{
  "ok": true,
  "schema": "sterling_stable_rail_policy_v1",
  "updated_at": "2026-05-23T21:42:44.364Z",
  "doctrine": "SJBCUSD is the SterlingChain internal USD valuation rail. USDC is the external settlement reference and off-ramp.",
  "sjbcusd_role": "SterlingChain internal USD valuation rail",
  "usdc_role": "External settlement reference and off-ramp",
  "stability_requires": [
    "reserve_receipts",
    "vault_funding",
    "cpmm_liquidity",
    "rfq_settlement",
    "paymaster_fee_receipts"
  ],
  "truth_source": "SterlingChain L3 Ledger",
  "external_visibility": "Solana L1",
  "execution_scope": "LIVE_SOVEREIGN_WRAPPER_POOL_ACTIVE_FOR_WSTRL_SJBCUSD",
  "no_new_issuance": true,
  "no_new_mint": true,
  "no_new_pool_created": false,
  "no_vault_funding_performed": false,
  "sjbcusd_roles": [
    "internal_valuation_rail",
    "internal_settlement_rail",
    "rfq_accounting_rail",
    "reserve_accounting_rail",
    "paymaster_accounting_rail",
    "cpmm_quote_candidate",
    "sovereign_internal_quote_system"
  ],
  "sjbcusd_must_not_be_presented_as": [
    "independent_public_usd_stablecoin",
    "audited_fiat_bank_deposit",
    "externally_redeemable_by_default",
    "automatically_backed_by_usdc",
    "solana_native_source_of_truth"
  ],
  "usdc_roles": [
    "external_settlement",
    "solana_liquidity_bridge",
    "public_quote_comparison",
    "off_ramp",
    "cpmm_compatibility",
    "indexer_readability"
  ],
  "relationship": {
    "logical_path": [
      "STRL native",
      "SJBCUSD internal rail",
      "RFQ / CPMM / receipts",
      "USDC external settlement rail"
    ],
    "statement": "STRL is valued internally through SJBCUSD, and external settlement can be surfaced through USDC when real external payment and liquidity exist."
  },
  "macro_coverage_policy": {
    "l3_truth_source": "SterlingChain L3 Ledger",
    "solana_execution_mirrors": [
      "wSTRL",
      "SJBCUSD",
      "STM"
    ],
    "statement": "When funded on Solana through signed Sterling receipts, wSTRL, SJBCUSD and STM used in CPMM activation are execution mirrors of SterlingChain sovereign liquidity rather than independent source-of-truth assets.",
    "guarantee_lock_file": "sterling-guarantee-lock.json",
    "liquidity_simulation_file": "sterling-liquidity-simulation.json",
    "integrity_register_file": "sterling-integrity-register.json",
    "default_quote_extraction_ceiling_ui": "10000000",
    "approved_triangular_launch_simulation": {
      "status": "FULLY_EXECUTED_WITH_EXISTING_STM_ANCHOR",
      "funding_source_flag": "SOUVEREIGN_RESERVE_COFFRE",
      "wstrl_sjbcusd_quote_ui": "1341250000",
      "stm_sjbcusd_quote_ui": "0",
      "wstrl_stm_parity_ui": "14500",
      "coverage_statement": "The new wSTRL/SJBCUSD leg is live and funded from sovereign reserve receipts, the new wSTRL/STM parity leg is also live and funded from sovereign reserve receipts, and the existing STM/SJBCUSD pool remains the untouched public anchor.",
      "personal_wallet_source_forbidden": true,
      "existing_anchor_pool_untouched": true,
      "wallet_float_rule": "The authority wallet may keep only a small operational float and must not visibly hold more strategic asset inventory than the live public-pool surface.",
      "wstrl_sjbcusd_bootstrap_receipt": "https://sterlingchain.net/wstrl-sjbcusd-pool-bootstrap-receipt.json",
      "wstrl_sjbcusd_funding_receipt": "https://sterlingchain.net/wstrl-sjbcusd-sovereign-funding-receipt.json",
      "wstrl_stm_bootstrap_receipt": "https://sterlingchain.net/wstrl-stm-pool-bootstrap-receipt.json",
      "wstrl_stm_funding_receipt": "https://sterlingchain.net/wstrl-stm-sovereign-funding-receipt.json"
    }
  },
  "stability_model": {
    "stability_model": "STERLING_INTERNAL_RAIL",
    "requires": [
      "reserve_receipts",
      "vault_funding",
      "cpmm_liquidity",
      "rfq_settlement",
      "paymaster_fee_receipts"
    ],
    "truth_source": "SterlingChain",
    "external_visibility": "Solana"
  },
  "truth_rule": {
    "truth_source": "SterlingChain",
    "external_visibility": "Solana",
    "external_reference": "USDC",
    "stability_requires_receipts": true,
    "settlement_requires_real_external_payment": true
  },
  "cpmm_relationship": {
    "cpmm_role": "public visibility and price discovery",
    "rfq_role": "deep sovereign settlement",
    "paymaster_role": "gas abstraction and friction reduction",
    "sterlingchain_role": "economic truth layer"
  },
  "indexer_interpretation": {
    "sjbcusd_is_internal_rail": true,
    "usdc_is_external_settlement_reference": true,
    "sterlingchain_is_canonical": true,
    "solana_assets_are_external_representations": true
  },
  "site_wording": {
    "en": "SterlingChain uses SJBCUSD as its sovereign internal USD valuation rail, while USDC serves as the external settlement and visibility rail on Solana.",
    "fr": "SterlingChain utilise SJBCUSD comme rail interne souverain de valorisation USD, tandis que l’USDC sert de rail externe de settlement et de visibilité sur Solana."
  },
  "assets_in_scope": [
    {
      "symbol": "STRL",
      "name": "SterlingChain STRL",
      "chain": "SterlingChain",
      "address": "native:STRL",
      "role": "native_currency"
    },
    {
      "symbol": "wSTRL",
      "name": "Wrapped SterlingChain Currency",
      "chain": "Solana",
      "mint": "9kugBqSVwBWdASa6rdRWAcgNvkHLreuy6EnEEHumonNh",
      "role": "external_wrapper_for_strl",
      "status": "DEPLOYED_AND_FIRST_SJBCUSD_POOL_FUNDED"
    },
    {
      "symbol": "SJBCUSD",
      "name": "SterlingChain internal USD valuation rail",
      "chain": "SterlingChain",
      "external_mint": "EsNo61QodqHCRjkTGJDeqyK7N4Hunip5PaTYbpPZEsG2",
      "role": "internal_usd_valuation_rail"
    },
    {
      "symbol": "STM",
      "name": "Sterling Market Token",
      "chain": "SterlingChain/Solana visibility",
      "external_mint": "9kued2JXgVk5dzvtipsTdXfBMWihy1E55TwMiXchCoAb",
      "role": "sterling_market_asset"
    },
    {
      "symbol": "SJBC3",
      "name": "Sterling SJBC3 asset",
      "chain": "SterlingChain/Solana visibility",
      "external_mint": "FwCp9JvCxtC88rJNWJSZFcoSUDW8NuSzKKSwt7MPF9of",
      "role": "tracked_sterling_asset_identity"
    }
  ],
  "future_wrappers": [
    {
      "symbol": "wSJBC",
      "native_asset_symbol": "SJBCUSD",
      "wrapper_chain": "Solana",
      "status": "PLANNED_NOT_DEPLOYED"
    },
    {
      "symbol": "wSTM",
      "native_asset_symbol": "STM",
      "wrapper_chain": "Solana",
      "status": "PLANNED_NOT_DEPLOYED"
    }
  ],
  "trust_statement": "SJBCUSD gains stability through SterlingChain reserve receipts, vault funding, RFQ settlement, CPMM liquidity, paymaster fee receipts, internal accounting, and governor policy. It must not be described as magic, automatic fiat backing, or automatic redeemability.",
  "sovereign_rail_token_model": {
    "file": "sterling-sovereign-rail-token-model.json",
    "endpoint": "/api/v1/sterling/sovereign-rail-token-model",
    "applies_to_all_tokens": true,
    "external_pool_alone_is_not_enough": true,
    "required_for_sovereign_rail": [
      "native_asset_record",
      "sterlingchain_ledger_binding",
      "governance_policy",
      "reserve_or_value_policy",
      "internal_pool_or_rfq_route",
      "receipt_model",
      "paymaster_accounting_policy",
      "wrapper_registry_if_external",
      "external_cpmm_only_for_visibility",
      "indexer_interpretation"
    ]
  }
}