Proof of Treasury

Verify rather than trust.

A treasury-claim token makes one solvency-relevant assertion: that the published treasury exists and matches the published per-token value. Proving it decomposes into a denominator and a numerator.

The denominatorTrustless

totalSupply()

Read directly from the contract by anyone, at any time, including every burn that has ever reduced it. Nobody attests it; the chain is the record. No operator report is involved.

CS1 supply · sample

CS1 burned · sample

This page reads supply and treasury figures through the same on-chain data sources used across the site. Press the button to refresh.

The numeratorPublished & attested

treasury value

Derived from VOO shares held at the custodian, valued at market, plus USDC awaiting sweep and cash in transit at the broker. Causeway publishes:

A live treasury feed, updating continuously.
Periodic independent attestations reconciling custodian-held assets against the published treasury history and on-chain supply: weekly for CS1, monthly for CS2.
The inputs to every published value, so any holder can recompute per-token value from custodian statements plus chain state.

The check any holder can run

published value × on-chain supply = attested treasury

For CS2, net of accrued fees.

Deployed contracts

Base, chain ID 8453.

Verify every interaction against these addresses. If an address does not match, do not transact. Contract source is verified on Basescan.

CS1 token	0xb760bcfd0e433115d77ce1d231ea261e9b977949
Pricing oracle	0x9396388f1e13511b5ba65f3dbd1adf6238e2cfd3
Primary market	0x8fd2990db40f110e28154c81764def396f7e3f4e
USDC on Base	0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913

What this process is, and is not

The on-chain half is cryptographic. The off-chain half is attested.

The numerator ultimately rests on a regulated custodian's records and independent verification of them, which is the same trust foundation on which every ETF and brokerage account in the traditional system rests.

Our design does not claim to eliminate trust. It claims to reduce it to an enumerated, published, independently checked residue, and to make everything outside that residue a matter of code. What the blockchain adds is not the elimination of the custodian but the impossibility of hiding the liability side: every token ever issued or burned is public.