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ADGM position

The legal work is done against operative text, fetched and hashed, not against summaries. Ten documents are in the source registry with SHA-256 hashes and recorded effective dates.

Where each instrument stands

drUSD is a fiat-referenced token. The classification is mechanical on sourced text — it is derived, not assumed. What remains is the permission grant and ongoing compliance, both named precisely rather than waved at.

sdrUSD meets the collective-investment-fund definition mechanically, so it is a Unit. The route is the qualified-investor fund: private placement only, all holders professional clients, a minimum subscription, and notification rather than registration. The blocker is the fund-manager permission — and in this framework naming the exact missing permission is a resolved outcome, not an open question.

The secondary venue turns on a recognition order. Operating a protocol-owned venue is a regulated activity in its own right, and the issuer may not operate one at all.

The honest headline

No architecture is legally feasible today, unconditionally, for every design in the grammar. The classification questions are answered; the permissions are not held. That theorem exists specifically so that no amount of optimization can quietly assume the problem away.

See Sourced provisions for the specific rules.