Programmable Credit Protocol (PCP)

Post-trade enforcement infrastructure for secured financing on tokenized and digital assets. PCP lets repo and secured lending be margined and settled with collateral locked in place at the custodian — nothing moves, and the gap between trade and enforcement disappears. An on-chain receipt evidences the secured interest, while a default is resolved deterministically, not by manual coordination. PCP is FIX-native and operating within existing custody and front-to-back trading systems, it supports principal, agency lending and sponsored cleared repo, composing with CCP clearing.