Causeway Group · Base
Programmable Finance. Proven Assets. New Financial Primitives.
Causeway builds programmable financial primitives by combining proven economic assets with blockchain-native behavior. Each instrument is a treasury-claim token: a proportional claim on VOO shares held at a regulated U.S. custodian, with every structural rule carried in code rather than in promises.
Supply and burns are read from the chain by anyone, at any time. Treasury value is published continuously and reconciled by independent attestation.
The only math
The supply is trustlessly on-chain. The treasury is published and attested. Burns reduce the denominator while the numerator is untouched, so every burn permanently increases the backing behind remaining tokens.
The five published events
Supply changes only through published events.
USDC enters the primary market
Tokens mint to the buyer at the published price
99% of swept USDC purchases VOO at the custodian
The oracle publishes treasury value and per-token price
Transfers burn, permanently increasing backing per token
The instruments
Two instruments. One model. Each carries more of the philosophy in code than the one before it.
The compounding treasury claim
Deployed and immutable. A bearer instrument whose sole transfer friction is a published table: a tiered burn on every transfer, a one-time 1% mint fee, and a treasury that only accumulates.
CS1 has no redemption mechanism. Exit is a sale on the secondary market, and market price can trade below stored value. We state this plainly because it is true, and because it defines the design problem CS2 solves.
Explore CS1 →The anchored treasury claim
Redemption at net asset value anchors price to backing. Minting is exactly neutral. The fee schedule only steps down. A wind-down written in code means no holder can be stranded.
Implementation is pending securities counsel review. Access to the primary market is expected to be limited to eligible investors.
Explore CS2 →Rules carried in code rather than in promises.
There is precedent for what structure can accomplish in finance. Vanguard's mutual ownership made low cost a structural invariant rather than a pricing decision. The invariant, not the promise, did the compounding. Causeway carries this principle onto the chain: wherever a rule can be enforced in bytecode, it is.
“If it could exist as an ETF share class or a bank product, we do not build it.”
The reading room
The white paper.
The complete mechanism: the treasury-claim model, both instruments, proof of treasury, and the weaknesses of the implementation, stated plainly. A paper that hides its weaknesses is marketing.
Frequently asked
Is CS1 a stablecoin?
No. CS1 is not pegged to anything and makes no price promise. It is a treasury-claim token: a proportional claim on real, return-generating assets. Here is what it is instead →
What backs each token?
VOO shares held at Alpaca Securities, a regulated U.S. broker-dealer custodian, plus USDC awaiting sweep and cash in transit at the broker. See Proof of Treasury →
How do burns work?
Every CS1 transfer permanently destroys a fraction of the tokens moved, tiered by the USD value of the transfer. Burns reduce supply while the treasury is untouched. See the full schedule →
How do I verify the treasury?
Read the supply from the chain, read the published treasury value, and check that the two multiply out to the attested treasury. Run the check →