The wedge
Fund seat
Poplar Stack sells the statement, not the vault. Anyone can launch a vault.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
POP4
Screened
SCREENEDPrime brokerage opsPoplar Stack
Heat 36. 3 asks this week. 0% of any raise comes here.
Inbound this week: 3. That is demand for a job someone already pays for — not a book.
Poplar Stack — Accounting and proof layers for vaults that already hold assets for known clients. zk or otherwise, the point is a statement a counterparty can verify — not a public yield product.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
Most Prime brokerage ops applications this quarter were declined. You are looking at one that was not.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Prime adapters
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/7
Sprint
Our cut
0%
Of any proceeds
Plate Lattice · 4174
POP4
The plate
Lattice. Edition 4174.
A unique plate for Poplar Stack. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
POP4 · Taipei · Prime brokerage ops
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Taipei
Asset managers
Sells
Fund
Fund seat
Markets
0
Taipei
Years
0
Founded 2021
Surfaces
0
Prime adapters
Complete
0
File readiness
Why the desk took it
Early — still a question.
No APY on any surface we could find.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Taipei. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. A national registry counterpart, not a scrape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
Next 12 months
Still no yield marketed to the public.
Fund admins already report. This is a proof they can attach. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
The decline pile in Prime brokerage ops is not a rumour. It is how this board stays readable. Poplar Stack is what survived. That is the sell.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Poplar Stack is the version that survives counsel. It is on a clock.
The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.
From the founder
The legal source of truth stays with the incumbent register, admin, or custodian. Poplar Stack does not attest to its own facts.
From the screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the pilot
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
The window
Miss this and you read the archive.
Attention is the scarce asset. 3 asks this week are already spending it.
The comment period is not a path. This company is priced as if that is already true.
We do not allocate. We do not take a cut. We will not hold the window open for you.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 4
- Counsel hours on file
- 14
- Asks / week
- 3
- Our cut
- 0% of proceeds
We did not come here to sell a token. We came here so a named customer could read a pack that survives counsel.
This company
Poplar Stack
Open-source looks free until the auditor asks who attests. Poplar Stack has an answer.
In the same conversation
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
The bet
Why this company exists.
Poplar Stack sells the statement, not the vault. Anyone can launch a vault.
Poplar Stack sells the statement, not the vault. Anyone can launch a vault.
Allocators asked for proof after 2022. Labs answered with demos. The first vault accounting that an auditor will sign is a business.
Middle-office spend at alternative managers is a budget that survived the last cycle.
Versus the field
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Taipei being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.
How it works
- 01Positions are accounted in a book the manager already runs
- 02A proof or extract is produced for a named counterparty
- 03Yield is not marketed to the public on this pad
- 04zk, if present, is a method — not a ticker
- 05A proof or extract is produced for a named counterparty only
- 06Exceptions post back into the customer’s existing case system — no side spreadsheet.
In the same conversation as
- Fund admins
- Custodian reporting
- Public ‘vault tokens’ (the thing this is not)
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Counsel & perimeter
31%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
21%
Dual-control drills, key ceremonies, and the person who owns them.
Claims & campaign ops
20%
Keeping the public story from running ahead of the claims register.
Named operators
28%
A counsel memo that can survive a later reader.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Fund seat
- Who pays
- A national registry counterpart, not a scrape.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- The circuit, if any, proves the real book.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- Fund admins already report. This is a proof they can attach.
- Why we listed it
- No APY on any surface we could find.
Next twelve months
What has to be true.
Still no yield marketed to the public.
A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2021, headquartered in Taipei. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. A national registry counterpart, not a scrape. A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Taipei is the operating centre
- The waitlist, if any, is a product list — not a book
- RCA Pad does not take a cut of proceeds
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product18
- Customers18
- Legal path62
- Tech maturity28
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
Yield product
If the landing page is APY, this is a different, usually unlicensed, business.
Proof theatre
A zk circuit of a fake book is still a fake book.
Custodian
Who holds the keys? If it is the startup, that is custody.
Audit
No auditor, no statement. Demo is not diligence.
Proof theatre
A zk circuit of a fake book is still a fake book. Poplar Stack has to prove the real one.
Token relapse
A later round that wants a public token puts Poplar Stack in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Has counsel written the perimeter in a memo you can file?
- 02Where do keys, title, or NAV liability sit — and is that person licensed?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04What happens if a founder later wants a public token?
- 05What does renewal look like if no round ever happens?
- 06Who can unpublish a public sentence in 24 hours, by name?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Poplar Stack Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- Pack
- Sprint
Where they can operate
Named vs off-limits.
Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.
- Taipeinamed
- Mainland China retailrestricted
Team
Who runs it.
- Claire MoreauChief executive
- Yara HaleChief compliance
Stack
- Prime adapters
- Prime brokerage ops
- Disclosure templates
Named with them
- Clearline
Who can decide
Claire Moreau came in named. The team is not a handle. Poplar Stack Ltd exists, founded 2021, headquartered in Taipei. Anonymity would have been an automatic decline.
If the first customer renews, the adapter work pays for itself. If they do not, Poplar Stack is a services firm with a slide. The twelve-month test is renewal, not waitlist.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Poplar Stack does not sell a token to the public on this pad | Posture lock | live |
| The product is prime brokerage ops sold to institutions | Architecture + customer type | draft |
| Prime adapters is the method — not a listed asset | Paper only | draft |
| Retail buyers are out of scope | Named markets lock | live |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | live |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Taipei | Named markets on the file | draft |
On the record
- Application APP-4772ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 14:00
Application scored. Poplar Stack is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.