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Mechanism teardown

Payroll to tokenised fund

research-needed

Employer payroll routed into a tokenised money-market or bond fund

Architecture

diagram pending verification
Diagram pending
The flow diagram ships once the parties, custody, and settlement paths are sourced. Until then the structure is described in words below, not drawn as if confirmed.

This page maps a flow that is being discussed but is not yet documented here: routing payroll, or an employer's operating cash, directly into a tokenised money-market fund (MMF) or bond fund, so the holder earns yield on balances that would otherwise sit idle. It is filed as a mechanism teardown so the structure can be verified piece by piece. Nothing below asserts that a named product ships this flow today; each specific is a research-needed placeholder until an archived source is on file.

The flow

At the conceptual level the flow is: employer disburses cash, the cash is on-ramped (or is already a tokenised deposit), and it subscribes into a tokenised fund whose units the recipient holds and can redeem. Whether any of those steps happens on-chain, who holds the units, and under what wrapper are exactly the questions this page exists to answer.

Parties

Research needed. The named employer/payroll provider, the on/off-ramp or tokenised-deposit issuer, the fund and its manager, the transfer agent, and the custodian. Capture each only with a citable source, and distinguish operational participation from a press-release mention.

Custody path

Research needed. Where the recipient's fund units actually sit (self-custody wallet, custodian, omnibus vs segregated), and what the redemption route is. This determines counterparty risk and whether the structure is digital-native or a mirror of an off-chain fund.

Settlement path

Research needed. How subscription cash and fund units move and settle (delivery-versus-payment on-chain, or off-chain administrator subscription with a token issued after), the cut-offs, and the finality model.

Constraints

Research needed. The licensing and suitability constraints (who may hold the fund, KYC/whitelisting, any deposit-vs-investment-product line), tax treatment of yield, and the operational limits that decide whether this is a product or a demo.

Open questions

  • Is the recipient holding a digital-native fund interest or a mirror of an off-chain unit? This sets the issuance_model classification.
  • Does any live implementation route payroll directly, or is the cash always routed through a conventional account first?
  • Agentic-commerce angle: could an agent acting for the recipient manage the allocation between a tokenised deposit and a tokenised fund automatically, and what wrapper would let it hold and redeem the units?