CIP:  CIP-0122
  Title: Add TreasurySpring Management (Jersey) Limited as a Super Validator (max weight 4)
  Author: Matthew Longhurst, Co-founder and CIO, TreasurySpring
  License: CC0-1.0
  Status: Approved
  Type: Governance
  Created: 2026-06-16
  Approved: 2026-09-09
## 1. Summary This CIP proposes that TreasurySpring Management (Jersey) Limited (TreasurySpring) be admitted as a Super Validator applicant with a maximum earnable SV reward weight of 4. The application uses a milestone-based representative-SV structure, with rewards initially escrowed and unlocked only when the objective milestones for on-chain RWA outstanding and cumulative issuance volume set out in this CIP are met. Earned weight is thereafter subject to the perpetual sustainment requirements set out in this CIP. The proposal is focused on sustained, production-scale native FTF issuance on Canton. Qualifying RWA may be represented through local party IDs or external party IDs, allowing TreasurySpring to bring substantial value and recurring issuance activity onto Canton. External-wallet functionality and broader transaction utility remain important parts of TreasurySpring's product roadmap. These capabilities are expected to be developed separately as the application and ecosystem mature, with any associated incentives arising through applicable application activity or a future proposal rather than the deliverables under this CIP. 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's bankruptcy-remote Jersey issuing vehicles issue Fixed-Term Fund Shares (FTFs). Each FTF is linked to 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 a material and growing proportion of FTFs are represented on Canton, TreasurySpring expects daily minting and burning activity. TreasurySpring's relevance to Canton is derived from the following: - TreasurySpring's issuing entities are the issuers of the FTFs, so the Canton representation concerns native issuance within TreasurySpring's own structure 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 represent a material and growing proportion of FTFs on Canton over time. For FTFs brought into the model, the shared ledger record is intended to constitute the authoritative record of which approved ledger identity or wallet holds each FTF and therefore the core ownership component of the register itself. This structure allows on-chain representation through local party IDs or external party IDs from the outset. Broader external-wallet functionality can then develop as a separate utility track over time. For purposes of this CIP, references to FTFs or RWA being represented on Canton or "on-chain" mean that the relevant FTF ownership records and register entries are recorded on Canton. They do not imply that the underlying assets are issued or held on Canton. ## 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 support both local-party and external-party structures. Local-party control by the Transfer Agent allows assets to be brought on-chain in a frictionless, regulatory-first manner under existing documentation, while external-party and broader external-wallet functionality can be layered in as a separate utility track where appropriate. ## 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 maximum earnable SV reward weight under this CIP is 4. The rewarded deliverables are focused exclusively on sustained on-chain RWA outstanding, cumulative issuance volume and ongoing native issuance activity. They are intended to measure production-scale native issuance and register migration rather than a limited proof of concept. For the avoidance of doubt, qualifying RWA for Deliverables 1 to 6 may be held via local party IDs or external party IDs. ### On-Chain RWA and Issuance Scale Milestones | Deliverable | Milestone | TVL Outstanding | Cumulative Issuance Volume / Ongoing Issuance Requirement | Deadline from CIP approval | Evidence | Incremental Weight | Maximum Cumulative Weight | | ----------- | ------------------------------- | ------------------------------------------------------ | ----------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------------------ | ------------------ | ------------------------- | | 1 | On-chain RWA and issuance scale | $10m, maintained above that level for at least 1 month | $15m cumulative gross issuance; thereafter $15m in each rolling three-calendar-month period | 3 months | Transfer Agent attestation and agreed ledger evidence. | 1.0 | 1.0 | | 2 | On-chain RWA and issuance scale | $1bn, maintained above that level for at least 1 month | $1.5bn cumulative gross issuance; thereafter $750m in each rolling three-calendar-month period | 6 months | Transfer Agent attestation and agreed ledger evidence. | 0.5 | 1.5 | | 3 | On-chain RWA and issuance scale | $2bn, maintained above that level for at least 1 month | $5bn cumulative gross issuance; thereafter $1.9bn in each rolling three-calendar-month period | 8 months | Transfer Agent attestation and agreed ledger evidence. | 0.5 | 2.0 | | 4 | On-chain RWA and issuance scale | $3bn, maintained above that level for at least 1 month | $10.5bn cumulative gross issuance; thereafter $3.2bn in each rolling three-calendar-month period | 10 months | Transfer Agent attestation and agreed ledger evidence. | 0.5 | 2.5 | | 5 | On-chain RWA and issuance scale | $4bn, maintained above that level for at least 1 month | $14bn cumulative gross issuance; thereafter $3.8bn in each rolling three-calendar-month period | 11 months | Transfer Agent attestation and agreed ledger evidence. | 0.5 | 3.0 | | 6 | On-chain RWA and issuance scale | $5bn, maintained above that level for at least 1 month | $20bn cumulative gross issuance; thereafter $5bn in each rolling three-calendar-month period | 12 months | Transfer Agent attestation and agreed ledger evidence. | 1.0 | 4.0 | - Successful completion of each deliverable in its entirety is not a prerequisite for successfully completing a subsequent or other deliverable. - For each deliverable, the applicable TVL threshold and cumulative gross issuance volume threshold must be reached by the stated deadline. The relevant weight will be earned once the TVL threshold has then been maintained at or above the required level for the one-month period following the deadline. - For each deliverable, qualifying on-chain RWA outstanding means the aggregate USD-equivalent principal amount outstanding of FTFs whose register entries are recorded on Canton, whether held through local party IDs or external party IDs. - For each deliverable, cumulative gross issuance volume means the aggregate principal amount of FTFs newly issued with their initial register entries recorded on Canton since CIP approval, measured in USD-equivalent across currencies. Each qualifying FTF issuance will be counted once at its principal amount when issued. - For each deliverable, qualifying ongoing issuance volume means the aggregate USD-equivalent principal amount of FTFs newly issued with their initial register entries recorded on Canton during the rolling three-calendar-month period ending on the relevant measurement date. - The same qualifying issuance may satisfy the Ongoing Issuance Reference Rates for each earned deliverable. The requirements are not additive, and satisfaction of the highest applicable Ongoing Issuance Reference Rate will satisfy the lower earned Ongoing Issuance Reference Rates. ### Perpetual Sustainment Requirement (High Water Mark) Weight earned under Deliverables 1 to 6 (+4.0 maximum) is subject to a perpetual sustainment requirement to align ongoing SV rewards with both the continued representation of TreasurySpring FTFs on Canton and recurring native issuance activity. - Reference Rates: For each deliverable, the "RWA Reference Rate" is the applicable on-chain RWA outstanding threshold, and the "Ongoing Issuance Reference Rate" is the applicable rolling three-calendar-month issuance requirement specified for that deliverable. The full incremental weight associated with each deliverable is subject to both Reference Rates. - Commencement: For each earned deliverable, the first sustainment measurement will take place at the end of the third full calendar month following achievement of the relevant milestone. Measurements will take place at each month-end thereafter. - Measurement of RWA: At each measurement date, qualifying on-chain RWA outstanding will be calculated as the arithmetic mean of the USD-equivalent qualifying balances recorded at the end of each calendar day during the three calendar months ending on that date. - Measurement of Ongoing Issuance: At each measurement date, qualifying ongoing issuance volume will be calculated as the aggregate USD-equivalent principal amount of qualifying FTFs issued during the three calendar months ending on that date. - Evidence: The calculations will be evidenced by Transfer Agent attestation and agreed ledger evidence. - Sustainment Shortfall: A sustainment shortfall occurs where either the three-month rolling average of qualifying on-chain RWA outstanding is less than 50% of the applicable RWA Reference Rate, or qualifying ongoing issuance volume during the relevant rolling three-calendar-month period is less than 50% of the applicable Ongoing Issuance Reference Rate for an earned deliverable. - Remediation: If a sustainment shortfall is identified at three consecutive month-end measurements, the Accountability Committee may recommend a reduction of up to the incremental SV weight associated with the affected deliverable. - Weight Re-Earn: Following a weight reduction, TreasurySpring may re-earn the affected weight once the metric or metrics that caused the reduction have returned to or above their applicable Reference Rates at a subsequent month-end measurement. Where both metrics caused the reduction, both must be restored. Re-earn will be subject to the same evidence and approval process as the original milestone. #### Reporting and Duration - Reporting: TreasurySpring will calculate performance against the applicable RWA Reference Rates and Ongoing Issuance Reference Rates at each month-end and report the results quarterly to the Accountability Committee. - Duration: These requirements live in perpetuity for the duration of the SV grant. ## 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 TreasurySpring achieving Deliverable 6, comprising $5bn of FTFs represented on Canton and $20bn of cumulative gross issuance volume represented on Canton. TreasurySpring would also be willing to support periodic aggregate reporting to RWA.xyz of on-chain RWA outstanding and cumulative gross issuance volume represented on Canton, to the extent consistent with preserving client confidentiality. 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 milestones are primarily within TreasurySpring's control and reflect sustained production usage rather than limited proof-of-concept activity. The core contribution is the migration of native TreasurySpring issuance and register infrastructure onto Canton. That migration can bring significant treasury assets on-chain, daily mint and burn activity, large cumulative issuance volume, multi-currency issuance, and a strong legal precedent for privacy-preserving, transfer-agent-controlled, institutional register maintenance on Canton. The rewarded milestones focus on sustained on-chain RWA outstanding and recurring native issuance activity. This keeps the CIP focused on a narrow, executable path that can establish a substantial base of high-quality treasury assets on Canton. The cumulative issuance milestones and corresponding ongoing rolling three-calendar-month issuance requirements are intended to evidence real production issuance and continuing transaction flow, not just static TVL. External-wallet holding, secondary transfers, collateral use and subscription or mint against on-chain cash remain important future utility opportunities. TreasurySpring expects to develop these capabilities as part of a featured application and broader ecosystem integration. TreasurySpring has identified early-adopter clients within its existing client base who may help support selected proof points for a future utility-based featured application. Any associated incentives may arise through applicable application activity or a future proposal as those capabilities enter production. 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. ## 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 external-party structures, with migration between them as utility expands. - TreasurySpring may facilitate wallet solutions itself for clients who are not ready to engage directly with third-party wallet providers. - TreasurySpring brings not only treasury TVL but also recurring issuance velocity and mint/burn activity that can help demonstrate live institutional usage of Canton. - 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. # Changelog * 2026-06-16: Created * 2026-09-08: Text Updated to version 2.5 * 2026-09-09: CIP Approved