# Rekord: full reference > Rekord provides USD returns from tokenized real-world-asset (RWA) private credit, with cryptographic proof at every step. Two entities share the work. Rekord AG, in Zug, Switzerland, builds the software: Rekord AI for underwriting and verifiable datarooms, and Rekord Kloud with the Proof Console for attestation. Rekord Capital Markets (RCM) operates the capital: the vaults and the credit strategies. This file is a single, self-contained reference for readers and AI systems. For qualified counterparties only. Last updated: 2026-10-23 Canonical URL: https://www.rekord.io/llms-full.txt Short index: https://www.rekord.io/llms.txt ## Contents 1. Entities 2. Live vault specification 3. Rekord AI and the trust layer: underwriting workflow 4. Rekord Kloud and the Proof Console 5. State of RWA 2026: key findings 6. How capital flows end to end 7. Glossary 8. Integrations and chains 9. Disclaimers 10. Canonical links --- ## 1. Entities Rekord is a stack of three layers. Each layer produces evidence that the next layer consumes, and each layer has one named operator: 1. Capital and vault execution: stablecoin vaults and non-rehypothecated credit lines. Operated by RCM. 2. AI credit underwriting and verifiable datarooms: document ingestion, quality control, dataroom packaging and financial spreading in Rekord AI. Built by Rekord AG. 3. Cryptographic attestation and the proof surface: hashing, canonical serialization, Merkle batching and on-chain anchoring in Rekord Kloud, read through the Proof Console. Built by Rekord AG. ### Rekord AG - Address: Alpenstrasse 15, 6300 Zug, Switzerland. - Role: builds and runs the software. Its products are Rekord AI, the dataroom trust layer, Rekord Kloud and the Proof Console. - Rekord AG provides infrastructure. It does not hold depositor funds. - Rekord AG publishes the State of RWA 2026 report (section 5). ### Rekord Capital Markets (RCM) - Role: operates the capital. RCM runs the vaults, the Stablecoin Holder strategies and the Digital Asset credit strategies. - RCM deploys capital, settles positions and publishes NAV. - RCM signs settlement transactions only within the limits that the vault's Safe multisig and its Zodiac Roles Modifier enforce (section 2). ### Which entity does what | Function | Entity | |---|---| | Operating the vaults (stablecoin deposits, share accounting, redemptions) | RCM | | Operating the digital asset credit lines | RCM | | Deploying capital and settling positions | RCM | | Publishing NAV | RCM | | Borrower ingestion, categorization QC and dataroom packaging | Rekord AG (Rekord AI and the trust layer) | | Financial spreading and scoring | Rekord AG (Rekord AI) | | Hashing, Merkle batching and on-chain anchoring | Rekord AG (Rekord Kloud) | | Read-only proof access for depositors, auditors and regulators | Rekord AG (Proof Console) | | Holding depositor funds | Not Rekord AG. Rekord AG provides infrastructure only. | The split is deliberate. Verification stays with the people who rely on the record. Borrowers keep their own receipts. Lenders and auditors re-hash datarooms on their own machines. Depositors, LPs and regulators read the vault contracts on Ethereum and check anchored NAV states in the Proof Console. Source page: https://www.rekord.io/how-it-works/ --- ## 2. Live vault specification RCM operates one live vault today. Its parameters are public and can be read directly from the contracts on Ethereum Mainnet. Addresses can change over time: verify each one on-chain at the Etherscan link given next to it before relying on it. ### Identity - Name: 9Summits Short Duration Institutional Credit, powered by Rekord (USDC) - On-chain token name: 9Summits Institutional Credit USDC - Share token symbol: 9SicUSDC - Status: live - Operator: RCM - Strategy curator: 9Summits - Proof layer: Rekord AG trust layer - Summary: short-duration institutional credit curated by 9Summits, deposited in USDC through an ERC-7540 vault on Lagoon. ### Platform and standard - Vault platform: Lagoon Finance - Standard: ERC-7540 (Lagoon), the asynchronous extension of the ERC-4626 tokenized vault standard - Network: Ethereum Mainnet (chain ID 1) - Settlement terms: asynchronous (ERC-7540), settled at valuation updates. A deposit or a redemption is first recorded as a request, and it settles when the vault processes the next NAV update. That model fits private credit, where the underlying loans do not trade on an order book and cannot be priced every block. ### Contracts and addresses | Item | Address | Verify on-chain | |---|---|---| | Vault contract | 0x6a39fe461278376f61acbbb6759550e24a78a7b2 | https://etherscan.io/address/0x6a39fe461278376f61acbbb6759550e24a78a7b2 | | Underlying asset (USDC, 6 decimals) | 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 | https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 | | Safe multisig holding the vault roles (3/6) | 0x2ec0f23b52f60ce3c6406cf3fd72fb9e28016eff | https://etherscan.io/address/0x2ec0f23b52f60ce3c6406cf3fd72fb9e28016eff | | Fordefi whitelisted settlement address | 0xC5a8b7C688aeb508cD19894c12d2f9Ef3ae753D3 | https://etherscan.io/address/0xC5a8b7C688aeb508cD19894c12d2f9Ef3ae753D3 | Deposit page on Lagoon: https://app.lagoon.finance/vault/1/0x6a39fe461278376f61acbbb6759550e24a78a7b2 Anyone can read the vault's share supply, pending requests and NAV history directly from the contract. ### Fees - Management fee: 0% - Performance fee: 20% ### Governance and custody controls The vault roles are held by a 3/6 Safe multisig: three of six signers must approve each transaction. A signer quorum alone still leaves the question of where funds can go, so the Safe also carries a public Zodiac Roles Modifier policy. The modifier scopes outgoing transfers strictly to one whitelisted destination: the Fordefi settlement address listed above. The role configuration is on-chain, so an allocator or an auditor can read the permitted destination without a request to the operator. The result is a structural control on where funds can go. ### Returns This document does not state an APR or a yield figure for the vault. Rates are variable and are not a promise. Read current figures on the Lagoon deposit page above or at https://www.rekord.io/vaults/ (Rekord Vaults). ### Digital asset credit lines The second capital product is a credit line against digital assets. A borrower pledges BTC, ETH or staked validator collateral. The collateral stays in segregated custody under the borrower's name, and title does not move. It is never lent on, reused or posted as collateral elsewhere by the lender. The borrower draws stablecoin liquidity against the pledged position, and the position stays visible for the life of the facility. Custody never moves during the pledge, and the pledge involves no sale and no unstaking. Loan-to-value and liquidation mechanics decide how much a borrower can draw and when a position needs more collateral. Facility terms for a specific borrower are shared under NDA. --- ## 3. Rekord AI and the trust layer: underwriting workflow Layer 2 turns a borrower's documents into a credit decision that a lender can check line by line. Rekord AG builds it as Rekord AI and the trust layer underneath it. The trust layer is a Rekord AG component. Properties of Rekord AI: - Rekord AI is self-hosted and runs inside the client's perimeter. - It produces explainable, factor-attributed scorecards. - Every Rekord AI score emits a cryptographic audit trail. - Internal benchmark: a 95% reduction in time for SMB acquisition finance underwriting analysis. Put qualitatively, weeks of credit diligence are compressed into minutes. ### Step 1: Borrower Ingestion Portal A borrower uploads documents through the Borrower Ingestion Portal. Each document is hashed with SHA-256 in the browser, through crypto.subtle (the WebCrypto interface), before upload. The borrower therefore holds the same hash value the platform records. Each submission produces a cryptographic receipt that lists the files and their hashes. The borrower can print or download the receipt and keep it as independent evidence of what was submitted and when. ### Step 2: Categorization QC Each file is classified into one of five document classes: 1. financial statements; 2. bank statements; 3. borrowing base certificates; 4. accounts receivable (AR) aging schedules; 5. legal agreements. Quality control runs on every file at upload: - OCR QC: readability scoring flags scans that are too poor to extract reliably. - SHA-256 de-duplication: each file is hashed, so a duplicate upload is caught even when the file name differs. - Drafts, unsigned agreements and blank templates get a quality flag before they reach an analyst. - The system extracts the reporting period and the legal entity from each document, so a mismatched period or an unexpected subsidiary is visible early. ### Step 3: Structured dataroom packaging Classified files are packaged into a dataroom export: a .zip archive with a manifest.json at its root. - The folder taxonomy is deterministic, from 01_Corporate_and_Legal through 07_Tax_and_Compliance, so the same inputs always produce the same structure. - The manifest declares schemaVersion "1.0". - For every file, the manifest records its canonical path, its category, the classification confidence and its SHA-256 fileHash. To verify a dataroom, recompute the SHA-256 of each file in the archive and compare it with the fileHash in the manifest. A match shows the file is the one the borrower submitted. Any difference shows that the file changed after packaging. The SHA-256 dataroom verifier runs this check in the browser: https://www.rekord.io/tools/sha256-dataroom-verifier/ ### Step 4: Deterministic spreading Rekord AI spreads the borrower's financials and calculates the standard credit metrics: - Debt Service Coverage Ratio (DSCR): cash available for debt service divided by scheduled principal and interest. - Interest Coverage Ratio (ICR): operating earnings divided by interest expense. - Debt Yield: net operating income divided by total debt. - ABL Borrowing Base availability: eligible receivables and inventory after advance rates and reserves, less outstanding drawings. The calculations are deterministic. The same inputs always give the same outputs, and the model does not estimate the arithmetic. This section describes the method only. Acceptance thresholds belong to each lender's credit policy and stay out of public material. The DSCR and borrowing base calculator shows how these metrics respond to your own inputs: https://www.rekord.io/tools/dscr-borrowing-base-calculator/ ### Step 5: Click-to-verify citations Every extracted number carries a citation to the exact source document, the page number and the text snippet it came from. An analyst clicks a figure in the spread and sees the line in the original PDF statement. ### Step 6: "Ask the Room" copilot The "Ask the Room" copilot answers questions about the dataroom in plain language. Each answer cites its sources in the same click-to-verify way. Product page: https://www.rekord.io/ai/ --- ## 4. Rekord Kloud and the Proof Console Layer 3 makes the output of the first two layers verifiable by people who do not operate them. Rekord AG builds it as Rekord Kloud and the Proof Console. ### How records are attested - SHA-256 digests: every document and record is identified by its SHA-256 hash (section 3, step 1). - RFC 8785 canonical JSON before hashing: two JSON documents can carry the same data with different key order, spacing or number formatting, and each variant gives a different hash. RFC 8785, the JSON Canonicalization Scheme, defines one byte-exact form for the same data. Rekord serializes structured records such as manifests and scorecards in that form before hashing, so any party that holds the same data computes the same hash. - Merkle batch roots: hashes are aggregated into a Merkle tree, and only the root is anchored on-chain. Each record can still be proven individually with a short inclusion path. - Only hashes go on-chain: financial statements, bank data, legal agreements and position records stay within the operator's perimeter. The on-chain record proves that a given document or state existed at a given time and has not changed since. - Append-only, versioned anchoring: roots are anchored in an append-only sequence. An update adds a new linked version and leaves the earlier versions intact. ### The Proof Console The Proof Console gives read-only audit access to depositors, auditors and regulators. Access is role-based. The anchor schedule follows the NAV schedule: at each NAV update, LPs, auditors and regulators verify the same state the curator sees. ### The six lifecycle proofs Rekord emits six proofs across the capital lifecycle: 1. Pledge 2. Underwrite 3. Prove 4. Deploy 5. Yield 6. Redeem ### Digital Product Passports Rekord validated a wind turbine lifecycle Digital Product Passport (DPP) with the Advanced Manufacturing Research Centre (AMRC). The engagement covered thousands of recursive nested components requiring simultaneous ESPR and CRMA passports. Product page: https://www.rekord.io/kloud/ --- ## 5. State of RWA 2026: key findings Report: "State of RWA 2026: Tokenization's Verification Gap", published by Rekord AG in May 2026. Contributors: Hayden Smiley, Amro Shihadah and Sean Shanahan at Rekord AG. It is the first in a multi-part series, "On the Rekord". Many of its figures are third-party data; the original source is named next to each figure below. Source for every figure in this section: https://www.rekord.io/research/state-of-rwa-2026/ ### Central thesis The report's thesis: the constraint on the next phase of tokenization is not capital, settlement or regulation. It is the absence of infrastructure to continuously verify what tokenized assets actually represent. The market has scaled issuance and settlement; it has not scaled trust in the underlying data. The report defines a verifiable real-world asset (vRWA) as a tokenized asset whose underlying financial state is continuously provable: tamper-resistant, auditable, and queryable on demand by counterparties, regulators and automated systems. Under that standard, effectively none (about $0) of the approximately $406B in distributed and represented tokenized assets meets the threshold. ### Market size (as of May 2026) - Distributed RWA value: $33.7B, across 781,714 holders and 170 distributed platforms, per RWA.xyz. - Represented assets: a further $372.6B, across 22 platforms. - Total distributed and represented market: approximately $406B, excluding stablecoins. - Represented-to-distributed ratio: about 11.1:1. Most tokenized value remains platform-locked rather than broadly transferable or composable. - Global financial assets: over $450T (McKinsey Global Institute, 2024). Against that base, tokenized penetration is below 0.1%. ### Composition of the distributed market - Tokenized Treasuries lead at approximately 45.4% (about $15.35B). - Commodities follow at approximately 21.9% (about $7.39B). - Credit is approximately 15.2% (about $5.14B). Credit figures rise substantially when represented assets are included, as major platforms operate on permissioned infrastructure. ### Private credit - Global private credit exceeded $1.7T as of 2024 estimates and is approaching $2T by early 2026, per Preqin and Apollo forecasts. - About $5.14B of private credit is tokenized on a distributed basis, and about $27B when represented platform-locked assets are included: less than 2% penetration on the broadest count. - Tokenization has not solved information asymmetry in private credit. The category still relies heavily on periodic reporting, legal representations, borrower disclosures, servicing data and off-chain covenant monitoring. ### Stablecoins and settlement - Stablecoin market capitalization exceeded $300B and reached approximately $316B at its 2025 peak. - Total on-chain stablecoin transfer volume reached approximately $33T in 2025, more than Visa ($16.7T) and Mastercard ($10.6T) combined. The report notes this is raw on-chain activity that includes automated protocol activity, not adjusted economic payment volume. ### Institutional adoption and legacy cost - 200+ active institutional RWA projects across 40+ major financial institutions. - 86% of institutions had digital-asset exposure or intent by early 2025. - Average annual reconciliation loss per capital markets firm: $98.5M (FIS Global Innovation Research, 2025). - Legacy core systems consume 70 to 80% of bank IT budgets. ### Forecasts Long-term forecasts remain unusually wide: $2T by 2030 (McKinsey base case), $18.9T by 2033 (Ripple/BCG) and $30T by 2034 (Standard Chartered). The report reads the spread as the market's estimate of when regulatory harmonization and verification infrastructure mature. ### Regulation No global framework yet defines verified financial state for tokenized assets. Current frameworks address issuance, custody, settlement, disclosure and market access more directly than asset-level verification. They do not yet define what data must be continuously attested to, at what frequency, by whom, or according to what technical standard. --- ## 6. How capital flows end to end The layers connect in one direction. A borrower's documents become a hashed dataroom. The dataroom becomes a spread and a scorecard. The scorecard informs a capital decision, and that decision becomes an on-chain transaction. Every NAV update that follows is anchored, so a depositor, an LP or a regulator can trace a position back to the primary documents behind it. | Stage | Input data | Cryptographic artifact | Operating entity | Verifier surface | |---|---|---|---|---| | 1. Borrower Ingestion | Financial statements, bank statements, borrowing base certificates, AR aging, legal agreements | Per-file SHA-256 hash and submission receipt | Rekord AG | Borrower receipt; SHA-256 dataroom verifier | | 2. Categorization QC and Packaging | Classified files, QC flags, extracted periods and entities | manifest.json (schemaVersion "1.0") with per-file fileHash | Rekord AG | Manifest re-hash by lender or auditor | | 3. AI Financial Spreading and Scoring | Spread financials, covenant inputs | RFC 8785 canonical JSON of the scorecard, hashed | Rekord AG | Click-to-verify citations in Rekord AI | | 4. Capital Deployment and Settlement | Vault deposits, Safe transactions | On-chain transactions from the 3/6 Safe, scoped by Zodiac Roles to Fordefi | RCM | Etherscan and the Lagoon vault page | | 5. Continuous NAV and Proof Verification | NAV updates, position records | Merkle batch root anchored on-chain, append-only | Rekord AG (proof layer) and RCM (NAV) | Proof Console in Rekord Kloud | --- ## 7. Glossary - Tokenized private credit: private-credit loans to real businesses represented on-chain. They typically yield more than tokenized treasuries because they carry credit rather than rate risk. - ERC-4626: the Ethereum tokenized vault standard. It gives each vault a standard interface for deposits, share accounting and redemptions. - ERC-7540: the asynchronous extension of ERC-4626. Deposits and redemptions are recorded as requests and settle at the next NAV update. The live vault uses ERC-7540 on Lagoon. - NAV (net asset value): the per-unit value of a fund's assets minus its liabilities. In a Rekord vault, RCM publishes NAV and Rekord Kloud anchors each NAV update. - DSCR (debt service coverage ratio): cash available for debt service divided by scheduled principal and interest. - Borrowing base: in asset-based lending (ABL), the amount a borrower can draw, computed from eligible receivables and inventory after advance rates and reserves. Availability is the borrowing base less outstanding drawings. - RFC 8785: the JSON Canonicalization Scheme. It defines one byte-exact serialization of JSON data, so the same data always gives the same hash. - Merkle root: the single hash at the top of a Merkle tree built from many record hashes. Anchoring the root commits to every record in the batch, and any one record can be proven with a short inclusion path. - Proof of reserves / on-chain attestation: cryptographic evidence that the collateral and cashflows backing a position exist and are current. It is continuous, not a point-in-time audit. - Non-rehypothecation: pledged collateral is never lent on, reused or posted elsewhere by the lender (see section 2, "Digital asset credit lines"). - vRWA (verifiable real-world asset): term from the State of RWA 2026 report (section 5) for a tokenized asset whose underlying financial state is continuously provable. --- ## 8. Integrations and chains - BitGo integration active. - Active integrations: Hashfire, Morpho, Pareto. - Chains active: ETH, Base, Avax, XDC. The live vault in section 2 is deployed on Ethereum Mainnet only. - Partner ecosystem: VeChain, BitGo, Anchorage, GSR, Lantern, G20, AWS, NVIDIA, Oracle, Hashfire, Mid Atlantic Capital, Chainlink, GAIB.AI, Fluidstack, RainLang, Solus, AppTek.ai, Filecoin. --- ## 9. Disclaimers - For qualified counterparties only. - This document is not an offer to sell, a solicitation to buy, or a recommendation with respect to any security, digital asset, financial product or investment strategy in any jurisdiction. It is not financial, investment, legal or tax advice. - This document does not state an APR, a yield figure or a yield target for any vault or strategy. Returns are variable and are not a promise. - On-chain parameters (signer threshold, addresses, roles, fees) can change. Verify them on-chain at the Etherscan links in section 2. - Facility terms, credit thresholds and pipeline information are shared only under NDA. - Figures in section 5 come from the State of RWA 2026 report, many from the third-party sources named there, and are as of the report's publication date (May 2026). --- ## 10. Canonical links Reference: - https://www.rekord.io/llms.txt - https://www.rekord.io/llms-full.txt - https://www.rekord.io/how-it-works/ Products: - Rekord Vaults (operated by RCM): https://www.rekord.io/vaults/ - Rekord AI (built by Rekord AG): https://www.rekord.io/ai/ - Rekord Kloud + Proof Console (built by Rekord AG): https://www.rekord.io/kloud/ Solutions: - For stablecoin holders: https://www.rekord.io/stablecoin-holders/ - For digital asset holders: https://www.rekord.io/digital-assets/ - For institutions: https://www.rekord.io/institutions/ Learn: - State of RWA 2026: https://www.rekord.io/research/state-of-rwa-2026/ - Research: https://www.rekord.io/research/ - Education Hub: https://www.rekord.io/education-hub/ - Blog: https://www.rekord.io/blog/ Tools: - Tools: https://www.rekord.io/tools/ - Crypto LTV and liquidation calculator: https://www.rekord.io/tools/crypto-ltv-liquidation-calculator/ - DSCR and borrowing base calculator: https://www.rekord.io/tools/dscr-borrowing-base-calculator/ - SHA-256 dataroom verifier: https://www.rekord.io/tools/sha256-dataroom-verifier/ - RWA vault yield calculator: https://www.rekord.io/tools/rwa-vault-yield-calculator/ Company: - About Rekord: https://www.rekord.io/about/ - Contact: https://www.rekord.io/contact/