A dollar claim on a balance sheet that is marked, closed and published every ninety days.

kUSD is the senior claim on a portfolio that runs like a fund and settles like a contract. Every ninety days the book is marked, the period's profit and loss is attributed, and new capital is admitted, in that order, because the code contains no path to do it in any other. Risk is sold before it is created: the assets that could lose money cannot exist until the capital that absorbs those losses has been committed.

The argument, in order

• The period close.
• The ordering, and why late trading is impossible rather than prohibited.
• The capital structure: senior claim, dated bond principal, first-loss equity that is not tokenised.

3 of the six are not yet written: beats 3, 5, 6.