diff --git a/CHANGELOG.md b/CHANGELOG.md index cec5391..dc89af4 100644 --- a/CHANGELOG.md +++ b/CHANGELOG.md @@ -4,6 +4,8 @@ All notable changes to the EthSystems Map are documented here. ## [Unreleased] +- feat(approach): link private-stocks, private-commodities, private-fx, and private-repo to [Private Trade Settlement](approaches/approach-private-trade-settlement.md), and private-treasuries to [Private Payments](approaches/approach-private-payments.md), as explicit variants ([#190](https://github.com/ethsystems/map/pull/190), part of [#138](https://github.com/ethsystems/map/issues/138)) +- feat(pattern): add [CMTAT](https://cmta.ch/standards/cmta-token-cmtat) as an alternative to ERC-3643 in [ERC-3643 Tokenized RWAs](patterns/pattern-erc3643-rwa.md), a blockchain-agnostic compliant-tokenization standard with an Aztec/Noir privacy-preserving implementation, cross-referenced in GLOSSARY.md and [Private RWA Tokenization](use-cases/private-rwa-tokenization.md) ([#190](https://github.com/ethsystems/map/pull/190), closes [#174](https://github.com/ethsystems/map/issues/174)) - feat(vendor): [Gateway Open Privacy Suite](vendors/gateway-open-privacy-suite.md) — governed JSON-RPC access, selective disclosure, and compliance controls for private EVM networks and Gateway L2/validium deployments ([#189](https://github.com/ethsystems/map/pull/189)) - docs: add Espalier preprint reference to [ZK Proof Systems](patterns/pattern-zk-proof-systems.md), [Post-Quantum Threats](domains/post-quantum.md), and [Safe Proof Delegation](patterns/pattern-safe-proof-delegation.md) `## See also` sections - feat(jurisdiction): [EU / EUDR (Deforestation Regulation)](jurisdictions/eu-EUDR.md) -- Article 9 plot-level geolocation and the DDS reference-number model, ahead of the 30 December 2026 application date ([#181](https://github.com/ethsystems/map/pull/181)) diff --git a/GLOSSARY.md b/GLOSSARY.md index 4781c2f..79307d7 100644 --- a/GLOSSARY.md +++ b/GLOSSARY.md @@ -71,6 +71,8 @@ A dedicated network or service that publishes and stores the data required for D **[ERC-3643](https://eips.ethereum.org/EIPS/eip-3643)**: Ethereum standard for permissioned tokenized securities with built-in compliance framework +**[CMTAT](https://cmta.ch/standards/cmta-token-cmtat)**: CMTA's open standard for tokenizing financial instruments, using a rule-engine and allowlist model rather than an identity registry. Blockchain-agnostic, with reference implementations on EVM, Tezos, Solana, and a privacy-preserving Aztec/Noir variant + **[ERC-7573](https://ercs.ethereum.org/ERCS/erc-7573)**: Standard for conditional cross-chain settlement coordination **[EIP-6123](https://eips.ethereum.org/EIPS/eip-6123)**: Ethereum standard for derivatives contracts with automated lifecycle management diff --git a/approaches/approach-private-payments.md b/approaches/approach-private-payments.md index 2d23629..939e10b 100644 --- a/approaches/approach-private-payments.md +++ b/approaches/approach-private-payments.md @@ -1,10 +1,10 @@ --- title: "Approach: Private Payments" status: ready -last_reviewed: 2026-06-24 +last_reviewed: 2026-08-11 use_case: private-stablecoins -related_use_cases: [resilient-disbursement-rails] +related_use_cases: [resilient-disbursement-rails, private-treasuries] primary_patterns: - pattern-shielding diff --git a/approaches/approach-private-trade-settlement.md b/approaches/approach-private-trade-settlement.md index 6087b03..b67f1a1 100644 --- a/approaches/approach-private-trade-settlement.md +++ b/approaches/approach-private-trade-settlement.md @@ -1,10 +1,10 @@ --- title: "Approach: Private Trade Settlement" status: ready -last_reviewed: 2026-06-24 +last_reviewed: 2026-08-11 use_case: private-bonds -related_use_cases: [private-derivatives, private-rwa-tokenization, private-corporate-bonds, private-government-debt] +related_use_cases: [private-derivatives, private-rwa-tokenization, private-corporate-bonds, private-government-debt, private-stocks, private-commodities, private-fx, private-repo] primary_patterns: - pattern-shielding diff --git a/patterns/pattern-erc3643-rwa.md b/patterns/pattern-erc3643-rwa.md index c45ff5e..3ef6c98 100644 --- a/patterns/pattern-erc3643-rwa.md +++ b/patterns/pattern-erc3643-rwa.md @@ -4,7 +4,7 @@ status: ready maturity: production type: standard layer: L1 -last_reviewed: 2026-04-22 +last_reviewed: 2026-08-11 works-best-when: - Regulatory compliance is mandatory. @@ -88,6 +88,7 @@ Threat model: - Additional compliance checks on every transfer raise gas costs. - Not suitable for permissionless DeFi composition. Many protocols will reject permissioned tokens. - Compliance rules must be maintained and updated as regulations evolve, which requires ongoing governance. +- CMTAT covers the same intent through a rule-engine and allowlist model instead of an identity registry with claim issuers; it is blockchain-agnostic (EVM, Tezos, Solana) and has an existing privacy-preserving implementation in Noir for Aztec, relevant where transaction-level confidentiality is a goal. ## Example @@ -97,3 +98,4 @@ An issuer tokenizes a bond as a permissioned token with investor accreditation r - [Private Bonds Approach](../approaches/approach-private-bonds.md) - [ERC-3643 documentation](https://docs.erc3643.org/erc-3643) +- [CMTAT (CMTA Token) standard](https://cmta.ch/standards/cmta-token-cmtat) diff --git a/use-cases/private-commodities.md b/use-cases/private-commodities.md index 87d7451..7510d91 100644 --- a/use-cases/private-commodities.md +++ b/use-cases/private-commodities.md @@ -51,7 +51,7 @@ Commodity trading strategies depend on information asymmetry. Public trading act ## 5) Recommended Approaches -Approach TBD. Consider: +See [approach-private-trade-settlement.md](../approaches/approach-private-trade-settlement.md) for general settlement architecture. Commodity-specific considerations: - Privacy-preserving custody attestations (proof of reserves without position disclosure) - Integration with physical commodity tracking - Synthetic vs physically-backed privacy trade-offs diff --git a/use-cases/private-fx.md b/use-cases/private-fx.md index d338f59..96fc2a9 100644 --- a/use-cases/private-fx.md +++ b/use-cases/private-fx.md @@ -51,7 +51,7 @@ International payments reveal business relationships and transaction patterns th ## 5) Recommended Approaches -Approach TBD. Consider: +See [approach-private-trade-settlement.md](../approaches/approach-private-trade-settlement.md) for general settlement architecture. FX-specific considerations: - Privacy-preserving PvP (Payment vs Payment) settlement - Integration with [approach-private-bonds.md](../approaches/approach-private-bonds.md) DvP patterns for cash leg - Stablecoin privacy patterns from [private-stablecoins.md](private-stablecoins.md) diff --git a/use-cases/private-repo.md b/use-cases/private-repo.md index 0b8c87a..25b7db4 100644 --- a/use-cases/private-repo.md +++ b/use-cases/private-repo.md @@ -52,7 +52,7 @@ Visible funding costs and patterns enable competitors to undercut pricing or fro ## 5) Recommended Approaches -Approach TBD. Consider: +See [approach-private-trade-settlement.md](../approaches/approach-private-trade-settlement.md) for general settlement architecture. Repo-specific considerations: - Privacy-preserving collateral verification - Atomic settlement with privacy (similar to DvP patterns in [approach-private-bonds.md](../approaches/approach-private-bonds.md)) - Integration with existing clearing infrastructure diff --git a/use-cases/private-rwa-tokenization.md b/use-cases/private-rwa-tokenization.md index 66ea567..b003afd 100644 --- a/use-cases/private-rwa-tokenization.md +++ b/use-cases/private-rwa-tokenization.md @@ -45,7 +45,7 @@ On-chain RWA tokenization exposes ownership, valuation, and transfer history by ## 5) Recommended Approaches -See [Private Bonds](../approaches/approach-private-bonds.md) and [Private Payments](../approaches/approach-private-payments.md) approaches - RWA tokenization can inherit private transfer solutions with emphasis on transfer compliance checks and RWA-specific standards (ERC-3643, ERC-7943 with privacy modifications using commitments). +See [Private Bonds](../approaches/approach-private-bonds.md) and [Private Payments](../approaches/approach-private-payments.md) approaches - RWA tokenization can inherit private transfer solutions with emphasis on transfer compliance checks and RWA-specific standards (ERC-3643, ERC-7943, or CMTAT with privacy modifications using commitments). ## 6) Open Questions @@ -59,4 +59,4 @@ See [Private Bonds](../approaches/approach-private-bonds.md) and [Private Paymen - [pattern-l2-encrypted-offchain-audit.md](../patterns/pattern-l2-encrypted-offchain-audit.md) - [pattern-zk-kyc-ml-id-erc734-735.md](../patterns/pattern-zk-kyc-ml-id-erc734-735.md) - [pattern-co-snark.md](../patterns/pattern-co-snark.md) -- **Standards:** ERC-3643, ERC-7943 +- **Standards:** ERC-3643, ERC-7943, CMTAT diff --git a/use-cases/private-stocks.md b/use-cases/private-stocks.md index 4ee9f82..d2f1b80 100644 --- a/use-cases/private-stocks.md +++ b/use-cases/private-stocks.md @@ -51,7 +51,7 @@ Traditional exchanges tokenizing equity need privacy to differentiate from trans ## 5) Recommended Approaches -Approach TBD. Consider: +See [approach-private-trade-settlement.md](../approaches/approach-private-trade-settlement.md) for general settlement architecture. Stock-specific considerations: - Integration with existing transfer agent infrastructure - Privacy-preserving beneficial ownership registries - Hybrid on-chain/off-chain settlement models diff --git a/use-cases/private-treasuries.md b/use-cases/private-treasuries.md index 2d5ec1d..c8b67d4 100644 --- a/use-cases/private-treasuries.md +++ b/use-cases/private-treasuries.md @@ -54,7 +54,7 @@ Aggregate cash positions and treasury investment strategies are competitively se ## 5) Recommended Approaches -Approach TBD. Consider: +See [approach-private-payments.md](../approaches/approach-private-payments.md) for general payment architecture. Treasury-specific considerations: - Privacy-preserving cash pooling mechanisms - Integration with [private-money-market-funds.md](private-money-market-funds.md) for yield - Multi-entity identity management with selective disclosure