Crypto-native collateral
Early lending markets were built primarily around assets native to blockchains.
The funding market for programmable capital
Own the curve.
Finance the market.
Fixed-term USDG funding against tokenized securities. Post collateral, lock a rate and choose a maturity. Every active market can add another observable price to the Medici Funding Curve.
WHAT Fixed-term secured fundingWHY Tokenized assets need financingNETWORK ASSET A cross-market funding curve
MEDICIThe funding market for programmable capital.
FIRST MARKETFixed-term USDG repo against tokenized securities.
FIRST NETWORKThe Medici Funding Curve.
LONG-TERM PLATFORMFinancing infrastructure around programmable assets.
EXTERNAL REFERENCE · NOT A MEDICI QUOTE
01
Why now
Tokenization creates the asset.
Funding turns it into capital.
DeFi proved that assets can borrow onchain. Tokenized securities expand the collateral universe. The next missing layer is the financing system around them.
Programmable securities
Stocks, ETFs, Treasuries and commodities can begin to exist on EVM-compatible rails.
Financing infrastructure
Secured funding, maturities, clearing logic and reference curves must follow the assets onchain.
1397 · THEN
Fragmented currencies, geography and correspondent relationships required infrastructure for merchant finance.
2026 · NOW
A tokenized asset is not a capital market.Fragmented rails, custodians, chains and asset wrappers require infrastructure for programmable ownership.
Medici builds what comes next.
02
The stack above the asset
One primitive enables the next.
Medici is not proposing eight unrelated products. The roadmap follows the dependency structure of capital markets, beginning with secured term funding.
- 01
Tokenization
Creates programmable assets
- 02
Collateral
Makes those assets financeable
- 03MEDICI STARTS HERE
Repo
Establishes secured funding
- 04
Funding curve
Prices collateral × maturity
- 05
Term markets
Create fixed-rate reference points
- 06
Risk markets
Enable hedging and structured rates
- 07
Credit
Expands capital formation
- 08
Capital markets
Become programmable infrastructure
03
The market book
A market, not a pool.
Each line is a defined financing market with its own collateral, maturity, pricing and operating state.
CollateralLoanTenorHaircutQuoted rateLiquidityUtilizationOracleStatus
SPYUSDGOvernight18%5.29%$824.5K71.2%FreshACTIVE
SPYUSDG7 days18.1%5.60%$1M74.9%FreshACTIVE
SPYUSDG30 days18.3%5.57%$920.2K56.5%FreshACTIVE
QQQUSDGOvernight19.2%5.35%$558.3K61.5%FreshACTIVE
QQQUSDG7 days18.8%5.80%$709K66.6%FreshACTIVE
NVDAUSDGOvernight35.9%7.11%$336.3K72.5%FreshACTIVE
NVDAUSDG7 days36.3%7.12%$343.9K59.4%FreshACTIVE
AAPLUSDGOvernight33.7%6.72%$274.5K65.3%FreshACTIVE
MSFTUSDGOvernight33.1%6.49%$250.4K47.9%FreshACTIVE
TSLAUSDGOvernight39.7%7.82%$190.1K73.7%FreshACTIVE
XAUUSDGOvernight16.8%5.50%$373.6K46.4%SyntheticACTIVE
XAUUSDG7 days17.2%6.02%$319.9K70.2%SyntheticACTIVE
T-BILLUSDGOvernight4.2%4.49%$1.3M63.9%SyntheticACTIVE
T-BILLUSDG7 days3.7%4.77%$1.1M63.3%SyntheticACTIVE
T-BILLUSDG30 days4.3%5.31%$1.1M81.1%SyntheticQUOTED
Reference asset prices update from external market data. Repo depth, utilization and fixed rates are synthetic seed values until Medici contracts are connected.
STATUS KEY ACTIVE = market available in the synthetic book · QUOTED = visible quote with elevated utilization · FROZEN = paused reference state.
04
Category distinction
Different market structure.
Different job.
Medici is not trying to outperform general-purpose money markets at continuous variable-rate lending. It opens term securities financing markets.
Aave / money marketMorphoMedici
Rate
Variable
Market-dependent
Fixed at inception
Duration
Continuous
Continuous primitives
Explicit maturity
Primary job
General liquidity
Isolated lending and allocation
Secured term funding
Network output
Money-market liquidity
Composable lending markets
Cross-market funding surface
05
The potential network asset
One market is a product.
A curve is a moat.
Every executed quote can contribute information across collateral, tenor, haircut, liquidity and rate. As markets deepen, the observable funding surface becomes richer.
01Collateral×
02Tenor×
03Haircut×
04Liquidity×
05Rate
SPY / Overnight5.29%
SPY / 7 days5.60%
SPY / 30 days5.57%
QQQ / Overnight5.35%
QQQ / 7 days5.80%
Liquidity is useful.
Price history compounds.
Price history compounds.
A sufficiently credible curve could become a reference layer for lenders, treasuries, fixed-rate markets, swaps, structured products, collateral engines, risk systems and institutional APIs. That is a design ambition—not a claim of current adoption.
06
Operational risk
The protocol may remain available.
Price truth still governs action.
Underlying securities do not always have continuously verifiable primary-market pricing. Price-dependent actions must respect oracle freshness and market state.
RISK TERMINALSPY / USDG · Overnight
ACTIVEREFERENCE STATEFreshExternal price reference
SPY REFERENCE$762.03Robinhood or synthetic fallback
LAST SOURCE UPDATE19 SEPT, 07:04:44UTC · source timestamp
PROTOCOL ORACLEFreshPrice + staleness state
UTILIZATION71.2%Derived market state
MARKET STATUSACTIVESelected market book row
HAIRCUT18.0%Synthetic risk parameter
MATURITYOVERNIGHTExplicit term
The Medici Charter
Risk is part of the product.
Isolation
Each collateral class has independent parameters and loss boundaries.
Verifiable price
No liquidation occurs using a price the protocol cannot verify.
Conservative haircut
Funding begins with collateral protection, not maximum leverage.
Explicit maturity
Every extension is an intentional transaction. No hidden auto-roll.
Liquid collateral first
The first markets prioritize assets with strong pricing and liquidity infrastructure.
Reserves before surplus
Protocol resilience precedes discretionary capital allocation.
Transparent state
Rates, collateral, reserves and market status should be observable wherever technically possible.
Florence · 1397Capital → Credit → CommerceProgrammable markets · 2026
Product stateACTIVE
SPY token reference$762.03FRESH external reference
SPY / USDG Overnight5.29%Current fixed rate
Data synchronization UTCSource state · fresh
07 The capital loop
Growth should make
the market deeper.
A self-reinforcing balance sheet: more eligible collateral creates more term funding, activity generates protocol revenue and reserves return as deeper market capacity.
System map · 01The Medici capital loop
Selected stage04 / 08
Financial and $MEDICI activity converge.Usage becomes protocol-owned revenue instead of inflationary emissions.
Capital returns to markets↵
Operating principleActivity capitalizes
Activity capitalizes
the protocol.
Two economic engines. One balance sheet. One outcome: greater market capacity.
CAPITALIZES
The Medici balance sheetProtocol reservesDesigned to be transparent · governed · onchain
DEPLOYS AS
Financial consequenceMarket capacityDepth · stability · strategic liquidity
Current conceptual allocation↓100% protocol reserve
Subject to final protocol parameters and governance.
Backstop reserve
Capital reserved for qualifying repo losses under protocol rules.
Market stability
Liquidity for orderly refinancing, rollover incentives and maturity management.
Protocol-owned capital
Long-term capital for liquidity and strategic markets.
Activity capitalizes the protocol.
¹ The transfer-tax range and 50 / 30 / 20 reserve composition are current design concepts, not finalized governance parameters, deposit insurance or a guarantee of loss coverage.
08
Capital absorption capacity
Capital can build financial capacity,
not just runway.
Medici can productively deploy capital across the market, balance sheet and operating infrastructure without publishing or implying a financing amount.
Protocol liquidity
Seed strategically important repo books.
Backstop capital
Build credible, defined loss-absorbing reserve capacity.
Market support
Make early maturities usable for lenders and borrowers.
Engineering
Build the protocol, risk engine, keepers and oracle infrastructure.
Risk
Model collateral, haircuts, liquidity and stress scenarios.
Legal & regulatory
Structure access around tokenized securities and jurisdiction.
Data
Publish funding history and build curve infrastructure and APIs.
Distribution
Integrate asset issuers, wallets, venues and capital providers.
09
Why Medici can win
Designed for compounding advantages.
These are mechanisms the protocol is designed to create—not claims that the moats already exist.
The curve
Every active market can add historical funding information across collateral and tenor.
Liquidity
Funding markets become more useful as lender and borrower depth increases.
Integrations
Issuers, wallets and protocols can build around a reusable financing layer.
Balance sheet
Protocol reserves are designed to increase the market’s financial capacity.
Risk data
Collateral, haircut and maturity history can improve future pricing decisions.
Category
Medici is designed to own the market structure of programmable term funding.
ASSET ISSUERS
↓TOKENIZED COLLATERAL
↓MEDICIFINANCING LAYER
MEDICIREPOCURVERISK
TRADERSPROTOCOLSTREASURIES
Over time, the protocol can support an API and market-infrastructure business beneath the user-facing repo market.
10
Dependency-based roadmap
Build the primitive.
Then earn the platform.
Each phase depends on the market, data and risk infrastructure created before it. Roadmap, not commitment.
- IPHASE ITESTNET
The first market
SPY / USDG · overnight repo · risk engine · oracle framework · keepers · settlement
- IIPHASE IIOPENING
The curve
Additional collateral · 7-day and 30-day maturities · depth · funding history
- IIIPHASE IIIVISION
Portfolio finance
Multiple collateral classes · portfolio financing · capital-efficient margin
- IVPHASE IVVISION
Rate markets
Fixed-yield markets · PT/YT integrations · swaps · structured rates
- VPHASE VVISION
Credit
Selected real-world credit · institutional origination · structured financing
The funding market for programmable capital
Assets are moving onchain.
That is only the first step.
Assets need collateral rules.Collateral needs funding.Funding needs maturities.Maturities create curves.Curves enable risk markets.Credit turns markets into capital formation.
Medici begins with repo.Because before capital can move, it needs a price.