Core concepts

Obligation

A commitment to settle two legs together: a delivery leg (a digital asset) and a payment leg (a stablecoin or tokenised cash). An obligation settles atomically or not at all.

Settlement window

A fixed interval during which matching obligations are collected and netted. When the window closes, all settleable obligations in it apply in one transition; unmatched obligations expire untouched.

Netting

Within a window, obligations net multilaterally per asset, so each participant exchanges a single net position per asset instead of gross flows.

Policy

Custody rules evaluated before any signing share participates: allow-lists, per-asset limits, signing quorum and time-locks. Policy is enforced server-side and on-chain.

Finality

Deterministic: once a window closes, a settled obligation is irreversible. There is no partial-settlement state.