> For the complete documentation index, see [llms.txt](https://admin-services.docs.intersectmbo.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://admin-services.docs.intersectmbo.org/procurement/treasury-2026-stablecoin-waiver.md). # Treasury 2026 Stablecoin Waiver **Effective Date:** 08/06/2026 \ **Last Updated:** 08/06/2026 *** **1. PURPOSE AND ADMINISTRATION** **1.1** This Appendix C sets out the stablecoins approved by the Administrator from time to time for the purposes of a Stablecoin Election under clause 7.15 of the Agreement (the "Approved Stablecoins"). This Appendix C forms part of the Agreement and is subject to its terms. **1.2** The Administrator may, at its sole and absolute discretion, add to, amend, or remove any Approved Stablecoin from this Appendix C at any time by providing not less than 10 Business Days' prior written notice to the Supplier in accordance with clause 25.7 of the Agreement. Any updated version of this Appendix C published by the Administrator shall supersede the previous version with effect from the date specified in the Administrator's notice, without requiring a formal variation of the Agreement under clause 25.6. For the avoidance of doubt, any amendment to this Appendix C shall have no effect on Stablecoin Elections already incorporated into executed Statements of Work or deployed Smart Contracts; once a Smart Contract has been created and deployed on-chain, its digital asset makeup is fixed and will not be changed. **1.3** The Administrator is under no obligation to maintain any particular stablecoin as an Approved Stablecoin. The removal of any stablecoin from this Appendix C shall not give rise to any right or remedy for the Supplier under the Agreement. **1.4** The most current version of this Appendix C shall be published by the Administrator on its publicly accessible governance platform. In the event of any conflict between the version attached to the signed Agreement and the current version published by the Administrator, the current published version (as amended on not less than 10 Business Days' notice) shall prevail. **2. APPROVED STABLECOINS** **2.1** The following stablecoins are approved as at the Effective Date of this Appendix C: (a) USDCx and (b) USDM **2.2** The Administrator may designate additional stablecoins as Approved Stablecoins, or amend the details set out in the table at paragraph 2.1 above (including, without limitation, the supported network, on-chain identifier, or issuer details), in accordance with paragraph 1.2 above. **2.3** Where an on-chain identifier is listed as "to be confirmed," the Administrator shall notify the Supplier of the confirmed identifier in writing prior to processing any Stablecoin Election in respect of the relevant stablecoin. No Stablecoin Election shall be accepted in respect of any stablecoin whose on-chain identifier has not been confirmed in writing by the Administrator. **3. TECHNICAL REQUIREMENTS FOR A STABLECOIN ELECTION** **3.1** To make a valid Stablecoin Election in respect of any Approved Stablecoin, the Supplier must: (a) confirm in writing the Approved Stablecoin elected and the Cardano Mainnet wallet address to which payment is to be made; (b) demonstrate to the Administrator's satisfaction that it has active control of and access to the wallet to which Stablecoin payments are to be made, by providing the Cardano Mainnet wallet address for that wallet and successfully completing the Verification Transaction process described in this paragraph. The wallet address is provided solely to enable the Administrator to dispatch the Verification Transaction and, upon successful completion, to direct Stablecoin payments; the provision of a wallet address alone shall not constitute compliance with this paragraph. Prior to confirming any Stablecoin Election, the Administrator will carry out a nominal test transaction (a "Verification Transaction") to the wallet address specified by the Supplier, the purpose of which is to verify that the Supplier demonstrably controls and can access the wallet and that it is capable of receiving the elected Approved Stablecoin. The Supplier must confirm receipt of the Verification Transaction in writing to the Administrator within 2 Business Days of the Administrator notifying the Supplier that it has been dispatched. The Administrator shall have no obligation to process any Stablecoin Election, or to fund any Statement of Work-specific Smart Contract with Approved Stablecoins, until the Supplier has confirmed receipt of the Verification Transaction. The Administrator shall have no liability to the Supplier in respect of any Verification Transaction that is not received by the Supplier as a result of an error in the wallet address provided by the Supplier; (c) have successfully completed the KYC/KYB verification process under clause 7.4 of the Agreement in respect of the wallet address to which payment is to be made, prior to the Administrator confirming the Stablecoin Election in writing; and (d) comply with any additional technical or operational requirements notified by the Administrator in writing from time to time in connection with the specific Approved Stablecoin elected. **3.2** By executing a Statement of Work in which a Stablecoin Election is made, the Supplier irrevocably commits to receiving payment in the elected Approved Stablecoin for the full duration of that Statement of Work. **3.3** The Administrator accepts no responsibility whatsoever for: (a) any payment made to a wallet address that is not compatible with the Approved Stablecoin or network specified in the Supplier's Stablecoin Election; (b) any loss of funds arising from an error in the wallet address provided by the Supplier; (c) any failure or delay in processing a Stablecoin Election arising from the Supplier's failure to satisfy the requirements in paragraph 3.1 above; or (d) any technical failure, network outage, or protocol issue affecting the relevant Approved Stablecoin or the Cardano network. **3.4** The Supplier is solely responsible for ensuring that the wallet address it provides is accurate, operational, and capable of receiving the Approved Stablecoin elected. Once a payment has been initiated to a wallet address confirmed by the Supplier, it shall be deemed a valid payment under the Agreement and the Administrator shall have no liability in respect of it. **4. CONVERSION AND EXCHANGE RATE - THIRD PARTY EXECUTION AND SUPPLIER WAIVER** **4.1** Where a Supplier has made a valid Stablecoin Election, the Administrator will engage a third-party exchange or liquidity provider to effect the conversion of ada to the elected Approved Stablecoin on behalf of the Administrator. The Administrator will endeavour to procure that the third-party provider achieves the prevailing market rate at the time of trading, but the Administrator gives no warranty, representation, or guarantee as to the conversion rate achieved or the volume of Approved Stablecoin received as a result of the conversion. **4.2** The Supplier acknowledges and agrees that the Administrator will not effect a separate or individual conversion of ada to Approved Stablecoin in respect of each Supplier's Stablecoin Election. Instead, the Administrator will aggregate the total ada amount to be converted across all Suppliers that have made valid Stablecoin Elections under Agreements administered by the Administrator at the relevant time, and will execute one or more batch exchanges with the third-party exchange or liquidity provider in order to satisfy the aggregate stablecoin requirements across all such Suppliers. The Supplier acknowledges that, as a consequence of this batch approach: (a) the conversion in respect of the Supplier's Milestone payments may be executed as part of a larger aggregate transaction and not as a standalone trade; (b) the conversion rate achieved will be the rate applicable to the batch transaction as a whole and will not be negotiated or optimized by reference to the Supplier's individual Milestone payment; and (c) the timing of conversion will be determined by the Administrator by reference to CDH’s overall treasury management obligations and not solely by reference to any individual Milestone payment date. None of the foregoing shall affect the Administrator's obligation to credit the Supplier's designated wallet address with the Approved Stablecoin amount resulting from the Supplier's pro-rata share of the batch conversion. **4.3** By making a Stablecoin Election, the Supplier unconditionally and irrevocably waives any and all claims, rights, or remedies it may have against the Administrator and the Customer arising from or in connection with: (a) the conversion rate applied by the third-party exchange provider; (b) any spread, slippage, price movement, market impact, liquidity constraints, or network fees arising in connection with the conversion; (c) the volume of Approved Stablecoin received as a result of the conversion; or (d) any difference between the ada value of the Statement of Work and the fiat or stablecoin equivalent received. Such risk is borne by the Supplier. The Supplier acknowledges that it is making the Stablecoin Election with full knowledge and acceptance of these risks. **4.4** All currency conversion risk arising from fluctuations in the exchange rate between ada and any Approved Stablecoin shall be borne entirely and exclusively by the Supplier, in accordance with the waiver at paragraph 4.3 above and clause 7.15(d) of the Agreement. The Administrator and the Customer shall have no liability whatsoever to the Supplier in respect of any conversion rate applied by the third-party exchange provider, or any movement in the value of any Approved Stablecoin relative to ada or any fiat currency, whether before, on, or after the date of any Milestone payment. The Supplier's sole recourse in respect of any failure by the Administrator to engage a third-party provider and effect conversion in accordance with this Agreement shall be governed by clause 10.2(f) of the Agreement. **4.5** The conversion rate applied shall be the rate executed by the third-party exchange or liquidity provider engaged by the Administrator at the time of trading. The Administrator has no ability to determine, influence, fix, or guarantee the conversion rate applied; that rate is entirely outside the Administrator's control and is determined solely by the third-party exchange or liquidity provider at the time of execution. The Administrator shall provide the Supplier with written confirmation of the conversion executed (including the ada amount converted, the Approved Stablecoin received, and the identity of the third-party provider) upon agreeing the Statement of Work. **5. VERSION HISTORY** **5.2** The Administrator shall update the version history table each time it amends this Appendix C and shall provide a copy of the updated Appendix C to the Supplier simultaneously with the notice required under paragraph 1.2. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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