CODA isn't a product — it's a position: the shared network where the banks that use it write the rules of tokenized settlement, powered by Solstice.
Rails get rewritten once a generation. Whoever writes them, writes them for everyone who joins later.
card networks · SWIFT · DTCC — governance decided who won
Seven banks connecting bilaterally means twenty-one bespoke integrations — each with its own formats, its own reconciliation, its own legal review.
Every pair maintains its own rules, so cost scales with the square of the network. This is why bilateral tokenization pilots demo well and then stall.
A consortium collapses the mesh: one standard, written once, implemented by everyone. Interop stops being a project and becomes a default.
Before the mesh argument gets abstract — the shape of the thing itself.
Regulated banks that hold the pen — board votes, every working group, strategic capital. They define the core rules.
Institutions that build on the network — pilots, working-group votes, standards adoption, capital scaled to bank size.
Central banks and regulators: no vote, full sight. Every deliberation visible, so compliance is engineered in — not bolted on.
Consensus by default; material changes need two-thirds. The 60/40 weighting means Founding influence can't be diluted as the network grows.
From setting the rules to staying informed — there's a seat at the table for every institution.
Vote weighting is structured so Founding Member influence can't be diluted as the network grows.
| Decision type | Threshold |
|---|---|
| Routine operational decisions | Simple majority |
| Fee structure changes | Two-thirds supermajority |
| New member tier creation | Two-thirds supermajority |
| Architectural changes to settlement protocol | Two-thirds supermajority |
| Admitting new institutions at Founding tier | Unanimous Founding consent |
A member brings a use case. The Use Case working group scopes it — business case, feasibility, regulatory posture.
Technical Standards writes the spec — validator requirements, Solstice configuration, integration frameworks.
Compliance & Regulatory Policy aligns it with Basel III, NYDFS, MiCA — with Observer feedback in the room, not after it.
The Council votes. Material changes carry only with a two-thirds supermajority under the 60/40 weighting.
The ratified spec replicates to every member at once. Bank A talks to Bank B by default — interop is the product.
Four phases from policy alignment to pilot expansion. Status updates as milestones land — no calendar commitments.
Three IP boundaries, drawn before the first pilot — so joining never means being captured.
Solstice Protocol, Solstice Core, and the underlying chain remain Rimark property. Rimark delivers the rail; the consortium governs how it's used.
Network rules, compliance frameworks, and interop standards written through CODA governance belong to all members collectively.
Customer data, internal systems, integrations, playbooks — full ownership stays with the institution. CODA never claims participant data.
The standards for programmable finance are being written now. CODA is where banks and regulators write them together.
Founding membership is open to regulated financial institutions.