Programs and Policies

A program organizes an asset's economics around a defined objective. A policy defines the rules used to administer that program.

Programs

A program connects:

• an economic source
• supported asset states and balance sources
• eligible participants
• a funding and allocation model
• settlement destinations
• a reporting period

Programs can run continuously or for a fixed period. Multiple programs can operate on the same asset at the same time.

Policies

Policies determine:

• which balances, positions, or activity count
• which participants qualify
• how exposure is measured
• how value is allocated and divided
• where each allocation is routed
• when settlement occurs
• which limits and controls apply

Policies can use approved onchain state, business information, participant status, or external inputs.

An issuer can use this model to support different partners, products, markets, and objectives without creating a new token, wrapper, ledger, or payout system for each arrangement.