Meridian Treasury Alpha Pte. Ltd.
Institutional treasury client initiating the MMF trade-to-collateral route.
Pays scenario execution, custody, collateral monitoring, financing interest, and servicing close charges.
DBS Digital Exchange
Execution venue for institutional order capture, matching, and settlement handoff.
Earns execution commission or spread when the tokenized MMF venue fill is matched.
Franklin Templeton sgBENJI
Tokenized MMF instrument reference used for position and servicing state.
Carries fund-level management, administration, and custody accruals attached to the MMF holding.
Ripple RLUSD
Settlement-asset reference used for settlement posture and close evidence.
No actor fee is claimed; any settlement-asset or network cost is treated as pass-through where evidenced.
XRP Ledger
Read-only network observation source for finality posture and pagination behavior.
Read-only observation is not a billed actor; network fees, if any, remain pass-through evidence lines.
DBS Custody
Custody desk affirming final position state before pledge controls open.
Charges custody account, position finality, settlement activity, and release-confirmation fees.
DBS Collateral Control
Collateral desk controlling haircut, concentration, pledge, and release posture.
Charges collateral monitoring, haircut-control, pledge, substitution, and release activity fees.
DBS Credit Desk
Credit desk monitoring pledge coverage, margin threshold, and release conditions.
Earns financing spread and interest while the facility draw or margin exposure remains open.