Native tokenized MMF issuance on Arc — code-enforced NAV gate, whitelist at mint, no bridging. Circle/Hashnote USYC.
"The investor's subscription request — fiat or USDC is committed for fund share purchase."
Investor subscribes via Circle portal. L5 Application (Circle UI) and L4 Account (Circle compliance engine) are lit. KYC (D1) and accredited investor verification fire at L4. Licensing (D8) checked at account opening. This is the investor eligibility gate — accredited status required per Reg D or 1940 Act.
"The NAV attestation — on-chain oracle confirms current fund value before mint."
NAV from Hashnote's calculation agent is published on-chain at L3. This is the only tokenized MMF where NAV enforcement is code-enforced: the mint contract reads the on-chain NAV and gates issuance accordingly. D9 (prudential) and D16 (programmable compliance) are the active domains.
"The issuance event — USYC shares are minted natively on Arc."
USYC minted natively on Arc (not bridged). L3 Execution (mint contract with whitelist gate) and L2 Consensus (Malachite BFT, permissioned validators) are lit. The whitelist is code-enforced at L3 — only verified addresses can receive shares. This is native issuance, not a wrapped representation.
"The investor's fund share balance — USYC received and accruing yield."
Newly minted USYC arrives in the investor's wallet on Arc. L4 Account and L5 Application lit. Recordkeeping (D11) and tax reporting (D12) obligations fire. USYC is value-accruing: balance stays fixed, price increases with NAV. Can be used as collateral on Arc for DvP and margin.
Resolved 4 steps across 1 chain(s). 0 threshold(s) triggered. Frameworks: Common Reporting Standard / FATCA.
Coverage notes: 5 disclosed gap(s).