01Hedera
List
The seller places an ATS hold with ExitAuction as escrow. Bonds stay in the seller wallet and keep the coupon. The reserve is sealed — only its hash is on-chain.
ETHOnline 2026 · Testnet
Secondary markets for tokenized bonds and its KYC'd users.Bid and win.
A holder auctions an exit. Only wallets already KYC'd for that bond can bid and buy. First-price: the winner pays their own bid.
Hedera ATSArc USDCChainlink CRE
Exit auction · ONS1Testnet market
Asset holdLive
Sealed reserveCommitted
Eligible bidsOpen
SettlementAt auction close
Illustrative cycle
02 : 17 : 43
HrsMinSec
ATS compliant
Only wallets already KYC'd for that bond can bid. The token enforces it again at delivery.
Listed
Bidding
Awarded
Delivered
Paid
KYC
For that bond
Only wallets already KYC'd for that bond can bid and buy.
A holder of a compliant tokenized bond opens a first-price exit auction. Eligible investors bid USDC. The winner pays their own bid. The seller is paid after delivery. Losers withdraw.
How it works
List. Bid. Award. Settle. Pay. Compliance at the point that matters.
Remate coordinates the asset leg on Hedera ATS with the cash leg on Arc USDC. Settlement is coordinated across two chains, not atomic.
02Arc
Bid
KYC'd wallets approve and placeBid USDC into BidEscrow on Arc. A wallet without KYC for that bond is blocked in the app; executeHoldByPartition would revert anyway.
03CRE
Award
A Chainlink CRE handlerInTee — simulated with the CRE CLI, not a hardware TEE — reads the sealed reserve and a confidential compliance screen. The highest eligible bid at or above reserve wins.
04Hedera
Settle
The operator executeHold on Hedera. The token enforces KYC and whitelist at that instant.
05Arc
Pay
The operator confirmDelivery on Arc. USDC is released to the seller. Losers withdraw.
Designed for controlled assets
The token keeps the last word on who can buy.
Remate coordinates discovery and settlement. Hedera ATS remains the authority over who can receive the bond.
Held, not deposited
The seller lists through an ATS hold. The bonds stay in their wallet and keep earning the coupon until settlement.
Reserve stays sealed
Only a cryptographic commitment is public while the auction is open. The plaintext reserve is not on-chain.
KYC for that bond, twice
Whitelist and KYC are checked before a bid and by the ATS token at executeHold. A non-compliant wallet cannot receive the bond.
Infrastructure
Hedera holds the bond. Arc holds the cash.
A coordinated settlement path across two chains, with a Chainlink CRE confidential award between them.
Working name. Current prototype runs on testnet. Settlement is coordinated, not atomic.
01
Asset + compliance
Hedera ATS
Bond hold, whitelist, internal KYC and token-enforced delivery at executeHold.
02
Confidential award
Chainlink CRE
handlerInTee reads the sealed reserve and a confidential compliance screen so the operator does not pick the winner. Simulated with the CRE CLI — not a hardware TEE.
03
Cash + escrow
Arc USDC
Native USDC BidEscrow: approve, placeBid, conditional release and withdrawals.
Testnet market
Bid and win.
Explore the testnet auction from a KYC'd listing to delivery-conditioned payment. Working name.