AUDx Reserve Simulator

Property-backed stablecoin - 80% property collateral / 20% cash - issuance only via property settlement

Horizon: 15 years, monthly steps

STEP 1

Capitalise

Protocol raises AUD cash. Cash reserve sets the issuance ceiling: mint only while cash ÷ supply stays above a 25% buffer (20% regulatory floor).

STEP 2

Mint on purchase

Buyer takes an AUDx loan equal to the property price. AUDx is minted; property becomes collateral.

STEP 3

Settle in AUDx

Seller receives AUDx. They hold it for yield or redeem it 1:1 for AUD from the cash reserve.

STEP 4

Interest in, yield out

Borrowers pay interest in AUD (grows reserve). Wallets earn yield paid in AUDx.

STEP 5

Exit & recycle

Exits either recycle on-platform (old principal burned, new loan mints) or sell off-platform - the borrower repays in AUD, refilling the reserve.

Backing at end of simulation

Property

Cash

Property collateral - Cash reserve - AUDx supply -

Parameters

Initial capital

AUD raised before the first loan

Cost of capital (SPV coupon)

Paid monthly to lending-capital investors from cashflow. 0% = capital treated as own equity

Avg property price

Buyer deposit ratio

Paid by buyer in AUD; AUDx minted only for the balance. Creates an equity cushion against defaults

Buyer demand / month

Buyer's market: demand above capacity queues up

Borrower interest rate

Paid monthly in AUD - protocol revenue

AUDx wallet yield

Paid monthly in newly minted AUDx

Monthly redemption rate

% of circulating AUDx converted to AUD each month

Avg hold before resale

Staggered per buyer from 1 yr up to ~2× the average - earlier exits replenish cash sooner

Off-platform exit share

% of exits sold to external AUD buyers - the borrower repays the loan in AUD, refilling the reserve. The rest recycle as new AUDx loans

Property appreciation

Annual, compounding - demand-heavy market

Risk

Borrower default rate

% of loans p.a. foreclosed and force-sold at a 15% discount; shortfall vs principal hits the cash reserve

Vacancy / arrears rate

% of the book paying no interest this month

Issuer P&L

Origination fee

% of every settlement, incl. resales at maturity

Redemption fee

% toll on AUDx → AUD conversion

Float rate on cash reserve

Reserve parked in HQLA / treasuries

Legal cost per default

Enforcement, possession, mortgagee sale - see Licensing page

Cost stress multiplier

Scales the $148k/mo fixed opex from the Operating Model page

P&L horizon

Cumulative and trailing-12-mo KPIs measured at this month

AUDx supply

Cash ratio (target 20%)

Total backing ratio

Properties on book

Monthly interest income

Monthly yield cost

Cumulative net revenue

Unmet buyer demand

Balance sheet - supply vs backing

Backing & cash ratios

Revenue engine - interest vs yield (monthly)

Market activity - settlements, redemptions, queue

Issuer P&L - your business

Gross revenue (last 12 mo)

Net profit (last 12 mo)

ROE on initial capital

Cumulative net profit

Revenue stack vs costs (monthly)

Cumulative profit & annualised ROE

Regulatory position - AUDx under Australian law (as at Aug 2026)

A fiat-pegged stablecoin is a financial product in Australia. Under ASIC's updated INFO 225 it is treated as a non-cash payment facility, and under the Treasury payments reform stablecoins are being regulated as tokenised Stored Value Facilities (SVFs). The Corporations Amendment (Digital Assets Framework) Act received assent in April 2026, with the platform regime commencing around April 2027 and ASIC's transitional no-action position ending 30 June 2026. AUSTRAC's expanded virtual-asset regime opened for registration on 31 March 2026. Because AUDx also funds property purchases with credit, the lending leg is regulated separately from the coin.

Licence / registration	Why AUDx needs it	Setup cost (est.)	Timeline	Ongoing (est. p.a.)
AFSL - issue a non-cash payment facility / tokenised SVF CORE	Issuing and redeeming AUDx; operating the settlement facility. Requires 2+ Responsible Managers, compliance framework, PDS & TMD for the product	$120k - 180k	6-12 mo	$80k
Australian Credit Licence (ACL) IF CONSUMER LENDING	Property loans to individuals for residential purposes fall under the NCCP Act - responsible lending obligations apply. Investment-purpose / corporate borrowers can be structured outside NCCP initially	$40k - 70k	4-8 mo	$30k
AUSTRAC registration (VASP / value-transfer services) CORE	Minting, redemption and transfer of AUDx are designated services from 31 Mar 2026. Full AML/CTF program, KYC, transaction monitoring, travel rule	$50k - 80k (program build)	2-4 mo	$60k (tooling)
AFCA membership	External dispute resolution - mandatory for AFSL/ACL holders	$2k	weeks	$5k
APRA - Major SVF FUTURE TRIGGER	Prudential supervision triggers when stored value exceeds A$200M. Bank-lite capital, risk and reporting standards. A scaling milestone, not a launch requirement - but the architecture should be APRA-ready from day one	$250k+ (transition)	at ~$200M supply	$500k+
Reserve attestations (monthly, independent) + annual financial audit	Trust in the 20% cash + 80% property backing is the product. Monthly attestation is market standard for licensed issuers	-	-	$110k
PI & D&O insurance, ASIC levies, legal retainer	AFSL compensation arrangements require adequate PI cover	-	-	$135k
Licensing setup total (one-off)		$360k - 480k	9-12 mo critical path	$420k p.a. ongoing

Structure note: the coin issuer (SVF, AFSL) and the lender (ACL, holds mortgages) should be separate entities under a common holding company - it ring-fences the reserve from credit risk, matches how APRA will want to see it, and lets you sell or JV the lending book without touching the coin.

Default & enforcement legal costs (per foreclosure)

Fully secured lending still costs real money to enforce. NSW figures; other states similar. These flow into the simulator via the legal cost per default slider and are charged inside the Credit losses line.

Stage	Detail	Cost (est.)
Default notices & hardship process	s88 Conveyancing Act / NCCP s88 notices, hardship variations (mandatory if ACL), 30-day cure periods	$3k - 5k
Possession proceedings	Supreme Court statement of claim, judgment, writ of possession; 6-12 months if defended	$12k - 20k
Eviction & property recovery	Sheriff enforcement, lock change, make-good, holding costs (rates, insurance) during sale	$5k - 8k
Mortgagee sale	Agent commission ~1.5-2%, auction, conveyancing, duty of care to obtain market value (s111A)	$8k - 15k
Typical all-in per default		$28k - 48k → model default $30k

AI-native operating model

Customer calls, onboarding, KYC collection, loan servicing queries and redemption support are handled by AI agents with human escalation. Humans hold the roles regulation requires humans to hold: Responsible Managers, credit sign-off, compliance oversight, and complex disputes. This is what lets a licensed lender-issuer run on ~6 people.

Function	Who / what runs it	Cost basis	Est. p.a. at ~20 settlements/mo
Customer calls & support	AI voice agents (inbound/outbound), 24/7, human escalation ~8%	~$0.15/min + platform $3k/mo	$55k
Onboarding & KYC	AI-guided flow; ID verification, AML screening, sanctions/PEP per applicant (buyer + seller per settlement)	~$8/applicant + monitoring	$25k
Loan servicing & arrears contact	AI agents run statements, payment reminders, early-arrears outreach; hardship → human (regulatory)	bundled + $2k/mo	$24k
Transaction monitoring (AML)	Automated rules + AI triage of alerts; human MLRO reviews	SaaS	$60k
Core team (6 FTE)	2 founders, 2 senior engineers, compliance/RM, credit ops lead	salaries + super	$1,020k
Cloud, chain & custody infra	Hosting, gas, key management/custody, monitoring	~$9k/mo	$108k
Security	Annual pentest, contract re-audit, bug bounty	-	$60k
Regulatory ongoing (from Licensing page)	Attestations, audit, insurance, levies, AFCA, AML tooling, legal retainer	-	$420k
Total fixed operating cost (steady state)			~$1.77M p.a. (~$148k/mo)
Variable per settlement	KYC both sides, docs, AI interaction load	~$150/settlement	scales with volume
Variable per default	Enforcement legal (see Licensing page)	~$30k/default	scales with book risk

The simulator uses these numbers. Fixed opex $148k/mo × your cost-stress slider, plus $150 per settlement, plus the per-default legal slider. The traditional-ops comparison: a licensed non-bank lender doing this volume typically carries 25-40 staff - the AI-native stack removes roughly $3-4M p.a. of cost, which is most of why the model reaches profitability on a seed-sized ops raise.

Minimal team - 6 core seats + fractional bench

The constraint is regulatory, not operational: ASIC assesses Responsible Managers against RG 105 (typically 3-5 years' relevant financial-services experience), AUSTRAC requires a named AML/CTF Compliance Officer (MLRO), and credit decisions need accountable human sign-off. AI agents absorb the workload; these people absorb the accountability. Roles marked fractional can be shared across a portfolio - but ASIC scrutinises RM time commitments, so the two RMs need genuine, documented capacity for this entity.

Seat	Skills that actually matter	Regulatory hat	Basis	Cost p.a.
CEO (founder)	Financial services credibility - has raised capital, faced a regulator, sold to conveyancers/brokers. Owns licensing, capital raise, channel partnerships	Responsible Manager #1 (AFSL)	Full-time, equity-weighted	$180k
CTO (founder)	Smart contracts + payments infrastructure + AI agent orchestration. Has shipped audited on-chain systems; designs the mint/burn/reserve engine and owns security	-	Full-time, equity-weighted	$180k
Head of Compliance	Ex-AFSL compliance manager or fintech regulatory lead. Runs the compliance framework, breach reporting, AFCA, reserve attestation process, AUSTRAC program	Responsible Manager #2 + MLRO	Full-time (non-negotiable)	$190k
Credit & Property Ops Lead	Ex-non-bank lender or mortgage ops. Underwriting policy, valuations, settlement coordination (PEXA), arrears & enforcement management	Credit sign-off; RM on ACL	Full-time	$150k
Senior Engineer - Protocol	Solidity/chain + treasury systems; works to audit standard, builds reserve reporting that an attestor can verify	-	Full-time	$170k
Senior Engineer - Platform & AI	The AI agent stack (voice, onboarding, servicing), KYC/AML integrations, lending origination flow	-	Full-time	$170k
Core payroll (matches Operating Model page, incl. super)				~$1.02M + options

Fractional / external bench	Why	Cost
Fractional CFO	Treasury policy for the reserve, audit readiness, investor reporting	$60k p.a.
External legal counsel (fintech licensing firm)	AFSL/ACL applications, product docs, enforcement matters - buy, don't hire	retainer in opex
Property / settlement advisor	Ex-conveyancer or PEXA operator - the settlement rail is where fintechs stumble on property	advisory equity
Banking & treasury advisor	Ex-ADI treasurer - reserve management credibility for investors and (later) APRA	advisory equity
Advisory pool	Capital introductions, channel doors, regulator relationships - active advisors, not passive holders	~10% option pool

Hiring sequence by phase

Phase	Months	On the payroll	Gate to pass
Build	-9 → 0	2 founders + Head of Compliance (from month -9; RMs must be named in the AFSL application) + 2 engineers from month -6. Credit lead joins month -2	AFSL/ACL lodged, contracts audited, AUSTRAC registered, settlement rail tested end-to-end
Launch	0 → 12	Full 6 seats. AI agents take calls/onboarding from day one - support headcount stays flat as volume grows	First 50 settlements clean; monthly attestations published on time; zero reportable breaches
Scale	12+	Add only when a regulator or the book forces it: Risk Officer + Treasurer as supply approaches the A$200M APRA Major-SVF trigger; second credit analyst past ~60 settlements/mo	APRA-ready governance before supply hits $200M

The two hires that decide whether this works: the Head of Compliance (a weak RM stalls the licence 6+ months and ASIC remembers) and the Credit & Property Ops Lead (every credit loss in the simulator is an underwriting decision this person made). Pay up for both - they are cheaper than the failure modes they prevent. Everything else on this page can flex.

Build & launch raise (operating capital - separate from lending capital)

The lending reserve (the "Initial capital" slider) is balance-sheet capital - it is never spent and can be raised as debt, a unit trust, or strategic capital. The operating raise below is equity that gets consumed building and running the company to breakeven.

Item	Detail	Cost
Licensing & regulatory setup	AFSL + ACL + AUSTRAC program (Licensing page)	$420k
Product build (9 months)	Chain contracts, mint/burn + reserve engine, lending origination, AI agent stack, admin - 4 engineers AI-accelerated	$650k
Smart contract & security audits	Two independent audits pre-launch	$120k
Legal product structure	Trust/custody deeds, PDS, TMD, loan docs, mortgage templates	$150k
Brand & go-to-market	Conveyancer/broker channel, launch marketing	$100k
Contingency (20%)		$290k
Pre-launch build total		$1.73M

Raise component	Basis	Amount
Pre-launch build	Table above	-
Operating runway to breakeven	Deepest cumulative operating shortfall in your current simulation × 1.3 buffer	-
Total operating raise required		-

Lending capital (SPV) - investor returns LIVE - DRIVEN BY YOUR SLIDERS

The facility investors hold units/notes in a separate SPV, not shares in the operating company. Their return is the cost of capital slider on the simulator, paid monthly from cashflow, secured by the cash reserve and the first-mortgage loan book. Warehouse convention: equity below them is first-loss, so the facility scales with the operating raise (typically 8-12× equity).

Facility size	Coupon (annualised return to SPV investors)	Annual payment	Total paid over 15 yrs	Coupon coverage (Y3 revenue ÷ coupon)	Missed / short months
-	-	-	-	-	-

	Gross ROE on facility	Coupon paid away	Net margin retained by the company
Year 5 (trailing 12 mo)	-	-	-

Enterprise value & raise valuation LIVE - DRIVEN BY YOUR SLIDERS

Earnings multiple

Fintech lender-issuers trade 8-12× earnings; infrastructure premium if AUDx becomes settlement rail

Seed dilution target

	Net profit (trailing 12 mo)	Enterprise value at multiple
Year 3	-	-
Year 5	-	-

Seed raise	Dilution	Pre-money	Post-money	Implied return to seed at Y5 EV
-	-	-	-	-