• 100% Liquid Backing Rule: Non-bank issuers are barred from fractional-reserve operations. Permitted reserves are restricted to coins, notes, deposits in insured depository institutions, and Treasuries with remaining maturities of 93 days or less.
• Limits on Rehypothecation: Section 4 prohibits pledging, rehypothecating or reusing reserve assets, with narrow exceptions (for example, to meet liquidity needs through qualifying repo).
• Insolvency Priority: Reserves must be held separately, and holders receive priority over other creditors if an issuer fails. The Act does not mandate a specific trust vehicle.
• Redemption Policy: Issuers must publish a redemption policy and redeem at par in a timely manner. The statute sets no fixed number of days.

• Asset-Referenced Tokens (ARTs) vs EMTs: EMTs reference a single official currency (e.g., EUR, USD) and must be issued by an authorized Credit Institution or Electronic Money Institution (EMI).
• Prohibition on Yield / Interest: MiCA Article 40/50 bans issuers from distributing interest to token holders to preserve bank deposit flight protections.
• The EUR 200M / 1M-Transaction Threshold: When a non-euro EMT is used as a means of exchange above about 1M transactions or EUR 200M per day, the issuer must bring use back under the threshold, including by stopping new issuance. It is a cap with remediation, not an outright ban.
• Mandatory 30%/60% Bank Deposits: Significant EMTs must place at least 60% of reserve assets as direct cash deposits across multiple EU banks.

• Classification Conditions: Group 1b requires a supervised, regulated issuer and a reserve that passes the redemption-risk test. The 10/20 bps peg-deviation (basis risk) test proposed in the 2022 consultations was not carried into the final December 2022 standard.
• The Punitive 1250% Penalty: Group 2b assets receive a 1250% risk weight, requiring a dollar-for-dollar Tier 1 equity deduction (a bank holding $100M of an unapproved coin must hold $100M in cash capital).
• Redemption-Risk Test: Reserve assets must be sufficient to meet redemptions at all times, including in stress, with value at least equal to the outstanding peg value. The standard sets no fixed 35% run or LCR figure; any such number in this tool is our own stress assumption.

• `pacs.008` (Credit Transfer): The backbone of FedNow and SWIFT, embedding on-chain transaction hashes, smart contract addresses, and DTI references directly into the structured remittance segment.
• ISO 24165 DTI: Assigns unique 9-character alphanumeric codes to eliminate digital asset confusion across disparate blockchains.
• ISO 17442 LEI: Standardizes institutional identity in FATF Travel Rule messaging, binding corporate entities to on-chain wallet addresses.

Pilot settlement dollar on Polygon (6 decimals). Its supply and transactions are verifiable live below. The deployed bytecode does not match our current published source (see /proof), so specific contract features of the deployed token cannot be independently verified from source today. The published source adds EIP-2612 permits, quota-limited minters, compliance freeze and wipe, pause, optional identity-registry gating and two-step ownership.

Token contract

0xA0B7C74C4025ef06056DF0127DB5F6AA26b80481

Owner / treasury

0x633665c619B70477c34d8970515AEBEdc1c82df9

Proof-of-funds oracle

0x39B7256212D045cE13aDCc3BdB3C3C5f5e8fAA24 bytecode = published source

Genesis mint · 10 units

0xc0039e49…7fe4040

Workflow test mint · 50,000

0xc2cc45ae…fdd6daa

The same dollar on the XRP Ledger's native token rail: a configured issuer account with its domain set, holder trust lines, issuance by payment, and an XLS-20 NFT used as an on-ledger asset record. 3–5 second settlement, no smart contract needed.

Issuer account

rfoXVXYvBjwS2bTVvEZdZmg6G1d78fBdzr · domain unykorn.org

Issuer setup

D9BFB0AA…CA8A62C

First issuance · 10 AET

FCF6DC44…45E833B

Workflow test · 50,000 AET

8DEE18D1…626DF5B

NFT asset record

6EFB235C…78CF89C

The reference design (unaudited, not deployed). Minting is hard-gated on-chain by a reserve attestation oracle: no fresh 2-of-2 signed attestation, no mint. Rejects stale data (24h), forged or duplicate signatures, and any mint that would breach a 5% risk buffer.

Adds an opt-in hash-based second factor on top of normal signatures. Once an account registers a commitment, plain transfers, approvals and burns are refused for it; funds move only by commit-reveal, which needs both factors: the account signs an opaque commitment binding destination, amount, one-time pre-image and next commitment, and at least 20 blocks later anyone may reveal it. A verified reveal always consumes the pre-image, even if the transfer itself is blocked. Neither a stolen ECDSA key nor a leaked pre-image alone can move funds. Owner recovery uses commit-reveal and resets all roles; replacing the master minter takes a 48-hour timelock. Revised 10 Nov 2026 after internal failure-path reviews; 31 published tests. Unaudited. NIST ML-DSA signatures are on the roadmap. Not yet deployed.

The fiat-backed payment coin pattern used by the largest issuers — master minter with allowances, blacklist, pause, permits, upgradeable proxy — designed with reference to GENIUS, MiCA EMT and Basel Group 1b requirements, with every role rotatable and two-step ownership. Unaudited reference build; the starting point for a white-label issuer's audited implementation.