QUADTreasury Admission
Treasury is passive admitted custody and NAV. Admission, quarantine, and conservative valuation protect Core from treating every visible balance as safe backing.
These are public Core observations. They are not spending authority, redemption rights, final reserve reporting, or proof that every visible balance is admitted backing.
Treasury custody is intentionally boring. Its job is to hold admitted backing and report NAV, not to decide what the machine does next.
Treasury holds admitted assets and NAV memory after Core accepts them.
Treasury does not route, split, trade, swap, pay invoices, or choose downstream recipients.
QUAD and stQUAD are not Treasury reserve assets and must not be counted as backing.
Treasury yield must remain separate from principal and route through the proper value-routing surface when emitted.
Admission is the difference between a balance that exists and a balance Core is willing to treat as backing.
Haircuts are conservative valuation and authority reduction. This public page explains the role, not the private defensive coefficients.
Haircuts keep Core from treating a risky or uncertain asset as if it were fully safe backing.
Public price truth, asset class, liquidity posture, source provenance, age, and safety state can reduce action authority.
A haircut may reduce admitted value, delay action, route value through containment, or cause a module to sleep.
Exact defensive thresholds, coefficients, timing edges, and operator procedures are not published on this public surface.
Treasury admission is a custody and classification process. The page explains what can be observed without turning observation into a spending or redemption claim.