RWA architecture / Bursar research
How treasury NAV fits into an agent’s spending budget.
The Bursar design supports treasury-token budgets alongside USDG. Treasury notes represent the parked value of an unspent budget; settlement draws on that value when an approved spend occurs.
Accounting uses an asset’s NAV and applicable multiplier. A projected yield is not a balance, and a stale NAV must not silently create new spending power.
Stock tokens and treasury tokens remain subject to eligibility and jurisdiction requirements. The registry and price guards are part of the spending boundary.
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