Status: Built
The operating system for real-world instruments.
Issue, settle, and service instruments on one event-sourced ledger. Every state change replayable, every policy decision receipted. The institutional layer Kaspa doesn’t need to become a securities chain to have.
Capabilities
What it does, in depth.
Trust & identity
Portable claims and reusable onboarding. KYC, accreditation, and jurisdiction become attestations that travel with the participant. Onboard once, transact everywhere policy allows.
Policy & compliance
Declarative policy-as-data with machine-readable receipts. Ownership caps, holder-count limits, jurisdiction rules, sanctions deny-lists. Every decision produces a versioned, hashed receipt.
Settlement
Instruction-based settlement with approvals, holds, expiry, and venue routing. Multi-leg atomic DvP: every leg settles or none does. Maker-checker where four eyes are the rule.
Custody & control
Beneficial ownership separated from operational control without losing transparency: maker-checker approval workflows and HSM-backed key custody.
Registry & servicing
The cap table as a live system: distributions with withholding and pro-rata payouts, ballots with quorum and proxy voting, redemptions, splits, maturities, corporate actions.
Evidence & disclosure
Evidence bundles for every material event, with audience-scoped selective disclosure. Show the regulator everything, the counterparty what it needs, the public what you choose.
Historical truth
Event-sourced to the core: as-of queries reconstruct holdings at any past moment, hash-chained integrity detects drift, and the full history replays deterministically.
Developer surface
REST gateway with OpenAPI 3.1 and GraphQL, webhooks with retry and HMAC signing, the Forge TypeScript SDK and CLI, an operator console, and a one-command Docker sandbox.
Use cases
Where it lands first.
RWA issuance & servicing
Issue a KIT instrument, enforce eligibility by policy, settle DvP atomically, service distributions. One platform, no bespoke chain.
Regulated tokenised funds
Record-date truth, as-of holdings, withholding, and audit exports built in.
Insurance instruments
Policy records, approvals, and evidence trails with selective disclosure.
Certificates with provenance
Retirement histories and registry servicing on the same rails.
Developers
Closed source. Open surface.
Product code is closed: these are commercial systems built for regulated institutions, where bank-grade deployments require controlled code and audited releases. Everything an integrator or auditor needs is published: documentation, specifications, and SDKs. Covenant patterns and standards are released openly through the Foundation.
Next step
Looking for design partners.
Issuers and custodians ready to run a first instrument lifecycle on public rails.