The Tokenised Treasury Migration
BUIDL, Franklin BENJI, Apollo ACRED, and the Transfer Agent Doing the Quiet Work Behind the Migration
This brief carries no locked forward claim. Statements that did not pass the forward-claim standard stay on file and are not scored.
The report cites a numbered 42-entry source registry centered on issuer and regulatory primaries (BlackRock/Securitize, Franklin Templeton, Apollo, Hamilton Lane, and Ondo fund documentation; Circle's 10-K; SEC, OCC, ESMA, MAS, HKMA, and FCA regime documents), with central-bank and multilateral research (BIS, FSB, NY Fed, IMF, OECD) and tiered financial press. Third-party dashboards (RWA.xyz, DefiLlama, Token Terminal, verified Dune) are treated as cross-source corroboration rather than load-bearing for fact claims, and disclosure tiers are graded explicitly, with SEC-filed disclosures carrying audit weight. Seven numbered key judgments carry explicit confidence levels with section-level assessments and rationales.
Limitations: BUIDL underlying-asset composition claims are CLAIM-tier where CUSIP-level disclosure is not published, and the architecture's stress resilience is a design feature that has not been tested in production at scale.
Estimative language in this report follows the firm’s published standard: judgments carry HIGH, MODERATE, or LOW confidence, and each carries its rationale in the full report. The framework, source tiers, and anti-fabrication perimeter are public on the methodology page. Corrections issue as numbered addenda.