3. Investor Perspective
Arbitrage and governance control
$BRICS is a governance token backed by bank coupon payments. Underlying those coupons are pools of investment grade bank receivables β see a list of Obligors here. As such the token offers exposure to high-quality regulated credit assets while empowering token holders, through DAO governance, to influence credit allocation decisions at syndicate banks.
This dual value proposition -- yield and governance power -- stems from the outsized (~50x multiplier) influence of the super senior tranche, which sits atop a sovereign facility that fully funds the notional credit value. In effect, $BRICS allows anyone to control bank credit allocation decisions up 50 times the value of their token holdings. It should come as no surprise, therefore, that banks themselves (i.e. as commercial credit providers and Underwriters) comprise both the supply-side and demand-side respectively: $BRICS is a compliant means of controlling credit risk mitigation that also bypasses TradFi governance restrictions.
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