Historical Treasury 2.0 methodology

The weaker of actual holdings and permitted material credit exposure sets the score. Verified sovereign exposure receives 100. Investment-grade non-sovereign group exposure of no more than 10% of NAV receives 75; more than 10% receives 50. Non-investment-grade or private credit, or recoverable default, receives 25. Unrecoverable exposure receives 0. Sovereign treatment requires verified Treasury collateral, haircuts and enforcement, including look-through of fund units.

The weakest actual or permitted maturity, leverage or currency condition applies. Maturity receives 100 with final maturity of no more than 120 days, or verified weighted average maturity of no more than 60 days, weighted average life of no more than 120 days and final maturity of no more than 397 days. Final maturity of no more than 397 days receives 75; no more than 1095 days receives 50; longer receives 25. Gross leverage of no more than 1 receives 100; no more than 1.1 receives 75; no more than 1.5 receives 50; higher receives 25. Unhedged currency exposure of 0 receives 100; no more than 1% receives 75; no more than 5% receives 50; higher receives 25. Unresolved required conversions keep the criterion open.

Net stressed liquidity is measured against 10% of NAV after one business day and 30% after five business days. NAV must exceed 0. The smaller coverage multiple sets the band: at least 1.2 with independent executable stress assurance receives 100; at least 1 receives 75; at least 0.75 receives 50; above 0 receives 25; 0 receives 0. Net amounts exclude encumbrances, senior obligations and executable discounts under the relevant calendar. Five-day liquidity is cumulative with each amount counted once.

Reconciliation covers assets, liabilities, the shareholder register, tokens, wrappers and bridges. Unique shares equal direct tokens plus nontokenized registered shares plus wrapper representations minus wrapper-locked backing plus bridge-issued shares minus bridge-locked shares. Fund-share claims use NAV and registered shares; fixed claims use contractual liability. Tolerances follow the source. Continuous independent assurance receives 100; periodic independent assurance 75; issuer-only checks 50; unexplained bounded differences 25; an independently established actual shortfall 0.

Independent custody with available extraction, reconciliation and executable replacement receives 75; demonstrated recovery receives 100. Affiliated but controlled custody receives 50; restricted custody with no alternative 25; unavailable custody causing failed due obligations 0.

Direct, segregated rights with effective enforceable priority and remedies receive 75; independent legal applicability assurance receives 100. A general issuer claim or confirmed registration-enforcement gap receives 50; subordinated or materially discretionary rights 25; confirmed absence of enforceable rights 0. Other unresolved combinations remain open.

The scenario requests USD 1 million from a USD 5 million holding through one complete ordinary route, satisfying its minimum, residual-balance and capacity requirements. Delivery time and fees must both qualify: no more than 1 day and 5 basis points receives 100; 3 days and 25 basis points receives 75; 5 days and 100 basis points receives 50; otherwise bounded delivery receives 25. Independent fulfillment records must cover the full route and be no older than 30 days. Unavailable qualifying assurance or bounded liquid substitution caps the criterion at 75. Illiquid substitution or discretionary discount caps it at 50. An active partial gate receives 25; a full or unbounded gate receives 0.

The review covers all actual code, deployments, dependencies and permission paths. Multiparty controls and monitoring receive 75; verified delays and recovery receive 100. Unilateral material authority or confirmed absent monitoring receives 50. A reproduced defect with unresolved production reach receives 25; active production reach receives 0.

The weakest critical dependency determines the score. An executable bounded alternative receives 75; demonstrated recovery receives 100. A bounded single point receives 50; an unbounded single point 25; actual core failure 0.

All necessary roles with valid authorization, an applicable exemption or a verified no-license requirement receive 100. An additional adverse noncore measure receives 75; a core measure with service still operating 50; an unauthorized core role 25; an invalid affected service with no alternative 0. Ordinary license conditions are assessed as part of authorization.

Independent assignment of all relevant responsibilities and executable replacement receives 75; a demonstrated recovery drill receives 100. Affiliated operations or limited replacement receives 50; a missing control with service operating 25; an unassigned failed core duty 0.

Audited finances of the obligation-bearing entity with independent funding and continuity receive 75; stress evidence receives 100. Concentrated funding or confirmed self-only accounts with bounded funded continuity receives 50; a going-concern funding gap 25; insolvent core failure 0.

Enforceable controls over changes, related parties and fees, with independent oversight, notices and remedies, receive 75; demonstrated execution receives 100. Concentrated decisions with remedies receive 50; a material unconstrained defect 25; actual unrecovered abuse 0.