Number: CIP-TBD | Author: Matthew Longhurst, Co-founder and CIO, TreasurySpring |
Type: Governance | Created: 2026-06-16 |
Status: Proposed | License: CC0-1.0 |
1. Summary
This CIP proposes that TreasurySpring Management (Jersey) Limited (TreasurySpring) be admitted as a Super Validator applicant with a core maximum earnable SV reward weight of 5, plus an additional accelerated-delivery bonus of up to 0.5. The application uses a milestone-based representative-SV structure, with rewards initially escrowed and unlocked only when the objective on-chain RWA outstanding and utility milestones as set out in this CIP are met.
The proposal is designed around three steps:
on-chain migration through TreasurySpring-controlled local-party infrastructure;
sustained high-quality on-chain RWA outstanding, measured as Fixed Term Funds (FTFs) represented on Canton; and
wallet-driven utility, including external wallet holdings, wallet-initiated transactions, and collateral use.
TreasurySpring's value proposition is that it can bring billions of dollars of natively issued, high-quality treasury assets on-chain under a legally robust, privacy-preserving register model that is uniquely suited to Canton.
2. Motivation
TreasurySpring is a cash investment platform and vertically integrated regulated fund manager with over 1000 onboarded clients across the UK, EU, US and other countries. TreasurySpring issues FTFs through bankruptcy-remote Jersey, Channel Islands issuing vehicles. Each FTF holds a single underlying asset with a specific maturity date and provides pass-through exposure to cash-equivalent, high-grade fixed-income products including government bills and bonds, supranational paper, and reverse repo transactions with major investment banks, including tri-party and CCP-cleared structures. TreasurySpring's issuance is multi-currency, with most issuance concentrated in USD, EUR, and GBP.
TreasurySpring currently has more than 550 live FTFs in issuance and offers access to over 120 different counterparties. It offers FTFs with maturities as short as 1 day up to 1 year in multiple currencies. If client behaviour remains similar to today and substantially all FTFs are brought on-chain, TreasurySpring expects daily minting and burning activity and, on average, more than 500 new FTFs minted and 500 FTFs burned on a weekly basis.
TreasurySpring's relevance to Canton is derived from the following:
TreasurySpring is the issuer of the FTFs, so the migration is native issuance under TreasurySpring's control rather than a third-party tokenization exercise.
The underlying assets are high-quality institutional treasury assets, creating immediate relevance for treasury tokenization, daily mint and burn activity, and later collateral mobility or borrowing use cases.
TreasurySpring can bring substantial real-world asset value on-chain through workflows that are already in production and already used by a broad institutional client base.
TreasurySpring proposes to bring substantially all FTFs on-chain over time. This would make the Canton record the main legal record of ownership for those FTFs whose register is maintained on Canton, while allowing TreasurySpring to stage the rollout from TreasurySpring-controlled local-party infrastructure first, and broader external-wallet utility second.
Why Canton
TreasurySpring believes Canton is the right network for this issuance because:
The legal basis for maintaining the official register on Canton is expected to be sound under Jersey law, subject to formal legal advice from leading Jersey counsel. The ability for the register to be corrected through controlled freeze, seize and rectification mechanisms is critical.
Canton provides privacy in a way that fits TreasurySpring's institutional client base. TreasurySpring clients often hold large balances and are highly sensitive to visibility of positions and transfers on public ledgers.
Canton is the ecosystem where major institutional counterparties are exploring collateral mobility, tokenized cash, and large-size institutional workflows. TreasurySpring assets should be close to that ecosystem as it develops.
TreasurySpring's issuance is multi-currency, institutional in size, and designed for large real-money use cases rather than retail token distribution.
Canton node topology allows TreasurySpring to bring assets on-chain while initially maintaining control over holder wallets via local parties controlled by the Transfer Agent. This means assets can be brought on-chain in a frictionless manner under existing documentation. This staged approach allows TVL to be added quickly in a regulatory-first manner, after which external wallets, client use cases, investor education, and any related consent or disclosures can be introduced in a second stage.
Applicant and Structure
The applicant is TreasurySpring Management (Jersey) Limited, the Jersey-incorporated investment manager of the TreasurySpring issuing structure. The applicant is regulated as an Alternative Investment Fund Services Business by the Jersey Financial Services Commission.
The FTF issuing entities are Incorporated Cells under an Incorporated Cell Company, TreasurySpring Investments (Jersey) ICC. The applicant's Transfer Agent will maintain register control and related compliance controls.
TreasurySpring already operates its own Canton validator node. TreasurySpring does not currently propose to operate its own Super Validator from day one. Instead, the application follows a representative-SV arrangement at launch, with TreasurySpring taking over a dedicated SV as milestone-linked weight becomes active, as described below.
3. Deliverables for SV Rewards
The core maximum earnable SV reward weight under this CIP is 5. TreasurySpring may earn an additional accelerated-delivery bonus of up to 0.5 for delivering the first external-wallet holding milestone ahead of the standard deadline, bringing the true maximum earnable weight to 5.5.
The proposal is intentionally structured around three steps:
controlled on-chain migration;
sustained high-quality on-chain RWA outstanding; and
wallet-driven utility.
Although the utility milestones are shown after the on-chain RWA milestones in the table below, TreasurySpring expects to work on external-wallet capability in parallel with the RWA scaling phase.
The utility phase is designed to demonstrate progressively richer usage: external wallet holding, secondary transfers and trading, collateral use, and direct wallet-initiated subscription/mint funded by on-chain cash. Deliverables 3 and 6 relate to primary market utility, Deliverable 4 to secondary market utility, and Deliverable 5 to collateral utility.
Milestones Table
Deliverable | Summary | Deadline from CIP approval | Evidence | Incremental Weight | Cumulative Weight |
|---|---|---|---|---|---|
1 | Phase 1 controlled migration: at least $10m of TreasurySpring own balance sheet FTFs represented on Canton using a local party on TreasurySpring's own Canton validator node | 3 months | Transfer Agent attestation and agreed ledger evidence | 1.0 | 1.0 |
2 | Phase 2 sustained on-chain RWA outstanding: TreasurySpring earns 0.5 weight for each additional $1bn of FTFs represented on Canton, capped at 2.0 total weight. Each threshold must remain above the relevant level for at least 1 month. Proposed thresholds: $1bn by 8 months, $2bn by 9 months, $3bn by 10.5 months, and $4bn by 12 months | 8-12 months | Transfer Agent attestation, agreed ledger evidence, monthly RWA.xyz reporting, and quarterly Tokenomics Working Group reporting | Up to 2.0 | Up to 3.0 |
3 | External wallet primary holding milestone: at least one minimum-size $1m FTF position held by an early-adopter external client through an external party and third-party wallet infrastructure, with subscription funded in fiat through the TreasurySpring portal | 5-9 months | Transfer Agent attestation and agreed ledger evidence | 0.5, plus accelerated-delivery bonus of up to 0.5 if delivered before 9 months (on the scaled basis set out below) | 3.5, plus up to 0.5 bonus |
4 | External wallet secondary transfer milestone: 0.25 weight for the first wallet-initiated transfer of an FTF between whitelisted external wallets, and a further 0.25 weight for the first secondary transaction in an FTF on a secondary marketplace such as Temple Digital Group's platform | 12 months | Transfer Agent attestation and agreed ledger evidence for each qualifying transfer or marketplace transaction. | 0.25 + 0.25 | 4.0, plus up to 0.5 bonus |
5 | Collateral-use milestone: first use of an FTF as collateral, whether for margin purposes or for borrowing against FTFs | 12 months | Transfer Agent attestation and agreed ledger evidence. | 0.5 | 4.5, plus up to 0.5 bonus |
6 | On-chain cash subscription/mint milestone: first wallet-initiated subscription/mint of an FTF into an external wallet against on-chain cash, such as a tokenized deposit | 15 months | Transfer Agent attestation and agreed ledger evidence. | 0.5 | 5.0, plus up to 0.5 bonus |
For the avoidance of doubt, the successful completion of each deliverable in its entirety is not a prerequisite for successfully completing a subsequent or other deliverable.
Accelerated-Delivery Bonus
For Deliverable 3, TreasurySpring may earn an additional accelerated-delivery bonus of up to 0.5 weight if the external-wallet holding milestone is achieved before the standard 9-month deadline. The accelerated-delivery bonus should scale linearly from:
0.5 additional weight if achieved within 5 months; to
0 additional weight if achieved at 9 months.
4. Communications Requirements
To support transparency and ecosystem signaling, TreasurySpring expects to make or support the following public communications in connection with this CIP:
A public announcement is required at the time of CIP approval outlining TreasurySpring's intended integration of native FTF issuance and register infrastructure with Canton.
A public announcement is required upon TreasurySpring first achieving $1 billion of FTFs represented on Canton.
A public announcement is required upon the first holding of an FTF in an external wallet through an external party and third-party wallet infrastructure.
A public announcement is required upon the first use of an FTF as collateral, whether for margin purposes or for borrowing against FTFs.
A public announcement is required upon the first wallet-initiated subscription or mint of an FTF into an external wallet against on-chain cash, such as a tokenized deposit.
All public communications related to this CIP will be subject to TreasurySpring's normal internal review and approval process prior to release.
5. Rationale
This application is intentionally designed so that the early milestones are primarily within TreasurySpring's control.
The core contribution is the migration of native TreasurySpring issuance and register infrastructure onto Canton. That migration alone can bring significant treasury assets on-chain, daily mint and burn activity, multi-currency issuance, and a strong legal precedent for privacy-preserving, transfer-agent-controlled, institutional register maintenance on Canton.
The proposal then moves from controlled migration to sustained on-chain RWA outstanding and finally to wallet-driven utility. This keeps the strategy focused on a narrow, executable path: first get high-quality treasury assets on-chain, then prove that those assets can support progressively more useful wallet-based and collateral-based activity.
Over time, TreasurySpring intends for this utility layer to move beyond traditional subscription workflows, which today are organised around daily cut-off times and explicit fund-manager acceptance, toward a more real-time operating model. For certain eligible, short-dated, deep-capacity FTFs, TreasurySpring believes wallet-initiated subscriptions can evolve progressively toward continuous availability, including 24/7 minting where operational, legal, and liquidity conditions support it.
TreasurySpring has also identified early-adopter clients within its existing client base who may help support selected proof points in the utility phase, while the application itself remains structured so that it does not depend on named external counterparties for approval.
Ecosystem Relevance
TreasurySpring expects its issuance to be relevant to the broader Canton ecosystem for several reasons:
TreasurySpring's assets are high-quality treasury assets that may become attractive forms of collateral as Canton-native collateral use cases mature.
TreasurySpring's staged rollout model supports both TreasurySpring-controlled local-party structures and later external-party structures.
TreasurySpring may facilitate wallet solutions itself for clients who are not ready to engage directly with third-party wallet providers.
TreasurySpring's issuance is multi-currency and institutional in size.
SV Mechanics
An extraBeneficiary PartyID associated with the ‘escrowed’ Super Validator will be setup by the Foundation, or another SV node operator approved to provide SV rewards escrow services, with an SV Weight at the maximum earnable weight.
The Applicant is responsible for coordinating the process of setting up the escrowed weights with the GSF and the operator of the SV node.
The Applicant is responsible for all costs associated with the operation of the representative SV
The representative SV will NOT mint rewards on a block by block basis
All representative SV rewards will go to the Unclaimed Rewards pool
Applicant is required to present proof of successful completed milestones to the Tokenomics Working Group
Applicant is required to present a calculation for number of Canton Coin it should earn for meeting the requirements of the milestone
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
⅔ of Super Validator Operators will then assign a portion of the Unclaimed Rewards to be minted by the Applicant’s Validator
⅔ of the Super Validator Operators will update their configurations to allow Applicant to takeover a portion of their SV Weight on a go-forward basis
If any milestones and associated rewards are not achieved by the deadline
Applicant will be notified they have not met a deliverable by the Foundation
Remaining SV Weight on the representative SV will be removed from the SV Operator configs
The Tokenomics Working Group will make a recommendation to the SVs on what to do with the Unclaimed Rewards
Copyright
This document is licensed under CC0-1.0.
