Treasuries • US • Fund Interest • Feeder SPV
Tokenized T-Bills for Corporate Treasury ($10M)
Corporate risk committee approved short-term U.S. Treasuries exposure via tokenized feeder SPV interests. Daily liquidity with cutoffs, automated investor reporting, and regulated custody.
Snapshot
Raised
$10,000,000
$10,000,000
Investors
1 (corporate treasury)
1 (corporate treasury)
Timeline
~2 months setup → live
~2 months setup → live
Stage
Post-Issuance
Post-Issuance
Platform
Securitize
Securitize
Status
Active redemptions, NAV-based
Active redemptions, NAV-based
Anonymized
Context & Objectives
Issuer: Corporate treasury arm of a mid-sized tech company, with mandate to diversify cash management beyond bank deposits.
- Deploy $10M idle treasury into tokenized U.S. T-Bills with daily liquidity.
- Require NAV-based reporting and automated cutoff times for subscriptions/redemptions.
- Maintain compliance with internal treasury risk policies and board oversight.
Structure & Jurisdiction
Legal wrapper
Feeder SPV issuing fund interests backed by tokenized shares in a U.S. T-Bill fund.
Jurisdiction
U.S.-aligned regulated platform (Securitize ATS) with custody via licensed provider.
Instrument
Tokenized fund interest (representing pro-rata share of U.S. T-Bill portfolio).
Key Terms (Indicative)
| Investment size | $10,000,000 |
| Underlying | Short-term U.S. Treasuries (T-Bills ≤ 6 months) |
| Liquidity | Daily cutoffs (T+1 settlement) |
| Reporting | Daily NAV updates; monthly treasury report |
| Transferability | Restricted to whitelisted wallets; no retail |
| Redemptions | T+1 wire to treasury account |
Provider Stack
Platform
Securitize (ATS + subscription + registry)
Securitize (ATS + subscription + registry)
Custody
Qualified custodian with segregated sub-accounts
Qualified custodian with segregated sub-accounts
Payments
Wire transfers; optional stablecoin rails
Wire transfers; optional stablecoin rails
Compliance
Regulated broker-dealer & transfer agent roles
Regulated broker-dealer & transfer agent roles
Reporting
NAV feed + monthly PDF statement
NAV feed + monthly PDF statement
Legal
SPV formation + offering docs + board approvals
SPV formation + offering docs + board approvals
Investor Funnel
- Corporate risk committee reviews offering & approves allocation.
- KYC/AML flow completed for corporate treasury entity.
- Subscription executed via platform; tokens issued to custodian account.
- Redemption tested: partial unwind within 48h to validate liquidity.
- Monthly oversight call with issuer + reporting pack delivery.
Compliance & Controls
KYC/AML
Corporate onboarding, UBO verification, sanctions & SoF checks.
Corporate onboarding, UBO verification, sanctions & SoF checks.
Governance
Board approval, investment committee minutes, policy alignment.
Board approval, investment committee minutes, policy alignment.
Reporting
Daily NAV; audited annual fund financials.
Daily NAV; audited annual fund financials.
Transfers
Restricted to designated custodian accounts; no P2P allowed.
Restricted to designated custodian accounts; no P2P allowed.
Risks & Mitigations
Regulatory
Restricted to accredited/qualified investors only.
Restricted to accredited/qualified investors only.
Liquidity
Cutoff times strictly enforced; no intraday redemptions.
Cutoff times strictly enforced; no intraday redemptions.
Operational
Custodian segregation & playbook for failed wires.
Custodian segregation & playbook for failed wires.
Market
Limited to short-duration T-Bills → minimal duration risk.
Limited to short-duration T-Bills → minimal duration risk.
Lessons Learned
- Corporate treasuries value **process reliability** more than yield.
- Daily NAV reporting is non-negotiable for internal risk sign-off.
- Testing redemption flow early is crucial for trust in the stack.
Downloads
This case is anonymized; downloads are generalized templates.
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