The committee
Questions a committee asks
Is liquid kUSD redeemable?
There is no redemption mechanism into USDC during the normal course of business. The Reserve is backing, not a redemption window. Convertibility is a configuration axis: an issuer may specify redemption functionality separately.
What stops a manager marking its way out of a loss?
Quantities are measured from custody the model itself controls; only values are asserted, through the valuation process. Managers can be authorised to allocate and trade without being given the power to write arbitrary accounting values into the ledger.
Can Equity withdraw ahead of a bad cycle?
No. The minimum capital threshold is fixed at the start of each cycle, before the outcome is known, and Equity cannot defer a senior obligation in a cycle and simultaneously extract its own capital.
What happens in a wind-down?
A specified terminal path rather than mechanics designed during a crisis. Triggers are voluntary liquidation by Equity, events of default, or a partial tender. The Reserve is applied through the seniority order, the risky portfolio goes to auction-based price discovery rather than going-concern marks, Bond positions stay transferable and Equity ranks last.
Does it have to be a dollar?
No. The model is denominated in a unit of account. A separate instance can be configured around another denomination, with its own Reserve, allowlists, bond market and governance. Instances stay economically separate: each maintains and closes its own balance sheet.
What verification exists?
Tokenisys has completed the proof programme for the Syncratix architecture. Verification materials, formal specifications and conformance evidence can be made available to issuers and their auditors under the applicable confidentiality arrangements.