"USDXTInvalidBurnSender","type":"error"},{"inputs":[{"internalType":"address","name":"receiver","type":"address"}],"name":"USDXTInvalidMintReceiver","type":"error"},{"inputs":[{"internalType":"uint256","name":"rewardMultiplier","type":"uint256"}],"name":"USDXTInvalidRewardMultiplier","type":"error"},{"inputs":[],"name":"USDXTPausedTransfers","type":"error"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"addr","type":"address"}],"name":"AccountBlocked","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"addr","type":"address"}],"name":"AccountUnblocked","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"previousAdmin","type":"address"},{"indexed":false,"internalType":"address","name":"newAdmin","type":"address"}],"name":"AdminChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"owner","type":"address"},{"indexed":true,"internalType":"address","name":"spender","type":"address"},{"indexed":false,"internalType":"uint256","name":"value","type":"uint256"}],"name":"Approval","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"beacon","type":"address"}],"name":"BeaconUpgraded","type":"event"},{"anonymous":false,"inputs":[],"name":"EIP712DomainChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"uint8","name":"version","type":"uint8"}],"name":"Initialized","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"account","type":"address"}],"name":"Paused","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"uint256","name":"value","type":"uint256"}],"name":"RewardMultiplier","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"bytes32","name":"previousAdminRole","type":"bytes32"},{"indexed":true,"internalType":"bytes32","name":"newAdminRole","type":"bytes32"}],"name":"RoleAdminChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"address","name":"account","type":"address"},{"indexed":true,"internalType":"address","name":"sender","type":"address"}],"name":"RoleGranted","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"address","name":"account","type":"address"},{"indexed":true,"internalType":"address","name":"sender","type":"address"}],"name":"RoleRevoked","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"from","type":"address"},{"indexed":true,"internalType":"address","name":"to","type":"address"},{"indexed":false,"internalType":"uint256","name":"value","type":"uint256"}],"name":"Transfer","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"account","type":"address"}],"name":"Unpaused","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"implementation","type":"address"}],"name":"Upgraded","type":"event"},{"inputs":[],"name":"BLOCKLIST_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"BURNER_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"DEFAULT_ADMIN_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"DOMAIN_SEPARATOR","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"MINTER_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"ORACLE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"PAUSE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"UPGRADE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"_rewardMultiplierIncrement","type":"uint256"}],"name":"addRewardMultiplier","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"}],"name":"allowance","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"approve","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"balanceOf","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address[]","name":"addresses","type":"address[]"}],"name":"blockAccounts","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"from","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"burn","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"convertToShares","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"shares","type":"uint256"}],"name":"convertToTokens","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"decimals","outputs":[{"internalType":"uint8","name":"","type":"uint8"}],"stateMutability":"pure","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"subtractedValue","type":"uint256"}],"name":"decreaseAllowance","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"eip712Domain","outputs":[{"internalType":"bytes1","name":"fields","type":"bytes1"},{"internalType":"string","name":"name","type":"string"},{"internalType":"string","name":"version","type":"string"},{"internalType":"uint256","name":"chainId","type":"uint256"},{"internalType":"address","name":"verifyingContract","type":"address"},{"internalType":"bytes32","name":"salt","type":"bytes32"},{"internalType":"uint256[]","name":"extensions","type":"uint256[]"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"}],"name":"getRoleAdmin","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"grantRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"hasRole","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"addedValue","type":"uint256"}],"name":"increaseAllowance","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"name_","type":"string"},{"internalType":"string","name":"symbol_","type":"string"},{"internalType":"address","name":"owner","type":"address"}],"name":"initialize","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"isBlocked","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"mint","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"name","outputs":[{"internalType":"string","name":"","type":"string"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"}],"name":"nonces","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"pause","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"paused","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"value","type":"uint256"},{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint8","name":"v","type":"uint8"},{"internalType":"bytes32","name":"r","type":"bytes32"},{"internalType":"bytes32","name":"s","type":"bytes32"}],"name":"permit","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"proxiableUUID","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"renounceRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"revokeRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"rewardMultiplier","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"_rewardMultiplier","type":"uint256"}],"name":"setRewardMultiplier","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"sharesOf","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes4","name":"interfaceId","type":"bytes4"}],"name":"supportsInterface","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"symbol","outputs":[{"internalType":"string","name":"","type":"string"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"totalShares","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"totalSupply","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"transfer","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"from","type":"address"},{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"transferFrom","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address[]","name":"addresses","type":"address[]"}],"name":"unblockAccounts","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"unpause","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"newImplementation","type":"address"}],"name":"upgradeTo","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"newImplementation","type":"address"},{"internalType":"bytes","name":"data","type":"bytes"}],"name":"upgradeToAndCall","outputs":[],"stateMutability":"payable","type":"function"}] ``` # Buying & Selling Investors can mint and redeem USDXT shares in a single onchain Ethereum transaction. Customers may purchase USDX with USD via XFT API, web app or distribution partner. ``` Burn = Withdraw = Offramp = Redeem = Sell Mint = Deposit = Onramp = Create = Buy ``` *** ## XFT DIGITAL DOLLAR (USDXT) ***INSTANT SUBSCRIPTION*** 1 Go to the XFT web app ([app.xft.finance](https://app.xft.finance/login)) \ 2 Connect your wallet to the Smart Contract Router \ 3 On the “Fund” tab, select the appropriate stablecoin (PYUSD/USDC/FOBXX) you wish to use for minting USDXT and enter a deposit amount \ 4 Enter the amount of USDXT you wish to mint \ 5 Click “Add Funds” to instantly deposit stablecoin and mint USDXT into your designated whitelisted wallet at the price shown ***INSTANT REDEMPTION*** 1 Go to the XFT web app ([app.xft.finance](https://app.xft.finance/login)) \ 2 Connect your wallet to the Smart Contract Router \ 3 On the “Redeem” tab, select the stablecoin you wish to receive (PYUSD/USDC/FOBXX) \ 4 Enter the amount of USDXT you wish to redeem \ 5 Click “Redeem Funds” to burn USDXT at the price shown and receive the selected stablecoin in your wallet ***Traditional Method*** Subscription and Redemption are available on US Business Days. Redemptions made before 2:00 pm ET are processed by 5:00 pm ET the same day. Redemptions made after 2:00 pm ET are processed by 11:00 am ET the next day. ***SUBSCRIPTION*** 1 Send stablecoin (PYUSD/USDC/FOBXX) to given XFT wallet \ 2 Notify a XFT representative \ 3 Receive minted USDXT in your designated whitelisted wallet \ \ ***REDEMPTION*** 1 Send USDXT to XFT wallet or burn USDXT directly on-chain \ 2 Notify a Hashnote representative \ 3 Receive stablecoin or fiat *** ### FRANKLIN ONCHAIN U.S. GOVERNMENT MONEY FUND (FOBXX) ***INSTANT REDEMPTION*** 1 User holds 10 FOBXX tokens \ 2 Fund holds 10 USDXT tokens in reserve \ 3 User initiates atomic swap request \ 4 User sends 10 FOBXX to escrow contract \ 5 Fund sends 10 USDXT to escrow contract \ 6 Contract executes simultaneous swap \ 7 User receives 10 USDXT \ 8 Fund receives 10 FOBXX tokens \ 9 Fund burns 10 FOBXX tokens ***INSTANT SUBSCRIPTION*** 1 User holds 10 USDXT tokens \ 2 Fund holds treasury securities backing \ 3 User sends 10 USDXT to escrow contract \ 4 Fund mints 10 new FOBXX tokens to escrow \ 5 Contract executes simultaneous swap \ 6 User receives 10 FOBXX tokens \ 7 Fund receives 10 USDXT *** ### GUGGENHEIM TREASURY SERVICES DIGITAL COMMERCIAL PAPER ***INSTANT REDEMPTION*** 1 User sends DCP to XFT \ 2 XFT sends DCP to Guggenheim \ 3 Guggenheim sends USD or USDXT to XFT \ 4 XFT mints/transfers USDXT to User \ 5 Guggenheim burns DCP
Minting1 User deposits GDCP
2 XFT (admin) confirms
3 Contract sends GDCP to admin
4 Contract mints USDXT to user
Transfer1 User deposits GDCP
2 Guggenheim (admin) confirms
3 Contract sends GDCP to admin
4 Contract transfers USDXT to user
**Why mint redemption?** \ Large / unpredictable redemptions. Mint path avoids liquidity crunches for fund manager. **Why transfer redemption?** \ Small / frequent redemptions. P2P transfer path works if reserve buffer sized correctly. *** ### BUIDL & USDC ***INSTANT MINT SUBSCRIPTION*** **Step 1: Atomic Mint Transaction** \ (1) The user interacts with the InstantManager smart contract to request a subscription. \ (2) The InstantManager contract immediately routes the investor’s USDC to the USDXT Coinbase Account of XFT. \ (3) The InstantManager contract calls the Price Oracle contract to \ (4) get the current price of USDXT. \ (5) The instantManager contract uses that price to calculate how many USDXT to mint. \ (6) The InstantManager contract then calls the mint() function in the USDXT smart contract, which \ (7) mints the correct number of USDXT tokens. \ (8) The InstantManager contract then routes these newly minted USDXT tokens to the investor. **Step 2: Manual Processing** \ (1) Operations team converts USDC to USD \ (2) Team wires USD to Fund's custodial account \ (3) Team places buy order for BUIDL tokens \ (4) Team wires money from custodian to fill BUIDL order \ (5) BUIDL tokens are minted and sent to USDXT's smart contract for storage ***INSTANT REDEMPTION*** (1) The investor initiates the redemption to the USDXTInstantManager smart contract. \ (2) The InstantManager contract calls the transferFrom() function of the USDXT Token contract, which causes \ (3) the USDXT to be transferred from the investor’s wallet into the InstantManager contract, which then \ (4) burns the USDXT. To figure out how much USDC is due to the investor (and therefore how many BUIDL are necessary to sell), the InstantManager contract \ (5) calls the getPriceData() function in the USDXT Price Oracle, which \ (6) returns the price. Once the InstantManager contract \ (7) determines how many BUIDL must be sold, it \ (8) initiates the redeem() function in the Circle BUIDL redemption contract, which then \ (9) returns USDC. Finally, (10), the InstantManager sends the USDC to the investor’s wallet. Non-instant mint and redemption occurs in a similar way, but with more manual steps and non-atomically. *** ***What currency or stablecoins can I use to invest in USDXT?*** We currently support investing via USDC, PYUSD, RLUSD, or USD bank wire. ***What currency or stablecoins can I redeem USDXT for?*** We currently support redeeming to USDC, PYUSD, RLUSD, or USD bank wire.\ \ ***What is the expected and maximum time for users to subscribe to and redeem from your product? Have you had any interruptions in your ability to process redemptions and subscriptions?*** Users can expect instant atomic onchain 24/7 minting and redemptions into FOBXX and USDC 24/7 via XFT’s router smart contract. # Structure XFT Digital Dollar, USDXT, is a fully reserved payment stablecoin, minted 1:1 with U.S. dollars and other USD-denominated assets.
Facts--
EligibilityPermissionless
UnderlyingU.S. Treasury Bills, Federal Home Loan Bank, Federal Farm Credit Bank
Liquidity24/7 via USD
Legal StructurePayment stablecoin
Use CasesInstant minting and redemption; Global payments
Regulatory Compliance1940 Act Closed-End Interval Fund
Issuer DomicileDelaware, United States
Minimum Mint$0, Instant Mint, 0% Fee
Minimum Redemption$0, Instant Redemption, 0% Fee
Management Fee0%
ImplementationDollar.sol
NetworksEthereum, Arbitrum, XDC Network
### Service Providers
ServiceProvider
Principal Underwriter
Investment Advisor
Sub-Advisor
Distributor
Transfer AgentXFT
Custodian
Administrator
Sub-Administrator
Independent Public Accountant
Fiat <> StablecoinVisa
BenchmarkFTSE 3-Month U.S. Treasury Bill Index
### Minimums | Initial Investment | $0.00 | | -------------------------------------- | ----- | | Additional Investment | $0.00 | | Initial Group Retirement Investment | $0.00 | | Additional Group Retirement Investment | $0.00 | | Required Balance | $0.00 | | Direct Deposit | $0.00 | ### Fees & Expenses | SALES CHARGE LOAD | None | | --------------------------- | ---- | | PURCHASE FEE | None | | REINVESTED DIVIDENDS CHARGE | None | | REDEMPTION FEE | None | | MANAGEMENT FEES | None | | PERFORMANCE FEE | None | | TWELVE B1 DISTRIBUTION FEE | None | | YIELD DISTRIBUTION FEE | 100% | # Coverage Reports Coming soon... # Audit Reports Coming soon... # Attestations Coming soon... # XFT500 Coming soon... # XFT Bitcoin Tokenized Trust XFT Bitcoin Tokenized Trust (BTCX) is a yield-bearing stablecoin backed by bitcoin structured as a closed-end interval fund. Address: [0x31a9a231c3c9d65C807A9B608d4e43eac00e557F](https://xft.finance/btcx) WHY BTCX? \ Corporate treasuries gain tax-efficient exposure to bitcoin without cash flow risk from holding directly with XFT's yield-bearing stablecoin backed by bitcoin. Yield-bearing collateral for insurance float. Remove invested asset-driven liquidity risk so you can focus on sound underwriting. Problem Statement \ Corporate treasuries demand bitcoin exposure but sacrifice cash flow risk via holding bitcoin directly. Since BTC price appreciates, realizing income for the treasury means selling and capital gains tax implications. Tax drag. Solution \ XFT Bitcoin Tokenized Trust (BTCX) is a yield-bearing stablecoin backed by bitcoin. XFT understands that the health of a business is measured by its cash flow. BTCX allows corporates to deploy proper bitcoin treasury strategies without the extra tax implications or cash flow risk from holding bitcoin directly. BTCX offers: * Bitcoin yield-profile * Tax-efficiency * Daily cash flow * Stable $1 unit price * Internet-native collateral mobility * Passively-managed, compliant investment vehicle Contact XFT to learn more about BTCX here: # Arbitrage **NYSE Premium:** Buy 10 Arbitrum tokens ($10) → convert to 1 NYSE share → sell NYSE ($10.50) = $0.50 profit​ **NYSE Discount:** Buy 1 NYSE share ($9.50) → convert to 10 Arbitrum tokens → sell tokens ($10) = $0.50 profit​ # Why CEF? Listed CEF offers 3 layers of liquidity. # XFT Diversified Credit Fund XFT Diversified Credit Fund (the "Fund") is a closed-end management investment company that is operated as an interval fund. # XFT Government Stablecoin Fund XFT is a digital asset management firm and investment bank. Our mission is to use blockchains to build resilient internet capital markets, starting with custom stablecoins for corporations. ### Investment Objective The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1. ### Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. #### Shareholder Fees *(Fees paid directly from your investment)*
Sales Charge (Load) Imposed on PurchasesNone
Purchase FeeNone
Sales Charge (Load) Imposed on Reinvested DividendsNone
Redemption FeeNone
Yield Distribution Fee20%
#### Annual Fund Operating Expenses *(Expenses that you pay each year as a percentage of the value of your investment)*
Management Fees0.00%
12b-1 Distribution FeeNone
Other Expenses0.01%
Total Annual Fund Operating Expenses0.01%
Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year3 Years5 Years10 Years
$9$29$51$115
### Principal Investment Strategies • Normally investing at least 99.5% of total assets in cash and U.S. Treasury securities. • Normally investing in securities whose interest is exempt from state and local income taxes. • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, liquidity, and diversification of investments. In addition, the fund normally invests at least 80% of its assets in U.S. Treasury securities. Treasury securities are high-quality securities issued or guaranteed by the U.S. Treasury. Treasury securities are backed by the full faith and credit of the U.S. Treasury. Treasury securities usually pay a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. ### Use of Blockchain The fund’s transfer agent maintains the official record of share ownership of the Dollar class in book-entry form. Ownership of the Dollar class will also be recorded – or digitized – on a public blockchain. Although the secondary recording of the Dollar class on a blockchain will not represent the official record of ownership, the transfer agent will reconcile the secondary blockchain transactions with the official records of the Dollar class on at least a daily basis during business days under normal conditions. Reconciliation involves maintaining a matching book-entry record and blockchain record of the total number of shares in circulation and the ownership of the shares at any given time. A blockchain is an open, distributed ledger that digitally records transactions in a verifiable and immutable (*i.e.*, permanent) way using cryptography. A distributed ledger is a database in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it. A blockchain stores transaction data in “blocks” that are linked together to form a “chain”, hence the name blockchain. The secondary recording of Dollar class shares on a blockchain will not affect the fund’s investments or its investment strategies. The fund will invest, consistent with Rule 2a-7 under the Investment Company Act of 1940 (1940 Act), at least 99.5% of total assets in cash and U.S. Treasury securities. The fund will not invest in any crypto assets. For more information regarding the use of blockchain technology for the Dollar class, see “Use of Blockchain” in the Fund Basics section of this prospectus. More detailed information about blockchain technology and the public blockchain network(s) used by the fund’s transfer agent, including the regulatory, operational and technological risks associated with distributed ledger technology, as well as detailed information about the fund and its policies and risks, can be found in the fund’s Statement of Additional Information (SAI). ### Principal Investment Risks • *Interest Rate Changes.* Interest rate increases can cause the price of a money market security to decrease. • *Income Risk.* A low or negative interest rate environment can adversely affect the fund’s yield. • *Issuer-Specific Changes.* A decline in the credit quality of an issuer can cause the price of a money market security to decrease. • *U.S. Treasury Obligations.* U.S. Treasury obligations are high-quality securities issued or guaranteed by the U.S. Treasury providing minimal risk of loss of principal if held to maturity. Fluctuations in interest rates may cause the market value of such securities to vary. *You could lose money by investing in the fund*. *Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so*. *An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency*. *Fidelity Investments and its affiliates, the fund’s sponsor, is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.* *The fund will not impose a fee upon the sale of your shares.* ### Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. ### Investment Advisor The XFT Group, Inc. (XFT) ### Portfolio Managers To be determined. ### Purchase and Sale of Shares Shares are offered to certain institutional investors who complete an application with the fund. To open a new account to purchase Dollar class shares, please contact XFT at . Prior to opening your account, the fund will collect certain information from you in accordance with its anti-money laundering and know-your-customer policies and procedures. The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form. At this time, the transaction fees associated with validating transactions on the Ethereum or any other blockchain network will be borne by the Adviser or its affiliates. In the future, investors may be responsible for these fees, for some or all of their transactions involving fund shares. The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form. You may purchase or redeem Dollar class shares of the fund at any time, although purchases and redemptions of shares will only be processed during normal business hours on business days. The fund is open for business each day the New York Stock Exchange (NYSE) is open. Even if the NYSE is closed, the fund will be open for business on those days on which the Federal Reserve Bank of New York (New York Fed) is open, the primary trading markets for the fund’s portfolio instruments are open, and the fund’s management believes there is an adequate market to meet purchase and redemption requests. Fund class shares have a minimum initial investment of $1,000,000. The fund may waive or lower purchase minimums.
Initial Investment$0.00
Additional Investment$0.00
Initial Group Retirement Investment$0.00
Additional Group Retirement Investment$0.00
Required Balance$0.00
Direct Deposit$0.00
Initial Investment$0.00
Additional Investment$0.00
### Tax Information The Fund’s distributions may be taxable as ordinary income or capital gains. If you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement or savings plan, special tax rules apply. You should consult your own tax advisor with respect to any particular U.S. or non-U.S. tax consequences of your investment in the Fund. ### Payments to Financial Intermediaries The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares. ### Fund Distribution The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio. ### Legal Structure The Fund is a Delaware Series Trust, registered as a non-diversified, closed-end management company under the 1940 Act. The Board of Trustees may authorize multiple series or classes of shares. The Fund does not intend to hold annual shareholder meetings. The fund intends to be a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940 (1940 Act). # Official media accounts The company will not communicate any information broadly or directly from any other account than the ones below. * Website: [https://xft.finance](https://xft.finance/) * App: [https://app.xft.finance](https://app.xft.finance/) * Github: * Twitter: * LinkedIn: [https://www.linkedin.com/company/xfintech](https://www.linkedin.com/company/xfintech/) # Terms and Conditions # What is the BITNET? BITNET is an onchain trading system home to 20000+ tokenized securities across all asset classes. # Accounts To use BITNET, users need to first open either an omnibus or individual wallet account with XFT. | ACCOUNT TYPE | CONTAINS | | ------------------ | --------------------------------- | | Omnibus | Subaccounts of multiple investors | | Individual | Single investor | **FBO Accounts:** Banks hold funds on behalf of fintech’s end-users. **Omnibus Accounts:** Brokers or intermediaries pool multiple clients’ funds in a single account without individual segregation. **OBO Accounts:** Funds are managed on behalf of a specific client, common in asset management and trust services. Each model presents advantages in efficiency, customization, and regulatory handling, along with potential compliance risks. # Omnibus XFT Omnibus Accounts BITNET wallet account held by an intermediary for many investors managed by XFT. FAQS
Who is the omnibus wallet account for? Intermediaries with investors. For example, Robinhood would open an omnibus wallet account with XFT to use the BITNET. Their single omnibus account manages all the individual Robinhood brokerage accounts or "subaccounts" interacting with the BITNET through Robinhood's exchange.
# Individual & Segregated XFT Individual & Segregated Accounts BITNET wallet accounts owned by a single investor managed by XFT. # Non-Custodial XFT Non-Custodial Accounts Coming soon... # Blockchain # Public Equities XFT's ecosystem offers all 2900+ NYSE-listed and all 4900+ Nasdaq-listed equity products onchain. International exchange venues coming soon. * NYSE-listed: [xft.finance/nyse](https://xft.finance/nyse) * Nasdaq-listed: [xft.finance/nasdaq](https://xft.finance/nasdaq) See [xft.finance/stocks](https://xft.finance/stocks) for full list of tokenized public equity products. # Convertible Bonds ### Arbitrum Sepolia
SymbolNameAddress
US018802AD07LNT 3.25 05/30/280x25A57BAcA8e2025b06684740D959FD5795562B4b
US40171VAB62GWRE 1.25 11/01/290xD7565818615eD7af1c8c0429A8db1773273D05E0
US501812AC50LCII 3 03/01/300x7dC88274fFEcA34B1edEB2CDa52C8ae697077887
US26210CAC82DBX 0 03/01/260x1A775A4E6b06dF6325ACf6eab8FEf562Aa8bdF23
US60937PAD87MDB 0.25 01/15/260xbcf4e319795B8fc5ba9644bd4824d7B65adA53bb
US55826TAB89SPHR 3.5 12/01/280x9DbB788f266088e9f3f8053BDe2DB5593f32B164
US34379VAA17FLNC 2.25 06/15/300x9d1FDaFC0a54200659C9BF2eb10A0fD3139Ba972
US450056AA40IRTC 1.5 09/01/290x18876D5EAcfd50351a2C4B3DDAB6a592503c21b0
US594972AT86MSTR 0 03/01/300x946665Caf4907CAaD409dFFf4956139E12C5ADFa
US595017AF11MCHP 1.625 02/15/270xB4b804F532783446d660f42e002151A5cc0A497F
US842587DY03SO 4.5 06/15/270xE3777f57d875750Dd4f7aD86dA8ABb2Df5690921
US91680MAC10UPST 2 10/01/290x5cC523418844f271673aA15D803B756757f139cA
US21874AAE64CORZ 0 06/15/310xDDeF34EB9a0BCA14e339A42B002736A0B43E89Ce
US679295AD75OKTA 0.125 09/01/250x803409ab5c824B43204A55508f921a5fCE0E6655
US723484AJ01PNW 4.75 06/15/270xB36Ff52D9B41422722856507A69C0618100Bc380
US01644JAA60ALKTEC 1.5 03/15/300x106FA021eBAA8056Bb69169788fABb071E9A8FC7
US57164YAF43VAC 3.25 12/15/270x3d2914e62E31906Ee5c641FAefed0f2c54174Fb4
US549498AC76LCID 5 04/01/300x29e694aAd1567336b2DBF5893867cF63Cb832E2b
US767292AA33RIOT 0.75 01/15/300xc2111Af3dB706808ab34C0a49f96036bd71050A2
US387328AF41GVA 3.25 06/15/300x663628E53dc342357cE639749BDb821a388e6e48
US69349HAE71TXNM 5.75 06/01/540x112722918dC3E38097a5C3ed4aB37aEaE41Ed86A
US00971TAN19AKAM 1.125 02/15/290xe219d82E87FBfE7985e25695a0350B24ce2fECf6
US345370CZ16F 0 03/15/260xd2544faf0Ed7646Db23868966D3e1A6Cb78B0Ed5
US338307AE16FIVN 1 03/15/290x551E3b7b8AbF838B5D2bff0D7388eec887D6a175
US292554AP79ECPG 4 03/15/290x3C9592648940b1830E307b13efA1e84B53995b95
US29786AAP12ETSY 1 06/15/300x765e6A50387Fd8b5Da17FCee8E84F1A9926a1965
US30063PAD78EXAS 2 03/01/300x100c1a4956F7Cb0dDB22BC55359E381Cfb3a27C9
US55303JAB26MGPI 1.875 11/15/410xD2779d15EFf99358d32aA9b1FFE44b6F4eae1ac8
US09061GAK76BMRN 1.25 05/15/270xb749AF7bBeCfd7007f97120Df0Facf6E726412Dd
US538034BB47LYV 2.875 01/15/300x5550B1E7A03123550e82e2B8ba37566180d4d903
US59001ABE10MTH 1.75 05/15/280x0be711c56ACB217E4C508ECF8Fef7BC4881A431a
US695127AJ95PCRX 2.125 05/15/290x9174526003477DAe93263a8db1BBbC3D838b02A3
US565788AE61MARA 0 03/01/300x7CF8613c3ebb6D9D57199fFBE110BAA4d8330A26
US500688AG18KOS 3.125 03/15/300x951A3eeDa9aF7D41A48aA90a5d540B90163BC3BE
US538034BA63LYV 3.125 01/15/290xA0Cff9129F74F525d4a50a3669bFF665fd2d9D5F
US55024UAD19LITE 0.5 12/15/260xc8B15D35b2E9F45789AdE0855612a2c558c90E48
US67059NAH17NTNX 0.25 10/01/270xD7357E3FA7f5A2AEC99CAe989a47c625cbE01E43
US55306NAA28MKSI 1.25 06/01/300x4fAd8D80e954934964ED58D52D045494Af787e2F
US68213NAD12OMCL 0.25 09/15/250x8788a6B6B5Ba969453f32604B85F51d241744D15
US65341BAG14NEP 2.5 06/15/260xda47eB8395e42119c82ae3890e49B8FB4c190710
US594972AE18MSTR 0 02/15/270xcb2d357e58c1A194a858DeFbBe64505DbF1344f9
US594972AM34MSTR 2.25 06/15/320x876006e6886a4a205b1b5F79151f6037C3EDe250
US595017BF02MCHP 0.75 06/01/300xEC7Ae454586e63F7ec9550c6E78aFDcDDD892ed8
US70202LAC63PSN 2.625 03/01/290xfbb80444b4dc94dD5F98F3D1126E6622f1dD4FB4
US018802AC24LNT 3.875 03/15/260x490AD550e1EEa3E081F5baCf64E519b38D7684b1
US70614WAC47PTON 5.5 12/01/290xbe5CFd868128E614384591E0faf695670b08dc6C
US833445AC37SNOW 0 10/01/290x1963b016dfA93a6504A8850689757A063c838deE
US92939UAP12WEC 4.375 06/01/270x502Cd51d0adC8A62749B571A3d57f6661EFD6aB0
US98980GAB86ZS 0.125 07/01/250x0c2d571e9Eea05EfD76298fcB23949D5130760b7
US125896BX77CMS 3.375 05/01/280x918f711521A32748f982CaF5B3Ab6a284C4fFF0F
US91332UAG67U 0 03/15/300xB072E1811e0e8704D42EF33e0566830b615756Cb
US92766KAA43SPCE 2.5 02/01/270xd305430AB0965f1daC3a5BD765e6fbCc79277b6d
US98149GAB68WKC 3.25 07/01/280x56207778d188317c215Fbf35C52761b2993B9970
US98139AAD72WK 1.25 08/15/280x6e35bee9599fBd91FA12d1F0E863aFb538913CA4
US15643UAD63LEU 2.25 11/01/300x3ee980CDDd180C1B68a5E6d3dF8698b402bd5604
US163086AE15CHEF 2.375 12/15/280xa3E2A9356c6FA1AF09CaB3B270420C9689737E12
US358039AB12FRPT 3 04/01/280x83E5f0f148991670068A17E031a534231E5b8255
US40637HAD17HALO 0.25 03/01/270x770869230CecefeF9463122A5a0189D9ED64B5bc
US553368AC59MPUS 3 03/01/300xA63bF1071d25De5cA4E00b1a396bF63A6DB9BdEd
US516544AB96LNTH 2.625 12/15/270x454b719072d63Cca61837bd7B00B7E3278A97B70
US753422AH70RPD 1.25 03/15/290x86Ea96D6f55a4fBF35798C01541c5C8a464C9fE7
US83304AAF30SNAP 0 05/01/270x3B672fA81d2928dC20Dfb69b4122d8c81bec7977
US86745KAF12NOVA 0.25 12/01/260x7c9eE18aaA0bfe8b323B904637F6eeC40f501D43
US86745KAH77NOVA 2.625 02/15/280x4582c8c602a19B6993Df93cf18b0dCedD120D975
US902252AB17TYL 0.25 03/15/260xC2eB83dA41ddAd3BF1361EdFFC9c3b21964434f1
US89377MAB54TMDX 1.5 06/01/280x1A604D1feF4B00010105c2a3a5691676E745ddc8
US92939UAN63WEC 4.375 06/01/270xdaF2eEa0b32C247Eddafad790eBB587c95E97fE9
US00971TAL52AKAM 0.375 09/01/270xEebB003083D6a8AEbcA5bf3fd128fF925b45310b
US009066AB74ABNB 0 03/15/260x4e604BE24cCad5E4d7420dFaf75bdDCd94a056B3
US007973AE02AEIS 2.5 09/15/280x2A3815066D1CFf4897aE2F06ba8DF04afE1FB7e5
US011642AB16ALRM 0 01/15/260x64cB0CA038Fe503f698f8E3DCb9F767b425C5B40
US974637AF75WGO 3.25 01/15/300x0180bAd31bdF75B0BF60E75FE172e932FF4D3840
US04271TAB61ARRY 1 12/01/280xA85B87daa7E0D1bCbdd82628499b1EF9Cc7bc4A2
US093712AK34BE 3 06/01/280x4b43B6512A86B5fA699ecE973e2286e4DD5bd98F
US29415FAD69NVST 1.75 08/15/280xFd972d33A233bb18De2dc9542c1D500C454Fd319
US25809KAA34DASH 0 05/15/300xB1702BaF6d93a293f4Be8205fe5A05DCBedfbaff
US19260QAB32COIN 0.5 06/01/260xC8266Db215F7DA2f781bCbDe4A3D8F5C852a80e0
US26142RAB06DKNG 0 03/15/280x2450e519fd27F312259A1b3613AddA5eb6D5EaE6
US252131AM94DXCM 0.375 05/15/280xE13c84443e13283C9E42deEDbc4A8D578cc7471C
US337932AS64FE 3.625 01/15/290x3c97BFa21341E008be07d0CCA84FFBA65060f931
US29786AAL08ETSY 0.125 09/01/270x9FE1101b25D9E6Dd650b1aD75DD366082f22F711
US30212PBE43EXPE 0 02/15/260xBfC6D32179B82369390077C489Cf74a5fD60C30C
US30063PAB13EXAS 0.375 03/15/270xD2B98eB8A39E7a4cD17Bd7889946bB1395281770
US337932AU11FE 3.875 01/15/310x2717BD4777A6Ac73dc37F2AFf9d0E1e5908c9aFD
US387328AD92GVA 3.75 05/15/280xDc090493aa94fB0669f08943658D7dA2FDe50BFB
US37940XAT90GPN 1.5 03/01/310x5a0Ab2644593935D41B17bD29ce09d1B9C3B3c2c
US387328AE75GVA 3.25 06/15/300x24A1DDd5f0E6955abC80Ff97E06e144a4bF5257B
US565788AG10MARA 0 06/01/310xAf3092921C476043fC9DC7a82BACF99fc27FD3eB
US40131MAB54GH 0 11/15/270xE1ABBcD76Eb20756cC9BedB4b1E71E3b0E80f037
US589889AA22MMSI 3 02/01/290x32BACb2bE0f276cE1607d83faBE9580d7eaD95a9
US45826HAB50ITGR 2.125 02/15/280x49ADC5371C3c4e18716B4257506B0d5dc7De2AE4
US462222AF72IONS 1.75 06/15/280x0aAb86B98a3a6C3Bc7a4354F9a6a4E512eD57b3d
US45667GAG82INFN 3.75 08/01/280x57A5FB07c7945EC9181Fe9Ec12330EB42bCdC3fB
US465741AP18ITRI 1.375 07/15/300x74410084F4016C903F0bc51A429227dccFdc7C0c
US457985AM13IART 0.5 08/15/250xb94202ca18aD8f53C628c4433Ea1ae94B1cd2486
US594972AH49MSTR 0.625 03/15/300x52955351cbe0a5D1da9F8526d3d6a1Bc40F91365
US686688AB85ORA 2.5 07/15/270x78691985876522f7D81b31e6d4dc6C2DC2Da7ce6
US70509VAA89PEB 1.75 12/15/260xe8257eBA9d12dBE14FFF75ddDa0e62CE881dF8b1
US703343AG80PATK 1.75 12/01/280xa367122d13AB5f6cf399F10BE24976a2BB3F1C9A
US737446AT14POST 2.5 08/15/270x201e591Aea88adA2887bd913b0cacB683f1d9e33
XS2240512124GBLBBB 0 12/29/23 G1A0x924B8d6BA1e13Ae88E866082BF9210cba874d745
BE6339419812GBLBBB 2.125 11/29/250x67Ce50B2078065fB28E62C965C2272222d68fac8
US62914VAJ52NIO 3.875 10/15/290xB364C4F6Cc28D074A12c1669e78d925B46303bc8
US404280AS86HSBC V6.375 PERP .0x2A90652335FC7AaCb97A1EEb9c58204F020b4dfa
FR0013246147ORPAR 0 06/20/24 RCO0x2e239967A6ebAB1cdAc7D636679568C721A0903D
US83205YAD67PENG 2 08/15/300xba5A5948C1eA7f7557d0314FEca27aC7e0c278d5
US56087FAC86MMYT 0 07/01/300x016a9b4152353ef1f392EC6172361733a155Ff46
FR00140001X1VLTSA 1 01/13/250x05D7a5b4633483A5AB8C0E1f102E6316b14CAb05
XS1961836712COVBS V6.875 PERP0x0f9ffC9DAf35a0e679b44E7C75A9Cd65B5F3615f
US98980AAB17ZTO 1.5 09/01/270x2CE3E99d4a3C060126E0fF60A4287B9017897548
FR0013513041SAFFP 0.875 05/15/27 SAF0xEd87e3eb8a8f9E0906A9717A3B71cF903AFd505D
USQ08328AA64ANZ V6.75 PERP REGS0x547aB789c9a823E73B86532d0a316fdf46A602a2
FR0013489739CLARFP 0.875 03/06/270xEbD24eeda2f87F0456388883dd987CE6578f7F42
XS1982682673SCYRSM 3.75 04/25/240xE16a0204AA8AE1423551A8a96cC14dAd6397899D
XS2021212332CLNXSM 0.5 07/05/28 CLNX0x908963Be2baBcbC11623a8eb93f372976CD73F53
BE0002961424KBCBB V8 PERP0xa5A1f6699d0581b25DF1AE1fD4921E88CC15fD2e
DE000A1MA904CEWGR 3.5 PERP0xE260d28Ab5952B433fAdCfDb52572e7c050fd00E
DE000A3E4597ZALGR 0.625 08/06/27 B0x0B4458016674F5b0a15B2D7ab65f823e62feA312
BE0002651322BCART 4 11/09/270x036afd1416184D3c830FE3d6BFa4263265Ea5492
BE0002638196KBCBB V4.75 PERP0x3373db5764DfB9f47C7Ac0cbe1c1BF773B0436Df
FR0014003Z32SAFFP 0 04/01/28 SAF0xd6C4254e1B9846d13826912a6FbB824396d9Be0d
CH0536893594DOCMSW 2.75 03/31/250x6D308C3ecb5D647ed34D780557dFFBFA4B79eb9D
US05156XAG34ACBCN 5.5 02/28/240xD5dA32Ae47Dd28f1f6d11DBA58E89365aac30d80
CH0486598227CMBNSW 0 07/09/260x7F4AE31A4504b9D4eDa7F5eCc4c3c00B0Ef1F42e
XS2303829308JPM 0 02/18/240x9FCB9615F92413F18f65198D7745D13324dbB404
XS2304902443OZON 1.875 02/24/260xC222bC7A0ff4b44a8bA405dC194B1C034Eb4fa2e
DE000A254Y84DEHEHO 0.25 01/23/240x49075552A69917D05FfeF78F10CBa9FC5abb6B06
DE000A289BQ3LLFOND 5.5 07/17/240x8903c1DA530EBb40f3D4E91d71F02248731fDeB9
DE000A14J1K1DTKONG 1.35 01/30/25 DKGA0x8a0D22225D8a8790512879CC472C327ff81F4CBC
DE000A3H2UW2BELMED 8.25 12/14/250x54Dbe0c7150fEDb48DE496E46513B939dcC28e78
DE000A13SHL2SNSCGR 6.5 05/12/250x65878CC2A871e2E15A657AFEe24F08d1E922D54C
DE000A289DA3HFGGR 0.75 05/13/250x999d8fDC035eA4a907c9095D6E52919047640B90
DE000A4DFSR9FREGR 0 03/11/280x627D677b9E4E06359E91C168A16A2eE432Bc0B65
US02156BAD55AYX 0.5 08/01/240xe036837615e0B40c89B2337cf9824ef6f8A94e06
US45667GAC78INFN 2.125 09/01/240xB2E1B4957AFe6d447B68433f156F286A7621EFd2
US759916AB50RGEN 0.375 07/15/240xbd39892689316CE86F50B8ae16665936d528f1F8
XS2275382286WINSEM 0 01/14/260x6A0f41e613ec355590e697a74B1e4fb674B212E8
US89677QAA58TCOM 0.75 06/15/290x95411c78966Be681414C17bfb72Ab489E3366eB3
XS1940192039TKWYNA 2.25 01/25/240x9FDF2852Fc88aba941fAac8ba5B6744069C4491A
US958102AP07WDC 1.5 02/01/240x43E3A5490F8025324EE331413A888Bf3E3b2f7cA
XS2126193379YNDX 0.75 09/13/220xd526169A3c72DB711597347280c51e0053Bbb367
XS2105716554PHARM 3 01/21/250xa99b11FA47ec816baEf07236bD50068766AC6C71
XS2308171383AMXLMM 0 03/02/240xa97b9A9039A736993883D454A590589d786F1ec6
XS2342920050MSCNTF 0 06/11/260x5a9AF2067df3a50b5F30f9Db190dA7cDCd2F8396
XS2352315571JPM 0 06/10/24 MCFP0x46870cDD60549E822a6B77DC63b4E3E5652C06E7
XS2388456456MDLZ 0 09/20/24 MDLZ0x87aF7A18bD53Ef632722305BA160f4D287f50167
DE000A3H2UK7LHAGR 2 11/17/25 LHA0x5d1712292a52C81552472aacd517b32B4A8Dfb80
XS1961891220DXSAU 2.3 06/19/260x846669b5198b54cE3FB932eCDfFE78a146913478
US03765KAA25TLRY 5.25 06/01/240x95E5ce97859875519Aa18D95617A08b861e70658
FR0013326204CAFP 0 03/27/240x3C0A9C66D9d901e96133377B8F15ea2134fD361A
FR0013410628AFFP 0.125 03/25/260x705DB9B4a94077245732D2b31637869383221202
FR0013444395EDENFP 0 09/06/24 EDEN0xC916a56b3205bFB1bdB4B0D673389Adb2110DB6A
FR0013448412UBIFP 0 09/24/24 UBI0x14041D26EdCF6D1FB89e85158E48c601B25aa094
NO0013219642FRTBRA F 05/08/28 MAY0xbF5e25064C0dc1188F85e09c5C0Ff10858580908
US09175RAB69BTDR 5.25 12/01/290xA04227018c4e9f43EE1309EC4E245fc5Cb4ACc71
CH1105195684DUFNSW 0.75 03/30/260xB63B5Eb269e2385493292e21f76eC1C287F4A77B
DE000A351ZH9AAQGR 6 10/06/280x3828c68fc84b7aaf51C4A3BAA88F1307DCFD571a
DE000A283WZ3AMSSW 2.125 11/03/27 .0xA36E62c31c18397d56bB1D88F42bc63FFEB0e79c
DE000A30V8X3PFRDEN 7.5 03/01/280xA0519D4688483811d8a4dca128e0648b30346a73
DE000A3E44N7RAGSTF 0 06/17/26 EVK0x3125F010e2495D80DD934BE940da4Ce09161EF4F
FR0013439304WLNFP 0 07/30/260x73f67127D0B435Ad7F4391deC607c4e0DdF92a2c
FR0013515707NEOEN 2 06/02/250xC32a148259A47EbA81792A14E2e541867D53a4E1
FR0014010NZ3LRFP 1.5 06/23/330x4F174B543Ff85c8ebB5D05FD35F3048A5E9b4671
US05946KAG67BBVASM V6.5 PERP 90xba2B6FFC9aA06a7F6B9CC75FbddEd60F4851FB7f
US47215PAH91JD 0.25 06/01/29 144A0xFD51bc8c9dD97AF6c29fC34fd479971b95B3df4c
US404280BL25HSBC V6 PERP *0xB20c26Bce6aea6E399Eef730912432C5eDAfa886
US404280EH85HSBC V6.875 PERP ***0xf7931FC1117b9A355493499E84b4e59F5B114723
US457669AB50INSM 0.75 06/01/280x7013C184f1975bdEca19bEF5d531E7907a2A6AaF
DE000A2LQRA1RAGSTF 0 10/02/24 EVK0x90574925ae6C211ac6990aa243e2da58A65B2f44
DE000A3E5FE7SOCHAI 5.75 04/07/240x731ec18bDdc62b7FBAc1E2a51D90e75dbc8A0149
US697435AF27PANW 0.375 06/01/250x1E88A84b315C05311055Bb466EdCEb6F43459Fa3
US256163AD89DOCU 0 01/15/240xE4E0E7169182BBaf3539d7Fc2BE5f3090A793b9E
US89677QAB32TCOM 0.75 06/15/290x099a7A13F52cFD5C474E3Fe8F7689839B06ED27e
US853254BX70STANLN V4.75 PERP 144A0x60a27f5BE7B6c8fdf36f53866FAd589A10FC5012
USF1067PAG12BNP V7.375 PERP REGs0x1C20089E7d60838d3a10DD727812f58D997047DB
US090040AF30BILI 0.5 12/01/260x8eFe29E4B63B2B26a4e3D5f4e38eEcf5F97b8436
US98986TAB44ZNGA 0.25 06/01/240xb0d9e9C5A56a816A5F39ac29437cA29Cd3ec602B
US90184LAF94TWTR 0.25 06/15/240xa579109594364EA9F763b8677625988fd79E0111
US98426TAF30YY 1.375 06/15/260xB902D82BCfD53d842569d05fC77A32aE87354f76
US96122UAA25WSTP V5 PERP0xce026d8A9c35406A7D78cd27b798F45f6b573991
USG4939KAG16IQ 4.625 03/15/300x18E542550f1b5a96556c72A41F0A44F49ddE1761
USG8208BAA91JD 0.25 06/01/29 REGS0x98acCeA16DaF1Cc2788Fbb699aB20d441750b81B
USG84228GE26STANLN V7.875 PERP REGS0xC8dE313eA3BC5B05a3254c4A2a3ad00eDEbA81dE
XS0147484074AGSBB F PERP REGS0x306b6780A95c732aB1b578E1C835151AcDDF98Aa
XS1964739715VCTLUX 12.68 05/28/280x1D87FF75C40a859c0e0b92D112C803e5B6CA717b
US06738EBG98BACR V8 PERP0x608247EcaD85190ff3393b39D3834cD5FE9Aa425
XS2088760157BATSJ 6.5 12/04/240xfAca98c9BDD15737A132476dDDe14249972b99E3
XS2190455811OCDOLN 0.75 01/18/270x6c749077FECb28C385d07869986226ae336624d1
XS2239639433VKCOLI 1.625 10/01/25 MAIL0x79fcDCFe6F403A44ADB1A5CdFb9b51bd84a20114
XS2270378149IWGLN 0.5 12/09/270x5683556Efc63171c63042d7aC111e4aF9a026A91
XS1799614232GLENLN 0 03/27/25 GLEN0x80be5eB379aE9CC4fA4ff7AB614270b98eC7a54e
XS2333568751MEITUA 0 04/27/270xcAfA0B2f450Eb0380F352aCfca2dD825B9938742
XS2343113101IAGLN 1.125 05/18/28 IAG0xdF1ff5376F05d5C377C0Ec72397DeD5658E7FDB7
US53802LAB80LIVN 2.5 03/15/290x567c63A756Ed9fA66bE91A738cc8aF65C6937F99
US539439AU36LLOYDS V7.5 PERP0x02a1bAd37E0e16a4a58A32Cf58020aC897297cC0
XS2576250448BAC 0 01/30/26 TTE0xDbd6843F73A6fec6e8513f71576052ecE1382bE2
US62914VAE65NIO 0 02/01/260x8725CE610089FB06Df90cC57275374D63dcb9B5c
XS1933947951GEELZ 0 06/19/240x97063258529a8Ac14f41ECc9e7Fb34DF0Fc1e462
XS1946847388STOBLN 2.75 05/08/240x4685F7a4f3c22694Ea1fE32e6EFF7c67a65EF750
XS2541917105CBGLN V11.125 PERP0x7564f2dD3f478a5A1dD868C0Cd262D58B55B4562
XS2557565830IBESM 0.8 12/07/27 IBE0x4947E5CA21998636293ec12a780e6cb0E0f3CA47
DE000A254R42GERRYW 3 12/31/230x80DBAf6E13D50BCC1038Bb9a199e374C81a921Ff
DE000A2DAHU1FREGR 0 01/31/24 FREG0xf72E622e1A44403B5EBfcb5075b7b20BEFFA0699
DE000A3H2XW6MORGR 0.625 10/16/25 MOR0x16E326aDDa61452b8d8aab683314Cc110Ea8ebCD
XS2264505566JPM 0 12/28/230xF87641917e10768eB55FB9E681f49B31229b5954
XS2886113278HONHAI 0 10/24/290x95413D20D132683A284aBe3f17aB466e3dCc9bC9
USF1067PAF39BNP V8 PERP REGS0x22451f96903C56E50FB42777eF51e777d75FE40F
US88160RAG65TSLA 2 05/15/240x27BBa5b29cC43Ad5105cCeD9e0E3e604a351955C
CH0593093229EFGBNK V5.5 PERP0x8D5b297Ea4EDB84f218AFFa83dfc2F215C0485Bb
DE000A254NA6PAGGR 7.5 12/09/240x3DAe7052a924720ffF2D0B612182e2d69eC6596F
DE000A3E4589ZALGR 0.05 08/06/25 A0x42c5Fc8B1761D15cdF264CA5fa420A9659304952
XS1908221507QGEN 1 11/13/240xD2de180a6247b7Ee63596F6099D3C0Ce6ed700E4
XS2122174415INTNED V4.875 PERP *0xa6Cc95EaaE12a482EdF006D88eE30A063657AfA7
FR0013444148VIEFP 0 01/01/250x0D4a4B00ebAd7A8b3A35ED1166dbd679593c4550
XS2090948279OCDOLN 0.875 12/09/250xFf3bb609aa19a2d72AC5091e791Ebd7502743445
FR001400R1R6SUFP 1.625 06/28/31 SUFP0x9D045e9C402d57381Fa84Eb266C88235C8335D21
XS2257580857CLNXSM 0.75 11/20/31 CLNX0x32860f82e2c9D0B5fcb02EC093BaEDa8119965da
FR0014000OG2SUFP 0 06/15/260x7D93Ba5B1Bb18A3E6E76BAeaAC6AFDBc6519912a
XS2296019891TKWYNA 0 08/09/25 A0x0Bb52b0c5c1C5e9105f9b5B9a8093eb8B730dD30
FR001400M9F9SUFP 1.97 11/27/30 SUFP0x1E1948B7eea9be0251562a532103eB81B019dCe7
XS2351465179JETLN 1.625 06/10/260x04D9cF9f1F65f6dEa48EFa491a9B9CEc13C1196C
XS2356306642CAIXAB 0 06/22/250x04d3b24f3c31f9a1bC1Bf698d82C5f171932dd2F
XS2436579978GLBID 1.875 01/27/270xe3747f77E564dF87F73B76EefA59069130EF5615
NO0012828187BORRNO 5 02/08/280xFdE2B8017813676d8E2D33ba1efF9A0eB4b901cf
US00971TAJ07AKAM 0.125 05/01/250x5F32948CDb7E41eb5a28B9B69b2212E108360D96
US01609WBF86BABA 0.5 06/01/310x55E51187037d8c68D6eb762CF04bb4A521760Dc0
XS2740429589CPRIM 2.375 01/17/290xA8EE2340e60aB357292a94Ba43E6d720E0CD8C4b
XS2763018889PHARM 4.5 04/25/290x8F86989f6420526C50BaF0b57637bCb35917E490
US23804LAB99DDOG 0.125 06/15/250x6b999Ce945353b285A1B8Bf0433BF46Cf4A3b8CF
US23248VAB18CYBR 0 11/15/240xf8E00f8bC62A63fF0eb547Fd206d0c6eeA049Ab1
AT0000A2N7T2DOCOTI 1.75 01/28/260xa7Ef8a1964383A1F50C10a9beAF7a6B7440e9332
CH0373476511GLRNKB V2 PERP0x61B0bC63A08D0610A15152dc4D47997e6fA7bF9B
CH0426820350IDIASW 0.75 07/17/240x19A9f033b893E75dfD6250B14b07Bf01813a9bd6
DE000A11QHW7ALNOGY 8 03/21/19 ANO0xcb10057a4B351acE686bE7ec1889f4E1D5E4303C
US456837AF06INTNED V6.5 PERP0x000231ee119190C7b03B3528Cf153c065D71Fa3e
US404280DT33HSBC V8 PERP0xD26B1e989149d9EA6e1B2b63EA4f455Fde3E7122
US653656AB42NICEIT 0 09/15/250x0Ae3dF9268593433AA48c43AD17E74ee9A6c5742
US759916AC34RGEN 1 12/15/280x8A360aAFffAb66C8d9bf338a6B31fe6211502044
US844741BG22LUV 1.25 05/01/250x822589508D7DeB3E061968a87b95192DD82f079B
US842587DP95SO 3.875 12/15/250x9Ab38ffAfF2Aa7c159c92c496241ee5b66d41f5F
US852234AF05SQ 0.125 03/01/250x75F205974159A91cf1FBA34CCC9C194963776647
US91680MAE75UPST 1 11/15/300xe86cfDF69ca13EFAAe84D7be30Af7c21F31C3417
US91332UAB70U 0 11/15/260xE9F26263234F9833FaE1614cdfB83A1Ab8e8A934
US92939UAQ94WEC 4.375 06/01/290xEf12381d92520Cf812FCad6fEde9Cb9B181f3Ea6
FR0014003YP6EDENFP 0 06/14/28 EDEN0xd73A5270c32cd2388d4a9abC34E718666E7D6E82
FR0013521085ACFP 0.7 12/07/270xC0F32bD2cdCFC4621173CeC1aBC7942D29f0db96
FR0013526803WLNFP 0 07/30/250xEFA5E006067BeA04279F22b76C9F9a0dDC3a57f5
FR0014000105SOIFP 0 10/01/25 SOI0x3d845B83AC26244A5396bFF7B1ec5f4dE3A0F058
FR0014002ZE9NXIFP 0.875 04/19/280xCfe20C5F987638DB199249aB5931c929a4E0C456
FR001400MA32UBIFP 2.875 12/05/310x5797Fd0FA69437B999DD2941B59c083b1FefB60d
USG84228EV68STANLN V4.3 PERP REGS0x8ED36887b28F2e7e8C3A68FFBb6B042407c7D4f8
US88162GAB95TTEK 2.25 08/15/280x9dBc4ab1652Aa617f185E4e3F25Be350Cc0c3f83
FR001400NF10ORPAR 2 02/07/310xB92457bd96Fa4E2e233d9d49a2f869C412F24ca0
USG84228GP72STANLN V7.625 PERP REGS0xd3de4891487167BA5A465060749ac4B1518c50ea
US038169AA62APLD 2.75 06/01/300x4d9849acc00C33F2488b9E3f86e727Ebd18f1E50
US04351PAD33ASND 2.25 04/01/280xf19937052F2951cAa69B45AC2FCd316C0A36CFF1
US10316TAC80BOX 1.5 09/15/290xCEf588d5618506862c1236820002Cf7A5E4B406b
US10806XAD49BBIO 2.25 02/01/290x0bef9ee04bd6b386117B082D0a09F396D1f20a8E
US163072AB71CAKE 2 03/15/300xdcF63894C91d81cA33E88C80af20B01E74DE93C0
US20717MAB90CFLT 0 01/15/270xE4fa2362Ff73E23412cfc72dE59D9E79a7B1725e
US194014AB28ENOV 3.875 10/15/280x96e11aa9c5360Aca6F3aB44A86C823541B2e5763
US26210CAD65DBX 0 03/01/280x89C7549Fe324dCAF96c26670405d4D66e5AcfF78
US225447AD33WOLF 1.75 05/01/260x721cc5AEba7F8C5D619A34A680682CDB4cBD1eFC
US23804LAC72DDOG 0 12/01/290xC27e3Ccc5Caaf946B7313A74e5BCC5516d161060
US29355AAH05ENPH 0 03/01/260x84E97416322BCFd1c57A135229f5350CC81c34EE
US44332NAB29HTHT 3 05/01/260x57863E5734EA150D41D95599601561513D442785
US30034WAD83EVRG 4.5 12/15/270xe39c25E780699E1Fcb693c9C3Ef38caedFDc3F36
US30063PAE51EXAS 1.75 04/15/310x9Da07161bB755308c925803a16847B035b133538
US337932AR81FE 4 05/01/260x247e23f64F22bBd51C94c30D98FA82704Db699aE
US477143AQ40JBLU 2.5 09/01/290xFb172Ee30633CD5500b7CBA9d2C8EC90dB799315
US45784PAK75PODD 0.375 09/01/260x23896b695f0D17213B809D51575317277E8fdae9
XS2049810356BACR V6.375 PERP0x53634246C58d7b995aE9C988e500f5Caaa0867C1
US45867GAD34IDCC 3.5 06/01/270xF6f964dF209A5E63A89daD25BD9D87aD58bD4e38
XS2010324585DLNLN 1.5 06/12/250xe634D80c9F4dD5872362456D3C9BD4d439B2f219
US55024UAF66LITE 0.5 06/15/280xC8106d1AC2CD19700F6A2a66aeE4Fe0d6FA7D0ab
US604749AB77MIRM 4 05/01/290xe8DB5f60Acb93f2927Eba2E16a92098ee771fc6c
US62914VAF31NIO 0.5 02/01/270x8504804e8F4A526150dba3588119bdD421B10F6e
XS2200501653OUTOK 5 07/09/250xa9EC151D8801585De587CF9855e8322053330141
US67059NAJ72NTNX 0.5 12/15/290x85Bdb1A4ec78aE4b1f729209195594dE6177d59A
US682189AS48ON 0 05/01/270xbBFADa7f57b44f9A775f1E817d813C41f4813440
XS2286049338KYOMAI 0 01/29/260x75c815FE5511bfab910db4cE18F9A1441Ca03Cf5
XS2211997155STM 0 08/04/25 A0x37BC3a1B2FD131DC595EF97bd423ccD83F9ed93d
US46267XAE85IQ 4 12/15/260xd48f665954387B337C6182638C12296f74A571Bf
US86333MAA62LRN 1.125 09/01/270x626FE37Fbd3c5C985d9cd0E67F878E2F718684B4
XS2319958208BICOSS 2.875 03/19/260x92BCfe66fe214DD90D661A561F3D23f6735137e6
US88080TAB08WULF 2.75 02/01/300x6D1fE5d925FEF3d38B810c9b2bEa455Bb2462CFd
XS2364281175NVLVN 5.25 07/16/260x058d490757477a0Bf0bC1C983623B900B4BdcBF5
US88331LAA61SKIN 1.25 10/01/260x1dFcf8986c568e2d6A2806De3D8023a0e844001c
XS2333569056MEITUA 0 04/27/280x94711622CAb0b833eC0E8447E48e7B9fA2fD7085
XS2339232147SMWHLN 1.625 05/07/260x58879e2Dd4450E77cc7e1E9cfd08Ed1DB1600Cb9
XS2354329190BFITNA 1.5 06/17/28 BFIT0x422EE28433Ab07e122f6e2ae116f1635d7d14097
US465741AN69ITRI 0 03/15/260xc63b2D4531c7D338D28d5203B55b2964D604141E
XS2465773070BESINA 1.875 04/06/290x57ef069CA266e1a585865fb7D772EDB19aF4c108
XS2487637527DXSAU 3.5 11/24/270xfe0FB17E3906772CedE35e9D9aeD57c75e196E89
US977852AD45WOLF 1.875 12/01/290xBE182ba546a2a247edcFB0BB9Cc80Fe233fCdaFC
US922280AC69VRNS 1 09/15/290x09B2e7159963C78c4573A5C5bb66583377d021A6
XS2718145779VMUKLN V11 PERP0x9F2402e5E03EBC2172fA66CA14405234E5b71f04
XS2725834043SGLSJ 4.25 11/28/280x127455169029619bf41c71832788a6f1c6067082
US94419LAP67W 3.25 09/15/270xDdDc813EB2996A8337Ad9e32d5a8d977fCB3FFb2
US977852AB88WOLF 0.25 02/15/280xeA75165f241A0440A550Faa6D5bf6ad2d9862762
XS2713344195SPG 3.5 11/14/260x1475C4B6d584969552CfE42B171A5801cd52fe16
US94419LAR24W 3.5 11/15/280xD5Be74D8bfc28968043682209404113a806325F5
US94419LAF85W 1 08/15/260xFF6416552c36c0899C87d6Fb950F7A953A96Cfb6
USG01719AJ50BABA 0.5 06/01/31 REGS0x075ff3CcEd83cf84Bc2d91CAc656a3be46Ef53C5
XS3015248209BIDU 0 03/12/320xE9B9BB1aBc53B69650a5a256c89e7e3Ff8bc46d8
XS2895510340ASCLN 11 09/19/280xCb0ff4F89c1A8C58A989529B44E0804b3Ea94DD5
XS1711989928FURNA 4.5 11/02/240x537F6e65463a9f0e4005d8417C54568d769a8dee
XS2974514999DELINT 0 01/21/300xb1cFd7F7C2E3A5B6B0604d28318Ebb8c3d004b7C
AT000B116918SWOHN 3.65 05/16/34 --0xEea1E2Be748E2a4Cb79365B2E60Dd74E65EF239F
DE000A3E5KG2TUIGR 5 04/16/280xEBf47c888F8DD8bDa8a635FdF7378DB20C8c958f
DE000A383JQ7TUIGR 1.95 07/26/310xc1bcd83A2fd9Af952283132a77cf5Dc295dc6cC7
DE000A19W2L5AMSSW 0 03/05/25 AMS0xfA9D9947df5b9c04Ef946167cC8B70FD65A7c105
DE000A351P38LLFOND 7 05/24/280xe12CA42a101981Bf75ca65c3d2A5b9138c10B15D
DE000A2YN7A3SMEAG 7.75 05/01/250x2Ee7B118de86bf577c88232BfC0924b63a095f4f
DE000A30VPN9RAGSTF 1.875 11/16/290x5f875909Aa6491be53EEE687ED2F5858532b1e9e
DE000A2YNQU1JBGR 2 06/11/260x903f15DB612518FeFc7c7C2EdEAa192EF0137839
DE000A352B25RAGSTF 2.25 11/28/300x15C4364E0BD935694ED5171aFFe24FEea689d444
DE000A3H3F75BLUINV 5.5 02/26/260xa71DCaa437Ec1fc295376EA4f97690745D197393
DE000A3H2WP2DEHEHO 0.875 07/15/250xf7c0C531f9a38Ec7EC9BD252F87573bF72ae76A9
DE000A383Q70PFRDEN 7.5 10/22/290xBaC6b5c8c77107686ACFf59A5DdFA34734d99E20
DE000A3K81W7SIENFI 5.625 09/14/250xdC7F17A04EF095f58C25e4909Ffc06dAD6b4513D
DE000A3MQE86CAPGR V1.875 PERP0xc69dB3d2080ED14b1b30D60347636676CF808CDd
DE000A4DFHK7ANNGR 0 05/20/30 A0xe30153Cf07630b09906824e15A4853f21466a5D1
DE000A4D9G75RDCGR 1.75 04/16/320xeDF81EA351a1C4f37C5cA72cc5790f62b60a1B1A
XS2384606468CMCOMN 2 09/09/260x5c5e93B33a8CE590c391a689426534827d6F7CB5
XS2546248373SASOL 4.5 11/08/270xE444807825e1079EB4f07d64d9f0997C2b74E07B
XS2581976748CHFOTN 2.5 01/31/31 REgS0x76b0543488ec5Bed78b8c9E8FC155441722f5bd8
XS2597741102CLNXSM 2.125 08/11/30 CLNX0xc48691669534c52656B98Da6ce6128EeD78d5ce7
XS2591236315BALDER 3.5 02/23/280x928899aBEA6FF12f72017cEf43D8ec2F77222557
XS2630795404LAGFNC 3.5 06/08/280x36B77889A45c8C2A6D8B1EDAdB1B00cCAce31698
XS2708724096SUNAC 0 09/30/28 REGS0x5a1A45921AD9E3bcBA5cf8696B71922e09b2eaaf
XS2708723791SUNAC 1 09/30/32 REGS0x8C05949deE23C7c22482a1157AC35440E110A4e4
XS2872755959OCDOLN 6.25 08/06/290x2b1d9025E3F5e3Cf02FD58532CA35220e5Fa3e15
US02081GAC69ATEC 0.75 03/15/300x9c13D71d72765067a22fCCAb8f157e3c1fA86c81
US090043AE04BILL 0 04/01/300x1A2c7515756a8A3B43AcD4bd052018B88b0f95b3
US433000AA43HIMHER 0 05/15/300xbade6E8f5449f148e611AbfdAD947b7dC72CBE17
US05971KAQ22SANTAN V9.625 PERP _0xFe9015bF81e55F0C8Fc1fd03EC79F614B67179b4
US05971KAP49SANTAN V9.625 PERP *0x1aCed9bdFdECB6eAA38cF58803e6a4f723ca54C4
US08265TAD19BSY 0.375 07/01/270x4F713Dc0c966FB84a487F2BE50bA544c4C950fc0
US06738EBX22BACR V8 PERP0x4f98eD91eF16C2933215D21582a18A0166b18C6F
XS1731596257BESINA 0.5 12/06/240x47b7E90aF1EC865CA8C6C91034364F509f25EFfF
XS2112202101SINBIO 0 02/17/250x8Fde99483fC1aB435D290e3D0e44751820E4bfa5
XS2154448059AMSSM 1.5 04/09/250x967124DAa66b5d00D936F76153B68eff26AC3Ea7
XS2260025296SIASP 1.625 12/03/250x6f6fAA1d1f9f46ff076Fb0F2a7B9c2c140eb2305
XS2211997239STM 0 08/04/27 B0x52a8bF7548C87653c44f1d1f5CbB0a05df60536b
XS2284240137TRNLN 1 01/14/260x65A723F4f489B69970B64B843D824438c455bfA4
XS2317281710HLSTWR 2.875 03/18/270xD0f08113b2D253a2256419bCaD6AF3aEd97Ea47A
XS2296021798TKWYNA 0.625 02/09/28 B0x3F110912467bBb978A7BAA58C81472C6f0647570
XS2376482423POHANG 0 09/01/260xEB6185A3d1C793ea05170661bd67244EC78732c4
XS2470870366JPM 0 04/29/25 DTE0x7640C206fa06845f1746D080457922e62dC067A0
XS2581879207CHFOTN 2.5 01/31/31 REGS0x1980e2eFd9cc63bD9d0C7FBab55b5086e5425051
US06738EBN40BACR V6.125 PERP0x6e2bFc0cf52DC9a9616516870fEe639C38FE0015
US42703MAF05HLF 4.25 06/15/280x7DfB98DA5932D49383B084C649c6C57fDA08CC19
AT000B116637SWOHN 1 01/16/27 070xe8B26Dc334c0ba505af2d80d393f00402210a4a3
AT000B116710SWOHN 1.5 06/06/290x2FD522481c3295b1828ADD427e92e772aD8C25bc
US456837AY94INTNED V3.875 PERP0xC2094eAc600f041a00c2b681858370E3975A64bF
FR0012017903RALFP 3.4 02/28/320xfA9f62Bd6771A80f377F9a555BbB9DD9271D9767
FR001400DV38UBIFP 2.375 11/15/280x174806d738E93e960A2b14717c52c0e7c25D404d
US55087PAC86LYFT 0.625 03/01/290x409210695dB6FB7eA0A875B2Abe9aAA593E678F4
US60471AAA97MIR 0.25 06/01/300xe742f1Cef476cF458515a7615946158fCF31C672
US50202MAB81LI 0.25 05/01/280x37CAE9d0b6CCEB8438A310036366c8C54D361a60
US629377CG50NRG 2.75 06/01/480x24aDFA49E29BcdDC325aeb0c7aE8c3451e3C5d82
US665531AJ80NOG 3.625 04/15/290x4aC0EE0FEB3B686463bB3974C324Be069B14c591
US76954AAD54RIVN 3.625 10/15/300x3131199bEe89977320bC4eBF49a491206a30427B
US76954AAB98RIVN 4.625 03/15/290x93b587870EDd5b31284FB001D01d54Cf6E46Ee77
US803607AD25SRPT 1.25 09/15/270xe610077f535ff8DfCedF7F4A0F0b091dD506d62f
US87157DAH26SYNA 0.75 12/01/310xDDAa0F48bb086002805d45a44fbAD90F4fC58dba
US81141RAF73SEALTD 2.375 12/01/250xc218700457333AC615b2eB9124acB91028AD317F
US87918AAF21TDOC 1.25 06/01/270x0d31f7B6d9ad61b7C26B1E81d1EeA9A80918d99B
US48576UAA43KPTI 3 10/15/250xB5F430320c302bC2D1fD8ee8a7D29ab155f75A5F
US62914VAK26NIO 4.625 10/15/300xB01154B1344057D616b83A9ed95A633D26dd4655
US722304AC65PDD 0 12/01/250x45e38e22833670d616ffBbb325d452F010AeF162
XS2248816493VBIOTE 1 12/30/250xA0Ac10808A94dd266Ed32f49edFD7BD731ce4e4F
US83304AAH95SNAP 0.125 03/01/280x74Bdbbe1D49a4062c231a8F0C77CcA21fbf573e9
CH0397642775SPSNSW 0.325 01/16/25 SPSN0x6c2F299c295AdDb32C619C4e0bBDefe03e95db10
US338307AD33FIVN 0.5 06/01/250x97D0a48De8BdAfa2c60642D23145e8d427dF83e8
US343412AJ13FLR 1.125 08/15/290x8b8645B2Eb7E5A9153CF51AcB87641ACf193cCF8
US40637HAF64HALO 1 08/15/280x19b243364d956C4f045Aa4Ef6869D1EbBDb1E5ed
US456837AR44INTNED V5.75 PERP0x5B1b05bE8474B3136ebd0f70fe0990c1b591F9E5
CH1421969317BAERVX V7.5 PERP0x5314aB81A7fCD09EF32B4CE76627269d6fC189e4
US45826HAC34ITGR 1.875 03/15/300x0Cc08C3324a50fC618a5e0A46A5F1E8A17205F29
DE000A14J1L9DTKONG 1 01/30/25 DKGB0xda421AFB14d4F6BcBDDDAE92c785B6185165E3f6
US501812AB77LCII 1.125 05/15/260x56f4Fe8125C40809F3CaC557aef051a849C248c3
US531229AP75LMCA 3.75 03/15/280x07eb8a63728D2b3e384F993a003503d8F67E84E5
US55024UAH23LITE 1.5 12/15/290x1b6183029791619E3Bf79c030fE5780baC35f1c3
DE000A254Y92DEHEHO 1 01/23/270xcee201a76020b9A7d77FfC700876F2b0ee17d563
US594972AR21MSTR 0 12/01/290xD40A66179Adf0E42F38a2181540E0e17520ab464
US595017AU87MCHP 0.125 11/15/240x4A6C88d63aa9A6D84361301f7fa7343E99fFc306
US596278AB74MIDD 1 09/01/250x37c899F92D717AA48754dA3cE2BaF09964Fa3fDe
DE000A286BY3AMAGRI 5 01/22/250x5a6cE9E9A0cA9FEa0f943792BBf3B810DAe8EDa4
DE000A286LP0QGEN 0 12/17/27 QGEN0x582E08B2c701ef29fc848095c9eA12EEb263Bc02
DE000A287RE9RDCGR 0 01/21/28 SAE0xE531160EDFc7dB78E80F18A7C45cD9B0E0585E4A
DE000A30V8T1RHMGR 2.25 02/07/30 B0x6980003AD23Ea2c0bd5fafDA9c1eB683a07A4937
DE000A30V885LLFOND 6.5 02/21/270x7cAf2Ad17a15984c4204743081B7B9891866bcE9
DE000A289T23LEGGR 0.4 06/30/280x73b66e4f87b7D61ADF8Fd99D4f9fc9848a083FB7
US682189AU93ON 0.5 03/01/290xdE83586295C3273332b1eBC3A4ac65c4234E0259
US69553PAD24PD 1.5 10/15/28 *0xFaE3A156518f774d1366c122A54A90Ad3D06AdF8
DE000A383PU6DBANGR 5.5 01/05/300xC4d43B650285f54e148f028006630ff288b9A1AE
DE000A30V8S3RHMGR 1.875 02/07/28 A0x5cae34DcFf5Ec4DEa8b233202424B9BADaf04f2e
DE000A351MA2NDXGR 4.25 04/14/300x5ae4e816023aC3285e51FfCa61840A49361088B1
DE000A382293BECHT 2 12/08/300xaf6E9e234aDa9e3aaf579ebC491BF27CCC535c64
US70614WAB63PTON 0 02/15/260x8aFA3399Cf2f10fF4DFcb103673b40054EefE797
DE000A3E46Y9TEGGR 0.625 08/27/260x769e88bB9f7Ad4404A09F65f2ac51E60A1669c46
DE000A3H2WQ0DEHEHO 1.5 01/15/280xD9923AB3D1431d21274af837d885C463EFdD7dC0
DE000A3KMT51GFGGR 1.25 03/15/280xB288dE125160027dAc807f8DE1F79bD3f607E587
US81180WBL46STX 3.5 06/01/280x9B07D00766Bdb5eBb88b204d102ea915566C276a
US81141RAG56SEALTD 0.25 09/15/260x1eab32f8a1A95d24c3907d48FBDb5c078035d0E6
DE000A4DFC57TEGGR 0.625 03/11/310xD6812aFcF85bAa85E8491dEa910952915b23886b
US82509LAA52SHOPCN 0.125 11/01/250xc12C6980A3b914434F609Ccf9FDEF73BD28057Aa
US833445AA70SNOW 0 10/01/270x09886A2470081be166c95ceE64aF10FD1489bd8c
US83304AAJ51SNAP 0.5 05/01/300x9066211fe52E40D2156c768684B1263150a8e8C6
US83304AAB26SNAP 0.75 08/01/260x94f7A486A01A8B75Fd4aFfc2264B8a320807C06c
US83406FAC68SOFI 1.25 03/15/290x801Ef3452FA90Da73409662F3CF18aD288cf7694
US86771WAC91RUN 4 03/01/300x14Eecb197504f230125aA8c097B2cd1624803dF0
US88163VAE92TEVA 0.25 02/01/26 C0x088CE26027974CE843BbDBeAa1526cD0e4168AA3
US90353TAM27UBER 0.875 12/01/28 20280x452905DF92a12635Ef27B5EEb3D20Fc1a69a0970
US90353TAJ97UBER 0 12/15/250xC6E84317C706DAC0C1388d344662619D2427Ee19
US958102AT29WDC 3 11/15/280x3f392Ee9f1Dc69118C50bd06d3AC1Cee8a6b8627
USG91458AE28VNET 2.5 04/01/300x4E77E9Da798Dc4CCCda32c48102CCf0B385F01e1
USG84228EP90STANLN V4.75 PERP REGS0x64741EFb3cb6ec3C0d5CE5BAb492d49C0CfB8ca5
XS1759625491POSEDF 0 02/01/250x94849340Bd8a49E312b7f984c93835bB6DbC16fa
XS1978209002ABGSM 1.5 10/26/24 regs0x1d9DfbB6c72f8532A57f8d98D0855b82e9fd5D45
XS2016141637PHPLN 2.875 07/15/250xfE57094280d20B53387934412E2441A954b568Bb
XS2089160506ANTSPL 0 02/05/250xa0dcEE67e64b46C2dd0Bd9D9D45050826a9BbF30
XS2166095146TKWYNA 1.25 04/30/260xAF3880FD8F81F25284eD1dCec3b3C4Ec523DC37E
US00217DAA81ASTS 4.25 03/01/320x3FC7B45fC2b70b88b228e63d15D8e318de1E7825
XS2211511949BESINA 0.75 08/05/270xaBa56BD70Ac5986DF89d4Ee7b17EBB84b927D0c8
FR0013200995RCOFP 0.125 09/07/26 RCO0x378d6722856c043e5f5e73F93C618cd1487AE87F
XS2263652815ADXSM 2.75 11/30/25 ..0x99b41Dcb37528d22beE8265678f0D63E481FDF91
XS2284144339HSPGCL 0 01/22/260x8F2703144bcCe303fa6ba7E9BB96F69fdE7eD738
XS2332692719ASCLN 0.75 04/16/260x55B6F107e3112DcA0c201cf7fC372e844612b8F3
US90138VAB36VNET 0 02/01/260x1221079cC635d3379B726061a9802f4AC58EFA26
XS2269112863XIAOMI 0 12/17/270x96adB87Dbc55338bFB32573a586A9E6FfBfdCBfe
XS2388179603BUPFIN V4 PERP0x061839F608b6cED981e62fDb06e02B1B7FEd4088
XS2332809412VICVN 3 04/20/260xfd9C8F4F8ef13685ec989EeB7149e1ba209ff657
AT0000A33R11VOEAV 2.75 04/28/280xb761cAC32C55eaA813Ba245260Ef93BDa40FaAcC
XS3034368806IBESM 1.5 03/27/30 IBE0xc042d54C19D2433db0caA658f4096D432cFc169a
DE000A3L06J9QGEN 2.5 09/10/310xB77A0e9af8bB0fC2d5b4720d2475355520e41D36
BE6327660591GBLBBB 0 04/01/260x19fb627d71A8A7D1a1d80453Eaa849Fae395C3a4
BE0002592708KBCBB V4.25 PERP0xa7C2BDAee25adb2054fe317dB9F83F7CEc6A9393
FR0013321429NXIFP 0.25 03/02/250xD91D6751379f093b59751f3Ad188A6C8f425d538
FR0013215415RALFP 5.25 02/28/32 COFP0x8E9a47359585155Ad37b63C8c72111f7ADE5A12b
US92939UAR77WEC 4.375 06/01/290xC722a7405DC4c4f50D2e65780940C9B13ea7eA75
DE000A30V5R1DEHEHO 3.25 02/21/300x0517970087b2c54f9e707461B5C84A0FF67f6AD4
DE000A2GSDH2LEGGR 0.875 09/01/25 LEG0x00fF83DA9dCE350D86Da6F826961dB9Ba78c830b
DE000A2G87D4DHLGR 0.05 06/30/25 DPW0xccE3d2caCA08a3D4E39A12d39b2eA79737477c61
DE000A2YPE76MTXGR 0.05 03/18/27 MTX0xBe7d6211aF271491609383b12762EF62C3e2c9B5
DE000A30VKB5SGLGR 5.75 09/21/27 SGL0x3F58d090F47f96C5D840aa692E4a26b8887E8192
DE000A351SD3SGLGR 5.75 06/28/280xFabE47C0C66e9F54F610D0E964Be03A4A0c5fC95
DE000A3H2XR6DUEGR 0.75 01/15/26 DUE0x109E8988b2bb319421A6C3A38Ab24B7AD7db3931
DE000A3E5S26NIINGR 4 05/31/26 NIIN0x81762cf4DEf014a2786114Fe040E0c4DBce33FA4
DE000A3MP437DEHEHO 2.125 03/10/29 B0x8687d55415152038f0DCC489c2f499CA445BcC1B
DE000A3MP429DEHEHO 1 04/30/26 A0x83A3d768b8E07b7eC40d64c1923347A3101a4BB8
DE000A4DFHL5ANNGR 0.875 05/20/32 B0x0d40BdFe2Bc2dd5F113f5Dff3CB1E1A9fcE8a88A
FR0013418795ORPFP 0.375 05/17/270xb74B5c1B1e2A3D659BCBE16bde7322Ce5B18f2a5
FR0013457942ATOFP 0 11/06/240x1EB39a34DbC6C20AE0Bba73FC99b5b280FEa46FE
FR0014005AO4CLARFP V1.875 PERP0xc290C1011537A763e19E395f3880F5EEb5d2E9df
FR0014001WC2BIGFP 1.125 02/19/260x0b4D2131269aBa77045F122287c9d0D9bDBAB06f
FR001400DU47AFFP V6.5 PERP0xF5f1cf19194668C506868a0f1B311ab4eA1d1919
FR001400CMS2NEOEN 2.875 09/14/27 .0xB03FA12c405653906D284702137A193c4AbE4a59
FR001400AFJ9ELISGP 2.25 09/22/290xc7CeD28147690C38e35D411a23fDDA1b55665feB
FR001400F2K3SPIEFP 2 01/17/280x0FB09fBA58946aC5F0D8c2061c6018A29D80ce59
IT0006769316ENXFP 1.5 05/30/320x25b4f0Fd725783c9DaFe3891426f5EAC955d55b9
US02156BAF04AYX 1 08/01/260x82f602F34294F872512f594295e8779cF1162eA7
US011642AC98ALRM 2.25 06/01/290x4Ed1EE9E6Eb61b5F48588A70b9f21ebCa8E96F77
US00922RAD70ATSG 3.875 08/15/290x44cd144A846fBD4d3fC9cFB67A007d2ec6541a82
US02043QAB32ALNY 1 09/15/270xCab2878d51BA66ba152d337C6E5613e425833AaC
US02376RAF91AAL 6.5 07/01/250x1a75575A3021D481b20e9358F4851aE1FcE10E86
US05464CAB72AXON 0.5 12/15/270x48a887bE448b4CbC5ab654AB0E6e2d3927C4DF28
US05964HBH75SANTAN V8 PERP0x86eC21a88c146A62D1143B53Ac7Cc235523fB408
US09239BAE92BL 1 06/01/290xa6dcf240C1132a51806Ee0d8CcaAB931bC3C94e4
US06738EDC66BACR V7.625 PERP0xbc650aeD7B213B14446E2b4A83E1cf99DFD86F57
US093712AL17BE 3 06/01/290xA723Ec018A614AF80796aD5d42C3af0b954c64A5
US10806XAH52BBIO 1.75 03/01/310xcA153Eb2A9a8BA8D7138048aab31a37B500804bA
US10806XAB82BBIO 2.5 03/15/270xFFF1bC79Bb177696427Bf9701d19383B88C86a98
US12685JAE55CABO 0 03/15/260x4FbA3c02bc7c0Bb63346C9df4B96DE508Ba46Ebf
US126349AH20CSGS 3.875 09/15/280x6Dd68349B52a34EE783b280Bedd0aD85eDd4b45c
US207410AH48CNMD 2.25 06/15/270x335D2819a7843556548514131FF097CBD1d69c4f
US21874AAC09CORZ 3 09/01/290x5ceB7Ca763bD68bD975E4bd86768a2F3A251B96B
US23282WAC47CYTK 3.5 07/01/270x74cd8c8824508C9dFe480Cd429032e77FE75AC10
US29786AAJ51ETSY 0.125 10/01/260xd8717Da486e3f52E3cF32755795F9451D9CaD28b
US25402DAB82DOCN 0 12/01/260x6f1386f24B316be0CB9fC293d1369b66c746B8ee
US30050BAG68EVH 3.5 12/01/290xEF7f52f477aE83ab9e5fB9fb67b438888b35aA9F
US29355AAK34ENPH 0 03/01/280xb670fCEa5DF680Df741BEC82D8915282f63fA6B2
US30034WAC01EVRG 4.5 12/15/270xcc8Ff235fb2e2C69f2dfDB9AD2EceF85a23b81f4
US29786AAN63ETSY 0.25 06/15/280x13F49D9eD838fae5ddb9cF7DdDF9DE04CE9a5085
US36467WAD11GME 0 04/01/300x244FcB3fa053884b8411dc118e46fcb22932F324
US404280EJ42HSBC V6.95 PERP0x12cE0586FD8b4968B78775Cc0ae9542a70d67E8A
US456837AZ69INTNED V4.25 PERP NC100x1438180ac5F3836727e64d64eaE261aE065C62F0
US58733RAD44MELI 2 08/15/280x1970D99C4FBD2918F45802F2ECb8DFfd91e80624
US594972AK77MSTR 0.875 03/15/310x1DA8D4E4D9c41D4b26CbaaC48fcfC1305f091261
US842587EC73SO 3.25 06/15/280x7c58049775f39f6a8483Dc6285899944F07781bD
USG84228FJ22STANLN V7.75 PERP REGs0x85521D0B2c88225AA067711Baa441b22E78297Ce
BE6325746855MITRAB 4.25 12/17/250xeCB607e9cE60991C39884436713c2Fe340d887D6
BE0933899800FBAVP F PERP *0xFF077f117F4b3226CeD94d118B589c7691CE1561
BE6322623669UMIBB 0 06/23/250x7500fe1aa3219cb062d39A6dA0E7aF39574900eE
BE6317598850AGSBB V3.875 PERP0xb2F483f8e6741Da9999F0BD4b494aCAc671BedC1
NO0010867948BWONO 2.5 11/12/240x3A0F05Df2e91FD40459346B36325D6681Fa5699c
US08862EAB56BYND 0 03/15/270x395243eC99C8458c324f0C6e88aaf9Ca49d14587
US09857LAN82BKNG 0.75 05/01/250x3C37491474644EcDe0b4B854805b5d816640d2d8
US08265TAB52BSY 0.125 01/15/260x2bBCb7d540001Fd3939780Cf16E5Abb251476E03
US671044AE59OSIS 2.25 08/01/290xe9Fcf81a23A304D53e027A63261dEc5Eb28d4B2b
US773122AA45RKLB 4.25 02/01/290x56d735A35727C538EBdBa5Cd94B7731f06855e20
XS2127864622ZJEXPC 0 01/20/260xA8F058Bb8cC7B531Ca927b8f51360D78B0BcEB6a
XS1793250041SANTAN V4.75 PERP0x026752D478A96213FFB4e28104C68FF614C2a128
US594972AN17MSTR 2.25 06/15/320x0734772AC59704474Da73BBd5B892DD446DEebfB
US465741AQ90ITRI 1.375 07/15/300xa5A8f60F620008A0f6B936f8D3B53E0c61536ad9
US70614WAD20PTON 5.5 12/01/290x64979928f73E271638B7bD68af4bCF10f989c7F7
See [xft.finance/convertibles](https://xft.finance/convertibles) for full list of tokenized convertible bonds. # Municipal Bonds ## Arbitrum Sepolia
SymbolNameAddress
US018802AD07LNT 3.25 05/30/280x25A57BAcA8e2025b06684740D959FD5795562B4b
US40171VAB62GWRE 1.25 11/01/290xD7565818615eD7af1c8c0429A8db1773273D05E0
US501812AC50LCII 3 03/01/300x7dC88274fFEcA34B1edEB2CDa52C8ae697077887
US26210CAC82DBX 0 03/01/260x1A775A4E6b06dF6325ACf6eab8FEf562Aa8bdF23
US60937PAD87MDB 0.25 01/15/260xbcf4e319795B8fc5ba9644bd4824d7B65adA53bb
US55826TAB89SPHR 3.5 12/01/280x9DbB788f266088e9f3f8053BDe2DB5593f32B164
US34379VAA17FLNC 2.25 06/15/300x9d1FDaFC0a54200659C9BF2eb10A0fD3139Ba972
US450056AA40IRTC 1.5 09/01/290x18876D5EAcfd50351a2C4B3DDAB6a592503c21b0
US594972AT86MSTR 0 03/01/300x946665Caf4907CAaD409dFFf4956139E12C5ADFa
US595017AF11MCHP 1.625 02/15/270xB4b804F532783446d660f42e002151A5cc0A497F
US842587DY03SO 4.5 06/15/270xE3777f57d875750Dd4f7aD86dA8ABb2Df5690921
US91680MAC10UPST 2 10/01/290x5cC523418844f271673aA15D803B756757f139cA
US21874AAE64CORZ 0 06/15/310xDDeF34EB9a0BCA14e339A42B002736A0B43E89Ce
US679295AD75OKTA 0.125 09/01/250x803409ab5c824B43204A55508f921a5fCE0E6655
US723484AJ01PNW 4.75 06/15/270xB36Ff52D9B41422722856507A69C0618100Bc380
US01644JAA60ALKTEC 1.5 03/15/300x106FA021eBAA8056Bb69169788fABb071E9A8FC7
US57164YAF43VAC 3.25 12/15/270x3d2914e62E31906Ee5c641FAefed0f2c54174Fb4
US549498AC76LCID 5 04/01/300x29e694aAd1567336b2DBF5893867cF63Cb832E2b
US767292AA33RIOT 0.75 01/15/300xc2111Af3dB706808ab34C0a49f96036bd71050A2
US387328AF41GVA 3.25 06/15/300x663628E53dc342357cE639749BDb821a388e6e48
US69349HAE71TXNM 5.75 06/01/540x112722918dC3E38097a5C3ed4aB37aEaE41Ed86A
US00971TAN19AKAM 1.125 02/15/290xe219d82E87FBfE7985e25695a0350B24ce2fECf6
US345370CZ16F 0 03/15/260xd2544faf0Ed7646Db23868966D3e1A6Cb78B0Ed5
US338307AE16FIVN 1 03/15/290x551E3b7b8AbF838B5D2bff0D7388eec887D6a175
US292554AP79ECPG 4 03/15/290x3C9592648940b1830E307b13efA1e84B53995b95
US29786AAP12ETSY 1 06/15/300x765e6A50387Fd8b5Da17FCee8E84F1A9926a1965
US30063PAD78EXAS 2 03/01/300x100c1a4956F7Cb0dDB22BC55359E381Cfb3a27C9
US55303JAB26MGPI 1.875 11/15/410xD2779d15EFf99358d32aA9b1FFE44b6F4eae1ac8
US09061GAK76BMRN 1.25 05/15/270xb749AF7bBeCfd7007f97120Df0Facf6E726412Dd
US538034BB47LYV 2.875 01/15/300x5550B1E7A03123550e82e2B8ba37566180d4d903
US59001ABE10MTH 1.75 05/15/280x0be711c56ACB217E4C508ECF8Fef7BC4881A431a
US695127AJ95PCRX 2.125 05/15/290x9174526003477DAe93263a8db1BBbC3D838b02A3
US565788AE61MARA 0 03/01/300x7CF8613c3ebb6D9D57199fFBE110BAA4d8330A26
US500688AG18KOS 3.125 03/15/300x951A3eeDa9aF7D41A48aA90a5d540B90163BC3BE
US538034BA63LYV 3.125 01/15/290xA0Cff9129F74F525d4a50a3669bFF665fd2d9D5F
US55024UAD19LITE 0.5 12/15/260xc8B15D35b2E9F45789AdE0855612a2c558c90E48
US67059NAH17NTNX 0.25 10/01/270xD7357E3FA7f5A2AEC99CAe989a47c625cbE01E43
US55306NAA28MKSI 1.25 06/01/300x4fAd8D80e954934964ED58D52D045494Af787e2F
US68213NAD12OMCL 0.25 09/15/250x8788a6B6B5Ba969453f32604B85F51d241744D15
US65341BAG14NEP 2.5 06/15/260xda47eB8395e42119c82ae3890e49B8FB4c190710
US594972AE18MSTR 0 02/15/270xcb2d357e58c1A194a858DeFbBe64505DbF1344f9
US594972AM34MSTR 2.25 06/15/320x876006e6886a4a205b1b5F79151f6037C3EDe250
US595017BF02MCHP 0.75 06/01/300xEC7Ae454586e63F7ec9550c6E78aFDcDDD892ed8
US70202LAC63PSN 2.625 03/01/290xfbb80444b4dc94dD5F98F3D1126E6622f1dD4FB4
US018802AC24LNT 3.875 03/15/260x490AD550e1EEa3E081F5baCf64E519b38D7684b1
US70614WAC47PTON 5.5 12/01/290xbe5CFd868128E614384591E0faf695670b08dc6C
US833445AC37SNOW 0 10/01/290x1963b016dfA93a6504A8850689757A063c838deE
US92939UAP12WEC 4.375 06/01/270x502Cd51d0adC8A62749B571A3d57f6661EFD6aB0
US98980GAB86ZS 0.125 07/01/250x0c2d571e9Eea05EfD76298fcB23949D5130760b7
US125896BX77CMS 3.375 05/01/280x918f711521A32748f982CaF5B3Ab6a284C4fFF0F
US91332UAG67U 0 03/15/300xB072E1811e0e8704D42EF33e0566830b615756Cb
US92766KAA43SPCE 2.5 02/01/270xd305430AB0965f1daC3a5BD765e6fbCc79277b6d
US98149GAB68WKC 3.25 07/01/280x56207778d188317c215Fbf35C52761b2993B9970
US98139AAD72WK 1.25 08/15/280x6e35bee9599fBd91FA12d1F0E863aFb538913CA4
US15643UAD63LEU 2.25 11/01/300x3ee980CDDd180C1B68a5E6d3dF8698b402bd5604
US163086AE15CHEF 2.375 12/15/280xa3E2A9356c6FA1AF09CaB3B270420C9689737E12
US358039AB12FRPT 3 04/01/280x83E5f0f148991670068A17E031a534231E5b8255
US40637HAD17HALO 0.25 03/01/270x770869230CecefeF9463122A5a0189D9ED64B5bc
US553368AC59MPUS 3 03/01/300xA63bF1071d25De5cA4E00b1a396bF63A6DB9BdEd
US516544AB96LNTH 2.625 12/15/270x454b719072d63Cca61837bd7B00B7E3278A97B70
US753422AH70RPD 1.25 03/15/290x86Ea96D6f55a4fBF35798C01541c5C8a464C9fE7
US83304AAF30SNAP 0 05/01/270x3B672fA81d2928dC20Dfb69b4122d8c81bec7977
US86745KAF12NOVA 0.25 12/01/260x7c9eE18aaA0bfe8b323B904637F6eeC40f501D43
US86745KAH77NOVA 2.625 02/15/280x4582c8c602a19B6993Df93cf18b0dCedD120D975
US902252AB17TYL 0.25 03/15/260xC2eB83dA41ddAd3BF1361EdFFC9c3b21964434f1
US89377MAB54TMDX 1.5 06/01/280x1A604D1feF4B00010105c2a3a5691676E745ddc8
US92939UAN63WEC 4.375 06/01/270xdaF2eEa0b32C247Eddafad790eBB587c95E97fE9
US00971TAL52AKAM 0.375 09/01/270xEebB003083D6a8AEbcA5bf3fd128fF925b45310b
US009066AB74ABNB 0 03/15/260x4e604BE24cCad5E4d7420dFaf75bdDCd94a056B3
US007973AE02AEIS 2.5 09/15/280x2A3815066D1CFf4897aE2F06ba8DF04afE1FB7e5
US011642AB16ALRM 0 01/15/260x64cB0CA038Fe503f698f8E3DCb9F767b425C5B40
US974637AF75WGO 3.25 01/15/300x0180bAd31bdF75B0BF60E75FE172e932FF4D3840
US04271TAB61ARRY 1 12/01/280xA85B87daa7E0D1bCbdd82628499b1EF9Cc7bc4A2
US093712AK34BE 3 06/01/280x4b43B6512A86B5fA699ecE973e2286e4DD5bd98F
US29415FAD69NVST 1.75 08/15/280xFd972d33A233bb18De2dc9542c1D500C454Fd319
US25809KAA34DASH 0 05/15/300xB1702BaF6d93a293f4Be8205fe5A05DCBedfbaff
US19260QAB32COIN 0.5 06/01/260xC8266Db215F7DA2f781bCbDe4A3D8F5C852a80e0
US26142RAB06DKNG 0 03/15/280x2450e519fd27F312259A1b3613AddA5eb6D5EaE6
US252131AM94DXCM 0.375 05/15/280xE13c84443e13283C9E42deEDbc4A8D578cc7471C
US337932AS64FE 3.625 01/15/290x3c97BFa21341E008be07d0CCA84FFBA65060f931
US29786AAL08ETSY 0.125 09/01/270x9FE1101b25D9E6Dd650b1aD75DD366082f22F711
US30212PBE43EXPE 0 02/15/260xBfC6D32179B82369390077C489Cf74a5fD60C30C
US30063PAB13EXAS 0.375 03/15/270xD2B98eB8A39E7a4cD17Bd7889946bB1395281770
US337932AU11FE 3.875 01/15/310x2717BD4777A6Ac73dc37F2AFf9d0E1e5908c9aFD
US387328AD92GVA 3.75 05/15/280xDc090493aa94fB0669f08943658D7dA2FDe50BFB
US37940XAT90GPN 1.5 03/01/310x5a0Ab2644593935D41B17bD29ce09d1B9C3B3c2c
US387328AE75GVA 3.25 06/15/300x24A1DDd5f0E6955abC80Ff97E06e144a4bF5257B
US565788AG10MARA 0 06/01/310xAf3092921C476043fC9DC7a82BACF99fc27FD3eB
US40131MAB54GH 0 11/15/270xE1ABBcD76Eb20756cC9BedB4b1E71E3b0E80f037
US589889AA22MMSI 3 02/01/290x32BACb2bE0f276cE1607d83faBE9580d7eaD95a9
US45826HAB50ITGR 2.125 02/15/280x49ADC5371C3c4e18716B4257506B0d5dc7De2AE4
US462222AF72IONS 1.75 06/15/280x0aAb86B98a3a6C3Bc7a4354F9a6a4E512eD57b3d
US45667GAG82INFN 3.75 08/01/280x57A5FB07c7945EC9181Fe9Ec12330EB42bCdC3fB
US465741AP18ITRI 1.375 07/15/300x74410084F4016C903F0bc51A429227dccFdc7C0c
US457985AM13IART 0.5 08/15/250xb94202ca18aD8f53C628c4433Ea1ae94B1cd2486
US594972AH49MSTR 0.625 03/15/300x52955351cbe0a5D1da9F8526d3d6a1Bc40F91365
US686688AB85ORA 2.5 07/15/270x78691985876522f7D81b31e6d4dc6C2DC2Da7ce6
US70509VAA89PEB 1.75 12/15/260xe8257eBA9d12dBE14FFF75ddDa0e62CE881dF8b1
US703343AG80PATK 1.75 12/01/280xa367122d13AB5f6cf399F10BE24976a2BB3F1C9A
US737446AT14POST 2.5 08/15/270x201e591Aea88adA2887bd913b0cacB683f1d9e33
XS2240512124GBLBBB 0 12/29/23 G1A0x924B8d6BA1e13Ae88E866082BF9210cba874d745
BE6339419812GBLBBB 2.125 11/29/250x67Ce50B2078065fB28E62C965C2272222d68fac8
US62914VAJ52NIO 3.875 10/15/290xB364C4F6Cc28D074A12c1669e78d925B46303bc8
US404280AS86HSBC V6.375 PERP .0x2A90652335FC7AaCb97A1EEb9c58204F020b4dfa
FR0013246147ORPAR 0 06/20/24 RCO0x2e239967A6ebAB1cdAc7D636679568C721A0903D
US83205YAD67PENG 2 08/15/300xba5A5948C1eA7f7557d0314FEca27aC7e0c278d5
US56087FAC86MMYT 0 07/01/300x016a9b4152353ef1f392EC6172361733a155Ff46
FR00140001X1VLTSA 1 01/13/250x05D7a5b4633483A5AB8C0E1f102E6316b14CAb05
XS1961836712COVBS V6.875 PERP0x0f9ffC9DAf35a0e679b44E7C75A9Cd65B5F3615f
US98980AAB17ZTO 1.5 09/01/270x2CE3E99d4a3C060126E0fF60A4287B9017897548
FR0013513041SAFFP 0.875 05/15/27 SAF0xEd87e3eb8a8f9E0906A9717A3B71cF903AFd505D
USQ08328AA64ANZ V6.75 PERP REGS0x547aB789c9a823E73B86532d0a316fdf46A602a2
FR0013489739CLARFP 0.875 03/06/270xEbD24eeda2f87F0456388883dd987CE6578f7F42
XS1982682673SCYRSM 3.75 04/25/240xE16a0204AA8AE1423551A8a96cC14dAd6397899D
XS2021212332CLNXSM 0.5 07/05/28 CLNX0x908963Be2baBcbC11623a8eb93f372976CD73F53
BE0002961424KBCBB V8 PERP0xa5A1f6699d0581b25DF1AE1fD4921E88CC15fD2e
DE000A1MA904CEWGR 3.5 PERP0xE260d28Ab5952B433fAdCfDb52572e7c050fd00E
DE000A3E4597ZALGR 0.625 08/06/27 B0x0B4458016674F5b0a15B2D7ab65f823e62feA312
BE0002651322BCART 4 11/09/270x036afd1416184D3c830FE3d6BFa4263265Ea5492
BE0002638196KBCBB V4.75 PERP0x3373db5764DfB9f47C7Ac0cbe1c1BF773B0436Df
FR0014003Z32SAFFP 0 04/01/28 SAF0xd6C4254e1B9846d13826912a6FbB824396d9Be0d
CH0536893594DOCMSW 2.75 03/31/250x6D308C3ecb5D647ed34D780557dFFBFA4B79eb9D
US05156XAG34ACBCN 5.5 02/28/240xD5dA32Ae47Dd28f1f6d11DBA58E89365aac30d80
CH0486598227CMBNSW 0 07/09/260x7F4AE31A4504b9D4eDa7F5eCc4c3c00B0Ef1F42e
XS2303829308JPM 0 02/18/240x9FCB9615F92413F18f65198D7745D13324dbB404
XS2304902443OZON 1.875 02/24/260xC222bC7A0ff4b44a8bA405dC194B1C034Eb4fa2e
DE000A254Y84DEHEHO 0.25 01/23/240x49075552A69917D05FfeF78F10CBa9FC5abb6B06
DE000A289BQ3LLFOND 5.5 07/17/240x8903c1DA530EBb40f3D4E91d71F02248731fDeB9
DE000A14J1K1DTKONG 1.35 01/30/25 DKGA0x8a0D22225D8a8790512879CC472C327ff81F4CBC
DE000A3H2UW2BELMED 8.25 12/14/250x54Dbe0c7150fEDb48DE496E46513B939dcC28e78
DE000A13SHL2SNSCGR 6.5 05/12/250x65878CC2A871e2E15A657AFEe24F08d1E922D54C
DE000A289DA3HFGGR 0.75 05/13/250x999d8fDC035eA4a907c9095D6E52919047640B90
DE000A4DFSR9FREGR 0 03/11/280x627D677b9E4E06359E91C168A16A2eE432Bc0B65
US02156BAD55AYX 0.5 08/01/240xe036837615e0B40c89B2337cf9824ef6f8A94e06
US45667GAC78INFN 2.125 09/01/240xB2E1B4957AFe6d447B68433f156F286A7621EFd2
US759916AB50RGEN 0.375 07/15/240xbd39892689316CE86F50B8ae16665936d528f1F8
XS2275382286WINSEM 0 01/14/260x6A0f41e613ec355590e697a74B1e4fb674B212E8
US89677QAA58TCOM 0.75 06/15/290x95411c78966Be681414C17bfb72Ab489E3366eB3
XS1940192039TKWYNA 2.25 01/25/240x9FDF2852Fc88aba941fAac8ba5B6744069C4491A
US958102AP07WDC 1.5 02/01/240x43E3A5490F8025324EE331413A888Bf3E3b2f7cA
XS2126193379YNDX 0.75 09/13/220xd526169A3c72DB711597347280c51e0053Bbb367
XS2105716554PHARM 3 01/21/250xa99b11FA47ec816baEf07236bD50068766AC6C71
XS2308171383AMXLMM 0 03/02/240xa97b9A9039A736993883D454A590589d786F1ec6
XS2342920050MSCNTF 0 06/11/260x5a9AF2067df3a50b5F30f9Db190dA7cDCd2F8396
XS2352315571JPM 0 06/10/24 MCFP0x46870cDD60549E822a6B77DC63b4E3E5652C06E7
XS2388456456MDLZ 0 09/20/24 MDLZ0x87aF7A18bD53Ef632722305BA160f4D287f50167
DE000A3H2UK7LHAGR 2 11/17/25 LHA0x5d1712292a52C81552472aacd517b32B4A8Dfb80
XS1961891220DXSAU 2.3 06/19/260x846669b5198b54cE3FB932eCDfFE78a146913478
US03765KAA25TLRY 5.25 06/01/240x95E5ce97859875519Aa18D95617A08b861e70658
FR0013326204CAFP 0 03/27/240x3C0A9C66D9d901e96133377B8F15ea2134fD361A
FR0013410628AFFP 0.125 03/25/260x705DB9B4a94077245732D2b31637869383221202
FR0013444395EDENFP 0 09/06/24 EDEN0xC916a56b3205bFB1bdB4B0D673389Adb2110DB6A
FR0013448412UBIFP 0 09/24/24 UBI0x14041D26EdCF6D1FB89e85158E48c601B25aa094
NO0013219642FRTBRA F 05/08/28 MAY0xbF5e25064C0dc1188F85e09c5C0Ff10858580908
US09175RAB69BTDR 5.25 12/01/290xA04227018c4e9f43EE1309EC4E245fc5Cb4ACc71
CH1105195684DUFNSW 0.75 03/30/260xB63B5Eb269e2385493292e21f76eC1C287F4A77B
DE000A351ZH9AAQGR 6 10/06/280x3828c68fc84b7aaf51C4A3BAA88F1307DCFD571a
DE000A283WZ3AMSSW 2.125 11/03/27 .0xA36E62c31c18397d56bB1D88F42bc63FFEB0e79c
DE000A30V8X3PFRDEN 7.5 03/01/280xA0519D4688483811d8a4dca128e0648b30346a73
DE000A3E44N7RAGSTF 0 06/17/26 EVK0x3125F010e2495D80DD934BE940da4Ce09161EF4F
FR0013439304WLNFP 0 07/30/260x73f67127D0B435Ad7F4391deC607c4e0DdF92a2c
FR0013515707NEOEN 2 06/02/250xC32a148259A47EbA81792A14E2e541867D53a4E1
FR0014010NZ3LRFP 1.5 06/23/330x4F174B543Ff85c8ebB5D05FD35F3048A5E9b4671
US05946KAG67BBVASM V6.5 PERP 90xba2B6FFC9aA06a7F6B9CC75FbddEd60F4851FB7f
US47215PAH91JD 0.25 06/01/29 144A0xFD51bc8c9dD97AF6c29fC34fd479971b95B3df4c
US404280BL25HSBC V6 PERP *0xB20c26Bce6aea6E399Eef730912432C5eDAfa886
US404280EH85HSBC V6.875 PERP ***0xf7931FC1117b9A355493499E84b4e59F5B114723
US457669AB50INSM 0.75 06/01/280x7013C184f1975bdEca19bEF5d531E7907a2A6AaF
DE000A2LQRA1RAGSTF 0 10/02/24 EVK0x90574925ae6C211ac6990aa243e2da58A65B2f44
DE000A3E5FE7SOCHAI 5.75 04/07/240x731ec18bDdc62b7FBAc1E2a51D90e75dbc8A0149
US697435AF27PANW 0.375 06/01/250x1E88A84b315C05311055Bb466EdCEb6F43459Fa3
US256163AD89DOCU 0 01/15/240xE4E0E7169182BBaf3539d7Fc2BE5f3090A793b9E
US89677QAB32TCOM 0.75 06/15/290x099a7A13F52cFD5C474E3Fe8F7689839B06ED27e
US853254BX70STANLN V4.75 PERP 144A0x60a27f5BE7B6c8fdf36f53866FAd589A10FC5012
USF1067PAG12BNP V7.375 PERP REGs0x1C20089E7d60838d3a10DD727812f58D997047DB
US090040AF30BILI 0.5 12/01/260x8eFe29E4B63B2B26a4e3D5f4e38eEcf5F97b8436
US98986TAB44ZNGA 0.25 06/01/240xb0d9e9C5A56a816A5F39ac29437cA29Cd3ec602B
US90184LAF94TWTR 0.25 06/15/240xa579109594364EA9F763b8677625988fd79E0111
US98426TAF30YY 1.375 06/15/260xB902D82BCfD53d842569d05fC77A32aE87354f76
US96122UAA25WSTP V5 PERP0xce026d8A9c35406A7D78cd27b798F45f6b573991
USG4939KAG16IQ 4.625 03/15/300x18E542550f1b5a96556c72A41F0A44F49ddE1761
USG8208BAA91JD 0.25 06/01/29 REGS0x98acCeA16DaF1Cc2788Fbb699aB20d441750b81B
USG84228GE26STANLN V7.875 PERP REGS0xC8dE313eA3BC5B05a3254c4A2a3ad00eDEbA81dE
XS0147484074AGSBB F PERP REGS0x306b6780A95c732aB1b578E1C835151AcDDF98Aa
XS1964739715VCTLUX 12.68 05/28/280x1D87FF75C40a859c0e0b92D112C803e5B6CA717b
US06738EBG98BACR V8 PERP0x608247EcaD85190ff3393b39D3834cD5FE9Aa425
XS2088760157BATSJ 6.5 12/04/240xfAca98c9BDD15737A132476dDDe14249972b99E3
XS2190455811OCDOLN 0.75 01/18/270x6c749077FECb28C385d07869986226ae336624d1
XS2239639433VKCOLI 1.625 10/01/25 MAIL0x79fcDCFe6F403A44ADB1A5CdFb9b51bd84a20114
XS2270378149IWGLN 0.5 12/09/270x5683556Efc63171c63042d7aC111e4aF9a026A91
XS1799614232GLENLN 0 03/27/25 GLEN0x80be5eB379aE9CC4fA4ff7AB614270b98eC7a54e
XS2333568751MEITUA 0 04/27/270xcAfA0B2f450Eb0380F352aCfca2dD825B9938742
XS2343113101IAGLN 1.125 05/18/28 IAG0xdF1ff5376F05d5C377C0Ec72397DeD5658E7FDB7
US53802LAB80LIVN 2.5 03/15/290x567c63A756Ed9fA66bE91A738cc8aF65C6937F99
US539439AU36LLOYDS V7.5 PERP0x02a1bAd37E0e16a4a58A32Cf58020aC897297cC0
XS2576250448BAC 0 01/30/26 TTE0xDbd6843F73A6fec6e8513f71576052ecE1382bE2
US62914VAE65NIO 0 02/01/260x8725CE610089FB06Df90cC57275374D63dcb9B5c
XS1933947951GEELZ 0 06/19/240x97063258529a8Ac14f41ECc9e7Fb34DF0Fc1e462
XS1946847388STOBLN 2.75 05/08/240x4685F7a4f3c22694Ea1fE32e6EFF7c67a65EF750
XS2541917105CBGLN V11.125 PERP0x7564f2dD3f478a5A1dD868C0Cd262D58B55B4562
XS2557565830IBESM 0.8 12/07/27 IBE0x4947E5CA21998636293ec12a780e6cb0E0f3CA47
DE000A254R42GERRYW 3 12/31/230x80DBAf6E13D50BCC1038Bb9a199e374C81a921Ff
DE000A2DAHU1FREGR 0 01/31/24 FREG0xf72E622e1A44403B5EBfcb5075b7b20BEFFA0699
DE000A3H2XW6MORGR 0.625 10/16/25 MOR0x16E326aDDa61452b8d8aab683314Cc110Ea8ebCD
XS2264505566JPM 0 12/28/230xF87641917e10768eB55FB9E681f49B31229b5954
XS2886113278HONHAI 0 10/24/290x95413D20D132683A284aBe3f17aB466e3dCc9bC9
USF1067PAF39BNP V8 PERP REGS0x22451f96903C56E50FB42777eF51e777d75FE40F
US88160RAG65TSLA 2 05/15/240x27BBa5b29cC43Ad5105cCeD9e0E3e604a351955C
CH0593093229EFGBNK V5.5 PERP0x8D5b297Ea4EDB84f218AFFa83dfc2F215C0485Bb
DE000A254NA6PAGGR 7.5 12/09/240x3DAe7052a924720ffF2D0B612182e2d69eC6596F
DE000A3E4589ZALGR 0.05 08/06/25 A0x42c5Fc8B1761D15cdF264CA5fa420A9659304952
XS1908221507QGEN 1 11/13/240xD2de180a6247b7Ee63596F6099D3C0Ce6ed700E4
XS2122174415INTNED V4.875 PERP *0xa6Cc95EaaE12a482EdF006D88eE30A063657AfA7
FR0013444148VIEFP 0 01/01/250x0D4a4B00ebAd7A8b3A35ED1166dbd679593c4550
XS2090948279OCDOLN 0.875 12/09/250xFf3bb609aa19a2d72AC5091e791Ebd7502743445
FR001400R1R6SUFP 1.625 06/28/31 SUFP0x9D045e9C402d57381Fa84Eb266C88235C8335D21
XS2257580857CLNXSM 0.75 11/20/31 CLNX0x32860f82e2c9D0B5fcb02EC093BaEDa8119965da
FR0014000OG2SUFP 0 06/15/260x7D93Ba5B1Bb18A3E6E76BAeaAC6AFDBc6519912a
XS2296019891TKWYNA 0 08/09/25 A0x0Bb52b0c5c1C5e9105f9b5B9a8093eb8B730dD30
FR001400M9F9SUFP 1.97 11/27/30 SUFP0x1E1948B7eea9be0251562a532103eB81B019dCe7
XS2351465179JETLN 1.625 06/10/260x04D9cF9f1F65f6dEa48EFa491a9B9CEc13C1196C
XS2356306642CAIXAB 0 06/22/250x04d3b24f3c31f9a1bC1Bf698d82C5f171932dd2F
XS2436579978GLBID 1.875 01/27/270xe3747f77E564dF87F73B76EefA59069130EF5615
NO0012828187BORRNO 5 02/08/280xFdE2B8017813676d8E2D33ba1efF9A0eB4b901cf
US00971TAJ07AKAM 0.125 05/01/250x5F32948CDb7E41eb5a28B9B69b2212E108360D96
US01609WBF86BABA 0.5 06/01/310x55E51187037d8c68D6eb762CF04bb4A521760Dc0
XS2740429589CPRIM 2.375 01/17/290xA8EE2340e60aB357292a94Ba43E6d720E0CD8C4b
XS2763018889PHARM 4.5 04/25/290x8F86989f6420526C50BaF0b57637bCb35917E490
US23804LAB99DDOG 0.125 06/15/250x6b999Ce945353b285A1B8Bf0433BF46Cf4A3b8CF
US23248VAB18CYBR 0 11/15/240xf8E00f8bC62A63fF0eb547Fd206d0c6eeA049Ab1
AT0000A2N7T2DOCOTI 1.75 01/28/260xa7Ef8a1964383A1F50C10a9beAF7a6B7440e9332
CH0373476511GLRNKB V2 PERP0x61B0bC63A08D0610A15152dc4D47997e6fA7bF9B
CH0426820350IDIASW 0.75 07/17/240x19A9f033b893E75dfD6250B14b07Bf01813a9bd6
DE000A11QHW7ALNOGY 8 03/21/19 ANO0xcb10057a4B351acE686bE7ec1889f4E1D5E4303C
US456837AF06INTNED V6.5 PERP0x000231ee119190C7b03B3528Cf153c065D71Fa3e
US404280DT33HSBC V8 PERP0xD26B1e989149d9EA6e1B2b63EA4f455Fde3E7122
US653656AB42NICEIT 0 09/15/250x0Ae3dF9268593433AA48c43AD17E74ee9A6c5742
US759916AC34RGEN 1 12/15/280x8A360aAFffAb66C8d9bf338a6B31fe6211502044
US844741BG22LUV 1.25 05/01/250x822589508D7DeB3E061968a87b95192DD82f079B
US842587DP95SO 3.875 12/15/250x9Ab38ffAfF2Aa7c159c92c496241ee5b66d41f5F
US852234AF05SQ 0.125 03/01/250x75F205974159A91cf1FBA34CCC9C194963776647
US91680MAE75UPST 1 11/15/300xe86cfDF69ca13EFAAe84D7be30Af7c21F31C3417
US91332UAB70U 0 11/15/260xE9F26263234F9833FaE1614cdfB83A1Ab8e8A934
US92939UAQ94WEC 4.375 06/01/290xEf12381d92520Cf812FCad6fEde9Cb9B181f3Ea6
FR0014003YP6EDENFP 0 06/14/28 EDEN0xd73A5270c32cd2388d4a9abC34E718666E7D6E82
FR0013521085ACFP 0.7 12/07/270xC0F32bD2cdCFC4621173CeC1aBC7942D29f0db96
FR0013526803WLNFP 0 07/30/250xEFA5E006067BeA04279F22b76C9F9a0dDC3a57f5
FR0014000105SOIFP 0 10/01/25 SOI0x3d845B83AC26244A5396bFF7B1ec5f4dE3A0F058
FR0014002ZE9NXIFP 0.875 04/19/280xCfe20C5F987638DB199249aB5931c929a4E0C456
FR001400MA32UBIFP 2.875 12/05/310x5797Fd0FA69437B999DD2941B59c083b1FefB60d
USG84228EV68STANLN V4.3 PERP REGS0x8ED36887b28F2e7e8C3A68FFBb6B042407c7D4f8
US88162GAB95TTEK 2.25 08/15/280x9dBc4ab1652Aa617f185E4e3F25Be350Cc0c3f83
FR001400NF10ORPAR 2 02/07/310xB92457bd96Fa4E2e233d9d49a2f869C412F24ca0
USG84228GP72STANLN V7.625 PERP REGS0xd3de4891487167BA5A465060749ac4B1518c50ea
US038169AA62APLD 2.75 06/01/300x4d9849acc00C33F2488b9E3f86e727Ebd18f1E50
US04351PAD33ASND 2.25 04/01/280xf19937052F2951cAa69B45AC2FCd316C0A36CFF1
US10316TAC80BOX 1.5 09/15/290xCEf588d5618506862c1236820002Cf7A5E4B406b
US10806XAD49BBIO 2.25 02/01/290x0bef9ee04bd6b386117B082D0a09F396D1f20a8E
US163072AB71CAKE 2 03/15/300xdcF63894C91d81cA33E88C80af20B01E74DE93C0
US20717MAB90CFLT 0 01/15/270xE4fa2362Ff73E23412cfc72dE59D9E79a7B1725e
US194014AB28ENOV 3.875 10/15/280x96e11aa9c5360Aca6F3aB44A86C823541B2e5763
US26210CAD65DBX 0 03/01/280x89C7549Fe324dCAF96c26670405d4D66e5AcfF78
US225447AD33WOLF 1.75 05/01/260x721cc5AEba7F8C5D619A34A680682CDB4cBD1eFC
US23804LAC72DDOG 0 12/01/290xC27e3Ccc5Caaf946B7313A74e5BCC5516d161060
US29355AAH05ENPH 0 03/01/260x84E97416322BCFd1c57A135229f5350CC81c34EE
US44332NAB29HTHT 3 05/01/260x57863E5734EA150D41D95599601561513D442785
US30034WAD83EVRG 4.5 12/15/270xe39c25E780699E1Fcb693c9C3Ef38caedFDc3F36
US30063PAE51EXAS 1.75 04/15/310x9Da07161bB755308c925803a16847B035b133538
US337932AR81FE 4 05/01/260x247e23f64F22bBd51C94c30D98FA82704Db699aE
US477143AQ40JBLU 2.5 09/01/290xFb172Ee30633CD5500b7CBA9d2C8EC90dB799315
US45784PAK75PODD 0.375 09/01/260x23896b695f0D17213B809D51575317277E8fdae9
XS2049810356BACR V6.375 PERP0x53634246C58d7b995aE9C988e500f5Caaa0867C1
US45867GAD34IDCC 3.5 06/01/270xF6f964dF209A5E63A89daD25BD9D87aD58bD4e38
XS2010324585DLNLN 1.5 06/12/250xe634D80c9F4dD5872362456D3C9BD4d439B2f219
US55024UAF66LITE 0.5 06/15/280xC8106d1AC2CD19700F6A2a66aeE4Fe0d6FA7D0ab
US604749AB77MIRM 4 05/01/290xe8DB5f60Acb93f2927Eba2E16a92098ee771fc6c
US62914VAF31NIO 0.5 02/01/270x8504804e8F4A526150dba3588119bdD421B10F6e
XS2200501653OUTOK 5 07/09/250xa9EC151D8801585De587CF9855e8322053330141
US67059NAJ72NTNX 0.5 12/15/290x85Bdb1A4ec78aE4b1f729209195594dE6177d59A
US682189AS48ON 0 05/01/270xbBFADa7f57b44f9A775f1E817d813C41f4813440
XS2286049338KYOMAI 0 01/29/260x75c815FE5511bfab910db4cE18F9A1441Ca03Cf5
XS2211997155STM 0 08/04/25 A0x37BC3a1B2FD131DC595EF97bd423ccD83F9ed93d
US46267XAE85IQ 4 12/15/260xd48f665954387B337C6182638C12296f74A571Bf
US86333MAA62LRN 1.125 09/01/270x626FE37Fbd3c5C985d9cd0E67F878E2F718684B4
XS2319958208BICOSS 2.875 03/19/260x92BCfe66fe214DD90D661A561F3D23f6735137e6
US88080TAB08WULF 2.75 02/01/300x6D1fE5d925FEF3d38B810c9b2bEa455Bb2462CFd
XS2364281175NVLVN 5.25 07/16/260x058d490757477a0Bf0bC1C983623B900B4BdcBF5
US88331LAA61SKIN 1.25 10/01/260x1dFcf8986c568e2d6A2806De3D8023a0e844001c
XS2333569056MEITUA 0 04/27/280x94711622CAb0b833eC0E8447E48e7B9fA2fD7085
XS2339232147SMWHLN 1.625 05/07/260x58879e2Dd4450E77cc7e1E9cfd08Ed1DB1600Cb9
XS2354329190BFITNA 1.5 06/17/28 BFIT0x422EE28433Ab07e122f6e2ae116f1635d7d14097
US465741AN69ITRI 0 03/15/260xc63b2D4531c7D338D28d5203B55b2964D604141E
XS2465773070BESINA 1.875 04/06/290x57ef069CA266e1a585865fb7D772EDB19aF4c108
XS2487637527DXSAU 3.5 11/24/270xfe0FB17E3906772CedE35e9D9aeD57c75e196E89
US977852AD45WOLF 1.875 12/01/290xBE182ba546a2a247edcFB0BB9Cc80Fe233fCdaFC
US922280AC69VRNS 1 09/15/290x09B2e7159963C78c4573A5C5bb66583377d021A6
XS2718145779VMUKLN V11 PERP0x9F2402e5E03EBC2172fA66CA14405234E5b71f04
XS2725834043SGLSJ 4.25 11/28/280x127455169029619bf41c71832788a6f1c6067082
US94419LAP67W 3.25 09/15/270xDdDc813EB2996A8337Ad9e32d5a8d977fCB3FFb2
US977852AB88WOLF 0.25 02/15/280xeA75165f241A0440A550Faa6D5bf6ad2d9862762
XS2713344195SPG 3.5 11/14/260x1475C4B6d584969552CfE42B171A5801cd52fe16
US94419LAR24W 3.5 11/15/280xD5Be74D8bfc28968043682209404113a806325F5
US94419LAF85W 1 08/15/260xFF6416552c36c0899C87d6Fb950F7A953A96Cfb6
USG01719AJ50BABA 0.5 06/01/31 REGS0x075ff3CcEd83cf84Bc2d91CAc656a3be46Ef53C5
XS3015248209BIDU 0 03/12/320xE9B9BB1aBc53B69650a5a256c89e7e3Ff8bc46d8
XS2895510340ASCLN 11 09/19/280xCb0ff4F89c1A8C58A989529B44E0804b3Ea94DD5
XS1711989928FURNA 4.5 11/02/240x537F6e65463a9f0e4005d8417C54568d769a8dee
XS2974514999DELINT 0 01/21/300xb1cFd7F7C2E3A5B6B0604d28318Ebb8c3d004b7C
AT000B116918SWOHN 3.65 05/16/34 --0xEea1E2Be748E2a4Cb79365B2E60Dd74E65EF239F
DE000A3E5KG2TUIGR 5 04/16/280xEBf47c888F8DD8bDa8a635FdF7378DB20C8c958f
DE000A383JQ7TUIGR 1.95 07/26/310xc1bcd83A2fd9Af952283132a77cf5Dc295dc6cC7
DE000A19W2L5AMSSW 0 03/05/25 AMS0xfA9D9947df5b9c04Ef946167cC8B70FD65A7c105
DE000A351P38LLFOND 7 05/24/280xe12CA42a101981Bf75ca65c3d2A5b9138c10B15D
DE000A2YN7A3SMEAG 7.75 05/01/250x2Ee7B118de86bf577c88232BfC0924b63a095f4f
DE000A30VPN9RAGSTF 1.875 11/16/290x5f875909Aa6491be53EEE687ED2F5858532b1e9e
DE000A2YNQU1JBGR 2 06/11/260x903f15DB612518FeFc7c7C2EdEAa192EF0137839
DE000A352B25RAGSTF 2.25 11/28/300x15C4364E0BD935694ED5171aFFe24FEea689d444
DE000A3H3F75BLUINV 5.5 02/26/260xa71DCaa437Ec1fc295376EA4f97690745D197393
DE000A3H2WP2DEHEHO 0.875 07/15/250xf7c0C531f9a38Ec7EC9BD252F87573bF72ae76A9
DE000A383Q70PFRDEN 7.5 10/22/290xBaC6b5c8c77107686ACFf59A5DdFA34734d99E20
DE000A3K81W7SIENFI 5.625 09/14/250xdC7F17A04EF095f58C25e4909Ffc06dAD6b4513D
DE000A3MQE86CAPGR V1.875 PERP0xc69dB3d2080ED14b1b30D60347636676CF808CDd
DE000A4DFHK7ANNGR 0 05/20/30 A0xe30153Cf07630b09906824e15A4853f21466a5D1
DE000A4D9G75RDCGR 1.75 04/16/320xeDF81EA351a1C4f37C5cA72cc5790f62b60a1B1A
XS2384606468CMCOMN 2 09/09/260x5c5e93B33a8CE590c391a689426534827d6F7CB5
XS2546248373SASOL 4.5 11/08/270xE444807825e1079EB4f07d64d9f0997C2b74E07B
XS2581976748CHFOTN 2.5 01/31/31 REgS0x76b0543488ec5Bed78b8c9E8FC155441722f5bd8
XS2597741102CLNXSM 2.125 08/11/30 CLNX0xc48691669534c52656B98Da6ce6128EeD78d5ce7
XS2591236315BALDER 3.5 02/23/280x928899aBEA6FF12f72017cEf43D8ec2F77222557
XS2630795404LAGFNC 3.5 06/08/280x36B77889A45c8C2A6D8B1EDAdB1B00cCAce31698
XS2708724096SUNAC 0 09/30/28 REGS0x5a1A45921AD9E3bcBA5cf8696B71922e09b2eaaf
XS2708723791SUNAC 1 09/30/32 REGS0x8C05949deE23C7c22482a1157AC35440E110A4e4
XS2872755959OCDOLN 6.25 08/06/290x2b1d9025E3F5e3Cf02FD58532CA35220e5Fa3e15
US02081GAC69ATEC 0.75 03/15/300x9c13D71d72765067a22fCCAb8f157e3c1fA86c81
US090043AE04BILL 0 04/01/300x1A2c7515756a8A3B43AcD4bd052018B88b0f95b3
US433000AA43HIMHER 0 05/15/300xbade6E8f5449f148e611AbfdAD947b7dC72CBE17
US05971KAQ22SANTAN V9.625 PERP _0xFe9015bF81e55F0C8Fc1fd03EC79F614B67179b4
US05971KAP49SANTAN V9.625 PERP *0x1aCed9bdFdECB6eAA38cF58803e6a4f723ca54C4
US08265TAD19BSY 0.375 07/01/270x4F713Dc0c966FB84a487F2BE50bA544c4C950fc0
US06738EBX22BACR V8 PERP0x4f98eD91eF16C2933215D21582a18A0166b18C6F
XS1731596257BESINA 0.5 12/06/240x47b7E90aF1EC865CA8C6C91034364F509f25EFfF
XS2112202101SINBIO 0 02/17/250x8Fde99483fC1aB435D290e3D0e44751820E4bfa5
XS2154448059AMSSM 1.5 04/09/250x967124DAa66b5d00D936F76153B68eff26AC3Ea7
XS2260025296SIASP 1.625 12/03/250x6f6fAA1d1f9f46ff076Fb0F2a7B9c2c140eb2305
XS2211997239STM 0 08/04/27 B0x52a8bF7548C87653c44f1d1f5CbB0a05df60536b
XS2284240137TRNLN 1 01/14/260x65A723F4f489B69970B64B843D824438c455bfA4
XS2317281710HLSTWR 2.875 03/18/270xD0f08113b2D253a2256419bCaD6AF3aEd97Ea47A
XS2296021798TKWYNA 0.625 02/09/28 B0x3F110912467bBb978A7BAA58C81472C6f0647570
XS2376482423POHANG 0 09/01/260xEB6185A3d1C793ea05170661bd67244EC78732c4
XS2470870366JPM 0 04/29/25 DTE0x7640C206fa06845f1746D080457922e62dC067A0
XS2581879207CHFOTN 2.5 01/31/31 REGS0x1980e2eFd9cc63bD9d0C7FBab55b5086e5425051
US06738EBN40BACR V6.125 PERP0x6e2bFc0cf52DC9a9616516870fEe639C38FE0015
US42703MAF05HLF 4.25 06/15/280x7DfB98DA5932D49383B084C649c6C57fDA08CC19
AT000B116637SWOHN 1 01/16/27 070xe8B26Dc334c0ba505af2d80d393f00402210a4a3
AT000B116710SWOHN 1.5 06/06/290x2FD522481c3295b1828ADD427e92e772aD8C25bc
US456837AY94INTNED V3.875 PERP0xC2094eAc600f041a00c2b681858370E3975A64bF
FR0012017903RALFP 3.4 02/28/320xfA9f62Bd6771A80f377F9a555BbB9DD9271D9767
FR001400DV38UBIFP 2.375 11/15/280x174806d738E93e960A2b14717c52c0e7c25D404d
US55087PAC86LYFT 0.625 03/01/290x409210695dB6FB7eA0A875B2Abe9aAA593E678F4
US60471AAA97MIR 0.25 06/01/300xe742f1Cef476cF458515a7615946158fCF31C672
US50202MAB81LI 0.25 05/01/280x37CAE9d0b6CCEB8438A310036366c8C54D361a60
US629377CG50NRG 2.75 06/01/480x24aDFA49E29BcdDC325aeb0c7aE8c3451e3C5d82
US665531AJ80NOG 3.625 04/15/290x4aC0EE0FEB3B686463bB3974C324Be069B14c591
US76954AAD54RIVN 3.625 10/15/300x3131199bEe89977320bC4eBF49a491206a30427B
US76954AAB98RIVN 4.625 03/15/290x93b587870EDd5b31284FB001D01d54Cf6E46Ee77
US803607AD25SRPT 1.25 09/15/270xe610077f535ff8DfCedF7F4A0F0b091dD506d62f
US87157DAH26SYNA 0.75 12/01/310xDDAa0F48bb086002805d45a44fbAD90F4fC58dba
US81141RAF73SEALTD 2.375 12/01/250xc218700457333AC615b2eB9124acB91028AD317F
US87918AAF21TDOC 1.25 06/01/270x0d31f7B6d9ad61b7C26B1E81d1EeA9A80918d99B
US48576UAA43KPTI 3 10/15/250xB5F430320c302bC2D1fD8ee8a7D29ab155f75A5F
US62914VAK26NIO 4.625 10/15/300xB01154B1344057D616b83A9ed95A633D26dd4655
US722304AC65PDD 0 12/01/250x45e38e22833670d616ffBbb325d452F010AeF162
XS2248816493VBIOTE 1 12/30/250xA0Ac10808A94dd266Ed32f49edFD7BD731ce4e4F
US83304AAH95SNAP 0.125 03/01/280x74Bdbbe1D49a4062c231a8F0C77CcA21fbf573e9
CH0397642775SPSNSW 0.325 01/16/25 SPSN0x6c2F299c295AdDb32C619C4e0bBDefe03e95db10
US338307AD33FIVN 0.5 06/01/250x97D0a48De8BdAfa2c60642D23145e8d427dF83e8
US343412AJ13FLR 1.125 08/15/290x8b8645B2Eb7E5A9153CF51AcB87641ACf193cCF8
US40637HAF64HALO 1 08/15/280x19b243364d956C4f045Aa4Ef6869D1EbBDb1E5ed
US456837AR44INTNED V5.75 PERP0x5B1b05bE8474B3136ebd0f70fe0990c1b591F9E5
CH1421969317BAERVX V7.5 PERP0x5314aB81A7fCD09EF32B4CE76627269d6fC189e4
US45826HAC34ITGR 1.875 03/15/300x0Cc08C3324a50fC618a5e0A46A5F1E8A17205F29
DE000A14J1L9DTKONG 1 01/30/25 DKGB0xda421AFB14d4F6BcBDDDAE92c785B6185165E3f6
US501812AB77LCII 1.125 05/15/260x56f4Fe8125C40809F3CaC557aef051a849C248c3
US531229AP75LMCA 3.75 03/15/280x07eb8a63728D2b3e384F993a003503d8F67E84E5
US55024UAH23LITE 1.5 12/15/290x1b6183029791619E3Bf79c030fE5780baC35f1c3
DE000A254Y92DEHEHO 1 01/23/270xcee201a76020b9A7d77FfC700876F2b0ee17d563
US594972AR21MSTR 0 12/01/290xD40A66179Adf0E42F38a2181540E0e17520ab464
US595017AU87MCHP 0.125 11/15/240x4A6C88d63aa9A6D84361301f7fa7343E99fFc306
US596278AB74MIDD 1 09/01/250x37c899F92D717AA48754dA3cE2BaF09964Fa3fDe
DE000A286BY3AMAGRI 5 01/22/250x5a6cE9E9A0cA9FEa0f943792BBf3B810DAe8EDa4
DE000A286LP0QGEN 0 12/17/27 QGEN0x582E08B2c701ef29fc848095c9eA12EEb263Bc02
DE000A287RE9RDCGR 0 01/21/28 SAE0xE531160EDFc7dB78E80F18A7C45cD9B0E0585E4A
DE000A30V8T1RHMGR 2.25 02/07/30 B0x6980003AD23Ea2c0bd5fafDA9c1eB683a07A4937
DE000A30V885LLFOND 6.5 02/21/270x7cAf2Ad17a15984c4204743081B7B9891866bcE9
DE000A289T23LEGGR 0.4 06/30/280x73b66e4f87b7D61ADF8Fd99D4f9fc9848a083FB7
US682189AU93ON 0.5 03/01/290xdE83586295C3273332b1eBC3A4ac65c4234E0259
US69553PAD24PD 1.5 10/15/28 *0xFaE3A156518f774d1366c122A54A90Ad3D06AdF8
DE000A383PU6DBANGR 5.5 01/05/300xC4d43B650285f54e148f028006630ff288b9A1AE
DE000A30V8S3RHMGR 1.875 02/07/28 A0x5cae34DcFf5Ec4DEa8b233202424B9BADaf04f2e
DE000A351MA2NDXGR 4.25 04/14/300x5ae4e816023aC3285e51FfCa61840A49361088B1
DE000A382293BECHT 2 12/08/300xaf6E9e234aDa9e3aaf579ebC491BF27CCC535c64
US70614WAB63PTON 0 02/15/260x8aFA3399Cf2f10fF4DFcb103673b40054EefE797
DE000A3E46Y9TEGGR 0.625 08/27/260x769e88bB9f7Ad4404A09F65f2ac51E60A1669c46
DE000A3H2WQ0DEHEHO 1.5 01/15/280xD9923AB3D1431d21274af837d885C463EFdD7dC0
DE000A3KMT51GFGGR 1.25 03/15/280xB288dE125160027dAc807f8DE1F79bD3f607E587
US81180WBL46STX 3.5 06/01/280x9B07D00766Bdb5eBb88b204d102ea915566C276a
US81141RAG56SEALTD 0.25 09/15/260x1eab32f8a1A95d24c3907d48FBDb5c078035d0E6
DE000A4DFC57TEGGR 0.625 03/11/310xD6812aFcF85bAa85E8491dEa910952915b23886b
US82509LAA52SHOPCN 0.125 11/01/250xc12C6980A3b914434F609Ccf9FDEF73BD28057Aa
US833445AA70SNOW 0 10/01/270x09886A2470081be166c95ceE64aF10FD1489bd8c
US83304AAJ51SNAP 0.5 05/01/300x9066211fe52E40D2156c768684B1263150a8e8C6
US83304AAB26SNAP 0.75 08/01/260x94f7A486A01A8B75Fd4aFfc2264B8a320807C06c
US83406FAC68SOFI 1.25 03/15/290x801Ef3452FA90Da73409662F3CF18aD288cf7694
US86771WAC91RUN 4 03/01/300x14Eecb197504f230125aA8c097B2cd1624803dF0
US88163VAE92TEVA 0.25 02/01/26 C0x088CE26027974CE843BbDBeAa1526cD0e4168AA3
US90353TAM27UBER 0.875 12/01/28 20280x452905DF92a12635Ef27B5EEb3D20Fc1a69a0970
US90353TAJ97UBER 0 12/15/250xC6E84317C706DAC0C1388d344662619D2427Ee19
US958102AT29WDC 3 11/15/280x3f392Ee9f1Dc69118C50bd06d3AC1Cee8a6b8627
USG91458AE28VNET 2.5 04/01/300x4E77E9Da798Dc4CCCda32c48102CCf0B385F01e1
USG84228EP90STANLN V4.75 PERP REGS0x64741EFb3cb6ec3C0d5CE5BAb492d49C0CfB8ca5
XS1759625491POSEDF 0 02/01/250x94849340Bd8a49E312b7f984c93835bB6DbC16fa
XS1978209002ABGSM 1.5 10/26/24 regs0x1d9DfbB6c72f8532A57f8d98D0855b82e9fd5D45
XS2016141637PHPLN 2.875 07/15/250xfE57094280d20B53387934412E2441A954b568Bb
XS2089160506ANTSPL 0 02/05/250xa0dcEE67e64b46C2dd0Bd9D9D45050826a9BbF30
XS2166095146TKWYNA 1.25 04/30/260xAF3880FD8F81F25284eD1dCec3b3C4Ec523DC37E
US00217DAA81ASTS 4.25 03/01/320x3FC7B45fC2b70b88b228e63d15D8e318de1E7825
XS2211511949BESINA 0.75 08/05/270xaBa56BD70Ac5986DF89d4Ee7b17EBB84b927D0c8
FR0013200995RCOFP 0.125 09/07/26 RCO0x378d6722856c043e5f5e73F93C618cd1487AE87F
XS2263652815ADXSM 2.75 11/30/25 ..0x99b41Dcb37528d22beE8265678f0D63E481FDF91
XS2284144339HSPGCL 0 01/22/260x8F2703144bcCe303fa6ba7E9BB96F69fdE7eD738
XS2332692719ASCLN 0.75 04/16/260x55B6F107e3112DcA0c201cf7fC372e844612b8F3
US90138VAB36VNET 0 02/01/260x1221079cC635d3379B726061a9802f4AC58EFA26
XS2269112863XIAOMI 0 12/17/270x96adB87Dbc55338bFB32573a586A9E6FfBfdCBfe
XS2388179603BUPFIN V4 PERP0x061839F608b6cED981e62fDb06e02B1B7FEd4088
XS2332809412VICVN 3 04/20/260xfd9C8F4F8ef13685ec989EeB7149e1ba209ff657
AT0000A33R11VOEAV 2.75 04/28/280xb761cAC32C55eaA813Ba245260Ef93BDa40FaAcC
XS3034368806IBESM 1.5 03/27/30 IBE0xc042d54C19D2433db0caA658f4096D432cFc169a
DE000A3L06J9QGEN 2.5 09/10/310xB77A0e9af8bB0fC2d5b4720d2475355520e41D36
BE6327660591GBLBBB 0 04/01/260x19fb627d71A8A7D1a1d80453Eaa849Fae395C3a4
BE0002592708KBCBB V4.25 PERP0xa7C2BDAee25adb2054fe317dB9F83F7CEc6A9393
FR0013321429NXIFP 0.25 03/02/250xD91D6751379f093b59751f3Ad188A6C8f425d538
FR0013215415RALFP 5.25 02/28/32 COFP0x8E9a47359585155Ad37b63C8c72111f7ADE5A12b
US92939UAR77WEC 4.375 06/01/290xC722a7405DC4c4f50D2e65780940C9B13ea7eA75
DE000A30V5R1DEHEHO 3.25 02/21/300x0517970087b2c54f9e707461B5C84A0FF67f6AD4
DE000A2GSDH2LEGGR 0.875 09/01/25 LEG0x00fF83DA9dCE350D86Da6F826961dB9Ba78c830b
DE000A2G87D4DHLGR 0.05 06/30/25 DPW0xccE3d2caCA08a3D4E39A12d39b2eA79737477c61
DE000A2YPE76MTXGR 0.05 03/18/27 MTX0xBe7d6211aF271491609383b12762EF62C3e2c9B5
DE000A30VKB5SGLGR 5.75 09/21/27 SGL0x3F58d090F47f96C5D840aa692E4a26b8887E8192
DE000A351SD3SGLGR 5.75 06/28/280xFabE47C0C66e9F54F610D0E964Be03A4A0c5fC95
DE000A3H2XR6DUEGR 0.75 01/15/26 DUE0x109E8988b2bb319421A6C3A38Ab24B7AD7db3931
DE000A3E5S26NIINGR 4 05/31/26 NIIN0x81762cf4DEf014a2786114Fe040E0c4DBce33FA4
DE000A3MP437DEHEHO 2.125 03/10/29 B0x8687d55415152038f0DCC489c2f499CA445BcC1B
DE000A3MP429DEHEHO 1 04/30/26 A0x83A3d768b8E07b7eC40d64c1923347A3101a4BB8
DE000A4DFHL5ANNGR 0.875 05/20/32 B0x0d40BdFe2Bc2dd5F113f5Dff3CB1E1A9fcE8a88A
FR0013418795ORPFP 0.375 05/17/270xb74B5c1B1e2A3D659BCBE16bde7322Ce5B18f2a5
FR0013457942ATOFP 0 11/06/240x1EB39a34DbC6C20AE0Bba73FC99b5b280FEa46FE
FR0014005AO4CLARFP V1.875 PERP0xc290C1011537A763e19E395f3880F5EEb5d2E9df
FR0014001WC2BIGFP 1.125 02/19/260x0b4D2131269aBa77045F122287c9d0D9bDBAB06f
FR001400DU47AFFP V6.5 PERP0xF5f1cf19194668C506868a0f1B311ab4eA1d1919
FR001400CMS2NEOEN 2.875 09/14/27 .0xB03FA12c405653906D284702137A193c4AbE4a59
FR001400AFJ9ELISGP 2.25 09/22/290xc7CeD28147690C38e35D411a23fDDA1b55665feB
FR001400F2K3SPIEFP 2 01/17/280x0FB09fBA58946aC5F0D8c2061c6018A29D80ce59
IT0006769316ENXFP 1.5 05/30/320x25b4f0Fd725783c9DaFe3891426f5EAC955d55b9
US02156BAF04AYX 1 08/01/260x82f602F34294F872512f594295e8779cF1162eA7
US011642AC98ALRM 2.25 06/01/290x4Ed1EE9E6Eb61b5F48588A70b9f21ebCa8E96F77
US00922RAD70ATSG 3.875 08/15/290x44cd144A846fBD4d3fC9cFB67A007d2ec6541a82
US02043QAB32ALNY 1 09/15/270xCab2878d51BA66ba152d337C6E5613e425833AaC
US02376RAF91AAL 6.5 07/01/250x1a75575A3021D481b20e9358F4851aE1FcE10E86
US05464CAB72AXON 0.5 12/15/270x48a887bE448b4CbC5ab654AB0E6e2d3927C4DF28
US05964HBH75SANTAN V8 PERP0x86eC21a88c146A62D1143B53Ac7Cc235523fB408
US09239BAE92BL 1 06/01/290xa6dcf240C1132a51806Ee0d8CcaAB931bC3C94e4
US06738EDC66BACR V7.625 PERP0xbc650aeD7B213B14446E2b4A83E1cf99DFD86F57
US093712AL17BE 3 06/01/290xA723Ec018A614AF80796aD5d42C3af0b954c64A5
US10806XAH52BBIO 1.75 03/01/310xcA153Eb2A9a8BA8D7138048aab31a37B500804bA
US10806XAB82BBIO 2.5 03/15/270xFFF1bC79Bb177696427Bf9701d19383B88C86a98
US12685JAE55CABO 0 03/15/260x4FbA3c02bc7c0Bb63346C9df4B96DE508Ba46Ebf
US126349AH20CSGS 3.875 09/15/280x6Dd68349B52a34EE783b280Bedd0aD85eDd4b45c
US207410AH48CNMD 2.25 06/15/270x335D2819a7843556548514131FF097CBD1d69c4f
US21874AAC09CORZ 3 09/01/290x5ceB7Ca763bD68bD975E4bd86768a2F3A251B96B
US23282WAC47CYTK 3.5 07/01/270x74cd8c8824508C9dFe480Cd429032e77FE75AC10
US29786AAJ51ETSY 0.125 10/01/260xd8717Da486e3f52E3cF32755795F9451D9CaD28b
US25402DAB82DOCN 0 12/01/260x6f1386f24B316be0CB9fC293d1369b66c746B8ee
US30050BAG68EVH 3.5 12/01/290xEF7f52f477aE83ab9e5fB9fb67b438888b35aA9F
US29355AAK34ENPH 0 03/01/280xb670fCEa5DF680Df741BEC82D8915282f63fA6B2
US30034WAC01EVRG 4.5 12/15/270xcc8Ff235fb2e2C69f2dfDB9AD2EceF85a23b81f4
US29786AAN63ETSY 0.25 06/15/280x13F49D9eD838fae5ddb9cF7DdDF9DE04CE9a5085
US36467WAD11GME 0 04/01/300x244FcB3fa053884b8411dc118e46fcb22932F324
US404280EJ42HSBC V6.95 PERP0x12cE0586FD8b4968B78775Cc0ae9542a70d67E8A
US456837AZ69INTNED V4.25 PERP NC100x1438180ac5F3836727e64d64eaE261aE065C62F0
US58733RAD44MELI 2 08/15/280x1970D99C4FBD2918F45802F2ECb8DFfd91e80624
US594972AK77MSTR 0.875 03/15/310x1DA8D4E4D9c41D4b26CbaaC48fcfC1305f091261
US842587EC73SO 3.25 06/15/280x7c58049775f39f6a8483Dc6285899944F07781bD
USG84228FJ22STANLN V7.75 PERP REGs0x85521D0B2c88225AA067711Baa441b22E78297Ce
BE6325746855MITRAB 4.25 12/17/250xeCB607e9cE60991C39884436713c2Fe340d887D6
BE0933899800FBAVP F PERP *0xFF077f117F4b3226CeD94d118B589c7691CE1561
BE6322623669UMIBB 0 06/23/250x7500fe1aa3219cb062d39A6dA0E7aF39574900eE
BE6317598850AGSBB V3.875 PERP0xb2F483f8e6741Da9999F0BD4b494aCAc671BedC1
NO0010867948BWONO 2.5 11/12/240x3A0F05Df2e91FD40459346B36325D6681Fa5699c
US08862EAB56BYND 0 03/15/270x395243eC99C8458c324f0C6e88aaf9Ca49d14587
US09857LAN82BKNG 0.75 05/01/250x3C37491474644EcDe0b4B854805b5d816640d2d8
US08265TAB52BSY 0.125 01/15/260x2bBCb7d540001Fd3939780Cf16E5Abb251476E03
US671044AE59OSIS 2.25 08/01/290xe9Fcf81a23A304D53e027A63261dEc5Eb28d4B2b
US773122AA45RKLB 4.25 02/01/290x56d735A35727C538EBdBa5Cd94B7731f06855e20
XS2127864622ZJEXPC 0 01/20/260xA8F058Bb8cC7B531Ca927b8f51360D78B0BcEB6a
XS1793250041SANTAN V4.75 PERP0x026752D478A96213FFB4e28104C68FF614C2a128
US594972AN17MSTR 2.25 06/15/320x0734772AC59704474Da73BBd5B892DD446DEebfB
US465741AQ90ITRI 1.375 07/15/300xa5A8f60F620008A0f6B936f8D3B53E0c61536ad9
US70614WAD20PTON 5.5 12/01/290x64979928f73E271638B7bD68af4bCF10f989c7F7
See [xft.finance/municipals](https://xft.finance/municipals) for full list of tokenized municipal bonds. # Secondaries All XFT secondary shares are denoted with a ".S" in the token symbol. ## Arbitrum Sepolia
SymbolNameAddress
GROQ.SGroq0xe534439c876992F245A1C2872B46fF98A1dDa6b1
RAMP.SRamp Business0x3dD8300Ee2D4f33c2E56fa64784d59Fb637dcb52
STARBURST.SStarburst0xc2e595568DA2df41BA83F614d9DF234a7661F794
RIPPLING.SRippling0x37C24bD2Da6B70217705c7E285BF939Ab49Bd21C
CLARA.SClara0x25011f0B60feeef1f66f3268269e4ae32c6AFb2b
FIGMA.SFigma0x04335Fc8AEf51F07824AD66a8cac5a6586323578
PLAID.SPlaid0xAD02c42c62F18f597fa932162D255BAc98c29852
DISCORD.SDiscord0xf01F077bcf0520b1F7c462C8D2B94c746F10b8e3
ANTHROPIC.SAnthropic0x334A69A8b2EC681e2890536CcE6e2630152675cF
ARCTIC.SArctic Wolf0xeB9691f2D47F8BefcbC83024Fe60aAD00808a8B5
ID.SID.me0x633219288E385c5F179e68fc0F5B05a0F0f42164
SOCURE.SSocure0x3f783746d0D78785CB5BAEd11b7C6E90CAd3902A
CRIBL.SCribl0x3503d02C3d1b98afae196EBf52Ea8bd70Ee0f1e5
CHAINALYSIS.SChainalysis0xd98eea466D7118eB9F536361Dea96BC96C05Cba0
PLUTO.SPluto0xFe2740636d63e071f56976659352e3a8f6a8F126
VERCEL.SVercel0x67F05C506fB6f50fb411b768cb0711bb05fd9Cef
ATTENTIVE.SAttentive0x1A9e201A6A4FcfA31eb5056987b557E0446d596A
AIRTABLE.SAirtable0xD7Db0BaF8f7bbD2656D815CF278294b296D2120B
ASAPP.SAsapp0x2b1dCe87754830CC9dF2D8B049a9bc5E104c72e3
SOURCEGRAPH.SSourcegraph0x667741F9135E7F75E88b2Ca3468C4142bd83248C
GUPSHUP.SGupShup0x557E94B762B3dfbEbEe9b27BBb053C3AcdE0312f
SUNDAE.SSundae0xA5b1Db308b91b65b267c60283d06E565dAc70066
CALM.SCalm0x1d1f9178f9e9C8e1FebAFaC1aAF0246F346e9e2F
DONOTPAY.SDoNotPay0x241Edc713f9615Cb3b3a37d203db058305769135
MOTIVE.SMotive0xFbdECf5CA21435fC15F01D3c8eA1Af583DFBa20d
YEXT.SYext0xb2fE7C1F9a523Ae8D39eFDb29eb360a6e055D7dB
TALKDESK.STalkdesk0x77D258825AB4Cd87cEd7c049690e51548172B7aa
STRIPE.SStripe0xF55C094a1A3f8880e412d3233a75dD56BB113f72
OPENAI.SOpenAI0xBd40c380CBa2febD97642aaC4bCd21Fd06EF2C1d
See [xft.finance/secondaries](https://xft.finance/secondaries) for full list of tokenized secondaries. # Music Royalties ## Arbitrum Sepolia
SymbolNameAddress
USUM70984099-SWAll The Right Moves (OneRepublic)0xB970bAAA18Ba6021bEc3bd803845B431F36F1201
USUM70984099-SRAll The Right Moves (OneRepublic)0xfFd98C3BB09CEDd8b0c9AAC48880f7E9A3EDC4b3
USUM71301307-SWI Lived (OneRepublic)0xdA6abC10f40bB896125515C9f100183C2884FB09
USUM71301307-SRI Lived (OneRepublic)0x4fDA2484C9457EE31046760eaB516D41909EfE34
USUM71209505-SWFeel Again (OneRepublic)0x45baDCc566F2d4195E748D9442296983DDE3E36E
USUM71302187-SWBest Day Of My Life (American Authors)0x50b5EAa4642324f54D63bD1568d5f87aE0656BA6
GBUM71303482-SWBurn (Ellie Goulding)0x6e6bE51325230e6C5C768888753DE66607f3DCb0
GBUM71303482-SRBurn (Ellie Goulding)0x8D6A9227f0171736a0100C584EdB8B3F75573276
GBAHS1300301-SWBonfire Heart (James Blunt)0xaD53f561d985194e5568860C94E50bd869B54781
USUM70757102-SWApologize (Timbaland|OneRepublic)0x667A50Db6bd8046AC1788e85572c7eAF62aa4E72
USUM70757102-SRApologize (Timbaland|OneRepublic)0xB3995ff52ceFf895872199e99667c7885b2ED662
USUM71103756-SWBrighter Than The Sun (Colbie Caillat)0x828365EC5977f240F1F14336CAe0b663e6088D9C
USUM71103756-SRBrighter Than The Sun (Colbie Caillat)0xC7acfF7C378a389c109c0AeAE674aF7FDe5AaC29
SEBGA1700446-SWStranger Things (OneRepublic|Kygo)0x0899a9F3CEe3f15D5f88D08e4210CaC50d94de15
USUM71407116-SWMaps (Maroon 5)0x0FB4aeC8a4F08EaFf754bd71caAC49645607FDFe
USUM71407116-SRMaps (Maroon 5)0x8589b5a7bc7D0F9b4752382C4930cD0554E48f75
QMUY41500013-MAPowerful (Ellie Goulding|Major Lazer|Tarrus Riley)0xbfCe57d8B27d0B9e2605783Abd1DD8C723AfA30D
US38W1229212-MABubble Butt (Mystic|Tyga|Major Lazer|Bruno Mars)0x896Df9157BC586B3BC8b422C45173e51757BF6E1
QMUY41700059-MABuscando Huellas (Sean Paul|J Balvin|Major Lazer)0x649763927349c5215593f18BC1574900e1d978fc
GBBKS1000346-SWTurning Tables (Adele)0xcAbD6d120E2dA50b2C5207e7704AC870136D158D
USSM10804556-SWHalo (Beyoncé)0x2Ad37c262fD0536417ca19365925DdDB5f2e9445
USSM10804556-SRHalo (Beyoncé)0xb120075C03113a684c2De82541AD4E092251AEB8
USUM71703399-SWNo Vacancy (OneRepublic)0x52C4C33228E681BA605329bb89F595D658A01A1D
USUM71204774-SWLove Somebody (Maroon 5)0xDe964F707E6F32174Cb3d8A48453D592dD749B22
USUM71204774-SRLove Somebody (Maroon 5)0x23E3CD5F2eb7426FFD8eC1EaA054a87F7bBbec98
USUM70974275-SWEverybody Loves Me (OneRepublic)0x48A5B31187898E2de3EeAb9bD9e3c5995ff73cEE
USUM70974275-SREverybody Loves Me (OneRepublic)0x3940e32b297729f06b7987A47e204B10D7A1cff3
GBUM71404673-SREvery Breaking Wave (U2)0x880e1283C0d0C7A3FF188031c2C7315283Fc1101
QMUY41500009-MABe Together (Major Lazer|Wild Belle)0x30734AaAF7e521857726A0765EEd73E3fade2263
GBCTA0900011-SWAlready Gone (Kelly Clarkson)0xE04082B138c8f8153F678b58E2F17E5624b31FC0
USCJY1431299-SRWelcome To New York (Taylor Swift)0x0F1f8D3286701f27Bfe741F444c7595f922e80c1
GBBKS1500218-SWRemedy (Adele)0x5631D2f8254FB51Fe0Df670C92186F6942824DA2
GBBKS1500218-SRRemedy (Adele)0x13A7E86E3f80530133300f707588Bb8583Ad56c0
USUM71404631-SWLove Runs Out (OneRepublic)0xD025581e1872680f4C267C787c9b56Efa1Ca851a
USUM71404631-SRLove Runs Out (OneRepublic)0x4cabE9F2c505D43a7739E590967523aBd6Cb39dd
QMUY41600121-MARun Up (Major Lazer|PARTYNEXTDOOR|Nicki Minaj)0xC363586d5A1d6CE7227D762283eF42b4c1375808
USUM70758804-SWStop And Stare (OneRepublic)0xd91Eb2b8461E623eB4F50aCc74BCA7750E31F0e7
USUM70758804-SRStop And Stare (OneRepublic)0x544608730C7610d8D8cF6D1577E1ed64f1952bA4
USUG11401744-MAAll My Love (Major Lazer|Ariana Grande)0x606837E37458F42a15340695CC07b3b776a815cd
USUM71301310-SWSomething I Need (OneRepublic)0x09389f03f3C70D69f06Bb21bE312C823a506F5AD
USUM71301306-SWCounting Stars (OneRepublic)0x64D9F44208Ef4F36ad17FA55f27406A7eF8A2a52
USUM71301306-SRCounting Stars (OneRepublic)0x6da18907531e5915fA1753DbcbD531DEb6CdE51C
USQ4E1602392-SRFaith (Stevie Wonder|Ariana Grande)0xB76dF07e1Fa6c4C9B7d94911E2d922509D39dbaC
QMUY41900102-MAMake It Hot (Diplo|Anitta|Major Lazer)0x3cCc956304151d1a92D9Ad9591eD2ebB560Ae2Ca
USUM71808832-SRConnection (OneRepublic)0x5413a6B65DC5aa0dDB40d5144B665cb18A2000Df
USUG11900515-SWSucker (Jonas Brothers)0x6234b1958070778A09475b5E4C02651fEbD2eFA7
USUG11900515-SRSucker (Jonas Brothers)0x94637D4Cfb75dA31984FaE4eA9791d7E7C5FCA75
QMUY42100008-MATitans (Diplo|Major Lazer|Labrinth|Sia)0x0Cd790738f357E7c8188890b2A3C23D82ac68D9e
See [xft.finance/music-royalties](https://xft.finance/music-royalties) for all tokenized music royalty products. # Structured Products XFTBTC XFTRWA XFTRWA2 XFTRWA3 XFTRWA10 # Mutual Funds XFT500 XFTRWA BTCX # Equity Perps ## WHY DERIVATIVES?
UsersUnderlying RisksDerivative Types
Commodity manufacturersCommodity priceCommodity derivatives
Multinational companiesFunding cost of foreign debt issuance and investmentsCross-currency swaps / FX forwards
Life insurersAsset-liability managementInterest rate swaps or swaptions
Corporate treasurersFunding cost before debt issuanceForward rate agreements
Construction firmsThe cost of raw materialsCommodity derivatives
ExportersForeign exchange (FX) fluctuationsCross-currency swaps / FX forwards
Bank or loan portfolio managersCredit risk of bond or loan exposuresCredit default swaps
Equity investorsEquity pricesEquity derivatives
GovernmentsInterest rate risk on new bond issuanceInterest rate swaps
### Use cases **Chevron** is exposed to market risks related to the price volatility of crude oil, refined products, \ natural gas, natural gas liquids, liquefied natural gas and refinery feedstocks. The company \ uses commodity derivatives to manage these exposures on a portion of its activity, including \ firm commitments and anticipated transactions for the purchase, sale and storage of crude oil, \ refined products, natural gas, natural gas liquids and feedstock for company refineries. The \ company also uses commodity derivatives for limited trading purposes16. AT\&T is exposed to market risks primarily from changes in interest rates and foreign currency \ exchange rates. The company uses derivatives, including IRS, interest rate locks, foreign \ currency exchange contracts and cross-currency swaps, to manage its debt structure and foreign \ exchange exposure. This enables the firm to manage its capital costs, control financial risks and \ maintain financial flexibility over the long term15. **Apple** uses derivatives to partially offset its business exposure to foreign currency and interest \ rate risk on expected future cashflows, net investments in certain foreign subsidiaries, and \ certain existing assets and liabilities. The company enters into interest rate swaps (IRS) to \ manage interest rate risk on its outstanding term debt. IRS allow the company to effectively \ convert fixed-rate payments into floating-rate payments or floating-rate payments into fixed rate. \ The company also uses forwards, cross-currency swaps or other instruments to protect its foreign \ currency denominated term debt or marketable securities from fluctuations in foreign currency \ exchange rates14. WHY BLOCKCHAIN-SETTLED PERPETUAL FUTURES? No expiration, thus no need to roll over contracts. perpetual futures contract = perpetual swap
Swap • A swap is a contract calling for an exchange of \ payments, on one or more dates, determined by \ the difference in two prices. \ • A swap provides a means to hedge a stream of \ risky payments. \ • A single-payment swap is the same thing as a \ cash-settled forward contract.
What is a clearinghouse? Matches buy and sell orders \ Keeps track of members’ obligations and payments \ After matching the trades, becomes counterparty
Futures contract Futures are legally binding agreements to buy or sell a standardized asset on a specific date or \ during a specific month. These contracts are standardized and traded on futures exchanges. A futures contract is an exchange-traded, standardized, forward-like \ contract that is marked to the market daily. Futures contract can \ be used to establish a long (or short) position in the underlying \ commodity/asset.
## Contract for differences (CFD) Similar to a forward or futures contract that is cash settled. The amount of the cash settlement will represent the difference between the underlying asset's price agreed at the outset of the contract and its market price at the date of the settlement of the contract. CFDs can be long (that is, where the holder gains from a rise in the price of the underlying asset) or short (that, is where the holder gains from a fall in the price of the underlying asset). However, unlike forwards and futures, CFDs are open-ended contracts with no fixed settlement date and can be closed out by the holder on demand. CFDs can offer exposure to a variety of financial assets, including single or multiple share indices, [*debt securities*](https://uk.practicallaw.thomsonreuters.com/0-207-6955?originationContext=document\&transitionType=DocumentItem\&contextData=\(sc.Default\)\&ppcid=1daa1f536b0145579299f9531df88b82), commodities and currencies. When applied to shares, a CFD is an equity [*derivative*](https://uk.practicallaw.thomsonreuters.com/0-107-6094?originationContext=document\&transitionType=DocumentItem\&contextData=\(sc.Default\)\&ppcid=1daa1f536b0145579299f9531df88b82) under which the holder generally does not have voting rights or a call option over the underlying shares. ## Spread-betting 1\. Send USD to broker margin account\ 2\. Open long spread bet at broker offer price\ 3\. Broker locks required margin\ 4\. Market moves up → broker credits cash P\&L\ 5\. Market moves down → broker debits cash P\&L\ 6\. Each night broker debits financing (long) or credits financing (short)\ 7\. Broker applies dividend credit (long) or debit (short)\ 8\. If margin falls below threshold broker demands top-up or auto-closes\ 9\. Close position → broker settles P\&L and releases remaining margin auto-closes = auto de-leveraging? ### CFDs vs. Blockchain Equity Perpetuals Similar payoff structure: both are synthetic exposure to price movements without delivery of underlying asset. * Both cash-settled and * Both no expiry * Both replicate PnL = size × (price change) over time Key difference is how price anchoring is enforced. ## Futures vs. Forwards Settled daily through mark-to-market process  low credit risk \ Highly liquid  easier to offset an existing position \ Highly standardized structure  harder to customize Derivatives explained | ASSET CLASS | FLOW OF FUNDS | PRICING LOGIC | | ----------- | ------------- | ------------- | | | | | | | | | | | | | ## Close-out netting Close-out netting is a process involving the termination of obligations under a contract with a \ defaulting party and subsequent combining of positive and negative replacement values into a \ single net payable or receivable. The diagram demonstrates payment obligations with and without \ close-out netting.
As close-out netting drastically reduces credit exposure between counterparties, it is the primary \ tool for mitigating credit risks associated with over-the-counter derivatives. Close-out netting is an \ essential component of the hedging activities of financial institutions and other users of derivatives. ## Physical vs. Financial Settlement An industrial producer, IP Inc., needs to buy 100,000 barrels of oil 1 year from today and 2 years from today. The forward prices for deliver in 1 year and 2 years are $20 and $21/barrel. The 1- and 2-year zero-coupon bond yields are 6% and 6.5%. IP can guarantee the cost of buying oil for the next 2 years by entering into long forward contracts for 100,000 barrels in each of the next 2 years. The PV of this cost per barrel is: ![](/files/OT6wl1IYrnha61CISJtZ) Thus, IP could pay an oil supplier $37.383, and the supplier would commit to delivering one barrel in each of the next two years. ### Physical settlement
### Financial settlement The oil buyer, IP, pays the swap counterparty the difference between $20.483 and the spot price, and the oil buyer then buys oil at the spot price. If the difference between $20.483 and the spot price is negative, then the swap counterparty pays the buyer.
FeatureEquity SwapTotal Return Swap (TRS)CFD
Target UserInstitutionalInstitutionalRetail + Professional
Underlying AssetEquity index or basketAny return-generating asset (stocks, index, bond portfolio, etc.)Stocks, indices, forex, crypto, commodities
Dividends & GainsUsually equity price return onlyIncludes dividends + capital gainsReflected in price, not paid directly
LeverageNot commonPossible, but structuredBuilt-in, broker-defined
Contract FormOTC, bilateralOTC, bilateralOTC, broker-standardized
Use CaseHedging, passive exposureSynthetic ownership, balance sheet optimizationTrading, speculation, short-term views
SettlementPeriodic cash flowsPeriodic cash flowsOpen-ended; exit anytime
FeatureCFDsEquity Swaps
Target UserRetail traders and professionalsInstitutions only (banks, funds, corporates)
Underlying AssetsStocks, indices, forex, commodities, cryptoUsually indices or custom equity baskets
LeverageAvailable, broker-definedNot typical, exposure usually unleveraged
Use CaseTrading, speculation, short-term positioningSynthetic exposure, hedging, tax optimization
SettlementOpen-ended; gain/loss realized at closePeriodic cash flows exchanged based on contract terms
Contract FormStandardized by broker, OTCFully customized bilateral OTC agreement
Execution & AccessDirect from trading platforms, fast entry/exitRequires negotiation, legal framework, counterparty agreement
Market FamiliarityEasy to start, platform-based executionRequires legal/compliance infrastructure and knowledge of swap mechanics
## Novation Novation = P2P bilateral transfers?
For pensions
For electricity generation
## DTCC
[Source](https://www.cls-group.com/media/h5zc5qfp/clssettlement_otc_derivatives_feb2024_v1.pdf) ## ETF Replication Characteristics of Physical ETFs and Synthetic ETFs
Physical ETFsSynthetic ETFs
Underlying HoldingsSecurities of the IndexSwaps and Collateral
TransparencyTransparent Historically Low
Counterparty RiskLimitedExistent (higher than physical ETFs)
CostsTransactions Costs Management FeesSwap Costs Management Fees
The unfunded model
Fully funded
**Centrally-cleared derivatives** COUNTERPARTIES End user – the reporting entity hedging its risk \ Swap execution facility – the trading system used to provide pre-trade information (i.e., bid and offer prices) and the mechanism for executing swap transactions \ Swap dealer – the market maker in swaps that regularly enters into swaps with counterparties \ Clearing member – a member firm of a clearing house and a derivative exchange
Parties to an OTC derivative
*** RESOURCES [Professor Ian Giddy: Futures and Options](https://pages.stern.nyu.edu/~igiddy/futures.htm) [Overview of the EMR Settlement Process](https://www.emrsettlement.co.uk/document/working-practice/wp1-overview-of-settlement/) [G24 – CfD Generator Payments](https://www.emrsettlement.co.uk/document/guidance/g24-cfd-generator-payments/) [BNY CFD pricing and best practices](https://eagledocs.atlassian.net/wiki/spaces/IE/pages/1658978621/Contracts+for+Differences+CFD+Best+Practices) [Ukraine - Settlement diagrams.pdf](https://apps.rbcits.com/RFP/gmi/marketprofiles/Ukraine%20-%20Settlement%20diagrams.pdf) [ISDA Legal Guidelines for Smart Derivatives Contracts](https://www.isda.org/a/bPYTE/ISDA-Legal-Guidelines-for-Smart-Derivatives-Contracts-FX.pdf) [ISDA OTC Commodity Derivatives Trade Processing Lifecycle Events](https://www.isda.org/a/d0DDE/commoditieslifecycleevents-april-25.pdf) [ISDA Overview of OTC Equity Derivatives Markets: Use Cases and Recent Developments](https://www.isda.org/a/1IhgE/Overview-of-OTC-Equity-Derivatives-Markets-Use-Cases-and-Recent-Developments.pdf) [FSB Implementing OTC Derivatives Market Reforms](https://www.fsb.org/uploads/r_101025.pdf) [Rollover Hedging and Missing Long-Term Futures Markets](https://onlinelibrary.wiley.com/doi/abs/10.2307/1241588) [A Primer on Equity Swaps](https://bsic.it/a-primer-on-equity-swaps/) [SURREY PENSION FUND SYNTHETIC EQUITY](https://mycouncil.surreycc.gov.uk/documents/s13818/Annex%202.pdf) [OTC derivatives: A primer on market infrastructure ](https://www.chicagofed.org/-/media/publications/economic-perspectives/2014/3q2014-part2-ruffini-steigerwald-pdf.pdf?sc_lang=en) [Princeton asset pricing ](https://www.princeton.edu/~markus/teaching/Fin501/09Lecture.pdf) [IRS and Currency Swaps w/ good hedging flows ](https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/1995/rf-v1995-n4-4453-pdf.pdf) [Vanguard ETF replication ](https://www.nl.vanguard/professional/vanguard-365/investment-knowledge/etf-knowledge/etf-basics) [Euroclear OTC derivatives](https://www.euroclear.com/campaigns/en/innovation/OTC-derivatives-A-paradigm-shift.html) [Swap ETFs: Synthetic replication of ETFs](https://www.justetf.com/en/academy/synthetic-replication-of-etfs.html) [FI Security Handbook](http://docs.finance.free.fr/DOCS/Bloomberg%20Press,.Fixed%20Income%20Securities%20and%20Derivatives.pdf) [Princeton Credit Default Swaps](https://www.princeton.edu/~markus/teaching/Eco467/10Lecture/CDS%20Presentation%20with%20References.pdf) [MIT Lecture 5: Forwards and Futures Lecture 5: Forwards and Futures](https://web.mit.edu/astomper/www/univie/pof/Chapter%205.pdf) [The CDO Machine](https://fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_chapter8.pdf) # Prediction Markets ARBITRUM SEPOLIA Admin [0x2f572059DbC598C8acfeA4AF06FE4f7669D1b3b1](https://sepolia.arbiscan.io/address/0x2f572059dbc598c8acfea4af06fe4f7669d1b3b1)\ User \ USDXT [0xC1BF9854E43b84f3abec5f5d1C72F0a6f602034b](https://sepolia.arbiscan.io/address/0xc1bf9854e43b84f3abec5f5d1c72f0a6f602034b)\ XFTConditionalTokens.sol [0x786Bc48C7ef3E9AA811068Fb4b0eC0DC01028740](https://sepolia.arbiscan.io/address/0x786bc48c7ef3e9aa811068fb4b0ec0dc01028740)\ XFTPredictionMktFacility.sol [0x0D7D51d9E48bfC9E8ec8B9144BC836fBa49cBe28](https://sepolia.arbiscan.io/address/0x0D7D51d9E48bfC9E8ec8B9144BC836fBa49cBe28) # Perpetual Overnight Rate Treasury Securities (PORTS) [The case for a new floating rate Treasury note](https://www.brookings.edu/articles/the-case-for-a-new-floating-rate-treasury-note/) # FAQs **Q: What is the BITNET?** \ A: The BITNET is XFT's all-to-all blockchain trading system home to 20000+ tokenized securities across all asset classes. **Q: Why BITNET?** \ A: Programmatic multi-asset composability. Offline digital payments. Use stocks, bonds, real estate to buy groceries. BITNET improves: 1. Operational risk mitigation through standardization and automation 2. Intraday liquidity 3. Post-trade FX matching and netting processes BITNET reduces: 1. Funding and number of payments required 2. Inconsistent FX matching and FX netting 3. Credit consumption 4. Intraday overdraft costs and correspondent bank charges 5. Communication required to confirm positions pre-settlement **Q: What is the International Deposits Network?** \ A: The International Deposits Network (IDN) is XFT's RTGS payment system for tokenized commercial bank deposits. It is used to put onchain tokenized products into traditional offchain bank accounts. Send cross-border real-time payments using IDN blockchain deposit accounts. **Q: What is XFT Token Service?** \ A: XFT Token Service generates TANs for legacy and blockchain payment rail interoperability. This means users can send stablecoins to a wallet using, for example, the associated ABA RTN. It is also used for onchain bank account creation. **Q: What is Bitstream?** \ A: Bitstream is the central securities depository arm of The XFT Group. **Q: What is the Direct Registration System (DRS)?**\ A: DRS allows registered shares to be held in electronic form without having a physical security certificate issued as evidence of ownership. **Q: How are my securities protected if I choose street name ownership?** \ A: Nearly all broker-dealers are members of Securities Investor Protection Corporation (“SIPC”). SIPC protects customers of a SIPC member broker-dealer against the loss of securities and cash deposited with that SIPC member for the purchase of securities. If that SIPC-member broker-dealer fails, SIPC advances up to $500,000 per customer (including a $250,000 limit for cash claims) to cover a shortfall in customer property. Many broker-dealers also carry insurance in excess of SIPC’s coverage. However, SIPC does not protect you against losses caused by a decline in the market value of your securities. For more information about SIPC coverage, please read the SEC’s Investor Bulletins “SIPC Basics Parts 1 and 2” and the SEC’s glossary term on “SIPC protection". **Q: What is a medallion guarantee?**\ A: Medallion Guarantee is a special stamp that’s used when you sell or transfer US securities. It confirms that the signature authorizing the sale or transfer is genuine and that the signer has the legal capacity and authority to sign the document.
Why blockchain DRS? FOR INVESTORS: * **Registered legal ownership:** DRS records the investor’s name on the issuer’s books, clarifying legal ownership and simplifying some ownership disputes. * **Direct proxy and voting communications:** Registered owners typically receive proxy materials and can vote directly with the issuer, improving participation in corporate governance. * **Reduced share lending risk:** Shares in DRS are generally not available for broker lending, which reduces the chance that your shares will be loaned out into short positions. * **Protection from broker account actions:** Because holdings are off the broker’s books, certain broker-level events (e.g., broker insolvency, margin liquidation) may have different operational implications for DRS-registered shares. * **Direct receipt of issuer communications and corporate action processing:** Transfer agents send notices and process corporate actions for registered owners. FOR ISSUERS/CORPORATES: * **Clearer shareholder records:** Direct registration gives issuers an accurate list of registered owners, which aids governance, mailings, and engagement. * **Improved governance and communication:** With direct registration, issuers can target shareholder outreach and ensure delivery of proxy materials. * **Potential reduction in abusive shorting/over-lending:** A higher proportion of shares registered directly may reduce shares available for lending, potentially lowering mismatch between outstanding shares and borrowable supply. *** Issuer Benefits * Access a new, broader global investor base * Reduce financing costs and retain more proceeds * Control timing and parameters of share issuance * Receive stablecoin proceeds instantly at settlement Investor Benefits * Buy newly issued shares straight from the company * Access pricing below Nasdaq or NYSE markets * Receive tokenized shares with instant settlement * Full economic and governance rights and additional onchain utility over time
Why blockchain DRS for investors? Registered legal ownership: DRS records the investor’s name on the issuer’s books, clarifying legal ownership and simplifying some ownership disputes. Direct proxy and voting communications: Registered owners typically receive proxy materials and can vote directly with the issuer, improving participation in corporate governance. Reduced share lending risk: Shares in DRS are generally not available for broker lending, which reduces the chance that your shares will be loaned out into short positions. Protection from broker account actions: Because holdings are off the broker’s books, certain broker-level events (e.g., broker insolvency, margin liquidation) may have different operational implications for DRS-registered shares. Direct receipt of issuer communications and corporate action processing: Transfer agents send notices and process corporate actions for registered owners.
Why blockchain DRS for issuers/corporates? Clearer shareholder records: Direct registration gives issuers an accurate list of registered owners, which aids governance, mailings, and engagement. Improved governance and communication: With direct registration, issuers can target shareholder outreach and ensure delivery of proxy materials. Potential reduction in abusive shorting/over-lending: A higher proportion of shares registered directly may reduce shares available for lending, potentially lowering mismatch between outstanding shares and borrowable supply.
What is Order Matching System? An order matching system is an electronic platform that automatically pairs buy and sell orders for securities based on criteria like price and quantity.
ECN FAQ
How does the order book work? The order book is where all the open orders, bids (open buys) and asks (open sells), for a stock are listed. New bids are matched against asks on the order book, and new asks are matched against bids on the order book for execution.
How are orders matched? In general, orders are matched when bid (*buy*) and ask (*sell*) prices **equal** or **cross** each other - prioritized based on “best price” and time submitted. Prices **cross** when a bid (an order to *buy*) is placed at a price higher than any current asks on the order book, or vice versa, when an ask (an order to *sell*) is placed at a price lower than any current bids on the order book.
### Definitions, acronyms, and abbreviations *** SSI = Standing Settlement Instruction SI = Settlement Instruction Cash in lieu is a de facto sale of a stock. a sampling index fund heartbeat trades rebalance drag tax drag tracking error full replication synthetic replication total return swap bona fide market making Continuous Net Settlement (CNS) Continuous Linked Settlement (CLS) sub m reg sho create-to-lend failure to deliever contra side reverse conversions FLEX option hard-to-borrow threshold securities married put Primary market: the market that deals with the issuance of new securities Secondary market: where investors purchase securities/ETFs from other investors [Continuous net settlement (CNS)](https://www.nasdaq.com/glossary/c/continuous-net-settlement)\ Method of [securities](https://www.nasdaq.com/glossary/s/security) clearing and [settlement](https://www.nasdaq.com/glossary/s/settlement) using a [clearing house](https://www.nasdaq.com/glossary/c/clearinghouse), which matches [transactions](https://www.nasdaq.com/glossary/t/transaction) to [securities](https://www.nasdaq.com/glossary/s/security) available, resulting in one [net](https://www.nasdaq.com/glossary/n/net) receive or deliver [position](https://www.nasdaq.com/glossary/p/position) at the end of the day. * **Authorized participants:** Large institutions that transact directly with the ETF provider to create or redeem shares of an ETF. * **Creation unit:** The minimum number of ETF shares required to transact directly with the ETF issuer. * **Primary market:** The direct exchange of securities for shares of an ETF between authorized participants and ETF issuers. * **Secondary market:** The national markets system (e.g., the stock exchanges and other venues where listed securities can be traded). Shares of ETFs are continuously bought and sold throughout the day on an exchange or other trading venue by investors. CORPORATE ACTIONS * Cash dividend on equities / preference shares * Stock dividend on equities * Interest on bonds / fixed income securities * Redemption of bonds / fixed income securities either on Call / maturity date * Exercise of rights / warrants associated with securities CORPORATE ACTIONS Stock Splits\ Cash Dividend \ Stock Dividend \ Interest on Fixed Income Securities \ Redemption on Fixed Income Securities \ Rights / Warrants \ Stock Splits \ Mergers and Spin-offs *** RESOURCES [DTCC Alert](https://dtcclearning.com/helpfiles/data/alert/bd_help/Content/Topics/help/bd/home_page/coveo_exclude/bd_hp.htm) [SEC counterfeiting stock](https://www.sec.gov/comments/s7-12-15/s71215-9342251-260411.pdf) # Security Types Equity\ Common Stock\ Convertible Common Stock\ Preferred Stock\ Convertible Preferred Stock\ Tender Rate Preferred Stock\ Limited Partnership\ CMO Denom in "Units" or "Undivided Interest"\ ABS Denom in "Units" or "Undivided Interest"\ Issue Denom in "Units" or "Undivided Interest"\ Auction Rate Preferred Stock (ARPS)\ American Depositary Receipt (ADR)\ Depository Share\ Municipal Option Call Right\ Exchange Traded Funds\ MMI Preferred Stock (In CP-like mode)\ Sealed Envelope\ Real-Estate Investment Trust (REIT)\ Municipal Bond\ Municipal Note\ Municipal Auction Rate Note (ARN)\ Municipal Variable Mode Obligation (VMO)\ Municipal Variable Rate Demand Obligation (VRDO)\ Municipal Insured Custodial Receipt\ MMI Municipal VRDO/CP\ MMI Municipal Commercial Paper\ Bearer, Callable Zero Coupon Bond\ GNMA REMIC Securities\ GNMA Pass-Through Securities\ GNMA Serial Note Securities\ Corporate Bond (CB) or Global Corp Bond (GBB)\ MMI Bankers' Acceptance Notes (BA)\ MMI Institutional Certificates of Deposit\ Certificated Money Market Instrument\ Certificated Money Market - Periodic Payer\ Certificates of Deposit\ CPI Interest At Maturity (IAM) Commercial Paper\ Periodic Payment Commercial Paper\ CPI Discount Commercial Paper (CP)\ MMI Corporate Commercial Paper\ MMI Corporate VRDO/CP\ MTN Medium Term Note\ MMI Deposit Note\ MMI Medium-Term Bank Note\ MMI Medium Term Note\ Collateralized Mortgage Obligations or Global CMO\ Asset-Backed Security (ABS) or Global ABS (GABS)\ Non-CMO/ABS Amortizing Issue\ MMI Short-Term Bank Note\ Z CPN Denom in Initial Principal Amt\ MMI Discount Note\ Corporate Auction Rate Note\ Convertible Corporate Debt\ Corporate Variable Mode Obligation (CVMO)\ Corporate Short -Term Note\ Corporate Debenture\ Corporate VRDO / Municipal VRDO (MMD)\ Corporate Insured Custodial Receipt\ Tender Rate Note\ Zero Coupon Bond\ Government Security\ Government Trust Certificate\ Junk and Treasury Growth Receipt (JGR)\ US Treasury Security\ US Treasury Bill\ US Treasury Note\ US Treasury Bond\ US Government Agency Security\ Government National Mortgage Association (GNMA)\ REMIC (Real Estate Mortgage Investment Conduit)\ GNMA Serial Note\ Package\ Corporate Debt Derivative\ Equity Derivative\ Municipal Derivative\ Municipal Amortized Issue\ Option Derivative\ Warrant\ Right\ Mutual Fund\ Closed End Fund\ (IMMI) Institutional MMI Mutual Fund Shares\ Equity Unit\ Debt Unit\ Unit Investment Trust (UIT) - Nuveen Only\ Global Unit Trust\ Unit Investment Trust (UIT) # Bond Protocol ### Bond Protocol * **Symbol:** ISIN * **Name:** \[issuer] \[coupon] \[maturity] Example: * Symbol = ISIN = US48251W5004 * Name = Ticker = KKR 6.25 03/01/28 # Currency Codes | Code | Currency | | ---- | ------------------------------- | | AAL | CAYMAN LAND DOLLAR | | ADP | ANDORRAN PESETA | | AED | UAE DIRHAM | | AFA | AFGHANI | | ALL | LEK | | ANG | NETHERLANDS ANTILLEAN GUILDER | | AON | NEW KWANZA | | ARA | AUSTRAL | | ATS | SHILLING | | AUD | AUSTRALIAN DOLLAR | | AWG | ARUBAN GUILDER | | BBD | BARBADOS DOLLAR | | BDT | TAKA | | BEF | BELGIAN FRANC | | BGL | LEV | | BHD | BAHRAINI DINAR | | BIF | BURUNDI FRANC | | BMD | BERMUDIAN DOLLAR | | BND | BRUNEI DOLLAR | | BOB | BOLIVIANO | | BRE | CRUZIERO | | BSD | BAHAMIAN DOLLAR | | BTN | NGULTRUM | | BWP | PULA | | BZD | BELIZE DOLLAR | | CAD | CANADIAN DOLLAR | | CHF | SWISS FRANC | | CLF | UNIDADES DE FOMENTO | | CNY | YUAN RENMINBI | | COP | COLOMBIAN PESO | | CRC | COSTA RICAN COLON | | CSK | KORUNA | | CUP | CUBAN PESO | | CVE | CAPE VERDE ESCUDO | | CYP | CYPRUS POUND | | DEM | DEUTSCHE MARK | | DJF | DJIBOUTI FRANC | | DKK | DANISH KRONE | | DOP | DOMINICAN PESO | | DZD | ALGERIAN DINAR | | ECS | SUCRE | | EGP | EGYPTIAN POUND | | ESB | CONVERTIBLE PESETA ACCOUNTS | | FIM | MARKKA | | FJD | FIJI DOLLAR | | FKP | FALKLAND ISLANDS POUND | | FRF | FRENCH FRANC | | GBP | POUND STERLING | | GHC | CEDI | | GIP | GIBRALTAR POUND | | GMD | DALASI | | GNF | GUINEA FRANC | | GRD | DRACHMA | | GTQ | QUETZAL | | GWP | GUINEA-BISSAU PESO | | GYD | GUYANA DOLLAR | | HKD | HONG KONG DOLLAR | | HNL | LEMPIRA | | HTG | GOURDE | | HUF | FORINT | | IDR | RUPIAH | | IEP | IRISH POUND | | ILS | SHEKEL | | INR | INDIAN RUPEE | | IQD | IRAQI DINAR | | IRR | IRANIAN RIAL | | ISK | ICELAND KRONA | | ITL | ITALIAN LIRA | | JMD | JAMAICAN DOLLAR | | JOD | JORDANIAN DINAR | | JPY | YEN | | KES | KENYAN SHILLING | | KHR | RIEL | | KMF | COMORO FRANC | | KPW | NORTH KOREAN WON | | KRW | WON | | KWD | KUWAITI DINAR | | KYD | CAYMAN ISLANDS DOLLAR | | LAK | KIP | | LBP | LEBANESE POUND | | LKR | SRI LANKA RUPES | | LRD | LIBERIAN DOLLAR | | LSL | LOTI | | LUF | LUXEMBOURG FRANC | | LYD | LIBYAN DINAR | | MAD | MOROCCAN DIRHAM | | MGF | MALAGASY FRANC | | MMK | KYAT | | MNT | TUGRIK | | MOP | PATACA | | MRO | OUGUIYA | | MTL | MALTESE LIRA | | MUR | MAURITIUS RUPEE | | MVR | RUFIYAA | | MWK | KWACHA | | MXP | MEXICAN PESO | | MYR | MALAYSIAN RINGGIT | | MZM | METICAL | | NGN | NAIRA | | NIO | CORDOBA ORO | | NLG | NETHERLANDS GUILDER | | NOK | NORWEGIAN KRONE | | NPR | NEPALESE RUPEE | | NZD | NEW ZEALAND DOLLAR | | OMR | RIAL OMANI | | PAB | BALBOA | | PEN | NUEVA SOL | | PGK | KINA | | PHP | PHILIPPINE PESO | | PKR | PAKISTAN RUPEE | | PLZ | ZIOTY | | PTE | PORTUGUESE EXCUDO | | PYG | GUARINI | | QAR | QATARI RIAL | | ROL | LEU | | RWF | RWANDA FRANC | | SAR | SAUDI RIYAL | | SBD | SOLOMAN ISLANDS DOLLAR | | SCR | SEYCHELLES RUPEE | | SDP | SUDANESE POUND | | SEK | SWEDISH KRONA | | SGD | SINGAPORE DOLLAR | | SHP | ST. HELENA POUND | | SLL | LEONE | | SOS | SOMALI SHILLING | | SRG | SURINAM GUILDER | | STD | DOBRA | | SUR | ROUBLE | | SVC | EL SALVADOR COLON | | SYP | SYRIAN POUND | | SZL | LILANGENI | | THB | BAHT | | TND | TUNISIAN DINAR | | TOP | PA'ANGA | | TPE | TIMOR ESCUDO | | TRL | TURKISH LIRA | | TTD | TRINIDAD AND TOBAGO DOLLAR | | TWD | NEW TAIWAN DOLLAR | | TZS | TANZANIA SHILLING | | UGX | UGANDA SHILLING | | UYP | URUGUAYAN PESO | | VEB | BOLIVAR | | VND | DONG | | VUV | VATU | | WST | TALA | | XAF | CFA FRANC BEAC | | XAG | SILVER | | XAU | GOLD | | XBA | EUROPEAN COMPOSITE UNIT(EURCO) | | XBB | EUROPEAN MONETARY UNIT(EMU-6) | | XBC | EURO UNIT OF ACCOUNT-9(EUA-9) | | XBD | EURO UNIT OF ACCOUNT-17(EUA-17) | | XCD | EAST INT'L MONETARY FUND(IMF) | | XEU | EUROPEAN CURRENCY UNIT(ECU) | | XFO | GOLD FRANC | | XFP | CFP FRANC | | XFU | UIC-FRANC | | XOF | CFA FRANC BCEAO | | XPT | PLATINUM | | XXX | TRANSITIONS WITHOUT CURRENCY | | YER | YEMENI RIAL | | YUN | YUGOSLAVIAN DINAR | | ZAL | FINANCIAL RAND | | ZMK | KWACHA | | ZRZ | ZAIRE | | ZWD | ZIMBABWE DOLLAR | # Lifecycle AAPL sent to buyer wallet / USD sent to seller wallet TRADE LIFECYCLE 1. Trade Initiation 2. Trade Execution 3. Trade Capture 4. Trade Enrichment 5. Trade Validation 6. Trade Verification 7. Trade Allocation 8. Trade Agreement 9. Trade Affirmation 10. Trade Confirmation 11. Clearing 12. Settlement 13. Reconciliation 14. Trade Reporting TOKENIZED NEW ISSUES / OFFCHAIN USD * Buyer sends USD to XFT. * XFT confirms receipt. * XFT mints stablecoin. * DvP executes. * XFT wires USD to seller's bank. # Maker-Taker **Makers** (liquidity providers who place resting limit orders) earn a rebate per share **Takers** (liquidity consumers who execute against resting orders) pay a fee per share **Maker-Taker Fee Flow:** ``` MAKER posts limit order └→ Order rests in book (adds liquidity) └→ TAKER executes market order against it ├→ Maker EARNS rebate: $0.0020/share ├→ Taker PAYS fee: $0.0030/share └→ ECN KEEPS spread: $0.0010/share ``` *The rebate incentivizes tighter spreads → more volume → more rebate opportunities → tighter spreads. A self-reinforcing flywheel.* # DvP DvP
1\. Alice sends USD to HTLC\ 2\. Bob sends XRT to HTLC \ 3a. HTLC sends XRT to Alice \ 3b. HTLC sends USD to Bob {% tabs %} {% tab title="ETF" %}
1\. AP sends basket to HTLC\ 2\. ETF sends shares to HTLC\ 3\. Reveal secret \ 4a. HTLC -> ETF shares to AP \ 4b. HTLC -> Basket to ETF {% endtab %} {% tab title="ETF FAIL" %}
1\. AP sends basket to HTLC\ 2\. ETF sends shares to HTLC\ 3\. T+1 fail\ 4a. HTLC -> ETF shares to ETF\ 4b. HTLC -> AP basket to AP {% endtab %} {% tab title="USD/GME" %}
{% endtab %} {% tab title="USD/GME FAIL" %}
{% endtab %} {% endtabs %} # Pricing Futures Price = Spot Price + Carrying Costs + Storage Costs - Convenience Yield Premium/Discount % = (Market Price − NAV) ÷ NAV × 100 NAV = (Market Value of All Securities + Cash & Equivalents − Fund Liabilities) ÷ Total Shares Outstanding Net Asset Value $$ \text{NAV} = \frac{ \text{Value of Assets of a Share Class} --------------------------------------- \text{Liabilities of the Share Class} }{ \text{Number of Outstanding Shares of the Share Class} } $$ Bid-ask spread Spread % = (Price − NAV) ÷ NAV × 100 Bond Investment Value Sv (t) = Σt=1n c / (1 + r)t + p / (1 + r)n P = par value \ r = discount rate \ C = coupon rate \ n = number periods to maturity Bond price Bond Price = C\* ((1-(1+r)^-n)/r )) + F/(1+r)^n\ F = Face / Par value of bond,\ r = Yield to maturity (YTM) and.\ n = No. of periods till maturity\ C= Periodic coupon payments Bond Price = ∑ (Present Values of Cash Flows) + Present Value of Face Value **Coupon Rate (%) =** Coupon **÷** Bond Par Value\ **Current Yield (%) =** Annual Coupon **÷** Bond Price\ **Current Yield =** (Coupon Rate **x** Par Value) **÷** Bond Quote # ETFs
Market participantEconomic incentive
Buyer/seller of ETF sharesBuys ETF shares at a lower price and sells at a higher price later.
Trading venueEarns revenue from transaction fees paid by market participants trading on their platform. Listing exchange also earns listing fees paid by ETF issuers.
BrokerEarns commissions by fulfilling client buy/sell orders through finding matches in the secondary market.
Market makerProfits from spreads of their bid/ask quotes. Arbitrages between an ETF’s intrinsic value and its market price.
Lead market maker (LMM)Profits from spreads of their bid/ask quotes. Arbitrages between an ETF’s intrinsic value and its market price. Receives economic incentives from the exchange, such as lower transaction fees and higher rebates.
Electronic market maker (EMM)Captures arbitrage opportunities by using high-frequency trading algorithm.
Institutional sales and trading deskEarns commissions by providing market making services to institutional clients for their large transactions.
Derivative trading deskMaintains risk neutral of their total portfolio by trading a wide range of financial instruments, such as ETFs, swaps, and index futures.
Short seller of ETF sharesProfits from falling ETF share prices. Borrows ETF shares, sells them now, and buys back later at a lower price to return shares to the lender to make profits.
Create-to-lend deskDriven by clients’ demand of borrowing ETF shares. Profits from lending fees.
Authorized participant (AP)Acts as an agent for market makers and other liquidity providers to create/redeem ETF shares and earn commissions. Some APs also earn revenue through market making activities.

ETF issuer

Earns fees as a percentage of fund net assets.
# Synthetic
RESOURCES # Execution #### Key takeaways * ETF execution has evolved over the past few years with more options available to dealers * RFQ platforms are currently the most dominant method of ETF execution in Europe * An ETF’s liquidity profile is important to understanding how to execute efficiently
Commonly used execution strategies Risk * Buyside traders send a request for immediate execution with multiple liquidity providers put into competition. * Traders will then receive a quote – bid, offer or two-way – for the entire trade at once. The risk transfer will take place immediately once the best price is selected by the trader, with the ETF liquidity provider taking on the risk of managing the position. Algorithms * Buyside traders will appoint an automated trading algorithm to limit the impact of the execution. * This can be particularly important for institutional investors looking to execute large trades efficiently. * Algorithms will help break down large orders into more manageable trades and can be benchmarked to ETF price, fair value, volume or completion time. * Risk exposure to market fluctuations until risk-transfer, the publication of NAV. NAV * Trading at NAV allows buyside traders to set an execution price benchmarked to an ETF’s future NAV. * Dealers can send an entire order to multiple liquidity providers and receive quotes priced at a ‘spread’ to the ETF's future NAV. * The final execution price is not known until the official NAV is published at the end of the day. Traders are exposed to market fluctuations until then. Forward benchmark * Buyside traders can request an execution to be benchmarked to an ETF’s price at a specific time which is priced at ‘spread’ to the targeted benchmark. * Liquidity providers can trade the entire order at the targeted time and are exposed to market fluctuations until this point. Selecting an execution strategy There is a diverse array of execution strategies available to dealers when it comes to trading European ETFs, each with its risks and benefits and these must match the underlying investment objectives. Different execution strategies allow traders to access different components of European ETF liquidity. However, the sheer number of ETF listings across various exchanges has created a fragmented market in Europe where many ETFs trade very little on the secondary market. Because ETF volumes on the secondary market are lower versus the US, buyside traders currently favour executing ETF trades via RFQ platforms where they benefit from competitive pricing and immediacy of execution, instead of relying on on-exchange liquidity which is typically thin. This development is slowly starting to change with the rise of retail adoption in European ETFs and the introduction of ETF algorithms, however, there is still a long way to go before volumes shift on-exchange. RESOURCES
# Phantom shares Problem: System allows more ownership claims (entitlements, E) than real shares (S). This inflates phantom supply, suppressing price. Why: 1. Cash-in-lieu = ETF creation without delivering stock. 2. CNS netting = hides the resulting failure-to-deliver in pooled obligations. 3. Phantom entitlements are treated as "locatable" inventory. 4. Loop repeats using its own IOUs as feedstock. Result: E > S. The gap (E - S) is phantom supply. Price discovery breaks. Risk accumulates in hidden failures until forced settlement (buy‑in or squeeze). COUNTERPARTIES DTC: Holds real shares (static at 100) AP: Initiates creation, uses cash-in-lieu ETF: Issues shares, books receivables NSCC CNS: Netting engine that hides failures Broker: Credits phantom entitlements to accounts Market: Where phantom claims circulate ### How It Works **Setup:** GME has 100 real shares at DTC. All entitlements start matched 1:1. **The Loop:** 1. **AP needs GME** — wants to create ETF basket requiring 10 GME 2. **Can't locate** — no shares available to borrow/deliver 3. **Pays cash** — $1000 substituted for 10 GME (cash-in-lieu) 4. **ETF created** — fund issues shares, books "GME receivable" (IOU) 5. **Phantom born** — buyer's broker credits 10 GME exposure. Now 110 entitlements, still 100 real shares. Gap = 10 phantom. 6. **CNS nets** — NSCC pools all obligations, anonymizes the fail, resets 13-day clock. Loop repeats. *** ### Flow of Funds (Creation) ``` Buyer $1000 → Broker → Market Maker → AP ↓ Cash-in-lieu $1000 → ETF Custodian ↓ ETF shares ← ETF Issuer (books GME receivable) ↓ ETF shares → MM → Broker → Buyer ↓ Buyer holds claim on GME exposure GME never moved. Phantom created. ``` *** ### How Each Factor Contributes | Mechanism | Role in Phantom Creation | | ---------------------- | --------------------------------------------------------------------------------------------------- | | **Cash-in-lieu** | Decouples creation from delivery. ETF shares minted without underlying. | | **Short selling** | Each short creates +1 entitlement (buyer) while original holder keeps theirs. E = S + SI. | | **CNS netting** | Pools gross obligations → net. Hides which trade failed. Reduces forced delivery to \~10% of gross. | | **Derivatives** | Options MM exception: can naked short to hedge. Married puts reset FTD clocks. | | **OTC/Dark pools** | 60%+ volume off-exchange. Less transparency. Easier to internalize without delivery. | | **Securities lending** | Same share lent multiple times. Phantom entitlements become "locatable" for next short. | | **T+1 settlement** | Rolling window lets obligations persist. New creates stack before old ones settle. | *** ### CNS Netting: The Enabler **Without CNS:** * Broker A owes 100 shares to Broker B * Broker B owes 100 shares to Broker A * **Both must deliver 100 shares each** **With CNS (90% netting):** * NSCC nets: 100 - 100 = 0 * **Zero shares physically move** * Both sides credit entitlements to customers anyway **Result:** Gross trading volume explodes while physical delivery stays minimal. Entitlements multiply. Phantoms accumulate. The gap between E and S widens until forced buy-in (rare) or squeeze. *** ### The Recursive Force ``` Cash-in-lieu creates phantom ↓ Phantom credited as real entitlement ↓ Entitlement lendable/locatable ↓ Borrowed for next short sale ↓ Short sale creates another entitlement ↓ Demand triggers more ETF creates ↓ More cash-in-lieu → more phantoms ↓ ↺ LOOP ``` **CNS ensures the loop never breaks** by masking delivery failures in a pooled net position.
index.html {% code expandable="true" %} ```html GME Phantom Shares via ETF Cash-in-Lieu + CNS

GME PHANTOM SHARES — ETF CASH-IN-LIEU + NSCC CNS NETTING

Cycle: 0
AP needs GME
→
Can't locate
→
Pays cash
→
ETF created
→
Phantom born
→
CNS nets
↺
REAL SHARES (S)
100
ENTITLEMENTS (E)
100
PHANTOM (E-S)
0
RECEIVABLE
0
CNS NET DELIV
0
Ready
DTC VAULT
100 real
CNS POOL
0 receivable
MARKET
100 claims
tActionΔEΔRNet
A. SHARES OUTSTANDING
GME Issued (S)100
Held at DTC100
Entitlements (E)100
— Real-backed100
— Phantom0
Overage %0%
B. NSCC CNS LEDGER
Gross Receivable0
Netting Factor90%
Net Required Delivery0
Cash Collateral$0
Hidden FTDs0
C. ETF FUND BALANCE
GME Shares Held0
GME Receivable0
Cash-in-Lieu$0
Baskets Created0
NAV Exposure0
D. MARKET BALANCE
Assets (Real S)100
Liabilities (E)100
Unmatched Claims0
Integrity Gap0%
E. CORE PARTIES
DTCDepository (real shares)
NSCC CNSNets settlements
APCreates/redeems ETF
ETF IssuerIssues shares, books recv
MM/BrokerRoutes orders, lends
F. CORE DATA
S (Shares Outstanding)Fixed real supply
E (Entitlements)S + Short Interest
SI (Short Interest)Borrowed claims
Phantom = E - SExcess claims
FTD/ReceivableUndelivered stock
RECURSION: Cash-in-lieu → Et+1 = Et + Basket (S unchanged) → Phantom grows → Claims lendable → More shorts → More creates → Loop ↺
CNS MASK: Net = Gross × (1 - NetFactor) — Netting hides gross obligations, reducing forced delivery
``` {% endcode %} v1
simple {% code expandable="true" %} ```html GME Phantom Claims (Cash-in-Lieu + CNS)
GME PHANTOM CLAIMS — ETF CASH-IN-LIEU + CNS NETTING
Basket GME Cash $ CNS net % Cycle0
REAL SHARES (S)
100
TOTAL CLAIMS (E)
100
ETF IOU (RECEIVABLE)
0
PHANTOM (E − S)
0
FLOW OF FUNDS (CREATION)
1) Buyer → Broker → MM/AP (cash)
2) AP pays $1000 cash-in-lieu → ETF Custodian
3) ETF Issuer mints ETF shares → AP/MM → Broker → Buyer
Missing: AP does not deliver GME; ETF books “10 GME IOU”
Ready.
tActionΔClaimsΔIOUCNS net due
``` {% endcode %}
simple {% code expandable="true" %} ```html GME Phantom Claims (Cash-in-Lieu + CNS)
GME PHANTOM CLAIMS — ETF CASH-IN-LIEU + CNS NETTING
Basket GME Cash $ CNS net % Cycle0
REAL SHARES (S)
100
TOTAL CLAIMS (E)
100
ETF IOU (RECEIVABLE)
0
PHANTOM (E − S)
0
FLOW OF FUNDS (CREATION)
1) Buyer → Broker → MM/AP (cash)
2) AP pays $1000 cash-in-lieu → ETF Custodian
3) ETF Issuer mints ETF shares → AP/MM → Broker → Buyer
Missing: AP does not deliver GME; ETF books “10 GME IOU”
Ready.
tActionΔClaimsΔIOUCNS net due
``` {% endcode %}
# Arbitrage PREMIUM=CREATE+SELL -buy underlying basket -deliver underlying basket to ETF -receive ETF shares -sell etf shares DISCOUNT=BUY+REDEEM -buy etf shares -deliver etf shares -receive underlying basket -sell underlying basket **Maintaining fair value through arbitrage** Arbitrage is a profit opportunity that helps ensure an ETF’s share price in the secondary market remains tightly correlated to the value of the securities held in the ETF portfolio. To the extent that an ETF’s share price strays from the fair value of its portfolio securities, APs will “arbitrage” the difference. If the market price of the ETF is above its NAV, an AP could purchase the underlying basket of securities and short-sell1 the ETF. Later the AP will execute a creation event, with the new ETF shares covering the short-sell position. The opposite occurs when the market price of the ETF is below its NAV. In this case, the AP would buy the ETF and short-sell the underlying basket of securities, and later execute a redemption event to cover the short position in the underlying basket.
PREMIUM=CREATE+SELL DISCOUNT=BUY+REDEEM Spread % = (Price − NAV) ÷ NAV × 100 Create to lend
RESOURCES [Authorised participants and market makers](https://www.blackrock.com/au/insights/ishares/authorised-participants-and-market-makers) [ETF Creation/Redemption Process: Behind the Scenes](https://www.wisdomtree.com/investments/blog/2020/04/23/etf-creation-redemption-process-behind-the-scenes) # Creation Creation 1. AP buys creation basket of ETF’s underlying securities 2. AP delivers creation basket of securities to ETF 3. AP receives ETF’s underlying securities 4. AP sells ETF’s underlying securities **Q: Why create?** \ A: Fill orders / Create inventory / Take advantage of arbitrage opportunities **Step 1** The Investor places an order to buy ETF shares on the secondary market: \ • If there are enough shares in the market to satisfy the order, the order is filled. \ • If there are not enough shares, the creation process is kicked off in the primary market. \ **Step 2** The AP acquires the securities that make up the ETF and delivers them to the ETF sponsor. \ **Step 3** The ETF sponsor creates the ETF shares and delivers them back to the AP as a creation unit. \ **Step 4** The AP delivers the creation unit/ETF shares to the secondary market. ETF Creation Process 1\. John goes to his broker and gives him the order to buy 500,000 shares of an ETF.\ 2\. The broker sells the ETF shares to John at a specific price. As mentioned before, the process of buying the ETF is seamless for John the investor, and his work is done.\ 3\. Behind the scenes on the back end, the broker has determined that, due to the increased demand by John, he as an authorized participant must create new ETF shares. He is now short the ETF shares since he sold them to John.\ 4\. The broker then buys the basket of securities held by the ETF to hedge himself and is now long the basket and short the ETF.\ 5\. The broker then delivers the basket of securities to the ETF issuer, initiating a creation.\ 6\. The broker receives new ETF shares from the issuer in return and flattens out his short ETF position. # Redemption Redemption 1. AP buys ETF shares from market 2. AP delivers ETF shares to the fund 3. AP receives new ETF shares 4. AP sells ETF shares in market **Q: Why redeem?**\ A: Fill orders / Reduce inventory / Take advantage of arbitrage opportunities **Step 1** The Investor decides to sell their ETF shares on the secondary market: \ • If there is market demand, the shares are sold on the market. \ • If there is low demand, the AP gathers up enough shares to create a redemption unit. \ **Step 2** The AP puts together a redemption unit and delivers it to the ETF sponsor in the primary market. \ **Step 3** The ETF sponsor redeems the ETF shares for the individual securities that make up the shares and delivers them back to the AP. \ **Step 4** The AP can sell the individual securities in the secondary market for cash. ETF Redemption Process 1\. John goes to his broker and gives him the order to sell 500,000 shares of the ETF.\ 2\. The broker buys the ETF shares from John at an agreed-upon price.\ 3\. The broker determines if a redemption is necessary due to the decrease in demand and is now long the ETF since John sold the shares back to him.\ 4\. The broker then sells the basket of securities held by the ETF to hedge his position and is now short the basket, long the ETF.\ 5\. The broker delivers the ETF shares to the ETF issuer, initiating a redemption.\ 6\. The broker receives the basket of securities from the issuer and flattens out the short basket position. # Token token/Dollar.sol \ token/Share.sol \ token/Bond.sol \ token/ConvertibleBond.sol \ token/ConvertibleBond\_V2.sol \ token/MunicipalBond.sol \ token/Fund.sol \ token/IntervalFund.sol \ token/MoneyMarketFund.sol \ token/ExchangeTradedFund.sol \ token/ClosedEndFund.sol *** ### Inheritance token/Fund.sol \ \- token/IntervalFund.sol \ \- token/MoneyMarketFund.sol \ \- token/ExchangeTradedFund.sol \ \- token/ClosedEndFund.sol\ \- token/RealEstateInvestmentTrust.sol token/Bond.sol \ \- token/ConvertibleBond.sol \ \- token/ConvertibleBond\_V2.sol \ \- token/MunicipalBond.sol\ \- token/USTreasuryBill.sol\ \- token/USTreasuryNote.sol\ \- token/USTreasuryBond.sol\ \- token/USTreasurySecurity.sol token/Share.sol\ \- RealEstate.sol *** RESOURCES [Security Types DTCC](https://www.dtcc.com/products/training/helpfiles/asset_services/corporate_actions/help/secfinder/definitions/ewiz_valuelist_defs.htm) [Security Types Docs](/bitnet/taxonomy/security-types) # Utils XFTBatchRouter [0x77047C9A84cf286f3BC8B3880d8D310C8ff67361](https://sepolia.arbiscan.io/address/0x77047c9a84cf286f3bc8b3880d8d310c8ff67361#code) ```json [{"inputs":[{"internalType":"address","name":"_operator","type":"address"}],"stateMutability":"nonpayable","type":"constructor"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":true,"internalType":"address","name":"token","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchBurn","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":true,"internalType":"address","name":"token","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchMint","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":true,"internalType":"address","name":"token","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchTransfer","type":"event"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"address[]","name":"holders","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchBurn","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchMint","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchTransfer","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"operator","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"uint256","name":"permitAmount","type":"uint256"},{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint8","name":"v","type":"uint8"},{"internalType":"bytes32","name":"r","type":"bytes32"},{"internalType":"bytes32","name":"s","type":"bytes32"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"permitAndBatchTransfer","outputs":[],"stateMutability":"nonpayable","type":"function"}] ``` XFTBatchRouter [0x8a43dB6650779c2B933B73f28c059B3a2Cc3b9B2](https://sepolia.arbiscan.io/address/0x8a43dB6650779c2B933B73f28c059B3a2Cc3b9B2#code) batchBurn (0x2a499e50) batchMint (0x0fcfdeb4) batchMintMulti (0xa6b8de67) batchTransfer (0x1239ec8c) permitAndBatchTransfer (0x889f375e) ```json [{"inputs":[{"internalType":"address","name":"_operator","type":"address"}],"stateMutability":"nonpayable","type":"constructor"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":true,"internalType":"address","name":"token","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchBurn","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":true,"internalType":"address","name":"token","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchMint","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchMintMulti","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"operator","type":"address"},{"indexed":true,"internalType":"address","name":"token","type":"address"},{"indexed":false,"internalType":"uint256","name":"totalOperations","type":"uint256"},{"indexed":false,"internalType":"uint256","name":"totalAmount","type":"uint256"}],"name":"BatchTransfer","type":"event"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"address[]","name":"holders","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchBurn","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchMint","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address[]","name":"tokens","type":"address[]"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchMintMulti","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"batchTransfer","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"operator","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"token","type":"address"},{"internalType":"uint256","name":"permitAmount","type":"uint256"},{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint8","name":"v","type":"uint8"},{"internalType":"bytes32","name":"r","type":"bytes32"},{"internalType":"bytes32","name":"s","type":"bytes32"},{"internalType":"address[]","name":"recipients","type":"address[]"},{"internalType":"uint256[]","name":"amounts","type":"uint256[]"}],"name":"permitAndBatchTransfer","outputs":[],"stateMutability":"nonpayable","type":"function"}] ``` XFTBatchRouter [0x3F7b6f1aB6CCBcbe13540078C6283E6Ddf8aECC5](https://sepolia.arbiscan.io/address/0x3F7b6f1aB6CCBcbe13540078C6283E6Ddf8aECC5#code) Multicall3 [0xcA11bde05977b3631167028862bE2a173976CA11](https://sepolia.arbiscan.io/address/0xcA11bde05977b3631167028862bE2a173976CA11#code) ```json [{"inputs":[{"components":[{"internalType":"address","name":"target","type":"address"},{"internalType":"bytes","name":"callData","type":"bytes"}],"internalType":"struct Multicall3.Call[]","name":"calls","type":"tuple[]"}],"name":"aggregate","outputs":[{"internalType":"uint256","name":"blockNumber","type":"uint256"},{"internalType":"bytes[]","name":"returnData","type":"bytes[]"}],"stateMutability":"payable","type":"function"},{"inputs":[{"components":[{"internalType":"address","name":"target","type":"address"},{"internalType":"bool","name":"allowFailure","type":"bool"},{"internalType":"bytes","name":"callData","type":"bytes"}],"internalType":"struct Multicall3.Call3[]","name":"calls","type":"tuple[]"}],"name":"aggregate3","outputs":[{"components":[{"internalType":"bool","name":"success","type":"bool"},{"internalType":"bytes","name":"returnData","type":"bytes"}],"internalType":"struct Multicall3.Result[]","name":"returnData","type":"tuple[]"}],"stateMutability":"payable","type":"function"},{"inputs":[{"components":[{"internalType":"address","name":"target","type":"address"},{"internalType":"bool","name":"allowFailure","type":"bool"},{"internalType":"uint256","name":"value","type":"uint256"},{"internalType":"bytes","name":"callData","type":"bytes"}],"internalType":"struct Multicall3.Call3Value[]","name":"calls","type":"tuple[]"}],"name":"aggregate3Value","outputs":[{"components":[{"internalType":"bool","name":"success","type":"bool"},{"internalType":"bytes","name":"returnData","type":"bytes"}],"internalType":"struct Multicall3.Result[]","name":"returnData","type":"tuple[]"}],"stateMutability":"payable","type":"function"},{"inputs":[{"components":[{"internalType":"address","name":"target","type":"address"},{"internalType":"bytes","name":"callData","type":"bytes"}],"internalType":"struct Multicall3.Call[]","name":"calls","type":"tuple[]"}],"name":"blockAndAggregate","outputs":[{"internalType":"uint256","name":"blockNumber","type":"uint256"},{"internalType":"bytes32","name":"blockHash","type":"bytes32"},{"components":[{"internalType":"bool","name":"success","type":"bool"},{"internalType":"bytes","name":"returnData","type":"bytes"}],"internalType":"struct Multicall3.Result[]","name":"returnData","type":"tuple[]"}],"stateMutability":"payable","type":"function"},{"inputs":[],"name":"getBasefee","outputs":[{"internalType":"uint256","name":"basefee","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"blockNumber","type":"uint256"}],"name":"getBlockHash","outputs":[{"internalType":"bytes32","name":"blockHash","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getBlockNumber","outputs":[{"internalType":"uint256","name":"blockNumber","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getChainId","outputs":[{"internalType":"uint256","name":"chainid","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getCurrentBlockCoinbase","outputs":[{"internalType":"address","name":"coinbase","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getCurrentBlockDifficulty","outputs":[{"internalType":"uint256","name":"difficulty","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getCurrentBlockGasLimit","outputs":[{"internalType":"uint256","name":"gaslimit","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getCurrentBlockTimestamp","outputs":[{"internalType":"uint256","name":"timestamp","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"addr","type":"address"}],"name":"getEthBalance","outputs":[{"internalType":"uint256","name":"balance","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"getLastBlockHash","outputs":[{"internalType":"bytes32","name":"blockHash","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bool","name":"requireSuccess","type":"bool"},{"components":[{"internalType":"address","name":"target","type":"address"},{"internalType":"bytes","name":"callData","type":"bytes"}],"internalType":"struct Multicall3.Call[]","name":"calls","type":"tuple[]"}],"name":"tryAggregate","outputs":[{"components":[{"internalType":"bool","name":"success","type":"bool"},{"internalType":"bytes","name":"returnData","type":"bytes"}],"internalType":"struct Multicall3.Result[]","name":"returnData","type":"tuple[]"}],"stateMutability":"payable","type":"function"},{"inputs":[{"internalType":"bool","name":"requireSuccess","type":"bool"},{"components":[{"internalType":"address","name":"target","type":"address"},{"internalType":"bytes","name":"callData","type":"bytes"}],"internalType":"struct Multicall3.Call[]","name":"calls","type":"tuple[]"}],"name":"tryBlockAndAggregate","outputs":[{"internalType":"uint256","name":"blockNumber","type":"uint256"},{"internalType":"bytes32","name":"blockHash","type":"bytes32"},{"components":[{"internalType":"bool","name":"success","type":"bool"},{"internalType":"bytes","name":"returnData","type":"bytes"}],"internalType":"struct Multicall3.Result[]","name":"returnData","type":"tuple[]"}],"stateMutability":"payable","type":"function"}] ``` XFTSettlementFacility 0xF0Ce1f20c1e7e60BE49ab692217d80b099B6bF4F XFTSettlementFacility 0x5e7Ab4D14989C03a2c92946eDfA0d9F29BCda36C # Swap Facilities **ARBITRUM SEPOLIA** XFTAssetSwaps [0x2464d9F2774786ceD8163e46E246C1300cf2bA2A](https://sepolia.arbiscan.io/address/0x2464d9F2774786ceD8163e46E246C1300cf2bA2A) XFTAssetSwaps\_V3 [0x8b22a7b3F91BE1694229A9DF4FaefDe11E9508da](https://sepolia.arbiscan.io/address/0x8b22a7b3F91BE1694229A9DF4FaefDe11E9508da) XFTAssetSwaps\_V4 [0xfbae4ba53a2FcCD599047d4B2Ff77647e0eb308C](https://sepolia.arbiscan.io/address/0xfbae4ba53a2FcCD599047d4B2Ff77647e0eb308C) XFTAssetSwaps\_V5 [0x05EC1faCe695f78a5A9530c612345603f926EAa7](https://sepolia.arbiscan.io/address/0x05EC1faCe695f78a5A9530c612345603f926EAa7) XFTMultiAssetSwaps [0x43B7B8045279EDD17a75FE857Ab43eF0e90350EB](https://sepolia.arbiscan.io/address/0x43B7B8045279EDD17a75FE857Ab43eF0e90350EB) XFTMultiAssetSwap\_V2 [0x43A8a85A2E8bc98D1c54c3244C3b61230b3cf5E6](https://sepolia.arbiscan.io/address/0x43A8a85A2E8bc98D1c54c3244C3b61230b3cf5E6) # DRS Book entry = wallet balances Settlement = smart contracts, atomic Netting = not needed, RTGS Custody = wallets Corporate actions = smart contracts *** PROBLEM
* [FORM TA-2/A](https://www.sec.gov/Archives/edgar/data/1630490/000163049025000005/xslFTA2X01/primary_doc.xml) * FIS Investor Services LLC /TA CIK#: [0001630490 (see all company filings)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany\&CIK=0001630490\&owner=exclude\&count=40) SOLUTION Bitstream blockchain book-entry. [TransferAgentModule\_V5.sol](https://arbiscan.io/address/0x0a5e03aaa760873c22c25f132ee642a2d4cc9865#code) *** ### TECHNICAL IMPLEMENTATION * tokenized new issue = DTC book entry * wallets = DTC participant acc * smart contracts = DTC settlement **distributeDividends (0xbce049b7)** Distributes dividends to the account if it has holdings. The amount of shares to distribute in the form of divideds are calculated as follows: Share dividends = (account's balance \* rate) / price This operation will mint or burn shares according to the rate provided. If rate > 0 it will mint shares If rate < 0 it will burn shares accounts (address\[])\ date (uint256): The date of the request as a UNIX timestamp\ rate (int256): The rate for the given shareholder\ price (uint256): The NAV price per share **distributeDividends (0xd2920e5f)** Distributes full or proportional dividends to the account if it has holdings. The amount of shares to distribute in the form of divideds are calculated as follows: If the adjusted shares for the account are greather than zero, Share dividends = (adjusted shares \* rate) / price Otherwise, Share dividends = (account's balance \* rate) / price This operation will mint or burn shares according to the rate provided. If rate > 0 it will mint shares If rate < 0 it will burn shares accounts (address\[])\ adjustedShares (uint256\[])\ date (uint256): The date of the request as a UNIX timestamp\ rate (int256): The rate for the given shareholder\ price (uint256): The NAV price per share endOfDay (0x72cfff36) Distributes dividends and settles existing requests prior to the specified date for the given account. accounts (address\[])\ txIds (bytes32\[])\ date (uint256): The date of the request as a UNIX timestamp\ rate (int256): The rate\ price (uint256): The NAV price per share **endOfDay (0xa4152129)** Distributes full or partial dividends and settles existing requests prior to the specified date for the given account. accounts (address\[])\ adjustedShares (uint256\[])\ txIds (bytes32\[])\ rate (int256): The rate\ price (uint256): The NAV price per share **settleTransactions (0xfd059319)** Settles existing requests prior to the specified date for the given account. This operation will mint or burn shares according to the request type. accounts (address\[])\ txIds (bytes32\[])\ rate (int256): The rate\ price (uint256): The NAV price per share **settleCXTransaction (0xda9d15b6)** Settles the given cross-chain request prior to the specified date for the given account. This operation will mint or burn shares according to the request type. account (address) the address of the shareholders' account \ requestId (bytes32) the id of the request to process \\ date (uint256) the maximum date to process the request represented as a UNIX timestamp \\ price (uint256) The NAV price per share **settleCXTransactions (0x23b2a067)** Settles all the account's request given as an array of id's prior to the specified date. account (address) the address of the shareholders' account \ requestIds (bytes32\[]) \ date (uint256) the maximum date to finish processing request from represented as a UNIX timestamp \ price (uint256) the NAV price per share ### USER / DATA FLOWS INVESTOR BUYS SHARES 1. Investor submits purchase request via Transactional Module. 2. Transactional Module checks Authorization Module for investor whitelist status. 3. Transactional Module stores pending transaction. 4. Admin calls Transfer Agent Module with NAV price at end of day. 5. Transfer Agent Module reads pending transactions from Transactional Module. 6. Transfer Agent Module calculates shares = (cash amount × scale factor) / price. 7. Transfer Agent Module calls Fund Token to mint shares to investor. 8. Fund Token checks Authorization Module to verify recipient is authorized. 9. Fund Token mints shares to investor balance. 10. Transfer Agent Module clears transaction from Transactional Module. DAILY DIVIDEND DISTRIBUTION 1. Admin calls Transfer Agent Module with rate and price. 2. Transfer Agent Module checks Authorization Module to verify caller is admin. 3. Transfer Agent Module reads investor balance from Fund Token. 4. Transfer Agent Module calculates dividend shares = (balance × rate) / price. 5. Transfer Agent Module calls Fund Token to mint dividend shares. 6. Fund Token updates investor balance. 7. Transfer Agent Module emits DividendDistributed event. INVESTOR REDEEMS SHARES 1. Investor submits liquidation request via Transactional Module. 2. Transactional Module stores pending redemption. 3. Admin calls Transfer Agent Module at end of day. 4. Transfer Agent Module reads pending liquidation from Transactional Module. 5. Transfer Agent Module calls Fund Token to burn shares. 6. Fund Token reduces investor balance. 7. Transfer Agent Module clears transaction from Transactional Module. 8. Off chain system triggers USD wire to investor. ACCOUNT RECOVERY (LOST KEYS) 1. Admin calls Transfer Agent Module recoverAccount function. 2. Transfer Agent Module checks Transactional Module for pending transactions. 3. Transfer Agent Module calls Fund Token to transfer full balance to new address. 4. Transfer Agent Module calls Authorization Module to deauthorize old address. 5. Authorization Module updates whitelist. CROSS CHAIN TRANSFER OUT 1. Investor requests CXFER\_OUT via Transactional Module. 2. Admin calls Transfer Agent Module settleCXTransaction. 3. Transfer Agent Module burns shares from Fund Token. 4. Bridge system mints equivalent on destination chain. CROSS CHAIN TRANSFER IN 1. Bridge system records CXFER\_IN in Transactional Module. 2. Admin calls Transfer Agent Module settleCXTransaction. 3. Transfer Agent Module mints shares on Fund Token. 4. Investor receives shares on this chain.
*** RESOURCES # AIP Alternative Investment Product Services (AIP) is a standardized, trading and reporting platform that links the alternative investments industry to securely and efficiently exchange data and money. **Pre-Trade: Foundation for Seamless Execution** * Fund Onboarding: Establish funds with unique identifiers and key operational details. * Investor Account Setup: Create and maintain investor profiles with precision. * Lifecycle Configuration: Define purchase, redemption, and capital call periods to align with fund strategies.  **Trade: Execute with Confidence** * Transaction Processing: Execute purchases, redemptions, commitments, and capital calls electronically. * Order Management: Streamline order flow with standardized data exchange and payment. * Secure Data Handling: Ensure integrity and confidentiality across all trade interactions. **Post-Trade: Transparency & Efficiency** * Position Reporting: Deliver accurate investor position updates to custodians and broker-dealers. * Account Activity: Reflect investor account changes in real time. * Valuation & Commissions: Report NAVs and commissions with clarity and consistency. * Internal Transfers: Facilitate non-ACAT transfers securely within the platform. *** RESOURCES # DTC **Traditional:** Seller → Introducing Broker → Clearing Broker → DTC → NSCC → DTC → Clearing Broker → Introducing Broker → Buyer
NSCC nets all trades. NSCC guarantees settlement. DTC moves securities. Fedwire moves cash. If one side fails, NSCC covers. FUNCTION Immobilizes physical certificates (holds master certificate). Maintains book entry ownership records. Settles trades by debiting seller, crediting buyer. Nets cash obligations across all participants daily. Guarantees settlement via National Securities Clearing Corporation (NSCC). NEW ISSUES * Issuer hires underwriter (investment bank). * Underwriter markets bonds to institutional investors. * Investors commit to buy at offering price. * On settlement date, DTCC settles the trade. Underwriter deposits bonds at DTC (DTCC subsidiary).\ DTC holds bonds in street name (Cede & Co).\ DTC credits bonds to underwriter's DTC account.\ Underwriter delivers bonds to investor accounts via DTC book entry.\ DTC debits underwriter account, credits investor accounts.\ Fedwire or bank transfers move cash: investors → underwriter → issuer.\ DTC nets all cash movements across participants end of day. # CONVERTIBLE BONDS ## Convertible Bond Events ISSUANCE \ COUPON\_PAYMENT \ TRANSFER \ CONVERSION \ MATURITY *** ## Convertible Bond Smart Contract Data Flows ### ISSUANCE 1. Issuer approves convertible bond offering with conversion ratio and price. 2. Admin whitelists investors in Authorization Module. 3. Transfer Agent Module mints bond tokens to investor wallets. 4. Investors wire purchase price to issuer off chain. 5. Bond Token stores conversion terms in contract metadata. ### COUPON\_PAYMENT 1. Bond reaches scheduled coupon date. 2. Admin calls Transfer Agent Module with coupon rate. 3. Transfer Agent Module reads all holder balances from Bond Token. 4. Transfer Agent Module calculates coupon per holder. 5. Paying agent wires coupon to each holder off chain. ### TRANSFER 1. Seller and buyer agree on price off chain. 2. Broker submits transfer to Transactional Module. 3. Authorization Module verifies both parties whitelisted. 4. Transfer Agent Module moves bonds from seller to buyer. 5. Buyer wires price to seller off chain. ### CONVERSION 1. Holder elects to convert bonds to equity. 2. Holder submits conversion request to Transactional Module. 3. Transfer Agent Module reads conversion ratio from bond metadata. 4. Transfer Agent Module burns bond tokens from holder wallet. 5. Transfer Agent Module calculates equity shares = bond par × conversion ratio. 6. Transfer Agent Module mints equity shares on Equity Token to holder wallet. 7. Holder now owns common stock instead of bonds. ### MATURITY 1. Bond reaches maturity date. 2. Admin calls Transfer Agent Module. 3. Transfer Agent Module reads all remaining holder balances. 4. Transfer Agent Module burns all bond tokens. 5. Paying agent wires par value to each holder off chain. 6. Bond contract marked inactive. # INTERVAL FUND ## Interval Fund Events SUBSCRIPTION \ REPURCHASE \ PRORATION \ DIVIDEND\_CASH \ DIVIDEND\_REINVEST \ CAPITAL\_GAIN \ SHARE\_CLASS\_CONVERSION \ FUND\_EXCHANGE\_IN \ FUND\_EXCHANGE\_OUT \ TRADE\_CORRECTION \ ACCOUNT\_OPENING \ FUND\_MERGER \ FUND\_CLOSURE \ REVERSE\_STOCK\_SPLIT \ RETURN\_OF\_CAPITAL *** ## Interval Fund Smart Contract Data Flows ### SUBSCRIPTION (Continuous) 1. Investor submits subscription via Transactional Module. 2. Transactional Module checks Authorization Module for investor whitelist. 3. Transactional Module stores pending CASH\_PURCHASE. 4. Admin calls Transfer Agent Module with NAV price at end of day. 5. Transfer Agent Module calculates shares = (cash × scale) / price. 6. Transfer Agent Module calls Fund Token to mint shares. 7. Fund Token updates investor balance. 8. Transfer Agent Module clears transaction from Transactional Module. ### REPURCHASE (Periodic) 1. Fund announces repurchase period with start date, end date, and offer percentage. 2. Admin opens repurchase window in Transactional Module. 3. Investors submit repurchase requests during window. 4. Transactional Module stores pending CASH\_LIQUIDATION with timestamp. 5. Repurchase window closes at deadline. 6. Admin calls Transfer Agent Module on repurchase processing date. 7. Transfer Agent Module reads all pending repurchases from Transactional Module. 8. Transfer Agent Module checks if total requests exceed offer limit. 9. If under limit, Transfer Agent Module burns shares from Fund Token for each investor. 10. If over limit, Transfer Agent Module triggers proration. 11. Off chain system wires USD to investors. ### PRORATION 1. Transfer Agent Module sums all repurchase requests. 2. Total exceeds repurchase offer limit (e.g., 5% of shares outstanding). 3. Transfer Agent Module calculates proration factor = offer limit / total requests. 4. Transfer Agent Module adjusts each investor's repurchase proportionally. 5. Transfer Agent Module burns prorated shares from Fund Token. 6. Transfer Agent Module updates remaining requests for next repurchase period. 7. Admin communicates proration factor to intermediaries. 8. Investors receive partial redemption proceeds. ### DIVIDEND\_CASH 1. Fund declares dividend with record date and pay date. 2. Transfer Agent Module snapshots all holder balances at record date. 3. Admin calls Transfer Agent Module distributeDividends on pay date. 4. Transfer Agent Module calculates each holder's dividend amount. 5. Transfer Agent Module emits DividendDeclared event per holder. 6. Off chain system wires cash to shareholders electing cash. 7. No shares minted or burned. ### DIVIDEND\_REINVEST 1. Fund declares dividend with record date and pay date. 2. Transfer Agent Module snapshots all holder balances at record date. 3. Admin calls Transfer Agent Module on pay date. 4. Transfer Agent Module calculates dividend amount per holder. 5. Transfer Agent Module calculates reinvest shares = dividend amount / NAV. 6. Transfer Agent Module calls Fund Token to mint reinvest shares. 7. Fund Token updates holder balances. 8. No cash leaves fund. ### CAPITAL\_GAIN 1. Fund declares capital gain distribution with record date. 2. Transfer Agent Module snapshots holder balances. 3. Admin calls Transfer Agent Module on pay date. 4. For cash election holders, off chain system wires proceeds. 5. For reinvest election holders, Transfer Agent Module mints shares. 6. Transfer Agent Module emits CapitalGainDistributed event. ### SHARE\_CLASS\_CONVERSION 1. Investor requests conversion from Class A to Class I. 2. Admin verifies investor eligibility for destination class. 3. Admin schedules conversion for repurchase processing date. 4. Transfer Agent Module burns Class A shares from Fund Token. 5. Transfer Agent Module mints equivalent Class I shares. 6. Fund Token updates balances in both share classes. 7. No taxable event triggered. ### FUND\_EXCHANGE\_OUT 1. Investor requests exchange from Interval Fund A to Open End Fund B. 2. Admin verifies both funds in same family. 3. Exchange must coincide with repurchase processing date. 4. Transfer Agent Module burns shares from Interval Fund A. 5. Transfer Agent Module calls Fund B Token to mint shares. 6. Both transactions linked to prevent partial execution. 7. Net settlement via NSCC if using Fund/SERV. ### FUND\_EXCHANGE\_IN 1. Investor requests exchange from Open End Fund B to Interval Fund A. 2. Admin verifies both funds in same family. 3. If Interval Fund A continuously offered, exchange processes daily. 4. Transfer Agent Module burns shares from Fund B. 5. Transfer Agent Module mints shares in Interval Fund A. 6. Fund Token updates investor balance. ### TRADE\_CORRECTION 1. Intermediary identifies missed repurchase deadline. 2. Intermediary submits correction request to Transfer Agent. 3. Transfer Agent Module checks fund as of policy. 4. If correction crosses dividend period, request denied. 5. If correction causes NAV error, request denied. 6. If correction would trigger proration retroactively, request denied. 7. If approved, Transfer Agent Module processes as of transaction. 8. Intermediary assumes market risk for price changes. ### ACCOUNT\_OPENING 1. Investor completes KYC/AML off chain. 2. Compliance verifies identity. 3. Admin calls Authorization Module to whitelist investor address. 4. Authorization Module adds investor to shareholder registry. 5. Investor can now subscribe to fund. ### FUND\_MERGER 1. Board approves merger of Fund A into Fund B. 2. Admin announces merger with effective date. 3. On effective date, Transfer Agent Module reads all Fund A balances. 4. Transfer Agent Module calculates exchange ratio. 5. Transfer Agent Module burns all Fund A shares. 6. Transfer Agent Module mints equivalent Fund B shares. 7. Fund A Token deactivated. 8. Shareholders now hold Fund B. ### FUND\_CLOSURE 1. Board approves fund liquidation. 2. Admin announces closure with final repurchase date. 3. All pending subscriptions rejected after announcement. 4. On final date, Transfer Agent Module burns all shares. 5. Fund Token totalSupply goes to zero. 6. Off chain system distributes liquidation proceeds to all holders. 7. Fund Token contract deactivated. ### REVERSE\_STOCK\_SPLIT 1. Board approves reverse split ratio (e.g., 1:10). 2. Admin calls Transfer Agent Module processReverseSplit. 3. Transfer Agent Module reads all holder balances from Fund Token. 4. Transfer Agent Module calculates new balance = old balance / ratio. 5. Transfer Agent Module handles fractional shares (cash out or round). 6. Transfer Agent Module burns excess shares. 7. Fund Token updates all holder balances. 8. NAV per share increases proportionally. ### RETURN\_OF\_CAPITAL 1. Fund declares return of capital distribution. 2. Transfer Agent Module snapshots holder balances at record date. 3. Admin calls Transfer Agent Module on pay date. 4. Off chain system wires return of capital to holders. 5. No shares minted or burned. 6. Shareholder cost basis reduced for tax purposes. 7. Transfer Agent Module emits ReturnOfCapital event. FUND OPERATION INTERVAL FUND REDEMPTION 1. Board of Directors Approves Repurchase Order 2. Notice of Repurchase Offer Sent to Shareholders 3. File Notice on Form N-23c-3 with SEC 4. Repurchase Request Deadline 5. Repurchase Pricing Date 6. Repurchase Payment Deadline # MUNICIPAL BONDS ## Municipal Bond Events ISSUANCE COUPON\_PAYMENT TRANSFER MATURITY *** ## Municipal Bond Smart Contract Data Flows ### ISSUANCE 1. Municipality approves bond offering. 2. Underwriter allocates bonds to investors off chain. 3. Admin whitelists investors in Authorization Module. 4. Admin records allocations in Transactional Module. 5. Transfer Agent Module mints par value to each investor on Bond Token. 6. Investors wire purchase price to issuer off chain. ### COUPON\_PAYMENT 1. Bond reaches scheduled coupon date. 2. Admin calls Transfer Agent Module with coupon rate. 3. Transfer Agent Module reads all holder balances from Bond Token. 4. Transfer Agent Module calculates coupon per holder. 5. Transfer Agent Module emits CouponPayment event. 6. Paying agent wires coupon to each holder off chain. ### TRANSFER 1. Seller and buyer agree on price off chain. 2. Broker submits transfer to Transactional Module. 3. Authorization Module verifies both parties whitelisted. 4. Transfer Agent Module moves par from seller to buyer on Bond Token. 5. Buyer wires price plus accrued interest to seller off chain. ### MATURITY 1. Bond reaches maturity date. 2. Admin calls Transfer Agent Module. 3. Transfer Agent Module reads all holder balances. 4. Transfer Agent Module burns all tokens from Bond Token. 5. Paying agent wires par value to each holder off chain. 6. Bond contract marked inactive. # Page 2 Issuer Name CITY OF QUINCY Issuer Name Short QUINCY MASS (MA) Issue GENERAL OBLIGATION ROADWAY AND SIDEWALK BONDS (DIGITAL DEBT SERVICE ISSUE) Denomination $5000
ISINTickerCouponMaturityPrincipalDescriptionCUSIPFIGI
US748508V218MA QUI 5 05/01/202555/1/20251,180,000ROADWAY & SIDEWALKS-DIGITAL748508V21BBG01MMRB9S4
US748508V390MA QUI 5 05/01/202655/1/20261,240,000ROADWAY & SIDEWALKS-DIGITAL748508V39BBG01MMRB9T3
US748508V473MA QUI 5 05/01/202755/1/20271,300,000ROADWAY & SIDEWALKS-DIGITAL748508V47BBG01MMRB9V0
US748508V549MA QUI 5 05/01/202855/1/20281,370,000ROADWAY & SIDEWALKS-DIGITAL748508V54BBG01MMRB9X8
US748508V622MA QUI 5 05/01/202955/1/20291,435,000ROADWAY & SIDEWALKS-DIGITAL748508V62BBG01MMRB9Z6
US748508V705MA QUI 5 05/01/203055/1/20301,505,000ROADWAY & SIDEWALKS-DIGITAL748508V70BBG01MMRBB09
US748508V887MA QUI 5 05/01/203155/1/20311,585,000ROADWAY & SIDEWALKS-DIGITAL748508V88BBG01MMRBB18
**JPMorgan Chase Bank, National Association; J.P. Morgan Securities LLC** JPMorgan Chase Bank, National Association has advised us that it is: • a national banking association organized under the laws of the United States;\ • a “banking organization” within the meaning of the New York State Banking Law;\ • a member of the Federal Reserve System; and\ • a “securities intermediary” within the meaning of the Uniform Commercial Code. JPMorgan Chase Bank, National Association has advised us that it is not a “clearing agency” registered under Section 17A of the United States Exchange Act of 1934, as amended (the “Exchange Act”). J.P. Morgan Securities LLC has advised us that it is: • a limited liability company organized under the laws of Delaware; and\ • a “broker-dealer” registered under Section 15 of the Exchange Act. J.P. Morgan Securities LLC has advised us that it is not a “clearing agency” registered under Section 17A of the Exchange Act. RESOURCES P21804543-P21384806-P21824954.txt [https://emma.msrb.org/IssueView/Details/P2428918 ]() GENERAL OBLIGATION ROADWAY AND SIDEWALK BONDS (DIGITAL DEBT SERVICE ISSUE) 5/2/2024 2025 to 2031 # TECHNICAL Transfer agents *record changes of ownership*, maintain the issuer's security holder records, cancel and issue certificates, and distribute dividends. FUND OPERATIONS adjustBalance distributeDividends [endOfDay](/bitnet/use-cases/drs/technical) settleTransactions settleCXTransactions TRANSACTION OPERATIONS ADJUSTMENT\ AIP\ DIVIDEND\ DIVIDEND REINVESTMENT\ CASH\_LIQUIDATION\ SHARE\_LIQUIDATION\ CASH\_PURCHASE\ SHARE\_PURCHASE\ FULL\_LIQUIDATION\ SHARE\_TRANSFER\ CXFER\_OUT\ CXFER\_IN DATA TYPES ```solidity enum TransactionType { INVALID, ADJUSTMENT, AIP, DIVIDEND, DIVIDEND_REINVESTMENT, CASH_LIQUIDATION, SHARE_LIQUIDATION, CASH_PURCHASE, SHARE_PURCHASE, FULL_LIQUIDATION, SHARE_TRANSFER, CXFER_OUT, CXFER_IN } ``` *** RESOURCES TransactionIfaces.sol {% code expandable="true" %} ```solidity // SPDX-License-Identifier: Business Source License 1.1 pragma solidity 0.8.18; import {IAuthorization} from "./IAuthorization.sol"; interface ITransactionStorage { enum TransactionType { INVALID, ADJUSTMENT, AIP, DIVIDEND, DIVIDEND_REINVESTMENT, CASH_LIQUIDATION, SHARE_LIQUIDATION, CASH_PURCHASE, SHARE_PURCHASE, FULL_LIQUIDATION, SHARE_TRANSFER, CXFER_OUT, CXFER_IN } struct TransactionDetail { TransactionType txType; uint256 date; uint256 amount; bool selfService; } struct ShareholderTransaction { bytes32 txId; TransactionDetail txDetail; } function clearTransactionStorage( address account, bytes32 requestId ) external returns (bool); function unlistFromAccountsWithPendingTransactions( address account ) external; function getAccountTransactions( address account ) external view returns (bytes32[] memory); function getTransactionDetail( bytes32 requestId ) external view returns (uint8, uint256, uint256, bool); function getAccountsWithTransactions( uint256 pageSize ) external view returns (address[] memory accounts); function getAccountsWithTransactionsCount() external view returns (uint256); function hasTransactions(address account) external view returns (bool); function isFromAccount( address account, bytes32 requestId ) external view returns (bool); } // Extended interface introduced for the new Share Transfer functionality, // it was added in TransactionalModule_V3.sol interface IExtendedTransactionDetail is ITransactionStorage { struct ExtendedTransactionDetail { TransactionType txType; uint256 date; uint256 amount; bool selfService; address source; address destination; } function getExtendedTransactionDetail( bytes32 requestId ) external view returns (uint8, address, address, uint256, uint256, bool); } interface IShareholderTransaction { function requestCashPurchase( address account, uint256 date, uint256 amount ) external; function requestCashLiquidation( address account, uint256 date, uint256 amount ) external; function requestFullLiquidation(address account, uint256 date) external; } interface IShareholderTransferTransaction { function requestShareTransfer( address account, address destination, uint256 date, uint256 amount ) external; } interface IShareholderSelfServiceTransaction { function requestSelfServiceCashPurchase(uint256 amount) external; function requestSelfServiceCashLiquidation(uint256 amount) external; function requestSelfServiceFullLiquidation() external; function enableSelfService() external; function disableSelfService() external; function isSelfServiceEnabled() external view returns (bool); } interface IShareholderSelfServiceTransferTransaction { function requestSelfServiceShareTransfer( uint256 amount, address destination ) external; } interface ITransferAgentTransaction { function setupAIP(address account, uint256 date, uint256 amount) external; } interface ICancellableSelfServiceTransaction { function cancelSelfServiceRequest( bytes32 requestId, string memory memo ) external; } interface ICancellableTransaction { function cancelRequest( address account, bytes32 requestId, string calldata memo ) external; } ``` {% endcode %} # endOfDay FUND EOD NAV FUNCTION ```solidity function endOfDay( address[] calldata accounts, uint256[] calldata adjustedShares, bytes32[] calldata txIds, uint256 date, int256 rate, uint256 price ) external virtual override onlyAdmin onlyWithValidRate(rate) onlyValidPaginationSize(accounts.length, MAX_ACCOUNT_PAGE_SIZE) onlyValidPaginationSize(adjustedShares.length, MAX_ACCOUNT_PAGE_SIZE) onlyValidPaginationSize(txIds.length, MAX_TX_PAGE_SIZE) { require( accounts.length == adjustedShares.length, "ARRAY_LENGTH_MISMATCH" ); moneyMarketFund.updateLastKnownPrice(price); for (uint i = 0; i < accounts.length; ) { uint256 accountBalance; if (adjustedShares[i] == 0) { accountBalance = moneyMarketFund.balanceOf(accounts[i]); } else { accountBalance = adjustedShares[i]; } _processDividends(accounts[i], accountBalance, date, rate, price); _processSettlements(txIds, accounts[i], date, price); unchecked { i++; } } } ``` INTERFACE ```solidity function endOfDay( address[] memory accounts, uint256 date, int256 rate, uint256 price ) external; function endOfDay( address[] calldata accounts, bytes32[] calldata txIds, uint256 date, int256 rate, uint256 price ) external; function endOfDay( address[] calldata accounts, uint256[] calldata adjustedShares, bytes32[] calldata txIds, uint256 date, int256 rate, uint256 price ) external; ``` USER FLOW RESOURCES # TransferAgentModule\_V5 ## TransferAgentModule\_V5 This contract is an on-chain **transfer agent** for a tokenized money market fund (like FOBXX). It handles: ### Core Operations #### 1. **Dividend Distribution** ``` dividendShares = (balance × rate) / price ``` * Positive rate → mint shares (yield) * Negative rate → burn shares (rare negative yield) #### 2. **Transaction Settlement** Processes pending buy/sell orders: * **Purchases** (AIP, cash) → mint shares: `shares = (cashAmount × scaleFactor) / NAV` * **Liquidations** → burn shares, return cash value * **Transfers** → move shares between accounts #### 3. **End of Day** (combined operation) Dividends + settlements in one call—typical daily batch. *** ### Example: FOBXX Daily Operations **Morning:** Investors submit orders (stored in TransactionalModule) **4PM NAV published:** $1.0002/share, daily rate = 0.00014 (5.1% APY) **Admin calls `endOfDay`:** ``` accounts: [0xAlice, 0xBob, 0xCarol] txIds: [pending orders to skip if needed] date: 1736380800 // today rate: 140000000000000 // 0.014% scaled price: 1000200000000000000 // $1.0002 scaled ``` **For Alice (holds 10,000 shares, pending $5,000 purchase):** 1. Dividend: `10000 × rate / price` → \~1.4 shares minted 2. Settlement: `$5000 / $1.0002` → \~4,999 shares minted *** ### Admin Controls | Function | Purpose | | ---------------------- | ----------------------------------- | | `adjustBalance` | Fix errors manually | | `recoverAccount` | Transfer entire balance (lost keys) | | `recoverAsset` | Partial recovery | | `settleCXTransactions` | Cross-chain transfers | All functions require admin role and emit detailed events for audit trail. # Energy DRS compresses energy supply chain credit tenor to RTGS. DRS perpetual futures. Hedging energy for end users and generator
Generator;s hedge
End users hedge
Marketer's long hedge
Marketer's short hedge
Generator's speculative positions
The “stack and roll” method poses serious cash flow risks. A firm must have sufficient capital \ to ensure that it can pay for potentially large derivative losses in the early years, that will be \ offset by gains in the physical position in future years. This problem is particularly striking \ since futures-spot price relationships \ that are beneficial for generators are \ detrimental to marketers. If both \ generators and marketers are \ employing the “stack and roll” method \ at the same time, one of them will \ experience gains while the other will experience losses in the early years of the hedge. It was \ exactly this cash flow problem associated with the “stack and roll” that caused \ Metallgesellschaft to lose $1.3 billion trying to hedge its oil marketing activities. It is this risk \ that electricity regulators must be aware of when designing policies to control the use of \ electric rate derivatives. *Sell power*, *buy* gas {% file src="/files/F7L8WqGhbxqniRoDsHWe" %}
# Bitstream Bitstream is the central securities depository arm of The XFT Group. It provides settlement, custody, issuance, and post-trade infrastructure for global markets.
# Blockchain # L1 network # Whitelabel L2 networks # CSD
*** RESOURCES # SSS Securities settlement systems
*** RESOURCES # IDN International Deposits Network (IDN) The IDN is our RTGS payment system for tokenized commercial bank deposits. It is used to put onchain tokenized products into traditional offchain bank accounts. Send cross-border real-time payments using IDN blockchain deposit accounts. **Why use IDN?** **Corporate treasury:** Instant transfers between internal business accounts can maximize investment of excess cash, free working capital and streamline reconciliation with data-rich ISO® 20022 messaging. **Corporate payroll:** Transferring funds between internal accounts at an organization or between an organization and its payroll processor can enable faster funding, negate the need to prefund payroll accounts and eliminate reliance on less efficient payment options, such as checks. **Vendor payments:** Using instant payments to pay suppliers for inventory or services can benefit businesses by improving cash flow management, enhancing operational efficiency and optimizing liquidity management. **Real estate transactions:** Immediate clearing and settlement of high-dollar commercial real estate payments, such as escrow account funding and contractor payments, can provide certainty of funds, allow after-hour and weekend payments, and improve transparency during the process. **Benefits** * **Avoid prefunding with 24/7 real-time payments:** Move funds on banking holidays, fund shortfalls, working capital gaps, and other ad hoc transfers. * **Cross-border payments:** Unlock working capital globally with cross-border payments and enable new business models, for example, machine-to-machine payments. * **Real-time visibility:** View transactions and balances in real-time to ensure transparency and finality of payment. * **Advance payment type support:** Use Delivery versus Payment (DvP), Payment versus Payment (PvP), and machine-to-machine payment types. **When to use the IDN?** * **Intra-company payments:** Optimize and mobilize your liquidity among connected entities by moving funds domestically or cross-border 24/7/365, including on holidays. * **Inter-company payments:** Speed up commercial settlement and align treasury processes to the real-time nature of the industry by moving funds domestically or cross-border any day and time of the week including on holidays. * **Merchant acquirers and beneficiaries:** Pay acquirers 24/7, and settle funds with certainty on-demand, multiple times a day and minimize need for prefunding and credit lines. * **Unlock idle working capital and liquidity:** Efficiently leverage your existing liquidity by automatically moving funds cross-border in a “follow the sun” model to draw on liquidity as needed. * **USD offshore Clearing for financial institutions:** Instantaneously settle and clear USD minimizing the need to prefund or use of credit lines on nostro accounts for financial institutions onchain. * **Event driven payments:** Automated real time treasury through the use of Programmable Payments using an intuitive ‘if-this-then-that’ web interface. **When to use IDN for Real-Time Payments** * **Wallet withdrawals:** Give users immediate access to funds by initiating transfers from digital wallets to bank accounts. * **Instant payroll:** Empower employees with on-demand payouts for their earned wages. * **Merchant payouts:** Give merchants the flexibility to access their funds on demand. * **Vendor payments:** Pay vendors for services and goods provided and reduce costly follow-ups. * **Urgent payments and payroll:** Make urgent payments to employees with speed and finality. * **Bill payments:** Confirm received payments in real-time, reducing support calls. ### Use cases

Car Sales and Auto Lending

Expediting New and Used Car Sales

Real-time payments over the IDN allow car sellers to receive payment at the same time they hand over the keys to the buyer.

Consumer Loans

Expediting Personal Loans for Consumers

Consumers who need short-term loans in an emergency benefit from real-time payments.

Corporate Credit Cards

IDN Payments Help Keep Corporate Cards Funded

Instant payments can prefund or pay balances for corporate cards.

Digital Wallets

Instantly Move Funds From Digital Wallets to Bank Accounts

Real-time payments over the IDN allow customers to transfer stored digital-wallet funds instantaneously.

Earned Wage Access

Instant Pay Reduces Financial Anxiety

Access to earned wages or real-time pay helps workers during difficult economic times.

Freight Factoring

Instant Payments Provides Competitive Advantage

Payments over the IDN allow companies that use factoring to receive their payments instantly.

Merchant Funding

Merchants/SMB Can Improve Cash Flow with IDN Payments

Real-time payments allow merchants to receive their funds 24/7, improving cash flow and removing payment delays.

Mortgage

Real Estate Transactions Benefit from IDN

Real-time payments streamlines the real-estate closing process, and increases customer satisfaction.

Payroll

Real-time Payments for Payroll

Payments over the IDN allow employers to send employees their pay at the end of their shift.

Sports Wagering

Transfer Sports Wagering Winnings to Bank Accounts in Real Time

Instant payments eliminates the wait players have experienced when moving sports wagering winnings to bank accounts.

Transportation

Instant Payments Keep Transportation Companies on the Move

Payments over the IDN allow transportation companies to pay for transportation-related costs within seconds.
# Push to Card Push to Card is a 24/7 payment rail that lets you send funds in near real time from a XFT account to a beneficiary's eligible Visa, Mastercard, Amex debit card or reloadable prepaid card. A push payment is an original credit transaction (OCT). An OCT occurs when a business or an individual pushes, or sends, funds to a beneficiary’s 16-digit card number. It provides the beneficiary with access to the funds in 30 minutes or less. **When to use Push to Card** * **Insurance claims:** Issue instant claim reimbursements, billing refunds, and annuity payouts to policyholders. * **Gig worker payments:** Pay gig workers instantly without their sensitive banking details. * **Telecom promotions:** Offer financial incentives that entice mobile users to switch from competitors’ phone plans. * **Government disbursements:** Disburse government payments to beneficiaries, including Social Security, unemployment, and disability. * **Marketplace payouts:** Send payouts to marketplace sellers’ debit cards. * **Airline payments:** Make payments to recipients for lost baggage, employee compensation, and more. **Why use Push to Card** * **Consolidation:** A supplement to a payments agenda that lets you see everything from a single XFT account. * **Coverage:** A nearly ubiquitous solution that lets you cater to those with Visa and Mastercard debit cards and reloadable prepaid cards. * **Speed:** Typical fund availability for cardholders in near real time with a payment network service-level agreement of 30 minutes in supported markets. * **Ease of use:** The ability to identify beneficiaries through a 16-digit card number and expiration date rather than lengthy bank account and routing numbers. # Push to Wallet Push to Wallet is a 24/7/365 payment rail that lets you quickly send funds from a XFT IDN account to a beneficiary’s PayPal, Venmo, Zelle, or crypto wallet. **When to use Push to Wallet** * **Insurance claims:** Issue seamless claim payouts to policyholders. * **Contractor payments:** Pay gig workers for short-term engagements or temporary contracts. * **Promotions:** Offer financial incentives that entice mobile users to switch from competitors’ phone plans.  * **Rebates:** Issue rebates to customers. * **Travel reimbursements:** Send payouts to recipients for lost baggage, travel inconvenience, and more. **Why use Push to Wallet** * **Speed:** Quick availability of funds for beneficiaries. * **Reach:** Access to a network of millions of external wallet users, including those who prefer alternate payment methods.  * **Ease of use:** The ability to identify beneficiaries through email addresses and mobile phone numbers rather than lengthy account and routing numbers. ***Zelle*****® Disbursements** is a 24/7 payment rail that lets you quickly send funds from a XFT IDN account to a beneficiary's email address or mobile phone number through the *Zelle*® network. **Why use Zelle® Disbursements** * Speed: Quick availability of funds for beneficiaries. * Coverage: A large footprint in the United States that includes more than 1,800 banks and most consumer accounts. * Ease of use: Easy identification of beneficiaries through email addresses and mobile phone numbers rather than lengthy account and routing numbers. When to use Zelle® Disbursements * Insurance claims: Offer consumers a seamless way to receive claim payments. * Gig worker payments: Pay gig workers instantly without their sensitive banking details. * Airline payments: Make payments to recipients for lost baggage, employee compensation, and more. **How use Zelle® Disbursements** 1. A sender (individual, small business, or corporation) initiates a request to send money to a receiver (individual or small business). 2. The sender’s Financial Institution (FI) sends payment information to the *Zelle*® network. 3. The *Zelle*® network sends a message to the receiver’s FI. 4. The receiver’s FI processes the payment to the receiver. 5. Funds credited into receiver’s account. # XFT Token Service XFT Token Service generates TANs for legacy and blockchain payment rail interoperability. This means users can send stablecoins to a wallet using, for example, the associated ABA RTN. It is also used for onchain bank account creation. # Supported Networks & Identifiers {% columns %} {% column %} FedNow SWIFT Arbitrum XFT L1 Canton {% endcolumn %} {% column %} ABA RTN SWIFT/BIC IBAN LEI DTC ID Tax ID EVM Addresses {% endcolumn %} {% endcolumns %} # Federal School Code Lists Federal School *Code* (FSC) = Title IV Institution Code ### Unique Entity Identifier (UEI) The Unique Entity Identifier (UEI) for an awardee or recipient is an alphanumeric code created in the System for Award Management (SAM.gov) that is used to uniquely identify specific commercial, nonprofit, or business entities registered to do business with the federal government. ### DUNS DUNS stands for Data Universal Numbering System. It is a unique 9-digit identification number assigned to a company or organization by Dun & Bradstreet, Inc. A DUNS is required to register in the System for Award Management (SAM). An organization must be registered in SAM (and obtain a DUNS) to do business with the federal government. There is a separate DUNS number for each business location in the Dun & Bradstreet database. The DUNS number is random, and specific digits have no significance. Office of Postsecondary Education Identifier (OPEID) ------------- Definition \ Identification number used by the U.S. Department of Education's Office of Postsecondary Education (OPE) to identify schools that have Program Participation Agreements (PPA) so that its students are eligible to participate in Federal Student Financial Assistance programs under Title IV regulations. This is a 6-digit number followed by a 2-digit suffix used to identify branches, additional locations, and other entities that are part of the eligible institution. * IPEDS, Integrated Postsecondary Education Data System * OPEID, Office of Postsecondary Education Identifier ### What is a Federal School Code, and how do I find it? A Federal School Code Is always six characters: 0 (zero), G, B, or E followed by a five-digit number. For example, 003223 is the Federal School Code for the University of Oregon. If you don’t know a school’s Federal School Code, you can search by selecting the state and entering the school’s name or city in the [School Search](https://studentaid.gov/fafsa-apply/colleges). If you are still having trouble finding a school code, contact your college’s and career school’s financial aid office. It is possible that your school does not participate in federal student aid programs and does not have a school code. * Title IV Institution Code Duke University Example | UEI | TP7EK8DZV6N5 | | -------------------------------------- | ------------ | | Legacy DUNS | 044387793 | | Federal School Code | 002920 | | EIN | 56-0532129 | | NAICS | 611310 | | SCHOOL OPE ID | 00292000 | | **National Provider Identifier (NPI)** | 982862637 | Federal Tax Identification Number: *560532129* Entity Identification Numbers and Codes \ Primary Employer Identification Number (EIN) 56-0532129 \ Federal/SAM.gov UEI TP7EK8DZV6N5 \ IRS Tax Determination LetterAvailable Upon Request \ IRS W-9Available Upon Request \ Primary North American Industry Classification System (NAICS) Code 611310 \ System for Award Management (SAM) StatusActive \ SAM Expiration Date08-01-2026 DOGE GET /grants?sort\_by=value\&sort\_order=asc\&page=1\&per\_page=500 ```json { "date": "4/25/2025", "agency": "National Science Foundation", "recipient": "Duke University", "value": 6983, "savings": 6561.65, "link": "https://usaspending.gov/award/ASST_NON_2435273_4900", "description": "Collaborative Research: Conference: GA6 Geosciences and Environmental Justice for Indigenous Communities" } ``` Recipient Details \ Recipient \ DUKE UNIVERSITY \ Recipient Identifier \ TP7EK8DZV6N5 (UEI ) \ Parent Recipient \ DUKE UNIVERSITY \ Parent Recipient Identifier \ Identifier not provided \ Recipient Address \ 2200 W MAIN ST \ DURHAM, NC 27705-4640 \ UNITED STATES \ Congressional District \ NC-04 \ Business Types \ Higher Education \ Higher Education (Private) RESOURCES [Federal School Code Lists](https://fsapartners.ed.gov/knowledge-center/library/resource-type/Federal%20School%20Code%20Lists) [Download Federal School Code 2025-2026](https://fsapartners.ed.gov/knowledge-center/library/federal-school-code-lists/2025-07-31/2025-26-federal-school-code-list-participating-schools-august-2025) [Office of Postsecondary Education Identifier (OPEID)](https://ceds.ed.gov/element/000203) Federal School *Code* (FSC) [https://api.doge.gov/savings/grants?sort\_by=value\&sort\_order=asc\&page=1\&per\_page=500 ]() [DUKE UNIVERSITY IDENTIFIERS](https://www.usaspending.gov/recipient/6f191f83-6024-f2be-3012-4b740b10ac7a-R/latest) # Blockchain # Deposits # CBDCs Comparing how a CBDC speeds up or slows down a bank run relative to cash | | Cash | CBDC | | ---------------------- | ---------- | --------- | | Final Means of Payment | Speeds Up | Speeds Up | | Withdrawal Speeds | Slows Down | Speeds Up | | Security Costs | Slows Down | Speeds Up | | Storage Costs | Slows Down | Speeds Up | ## Arbitrum Sepolia
SymbolNameAddress
FEDXFederal Reserve Digital Dollar0x980F1Db04059B0656f161aCa1Fe0eC40241739E3
FEDXNYFederal Reserve Bank of New York Digital Dollar0x4F588935965dB1B185bAc7482A21C04D9EA83cd1
FEDXCLFederal Reserve Bank of Cleveland Digital Dollar0x6003DDFC1107A01C374A2A6Db64c7233e1e4988B
FEDXBSFederal Reserve Bank of Boston Digital Dollar0x553cb34b97465EC97bBF04E57324D8d7889468F9
FEDXPHFederal Reserve Bank of Philadelphia Digital Dollar0xd545B29ADf348F7F055A40d9bB7236E4750d9721
FEDXRCFederal Reserve Bank of Richmond Digital Dollar0x21fE76c7Eab350A6E8541a227988Db66E8aFFE0c
FEDXATFederal Reserve Bank of Atlanta Digital Dollar0xAE6F71B5335A4e8e2c7Ab8a2796dbA3D2C3b0Bb5
FEDXCHFederal Reserve Bank of Chicago Digital Dollar0x743b25c3b02608a4d41FA4291a1c0B82BA44b8C1
FEDXSLFederal Reserve Bank of St. Louis Digital Dollar0xeDdE3D91F9cDA505459AD819087899e200c34460
FEDXMNFederal Reserve Bank of Minneapolis Digital Dollar0xF35428D950b5CC48A2c44f98CFFd7e1C91E288A9
FEDXKCFederal Reserve Bank of Kansas City Digital Dollar0x7c845b8aF9aE8f76545fdE8e90A1aAf1A18CA50c
FEDXDLFederal Reserve Bank of Dallas Digital Dollar0xF1462aFeA69b593Cf3FA19a45c39FaEc594f7936
FEDXSFFederal Reserve Bank of San Francisco Digital Dollar0x77b7924a2EE37b158b8e896afd2fCc02eC7A7c90
ECBXEuropean Central Bank Digital Euro0x8097920AA03878695CF4aD9a6b2F2651A2282a2C
BOEXBank of England Digital Pound0x4C572bD38E72366bF0Fb364783aC33aBCa7834aF
BOJXBank of Japan Digital Yen0x2233CE252f6a43A7b93bc1cA52cBAfb0E25c0091
KRWXBank of Korea Digital Won0x7704affBac0ee4A0d10Bc60C6506c213Eb686083
CADXBank of Canada Digital Dollar0x6854e4828ba9AeEaEC7a42804944E8a29B08C7C7
EGPXCentral Bank of Egypt Digital Pound0x90046a0d6528f44D06b2e92F780E76b6b3935C60
BRLXCentral Bank of Brazil Digital Real0xb3184adda547766Fc8db0f3D3Af7A424e22d11D7
MXNXBank of Mexico Digital Peso0x43ae6B277700887eF9a243F2341470160e3BF85f
ILSXBank of Israel Digital Shekel0xc22d90c173d52AC1c85515dEEc4B0B8872467AB7
CHFXSwiss National Bank Digital Franc0xEf9e3F1c1Dc388C7c58853E1b693ffDb49A3e7E7
CNYXPeople's Bank of China Digital Yuan0x01664Afe22873e1839aB1b098cDB89372ADeaeE5
RUBXCentral Bank of the Russian Federation Digital Ruble0xfdC96EA869982057613ea5B6170173806fB8b3eD
See [xft.finance/cbdc](https://xft.finance/cbdc) for full list of central bank digital currencies. # FAQ **Q: What is the International Deposits Network?** \ A: The International Deposits Network (IDN) is XFT's RTGS payment system for tokenized commercial bank deposits. It is used to put onchain tokenized products into traditional offchain bank accounts. Send cross-border real-time payments using IDN blockchain deposit accounts. **Q: Why stablecoins?** \ A: Instant zero-fee 24/7/365 global programmable internet payments **Q: Why XFT stablecoins?** \ A: Backed 1:1 w/ tokenized cash, cash equivalents for in-kind redemptions. Native U.S. Treasury Marketable Securities issuance. Deep direct, indirect liquidity corridors. Federal Reserve Discount Window access.
**Q: What is money streaming?** \ A: Money Streaming is a continuous transfer of tokens from a sender to a receiver at a defined per-second rate, resulting in a "stream". This stream is perpetual and persists until it's canceled by either the sender or the receiver, or until the sender's token balance is depleted. Consider Alice wants to pay Bob a salary of 1200 ALLISONUSD per year using Money Streaming. She sets up a stream with a flow rate of 0.038 ALLISONUSD per second. Bob's balance starts increasing every second, and Alice's decreases, ensuring a steady transfer of salary. DEFINITIONS Seigniorage is the *positive return, or carry, on issued notes and coins* (money in circulation). Demurrage, the opposite, is the cost of holding currency. *Seigniorage* is the profit made by a government from the difference between the face value of currency and the cost to produce it. The central bank earns interest on the money it lends, or receives a return on the assets it acquires – and this is called *seigniorage* income. Continuous Linked Settlement (CLS) `Flow Rate:` The rate at which the sender's balance decreases and the receiver's increases per second. \ `Netflow Rate:` The rate of change of an account's DRS stablecoin token balance per second. \ `Sender:` The account initiating the stream, specifying a receiver and flow rate. \ `Receiver:` The account on the receiving end of a stream. \ `CRUD Timestamp:` The timestamp when a stream is created, updated, or deleted. \ `Real-Time Balance:` The change in the account's DRS stablecoin token since the last CRUD action. \ `Static Balance:` The DRS stablecoin token at the last CRUD timestamp. \ `Current Balance:` The sum of Static Balance and Streaming Real-Time Balance. > NOTE: Flow rates are per second but can be represented in different time units for convenience. For example, "100 ROWEUSD/mo." is approximately "0.0039 UGIUSD/sec." RESOURCES [Origins of the Federal Reserve Book-Entry System](https://www.newyorkfed.org/medialibrary/media/research/epr/04v10n3/0412garbpdf.pdf) # Address Facilities **ARBITRUM SEPOLIA** XFTABARoutingFactory [0xb57fFF694c8726E302d1f0985323921482dE2f03](https://sepolia.arbiscan.io/address/0xb57fff694c8726e302d1f0985323921482de2f03) XFTRoutingFactory [0xf052Bf5Da50Af04f74511ee60b85F54Fe1f4B47e](https://sepolia.arbiscan.io/address/0xf052bf5da50af04f74511ee60b85f54fe1f4b47e) # XFTABARoutingFactory XFTABARoutingFactory [0xb57fFF694c8726E302d1f0985323921482dE2f03](https://sepolia.arbiscan.io/address/0xb57fff694c8726e302d1f0985323921482de2f03) **CONTRACT ABI** ```json [{"inputs":[{"internalType":"address","name":"_token","type":"address"}],"stateMutability":"nonpayable","type":"constructor"},{"inputs":[],"name":"NotOperator","type":"error"},{"inputs":[],"name":"WalletExists","type":"error"},{"inputs":[],"name":"WalletNotFound","type":"error"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"},{"indexed":false,"internalType":"uint256","name":"amount","type":"uint256"}],"name":"Burn","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"}],"name":"DeployWallet","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"},{"indexed":false,"internalType":"uint256","name":"amount","type":"uint256"}],"name":"Mint","type":"event"},{"inputs":[{"internalType":"string","name":"cik","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromCIK","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromIBAN","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromLEI","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromRouting","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromSWIFT","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"name":"cikToWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"deployCIKWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"deployIBANWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"deployLEIWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"deployRoutingWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"deploySWIFTWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"getCIKWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"getIBANWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"getLEIWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"getRoutingWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"getSWIFTWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"name":"leiToWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToCIK","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToIBAN","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToLEI","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToRouting","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToSWIFT","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"operator","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"predictCIK","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"predictIBAN","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"predictLEI","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"predictRouting","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"predictSWIFT","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"token","outputs":[{"internalType":"contract IERC20","name":"","type":"address"}],"stateMutability":"view","type":"function"}] ``` # XFTRoutingFactory XFTRoutingFactory [0xf052Bf5Da50Af04f74511ee60b85F54Fe1f4B47e](https://sepolia.arbiscan.io/address/0xf052bf5da50af04f74511ee60b85f54fe1f4b47e)\ Operator [0x2f572059DbC598C8acfeA4AF06FE4f7669D1b3b1](https://sepolia.arbiscan.io/address/0x2f572059DbC598C8acfeA4AF06FE4f7669D1b3b1)\ Whitelisted stablecoin [0x4F1D5c7221dB8F3F28b2F0398Aa2bc321b72C523](https://sepolia.arbiscan.io/address/0x4F1D5c7221dB8F3F28b2F0398Aa2bc321b72C523) EXAMPLE TRANSACTIONS [Create a bank account](https://sepolia.arbiscan.io/tx/0x3a0c4fb8d51a4e26ca3485b5cf3338786fd4708b9b6859fcf9474cffd17ab181) [Mint to SWIFT](https://sepolia.arbiscan.io/tx/0x9d95aa013362d904a7acbd236a99fdb9029f58e602d8b1c36de1d639993bacc6) [Burn to SWIFT](https://sepolia.arbiscan.io/tx/0xd1e0a2e73a1ad28552ebcc153d418591663c81b0702c811f7b969f2da98251a8) **CONTRACT ABI** ```json [{"inputs":[{"internalType":"address","name":"_token","type":"address"}],"stateMutability":"nonpayable","type":"constructor"},{"inputs":[],"name":"NotOperator","type":"error"},{"inputs":[],"name":"WalletExists","type":"error"},{"inputs":[],"name":"WalletNotFound","type":"error"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"},{"indexed":false,"internalType":"uint256","name":"amount","type":"uint256"}],"name":"Burn","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"}],"name":"DeployWallet","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"},{"indexed":false,"internalType":"uint256","name":"amount","type":"uint256"}],"name":"Mint","type":"event"},{"inputs":[{"internalType":"string","name":"chips","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromCHIPS","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromCIK","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromFEDNOW","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromFEDWIRE","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromIBAN","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromLEI","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromRouting","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromSWIFT","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"name":"cikToWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"}],"name":"deployCHIPSWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"deployCIKWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"}],"name":"deployFEDNOWWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"}],"name":"deployFEDWIREWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"deployIBANWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"deployLEIWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"deployRoutingWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"deploySWIFTWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"}],"name":"getCHIPSWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"getCIKWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"}],"name":"getFEDNOWWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"}],"name":"getFEDWIREWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"getIBANWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"getLEIWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"getRoutingWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"getSWIFTWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"name":"leiToWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToCHIPS","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToCIK","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToFEDNOW","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToFEDWIRE","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToIBAN","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToLEI","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToRouting","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToSWIFT","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"operator","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"}],"name":"predictCHIPS","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"predictCIK","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"}],"name":"predictFEDNOW","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"}],"name":"predictFEDWIRE","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"predictIBAN","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"predictLEI","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"predictRouting","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"predictSWIFT","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"token","outputs":[{"internalType":"contract IERC20","name":"","type":"address"}],"stateMutability":"view","type":"function"}] ``` # XFTRoutingFactoryV2 XFT routing factory smart contracts are used for XFT Token Service TAN generation. COUNTERPARTIES XFTRoutingFactory [0x60AA889392144cE43AAEAb0e7215fcA034B2b354](https://sepolia.arbiscan.io/address/0x60aa889392144ce43aaeab0e7215fca034b2b354)\ XFTRoutingFactoryV2 \ VISA [0xDB9f69C2CCe2806107Fe8Df78f201664a8c16d62](https://sepolia.arbiscan.io/address/0xdb9f69c2cce2806107fe8df78f201664a8c16d62) ### Contract FUNCTIONS * Send debit card # + token amount to smart contract: from, to, amt * Smart contract checks to see if debit card number exists. If no, reverts/doesnt go through * If yes, smart contract finds the wallet address mapped to debit card number. * Smart contract transfers token amount from debit card wallet address 1 to debit card wallet address 2. *** RESOURCES Create Visa Direct business wallet given debit card number\ Prefund Visa Direct business wallet with Visa’s custom stablecoin\ XFT TOKEN SERVICE ABI \[contracts/XFTRoutingFactory.sol] ```json [{"inputs":[{"internalType":"address","name":"_token","type":"address"}],"stateMutability":"nonpayable","type":"constructor"},{"inputs":[],"name":"NotOperator","type":"error"},{"inputs":[],"name":"WalletExists","type":"error"},{"inputs":[],"name":"WalletNotFound","type":"error"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"},{"indexed":false,"internalType":"uint256","name":"amount","type":"uint256"}],"name":"Burn","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"}],"name":"DeployWallet","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"string","name":"idType","type":"string"},{"indexed":false,"internalType":"string","name":"idValue","type":"string"},{"indexed":false,"internalType":"address","name":"wallet","type":"address"},{"indexed":false,"internalType":"uint256","name":"amount","type":"uint256"}],"name":"Mint","type":"event"},{"inputs":[{"internalType":"string","name":"chips","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromCHIPS","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromCIK","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromFEDNOW","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromFEDWIRE","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromIBAN","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromLEI","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromRouting","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromSWIFT","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"visa","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"burnFromVISA","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"name":"cikToWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"}],"name":"deployCHIPSWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"deployCIKWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"}],"name":"deployFEDNOWWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"}],"name":"deployFEDWIREWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"deployIBANWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"deployLEIWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"deployRoutingWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"deploySWIFTWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"visa","type":"string"}],"name":"deployVISAWallet","outputs":[{"internalType":"address","name":"wallet","type":"address"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"}],"name":"getCHIPSWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"getCIKWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"}],"name":"getFEDNOWWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"}],"name":"getFEDWIREWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"getIBANWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"getLEIWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"getRoutingWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"getSWIFTWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"visa","type":"string"}],"name":"getVISAWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"name":"leiToWallet","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToCHIPS","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToCIK","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToFEDNOW","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToFEDWIRE","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToIBAN","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToLEI","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToRouting","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToSWIFT","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"visa","type":"string"},{"internalType":"uint256","name":"amt","type":"uint256"}],"name":"mintToVISA","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"operator","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"chips","type":"string"}],"name":"predictCHIPS","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"cik","type":"string"}],"name":"predictCIK","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fednow","type":"string"}],"name":"predictFEDNOW","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"fedwire","type":"string"}],"name":"predictFEDWIRE","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"iban","type":"string"}],"name":"predictIBAN","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"lei","type":"string"}],"name":"predictLEI","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"routing","type":"string"}],"name":"predictRouting","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"swift","type":"string"}],"name":"predictSWIFT","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"string","name":"visa","type":"string"}],"name":"predictVISA","outputs":[{"internalType":"address","name":"","type":"address"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"token","outputs":[{"internalType":"contract IERC20","name":"","type":"address"}],"stateMutability":"view","type":"function"}] ``` VISA DIGITAL DOLLAR ABI \[contracts/Dollar.sol] ```json [{"inputs":[],"stateMutability":"nonpayable","type":"constructor"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"DollarBlockedSender","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"},{"internalType":"uint256","name":"shares","type":"uint256"},{"internalType":"uint256","name":"sharesNeeded","type":"uint256"}],"name":"DollarInsufficientBurnBalance","type":"error"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"DollarInvalidBlockedAccount","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"DollarInvalidBurnSender","type":"error"},{"inputs":[{"internalType":"address","name":"receiver","type":"address"}],"name":"DollarInvalidMintReceiver","type":"error"},{"inputs":[{"internalType":"uint256","name":"rewardMultiplier","type":"uint256"}],"name":"DollarInvalidRewardMultiplier","type":"error"},{"inputs":[],"name":"DollarPausedTransfers","type":"error"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"allowance","type":"uint256"},{"internalType":"uint256","name":"needed","type":"uint256"}],"name":"ERC20InsufficientAllowance","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"},{"internalType":"uint256","name":"shares","type":"uint256"},{"internalType":"uint256","name":"sharesNeeded","type":"uint256"}],"name":"ERC20InsufficientBalance","type":"error"},{"inputs":[{"internalType":"address","name":"approver","type":"address"}],"name":"ERC20InvalidApprover","type":"error"},{"inputs":[{"internalType":"address","name":"receiver","type":"address"}],"name":"ERC20InvalidReceiver","type":"error"},{"inputs":[{"internalType":"address","name":"sender","type":"address"}],"name":"ERC20InvalidSender","type":"error"},{"inputs":[{"internalType":"address","name":"spender","type":"address"}],"name":"ERC20InvalidSpender","type":"error"},{"inputs":[{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint256","name":"blockTimestamp","type":"uint256"}],"name":"ERC2612ExpiredDeadline","type":"error"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"}],"name":"ERC2612InvalidSignature","type":"error"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"addr","type":"address"}],"name":"AccountBlocked","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"addr","type":"address"}],"name":"AccountUnblocked","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"previousAdmin","type":"address"},{"indexed":false,"internalType":"address","name":"newAdmin","type":"address"}],"name":"AdminChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"owner","type":"address"},{"indexed":true,"internalType":"address","name":"spender","type":"address"},{"indexed":false,"internalType":"uint256","name":"value","type":"uint256"}],"name":"Approval","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"beacon","type":"address"}],"name":"BeaconUpgraded","type":"event"},{"anonymous":false,"inputs":[],"name":"EIP712DomainChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"uint8","name":"version","type":"uint8"}],"name":"Initialized","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"account","type":"address"}],"name":"Paused","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"uint256","name":"value","type":"uint256"}],"name":"RewardMultiplier","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"bytes32","name":"previousAdminRole","type":"bytes32"},{"indexed":true,"internalType":"bytes32","name":"newAdminRole","type":"bytes32"}],"name":"RoleAdminChanged","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"address","name":"account","type":"address"},{"indexed":true,"internalType":"address","name":"sender","type":"address"}],"name":"RoleGranted","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"bytes32","name":"role","type":"bytes32"},{"indexed":true,"internalType":"address","name":"account","type":"address"},{"indexed":true,"internalType":"address","name":"sender","type":"address"}],"name":"RoleRevoked","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"from","type":"address"},{"indexed":true,"internalType":"address","name":"to","type":"address"},{"indexed":false,"internalType":"uint256","name":"value","type":"uint256"}],"name":"Transfer","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"internalType":"address","name":"account","type":"address"}],"name":"Unpaused","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"internalType":"address","name":"implementation","type":"address"}],"name":"Upgraded","type":"event"},{"inputs":[],"name":"BLOCKLIST_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"BURNER_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"DEFAULT_ADMIN_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"DOMAIN_SEPARATOR","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"MINTER_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"ORACLE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"PAUSE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"UPGRADE_ROLE","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"_rewardMultiplierIncrement","type":"uint256"}],"name":"addRewardMultiplier","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"}],"name":"allowance","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"approve","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"balanceOf","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address[]","name":"addresses","type":"address[]"}],"name":"blockAccounts","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"from","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"burn","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"convertToDollars","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"shares","type":"uint256"}],"name":"convertToTokens","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"decimals","outputs":[{"internalType":"uint8","name":"","type":"uint8"}],"stateMutability":"pure","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"subtractedValue","type":"uint256"}],"name":"decreaseAllowance","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"eip712Domain","outputs":[{"internalType":"bytes1","name":"fields","type":"bytes1"},{"internalType":"string","name":"name","type":"string"},{"internalType":"string","name":"version","type":"string"},{"internalType":"uint256","name":"chainId","type":"uint256"},{"internalType":"address","name":"verifyingContract","type":"address"},{"internalType":"bytes32","name":"salt","type":"bytes32"},{"internalType":"uint256[]","name":"extensions","type":"uint256[]"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"}],"name":"getRoleAdmin","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"grantRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"hasRole","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"addedValue","type":"uint256"}],"name":"increaseAllowance","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"string","name":"name_","type":"string"},{"internalType":"string","name":"symbol_","type":"string"},{"internalType":"address","name":"owner","type":"address"}],"name":"initialize","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"isBlocked","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"mint","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"name","outputs":[{"internalType":"string","name":"","type":"string"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"}],"name":"nonces","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"pause","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"paused","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"owner","type":"address"},{"internalType":"address","name":"spender","type":"address"},{"internalType":"uint256","name":"value","type":"uint256"},{"internalType":"uint256","name":"deadline","type":"uint256"},{"internalType":"uint8","name":"v","type":"uint8"},{"internalType":"bytes32","name":"r","type":"bytes32"},{"internalType":"bytes32","name":"s","type":"bytes32"}],"name":"permit","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"proxiableUUID","outputs":[{"internalType":"bytes32","name":"","type":"bytes32"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"renounceRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"bytes32","name":"role","type":"bytes32"},{"internalType":"address","name":"account","type":"address"}],"name":"revokeRole","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"rewardMultiplier","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"uint256","name":"_rewardMultiplier","type":"uint256"}],"name":"setRewardMultiplier","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"account","type":"address"}],"name":"sharesOf","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"bytes4","name":"interfaceId","type":"bytes4"}],"name":"supportsInterface","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"symbol","outputs":[{"internalType":"string","name":"","type":"string"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"totalDollars","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[],"name":"totalSupply","outputs":[{"internalType":"uint256","name":"","type":"uint256"}],"stateMutability":"view","type":"function"},{"inputs":[{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"transfer","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"from","type":"address"},{"internalType":"address","name":"to","type":"address"},{"internalType":"uint256","name":"amount","type":"uint256"}],"name":"transferFrom","outputs":[{"internalType":"bool","name":"","type":"bool"}],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address[]","name":"addresses","type":"address[]"}],"name":"unblockAccounts","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[],"name":"unpause","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"newImplementation","type":"address"}],"name":"upgradeTo","outputs":[],"stateMutability":"nonpayable","type":"function"},{"inputs":[{"internalType":"address","name":"newImplementation","type":"address"},{"internalType":"bytes","name":"data","type":"bytes"}],"name":"upgradeToAndCall","outputs":[],"stateMutability":"payable","type":"function"}] ``` XFT TOKEN SERVICE V2 CONTRACT \[contracts/XFTRoutingFactoryV2.sol] ```solidity // SPDX-License-Identifier: MIT pragma solidity ^0.8.18; interface IERC20 { function mint(address to, uint256 amount) external; function burn(address from, uint256 amount) external; function transfer(address to, uint256 amount) external returns (bool); function balanceOf(address account) external view returns (uint256); } contract RoutingWallet { address public factory; address public owner; event WalletTransfer(address indexed token, address indexed to, uint256 amount); modifier onlyOwner() { require(msg.sender == owner, "not owner"); _; } constructor(address _owner) { factory = msg.sender; owner = _owner; } function transfer(address token, address to, uint256 amount) external onlyOwner { require(IERC20(token).transfer(to, amount), "transfer failed"); emit WalletTransfer(token, to, amount); } function balance(address token) external view returns (uint256) { return IERC20(token).balanceOf(address(this)); } } contract XFTRoutingFactoryV2 { IERC20 public immutable token; address public operator; mapping(bytes32 => address) private routingToWallet; mapping(bytes32 => address) private ibanToWallet; mapping(bytes32 => address) private swiftToWallet; mapping(bytes32 => address) public cikToWallet; mapping(bytes32 => address) public leiToWallet; mapping(bytes32 => address) private fedNowToWallet; mapping(bytes32 => address) private fedwireToWallet; mapping(bytes32 => address) private chipsToWallet; mapping(bytes32 => address) private visaToWallet; event DeployWallet(string idType, string idValue, address wallet); event Mint(string idType, string idValue, address wallet, uint256 amount); event Burn(string idType, string idValue, address wallet, uint256 amount); error NotOperator(); error WalletExists(); error WalletNotFound(); modifier onlyOp() { if (msg.sender != operator) revert NotOperator(); _; } constructor(address _token) { token = IERC20(_token); operator = msg.sender; } function _salt(string memory id) internal pure returns (bytes32) { return keccak256(abi.encodePacked(id)); } function _predict(bytes32 salt) internal view returns (address) { return address(uint160(uint256(keccak256( abi.encodePacked( bytes1(0xff), address(this), salt, keccak256(abi.encodePacked(type(RoutingWallet).creationCode, abi.encode(operator))) ) )))); } // ---------------- ROUTING ---------------- function predictRouting(string memory routing) public view returns (address) { return _predict(_salt(routing)); } function deployRoutingWallet(string memory routing) public onlyOp returns (address wallet) { bytes32 salt = _salt(routing); if (routingToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); routingToWallet[salt] = wallet; emit DeployWallet("ROUTING", routing, wallet); } function mintToRouting(string memory routing, uint256 amt) external onlyOp { bytes32 salt = _salt(routing); address wallet = routingToWallet[salt]; if (wallet == address(0)) wallet = deployRoutingWallet(routing); token.mint(wallet, amt); emit Mint("ROUTING", routing, wallet, amt); } function burnFromRouting(string memory routing, uint256 amt) external onlyOp { address wallet = routingToWallet[_salt(routing)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("ROUTING", routing, wallet, amt); } function getRoutingWallet(string memory routing) external view returns (address) { return routingToWallet[_salt(routing)]; } // ---------------- IBAN ---------------- function predictIBAN(string memory iban) public view returns (address) { return _predict(_salt(iban)); } function deployIBANWallet(string memory iban) public onlyOp returns (address wallet) { bytes32 salt = _salt(iban); if (ibanToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); ibanToWallet[salt] = wallet; emit DeployWallet("IBAN", iban, wallet); } function mintToIBAN(string memory iban, uint256 amt) external onlyOp { bytes32 salt = _salt(iban); address wallet = ibanToWallet[salt]; if (wallet == address(0)) wallet = deployIBANWallet(iban); token.mint(wallet, amt); emit Mint("IBAN", iban, wallet, amt); } function burnFromIBAN(string memory iban, uint256 amt) external onlyOp { address wallet = ibanToWallet[_salt(iban)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("IBAN", iban, wallet, amt); } function getIBANWallet(string memory iban) external view returns (address) { return ibanToWallet[_salt(iban)]; } // ---------------- SWIFT/BIC ---------------- function predictSWIFT(string memory swift) public view returns (address) { return _predict(_salt(swift)); } function deploySWIFTWallet(string memory swift) public onlyOp returns (address wallet) { bytes32 salt = _salt(swift); if (swiftToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); swiftToWallet[salt] = wallet; emit DeployWallet("SWIFT", swift, wallet); } function mintToSWIFT(string memory swift, uint256 amt) external onlyOp { bytes32 salt = _salt(swift); address wallet = swiftToWallet[salt]; if (wallet == address(0)) wallet = deploySWIFTWallet(swift); token.mint(wallet, amt); emit Mint("SWIFT", swift, wallet, amt); } function burnFromSWIFT(string memory swift, uint256 amt) external onlyOp { address wallet = swiftToWallet[_salt(swift)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("SWIFT", swift, wallet, amt); } function getSWIFTWallet(string memory swift) external view returns (address) { return swiftToWallet[_salt(swift)]; } // ---------------- CIK ---------------- function predictCIK(string memory cik) public view returns (address) { return _predict(_salt(cik)); } function deployCIKWallet(string memory cik) public onlyOp returns (address wallet) { bytes32 salt = _salt(cik); if (cikToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); cikToWallet[salt] = wallet; emit DeployWallet("CIK", cik, wallet); } function mintToCIK(string memory cik, uint256 amt) external onlyOp { bytes32 salt = _salt(cik); address wallet = cikToWallet[salt]; if (wallet == address(0)) wallet = deployCIKWallet(cik); token.mint(wallet, amt); emit Mint("CIK", cik, wallet, amt); } function burnFromCIK(string memory cik, uint256 amt) external onlyOp { address wallet = cikToWallet[_salt(cik)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("CIK", cik, wallet, amt); } function getCIKWallet(string memory cik) external view returns (address) { return cikToWallet[_salt(cik)]; } // ---------------- LEI ---------------- function predictLEI(string memory lei) public view returns (address) { return _predict(_salt(lei)); } function deployLEIWallet(string memory lei) public onlyOp returns (address wallet) { bytes32 salt = _salt(lei); if (leiToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); leiToWallet[salt] = wallet; emit DeployWallet("LEI", lei, wallet); } function mintToLEI(string memory lei, uint256 amt) external onlyOp { bytes32 salt = _salt(lei); address wallet = leiToWallet[salt]; if (wallet == address(0)) wallet = deployLEIWallet(lei); token.mint(wallet, amt); emit Mint("LEI", lei, wallet, amt); } function burnFromLEI(string memory lei, uint256 amt) external onlyOp { address wallet = leiToWallet[_salt(lei)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("LEI", lei, wallet, amt); } function getLEIWallet(string memory lei) external view returns (address) { return leiToWallet[_salt(lei)]; } // ---------------- FEDNOW ---------------- function predictFEDNOW(string memory fednow) public view returns (address) { return _predict(_salt(fednow)); } function deployFEDNOWWallet(string memory fednow) public onlyOp returns (address wallet) { bytes32 salt = _salt(fednow); if (fedNowToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); fedNowToWallet[salt] = wallet; emit DeployWallet("FEDNOW", fednow, wallet); } function mintToFEDNOW(string memory fednow, uint256 amt) external onlyOp { bytes32 salt = _salt(fednow); address wallet = fedNowToWallet[salt]; if (wallet == address(0)) wallet = deployFEDNOWWallet(fednow); token.mint(wallet, amt); emit Mint("FEDNOW", fednow, wallet, amt); } function burnFromFEDNOW(string memory fednow, uint256 amt) external onlyOp { address wallet = fedNowToWallet[_salt(fednow)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("FEDNOW", fednow, wallet, amt); } function getFEDNOWWallet(string memory fednow) external view returns (address) { return fedNowToWallet[_salt(fednow)]; } // ---------------- FEDWIRE ---------------- function predictFEDWIRE(string memory fedwire) public view returns (address) { return _predict(_salt(fedwire)); } function deployFEDWIREWallet(string memory fedwire) public onlyOp returns (address wallet) { bytes32 salt = _salt(fedwire); if (fedwireToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); fedwireToWallet[salt] = wallet; emit DeployWallet("FEDWIRE", fedwire, wallet); } function mintToFEDWIRE(string memory fedwire, uint256 amt) external onlyOp { bytes32 salt = _salt(fedwire); address wallet = fedwireToWallet[salt]; if (wallet == address(0)) wallet = deployFEDWIREWallet(fedwire); token.mint(wallet, amt); emit Mint("FEDWIRE", fedwire, wallet, amt); } function burnFromFEDWIRE(string memory fedwire, uint256 amt) external onlyOp { address wallet = fedwireToWallet[_salt(fedwire)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("FEDWIRE", fedwire, wallet, amt); } function getFEDWIREWallet(string memory fedwire) external view returns (address) { return fedwireToWallet[_salt(fedwire)]; } // ---------------- CHIPS ---------------- function predictCHIPS(string memory chips) public view returns (address) { return _predict(_salt(chips)); } function deployCHIPSWallet(string memory chips) public onlyOp returns (address wallet) { bytes32 salt = _salt(chips); if (chipsToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); chipsToWallet[salt] = wallet; emit DeployWallet("CHIPS", chips, wallet); } function mintToCHIPS(string memory chips, uint256 amt) external onlyOp { bytes32 salt = _salt(chips); address wallet = chipsToWallet[salt]; if (wallet == address(0)) wallet = deployCHIPSWallet(chips); token.mint(wallet, amt); emit Mint("CHIPS", chips, wallet, amt); } function burnFromCHIPS(string memory chips, uint256 amt) external onlyOp { address wallet = chipsToWallet[_salt(chips)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("CHIPS", chips, wallet, amt); } function getCHIPSWallet(string memory chips) external view returns (address) { return chipsToWallet[_salt(chips)]; } // ---------------- VISA ---------------- function predictVISA(string memory visa) public view returns (address) { return _predict(_salt(visa)); } function deployVISAWallet(string memory visa) public onlyOp returns (address wallet) { bytes32 salt = _salt(visa); if (visaToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); visaToWallet[salt] = wallet; emit DeployWallet("VISA", visa, wallet); } function mintToVISA(string memory visa, uint256 amt) external onlyOp { bytes32 salt = _salt(visa); address wallet = visaToWallet[salt]; if (wallet == address(0)) wallet = deployVISAWallet(visa); token.mint(wallet, amt); emit Mint("VISA", visa, wallet, amt); } function burnFromVISA(string memory visa, uint256 amt) external onlyOp { address wallet = visaToWallet[_salt(visa)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("VISA", visa, wallet, amt); } function getVISAWallet(string memory visa) external view returns (address) { return visaToWallet[_salt(visa)]; } } ``` # XFTRoutingFactoryV6 CORE FUNCTIONS * Single operator * Single whitelisted token set on deployment via constructor * More tokens can be added to token whitelist map after deployment * Rail/wallet map is added on construction * More rails can be added after deployment MAPS * Whitelisted tokens ``` NCUSD 0x53e84E18A2885463f791d3E295c63C82a79a2A67 FLUSD 0xe9f8063c0e987a487D886A021778379B52237A5f PAUSD 0x47efCE54648139BfC65C0313c59810f592e55B3d ``` * Rails to create wallets to ```solidity mapping(bytes32 => address) private routingToWallet; mapping(bytes32 => address) private ibanToWallet; mapping(bytes32 => address) private swiftToWallet; mapping(bytes32 => address) public cikToWallet; mapping(bytes32 => address) public leiToWallet; mapping(bytes32 => address) private fedNowToWallet; mapping(bytes32 => address) private fedwireToWallet; mapping(bytes32 => address) private chipsToWallet; mapping(bytes32 => address) private visaToWallet; mapping(bytes32 => address) private sunpassToWallet; mapping(bytes32 => address) private actcardToWallet; ``` COUNTERPARTIES contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6\ Operator 0x2f572059DbC598C8acfeA4AF06FE4f7669D1b3b1\ NCUSD 0x53e84E18A2885463f791d3E295c63C82a79a2A67\ FLUSD 0xe9f8063c0e987a487D886A021778379B52237A5f\ PAUSD 0x47efCE54648139BfC65C0313c59810f592e55B3d RESOURCES contracts\XFTRoutingFactoryV5.sol:IERC20 ```javascript interface IERC20 { function mint(address to, uint256 amount) external; function burn(address from, uint256 amount) external; function transfer(address to, uint256 amount) external returns (bool); function balanceOf(address account) external view returns (uint256); } ``` NC Quick Pass NCUSD 0x53e84E18A2885463f791d3E295c63C82a79a2A67 contracts\XFTRoutingFactoryV5.sol ```solidity // SPDX-License-Identifier: MIT pragma solidity ^0.8.18; interface IERC20 { function mint(address to, uint256 amount) external; function burn(address from, uint256 amount) external; function transfer(address to, uint256 amount) external returns (bool); function balanceOf(address account) external view returns (uint256); } contract RoutingWallet { address public factory; address public owner; event WalletTransfer(address indexed token, address indexed to, uint256 amount); modifier onlyOwner() { require(msg.sender == owner, "not owner"); _; } modifier onlyOwnerOrFactory() { require(msg.sender == owner || msg.sender == factory, "not authorized"); _; } constructor(address _owner) { factory = msg.sender; owner = _owner; } function transfer(address token, address to, uint256 amount) external onlyOwnerOrFactory { require(IERC20(token).transfer(to, amount), "transfer failed"); emit WalletTransfer(token, to, amount); } function balance(address token) external view returns (uint256) { return IERC20(token).balanceOf(address(this)); } } contract XFTRoutingFactoryV5 { IERC20 public immutable token; address public operator; mapping(bytes32 => address) private routingToWallet; mapping(bytes32 => address) private ibanToWallet; mapping(bytes32 => address) private swiftToWallet; mapping(bytes32 => address) public cikToWallet; mapping(bytes32 => address) public leiToWallet; mapping(bytes32 => address) private fedNowToWallet; mapping(bytes32 => address) private fedwireToWallet; mapping(bytes32 => address) private chipsToWallet; mapping(bytes32 => address) private visaToWallet; mapping(bytes32 => address) private sunpassToWallet; mapping(bytes32 => address) private actcardToWallet; struct WalletRec { string rail; string id; address wallet; } WalletRec[] private _allWallets; mapping(bytes32 => WalletRec[]) private _walletsByRail; function _record(string memory rail, string memory id, address wallet) internal { _allWallets.push(WalletRec(rail, id, wallet)); _walletsByRail[keccak256(bytes(rail))].push(WalletRec(rail, id, wallet)); } event DeployWallet(string idType, string idValue, address wallet); event Mint(string idType, string idValue, address wallet, uint256 amount); event Burn(string idType, string idValue, address wallet, uint256 amount); event Transfer(string idType, string fromId, string toId, address fromWallet, address toWallet, uint256 amount); error NotOperator(); error WalletExists(); error WalletNotFound(); modifier onlyOp() { if (msg.sender != operator) revert NotOperator(); _; } constructor(address _token) { token = IERC20(_token); operator = msg.sender; } function _salt(string memory id) internal pure returns (bytes32) { return keccak256(abi.encodePacked(id)); } function _predict(bytes32 salt) internal view returns (address) { return address(uint160(uint256(keccak256( abi.encodePacked( bytes1(0xff), address(this), salt, keccak256(abi.encodePacked(type(RoutingWallet).creationCode, abi.encode(operator))) ) )))); } // ---------------- ROUTING ---------------- function predictRouting(string memory routing) public view returns (address) { return _predict(_salt(routing)); } function deployRoutingWallet(string memory routing) public onlyOp returns (address wallet) { bytes32 salt = _salt(routing); if (routingToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); routingToWallet[salt] = wallet; _record("ROUTING", routing, wallet); emit DeployWallet("ROUTING", routing, wallet); } function mintToRouting(string memory routing, uint256 amt) external onlyOp { bytes32 salt = _salt(routing); address wallet = routingToWallet[salt]; if (wallet == address(0)) wallet = deployRoutingWallet(routing); token.mint(wallet, amt); emit Mint("ROUTING", routing, wallet, amt); } function burnFromRouting(string memory routing, uint256 amt) external onlyOp { address wallet = routingToWallet[_salt(routing)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("ROUTING", routing, wallet, amt); } function getRoutingWallet(string memory routing) external view returns (address) { return routingToWallet[_salt(routing)]; } // ---------------- IBAN ---------------- function predictIBAN(string memory iban) public view returns (address) { return _predict(_salt(iban)); } function deployIBANWallet(string memory iban) public onlyOp returns (address wallet) { bytes32 salt = _salt(iban); if (ibanToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); ibanToWallet[salt] = wallet; _record("IBAN", iban, wallet); emit DeployWallet("IBAN", iban, wallet); } function mintToIBAN(string memory iban, uint256 amt) external onlyOp { bytes32 salt = _salt(iban); address wallet = ibanToWallet[salt]; if (wallet == address(0)) wallet = deployIBANWallet(iban); token.mint(wallet, amt); emit Mint("IBAN", iban, wallet, amt); } function burnFromIBAN(string memory iban, uint256 amt) external onlyOp { address wallet = ibanToWallet[_salt(iban)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("IBAN", iban, wallet, amt); } function getIBANWallet(string memory iban) external view returns (address) { return ibanToWallet[_salt(iban)]; } // ---------------- SWIFT/BIC ---------------- function predictSWIFT(string memory swift) public view returns (address) { return _predict(_salt(swift)); } function deploySWIFTWallet(string memory swift) public onlyOp returns (address wallet) { bytes32 salt = _salt(swift); if (swiftToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); swiftToWallet[salt] = wallet; _record("SWIFT", swift, wallet); emit DeployWallet("SWIFT", swift, wallet); } function mintToSWIFT(string memory swift, uint256 amt) external onlyOp { bytes32 salt = _salt(swift); address wallet = swiftToWallet[salt]; if (wallet == address(0)) wallet = deploySWIFTWallet(swift); token.mint(wallet, amt); emit Mint("SWIFT", swift, wallet, amt); } function burnFromSWIFT(string memory swift, uint256 amt) external onlyOp { address wallet = swiftToWallet[_salt(swift)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("SWIFT", swift, wallet, amt); } function getSWIFTWallet(string memory swift) external view returns (address) { return swiftToWallet[_salt(swift)]; } // ---------------- CIK ---------------- function predictCIK(string memory cik) public view returns (address) { return _predict(_salt(cik)); } function deployCIKWallet(string memory cik) public onlyOp returns (address wallet) { bytes32 salt = _salt(cik); if (cikToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); cikToWallet[salt] = wallet; _record("CIK", cik, wallet); emit DeployWallet("CIK", cik, wallet); } function mintToCIK(string memory cik, uint256 amt) external onlyOp { bytes32 salt = _salt(cik); address wallet = cikToWallet[salt]; if (wallet == address(0)) wallet = deployCIKWallet(cik); token.mint(wallet, amt); emit Mint("CIK", cik, wallet, amt); } function burnFromCIK(string memory cik, uint256 amt) external onlyOp { address wallet = cikToWallet[_salt(cik)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("CIK", cik, wallet, amt); } function getCIKWallet(string memory cik) external view returns (address) { return cikToWallet[_salt(cik)]; } // ---------------- LEI ---------------- function predictLEI(string memory lei) public view returns (address) { return _predict(_salt(lei)); } function deployLEIWallet(string memory lei) public onlyOp returns (address wallet) { bytes32 salt = _salt(lei); if (leiToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); leiToWallet[salt] = wallet; _record("LEI", lei, wallet); emit DeployWallet("LEI", lei, wallet); } function mintToLEI(string memory lei, uint256 amt) external onlyOp { bytes32 salt = _salt(lei); address wallet = leiToWallet[salt]; if (wallet == address(0)) wallet = deployLEIWallet(lei); token.mint(wallet, amt); emit Mint("LEI", lei, wallet, amt); } function burnFromLEI(string memory lei, uint256 amt) external onlyOp { address wallet = leiToWallet[_salt(lei)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("LEI", lei, wallet, amt); } function getLEIWallet(string memory lei) external view returns (address) { return leiToWallet[_salt(lei)]; } // ---------------- FEDNOW ---------------- function predictFEDNOW(string memory fednow) public view returns (address) { return _predict(_salt(fednow)); } function deployFEDNOWWallet(string memory fednow) public onlyOp returns (address wallet) { bytes32 salt = _salt(fednow); if (fedNowToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); fedNowToWallet[salt] = wallet; _record("FEDNOW", fednow, wallet); emit DeployWallet("FEDNOW", fednow, wallet); } function mintToFEDNOW(string memory fednow, uint256 amt) external onlyOp { bytes32 salt = _salt(fednow); address wallet = fedNowToWallet[salt]; if (wallet == address(0)) wallet = deployFEDNOWWallet(fednow); token.mint(wallet, amt); emit Mint("FEDNOW", fednow, wallet, amt); } function burnFromFEDNOW(string memory fednow, uint256 amt) external onlyOp { address wallet = fedNowToWallet[_salt(fednow)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("FEDNOW", fednow, wallet, amt); } function getFEDNOWWallet(string memory fednow) external view returns (address) { return fedNowToWallet[_salt(fednow)]; } // ---------------- FEDWIRE ---------------- function predictFEDWIRE(string memory fedwire) public view returns (address) { return _predict(_salt(fedwire)); } function deployFEDWIREWallet(string memory fedwire) public onlyOp returns (address wallet) { bytes32 salt = _salt(fedwire); if (fedwireToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); fedwireToWallet[salt] = wallet; _record("FEDWIRE", fedwire, wallet); emit DeployWallet("FEDWIRE", fedwire, wallet); } function mintToFEDWIRE(string memory fedwire, uint256 amt) external onlyOp { bytes32 salt = _salt(fedwire); address wallet = fedwireToWallet[salt]; if (wallet == address(0)) wallet = deployFEDWIREWallet(fedwire); token.mint(wallet, amt); emit Mint("FEDWIRE", fedwire, wallet, amt); } function burnFromFEDWIRE(string memory fedwire, uint256 amt) external onlyOp { address wallet = fedwireToWallet[_salt(fedwire)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("FEDWIRE", fedwire, wallet, amt); } function getFEDWIREWallet(string memory fedwire) external view returns (address) { return fedwireToWallet[_salt(fedwire)]; } // ---------------- CHIPS ---------------- function predictCHIPS(string memory chips) public view returns (address) { return _predict(_salt(chips)); } function deployCHIPSWallet(string memory chips) public onlyOp returns (address wallet) { bytes32 salt = _salt(chips); if (chipsToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); chipsToWallet[salt] = wallet; _record("CHIPS", chips, wallet); emit DeployWallet("CHIPS", chips, wallet); } function mintToCHIPS(string memory chips, uint256 amt) external onlyOp { bytes32 salt = _salt(chips); address wallet = chipsToWallet[salt]; if (wallet == address(0)) wallet = deployCHIPSWallet(chips); token.mint(wallet, amt); emit Mint("CHIPS", chips, wallet, amt); } function burnFromCHIPS(string memory chips, uint256 amt) external onlyOp { address wallet = chipsToWallet[_salt(chips)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("CHIPS", chips, wallet, amt); } function getCHIPSWallet(string memory chips) external view returns (address) { return chipsToWallet[_salt(chips)]; } // ---------------- VISA ---------------- function predictVISA(string memory visa) public view returns (address) { return _predict(_salt(visa)); } function deployVISAWallet(string memory pan) public onlyOp returns (address wallet) { bytes32 salt = _salt(pan); if (visaToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); visaToWallet[salt] = wallet; _record("VISA", pan, wallet); emit DeployWallet("VISA", pan, wallet); } function mintToVISA(string memory visa, uint256 amt) external onlyOp { bytes32 salt = _salt(visa); address wallet = visaToWallet[salt]; if (wallet == address(0)) wallet = deployVISAWallet(visa); token.mint(wallet, amt); emit Mint("VISA", visa, wallet, amt); } function burnFromVISA(string memory visa, uint256 amt) external onlyOp { address wallet = visaToWallet[_salt(visa)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("VISA", visa, wallet, amt); } function getVISAWallet(string memory visa) external view returns (address) { return visaToWallet[_salt(visa)]; } function transferVISA( string memory fromVisa, string memory toVisa, uint256 amount ) external onlyOp { address fromWallet = visaToWallet[_salt(fromVisa)]; address toWallet = visaToWallet[_salt(toVisa)]; if (fromWallet == address(0)) revert WalletNotFound(); if (toWallet == address(0)) revert WalletNotFound(); RoutingWallet(fromWallet).transfer(address(token), toWallet, amount); emit Transfer("VISA", fromVisa, toVisa, fromWallet, toWallet, amount); } // ---------------- SUNPASS ---------------- function predictSUNPASS(string memory sunpass) public view returns (address) { return _predict(_salt(sunpass)); } function deploySUNPASSWallet(string memory pan) public onlyOp returns (address wallet) { bytes32 salt = _salt(pan); if (sunpassToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); sunpassToWallet[salt] = wallet; _record("SUNPASS", pan, wallet); emit DeployWallet("SUNPASS", pan, wallet); } function mintToSUNPASS(string memory sunpass, uint256 amt) external onlyOp { bytes32 salt = _salt(sunpass); address wallet = sunpassToWallet[salt]; if (wallet == address(0)) wallet = deploySUNPASSWallet(sunpass); token.mint(wallet, amt); emit Mint("SUNPASS", sunpass, wallet, amt); } function burnFromSUNPASS(string memory sunpass, uint256 amt) external onlyOp { address wallet = sunpassToWallet[_salt(sunpass)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("SUNPASS", sunpass, wallet, amt); } function getSUNPASSWallet(string memory sunpass) external view returns (address) { return sunpassToWallet[_salt(sunpass)]; } function transferSUNPASS( string memory fromSunPass, string memory toSunPass, uint256 amount ) external onlyOp { address fromWallet = sunpassToWallet[_salt(fromSunPass)]; address toWallet = sunpassToWallet[_salt(toSunPass)]; if (fromWallet == address(0)) revert WalletNotFound(); if (toWallet == address(0)) revert WalletNotFound(); RoutingWallet(fromWallet).transfer(address(token), toWallet, amount); emit Transfer("SUNPASS", fromSunPass, toSunPass, fromWallet, toWallet, amount); } // ---------------- ACT CARD ---------------- function predictACTCARD(string memory actcard) public view returns (address) { return _predict(_salt(actcard)); } function deployACTCARDWallet(string memory pan) public onlyOp returns (address wallet) { bytes32 salt = _salt(pan); if (actcardToWallet[salt] != address(0)) revert WalletExists(); wallet = address(new RoutingWallet{salt: salt}(operator)); actcardToWallet[salt] = wallet; _record("ACTCARD", pan, wallet); emit DeployWallet("ACTCARD", pan, wallet); } function mintToACTCARD(string memory actcard, uint256 amt) external onlyOp { bytes32 salt = _salt(actcard); address wallet = actcardToWallet[salt]; if (wallet == address(0)) wallet = deployACTCARDWallet(actcard); token.mint(wallet, amt); emit Mint("ACTCARD", actcard, wallet, amt); } function burnFromACTCARD(string memory actcard, uint256 amt) external onlyOp { address wallet = actcardToWallet[_salt(actcard)]; if (wallet == address(0)) revert WalletNotFound(); token.burn(wallet, amt); emit Burn("ACTCARD", actcard, wallet, amt); } function getACTCARDWallet(string memory actcard) external view returns (address) { return actcardToWallet[_salt(actcard)]; } function transferACTCARD( string memory fromACTCard, string memory toACTCard, uint256 amount ) external onlyOp { address fromWallet = actcardToWallet[_salt(fromACTCard)]; address toWallet = actcardToWallet[_salt(toACTCard)]; if (fromWallet == address(0)) revert WalletNotFound(); if (toWallet == address(0)) revert WalletNotFound(); RoutingWallet(fromWallet).transfer(address(token), toWallet, amount); emit Transfer("ACTCARD", fromACTCard, toACTCard, fromWallet, toWallet, amount); } // ---------------- WALLETS ---------------- function getAllWallets() external view returns (WalletRec[] memory) { return _allWallets; } function getWalletsByRail(string memory rail) external view returns (WalletRec[] memory) { return _walletsByRail[keccak256(bytes(rail))]; } function getVisaWallets() external view returns (WalletRec[] memory) { return _walletsByRail[keccak256(bytes("VISA"))]; } function getSunPassWallets() external view returns (WalletRec[] memory) { return _walletsByRail[keccak256(bytes("SUNPASS"))]; } function getACTCardWallets() external view returns (WalletRec[] memory) { return _walletsByRail[keccak256(bytes("ACTCARD"))]; } } ``` # scripts/run-reed.js script/run-reed.js SOFTWARE SEQUENCE 1\. Connect to existing factory OR deploy new one\ 2\. Grant factory permission to mint/burn tokens\ 3\. Generate unique test IDs (prevents collisions)\ 4\. For each rail: deploy wallet → mint → transfer (if supported) → burn\ 5\. List all wallets created\ 6\. Report failure count
factory Script always runs in **smoke mode** with tiny mint/transfer amounts for fast, cheap testing. * You control behavior only by editing the **CONFIG block at the top**. FACTORY ADDRESS HANDLING (REDEPLOY VS NON-REDEPLOY) * `FACTORY = 0x0000000000000000000000000000000000000000` is a **sentinel value meaning “no factory yet.”** * If `DEPLOY_FACTORY = true` **or** FACTORY is all-zeros → script **deploys a brand-new XFTRoutingFactoryV6** using `TOKEN`. * If `DEPLOY_FACTORY = false` **and** FACTORY is a real address → script **attaches to the existing factory** at that address. * When attaching, script **reads `factory.token()` on-chain** and hard-fails if it does **not match CONFIG.TOKEN**. * This guarantees you never accidentally run against the wrong token or factory. HOW RANDOM IDS PREVENT COLLISIONS * Each run creates a unique `runTag = chainId + factory + timestamp + random`. * Rail IDs are generated like: `RAIL_VISA__1`. * No two runs can ever reuse the same wallet salt, even on the same factory. * This prevents CREATE2 collisions forever. HOW TO RUN ONLY SPECIFIC RAILS (VISA + AMEX + CITIBIKE) * Edit **one line only**: `CONFIG.RAILS = ["VISA", "AMEX", "CITIBIKE"];` * If `CONFIG.RAILS = null` → all rails run. * If array is set → only those rails execute. * Matching is against `factory.getAllRails()` + `RAIL_CONFIG`. USER FLOW 1. Set `TOKEN` in CONFIG. 2. Decide: * New factory → `DEPLOY_FACTORY = true`, leave FACTORY as zero. * Existing factory → `DEPLOY_FACTORY = false`, paste FACTORY address. 3. Optionally set: * `CONFIG.RAILS = ["VISA","AMEX","CITIBIKE"];` 4. Run: * `npx hardhat run scripts/run-reed.js --network arbitrum_sepolia` 5. Script: * Deploys or attaches to factory. * Verifies token match. * Grants mint/burn roles if missing. * Generates unique IDs. * Runs mint → transfer (if supported) → burn per rail. * Prints all wallet mappings. 6. Exit with failure count. WHY THIS MODEL IS SAFE * Zero-address = explicit “deploy mode.” * Real address = explicit “production attach mode.” * Token address is always on-chain verified before execution. * Synthetic IDs guarantee no real-world identifier or wallet collision.
wallets CORE FEATURES 1\. run rail flows on existing wallets (no deploy)\ 2\. run rail flows on new wallets (deploy)\ \ NO DEPLOY 1 pull existing wallets given rail\ 2 run normal test basic/transfer flows on those addresses ``` async function buildWalletIndex(factory) { const index = {}; const all = await factory.getAllWallets(); for (const r of all) { const rail = r.rail.toUpperCase(); if (!index[rail]) index[rail] = []; index[rail].push({ id: r.id, wallet: r.wallet }); } return index; } ```
wallet2 * Add a simple mode switch and “existing wallet” helpers. {% code expandable="true" %} ```js const CONFIG = { TOKEN: "0x86449a994fED1c90f5DdCB3cc5bd4fD236aE4B0f", FACTORY: "0x562638D7a31791C5484F6DDd93F175a6f83D3FA0", DEPLOY_FACTORY: false, VERIFY_FACTORY: false, RAILS: ["VISA","AMEX","CITIBIKE"], MINT: "10", XFER: "3", WALLET_MODE: "new" // "new" | "existing" | "auto" }; ``` {% endcode %} * Build an index of existing wallets per rail: {% code expandable="true" %} ```js async function buildWalletIndex(factory) { const index = {}; const all = await factory.getAllWallets(); for (const r of all) { const rail = r.rail.toUpperCase(); if (!index[rail]) index[rail] = []; index[rail].push({ id: r.id, wallet: r.wallet }); } return index; } ``` {% endcode %} * Existing-wallet basic rail test (no deploy, reuse first ID): {% code expandable="true" %} ```js async function testExistingBasicRail(factory, Token, railCode, railCfg, existingMap, MINT_AMT) { const name = railCfg.method; const list = existingMap[railCode]; if (!list || list.length === 0) { console.log(`No existing wallets for ${railCode}, skipping`); return; } const { id, wallet } = list[0]; console.log(`\nBASIC EXISTING ${railCode} id=${id} wallet=${wallet}`); const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; if (!mintFn || !burnFn) { console.log(`Missing methods for ${railCode}, skipping`); return; } const mintTx = await mintFn(id, MINT_AMT); await mintTx.wait(); const balAfterMint = await Token.balanceOf(wallet); console.log("bal mint", hre.ethers.utils.formatUnits(balAfterMint, 18)); const burnTx = await burnFn(id, MINT_AMT); await burnTx.wait(); const balAfterBurn = await Token.balanceOf(wallet); console.log("bal burn", hre.ethers.utils.formatUnits(balAfterBurn, 18)); } ``` {% endcode %} * Existing-wallet transfer rail test (no deploy, reuse first two IDs): ```js async function testExistingTransferRail(factory, Token, railCode, railCfg, existingMap, MINT_AMT, XFER_AMT) { const name = railCfg.method; const list = existingMap[railCode]; if (!list || list.length < 2) { console.log(`Need at least 2 existing wallets for ${railCode}, skipping`); return; } const { id: idA, wallet: walletA } = list[0]; const { id: idB, wallet: walletB } = list[1]; console.log(`\nTRANSFER EXISTING ${railCode} A=${idA} B=${idB}`); const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; const transferFn = factory[`transfer${name}`]; if (!mintFn || !burnFn || !transferFn) { console.log(`Missing methods for ${railCode}, skipping existing flow`); return; } const mintTx = await mintFn(idA, MINT_AMT); await mintTx.wait(); const balA1 = await Token.balanceOf(walletA); const balB1 = await Token.balanceOf(walletB); console.log("A bal mint", hre.ethers.utils.formatUnits(balA1, 18)); console.log("B bal mint", hre.ethers.utils.formatUnits(balB1, 18)); const xferTx = await transferFn(idA, idB, XFER_AMT); await xferTx.wait(); const balA2 = await Token.balanceOf(walletA); const balB2 = await Token.balanceOf(walletB); console.log("A bal xfer", hre.ethers.utils.formatUnits(balA2, 18)); console.log("B bal xfer", hre.ethers.utils.formatUnits(balB2, 18)); const burnA = MINT_AMT.sub(XFER_AMT); const burnB = XFER_AMT; const burnTxA = await burnFn(idA, burnA); await burnTxA.wait(); const burnTxB = await burnFn(idB, burnB); await burnTxB.wait(); const balA3 = await Token.balanceOf(walletA); const balB3 = await Token.balanceOf(walletB); console.log("A bal burn", hre.ethers.utils.formatUnits(balA3, 18)); console.log("B bal burn", hre.ethers.utils.formatUnits(balB3, 18)); } ``` * Tweak `main` to choose mode: ```js async function main() { const [deployer] = await hre.ethers.getSigners(); console.log("Deployer", deployer.address); let factory; let tokenAddr = CONFIG.TOKEN; if (!CONFIG.DEPLOY_FACTORY && CONFIG.FACTORY && CONFIG.FACTORY !== "0x0000000000000000000000000000000000000000") { factory = await hre.ethers.getContractAt("contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6", CONFIG.FACTORY); console.log("Using existing factory", factory.address); const onChainToken = await factory.token(); if (tokenAddr && tokenAddr.toLowerCase() !== onChainToken.toLowerCase()) { throw new Error(`TOKEN mismatch: config=${tokenAddr} onchain=${onChainToken}`); } tokenAddr = onChainToken; } else { if (!tokenAddr) throw new Error("CONFIG.TOKEN required when deploying factory"); const Factory = await hre.ethers.getContractFactory("contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6"); factory = await Factory.deploy(tokenAddr); await factory.deployed(); console.log("Deployed factory", factory.address); if (CONFIG.VERIFY_FACTORY) { try { await factory.deployTransaction.wait(5); await hre.run("verify:verify", { address: factory.address, constructorArguments: [tokenAddr], contract: "contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6" }); console.log("Verified factory"); } catch (e) { console.log("Verify failed:", e.message || e); } } } const Token = await hre.ethers.getContractAt("contracts/USDX.sol:USDX", tokenAddr); console.log("Token", tokenAddr); await ensureRoles(Token, factory.address); const network = await hre.ethers.provider.getNetwork(); const chainId = network.chainId; const runTag = makeRunTag(chainId, factory.address); console.log("RunTag", runTag, "mode smoke"); let rails = []; try { rails = await factory.getAllRails(); } catch (e) { console.log("getAllRails failed, using config keys:", e.message || e); rails = Object.keys(RAIL_CONFIG); } let selectedRails = rails.map(r => r.toUpperCase()).filter(r => RAIL_CONFIG[r]); if (Array.isArray(CONFIG.RAILS) && CONFIG.RAILS.length > 0) { const set = new Set(CONFIG.RAILS.map(r => r.toUpperCase())); selectedRails = selectedRails.filter(r => set.has(r)); } console.log("Rails", selectedRails.join(", ")); const MINT_AMT = hre.ethers.utils.parseUnits(CONFIG.MINT, 18); const XFER_AMT = hre.ethers.utils.parseUnits(CONFIG.XFER, 18); const walletMode = CONFIG.WALLET_MODE || "new"; let existingMap = null; if (walletMode !== "new") { existingMap = await buildWalletIndex(factory); } let failures = 0; for (const rail of selectedRails) { const cfg = RAIL_CONFIG[rail]; try { if (walletMode === "existing") { if (cfg.transfer) { await testExistingTransferRail(factory, Token, rail, cfg, existingMap, MINT_AMT, XFER_AMT); } else { await testExistingBasicRail(factory, Token, rail, cfg, existingMap, MINT_AMT); } } else if (walletMode === "auto" && existingMap && existingMap[rail] && existingMap[rail].length >= (cfg.transfer ? 2 : 1)) { if (cfg.transfer) { await testExistingTransferRail(factory, Token, rail, cfg, existingMap, MINT_AMT, XFER_AMT); } else { await testExistingBasicRail(factory, Token, rail, cfg, existingMap, MINT_AMT); } } else { if (cfg.transfer) { await testTransferRail(factory, Token, rail, cfg, runTag, MINT_AMT, XFER_AMT); } else { await testBasicRail(factory, Token, rail, cfg, runTag, MINT_AMT); } } } catch (e) { failures++; console.log(`Rail ${rail} failed:`, e.message || e); } } try { const all = await factory.getAllWallets(); console.log("\nSEGREGATED ACCOUNTS"); for (const r of all) { console.log(`${r.rail},${r.id},${r.wallet}`); } } catch (e) { console.log("getAllWallets failed:", e.message || e); } console.log("\nDone, failures:", failures); } ``` * To “reuse existing wallets only” for VISA/AMEX/CITIBIKE, set: ```js CONFIG.RAILS = ["VISA","AMEX","CITIBIKE"]; CONFIG.WALLET_MODE = "existing"; CONFIG.DEPLOY_FACTORY = false; ``` * Then run as usual: ```bash npx hardhat run scripts/run-reed.js --network arbitrum_sepolia ```
wallet selection logic * `buildWalletIndex(factory)` * Calls `factory.getAllWallets()` → gets full list of tuples `[rail, id, wallet]`. * Uppercases `rail` and pushes `{ id, wallet }` into `index[rail]` **in the same order** as returned. * Result: * `index["VISA"] = [ {id1,w1}, {id2,w2}, {id3,w3}, {id4,w4}, ... ]` * Same for `AMEX`, `CITIBIKE`, etc. * In your example, `index["VISA"]` will be: * 0: `RAIL_VISA_...e1b5d_..._1` → `0x8280…be89` * 1: `RAIL_VISA_...e1b5d_..._2` → `0x5623…08Ae` * 2: `RAIL_VISA_...fb274_..._1` → `0x3FB9…6765` * 3: `RAIL_VISA_...fb274_..._2` → `0x4596…8424` * 4: `RAIL_VISA_...b492fe_..._1` → `0xB672…dcb1` * 5: `RAIL_VISA_...b492fe_..._2` → `0x9a17…8FE5` * `testExistingTransferRail` logic * Takes `list = existingMap[railCode]`. * If `list.length < 2` → skip. * Else picks **first two**: * `idA = list[0].id`, `walletA = list[0].wallet`. * `idB = list[1].id`, `walletB = list[1].wallet`. * Runs mint → transfer → burn on those two IDs only. * So for VISA it will always use the **oldest pair** (index 0 and 1). * `testExistingBasicRail` logic * Uses `list[0]` only (oldest wallet on that rail). * Mode selection in `main` * `walletMode = CONFIG.WALLET_MODE || "new"`. * If `"existing"`: * Build `existingMap` once. * For transfer rails → call `testExistingTransferRail`. * For basic rails → call `testExistingBasicRail`. * If `"new"`: * Use synthetic IDs from `makeId` and deploy new wallets. * If `"auto"`: * If there are enough existing wallets for that rail, use existing flow. * Otherwise fall back to new/deploy flow. * Your current run with `WALLET_MODE: "existing"` and `RAILS: ["VISA","AMEX","CITIBIKE"]` * VISA: uses first 2 VISA tuples (the first runTag pair). * AMEX: uses first 2 AMEX tuples. * CITIBIKE: uses first 2 CITIBIKE tuples. * If you ever want “latest pair instead of oldest pair” * Change selection from `list[0], list[1]` to `list[list.length-2], list[list.length-1]` (not done now, just how you’d flip it).
export functions
SOFTWARE SEQUENCE 1. Attach to existing factory or deploy new factory 2. Verify token matches factory token 3. Grant factory minter and burner roles if missing 4. Generate unique synthetic rail IDs 5. For each selected rail: deploy wallet → mint → transfer (if supported) → burn 6. Read and print all wallets 7. Report failures USER FLOW SEQUENCE 1. Set TOKEN, FACTORY, DEPLOY\_FACTORY, RAILS in CONFIG 2. Choose new deploy or existing factory by toggling DEPLOY\_FACTORY 3. Run `npx hardhat run scripts/run-reed.js --network arbitrum_sepolia` 4. Watch rail-by-rail execution logs 5. Review final wallet list and failure count FLOW OF FUNDS COUNTERPARTIES\ Cardholder\ Merchant\ REEDUSD\ Visa\ XFTRoutingFactoryV6\ RoutingWallet A\ RoutingWallet B TRANSFER RAIL (e.g., VISA) 1. Factory deploys wallet A for Cardholder ID 2. Factory deploys wallet B for Merchant ID 3. Factory mints REEDUSD to wallet A 4. Factory transfers REEDUSD from wallet A to wallet B 5. Factory burns remaining balance from wallet A 6. Factory burns received balance from wallet B BASIC RAIL (non-transfer) 1. Factory deploys wallet for rail ID 2. Factory mints REEDUSD to wallet 3. Factory burns full balance from wallet factory {% code expandable="true" %} ```js // npx hardhat run scripts/run-reed.js --network arbitrum_sepolia const hre = require("hardhat"); const crypto = require("crypto"); const CONFIG = { TOKEN: "0x86449a994fED1c90f5DdCB3cc5bd4fD236aE4B0f", FACTORY: "0x562638D7a31791C5484F6DDd93F175a6f83D3FA0", DEPLOY_FACTORY: false, VERIFY_FACTORY: false, RAILS: ["VISA","AMEX","CITIBIKE"], // null for autodiscover or ["VISA","AMEX","CITIBIKE"]; MINT: "10", XFER: "3" }; const RAIL_CONFIG = { ROUTING: { method: "Routing", transfer: false }, IBAN: { method: "IBAN", transfer: false }, SWIFT: { method: "SWIFT", transfer: false }, CIK: { method: "CIK", transfer: false }, LEI: { method: "LEI", transfer: false }, FEDNOW: { method: "FEDNOW", transfer: false }, FEDWIRE: { method: "FEDWIRE", transfer: false }, CHIPS: { method: "CHIPS", transfer: false }, VISA: { method: "VISA", transfer: true }, SUNPASS: { method: "SUNPASS", transfer: true }, ACTCARD: { method: "ACTCARD", transfer: true }, NCQUICKPASS: { method: "NCQUICKPASS", transfer: true }, PAEZPASS: { method: "PAEZPASS", transfer: true }, NJMYTRANSIT: { method: "NJMYTRANSIT", transfer: true }, AMEX: { method: "AMEX", transfer: true }, CITIBIKE: { method: "CITIBIKE", transfer: true } }; function makeRunTag(chainId, factoryAddr) { const ts = Date.now().toString(16); const rand = crypto.randomBytes(4).toString("hex"); return `${chainId.toString()}_${factoryAddr.slice(2, 8)}_${ts}_${rand}`; } function makeId(railCode, runTag, idx) { return `RAIL_${railCode}_${runTag}_${idx}`; } async function ensureRoles(Token, factoryAddr) { if (!Token.grantRole || !Token.hasRole) return; const keccak256 = hre.ethers.utils.keccak256; const toUtf8Bytes = hre.ethers.utils.toUtf8Bytes; const MINTER_ROLE = keccak256(toUtf8Bytes("MINTER_ROLE")); const BURNER_ROLE = keccak256(toUtf8Bytes("BURNER_ROLE")); try { const hasMinter = await Token.hasRole(MINTER_ROLE, factoryAddr); if (!hasMinter) { const tx = await Token.grantRole(MINTER_ROLE, factoryAddr); await tx.wait(); console.log("MINTER_ROLE granted"); } else { console.log("MINTER_ROLE already granted"); } } catch (e) { console.log("MINTER_ROLE grant failed:", e.message || e); } try { const hasBurner = await Token.hasRole(BURNER_ROLE, factoryAddr); if (!hasBurner) { const tx = await Token.grantRole(BURNER_ROLE, factoryAddr); await tx.wait(); console.log("BURNER_ROLE granted"); } else { console.log("BURNER_ROLE already granted"); } } catch (e) { console.log("BURNER_ROLE grant skipped/failed:", e.message || e); } } async function testBasicRail(factory, Token, railCode, railCfg, runTag, MINT_AMT) { const name = railCfg.method; const id = makeId(railCode, runTag, 0); console.log(`\nBASIC ${railCode} id=${id}`); const predictFn = factory[`predict${name}`]; const deployFn = factory[`deploy${name}Wallet`]; const getFn = factory[`get${name}Wallet`]; const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; if (!predictFn || !deployFn || !getFn || !mintFn || !burnFn) { console.log(`Missing methods for ${railCode}, skipping`); return; } const predicted = await predictFn(id); console.log("predicted", predicted); const deployTx = await deployFn(id); await deployTx.wait(); const wallet = await getFn(id); console.log("wallet", wallet); const mintTx = await mintFn(id, MINT_AMT); await mintTx.wait(); const balAfterMint = await Token.balanceOf(wallet); console.log("bal mint", hre.ethers.utils.formatUnits(balAfterMint, 18)); const burnTx = await burnFn(id, MINT_AMT); await burnTx.wait(); const balAfterBurn = await Token.balanceOf(wallet); console.log("bal burn", hre.ethers.utils.formatUnits(balAfterBurn, 18)); } async function testTransferRail(factory, Token, railCode, railCfg, runTag, MINT_AMT, XFER_AMT) { const name = railCfg.method; const idA = makeId(railCode, runTag, 1); const idB = makeId(railCode, runTag, 2); console.log(`\nTRANSFER ${railCode} A=${idA} B=${idB}`); const predictFn = factory[`predict${name}`]; const deployFn = factory[`deploy${name}Wallet`]; const getFn = factory[`get${name}Wallet`]; const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; const transferFn = factory[`transfer${name}`]; if (!predictFn || !deployFn || !getFn || !mintFn || !burnFn || !transferFn) { console.log(`Missing methods for ${railCode}, falling back to basic`); await testBasicRail(factory, Token, railCode, railCfg, runTag, MINT_AMT); return; } const predictedA = await predictFn(idA); const txA = await deployFn(idA); await txA.wait(); const walletA = await getFn(idA); const predictedB = await predictFn(idB); const txB = await deployFn(idB); await txB.wait(); const walletB = await getFn(idB); console.log("predictedA", predictedA); console.log("walletA", walletA); console.log("predictedB", predictedB); console.log("walletB", walletB); const mintTx = await mintFn(idA, MINT_AMT); await mintTx.wait(); const balA1 = await Token.balanceOf(walletA); const balB1 = await Token.balanceOf(walletB); console.log("A bal mint", hre.ethers.utils.formatUnits(balA1, 18)); console.log("B bal mint", hre.ethers.utils.formatUnits(balB1, 18)); const xferTx = await transferFn(idA, idB, XFER_AMT); await xferTx.wait(); const balA2 = await Token.balanceOf(walletA); const balB2 = await Token.balanceOf(walletB); console.log("A bal xfer", hre.ethers.utils.formatUnits(balA2, 18)); console.log("B bal xfer", hre.ethers.utils.formatUnits(balB2, 18)); const burnA = MINT_AMT.sub(XFER_AMT); const burnB = XFER_AMT; const burnTxA = await burnFn(idA, burnA); await burnTxA.wait(); const burnTxB = await burnFn(idB, burnB); await burnTxB.wait(); const balA3 = await Token.balanceOf(walletA); const balB3 = await Token.balanceOf(walletB); console.log("A bal burn", hre.ethers.utils.formatUnits(balA3, 18)); console.log("B bal burn", hre.ethers.utils.formatUnits(balB3, 18)); } async function main() { const [deployer] = await hre.ethers.getSigners(); console.log("Deployer", deployer.address); let factory; let tokenAddr = CONFIG.TOKEN; if (!CONFIG.DEPLOY_FACTORY && CONFIG.FACTORY && CONFIG.FACTORY !== "0x0000000000000000000000000000000000000000") { factory = await hre.ethers.getContractAt("contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6", CONFIG.FACTORY); console.log("Using existing factory", factory.address); const onChainToken = await factory.token(); if (tokenAddr && tokenAddr.toLowerCase() !== onChainToken.toLowerCase()) { throw new Error(`TOKEN mismatch: config=${tokenAddr} onchain=${onChainToken}`); } tokenAddr = onChainToken; } else { if (!tokenAddr) throw new Error("CONFIG.TOKEN required when deploying factory"); const Factory = await hre.ethers.getContractFactory("contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6"); factory = await Factory.deploy(tokenAddr); await factory.deployed(); console.log("Deployed factory", factory.address); if (CONFIG.VERIFY_FACTORY) { try { await factory.deployTransaction.wait(5); await hre.run("verify:verify", { address: factory.address, constructorArguments: [tokenAddr], contract: "contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6" }); console.log("Verified factory"); } catch (e) { console.log("Verify failed:", e.message || e); } } } const Token = await hre.ethers.getContractAt("contracts/USDX.sol:USDX", tokenAddr); console.log("Token", tokenAddr); await ensureRoles(Token, factory.address); const network = await hre.ethers.provider.getNetwork(); const chainId = network.chainId; const runTag = makeRunTag(chainId, factory.address); console.log("RunTag", runTag, "mode smoke"); let rails = []; try { rails = await factory.getAllRails(); } catch (e) { console.log("getAllRails failed, using config keys:", e.message || e); rails = Object.keys(RAIL_CONFIG); } let selectedRails = rails.map(r => r.toUpperCase()).filter(r => RAIL_CONFIG[r]); if (Array.isArray(CONFIG.RAILS) && CONFIG.RAILS.length > 0) { const set = new Set(CONFIG.RAILS.map(r => r.toUpperCase())); selectedRails = selectedRails.filter(r => set.has(r)); } console.log("Rails", selectedRails.join(", ")); const MINT_AMT = hre.ethers.utils.parseUnits(CONFIG.MINT, 18); const XFER_AMT = hre.ethers.utils.parseUnits(CONFIG.XFER, 18); let failures = 0; for (const rail of selectedRails) { const cfg = RAIL_CONFIG[rail]; try { if (cfg.transfer) { await testTransferRail(factory, Token, rail, cfg, runTag, MINT_AMT, XFER_AMT); } else { await testBasicRail(factory, Token, rail, cfg, runTag, MINT_AMT); } } catch (e) { failures++; console.log(`Rail ${rail} failed:`, e.message || e); } } try { const all = await factory.getAllWallets(); console.log("\nSEGREGATED ACCOUNTS"); for (const r of all) { console.log(`${r.rail},${r.id},${r.wallet}`); } } catch (e) { console.log("getAllWallets failed:", e.message || e); } console.log("\nDone, failures:", failures); } main().catch(e => { console.error(e); process.exit(1); }); ``` {% endcode %} wallet {% code expandable="true" %} ```javascript // npx hardhat run scripts/run-reed.js --network arbitrum_sepolia const hre = require("hardhat"); const crypto = require("crypto"); const CONFIG = { TOKEN: "0x86449a994fED1c90f5DdCB3cc5bd4fD236aE4B0f", FACTORY: "0x562638D7a31791C5484F6DDd93F175a6f83D3FA0", DEPLOY_FACTORY: false, VERIFY_FACTORY: false, RAILS: ["VISA","AMEX","CITIBIKE"], // null for autodiscover or ["VISA","AMEX","CITIBIKE"]; MINT: "10", XFER: "3", WALLET_MODE: "existing"// new = deploy, existing = no deploy }; const RAIL_CONFIG = { ROUTING: { method: "Routing", transfer: false }, IBAN: { method: "IBAN", transfer: false }, SWIFT: { method: "SWIFT", transfer: false }, CIK: { method: "CIK", transfer: false }, LEI: { method: "LEI", transfer: false }, FEDNOW: { method: "FEDNOW", transfer: false }, FEDWIRE: { method: "FEDWIRE", transfer: false }, CHIPS: { method: "CHIPS", transfer: false }, VISA: { method: "VISA", transfer: true }, SUNPASS: { method: "SUNPASS", transfer: true }, ACTCARD: { method: "ACTCARD", transfer: true }, NCQUICKPASS: { method: "NCQUICKPASS", transfer: true }, PAEZPASS: { method: "PAEZPASS", transfer: true }, NJMYTRANSIT: { method: "NJMYTRANSIT", transfer: true }, AMEX: { method: "AMEX", transfer: true }, CITIBIKE: { method: "CITIBIKE", transfer: true } }; function makeRunTag(chainId, factoryAddr) { const ts = Date.now().toString(16); const rand = crypto.randomBytes(4).toString("hex"); return `${chainId.toString()}_${factoryAddr.slice(2, 8)}_${ts}_${rand}`; } function makeId(railCode, runTag, idx) { return `RAIL_${railCode}_${runTag}_${idx}`; } async function ensureRoles(Token, factoryAddr) { if (!Token.grantRole || !Token.hasRole) return; const keccak256 = hre.ethers.utils.keccak256; const toUtf8Bytes = hre.ethers.utils.toUtf8Bytes; const MINTER_ROLE = keccak256(toUtf8Bytes("MINTER_ROLE")); const BURNER_ROLE = keccak256(toUtf8Bytes("BURNER_ROLE")); try { const hasMinter = await Token.hasRole(MINTER_ROLE, factoryAddr); if (!hasMinter) { const tx = await Token.grantRole(MINTER_ROLE, factoryAddr); await tx.wait(); console.log("MINTER_ROLE granted"); } else { console.log("MINTER_ROLE already granted"); } } catch (e) { console.log("MINTER_ROLE grant failed:", e.message || e); } try { const hasBurner = await Token.hasRole(BURNER_ROLE, factoryAddr); if (!hasBurner) { const tx = await Token.grantRole(BURNER_ROLE, factoryAddr); await tx.wait(); console.log("BURNER_ROLE granted"); } else { console.log("BURNER_ROLE already granted"); } } catch (e) { console.log("BURNER_ROLE grant skipped/failed:", e.message || e); } } async function buildWalletIndex(factory) { const index = {}; const all = await factory.getAllWallets(); for (const r of all) { const rail = r.rail.toUpperCase(); if (!index[rail]) index[rail] = []; index[rail].push({ id: r.id, wallet: r.wallet }); } return index; } async function testBasicRail(factory, Token, railCode, railCfg, runTag, MINT_AMT) { const name = railCfg.method; const id = makeId(railCode, runTag, 0); console.log(`\nBASIC ${railCode} id=${id}`); const predictFn = factory[`predict${name}`]; const deployFn = factory[`deploy${name}Wallet`]; const getFn = factory[`get${name}Wallet`]; const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; if (!predictFn || !deployFn || !getFn || !mintFn || !burnFn) { console.log(`Missing methods for ${railCode}, skipping`); return; } const predicted = await predictFn(id); console.log("predicted", predicted); const deployTx = await deployFn(id); await deployTx.wait(); const wallet = await getFn(id); console.log("wallet", wallet); const mintTx = await mintFn(id, MINT_AMT); await mintTx.wait(); const balAfterMint = await Token.balanceOf(wallet); console.log("bal mint", hre.ethers.utils.formatUnits(balAfterMint, 18)); const burnTx = await burnFn(id, MINT_AMT); await burnTx.wait(); const balAfterBurn = await Token.balanceOf(wallet); console.log("bal burn", hre.ethers.utils.formatUnits(balAfterBurn, 18)); } async function testTransferRail(factory, Token, railCode, railCfg, runTag, MINT_AMT, XFER_AMT) { const name = railCfg.method; const idA = makeId(railCode, runTag, 1); const idB = makeId(railCode, runTag, 2); console.log(`\nTRANSFER ${railCode} A=${idA} B=${idB}`); const predictFn = factory[`predict${name}`]; const deployFn = factory[`deploy${name}Wallet`]; const getFn = factory[`get${name}Wallet`]; const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; const transferFn = factory[`transfer${name}`]; if (!predictFn || !deployFn || !getFn || !mintFn || !burnFn || !transferFn) { console.log(`Missing methods for ${railCode}, falling back to basic`); await testBasicRail(factory, Token, railCode, railCfg, runTag, MINT_AMT); return; } const predictedA = await predictFn(idA); const txA = await deployFn(idA); await txA.wait(); const walletA = await getFn(idA); const predictedB = await predictFn(idB); const txB = await deployFn(idB); await txB.wait(); const walletB = await getFn(idB); console.log("predictedA", predictedA); console.log("walletA", walletA); console.log("predictedB", predictedB); console.log("walletB", walletB); const mintTx = await mintFn(idA, MINT_AMT); await mintTx.wait(); const balA1 = await Token.balanceOf(walletA); const balB1 = await Token.balanceOf(walletB); console.log("A bal mint", hre.ethers.utils.formatUnits(balA1, 18)); console.log("B bal mint", hre.ethers.utils.formatUnits(balB1, 18)); const xferTx = await transferFn(idA, idB, XFER_AMT); await xferTx.wait(); const balA2 = await Token.balanceOf(walletA); const balB2 = await Token.balanceOf(walletB); console.log("A bal xfer", hre.ethers.utils.formatUnits(balA2, 18)); console.log("B bal xfer", hre.ethers.utils.formatUnits(balB2, 18)); const burnA = MINT_AMT.sub(XFER_AMT); const burnB = XFER_AMT; const burnTxA = await burnFn(idA, burnA); await burnTxA.wait(); const burnTxB = await burnFn(idB, burnB); await burnTxB.wait(); const balA3 = await Token.balanceOf(walletA); const balB3 = await Token.balanceOf(walletB); console.log("A bal burn", hre.ethers.utils.formatUnits(balA3, 18)); console.log("B bal burn", hre.ethers.utils.formatUnits(balB3, 18)); } async function testExistingBasicRail(factory, Token, railCode, railCfg, existingMap, MINT_AMT) { const name = railCfg.method; const list = existingMap[railCode]; if (!list || list.length === 0) { console.log(`No existing wallets for ${railCode}, skipping`); return; } const { id, wallet } = list[0]; console.log(`\nBASIC EXISTING ${railCode} id=${id} wallet=${wallet}`); const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; if (!mintFn || !burnFn) { console.log(`Missing methods for ${railCode}, skipping`); return; } const mintTx = await mintFn(id, MINT_AMT); await mintTx.wait(); const balAfterMint = await Token.balanceOf(wallet); console.log("bal mint", hre.ethers.utils.formatUnits(balAfterMint, 18)); const burnTx = await burnFn(id, MINT_AMT); await burnTx.wait(); const balAfterBurn = await Token.balanceOf(wallet); console.log("bal burn", hre.ethers.utils.formatUnits(balAfterBurn, 18)); } async function testExistingTransferRail(factory, Token, railCode, railCfg, existingMap, MINT_AMT, XFER_AMT) { const name = railCfg.method; const list = existingMap[railCode]; if (!list || list.length < 2) { console.log(`Need at least 2 existing wallets for ${railCode}, skipping`); return; } const { id: idA, wallet: walletA } = list[0]; const { id: idB, wallet: walletB } = list[1]; console.log(`\nTRANSFER EXISTING ${railCode} A=${idA} B=${idB}`); const mintFn = factory[`mintTo${name}`]; const burnFn = factory[`burnFrom${name}`]; const transferFn = factory[`transfer${name}`]; if (!mintFn || !burnFn || !transferFn) { console.log(`Missing methods for ${railCode}, skipping existing flow`); return; } const mintTx = await mintFn(idA, MINT_AMT); await mintTx.wait(); const balA1 = await Token.balanceOf(walletA); const balB1 = await Token.balanceOf(walletB); console.log("A bal mint", hre.ethers.utils.formatUnits(balA1, 18)); console.log("B bal mint", hre.ethers.utils.formatUnits(balB1, 18)); const xferTx = await transferFn(idA, idB, XFER_AMT); await xferTx.wait(); const balA2 = await Token.balanceOf(walletA); const balB2 = await Token.balanceOf(walletB); console.log("A bal xfer", hre.ethers.utils.formatUnits(balA2, 18)); console.log("B bal xfer", hre.ethers.utils.formatUnits(balB2, 18)); const burnA = MINT_AMT.sub(XFER_AMT); const burnB = XFER_AMT; const burnTxA = await burnFn(idA, burnA); await burnTxA.wait(); const burnTxB = await burnFn(idB, burnB); await burnTxB.wait(); const balA3 = await Token.balanceOf(walletA); const balB3 = await Token.balanceOf(walletB); console.log("A bal burn", hre.ethers.utils.formatUnits(balA3, 18)); console.log("B bal burn", hre.ethers.utils.formatUnits(balB3, 18)); } async function main() { const [deployer] = await hre.ethers.getSigners(); console.log("Deployer", deployer.address); let factory; let tokenAddr = CONFIG.TOKEN; if (!CONFIG.DEPLOY_FACTORY && CONFIG.FACTORY && CONFIG.FACTORY !== "0x0000000000000000000000000000000000000000") { factory = await hre.ethers.getContractAt("contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6", CONFIG.FACTORY); console.log("Using existing factory", factory.address); const onChainToken = await factory.token(); if (tokenAddr && tokenAddr.toLowerCase() !== onChainToken.toLowerCase()) { throw new Error(`TOKEN mismatch: config=${tokenAddr} onchain=${onChainToken}`); } tokenAddr = onChainToken; } else { if (!tokenAddr) throw new Error("CONFIG.TOKEN required when deploying factory"); const Factory = await hre.ethers.getContractFactory("contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6"); factory = await Factory.deploy(tokenAddr); await factory.deployed(); console.log("Deployed factory", factory.address); if (CONFIG.VERIFY_FACTORY) { try { await factory.deployTransaction.wait(5); await hre.run("verify:verify", { address: factory.address, constructorArguments: [tokenAddr], contract: "contracts/XFTRoutingFactoryV6.sol:XFTRoutingFactoryV6" }); console.log("Verified factory"); } catch (e) { console.log("Verify failed:", e.message || e); } } } const Token = await hre.ethers.getContractAt("contracts/USDX.sol:USDX", tokenAddr); console.log("Token", tokenAddr); await ensureRoles(Token, factory.address); const network = await hre.ethers.provider.getNetwork(); const chainId = network.chainId; const runTag = makeRunTag(chainId, factory.address); console.log("RunTag", runTag, "mode smoke"); let rails = []; try { rails = await factory.getAllRails(); } catch (e) { console.log("getAllRails failed, using config keys:", e.message || e); rails = Object.keys(RAIL_CONFIG); } let selectedRails = rails.map(r => r.toUpperCase()).filter(r => RAIL_CONFIG[r]); if (Array.isArray(CONFIG.RAILS) && CONFIG.RAILS.length > 0) { const set = new Set(CONFIG.RAILS.map(r => r.toUpperCase())); selectedRails = selectedRails.filter(r => set.has(r)); } console.log("Rails", selectedRails.join(", ")); const MINT_AMT = hre.ethers.utils.parseUnits(CONFIG.MINT, 18); const XFER_AMT = hre.ethers.utils.parseUnits(CONFIG.XFER, 18); const walletMode = CONFIG.WALLET_MODE || "new"; let existingMap = null; if (walletMode !== "new") { existingMap = await buildWalletIndex(factory); } let failures = 0; for (const rail of selectedRails) { const cfg = RAIL_CONFIG[rail]; try { if (walletMode === "existing") { if (cfg.transfer) { await testExistingTransferRail(factory, Token, rail, cfg, existingMap, MINT_AMT, XFER_AMT); } else { await testExistingBasicRail(factory, Token, rail, cfg, existingMap, MINT_AMT); } } else if (walletMode === "auto" && existingMap && existingMap[rail] && existingMap[rail].length >= (cfg.transfer ? 2 : 1)) { if (cfg.transfer) { await testExistingTransferRail(factory, Token, rail, cfg, existingMap, MINT_AMT, XFER_AMT); } else { await testExistingBasicRail(factory, Token, rail, cfg, existingMap, MINT_AMT); } } else { if (cfg.transfer) { await testTransferRail(factory, Token, rail, cfg, runTag, MINT_AMT, XFER_AMT); } else { await testBasicRail(factory, Token, rail, cfg, runTag, MINT_AMT); } } } catch (e) { failures++; console.log(`Rail ${rail} failed:`, e.message || e); } } try { const all = await factory.getAllWallets(); console.log("\nSEGREGATED ACCOUNTS"); for (const r of all) { console.log(`${r.rail},${r.id},${r.wallet}`); } } catch (e) { console.log("getAllWallets failed:", e.message || e); } console.log("\nDone, failures:", failures); } main().catch(e => { console.error(e); process.exit(1); }); ``` {% endcode %} SOFTWARE SEQUENCE * Attach to existing factory or deploy new factory * Verify token matches factory token * Grant factory minter and burner roles if missing * Generate unique synthetic rail IDs (new-wallet mode) * For each selected rail: deploy wallet → mint → transfer (if supported) → burn (new-wallet mode) * Read and print all wallets * Report failures NEW: EXISTING-WALLET MODE SEQUENCE * Build in-memory index from `getAllWallets()` grouped by rail → `index[rail] = [{id,wallet},…]` * For transfer rails, pick first two IDs per rail from `index[rail]` → `idA`, `idB` * For basic rails, pick first ID per rail from `index[rail]` → `id` * Call `mintTo(idA)` (or `id`) on factory * Call `transfer(idA,idB)` for transfer rails * Call `burnFrom(idA, MINT−XFER)` and `burnFrom(idB, XFER)` (or full burn for basic) * Print balances and continue to next rail without any deploy calls USER FLOW SEQUENCE * Set `TOKEN`, `FACTORY`, `DEPLOY_FACTORY`, `RAILS` in CONFIG * Choose new deploy or existing factory by toggling `DEPLOY_FACTORY` * Run `npx hardhat run scripts/run-reed.js --network arbitrum_sepolia` * Watch rail-by-rail execution logs * Review final wallet list and failure count NEW: USER FLOW FOR EXISTING WALLETS * Leave `FACTORY` set to existing XFTRoutingFactoryV6 address * Set `WALLET_MODE = "existing"` * Set `RAILS = ["VISA","AMEX","CITIBIKE"]` (or any subset you want to reuse) * Run the same Hardhat command * Script reuses oldest wallet pairs per rail from `getAllWallets()` (no new wallets deployed) FLOW OF FUNDS COUNTERPARTIES * Cardholder * Merchant * REEDUSD * Visa / Amex / Citibike rail * XFTRoutingFactoryV6 * RoutingWallet A * RoutingWallet B TRANSFER RAIL (NEW WALLETS, e.g., VISA) * Factory deploys wallet A for Cardholder ID * Factory deploys wallet B for Merchant ID * Factory mints REEDUSD to wallet A * Factory transfers REEDUSD from wallet A to wallet B * Factory burns remaining balance from wallet A * Factory burns received balance from wallet B BASIC RAIL (NEW WALLET, non-transfer) * Factory deploys wallet for rail ID * Factory mints REEDUSD to wallet * Factory burns full balance from wallet EXISTING-WALLET TRANSFER RAIL * Factory looks up existing wallet A and B from prior IDs on that rail * Factory mints REEDUSD to wallet A using existing ID * Factory transfers REEDUSD from wallet A to wallet B * Factory burns remaining balance from wallet A * Factory burns received balance from wallet B EXISTING-WALLET BASIC RAIL * Factory looks up existing wallet for that rail ID * Factory mints REEDUSD to existing wallet * Factory burns full balance from that wallet # script/run-rowe.js Multicall3 0xcA11bde05977b3631167028862bE2a173976CA11 script/run-rowe.js create wallets on rails given # in CONFIG mint tokens to wallets given payroll amt in CONFIG wallet deploy/no deploy logic for additional payroll distributions to existing wallets ``` 1. run rail flows on existing wallets (no deploy) 2. run rail flows on new wallets (deploy) NO DEPLOY 1. pull existing wallets given rail 2. run normal test basic/transfer flows on those addresses ``` # Netting multilateral = network\ bilateral = between counterparties **Q: What is netting?**\ A: A way of consolidating or reconciling multiple payments between two or more parties to create a single amount due to each participant. It simplifies doing [business](https://www.ibm.com/topics/blockchain-for-business) and reduces risk. Netting refers to the consolidation of multiple financial obligations or payments into a single net amount. By strategically offsetting positive and negative positions, netting reduces the total number and value of payments involved as well as their associated settlement risks. **Example:** Party A is due to receive USD 75,000 from Party B. At the same time, Party B is due to receive USD 30,000 from Party A. Instead of Party B paying USD 75,000 to Party A and Party A paying USD 30,000 to Party B in two separate transactions (called gross settlement), the payments can be netted. That way Party A owes nothing, and Party B pays Party A USD 45,000. **Q: Why blockchain for netting?**\ A: The primary benefit for the banks is reducing the cost of cash logistics. * Lower costs for all parties * Reduce manual data entry and file uploads * Automate and speed processing of matching and netting transactions * Increase security through encryption and tamper-evident distributed ledger technology * Provide transparency and enhance trust with permissioned access to transaction data Problem: It is not uncommon for banks to find themselves flush with cash in one city and low on cash needed to fill ATM machines in another city. Physically moving cash from one city to another is expensive, requiring armored car transport, possibly air transport, and insurance, among other costs. Another option is to ask the central bank to absorb the excess money in one city and provide cash in the other city, but this is also a costly alternative. ### IDN Liquidity Algorithm At start of each day, participants send $$$ to a central funding account. This $$$ pool allows XFT to settle faster, larger payments via multilateral netting. * Multilateral netting: Offsets obligations across the entire network * Bilateral netting: Offsets payment obligations between two banks Bilateral netting: If your bank owes another bank $100 million, and that bank owes your bank $80 million, XFT nets these so only $20 million needs to move. LIQUIDITY MECHANISM FLOW OF FUNDS 1. Bank funds IDN wallet 2. Bank adds optional supplemental 3. Bank A pays Bank B 4. XFT debits A credits B 5. Uses supplemental then primary 6. Queues if limits hit 7. End of day net and settle​ Liquidity saving mechanisms * Offsetting algorithm * Time-varying tariff * Payment splitting
Why liquidity saving mechanisms when IDN = instant + zero counterparty risk? Bank balance sheet + large-value payments still require prefunding/cash on hand. Accelerate working capital flows for RDFI leg.
*** RESOURCES [GUIDELINES FOR FOREIGN EXCHANGE SETTLEMENT NETTING](https://www.newyorkfed.org/medialibrary/microsites/fxc/files/guidefx.pdf) [What is Netting? How Does Netting Work?](https://www.newyorkfed.org/medialibrary/microsites/fmlg/files/Millerspresentationonnetting.pdf) [Payment Systems, Comptroller's Handbook](https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/payment-sys-funds-transfer-activities/pub-ch-payment-systems.pdf) [Wholesale Payment Systems, FFIEC’s Handbook](https://ithandbook.ffiec.gov/it-booklets/wholesale-payment-systems/introduction/) [Automated Clearing House, NCUA Examiner’s Guide](https://publishedguides.ncua.gov/examiner/Content/ExaminersGuide/ElectronicPaymentSystems/EPSTypes/ACH/ACH_Overview.htm) [About ACH Payments, PayPal](https://www.paypalobjects.com/en_US/vhelp/paypalmanager_help/about_ach_payments.htm) [System and method for intraday netting payment finality with supplemental funding](https://xft.finance/downloads/US8725609B2.pdf) [FedNow and Faster Payments in US](https://xft.finance/downloads/fednow_bostonfed_20241108.pdf) [Liquidity saving in real-time gross settlement systems](http://xft.sh/boe-rtgs-liquidity) # Payments IDN FLOWS stablecoin→USD→Fed rails→USD→stablecoin\ stablecoin → FEDX → stablecoin\ tokenized deposit1 → FEDX → tokenized deposit2\ tokenized deposit1 → tokenized deposit1 *** PARTIES Federal Reserve\ Western Union\ SWIFT\ The Clearing House\ NACHA\ [Payments Canada](https://www.payments.ca/)\ Early Warning Services\ National Securities Clearing Corporation (NSCC) METHODS Standard ACH\ Same Day ACH\ Wire transfer\ RTP\ RfP\ Credit cards\ Fedwire\ FedNow\ Zelle Securities ACATS\ ATON\ DRS\ DWAC\ FOP\ PEA NETWORKS / RAILS ACH\ CHIPS\ Image Exchange\ RTP\ SPEI\ BACS IDENTIFIERS RTN\ IBAN\ LEI\ BIC/SWIFT\ UID\ CLABE\ DTC\ TAN\ CUSIP\ ISIN\ SEDOL\ [OCC Option Symbol](https://en.wikipedia.org/wiki/Option_symbol#The_OCC_Option_Symbol)\ FIGI **STANDARDS** * [ISO 9362](https://en.wikipedia.org/wiki/ISO_9362) * ISO 20022 * ISO 13616 * ISO 4217 * ISO 8601 * ISO 3166 * ISO 17442 Legal Entity Identifier (LEI) * ISO 10383 Market Identifier Code (MIC) * ISO 13616 International Bank Account Number (IBAN) * ISO 9362 Business Identifier Code (BIC) * [RFC 4122](https://datatracker.ietf.org/doc/html/rfc4122) * [RFC 3696](https://datatracker.ietf.org/doc/html/rfc3696) * RFC 3339 RESOURCES \ \ \ \ \ \ \ \ \ # IDN Flows COUNTERPARTIES ACH Operator = Federal Reserve\ FEDX = CBDC\ JPMD = tokenized bank deposit\ VISA = Visa stablecoin running on VisaNet\ Credit Unions\ ODFI\ RDFI\ XFT IDN FLOW Originator → ODFI → XFT → RDFI → Receiver\ Originator → XFT → RDFI → Receiver *** USER FLOW 1. Alice sends a request to Bank A “Pay Bank B $5 for the benefit of Bob” 2. Bank A verifies Alice’s identity and adequacy of Alice’s funds 3. Bank A notifies Bank B of the payment 4. Bank B verifies Bob has an account 5. Bank B sends confirmation to Bank A 6. Both banks send confirmation to their respective customers. PUSH / SWAP / CREDIT Originator → ODFI → ACH Operator → RDFI → Receiver\ Originator → ODFI → XFT → RDFI → Receiver\ stablecoin→USD→Fed rails→USD→stablecoin\ stablecoin → FEDX → stablecoin\ tokenized deposit1 → FEDX → tokenized deposit2\ tokenized deposit1 → tokenized deposit1\ tokenized deposit1 → VISA → tokenized deposit2\ tokenized deposit1 → VISA → USD\ ODFI → XFT → Burn ODFI + Mint RDFI *** ### TOKENIZED DEPOSIT PAYMENT FLOWS *Originator -> ODFI -> XFT*
``` 1. Originator sends Pay $5 to Receiver request to ODFI 2. ODFI verifies funds internally 3. ODFI sends Transfer $5 to RDFI request to XFT 4. XFT burns $5 from ODFI account internally 5. XFT mints $5 to RDFI account internally 6. XFT sends Notify $5 credit message to RDFI 7. RDFI verifies Receiver account internally 8. RDFI sends Confirm acceptance message to XFT 9. XFT sends Settlement complete message to ODFI 10. ODFI sends Payment sent confirmation to Originator 11. RDFI sends Payment received confirmation to Receiver ``` *Originator -> XFT*
``` 1. Originator sends "Pay $5 to Receiver" request to XFT 2. XFT verifies tokenized deposit amounts and wallet existence 3. XFT burns $5 from ODFI wallet 4. XFT mints $5 to RDFI wallet 5. XFT sends confirmation message to Originator 6. XFT sends credit message to RDFI ``` *** RESOURCES [Visa Banks](https://usa.visa.com/dam/VCOM/regional/na/us/pay-with-visa/documents/eligible-financial-institutions.pdf)\ [Wells Fargo ACH](https://smallbusinessresources.wf.com/digitize-the-payment-process-with-ach/)\ [PNC Bank ACH](https://www.pnc.com/insights/personal-finance/spend/what-is-an-ach-payment.html)\ [Correspondent banking](https://docs.xft.finance/learn/flows/payments/correspondent-banking) # Rewards
Payment flows in the network
Interchange fee = (percentage × transaction amount) + flat fee * **A percentage of the purchase amount,** typically between 1.5% and 3% * **A small fixed transaction fee,** often between 5 and 20 cents
RESOURCES $$ \text{Interchange Fee} = (\text{percentage} \times \text{transaction amount}) + \text{flat fee} $$ # Legacy Rail Flows ACH TRANSFER FLOW 1. The originator (such as your employer) initiates the payment or deposit by giving instructions to their bank. 2. The bank sends digital payment files to the ACH network. 3. The ACH network passes those payment files on to the receiving bank. 1. ...or XFT sends payment files to recieving bank. This cuts out ACH operator step. 4. The receiving bank then adds money or takes money from the receiver’s bank account. ACH DATA FLOW 1. Originator initiates a debit or credit payment order to the ODFI 2. ODFI transmits the payment information to the ACH operator 3. ACH operator receives data from the ODFI and sorts the entries by routing number 4. ACH operator transmits the entries to the RDFI 5. RDFI receives, processes, and posts the ACH data to the receiver account on settlement day CORRESPONDENT BANKING ``` PAYMENT SETTLED VIA CORRESPONDENT BANKING 1. Debiting of payer’s account with bank A 2. Crediting of bank B’s mirror account with bank A, which is kept for accounting purposes 3. Payment message from bank A to bank B via telecommunication network 4. Debiting of bank A’s account with bank B (loro account) A. Use correspondent bank only 5. Crediting of bank C’s account with bank B 6. Payment message from bank B to bank C via telecommunication network 7. Debiting of bank’s B mirror account with bank C, which is kept for accounting purposes 8. Crediting of receiver’s account with bank C B. Involvement of payment system 5. Payment message from bank B to payment system 6. Settlement via payment system 7. Payment message from payment system to bank C 8. Crediting of receiver’s account with bank C ``` # Source of funds ## Source of funds - expected use (SoF-Eu) most recent occupation list This page enumerates the valid job-codes for submitting individual SoF-Eu questionnaires via API. All codes should be passed as string values.
OccupationCode
Accountant and auditor132011
Actor272011
Actuary152011
Acupuncturist291291
Adhesive bonding machine operator and tender519191
Administrative services manager113012
Advertising and promotions manager112011
Advertising sales agent413011
Aerospace engineer172011
Agent and business manager of artists, performers, and athletes131011
Agricultural and food science technician194010
Agricultural and food scientist191010
Agricultural engineer172021
Agricultural inspector452011
Air traffic controller and airfield operations specialist532020
Aircraft mechanic and service technician493011
Aircraft pilots and flight engineer532010
Aircraft structure, surfaces, rigging, and systems assembler512011
Ambulance driver and attendant, except emergency medical technician533011
Animal breeder452021
Animal caretaker392021
Animal control worker339011
Animal trainer392011
Architect, except landscape and naval171011
Architectural and civil drafter173011
Architectural and engineering manager119041
Archivist, curator, and museum technician254010
Artist and related worker271010
Astronomer and physicist192010
Athletes and sports competitor272021
Atmospheric and space scientist192021
Audiologist291181
Audiovisual equipment installer and repairer492097
Automotive body and related repairer493021
Automotive glass installer and repairer493022
Automotive service technician and mechanic493023
Avionics technician492091
Baggage porter, bellhop, and concierge396010
Bailiff333011
Baker513011
Barber395011
Bartender353011
Bill and account collector433011
Billing and posting clerk433021
Bioengineer and biomedical engineer172031
Biological scientist191020
Biological technician194021
Boilermaker472011
Bookkeeping, accounting, and auditing clerk433031
Brickmason, blockmason, and stonemason472020
Broadcast announcer and radio disc jockey273011
Broadcast, sound, and lighting technician274010
Brokerage clerk434011
Budget analyst132031
Bus and truck mechanic and diesel engine specialist493031
Business operations specialist, other131199
Butcher and other meat, poultry, and fish processing worker513020
Buyer and purchasing agent, farm products131021
Cabinetmaker and bench carpenter517011
Cardiovascular technologist and technician292031
Cargo and freight agent435011
Carpenter472031
Carpet, floor, and tile installer and finisher472040
Cashier412010
Cement mason, concrete finisher, and terrazzo worker472050
Chef and head cook351011
Chemical engineer172041
Chemical processing machine setter, operator, and tender519010
Chemical technician194031
Chemist and materials scientist192030
Chief executive111011
Child, family, and school social worker211021
Childcare worker399011
Chiropractor291011
Civil engineer172051
Claims adjuster, appraiser, examiner, and investigator131030
Cleaner of vehicles and equipment537061
Clergy212011
Clinical and counseling psychologist193033
Clinical laboratory technologist and technician292010
Coaches and scout272022
Coin, vending, and amusement machine servicer and repairer499091
Commercial and industrial designer271021
Commercial diver499092
Communications equipment operator, other432099
Compensation and benefits manager113111
Compensation, benefits, and job analysis specialist131141
Compliance officer131041
Computer and information research scientist151221
Computer and information systems manager113021
Computer hardware engineer172061
Computer network architect151241
Computer numerically controlled tool operator and programmer519160
Computer occupation, other151299
Computer programmer151251
Computer support specialist151230
Computer systems analyst151211
Computer, automated teller, and office machine repairer492011
Conservation scientist and forester191030
Construction and building inspector474011
Construction equipment operator472070
Construction laborer472061
Construction manager119021
Control and valve installer and repairer499010
Conveyor, dredge, and hoist and winch operator5370XX
Cook352010
Correctional officer and jailer333012
Correspondence clerk434021
Cost estimator131051
Counselor, other211019
Counter and rental clerk412021
Courier and messenger435021
Court reporter and simultaneous captioner273092
Court, municipal, and license clerk434031
Crane and tower operator537021
Credit analyst132041
Credit authorizer, checker, and clerk434041
Credit counselor and loan officer132070
Crossing guard and flagger339091
Crushing, grinding, polishing, mixing, and blending worker519020
Customer service representative434051
Cutting worker519030
Cutting, punching, and press machine setter, operator, and tender, metal and plastic514031
Dancer and choreographer272030
Data labeler and data entry keyer439021
Database administrator and architect15124X
Dental and ophthalmic laboratory technician and medical appliance technician519080
Dental assistant319091
Dental hygienist291292
Dentist291020
Derrick, rotary drill, and service unit operator, oil and gas475010
Desktop publisher439031
Detective and criminal investigator333021
Diagnostic medical sonographer292032
Dietetic technician and ophthalmic medical technician29205X
Dietitian and nutritionist291031
Dining room and cafeteria attendant and bartender helper359011
Director, religious activities and educatio212021
Disc jockey, except radio272091
Dishwasher359021
Dispatcher, except police, fire, and ambulance435032
Door-to-door sales worker, news and street vendor, and related worker419091
Driver/sales worker and truck driver533030
Drywall installer, ceiling tile installer, and taper472080
Earth driller, except oil and gas475023
Economist193011
Editor273041
Education and childcare administrator119030
Educational, guidance, and career counselor and advisor211012
Electric motor, power tool, and related repairer492092
Electrical and electronic engineering technologist and technician173023
Electrical and electronics engineer172070
Electrical and electronics installer and repairer, transportation equipment492093
Electrical and electronics repairer, industrial and utility49209X
Electrical power-line installer and repairer499051
Electrical, electronics, and electromechanical assembler512020
Electrician472111
Electronic equipment installer and repairer, motor vehicles492096
Elementary and middle school teacher252020
Elevator and escalator installer and repairer474021
Eligibility interviewer, government programs434061
Embalmer, crematory operator and funeral attendant3940XX
Emergency management director119161
Emergency medical technician292042
Emergency medicine physician291214
Engine and other machine assembler512031
Engineer, other172199
Entertainer and performer, sports and related worker, other272099
Entertainment and recreation manager119070
Environmental engineer172081
Environmental science and geoscience technician194040
Environmental scientist and specialist, including health192041
Etcher and engraver519194
Excavating and loading machine and dragline operator, surface mining475022
Executive secretary and executive administrative assistant436011
Exercise physiologist291128
Exercise trainer and group fitness instructor399031
Explosives worker, ordnance handling expert, and blaster475032
Extruding, forming, pressing, and compacting machine setter, operator, and tender519041
Facilities manager113013
Farmer, rancher, and other agricultural manager119013
Fashion designer271022
Fast food and counter worker353023
Fence erector474031
File clerk434071
Financial and investment analyst132051
Financial clerk, other433099
Financial examiner132061
Financial manager113031
Fire inspector332020
Firefighter332011
First-line enlisted military supervisor552010
First-line supervisor of construction trades and extraction worker471011
First-line supervisor of correctional officer331011
First-line supervisor of farming, fishing, and forestry worker451011
First-line supervisor of firefighting and prevention worker331021
First-line supervisor of food preparation and serving workers351012
First-line supervisor of housekeeping and janitorial workers371011
First-line supervisor of landscaping, lawn service, and groundskeeping workers371012
First-line supervisor of mechanics, installers, and repairers491011
First-line supervisor of non-retail sales workers411012
First-line supervisor of office and administrative support workers431011
First-line supervisor of police and detective331012
First-line supervisor of production and operating worker511011
First-line supervisor of protective service worker, other331099
First-line supervisor of retail sales workers411011
First-line supervisor of security worker331091
Fish and game warden333031
Fishing and hunting worker453031
Flight attendant532031
Floral designer271023
Food and tobacco roasting, baking, and drying machine operator and tender513091
Food batchmaker513092
Food cooking machine operator and tender513093
Food preparation and serving related worker, other359099
Food preparation worker352021
Food processing worker, other513099
Food server, nonrestaurant353041
Food service manager119051
Forest and conservation worker454011
Forming machine setter, operator, and tender, metal and plastic514020
Fundraiser131131
Funeral home manager119171
Furnace, kiln, oven, drier, and kettle operator and tender519051
Furniture finisher517021
Gambling cage worker433041
Gambling services worker393010
General and operations manager111021
Geoscientist and hydrologist, except geographer19204X
Glazier472121
Grader and sorter, agricultural product452041
Graphic designer271024
Grinding, lapping, polishing, and buffing machine tool setter, operator, and tender, metal and plastic514033
Hairdresser, hairstylist, and cosmetologist395012
Hazardous materials removal worker474041
Healthcare diagnosing or treating practitioner, other291299
Healthcare social worker211022
Heating, air conditioning, and refrigeration mechanic and installer499021
Heavy vehicle and mobile equipment service technician and mechanic493040
Helper--installation, maintenance, and repair worker499098
Helper--production worker519198
Helper, construction trade473010
Highway maintenance worker474051
Home appliance repairer499031
Home health aide311121
Host and hostess, restaurant, lounge, and coffee shop359031
Hotel, motel, and resort desk clerk434081
Human resources assistant, except payroll and timekeeping434161
Human resources manager113121
Human resources worker131070
Industrial and refractory machinery mechanic49904X
Industrial engineer, including health and safety172110
Industrial production manager113051
Industrial truck and tractor operator537051
Information and record clerk, other434199
Information security analyst151212
Inspector, tester, sorter, sampler, and weigher519061
Insulation worker472130
Insurance claims and policy processing clerk439041
Insurance sales agent413021
Insurance underwriter132053
Interior designer271025
Interpreter and translator273091
Interviewer, except eligibility and loan434111
Janitor and building cleaner37201X
Jeweler and precious stone and metal worker519071
Judge, magistrate, and other judicial worker231020
Judicial law clerk231012
Laborer and freight, stock, and material mover, hand537062
Landscape architect171012
Landscaping and groundskeeping worker373011
Laundry and dry-cleaning worker516011
Lawyer231011
Legal secretary and administrative assistant436012
Legal support worker, other232099
Legislator111031
Librarian and media collections specialist254022
Library assistant, clerical434121
Library technician254031
Licensed practical and licensed vocational nurse292061
Life scientist, other191099
Loan interviewer and clerk434131
Locksmith and safe repairer499094
Locomotive engineer and operator534010
Lodging manager119081
Logging worker454020
Logistician131081
Machine feeder and offbearer537063
Machinist514041
Magnetic resonance imaging technologist292035
Maids and housekeeping cleaner372012
Mail clerk and mail machine operator, except postal service439051
Maintenance and repair worker, general499071
Maintenance worker, machinery499043
Management analyst131111
Manager, other119199
Manicurist and pedicurist395092
Manufactured building and mobile home installer499095
Marine engineer and naval architect172121
Market research analyst and marketing specialist131161
Marketing manager112021
Marriage and family therapist211013
Massage therapist319011
Materials engineer172131
Mathematician152021
Mechanical engineer172141
Media and communication equipment worker, other274099
Media and communication worker, other273099
Medical and health services manager119111
Medical assistant319092
Medical records specialist292072
Medical scientist191040
Medical secretary and administrative assistant436013
Medical transcriptionist319094
Meeting, convention, and event planner131121
Mental health and substance abuse social worker211023
Mental health counselor211014
Merchandise displayer and window trimmer271026
Metal furnace operator, tender, pourer, and caster514050
Meter reader, utilities435041
Military enlisted tactical operations and air/weapons specialist and crew member553010
Military officer special and tactical operations leader551010
Military, rank not specified554010
Millwright499044
Mining and geological engineer, including mining safety engineer172151
Miscellaneous agricultural worker452090
Miscellaneous construction and related worker474090
Miscellaneous health technologist and technician292090
Miscellaneous plant and system operator518090
Miscellaneous social scientist and related worker193090
Miscellaneous vehicle and mobile equipment mechanic, installer, and repairer493090
Model maker and patternmaker, metal and plastic514060
Model, demonstrator, and product promoter419010
Molder and molding machine setter, operator, and tender, metal and plastic514070
Molder, shaper, and caster, except metal and plastic519195
Mortician, undertaker, and funeral arranger394031
Motor vehicle operator, other533099
Music director and composer272041
Musician and singer272042
Natural sciences manager119121
Network and computer systems administrator151244
New accounts clerk434141
News analyst, reporter, and journalist273023
Nuclear engineer172161
Nuclear medicine technologist and medical dosimetrist29203X
Nuclear technician194051
Nurse anesthetist291151
Nurse midwife291161
Nurse practitioner291171
Nursing assistant311131
Occupational health and safety specialist and technician195010
Occupational therapist291122
Occupational therapy assistant and aide312010
Office and administrative support worker, other439199
Office clerk, general439061
Office machine operator, except computer439071
Operations research analyst152031
Optician, dispensing292081
Optometrist291041
Order clerk434151
Orderly and psychiatric aide31113X
Other assembler and fabricator5120XX
Other community and social service specialist21109X
Other designer27102X
Other drafter17301X
Other educational instruction and library worker2590XX
Other engineering technologist and technician17302X
Other entertainment attendant and related worker3930XX
Other extraction worker4750XX
Other financial specialist1320XX
Other grounds maintenance worker37301X
Other healthcare practitioner and technical occupation299000
Other healthcare support worker31909X
Other installation, maintenance, and repair worker49909X
Other life, physical, and social science technician1940XX
Other machine tool setter, operator, and tender, metal and plastic51403X
Other material moving worker5371XX
Other mathematical science occupation1520XX
Other metal worker and plastic worker514XXX
Other personal appearance worker39509X
Other physician2912XX
Other production equipment operator and tender51919X
Other production worker5191XX
Other protective service worker33909X
Other psychologist19303X
Other rail transportation worker5340XX
Other teacher and instructor2530XX
Other textile, apparel, and furnishings worker51609X
Other transportation worker5360XX
Other woodworker5170XX
Packaging and filling machine operator and tender519111
Packer and packager, hand537064
Painter and paperhanger472140
Painting worker519120
Paper goods machine setter, operator, and tender519196
Paralegal and legal assistant232011
Paramedic292043
Parking attendant536021
Parking enforcement worker333041
Parts salesperson412022
Passenger attendant536061
Payroll and timekeeping clerk433051
Personal care and service worker, other399099
Personal financial advisor132052
Personal service manager, other119179
Pest control worker372021
Petroleum engineer172171
Pharmacist291051
Pharmacy aide319095
Pharmacy technician292052
Phlebotomist319097
Photographer274021
Photographic process worker and processing machine operator519151
Physical scientist, other192099
Physical therapist291123
Physical therapist assistant and aide312020
Physician assistant291071
Pipelayer472151
Plasterer and stucco mason472161
Plumber, pipefitter, and steamfitter472152
Podiatrist291081
Police officer333050
Postal service clerk435051
Postal service mail carrier435052
Postal service mail sorter, processor, and processing machine operator435053
Postmaster and mail superintendent119131
Postsecondary teacher251000
Power plant operator, distributor, and dispatcher518010
Precision instrument and equipment repairer499060
Prepress technician and worker515111
Preschool and kindergarten teacher252010
Presser, textile, garment, and related material516021
Print binding and finishing worker515113
Printing press operator515112
Private detective and investigator339021
Probation officer and correctional treatment specialist211092
Procurement clerk433061
Producer and director272012
Production, planning, and expediting clerk435061
Project management specialist131082
Proofreader and copy marker439081
Property appraiser and assessor132020
Property, real estate, and community association manager119141
Psychiatric technician292053
Public relations and fundraising manager112030
Public relations specialist273031
Public safety telecommunicator435031
Pumping station operator537070
Purchasing agent, except wholesale, retail, and farm products131023
Purchasing manager113061
Radiation therapist291124
Radio and telecommunications equipment installer and repairer492020
Radiologic technologist and technician292034
Radiologist291224
Rail-track laying and maintenance equipment operator474061
Railroad conductor and yardmaster534031
Real estate broker and sales agent419020
Receptionist and information clerk434171
Recreation worker399032
Recreational therapist291125
Refuse and recyclable material collector537081
Registered nurse291141
Rehabilitation counselor211015
Reinforcing iron and rebar worker472171
Religious worker, other212099
Reservation and transportation ticket agent and travel clerk434181
Residential advisor399041
Respiratory therapist291126
Retail salesperson412031
Rigger499096
Roofer472181
Roustabout, oil and gas475071
Sailor and marine oiler535011
Sales and related worker, other419099
Sales engineer419031
Sales manager112022
Sales representative of services, except advertising, insurance, financial services, and travel413091
Sales representatives, wholesale and manufacturing414010
Sawing machine setter, operator, and tender, wood517041
School bus driver533051
School bus monitor339094
School psychologist193034
Secondary school teacher252030
Secretary and administrative assistant, except legal, medical, and executive436014
Securities, commodities, and financial services sales agent413031
Security and fire alarm systems installer492098
Security guard and gambling surveillance officer339030
Septic tank servicer and sewer pipe cleaner474071
Sewing machine operator516031
Sheet metal worker472211
Ship and boat captain and operator535020
Ship engineer535031
Shipping, receiving, and inventory clerk435071
Shoe and leather worker516040
Shuttle driver and chauffeur533053
Skincare specialist395094
Small engine mechanic493050
Social and community service manager119151
Social and human service assistant211093
Social science research assistant194061
Social worker, other211029
Sociologist193041
Software developer151252
Software quality assurance analyst and tester151253
Solar photovoltaic installer472231
Special education teacher252050
Speech-language pathologist291127
Stationary engineer and boiler operator518021
Statistical assistant439111
Statistician152041
Stocker and order filler537065
Structural iron and steel worker472221
Structural metal fabricator and fitter512041
Substance abuse and behavioral disorder counselor211011
Supervisor of personal care and service worker391000
Supervisor of transportation and material moving worker531000
Surgeon291240
Surgical technologist292055
Survey researcher193022
Surveying and mapping technician173031
Surveyor, cartographer, and photogrammetrist171020
Switchboard operator, including answering service432011
Tailor, dressmaker, and sewer516050
Tax examiner and collector, and revenue agent132081
Tax preparer132082
Taxi driver533054
Teaching assistant259040
Technical writer273042
Telecommunications line installer and repairer499052
Telemarketer419041
Telephone operator432021
Television, video, and film camera operator and editor274030
Teller433071
Textile machine setter, operator, and tender516060
Therapist, other291129
Tire builder519197
Title examiner, abstractor, and searcher232093
Tool and die maker514111
Tour and travel guide397010
Training and development manager113131
Training and development specialist131151
Transit and intercity bus driver533052
Transportation inspector536051
Transportation security screener339093
Transportation service attendant536030
Transportation, storage, and distribution manager113071
Travel agent413041
Tree trimmer and pruner373013
Tutor253041
Umpire, referee, and other sports official272023
Underground mining machine operator475040
Unemployed, with no work experience in the last 5 years or earlier or never worked999999
Upholsterer516093
Urban and regional planner193051
Usher, lobby attendant, and ticket taker393031
Veterinarian291131
Veterinary assistant and laboratory animal caretaker319096
Veterinary technologist and technician292056
Waiter or waitress353031
Water and wastewater treatment plant and system operator518031
Web and digital interface designer151255
Web developer151254
Weigher, measurer, checker, and sampler, recordkeeping435111
Welding, soldering, and brazing worker514120
Wholesale and retail buyer, except farm products131022
Wind turbine service technician499081
Woodworking machine setter, operator, and tender, except sawing517042
Word processor and typist439022
Writer and autho273043
# Accounts 529 \ string \ Tax-advantaged college savings and prepaid tuition 529 plans (US) \ 401a \ string \ Employer-sponsored money-purchase 401(a) retirement plan (US) \ 401k \ string \ Standard 401(k) retirement account (US) \ 403B \ string \ 403(b) retirement savings account for non-profits and schools (US) \ 457b \ string \ Tax-advantaged deferred-compensation 457(b) retirement plan for governments and non-profits (US) \ brokerage \ string \ Standard brokerage account \ cash isa \ string \ Individual Savings Account (ISA) that pays interest tax-free (UK) \ crypto exchange \ string \ Standard cryptocurrency exchange account \ education savings account \ string \ Tax-advantaged Coverdell Education Savings Account (ESA) (US) \ fixed annuity \ string \ Fixed annuity \ gic \ string \ Guaranteed Investment Certificate (Canada) \ health reimbursement arrangement \ string \ Tax-advantaged Health Reimbursement Arrangement (HRA) benefit plan (US) \ hsa \ string \ Non-cash tax-advantaged medical Health Savings Account (HSA) (US) \ ira \ string \ Traditional Individual Retirement Account (IRA) (US) \ isa \ string \ Non-cash Individual Savings Account (ISA) (UK) \ keogh \ string \ Keogh self-employed retirement plan (US) \ lif \ string \ Life Income Fund (LIF) retirement account (Canada) \ life insurance \ string \ Life insurance account \ lira \ string \ Locked-in Retirement Account (LIRA) (Canada) \ lrif \ string \ Locked-in Retirement Income Fund (LRIF) (Canada) \ lrsp \ string \ Locked-in Retirement Savings Plan (Canada) \ mutual fund \ string \ Mutual fund account \ non-custodial wallet \ string \ A cryptocurrency wallet where the user controls the private key \ non-taxable brokerage account \ string \ A non-taxable brokerage account that is not covered by a more specific subtype \ other \ string \ An account whose type could not be determined \ other annuity \ string \ An annuity account not covered by other subtypes \ other insurance \ string \ An insurance account not covered by other subtypes \ pension \ string \ Standard pension account \ prif \ string \ Prescribed Registered Retirement Income Fund (Canada) \ profit sharing plan \ string \ Plan that gives employees share of company profits \ qshr \ string \ Qualifying share account \ rdsp \ string \ Registered Disability Savings Plan (RSDP) (Canada) \ resp \ string \ Registered Education Savings Plan (Canada) \ retirement \ string \ Retirement account not covered by other subtypes \ rlif \ string \ Restricted Life Income Fund (RLIF) (Canada) \ roth \ string \ Roth IRA (US) \ roth 401k \ string \ Employer-sponsored Roth 401(k) plan (US) \ rrif \ string \ Registered Retirement Income Fund (RRIF) (Canada) \ rrsp \ string \ Registered Retirement Savings Plan (Canadian, similar to US 401(k)) \ sarsep \ string \ Salary Reduction Simplified Employee Pension Plan (SARSEP), discontinued retirement plan (US) \ sep ira \ string \ Simplified Employee Pension IRA (SEP IRA), retirement plan for small businesses and self-employed (US) \ simple ira \ string \ Savings Incentive Match Plan for Employees IRA, retirement plan for small businesses (US) \ sipp \ string \ Self-Invested Personal Pension (SIPP) (UK) \ stock plan \ string \ Standard stock plan account \ tfsa \ string \ Tax-Free Savings Account (TFSA), a retirement plan similar to a Roth IRA (Canada) \ thrift savings plan \ string \ Thrift Savings Plan, a retirement savings and investment plan for Federal employees and members of the uniformed services. \ trust \ string \ Account representing funds or assets held by a trustee for the benefit of a beneficiary. Includes both revocable and irrevocable trusts. \ ugma \ string \ 'Uniform Gift to Minors Act' (brokerage account for minors, US) \ utma \ string \ 'Uniform Transfers to Minors Act' (brokerage account for minors, US) \ variable annuity \ string \ Tax-deferred capital accumulation annuity contract # Tokenized account number (TAN) Tokenized account numbers Chase\ US Bank\ PNC # Brokers ACATs Transfer (Automated Customer Account Transfer Service): It allows the transfer of stocks, options, mutual funds, and cash between brokers through an automated service. Key Details: Total (all assets) or partial (select specific assets). Matching details like account name and tax identification number are crucial. 2. ATON Transfer (Account Transfer on Notification): Similar to ACATs but specific for transfers between Canadian and U.S. brokers. Key Details: Like ACATS, it offers options for total or partial transfers and requires matching details in the account. 3. DRS Transfer (Direct Registration System): Facilitates the electronic transfer of stocks and warrants between the Transfer Agent and the trader's account. Key Details: Requires precise matching in details such as account name, tax identification number, and client type. 4. DWAC Transfer (Deposit/Withdrawal at Custodian): Enables the automated transfer of stocks and warrants between a Transfer Agent and the trader's account. Key Details: Similar to others, account information must match for a successful transfer. 5. FOP Transfer (Free of Payment): Moves stock, warrant, and bond positions from or to another U.S. bank or broker that is a DTC member. Key Details: Inbound transfers are notifications; instructing the external broker is essential to complete the transfer. 6. Internal Position Transfer: Allows the transfer of positions between one's accounts within the same broker. Key Details: Specific rules apply for account detail matching. 7. Transfer Between Master and Sub Accounts: Brokers with master and sub-accounts can transfer positions between them. Key Details: Requires identity confirmation and is processed during regular trading hours. 8. Depository Switch: Permits changing the currency of multi-listed stocks at different depositories. Key Details: Executed by selecting "Depository / Trading Currency Change" and following the procedure. # ACH Netwok The direct deposit of payroll, social security benefits, and tax refunds are typical examples of ACH credit transfers. ACH stands for Automated Clearing House. It's a nationwide network that facilitates electronic money transfers between bank accounts in the United States. Before ACH, financial transactions were primarily conducted via paper checks. ACH allows for secure and efficient movement of funds electronically, making payments faster and more convenient. It's used for various transactions, including direct deposit, bill payments, and business-to-business transfers. The network is managed by the National Automated Clearing House (Nacha), and the actual processing is handled by two operators: the Federal Reserve and The Clearing House. COUNTERPARTIES Originating Depository Financial Institution (ODFI): Financial institutions that originate transactions on your behalf. Plaid works with ODFIs to initiate these transactions. \ ACH Operators: The Federal Reserve and The Clearing House, which process, route, and settle transactions with member banks. \ Third-Party Sender (TPS): Payment processors, which initiate transfers for you since your organization might not have a direct agreement with the ODFI. \ ACH Originators: Entities directly responsible for pulling or sending funds to an end-customer. \ ACH Platforms: Entities that onboard originators of their own and facilitate money movement between them and the receivers. \ Receiver: Individuals or businesses receiving ACH transactions in their bank accounts XCK Destroyed Check Entry # EFT COUNTERPARTIES [Payments Canada](https://www.payments.ca/) FLOW 1. Initiation: A business or individual triggers a transaction through online banking, mobile apps or point-of-sale terminals. 2. Authorization: Multifactor authentication secures the transaction through passwords, PINs or biometric verification. 3. Transmission: Secure networks route payment data between financial institutions via established channels like ACH or SWIFT. 4. Processing: Banks verify the transaction details and available funds. 5. Settlement: Funds move between accounts based on the chosen transfer method. 6. Confirmation: Systems generate unique transaction IDs or reference numbers for record-keeping and provide confirmation to the parties involved. --- [Next Page](/llms-full.txt/1)