VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

YARJ

In diligence

IN MOTIONSettlement

Yarrow Kiln

If you read one Settlement company this quarter, make it this one.

The window is a few days. After that Yarrow Kiln archives. Diligence does not reopen as a live conversation.

Yarrow Kiln — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.

In a 14-day diligence sprint (day 11). This is when the story, the customers and the legal path get written down — or the file stops.

Window a fewd. Waitlist a short list. 33 asks this week. This is not a quiet listing.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Permissioned settlement

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

3/9

Sprint

Our cut

Of any proceeds

Plate Signal · 5354

YARJ

The plate

Signal. Edition 5354.

A unique plate for Yarrow Kiln. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

YARJ · Mexico City · Settlement

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 11 of 14

Mexico City

Banks

Sells

FMI

FMI seat

Markets

Mexico City

Years

Founded 2026

Surfaces

Permissioned settlement

Complete

File readiness

The wedge

FMI seat

Yarrow Kiln sells a treasurer a night without fails.

Why the desk took it

A real job, not a ticker.

No settlement asset issued by Yarrow Kiln. We checked the architecture.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Mexico City. 2 named pilots on file (identities redacted in public). 3 nodes or connected surfaces reported. Desk diligence score 78/100. Sprint day 11 of 14. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Two banks, live DvP, even a small notional.

A public L1 is a different threat model and a different statute. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.

Yarrow Kiln exists because the incumbent brand will not staff the unglamorous middle of Settlement. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Yarrow Kiln. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the founder

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From ops

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

The window

Miss this and you read the archive.

Skip it and you read the archive. Counterparties who matter will have already asked.

a short list people did not join a waitlist for a ticker. They joined for a job.

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 4
Counsel hours on file: 40
Asks / week: 33
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Owen Okoye, Chief executive

This company

Yarrow Kiln

Services firms hide in ‘platform’ language. Yarrow Kiln sells a seat plus an event. Named.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

Yarrow Kiln sells a treasurer a night without fails.

T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.

Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Yarrow Kiln is priced as software against an invoice that already exists.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Two permissioned parties lock an agreed obligation
02Asset and cash move together, or not at all
03Existing accounts are the source of funds
04No public chain sale of the rail’s token
05Retail and unnamed geographies are structurally off the form, not only in the footer.

In the same conversation as

CLS
Fnality
RTGS upgrades
Not a public L1

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Second market
34%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
18%
The remaining certifications and the second named market.
Control environment
14%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
34%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: FMI seat
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: Two named banks in a live DvP, even if small.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: A public L1 is a different threat model and a different statute.
Why we listed it: No settlement asset issued by Yarrow Kiln. We checked the architecture.

Next twelve months

What has to be true.

Two banks, live DvP, even a small notional.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Capital would fund the adapter work and a named counsel memo, not a public sale.

Traction

What you can verify today.

Operating notes for Permissioned settlement
No token contract listed as a public sale
Pilot letters on file, identities redacted
Mexico City 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.”

Product32
Customers62
Legal path62
Tech maturity45
Demand62
Market access44

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

Money issuance

If the rail issues a settlement asset, it is in the e-money / deposit perimeter.

Legal finality

Atomic in software is not final in court. Ask which law says it is.

Incumbent RTGS

Central banks are not asleep. A feature can become a standard.

Public token

Listing the rail’s unit is a sale. This pad does not run that sale.

Money issuance

If the rail issues a settlement asset, Yarrow Kiln is in the e-money / deposit perimeter. That is a different company.

Facts vs theatre

A proof of a fake book is still a fake book. Yarrow Kiln has to attach to the real one, in Mexico City.

Ask these next

01Where do keys, title, or NAV liability sit — and is that person licensed?
02Who is the first named paying customer — not a letter of intent?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What happens if a founder later wants a public token?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Has counsel written the perimeter in a memo you can file?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Yarrow Kiln 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.

Mexico Citynamed
Mainland China retailrestricted

Team

Who runs it.

Owen OkoyeChief executive
Aisha KhanChief executive

Stack

Permissioned settlement
Settlement
Disclosure templates
Takedown SLA

Named with them

Northbridge Counsel
Clearline

Who can decide

Owen Okoye (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Yarrow Kiln does not sell a token to the public on this pad	Posture lock	live
The product is settlement sold to institutions	Architecture + customer type	live
Permissioned settlement is the method — not a listed asset	Desk snapshot	live
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
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Mexico City	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 17:15
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

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.