Whichever rail clears it, you still have to prove it settled.
Institutions are not choosing one tokenised rail. They are joining several and accepting exposure to more. Cabier does not compete with any of them — it sits above all of them and produces the evidence the booking institution owes regardless of which ledger moved.
CLARITY Act · Senate Calendar No. 423 House-passed 17 July 2025, awaiting Senate floor time. We plan on the regimes that bind today.
What governs nowThe board
Rails in scope
5
Each held against the regime of the booking jurisdiction.
Finality provable
94.2%
Weighted across rails from evidence the institution itself holds.
Rails not provable
2
Where a supervisory request could not be answered from held evidence today.
Bank-operated deposit-token platform
Institution-issued deposit tokens
- Finality provable
- 99.2%
- Aged breaks
- 2
- Reserve attestation
- Not applicable
- Redemption tested
- Yes
What would fail a supervisory request
Every reading on this rail resolves from evidence the institution holds itself.
Telemetry shown is a demonstration set. Client boards read the institution’s own settlement evidence inside the engagement environment.
Rail-agnostic coverage
Coverage is defined by arrangement class, not by vendor name. A new consortium is a new connector, not a new control framework.
Institution-issued tokenised deposits settling on a permissioned ledger operated by the bank or a bank consortium.
Multi-bank wholesale settlement utilities where the booking institution is a participant, not the operator.
Third-party issued tokens the institution distributes, custodies or accepts as settlement asset.
Issuance and transfer-agency platforms for tokenised funds, notes and private-market instruments.
Where an institution's exposure reaches a permissionless network through a custodian or bridge.
What the board reads
Settlement finality confirmation
Whether finality was achieved as contractually defined, and how the institution can prove it after the fact.
Failed and unwound settlement rate
Trend, cause category and whether remediation closed the underlying control gap.
Reconciliation breaks
On-ledger position against books and records, aged and owned by a named function.
Reserve composition and coverage
Instrument mix, maturity profile and coverage ratio, with independent confirmation currency.
Redemption under stress
Tested redemption capacity against a severe-but-plausible outflow, not a modelled average.
Cross-border conduct flags
Where a transfer touches a jurisdiction whose obligations differ from the booking jurisdiction.
Every metric above maps to one of the six institutional obligations and rolls into the Operational Resilience Score. Cabier is not a settlement provider and does not custody, issue or transfer assets.