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

YARU

Screened

SCREENEDWholesale FX

Yarrow Mark

Skip it and you read a PDF. Counterparties who matter will have already called.

Nadia Nair will not run a public sale on this pad. The listing exists because of that sentence.

Yarrow Mark — 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.

Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.

11 live counterparties in the thread. The public page is the overflow.

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

Redacted on the public page

Live nodes

Permissioned FX rail

Counsel hours

Undetermined — not a path

Sentences killed

Before listing

Claims live

1/6

Sprint

Our cut

Of any proceeds

Plate Meridian · 2849

YARU

The plate

Meridian. Edition 2849.

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

YARU · Paris · Wholesale FX

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Paris

Banks

Sells

After-hours

After-hours window

Markets

France

Years

Founded 2026

Surfaces

Permissioned FX rail

Complete

File readiness

The wedge

After-hours window

The wedge is weekend FX: 24/5 still leaks P&L.

Why the desk took it

Early — still a question.

Retail was never in the deck.

Traction

No paying pilot on the public file.

Founded 2026, headquartered in Paris. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 65/100. A national registry counterpart, not a scrape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

After-hours window with a fail drill.

CLS is the club. Yarrow Mark has to feed it, not fight it. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Most Wholesale FX decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

The bet is narrow. A named Paris buyer already has budget for this invoice. Yarrow Mark wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

US traffic was taken off the public surfaces in the first working session. Yarrow Mark did not argue. Adult companies do not costume a US offering.

From the screen

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the pilot

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

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.

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

The scarce thing is not the company. It is the next 11 days of a live conversation.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 8
Counsel hours on file: 9
Asks / week: 2
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Nadia Nair, Chief executive

This company

Yarrow Mark

A generalist vendor copies the slide. They cannot copy the named record.

In the same conversation

CLS
Fnality
RTGS upgrades
Not a public L1

The bet

Why this company exists.

The wedge is weekend FX: 24/5 still leaks P&L.

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

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.

The live path is Undetermined — not a path. 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
05Matches stay inside named desks; cash still settles where it already settles
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Counsel & perimeter
40%
Keeping the public story from running ahead of the claims register.
Control environment
21%
Adapter work against the incumbent register, admin, or custodian.
Second market
17%
Hiring the operator who already does this job at a licensed firm.
Claims & campaign ops
22%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: After-hours window
Who pays: A national registry counterpart, not a scrape.
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: CLS or local RTGS remains the final cash.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: CLS is the club. Yarrow Mark has to feed it, not fight it.
Why we listed it: Retail was never in the deck.

Next twelve months

What has to be true.

After-hours window with a fail drill.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Named founder; customer still a conversation
Paris 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.”

Product17
Customers18
Legal path24
Tech maturity31
Demand10
Market access68

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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.

Issuing the cash

If Yarrow Mark issues a stablecoin to make this atomic, the company becomes an e-money problem.

Single-customer gravity

If the first named buyer is also the only buyer, Yarrow Mark is a services shop with a ledger. Ask for the second.

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02What happens if a founder later wants a public token?
03Who is the first named paying customer — not a letter of intent?
04Is the waitlist demand for a product, or a queue for a coin?
05What does renewal look like if no round ever happens?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

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: Yarrow Mark SAS
Path on file: Undetermined — not a path
Posture: Private only
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.

Francenamed
EEA professionalnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Nadia NairChief executive
Lars SatoChief executive

Stack

Permissioned FX rail
Wholesale FX
Approval trail

Named with them

Northbridge Counsel

Who can decide

The technical founder is on the record as Chief executive. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Yarrow Mark does not sell a token to the public on this pad	Posture lock	live
The product is wholesale fx sold to institutions	Architecture + customer type	draft
Permissioned FX rail 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: France, EEA professional	Named markets on the file	draft

On the record

Application APP-4862ScreenSep
Counsel questionPathSep

Operating log

08 Sep 15:00
Application scored. Yarrow Mark is not a calendar slot.
10 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.

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.