CIP 00XX
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CIP: CIP 00XX
Title: Add Ubyx as an SV of Weight 5
Author: Tony McLaughlin
Status: Draft
Type: Governance
Created: 2025-06-06
Approved:
License: CC0-1.0
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Abstract:
Add Ubyx as an SV with Weight 5, as milestones and deliverables are reached over an 18-month period, as proposed in the detailed list of deliverables below.
Ubyx commits to building solutions on the Canton Network enabling regulated transfers of value on-chain as well integration into the broader Ubyx stablecoin clearing platform.
Make it possible to attach information of regulatory importance to transactions
Integrate the broader Ubyx clearing system with the Canton ecosystem
Allow Ubyx ecosystem participants to interact with the stablecoin clearing system through their own Canton Node using the Global Synchronizer.
About Ubyx:
Ubyx is building a next-generation clearing system that allows stablecoins to be deposited into bank and fintech accounts at par value, much like cheques. This infrastructure aims to support compliant, privacy-preserving B2B payments at scale.
Ubyx was founded by Tony McLaughlin, a 30-year veteran of traditional finance with deep expertise in corporate treasury and interbank innovation. Tony has cultivated strong, long-standing relationships with major banks and FMI’s and has led transformative initiatives with global financial institutions, and has initiated:
RLN/RSN: A system for private, atomic multi-bank settlements piloted on the Canton Network with participation from major actors in the financial markets (e.g., Citi, J.P. Morgan, T.D. Bank, U.S. Bank, Wells Fargo, Zions, Matercard, Visa, Swift, and the New York Federal Reserve).
Project Agora: A cross-market initiative enabling privacy-preserving atomic interactions between diverse financial actors. The project is currently led by the BIS and more than 40 private sector financial firms, including major banks, exchanges, and payment providers have joined the effort.
Ubyx has already secured investment and affiliation from several stablecoin issuers, financial institutions, blockchain foundations, and infrastructure providers, including multiple participants from the Canton ecosystem.
The company’s CTO, Darko Pilav, brings nearly a decade of experience from Digital Asset. He was an original author of Daml, built the global Customer Experience Engineering team and has overseen multiple major Daml projects. Darko is well positioned to ensure that Ubyx’s work on Canton is architected to support composability and network utility, aligning with the long-term vision for interoperable and scalable enterprise infrastructure.
Deliverables for Full SV Reward:
Deliverable | Acceptance Criteria | Deadline | Weight earned |
MVP Go Live | MVP is Live * First customers live, first production transactions ** At least 2 institutions ** At least 2 stablecoins ** At least 1 settlement bank
Settlement transactions may occur in external systems but will be coordinated with on-chain Canton workflows synchronized by the global synchronizer. Each settlement is expected to require at least 3 on-chain transactions.
Participating institutions are expected to be top tier crypto custodians, banks/custodians, and web2 payments companies | +180 Days | 1 |
Acceleration Bonus | * At least one production transaction completed on the Global Synchronizer MainNet * If delivered <=60 Days from SV CIP Approval (Bonus +2) * If delivered in 180 Days from SV CIP Approval (Bonus +0) * Linear sliding scale between +60 and +180 days * Example : If Ubyx delivers production transaction on Day 120 from SV Approval, Ledger is awarded a Bonus of +1 | + 180 Days | Max 2 |
Adoption Bonus | * For every approved (by the Tokenomics Committee) participant, using Ubyx via their own Canton Validator connected to the Global Synchronizer | + 180 Days | + 0.5 per approved name
Max 2 |
Milestone Mechanics:
The GSF Tokenomics committee commits to deliberate each proposed participant and clearly notify Ubyx if the participant would count against the adoption bonus.
Ubyx will meet with the GSF Tokenomics committee once every 60 days and provide a progress report towards stated deliverables.
SV Reward Mechanics:
An extraBeneficiary PartyID associated with the ‘escrowed’ Super Validator will be set up by the GSF with an SV Weight at the maximum earnable weight in the CIP that grants rights to that Super Validator.
The Applicant is responsible for all costs associated with the operation of the escrow SV
The escrow SV will NOT mint rewards on a block by block basis
All escrow SV rewards will go to the Unclaimed Rewards pool
⅔ of the Super Validator Operators will update their configurations to allow GSF to host the full weight to be earned by the given Super Validator
Applicant is required to present proof of successful completed milestones to the Tokenomics Working Group
If the Tokenomics Working Group agrees the milestone has been met and agrees with the calculation, an announcement will be sent via the Tokenomics-Announce mailing List
The GSF will update the extraBeneficiary to an active PartyID controlled by that Super Validator.
⅔ of Super Validator Operators will then assign a portion of the Unclaimed Rewards to be minted by the Applicant’s Validator, based on the calculation approved by the Tokenomics working group.
If any milestones and associated rewards are not achieved by the deadline
Applicant will be notified they have not met a deliverable by the GSF
Remaining SV Weight assigned to the extraBeneficiary SV will be removed from the GSF node configuration, and the total SV weight of the GSF SV node will be reduced by the same amount by a vote of the Super Validators.
The Tokenomics Working Group will make a recommendation to the SVs on what to do with the Unclaimed Rewards
Applicant is subject to CIP-0045 : SV Operating Requirements
If, at any time, the Applicant has been rewarded SV Weight > 2.5, they are required to operate their SV within 6 months of crossing that Weight. This SV node will join the network with an SV weight of zero (0) and may add weights as the SV completes the milestones listed in this CIP.
