From 12d24007a6b69daa3901738a3f5a15abb307f089 Mon Sep 17 00:00:00 2001 From: rymnc <43716372+rymnc@users.noreply.github.com> Date: Thu, 26 Feb 2026 18:47:57 +0530 Subject: [PATCH 1/2] feat(approach): private money market fund --- CHANGELOG.md | 1 + GLOSSARY.md | 4 + .../approach-private-money-market-funds.md | 157 ++++++++++++++++++ patterns/pattern-compliance-monitoring.md | 1 - 4 files changed, 162 insertions(+), 1 deletion(-) create mode 100644 approaches/approach-private-money-market-funds.md diff --git a/CHANGELOG.md b/CHANGELOG.md index 6975733..8cc9a21 100644 --- a/CHANGELOG.md +++ b/CHANGELOG.md @@ -5,6 +5,7 @@ All notable changes to the IPTF Map are documented here. ## [Unreleased] ### Added +- feat(approach): [Private Money Market Funds](approaches/approach-private-money-market-funds.md) - Privacy-preserving MMF operations with ZK NAV proofs - feat(pattern): [EY: Starlight](vendors/ey.md#starlight) - Solidity transpiler for private on-chain state. Consolidated EY products into a single vendor file. - feat(pattern): [Network-Level Anonymity](patterns/pattern-network-anonymity.md) - Umbrella pattern for transport-layer sender anonymity (Tor, mixnets, private RPC, TEE-assisted, VPN) - feat(pattern): [TEE-Assisted Network Anonymity](patterns/pattern-tee-network-anonymity.md) - TEE+secret-sharing approach for low-latency sender anonymity (Flashbots Flashnet) diff --git a/GLOSSARY.md b/GLOSSARY.md index 7673bdf..d72a4cb 100644 --- a/GLOSSARY.md +++ b/GLOSSARY.md @@ -127,6 +127,10 @@ A dedicated network or service that publishes and stores the data required for D **GENIUS Act**: US legislative framework for digital asset regulation +**SEC Rule 2a-7**: US Securities and Exchange Commission rule governing money market funds, specifying liquidity requirements, portfolio quality, maturity limits, and conditions for liquidity fees and redemption gates + +**ESMA MMFR (Money Market Fund Regulation)**: EU regulation establishing rules for money market funds including daily/weekly maturity limits, stress testing obligations, and reporting to national competent authorities + ### Infrastructure **Oracle**: External data provider for blockchain smart contracts diff --git a/approaches/approach-private-money-market-funds.md b/approaches/approach-private-money-market-funds.md new file mode 100644 index 0000000..f6bc077 --- /dev/null +++ b/approaches/approach-private-money-market-funds.md @@ -0,0 +1,157 @@ +# Approach: Private Money-Market Funds + +**Use Case Link:** [Private Money Market Funds](../use-cases/private-money-market-funds.md) + +**High-level goal:** Enable privacy-preserving money-market fund operations on Ethereum where individual positions, redemption flows, and yield attribution are hidden, while fund NAV remains publicly verifiable and operator-independent. + +## Overview + +### Problem Interaction + +Private money-market funds address three interconnected challenges: + +1. **Position & Strategy Privacy**: Hide subscription amounts, share counts, and yield optimization strategies so competitors cannot infer treasury size or cash management tactics +2. **Redemption Pattern Privacy**: Hide individual redemption timing and amounts to prevent runs triggered by visible large outflows +3. **Operator-Independent Solvency**: Ensure any party can verify fund NAV without the fund manager's cooperation, so the fund remains trustworthy even under adversarial conditions + +### Key Constraints + +- Daily or intraday NAV computation with verifiable correctness +- SEC Rule 2a-7 (US) and ESMA MMFR (EU) compliance for fund gates, liquidity fees, and concentration limits +- Atomic subscription/redemption settlement (no partial fills or stuck funds) +- Yield attribution must be provably correct per investor without revealing individual positions +- NAV verification must not depend on the fund operator's availability (threshold opening by t-of-n keyholders) + +### TLDR for Different Personas + +- **Business:** Yield-bearing treasury products where investor positions are private, redemptions are invisible to other participants, and fund solvency is verifiable by a threshold committee independent of the fund operator +- **Technical:** Shielded commitments with an incremental NAV model: a running `total_shares` commitment updated per transaction, not a monolithic proof over all positions. NAV = `total_shares * oracle_price`; periodic full-audit checkpoints; atomic ERC-7573 settlement +- **Legal:** SEC 2a-7 / ESMA MMFR requirements mapped to on-chain enforcement via ZK-proven constraints; regulator access via scoped view keys with EAS-logged disclosure + +## Architecture and Design Choices + +### Fundamental Choice: NAV Computation Trust Model + +| Model | Privacy | Trust Assumption | Performance | Maturity | +| --- | --- | --- | --- | --- | +| **ZK** | Positions hidden inside proof | Math + threshold keyholders (t-of-n) for NAV opening | constant-cost per transaction (incremental); periodic full-audit scales with position count | PoC | +| **FHE** | Positions encrypted, computed over ciphertexts | Threshold key holders (t-of-n) | Heaviest compute; shared throughput limits | Testnet | +| **TEE** | Positions sealed in enclave | Hardware vendor (Intel/AMD) | Cheapest; near-instant | Testnet | + +**Recommendation:** ZK proofs with a running `total_shares` commitment (threshold-opened by t-of-n custodians/auditors for NAV computation); periodic full-audit checkpoints off the critical path. FHE alternative for complex yield logic; TEE viable for early PoCs. + +### Recommended Architecture: Shielded Share Commitments + ZK NAV Proofs + +**Primary Patterns:** +- [Shielding](../patterns/pattern-shielding.md) (commitment/nullifier model for share positions) +- [Regulatory Disclosure Keys & Proofs](../patterns/pattern-regulatory-disclosure-keys-proofs.md) (view-key framework for auditors) + +**Supporting Patterns:** +- [DvP via ERC-7573](../patterns/pattern-dvp-erc7573.md) (atomic subscription/redemption settlement) +- [Private Intent-Based Vaults](../patterns/pattern-private-vaults.md) (optional: yield strategy execution within the fund) +- [Compliance Monitoring](../patterns/pattern-compliance-monitoring.md) (transaction screening, concentration checks) +- [Verifiable Attestation](../patterns/pattern-verifiable-attestation.md) (EAS-based NAV attestation and audit logging) + +#### Core Components + +- **Share Positions:** Shielded UTXO commitments (attestation hash, share count, entry NAV); subscription mints + increments running total, redemption nullifies + decrements; atomic via ERC-7573; individual flows unlinkable +- **Running Total & NAV:** Pedersen commitment to `total_shares` updated per transaction via ZK proof; opening threshold-shared (t-of-n) among custodians/auditors; any qualifying subset opens commitment, computes NAV = `total_shares * oracle_price`, posts attestation +- **Yield Attribution:** Pro-rata and uniform; at redemption each investor proves "I hold X of total_shares, my yield is X/total_shares * total_yield" +- **Audit & Verification:** Periodic full-proof checkpoint verifies running total against all positions (expensive, off critical path); NAV verification policy (circuit hash) registered immutably at fund deployment +- **Regulatory Access:** Scoped view keys (positions, concentration, liquidity); disclosures logged via EAS + +#### Operator-Independent NAV (Censorship Resistance) + +On-chain proof verification guarantees `total_shares` correctness independent of any single party. If the operator disappears, any t of the remaining n-1 threshold keyholders can open the commitment, compute NAV, and post an attestation; redemptions continue without interruption. + +### Alternative Architectures + +**Option A: FHE-Encrypted Balances** + +- Encrypted balances on FHE-enabled L2; NAV computed homomorphically, decrypted by threshold key holders +- Simpler programming model for complex yield logic; weaker operator independence (threshold holders must be available) +- Trade-off: Threshold trust; shared throughput limits; no revocation per ciphertext +- See: [Zama](../vendors/zama.md), [Fhenix](../vendors/fhenix.md), [Orion Finance](../vendors/orion-finance.md) + +**Option B: TEE-Based Computation** + +- Positions sealed in TEE enclave; NAV computed in the clear internally; remote-attested on-chain +- Trade-off: Hardware vendor trust; side-channel surface; enclave availability; operator independence requires open-source enclave code +- See: [TEE-Based Privacy](../patterns/pattern-tee-based-privacy.md), [TEE Key Manager](../patterns/pattern-tee-key-manager.md) + +### Compliance + +**Regulatory Integration Models:** + +| Approach | Disclosure Mechanism | Granularity | Gate/Fee Enforcement | +| --- | --- | --- | --- | +| **ZK (UTXO)** | Per-commitment view keys | Per-position | Encoded in ZK circuit | +| **FHE** | ACL grants via Gateway | Per-balance | Native encrypted logic | +| **TEE** | Enclave-mediated disclosure | Configurable | Internal enclave logic | + +**Common Capabilities:** + +- KYC eligibility gating; concentration limit enforcement in ZK +- Liquidity stress testing via view keys; aggregate fund flow reporting (delayed, non-identifying) + +**Fund-Specific Regulatory Requirements:** + +- **SEC Rule 2a-7 (US):** Liquidity fee/gate thresholds enforced in ZK circuit as public outputs +- **ESMA MMFR (EU):** Maturity limits and stress testing obligations; view-key scoping supports jurisdiction-specific disclosure + +## More Details + +### Trade-offs + +**Architecture Comparison:** + +| Dimension | ZK Shielded Commitments | FHE Encrypted Balances | TEE Enclave | +| --- | --- | --- | --- | +| **Trust Model** | Math + threshold keyholders (t-of-n) for NAV opening | Threshold key holders (t-of-n) | Hardware vendor | +| **Privacy Strength** | Amounts + addresses | Amounts only (addresses visible) | Amounts + addresses (inside enclave) | +| **NAV Proof Cost** | Low (incremental); periodic full-audit scales with positions | High (FHE compute) | Low (native compute) | +| **Operator Independence** | Strong (any t-of-n subset, operator not required) | Moderate (threshold holders needed) | Moderate (enclave must be available) | +| **Redemption Latency** | Seconds to minutes | Seconds to minutes | Near-instant | +| **Maturity** | PoC (Railgun model) | Testnet (Zama, Fhenix) | Testnet | +| **Vendor Ecosystem** | [Paladin](../vendors/paladin.md), [Railgun](../vendors/railgun.md), [Privacy Pools](../vendors/privacypools.md) | [Zama](../vendors/zama.md), [Fhenix](../vendors/fhenix.md), [Orion Finance](../vendors/orion-finance.md) | [Soda Labs](../vendors/soda-labs.md) | + +### Open Questions + +1. How do we optimally balance the privacy gains of fungible shares against the complexity of attributing yield across different entry-NAV cohorts? +2. Can shielded MMF shares be traded peer-to-peer with privately enforced NAV-based pricing? +3. How to handle mixed-currency underlying while keeping currency exposure private? +4. Can MMF shares serve as a cash-equivalent in DvP settlement for other instruments? + +## Example Scenarios + +### Scenario 1: Institutional Treasury Subscription + +- Corporate treasurer subscribes $50M USDC to a private T-bill MMF +- Privacy: Position size invisible on-chain; only the treasurer and fund auditor see it +- Settlement: Atomic via ERC-7573; USDC transferred, share commitment minted, running `total_shares` incremented in one transaction +- NAV: Threshold keyholders (t-of-n custodians/auditors) jointly open the updated `total_shares` commitment, multiply by T-bill oracle price, and post a publicly verifiable NAV attestation + +### Scenario 2: Operator-Independent NAV Verification + +- Fund operator goes offline; threshold subset (t of n-1, excluding operator) opens `total_shares` commitment +- They compute NAV = `total_shares * oracle_price`, post attestation on-chain; redemptions continue without interruption +- Same subset triggers a full-audit checkpoint to confirm the running total + +### Scenario 3: Private Redemption Under Stress + +- A bank redeems $200M from the fund during a market stress event +- Privacy: The $200M redemption is invisible to other fund participants; no panic signal +- Compliance: Fund circuit proves "post-redemption liquidity ratio > 30%" (no gate triggered) without revealing the redemption amount +- Settlement: Atomic via ERC-7573; share commitment nullified, USDC released + +## Links and Notes + +- **Related Use Cases:** [Private Stablecoins](../use-cases/private-stablecoins.md), [Private Treasuries](../use-cases/private-treasuries.md), [Private RWA Tokenization](../use-cases/private-rwa-tokenization.md) +- **Standards:** [ERC-7573](https://eips.ethereum.org/EIPS/eip-7573), [EAS](https://attest.org/), [ERC-3643](https://eips.ethereum.org/EIPS/eip-3643) +- **Regulations:** [SEC Rule 2a-7](https://www.sec.gov/rules/final/ic-29132.htm), [ESMA MMFR](https://www.esma.europa.eu/data-reporting/mmfr-reporting) +- **Vendor Solutions:** + - ZK/UTXO: [Paladin](../vendors/paladin.md), [Railgun](../vendors/railgun.md), [Privacy Pools](../vendors/privacypools.md) + - FHE: [Zama](../vendors/zama.md), [Fhenix](../vendors/fhenix.md), [Orion Finance](../vendors/orion-finance.md) + - MPC/GC: [Soda Labs](../vendors/soda-labs.md) +- **Related Patterns:** [Shielding](../patterns/pattern-shielding.md), [Private Vaults](../patterns/pattern-private-vaults.md), [ZK Shielded Balances](../patterns/pattern-zk-shielded-balances.md), [Regulatory Disclosure](../patterns/pattern-regulatory-disclosure-keys-proofs.md), [DvP ERC-7573](../patterns/pattern-dvp-erc7573.md), [Compliance Monitoring](../patterns/pattern-compliance-monitoring.md) +- **Related Approaches:** [Private Bonds](./approach-private-bonds.md), [Private DvP](./approach-dvp-atomic-settlement.md) diff --git a/patterns/pattern-compliance-monitoring.md b/patterns/pattern-compliance-monitoring.md index c7452b9..0c2cf3b 100644 --- a/patterns/pattern-compliance-monitoring.md +++ b/patterns/pattern-compliance-monitoring.md @@ -98,7 +98,6 @@ Enable institutions to monitor private transactions for regulatory compliance (A - [Verifiable Attestation](pattern-verifiable-attestation.md) - On-chain credential verification - [ERC-3643 RWA](pattern-erc3643-rwa.md) - Permissioned tokens with identity - [ZK KYC/ML ID](pattern-zk-kyc-ml-id-erc734-735.md) - Zero-knowledge identity verification -- [Payment Policy Enforcement](pattern-payment-policy-enforcement.md) - Policy controls for payments - [Approach: Private Bonds](../approaches/approach-private-bonds.md) - End-to-end compliant bond issuance ## External References From 756368d8b8bda8a9fda200993fc94228684ee62e Mon Sep 17 00:00:00 2001 From: rymnc <43716372+rymnc@users.noreply.github.com> Date: Fri, 27 Feb 2026 15:33:54 +0530 Subject: [PATCH 2/2] fix: address comments --- GLOSSARY.md | 2 + .../approach-private-money-market-funds.md | 37 +++++++++---------- 2 files changed, 20 insertions(+), 19 deletions(-) diff --git a/GLOSSARY.md b/GLOSSARY.md index d72a4cb..cc46d7b 100644 --- a/GLOSSARY.md +++ b/GLOSSARY.md @@ -57,6 +57,8 @@ A dedicated network or service that publishes and stores the data required for D **Best Execution**: Obligation to obtain most favorable terms when executing client orders +**NAV (Net Asset Value)**: Total value of a fund's assets minus liabilities. Per-share NAV = total NAV / shares outstanding. + ### Standards & Protocols **[ERC-3643](https://eips.ethereum.org/EIPS/eip-3643)**: Ethereum standard for permissioned tokenized securities with built-in compliance framework diff --git a/approaches/approach-private-money-market-funds.md b/approaches/approach-private-money-market-funds.md index f6bc077..02c9a30 100644 --- a/approaches/approach-private-money-market-funds.md +++ b/approaches/approach-private-money-market-funds.md @@ -1,14 +1,14 @@ -# Approach: Private Money-Market Funds +# Approach: Private Money Market Funds **Use Case Link:** [Private Money Market Funds](../use-cases/private-money-market-funds.md) -**High-level goal:** Enable privacy-preserving money-market fund operations on Ethereum where individual positions, redemption flows, and yield attribution are hidden, while fund NAV remains publicly verifiable and operator-independent. +**High-level goal:** Enable privacy-preserving money market fund operations on Ethereum where individual positions, redemption flows, and yield attribution are hidden, while fund [NAV](../GLOSSARY.md) (Net Asset Value) remains publicly verifiable and operator-independent. ## Overview ### Problem Interaction -Private money-market funds address three interconnected challenges: +Private money market funds address three interconnected challenges: 1. **Position & Strategy Privacy**: Hide subscription amounts, share counts, and yield optimization strategies so competitors cannot infer treasury size or cash management tactics 2. **Redemption Pattern Privacy**: Hide individual redemption timing and amounts to prevent runs triggered by visible large outflows @@ -20,13 +20,13 @@ Private money-market funds address three interconnected challenges: - SEC Rule 2a-7 (US) and ESMA MMFR (EU) compliance for fund gates, liquidity fees, and concentration limits - Atomic subscription/redemption settlement (no partial fills or stuck funds) - Yield attribution must be provably correct per investor without revealing individual positions -- NAV verification must not depend on the fund operator's availability (threshold opening by t-of-n keyholders) +- NAV verification must not depend on the fund operator's availability (threshold opening by t-of-n key holders) ### TLDR for Different Personas - **Business:** Yield-bearing treasury products where investor positions are private, redemptions are invisible to other participants, and fund solvency is verifiable by a threshold committee independent of the fund operator -- **Technical:** Shielded commitments with an incremental NAV model: a running `total_shares` commitment updated per transaction, not a monolithic proof over all positions. NAV = `total_shares * oracle_price`; periodic full-audit checkpoints; atomic ERC-7573 settlement -- **Legal:** SEC 2a-7 / ESMA MMFR requirements mapped to on-chain enforcement via ZK-proven constraints; regulator access via scoped view keys with EAS-logged disclosure +- **Technical:** Shielded commitments with an incremental NAV model: a running `total_shares` commitment updated per transaction, not a monolithic proof over all positions. Total fund value = `total_shares * price_per_share` (per-share NAV from oracle); periodic full-audit checkpoints; atomic DvP settlement +- **Legal:** [SEC Rule 2a-7](https://www.sec.gov/rules-regulations/2010/02/money-market-fund-reform) / [ESMA MMFR](https://www.esma.europa.eu/data-reporting/mmfr-reporting) requirements mapped to on-chain enforcement via ZK-proven constraints; regulator access via scoped view keys with EAS-logged disclosure ## Architecture and Design Choices @@ -34,7 +34,7 @@ Private money-market funds address three interconnected challenges: | Model | Privacy | Trust Assumption | Performance | Maturity | | --- | --- | --- | --- | --- | -| **ZK** | Positions hidden inside proof | Math + threshold keyholders (t-of-n) for NAV opening | constant-cost per transaction (incremental); periodic full-audit scales with position count | PoC | +| **ZK** | Positions hidden inside proof | Math + threshold key holders (t-of-n) for NAV opening | constant-cost per transaction (incremental); periodic full-audit scales with position count | PoC | | **FHE** | Positions encrypted, computed over ciphertexts | Threshold key holders (t-of-n) | Heaviest compute; shared throughput limits | Testnet | | **TEE** | Positions sealed in enclave | Hardware vendor (Intel/AMD) | Cheapest; near-instant | Testnet | @@ -47,22 +47,21 @@ Private money-market funds address three interconnected challenges: - [Regulatory Disclosure Keys & Proofs](../patterns/pattern-regulatory-disclosure-keys-proofs.md) (view-key framework for auditors) **Supporting Patterns:** -- [DvP via ERC-7573](../patterns/pattern-dvp-erc7573.md) (atomic subscription/redemption settlement) - [Private Intent-Based Vaults](../patterns/pattern-private-vaults.md) (optional: yield strategy execution within the fund) - [Compliance Monitoring](../patterns/pattern-compliance-monitoring.md) (transaction screening, concentration checks) - [Verifiable Attestation](../patterns/pattern-verifiable-attestation.md) (EAS-based NAV attestation and audit logging) #### Core Components -- **Share Positions:** Shielded UTXO commitments (attestation hash, share count, entry NAV); subscription mints + increments running total, redemption nullifies + decrements; atomic via ERC-7573; individual flows unlinkable -- **Running Total & NAV:** Pedersen commitment to `total_shares` updated per transaction via ZK proof; opening threshold-shared (t-of-n) among custodians/auditors; any qualifying subset opens commitment, computes NAV = `total_shares * oracle_price`, posts attestation +- **Share Positions:** Shielded UTXO commitments (attestation hash, share count, entry NAV); subscription mints + increments running total, redemption nullifies + decrements; atomic DvP settlement; individual flows unlinkable +- **Running Total & NAV:** Pedersen commitment to `total_shares` updated per transaction via ZK proof; opening threshold-shared (t-of-n) among custodians/auditors; any qualifying subset opens commitment, computes total fund value = `total_shares * price_per_share`, posts attestation - **Yield Attribution:** Pro-rata and uniform; at redemption each investor proves "I hold X of total_shares, my yield is X/total_shares * total_yield" - **Audit & Verification:** Periodic full-proof checkpoint verifies running total against all positions (expensive, off critical path); NAV verification policy (circuit hash) registered immutably at fund deployment - **Regulatory Access:** Scoped view keys (positions, concentration, liquidity); disclosures logged via EAS #### Operator-Independent NAV (Censorship Resistance) -On-chain proof verification guarantees `total_shares` correctness independent of any single party. If the operator disappears, any t of the remaining n-1 threshold keyholders can open the commitment, compute NAV, and post an attestation; redemptions continue without interruption. +On-chain proof verification guarantees `total_shares` correctness independent of any single party. If the operator disappears, any t of the remaining n-1 threshold key holders can open the commitment, compute NAV, and post an attestation; redemptions continue without interruption. ### Alternative Architectures @@ -107,7 +106,7 @@ On-chain proof verification guarantees `total_shares` correctness independent of | Dimension | ZK Shielded Commitments | FHE Encrypted Balances | TEE Enclave | | --- | --- | --- | --- | -| **Trust Model** | Math + threshold keyholders (t-of-n) for NAV opening | Threshold key holders (t-of-n) | Hardware vendor | +| **Trust Model** | Math + threshold key holders (t-of-n) for NAV opening | Threshold key holders (t-of-n) | Hardware vendor | | **Privacy Strength** | Amounts + addresses | Amounts only (addresses visible) | Amounts + addresses (inside enclave) | | **NAV Proof Cost** | Low (incremental); periodic full-audit scales with positions | High (FHE compute) | Low (native compute) | | **Operator Independence** | Strong (any t-of-n subset, operator not required) | Moderate (threshold holders needed) | Moderate (enclave must be available) | @@ -128,13 +127,13 @@ On-chain proof verification guarantees `total_shares` correctness independent of - Corporate treasurer subscribes $50M USDC to a private T-bill MMF - Privacy: Position size invisible on-chain; only the treasurer and fund auditor see it -- Settlement: Atomic via ERC-7573; USDC transferred, share commitment minted, running `total_shares` incremented in one transaction -- NAV: Threshold keyholders (t-of-n custodians/auditors) jointly open the updated `total_shares` commitment, multiply by T-bill oracle price, and post a publicly verifiable NAV attestation +- Settlement: Atomic DvP; USDC transferred, share commitment minted, running `total_shares` incremented in one transaction +- NAV: Threshold key holders (t-of-n custodians/auditors) jointly open the updated `total_shares` commitment, multiply by T-bill oracle price, and post a publicly verifiable NAV attestation ### Scenario 2: Operator-Independent NAV Verification - Fund operator goes offline; threshold subset (t of n-1, excluding operator) opens `total_shares` commitment -- They compute NAV = `total_shares * oracle_price`, post attestation on-chain; redemptions continue without interruption +- They compute total fund value = `total_shares * price_per_share`, post attestation on-chain; redemptions continue without interruption - Same subset triggers a full-audit checkpoint to confirm the running total ### Scenario 3: Private Redemption Under Stress @@ -142,16 +141,16 @@ On-chain proof verification guarantees `total_shares` correctness independent of - A bank redeems $200M from the fund during a market stress event - Privacy: The $200M redemption is invisible to other fund participants; no panic signal - Compliance: Fund circuit proves "post-redemption liquidity ratio > 30%" (no gate triggered) without revealing the redemption amount -- Settlement: Atomic via ERC-7573; share commitment nullified, USDC released +- Settlement: Atomic DvP; share commitment nullified, USDC released ## Links and Notes - **Related Use Cases:** [Private Stablecoins](../use-cases/private-stablecoins.md), [Private Treasuries](../use-cases/private-treasuries.md), [Private RWA Tokenization](../use-cases/private-rwa-tokenization.md) -- **Standards:** [ERC-7573](https://eips.ethereum.org/EIPS/eip-7573), [EAS](https://attest.org/), [ERC-3643](https://eips.ethereum.org/EIPS/eip-3643) -- **Regulations:** [SEC Rule 2a-7](https://www.sec.gov/rules/final/ic-29132.htm), [ESMA MMFR](https://www.esma.europa.eu/data-reporting/mmfr-reporting) +- **Standards:** [EAS](https://attest.org/), [ERC-3643](https://eips.ethereum.org/EIPS/eip-3643) +- **Regulations:** [SEC Rule 2a-7](https://www.sec.gov/rules-regulations/2010/02/money-market-fund-reform), [ESMA MMFR](https://www.esma.europa.eu/data-reporting/mmfr-reporting) - **Vendor Solutions:** - ZK/UTXO: [Paladin](../vendors/paladin.md), [Railgun](../vendors/railgun.md), [Privacy Pools](../vendors/privacypools.md) - FHE: [Zama](../vendors/zama.md), [Fhenix](../vendors/fhenix.md), [Orion Finance](../vendors/orion-finance.md) - MPC/GC: [Soda Labs](../vendors/soda-labs.md) -- **Related Patterns:** [Shielding](../patterns/pattern-shielding.md), [Private Vaults](../patterns/pattern-private-vaults.md), [ZK Shielded Balances](../patterns/pattern-zk-shielded-balances.md), [Regulatory Disclosure](../patterns/pattern-regulatory-disclosure-keys-proofs.md), [DvP ERC-7573](../patterns/pattern-dvp-erc7573.md), [Compliance Monitoring](../patterns/pattern-compliance-monitoring.md) +- **Related Patterns:** [Shielding](../patterns/pattern-shielding.md), [Private Vaults](../patterns/pattern-private-vaults.md), [ZK Shielded Balances](../patterns/pattern-zk-shielded-balances.md), [Regulatory Disclosure](../patterns/pattern-regulatory-disclosure-keys-proofs.md), [Compliance Monitoring](../patterns/pattern-compliance-monitoring.md) - **Related Approaches:** [Private Bonds](./approach-private-bonds.md), [Private DvP](./approach-dvp-atomic-settlement.md)