Roadmap

This is a plan, not a promise. Dates are targets, every phase depends on legal answers, funding and demand that are not settled yet, and the order matters more than the dates.

Q4 2026, now

Legal structure and demand. Structural, tax and sanctions memos; a pre-application meeting with the FSRA; pilot terms frozen before any engine code is final; interviews with founders and talks with anchor investors. The engine is built and tested in parallel, on a local test chain and then the public Arbitrum Sepolia testnet. If there is no lawful path for the pilot, or too little demand, the project stops here.

H1 2027

Entities and the first cohort. The founder becomes a UAE resident, and the operating company in ADGM and the issuer SPV are set up. The trustee, the backup servicer and independent signers are in place before the first raise. A first cohort of notes is arranged through a licensed arranger, with the issuer's register as the record and audited building blocks for payments. The engine code is frozen for audit by the end of May.

H2 2027

Audits and the first on-chain cohort. Two independent audits of the engine, a bug bounty, monitoring and an incident plan. Then a cohort serviced on-chain, with limits per series and for the protocol as a whole, and an exit path from the network tested end to end. The FSRA licence application is filed.

2028

Licence and a closed secondary market. After a licence, or through a licensed partner venue, and after at least two verified payment periods: transfers between professional clients only, through batch auctions or requests for quotes, not a continuous order book. Until then there is no secondary market.

Later

Cohort vaults, so an investor can hold a slice of many notes instead of one, under a licensed manager and only once there is enough history. Retail access only after a licence and a proper key information document, if at all.

What would stop it

Stop conditions are part of the plan: too few signed letters of intent or too little anchor interest at the end of 2026; no lawful path for the pilot; no licensed arranger; a payment record well below the underwriting. Whatever happens, notes already issued keep being serviced to the end, and a reserve covers that servicing.