Overview of Bitcoin-Backed Fixed Income - Strategy has established the first comprehensive Bitcoin-backed yield curve [1] - The report aims to dissect STRC, STRD, STRK, and STRF, detailing ownership suitability and collateral mathematics underpinning double-digit coupons [1] - The analysis serves as a blueprint for understanding the integration of fixed-income instruments with hard-capped digital collateral [1] Focus on Bitcoin Credit - The report intends to decode the future of Bitcoin credit [2]

Core Viewpoint - Abaxx Technologies Inc. has completed a pre-feasibility study on using tokenized money market funds (MMFs) as financial collateral, leveraging its proprietary technologies to enhance legal certainty and operational efficiency in regulated markets [1][2]. Group 1: Pilot and Feasibility Study - The company is advancing discussions for a second pilot transaction in Q4 2025, which will test the use of tokenized MMF shares as legally enforceable collateral [2]. - The planned pilot aims to demonstrate atomic settlement and establish legal finality for tokenized MMF shares compliant with SEC Rule 2a-7, targeting a stable value of $1.00 per unit [11][12]. Group 2: Technological Framework - Abaxx has developed a multi-layered market infrastructure that connects tokenized and traditional assets to collateral workflows, utilizing its ID++ Technology and various console applications [5]. - The Private Digital Title system embeds legal ownership and verifiable identity directly into the asset, addressing barriers to real-time finance and enhancing collateral mobility [6][8]. Group 3: Market Impact and Legal Framework - The Abaxx USD Trust Network is designed to turn tokenized MMF shares into identity-anchored, legally enforceable digital assets, potentially unlocking access to the multi-trillion-dollar High-Quality Liquid Assets (HQLA) collateral market [7]. - The framework aims to solve legal finality issues and the 'insolvency gap' that can arise when assets are held across different jurisdictions, ensuring regulatory compliance and transaction confidentiality [7][9]. Group 4: Industry Context - The Futures Industry Association (FIA) highlights the need for solutions that address legal finality and regulatory interoperability in the cleared derivatives industry, which the Abaxx USD Trust Network aims to fulfill [9]. - Industry leaders, such as BlackRock's CEO, emphasize the importance of solving identity authenticity and legal certainty challenges for the future of tokenization in markets [10].

Core Insights - Abaxx Technologies Inc. is launching a pilot transaction to finance margin with physical gold using its ID++ Technology, aiming to create real-time digital documents of title [1][2] - The initiative seeks to modernize collateralization and enhance capital efficiency in commodity markets by unlocking the collateral value of real-world assets [2][4] Pilot Transaction Overview - The pilot will utilize Abaxx's Private Digital Title, a cryptographically-secured document of title for physical gold, to meet cash margin requirements for gold futures positions [2][11] - This pilot represents the first end-to-end demonstration of Abaxx's smarter markets architecture, integrating regulated market infrastructure with decentralized financial technology [4][10] Infrastructure and Technology - Abaxx has developed a multi-layered market infrastructure that connects physical assets to financial workflows, including a regulated futures exchange, clearinghouse, and proprietary ID++ Technology [5][10] - The infrastructure addresses challenges such as limited collateral mobility and high costs of managing basis and counterparty risk, aiming to expand the pool of high-quality collateral [6][10] Legal and Operational Framework - Legal ownership of physical assets is digitized using Verifiable Credentials, which reduces legal and operational friction and enables flexible use of physical commodities as collateral [7][10] - The Private Digital Title can embed legal terms and asset history, supporting market expectations around traceability [12] Market Opportunity - The initiative targets a $47 billion opportunity in gold trade finance, aiming to increase collateral mobility and transparency across commodity markets [13]