# Rekord

> Rekord is run by two entities. Rekord AG (Alpenstrasse 15, 6300 Zug, Switzerland) builds the software: Rekord AI for underwriting and verifiable datarooms, and Rekord Kloud with the Proof Console for cryptographic attestation. Rekord AG provides infrastructure and holds no depositor funds. Rekord Capital Markets (RCM) operates the vaults and credit strategies: it deploys capital, settles positions and publishes NAV. Together they provide USD returns from tokenized real-world-asset (RWA) private credit, with cryptographic proof at every step. For qualified counterparties only.

## Start here
- [Full reference (single file)](https://www.rekord.io/llms-full.txt): Entities, live vault specification, underwriting workflow, proof layer, State of RWA 2026 findings, glossary and disclaimers in one plain-text document.
- [How Rekord works](https://www.rekord.io/how-it-works/): End-to-end architecture, from borrower document upload to anchored NAV updates, with the operating entity for each stage.

## Products
- [Rekord Vaults](https://www.rekord.io/vaults/): The yield product, operated by RCM. Deposit stablecoins or digital assets and earn USD returns from a curated, underwritten mix of real-world private credit.
- [Rekord AI](https://www.rekord.io/ai/): The underwriting layer, built by Rekord AG. Explainable, factor-attributed credit scoring for private-credit assets.
- [Rekord Kloud + Proof Console](https://www.rekord.io/kloud/): The proof layer, built by Rekord AG. On-chain attestation and anchoring so collateral, cashflow, and strategy records are audit-ready by design rather than at quarter-end.

## Solutions
- [For stablecoin holders](https://www.rekord.io/stablecoin-holders/): Put idle stablecoins to work in real-world private credit, uncorrelated to on-chain lending markets.
- [For digital asset holders](https://www.rekord.io/digital-assets/): Open a USD credit line against your crypto without selling it and without giving up custody.
- [For institutions](https://www.rekord.io/institutions/): Treasuries and allocators. USD yield from real-world private credit, explainable underwriting, and proof auditors can verify.

## Learn
- [State of RWA 2026](https://www.rekord.io/research/state-of-rwa-2026/): Rekord AG's May 2026 report, "Tokenization's Verification Gap", on RWA market size, asset classes, infrastructure and verification.
- [Research](https://www.rekord.io/research/): Data-first reports and analysis.
- [Education Hub](https://www.rekord.io/education-hub/): Plain-English guides to private credit, real-world assets (RWA), stablecoin yield, and on-chain proof/attestation.
- [Blog](https://www.rekord.io/blog/): Analysis and updates.

## Tools
- [Tools](https://www.rekord.io/tools/): Free calculators and verifiers for RWA credit.
- [Crypto LTV and liquidation calculator](https://www.rekord.io/tools/crypto-ltv-liquidation-calculator/): Model loan-to-value and liquidation mechanics for a BTC or ETH credit line on your own numbers.
- [DSCR and borrowing base calculator](https://www.rekord.io/tools/dscr-borrowing-base-calculator/): See how DSCR and ABL borrowing base availability respond to your own inputs.
- [SHA-256 dataroom verifier](https://www.rekord.io/tools/sha256-dataroom-verifier/): Recompute file hashes in your browser and compare them with a dataroom manifest.json.
- [RWA vault yield calculator](https://www.rekord.io/tools/rwa-vault-yield-calculator/): Estimate net vault returns after management and performance fees.

## Company
- [About Rekord](https://www.rekord.io/about/): The "Provable Finance" thesis and the team.
- [Contact](https://www.rekord.io/contact/): Talk to the desk.

## Key concepts
- Tokenized private credit: private-credit loans (to real businesses) represented on-chain, typically yielding more than tokenized treasuries because they carry credit rather than rate risk.
- Proof of reserves / on-chain attestation: cryptographic evidence that the collateral and cashflows backing a position exist and are current — continuous, not a point-in-time audit.
- Live vault: 9Summits Short Duration Institutional Credit, powered by Rekord (9SicUSDC), an ERC-7540 USDC vault on Lagoon Finance, Ethereum Mainnet, operated by RCM. Contract 0x6a39fe461278376f61acbbb6759550e24a78a7b2; full specification in the full reference.