TSP—01 / INDEPENDENT FINANCIAL RESEARCH

Beyond Tokens.
Into Financial Structures.

Investigating and engineering the financial, monetary, market and computational structures underpinning programmable finance—from economic rights to independently verifiable settlement.

Explore the programme ↗Open research laboratory →
FINANCIAL ARCHITECTURE · MECHANISM DESIGN · EXPERIMENTAL ENGINEERING
04Foundational structural disciplines
12Interconnected research domains
06Specialized engineering workstreams
TSP—01Independent research programme
01 / Foundational research

Four structures.
One financial frontier.

Tokenization reshapes more than asset records. It changes how claims are represented, markets exchange risk, money reaches counterparties and computation enforces financial authority. Our research connects these dimensions without reducing finance to a token standard.

CLAIMRIGHTSenforceability
DISCIPLINE I

Financial Structures

Claims, liabilities, assignments, entitlements and the accounting rules that make a token economically meaningful.

x · y = kliquidity →
DISCIPLINE II

Market Structures

Trading, liquidity, collateral, tokenized securities, price formation and delivery-versus-payment.

USD€¥denomination ≠ settlement
DISCIPLINE III

Monetary Structures

Stablecoin issuance, bank money, currency corridors, redemption, treasury and alternatives to legacy rails.

INTENTPOLICYPROOFauthorized execution
DISCIPLINE IV

Computational Structures

Distributed ledgers, programmable authorization, financial agents, settlement logic and reproducible assurance.

02 / The research thesis

A token is a representation, not a complete financial truth. The underlying claim, its legal rights, the issuer's liability, the authorized transfer and the accounting evidence must remain independently verifiable.

03 / Research atlas

Where finance changes
its structure.

Twelve visual research domains, expressed using their native financial geometry—flow of funds, balance-sheet relationships, market curves, authority boundaries, custody structures and the conservation of claims.

x · y = kinventory → price
MARKET STRUCTURES / 01

DeFi & market mechanisms

AMMs, collateralized lending, oracle pricing and the economic limits of transparent execution.

RESEARCH DOMAIN
RESERVESTOKENSmintredeemissuer liability ↔ claim
MONETARY STRUCTURES / 02

Stablecoins & digital money

Reserve backing, issuer liabilities, mint/redemption, tokenized deposits and payment asset eligibility.

RESEARCH DOMAIN
Lshared state, external facts
COMPUTATIONAL STRUCTURES / 03

Distributed ledger technology

Public EVM, permissioning, rollup governance, finality and verifiable state commitments.

RESEARCH DOMAIN
BANKTOKENCARD
MONETARY STRUCTURES / 04

Payment & settlement rails

ISO 20022, wire, real-time payments, card clearing and programmable digital-cash transfers.

RESEARCH DOMAIN
AGENTMANDATESIGNERproposal ≠ authority
COMPUTATIONAL STRUCTURES / 05

Agentic finance

Mandated financial automation, institutional signatures, bounded delegation and accountability.

RESEARCH DOMAIN
CUSTODYRECEIPTsecurity →← cash · DvP
MARKET STRUCTURES / 06

Tokenized securities

Depository receipts, D-SHARE, beneficial rights, custody and delivery-versus-payment.

RESEARCH DOMAIN
ABC1008060ΣN = 0
MARKET STRUCTURES / 07

Clearing & net settlement

Multilateral positions, escrow, allocation conservation and the distinction between netting and discharge.

RESEARCH DOMAIN
BANKCASHUSDCRAILliquidity mobility / T
MONETARY STRUCTURES / 08

Treasury & liquidity topology

Cash mobility between bank balances, settlement assets, collateral and invested positions.

RESEARCH DOMAIN
UECJFX corridors & obligations
MONETARY STRUCTURES / 09

Currency corridors

Local-currency settlement, FX conversion, de-dollarization strategies and monetary interoperability.

RESEARCH DOMAIN
BANKASSETDEPOSITLIABILITYloansclaimslegal claims persist
FINANCIAL STRUCTURES / 10

Banking disintermediation

Deposit claims, credit creation, financial custody and what changes when interfaces bypass banks.

RESEARCH DOMAIN
PAYERSHOPCARDA2Aacceptance ≠ protections
MARKET STRUCTURES / 11

Beyond card networks

A2A, pay-by-bank, merchant wallet acceptance and different consumer protection obligations.

RESEARCH DOMAIN
DRCRARCASHΣ debit = Σ credit
FINANCIAL STRUCTURES / 12

Accounting-native finance

Verity, CoreLedger, AP/AR claims, double-entry controls and independent reconciliation.

RESEARCH DOMAIN

All diagrams are conceptual design illustrations, not live asset positions, market quotes or contract deployment evidence.

04 / Research architecture

Financial substance before
protocol execution.

The core design divides economic rights, authorized instructions, asset transfer and independent reconciliation into explicit trust boundaries. Public-chain execution alone does not establish the underlying financial obligations.

I / ECONOMIC & LEGAL RIGHTSII / ACCOUNTING & DECISION COORDINATIONIII / TOKEN & PAYMENT EXECUTIONIV / INDEPENDENT FINANCIAL ASSURANCE Buyer ERP Supplier ERP Financier CustodianClaims Registry CoreLedger Policy NettingPermissioned Transfers Public EVM Bank RailsCounterparty Proofs + Chain Receipts + Accounting Journals ORIGIN EVIDENCEINSTITUTIONAL INTENTTOKEN / CASH MOVEMENTRECONCILED FINALITY
INDEPENDENT AUTHORIZATION

Financial validity

Debtors, creditors, holders and custodians independently authorize or evidence the economic event.

CONTRACT ENFORCEMENT

Execution validity

Eligible participants, signed amounts, approved assets, nonces and governance rules constrain state transitions.

EXTERNAL RECONSTRUCTION

Accounting validity

Signed claims, finalized transfers and journal entries are independently matched, including population completeness.

05 / Research programme architecture

Distinct experiments.
Connected principles.

TSP-01 provides the independent umbrella for specialized research and proof-of-concept work. Existing settlement research remains CSP-01, while token representation stays TRP-01. Their findings contribute to a common financial structure framework.

EXPERIMENT / PROGRAMME
Prototype design

CSP-01

Settlement Protocol Research

Public EVM institutional settlement; signed claims, restricted USDC execution and auditor-operated verification.

EXPERIMENT / PROGRAMME
PoC matrix

TRP-01

Token Representation Research

Canonical obligation registry versus ERC-1155, ERC-6909 and ERC-3525 claim structures.

EXPERIMENT / PROGRAMME
Research design

FIN-02

Treasury & Liquidity Structures

Asset mobility, funding obligations, liquidity segmentation, netting and redemption timing.

EXPERIMENT / PROGRAMME
Concept model

RWA-03

Tokenized Securities

D-SHARE depository receipts, custody-backed rights, corporate actions and DvP.

EXPERIMENT / PROGRAMME
Research design

AGT-04

Agentic Finance & Governance

Bounded autonomous decision-making, mandates, risk policies and human accountability.

EXPERIMENT / PROGRAMME
Architecture study

PAY-05

Rail Interoperability

ISO 20022 financial events, stablecoins, bank-rail finality and cross-network reconciliation.

06 / Interactive representation explorer

What does the token
actually represent?

Inspect four economically different financial objects. Changing the token interface does not change what makes the financial right enforceable, valued or settled.

STRUCTURE EXPLORER / CONCEPTUAL MODELS
A recognized obligation can have multiple interest holders.
FINANCIAL STRUCTURES

Approved commercial receivable

A recognized buyer payable and supplier receivable may support financed participation. Token balances cannot themselves establish buyer acceptance or legal assignment.

Canonical right
Obligation + participating entitlements
Candidate
Registry / ERC-3525
Critical evidence
Debtor approval, assignment and payment
07 / Settlement & liquidity structures

One obligation.
Multiple settlement conditions.

Tokenized securities, cash and external banking rails have different ownership and finality rules. A sound protocol does not confuse on-chain transfer with legal delivery or pretend asynchronous rails settle atomically.

Delivery versus payment — tokenized securities

Issuer / custodianBuyer cashInvestor receiptSeller cashDvPSECURITYPAYMENT

Custody-backed rights and settlement money require matching authorization and enforceable exchange conditions.

Cross-rail settlement — different finality clocks

Approved obligationUSDC transferBank transferOn-chain evidenceExternal confirmationCoreLedger reconciliation

Asynchronous payment branches must not falsely discharge an obligation before all required finality evidence exists.

08 / CSP-01 experimental settlement laboratory

Audit the claim.
Then settle.

A deterministic invoice-financing experiment: an original $100,000 claim, $90,000 approved, $10,000 disputed, with approved interests split 60%/40%. Step through settlements and inject an attempted replay. No blockchain or real USDC is used.

APPROVED OBLIGATION / OUTSTANDING
$90,000
$0 settled · $10,000 disputed
SUPPLIER INTEREST
$54,000
FINANCIER INTEREST
$36,000
FINANCIAL EVENT TRACE / SIMULATION
[INIT] Synthetic invoice USD 100,000 created [VERITY] USD 90,000 approved; 10,000 disputed [RIGHTS] Supplier 60% / financier 40% [STATE] Awaiting signed settlement instruction

Educational demonstration only. Actual CSP-01 requires production-quality smart contracts, authorized signers, custody evidence, network finality and independent audits.

09 / Adversarial assurance

Test the structures
under hostile conditions.

Blockchain validity and financial validity are distinct. The research separates failures that smart contracts prevent from omissions and misrepresentations that independent counterparties and auditors must detect.

RA—01
Fictitious approved claim

Require authentic debtor authorization or independently recognized legal evidence before settlement.

RA—02
Omitted internal liability

Participants verify inclusion against their independent claim populations; a Merkle commitment alone is insufficient.

RA—03
Double-assigned receivable

Conserve holder entitlements, enforce encumbrance restrictions and identify competing priorities.

RA—04
Malicious settlement relayer

Signed recipients, asset, amounts, deadline, nonce and chain-bound authorization prevent substituted instructions.

RA—05
False bank finality evidence

Do not mark an external banking leg as settled without authenticated rail evidence.

RA—06
Privilege and governance misuse

Bound administrative powers with independent approvals, upgrade delays and monitored emergency controls.

Design premise: A commitment verifies integrity of the submitted dataset, not its completeness. Original invoices, liabilities, legal rights and custody balances require separate independent evidence and reconciliation.
10 / Reading & publications

Research grounded
in financial standards.

The programme connects applied research with published specifications, monetary-system studies and technical standards. The following are external source materials, not original TSP-01 publications.

PROTOCOL REPRESENTATION

ERC-3525 — Semi-Fungible Tokens

Identity, slot and divisible value semantics for financial position design.

Read specification ↗
RESTRICTED FINANCIAL ASSETS

ERC-3643 — Permissioned Tokens

Identity and compliance constraints for eligible ownership and restricted transfers.

Read specification ↗
INSTITUTIONAL PAYMENT ARCHITECTURE

BIS — Project Agorá

Exploration of programmable wholesale multi-currency financial infrastructure.

Read research ↗