# Agentic Allocation
Source: https://atlas-ai.ae/agentic-allocaton-framework

How USAF allocates across the basket to preserve value across regimes, and how the Investment Committee and Atlas AI divide the work.

The technodollar preserves purchasing power through how the basket is allocated, rather than through the safety of any single asset. Programmable rails carry the instrument; the allocation engine does the work of holding value as conditions change.

An Investment Committee, chaired by Dr. Nouriel Roubini and composed of experienced asset managers, sets the hypotheses and the rules. Beneath it sits Atlas AI, the research and execution architecture that runs the experiments the Committee directs and returns reports, results, and recommendations. The Committee decides.

Every macro framework decays. The logic that worked through the disinflation of 1985 to 2020 fails under fiscal dominance and rising real-rate volatility. The engine exists to keep the framework current as markets adapt.

The engine runs in four layers, each with a distinct role.

<Steps>
  <Step title="Research">
    Sweeps the academic literature for findings on regime identification and risk transmission.
  </Step>

  <Step title="Execution">
    Validates the data, builds the regime-classification and factor-decomposition models, and tests them out of sample.
  </Step>

  <Step title="Oversight">
    Runs every result past two review committees, one for scientific soundness and one for investability under the mandate.
  </Step>

  <Step title="Decision">
    The Investment Committee weighs the reports against the mandate and makes the final call.
  </Step>
</Steps>

Constitutional rules hold the layers together. Pre-registration, append-only revision logs, and supersession checks prevent any result from being quietly overwritten.

<Frame>
  <img alt="Screenshot 2026 06 02 At 6 59 43 PM" />
</Frame>

The division of labor is deliberate. The allocation itself runs on classical statistical and machine-learning methods, each pinned to a fixed version per experiment. Large language models sit one layer up, where they run the directed research, validate results, maintain the audit chain, and generate the macro and geopolitical scenarios that inform defensive positioning.

<Note>
  No AI has autonomous allocation authority. The Investment Committee decides every allocation. AI's role is expanding by stage, from execution and operations today toward research, and only under future disclosed mandates toward broader allocation work. The Committee's approval of every allocation does not change.
</Note>

Cadence is fixed. The Committee reviews and approves every monthly allocation before it is deployed, and any off-cycle rebalance runs through a defined fast-path that requires the same sign-off.

The engine classifies conditions along a spectrum that runs from muddle-through to disorderly, and the basket is built to answer each one.

| Regime                 | What it looks like                                 | How the basket responds                                              |
| ---------------------- | -------------------------------------------------- | -------------------------------------------------------------------- |
| Base case              | Persistent inflation and a gradual dollar decline  | Diversifies beyond pure dollar exposure                              |
| Orderly devaluation    | A coordinated decline, as in 1985 or 2001 to 2011  | Gold and commodity sleeves carry the load                            |
| Disorderly devaluation | A loss of faith in the dollar                      | Dollar-par instruments fail together while real assets and gold hold |
| Tail crisis            | Correlations move to one and returns turn negative | Construction limits the damage rather than removing it               |

**In each case the construction serves one goal: to hold value when holding it is hardest.**


# USA First
Source: https://atlas-ai.ae/america-first

A structural choice about liquidity: every asset in the basket trades deepest, settles cleanest, and prices clearest in the United States.

<Frame>
  <img alt="Atlas AI Labs" />
</Frame>

<div>
  <a href="https://actfund.io/">
    Visit the Atlas America Fund Page
  </a>
</div>

The USAF basket is built from five sleeves spanning seven underlying asset classes. Each one hedges a distinct stressor: Treasuries and TIPS against weak growth and inflation, gold against debasement, commodities against supply shocks, defense and cybersecurity equities against geopolitical conflict, and REITs against fiscal pressure. Held together, the basket is designed to weather conditions that would damage any single holding.

## What the basket holds

Alongside the five sleeves, a small tactical overlay of total-return swaps and options manages short-term risk.

## Why America

Before it is anything else, USA First is a claim on liquidity.

For every asset in the basket, the deepest and most defensible market sits in the United States. U.S. Treasuries are the deepest sovereign debt market on earth. Gold settles globally against dollar-denominated futures. America is a leading producer and exporter of agricultural commodities. Its REIT market is the largest and most liquid, on a continental land base built to absorb stress. Defense and cybersecurity capability concentrates in U.S.-listed issuers tied to national-security spending. The basket is built on assets the world already knows how to price, custody, and settle.

That is what USA First means. It is not a slogan but a structural choice: by building the reserve on the markets with the most depth and the clearest path to settlement, USAF keeps the whole basket liquid even under stress. The equity and REIT sleeves carry an added tailwind from AI deployed across the American economy, from higher data-center utilization to defense and cybersecurity firms building autonomy and threat detection. No other market system offers all five at the same depth, liquidity, and institutional scale. Capital that enters USAF settles into the American productive base.

<Tip>
  USA First describes what the reserve is built on, not who may hold the token. The USAF ETF is U.S.-listed and available to U.S. investors; the USAFi token is offered only to eligible non-U.S. holders.
</Tip>


# Contact
Source: https://atlas-ai.ae/contact

Get in touch with Atlas AI Labs FZE.

## Email

[info@atlascap.io](mailto:info@atlascap.io)

## Registered office

Atlas AI Labs FZE, Premises 23.01-EO22, Floor 23, Sheikh Rashid Tower, Dubai World Trade Centre, Dubai, United Arab Emirates


# Culture
Source: https://atlas-ai.ae/culture



Culture is not what we say. It is how we behave when no one is watching.

Atlas was founded on the belief that trust is the most valuable form of capital. Markets rise and fall. Technologies evolve. Regulations change. Institutions endure only when they consistently earn the confidence of the people they serve.

We exist to build financial infrastructure that helps strengthen economies, expand participation in productive assets, and support long-term prosperity. That mission shapes how we work every day.

### We Build Institutions, Not Just Products

Products can be copied. Institutions must be earned.

Every decision we make should increase confidence in the systems we build. We measure success not simply by growth, but by durability.

### We Play Long-Term Games

We seek relationships that last decades, not transactions that last quarters.

Whether we work with governments, financial institutions, regulators, partners, or entrepreneurs, we invest in trust before opportunity. Reputation compounds faster than capital.

### We Believe Progress Requires Builders

The world’s greatest advances begin with people willing to pursue difficult ideas.

We respect entrepreneurs, innovators, policymakers, engineers, and public servants who choose to build rather than criticize. We may disagree, challenge assumptions, or improve ideas, but we recognize that meaningful progress requires people willing to take responsibility.

### We Tell the Truth

Trust depends on honesty.

We communicate directly, respectfully, and transparently. Difficult conversations happen early, not late. We believe candor strengthens relationships when delivered with integrity and respect.

### We Honor Our Commitments

Our word is one of our most valuable assets.

We make commitments carefully because we expect to keep them. Our credibility is earned one decision at a time.

### We Believe Capital Should Strengthen Society

Capital is more than a financial resource. It is a mechanism for building productive capacity, resilient communities, and enduring institutions.

We seek opportunities that create value for investors while contributing to long-term economic strength.

### We Win Together

Great institutions are built by people with different backgrounds, disciplines, and perspectives who are united by shared standards.

We hire for character, curiosity, humility, and excellence. We challenge ideas without diminishing people. We recognize strengths before weaknesses and believe the best outcomes emerge from rigorous collaboration built on mutual respect.

### We Leave Things Better Than We Found Them

Our responsibility extends beyond our balance sheet.

We aspire to strengthen every institution, partnership, and community we touch. Success is measured not only by what we build, but by what endures after us.


# FAQ
Source: https://atlas-ai.ae/faq

Common questions about USAFi: how it differs from a stablecoin, who can hold it, how it is backed, how it is allocated, and how redemption works.

The questions holders ask most, with short answers. The linked pages carry the full detail.

## The basics

<AccordionGroup>
  <Accordion title="What is the difference between USAF and USAFi?">
    USAF is the fund, an SEC-registered ETF on Nasdaq that holds the basket. USAFi is the token, the on-chain expression of that same fund, backed by USAF shares. One basket, one NAV, two layers.
  </Accordion>

  <Accordion title="How is USAFi different from a stablecoin?">
    USAFi is not a stablecoin. A stablecoin holds one asset and pegs to a dollar; it moves value but does not preserve it. USAFi holds a diversified basket and floats its NAV against the dollar, so it is built to keep purchasing power as the dollar itself erodes. The stablecoin is the medium of exchange; USAFi is the reserve beneath it.
  </Accordion>

  <Accordion title="Is USAFi live yet?">
    Not yet. Atlas AI Labs holds VARA In-Principle Approval and will issue USAFi on conversion to a full Issuance License. The underlying fund, USAF, is already live, SEC-registered, and listed on Nasdaq.
  </Accordion>
</AccordionGroup>

## Access

<AccordionGroup>
  <Accordion title="Who can hold USAFi?">
    USAFi is for eligible non-U.S. holders who complete KYC and AML onboarding and pass sanctions and jurisdictional screening. It is not offered, sold, or marketed in the United States.
  </Accordion>

  <Accordion title="How do I buy USAFi?">
    USAFi is pre-launch, so it is not yet available to buy. At launch, eligible holders will onboard through a VARA-licensed distributor or exchange, clear KYC and AML, and receive tokens the Issuer mints against the matching ETF shares.
  </Accordion>

  <Accordion title="How do I redeem USAFi?">
    As the holder of record, you initiate redemption on chain. The Issuer burns the tokens, releases the matching ETF units, and settles you in cash against the reserve. You can start at any time, though settlement follows market hours and custody cutoffs.
  </Accordion>

  <Accordion title="If I receive USAFi on a secondary market, can I redeem it?">
    You hold the economic exposure, but the right to redeem attaches to the KYC'd holder of record at the Issuer. To redeem, you first complete onboarding yourself.
  </Accordion>

  <Accordion title="Is USAFi permissionless, and how are transfers controlled?">
    USAFi is an ERC-20 with an issuer freeze function. Primary issuance is only to VARA-licensed distributors who KYC their customers; secondary peer-to-peer transfers are permitted except to blacklisted or sanctioned addresses. There is no investor whitelist; eligibility is enforced at the distributor layer and by the freeze function.
  </Accordion>

  <Accordion title="Can I trade USAFi on a secondary market?">
    Secondary liquidity may be available at launch through third-party market makers. That is not issuer redemption and carries no guarantee of execution, price, or availability. Issuer redemption settles in cash during market hours.
  </Accordion>
</AccordionGroup>

## Backing and cost

<AccordionGroup>
  <Accordion title="What backs USAFi, and how can I verify it?">
    Every token is backed by USAF ETF shares held in segregated custody at BNY Mellon, ring-fenced and bankruptcy-remote from the Issuer's operations, not commingled with the Issuer's assets, and reserved for token holders. An independent verifier (named at launch) produces proof-of-reserve attestations on a defined schedule against the custody record, and Atlas publishes each one, so you can check the backing rather than trust it.
  </Accordion>

  <Accordion title="Does USAFi pay yield or distributions?">
    USAFi is built for preservation, not for a fixed yield. Any distributions follow the underlying ETF's schedule, and your return comes from the basket's NAV rather than a set rate.
  </Accordion>

  <Accordion title="What fees does USAFi charge?">
    Two layers: a 75-basis-point annual management fee on the USAF ETF and a 60-basis-point issuance fee on the token (about 1.35% all-in). The fee pays for active allocation and regulatory maintenance across both the SEC and VARA, not passive index tracking.
  </Accordion>
</AccordionGroup>

## Allocation and risk

<AccordionGroup>
  <Accordion title="Does AI control the allocation?">
    No. Allocation runs on classical statistical and machine-learning models, while AI agents handle research, validation, and scenario work one layer up. No language model has autonomous allocation authority, and the Investment Committee approves every allocation before it deploys.
  </Accordion>

  <Accordion title="Will USAFi outperform the market?">
    That is not the goal. USAFi is built to preserve value across regimes, so it will trail equities when stocks rise and inflation falls. Its aim is to hold value when holding it is hardest.
  </Accordion>

  <Accordion title="What happens to my tokens if the Issuer fails?">
    Your claim is contractual against the Issuer, but the ETF shares that back it sit in segregated custody at BNY Mellon, ring-fenced and bankruptcy-remote from the Issuer's operations, not commingled, and reserved for token holders. Redemption runs under VARA's Recovery and Resolution framework.
  </Accordion>
</AccordionGroup>


# Overview
Source: https://atlas-ai.ae/overview

USAFi is a modern reserve asset designed for a world of inflation, geopolitical fragmentation, and monetary uncertainty.

<div>
  <Frame>
    <img alt="USAFi" />

    <img alt="USAFi" />
  </Frame>
</div>

<div>
  <Frame>
    <img alt="USAFi" />

    <img alt="USAFi" />
  </Frame>
</div>

USAF is an SEC-registered ETF that holds the assets anchoring the American economy: U.S. Treasuries and TIPS, gold, agricultural and energy commodities, defense and cybersecurity equities, and climate-resilient real estate. It allocates across these sleeves with a quantitative model, with AI assisting research and validation, under an Investment Committee chaired by Dr. Nouriel Roubini that approves every allocation. USAFi is its tokenized expression, carrying the same basket on chain.

<div>
  <p>Dr. Nouriel Roubini on the philosophy behind Atlas AI Labs.</p>
</div>

<iframe title="YouTube video player" />

<Info>
  USAFi is pre-launch; the underlying USAF ETF is live and SEC-registered. USAFi is not a stablecoin: it holds no dollar peg, its NAV floats with the basket, and its value can fall.
</Info>

The result is built to be a durable store of value: something you can hold today and spend later without the erosion fiat suffers over time. To do that, an asset has to be **stable, scarce, verifiable, and liquid**.

## Why a new store of value

Across history people have met those conditions with different instruments: food, then gold for most of recorded history, then government paper through the twentieth century, then equities and diversified indices through pension funds and retirement accounts. Land has run alongside all of them. Each instrument was unlocked by a technology of its time, from metallurgy and the assay to the printing press, the joint-stock company, and modern computing.

Every era meets the same four conditions with new instruments. The reserve set this generation inherited (sovereign debt, equities, real estate, and gold) no longer satisfies all four at once. Two technologies now make the next step possible. Blockchain makes ownership verifiable and settlement global. AI can test, monitor, and update allocation evidence faster than any human committee. Together they make a new store of value possible: **a single instrument that holds all the old ones, uses AI to inform how they are balanced, and distributes them in a programmable, on-chain form.**

The goal is preservation, not outperformance: stable value across inflation, growth shocks, and geopolitical stress. A quantitative model, with AI assisting the research behind it, reallocates across these sleeves as the macro regime shifts, with the aim of dampening volatility and limiting drawdowns. The Investment Committee, chaired by Dr. Nouriel Roubini, approves every allocation: the system proposes, the Committee decides.

## Engineering a durable store of value

Each of the four conditions maps to a property USAFi is built to provide.

<CardGroup>
  <Card title="Stable" icon="anchor">
    The basket consolidates the dominant stores of value into one instrument, and a  model maintains the allocation against shifting correlations, rate volatility, and policy shocks to dampen drawdowns. (**USAFi is <u>NOT</u> a stablecoin**.)
  </Card>

  <Card title="Liquid" icon="arrow-left-right">
    Claims clear on chain and compose with the wider on-chain economy. Redemptions run against the underlying ETF, anchoring the token to some of the deepest pools in global markets.
  </Card>

  <Card title="Verifiable" icon="badge-check">
    USAF is registered with the SEC and custodied at BNY Mellon. An independent verifier (named at launch) produces PoR attestations on a defined schedule, reconciling the on-chain token supply against the off-chain  custody record, and Atlas publishes each attestation.
  </Card>

  <Card title="Scarce" icon="lock">
    Every USAFi token is backed by USAF ETF shares held in segregated custody at BNY Mellon, ring-fenced and bankruptcy-remote from the Issuer's operations, not commingled with the Issuer's assets. It is a  claim  backed by that collateral, with redemption under VARA's Recovery and Resolution framework.
  </Card>
</CardGroup>

## The technodollar

Put together, these layers make a new form of reserve. A diversified claim on the American productive economy (USAF), distributed through programmable settlement (USAFi), and kept current by a quantitative model under Investment Committee control: this is the technodollar.

It does not try to replace the dollar or to move it from place to place. It sits one layer beneath the transactional rails, as the reserve that preserves value while stablecoins move it. The pages that follow take each part in turn.

<Warning>
  ***Marketing communication. Published by Atlas AI Labs FZE. This is not an offer, solicitation, recommendation, or investment advice. USAFi is intended only for eligible non-U.S. persons who complete KYC, AML, and sanctions screening; it is not offered, sold, or marketed to U.S. persons or in the United States. USAFi is not a stablecoin: its NAV floats and may lose value. USAFi is pre-launch; Atlas AI Labs FZE holds VARA In-Principle Approval and will issue USAFi only on conversion to a full Issuance License. Nothing here states or implies endorsement by VARA or any authority. The value of virtual assets is variable, not guaranteed, and may be highly volatile. Past performance is not indicative of future results.***
</Warning>


# Press
Source: https://atlas-ai.ae/press

Atlas in the press.

<CardGroup>
  <Card title="PR Newswire" href="https://www.prnewswire.com/news-releases/roubini-longtime-crypto-skeptic-co-authors-whitepaper-and-backs-atlass-new-digital-reserve-asset-302807860.html">
    Roubini, Longtime Crypto Skeptic, Co-Authors Whitepaper and Backs Atlas's New Digital Reserve Asset — the noted economist details his thinking on hard-asset-backed, on-chain reserves built for the next phase of global finance.
  </Card>

  <Card title="Bloomberg" href="https://www.bloomberg.com/news/articles/2026-06-23/crypto-critic-nouriel-roubini-finds-a-use-for-the-blockchain">
    Crypto Critic Nouriel Roubini Finds a Use for the Blockchain — the longtime digital-asset skeptic details how Atlas AI Labs is putting hard-asset backing and institutional-grade transparency on chain through USAFi. June 23, 2026.
  </Card>

  <Card title="PR Newswire" href="https://www.prnewswire.com/news-releases/atlas-ai-labs-to-launch-first-ever-permissionless-asset-backed-token-from-dubai-302768979.html">
    Atlas AI Labs announces the launch of the first-ever permissionless, asset-backed token from Dubai — bringing hard-asset backing and institutional-grade transparency to an on-chain store of value built for the next phase of global finance.
  </Card>

  <Card title="Watch the interview - SALT 2026" href="https://www.youtube.com/watch?v=uUokj27lTII&t=649s">
    Nouriel Roubini and Reza Bundy of Atlas Capital join Moad Fahmi (Chief FinTech Officer, Bermuda Monetary Authority) on geopolitical fragmentation, tokenized real-world assets, and building resilience in global finance.
  </Card>

  <Card title="CNBC" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/RoubiniCNBC_July2025.pdf">
    Economist Nouriel Roubini sees a 'mini stagflationary shock' coming in the second half of 2025, pointing to the risk of slower growth colliding with renewed inflation as the economy absorbs policy and geopolitical pressure — July 6, 2025, by Jesse Pound.
  </Card>

  <Card title="Business Insider" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Nouriel%2BRoubini%2C%2BDr.%2BDoom%2C%2BIs%2BOutperforming%2BAs%2Ba%2BNew%2BFund%2BManager%2B-%2BBusiness%2BInsider.pdf">
    Wall Street's 'Doctor Doom' tells BI about his move into money management, where he's off to a market-beating start — May 29, 2025, by William Edwards
  </Card>

  <Card title="Bloomberg" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Roubini%2BWarns%2BFed%2BWon%E2%80%99t%2BBail%2BTrump%2BOut%2Bin%2BGame%2Bof%2BPolicy%2BChicken%2B-%2BBloomberg2.pdf">
    Roubini Warns Fed Won't Bail Trump Out in Game of Policy Chicken — April 8, 2025, by Isabel Lee
  </Card>

  <Card title="Barron's" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Dr.%2BDoom%2BIs%2BNow%2B%E2%80%98Dr.%2BRealist%2C%E2%80%99%2Band%2BHe%E2%80%99s%2BGot%2Ba%2BNew%2BETF%2B-%2BBarron's.pdf">
    Dr. Doom Is Now 'Dr. Realist,' and He's Got a New ETF — January 22, 2025, by Lewis Braham
  </Card>

  <Card title="Financial Times" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Nouriel%2BRoubini%2Band%2BAtlas%2BCapital%2BTeam%2BLaunch%2Bthe%2BAtlas%2BAmerica%2BFund%2Bon%2BUS%2BNasdaq%2B(Ticker_%2BUSAF)%2B%E2%80%93%2BCompany%2BAnnouncement%2B-%2BFT.com.pdf">
    Nouriel Roubini and Atlas Capital Team Launch the Atlas America Fund on US Nasdaq (Ticker: USAF) — November 20, 2024
  </Card>

  <Card title="Bloomberg ETF IQ" href="https://www.youtube.com/watch?v=hFtmWyj84qI">
    Bloomberg ETF IQ 11/27/2024 — with Nouriel Roubini and Reza Bundy of Atlas Capital Team — November 27, 2024
  </Card>

  <Card title="The Wall Street Journal" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/The%2BTrump%2BStock%2BEuphoria%2BStarts%2Bto%2BFade%2B-%2BWSJ.pdf">
    The Trump Stock Euphoria Starts to Fade — November 21, 2024, by Jack Pitcher
  </Card>

  <Card title="Bloomberg" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Nouriel%2BRoubini%2BDebuts%2BHis%2BAlternative-Haven%2BETF%2Bfor%2BTrump%2BEra%2B-%2BBloomberg.pdf">
    Nouriel Roubini Debuts His Alternative-Haven ETF for Trump Era — November 20, 2024, by Isabel Lee & Tracy Alloway
  </Card>

  <Card title="Financial Times" href="https://www.ft.com/content/40ef6c45-9865-4e63-8e00-611b3cf7b8bb">
    'Dr Doom' files to launch ETF based on his calamitous outlook — August 16, 2024
  </Card>

  <Card title="Financial Times" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/%E2%80%98Flatcoins%E2%80%99%2Bare%2Bthe%2Bway%2Bforward.pdf">
    Flatcoins Are The Way Forward — December 14, 2023, by Nouriel Roubini
  </Card>

  <Card title="Global Finance Magazine" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Demand%2BRises%2BFor%2BTokenized%2BGreen%2BFinance%2B_%2BGlobal%2BFinance%2BMagazine.pdf">
    Demand Rises for Tokenized Green Finance — November 5, 2023, by Andrew Singer
  </Card>

  <Card title="Atlas Capital Team" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/What%2Bgreen%2Bfinance%2Bneeds%2Bto%2Bspeed%2Bthe%2Bglobal%2Btransition%2Bto%2Ba%2Bnet%2Bzero%2Beconomy%2B_%2BNouriel%2BRoubini%2Band%2BReza%2BBundy%2B_%2BThe%2BGuardian.pdf">
    What green finance needs to speed the global transition to a net zero economy — September 21, 2023, by Nouriel Roubini & Reza Bundy
  </Card>

  <Card title="Decrypt" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Crypto%2BCritic%2BNouriel%2BRoubini%2BSignals%2BPlans%2Bfor%2Ba%2BTokenized%2BDollar%2B-%2BDecrypt.pdf">
    Crypto Critic Nouriel Roubini Plans for a Tokenized Dollar Replacement — May 16, 2023, by Tracy Alloway
  </Card>

  <Card title="Bloomberg" href="https://atlas-whitepaper-memo.s3.us-east-1.amazonaws.com/press/Roubinis%2BAlternativeHaven%2BTrad%2B(1).pdf">
    Roubini Launches Alternative Haven Trade for the Era of Endless Inflation — March 14, 2023, by Tracy Alloway
  </Card>

  <Card title="AIM Summit 2022" href="https://www.youtube.com/watch?v=i1McYOrj1og">
    The future of finance: Bridging macro & crypto — with Terry Culver, John D'Agostino, Dan Morehead, and Reza Bundy — May 30, 2022
  </Card>

  <Card title="PAUA Paris 2022" href="https://www.youtube.com/watch?v=XANNqO4u3cM">
    The Climate Emergency | Reza Bundy | PAUA Paris 2022
  </Card>
</CardGroup>


# Team
Source: https://atlas-ai.ae/team

The people behind Atlas.

<div>
  <div>
    <div>
      <img alt="Reza Bundy" />
    </div>

    <div>
      <p>Reza Bundy<a href="https://www.linkedin.com/in/reza-bundy-08aa35153/"><svg><path /></svg></a></p>
      <p>Co-Founder, CEO & Chairman</p>
      <p>Reza conceived Atlas as a public policy initiative in 2016. Prior to Atlas, he founded IronPlanet, the leading online marketplace for used capital goods, which sold to Ritchie Bros for \$758 million. His career across emerging-market infrastructure, technology, and finance brings deep expertise in geopolitics, risk management, and global development.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="Dr. Nouriel Roubini" />
    </div>

    <div>
      <p>Dr. Nouriel Roubini<a href="https://www.linkedin.com/in/nourielroubini/"><svg><path /></svg></a></p>
      <p>Co-Founder & Chief Economist</p>
      <p>Nouriel is one of the world's foremost macroeconomic thinkers, widely known for anticipating the 2008 financial crisis. He served as the White House's senior economist for international affairs and as senior advisor to the U.S. Treasury. A former professor at NYU Stern and Yale, he holds a doctorate in economics from Harvard.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="Ali Bashiri, PhD" />
    </div>

    <div>
      <p>Ali Bashiri, PhD<a href="https://www.linkedin.com/in/bashiri/"><svg><path /></svg></a></p>
      <p>Chief Science Officer & Head of Data-Driven Investment Research</p>
      <p>Ali leads science and technology at Atlas, where he is building the firm into an agentic investment platform. Over 15+ years at the intersection of AI and investing, he was a founding member of CPP Investments' Alpha Generation Lab and Data-Driven Investing team. He holds a PhD in engineering from the University of Toronto and is a CFA charterholder.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="Ali Akhtari" />
    </div>

    <div>
      <p>Ali Akhtari<a href="https://www.linkedin.com/in/financebro/"><svg><path /></svg></a></p>
      <p>AI Engineer</p>
      <p>Ali is an AI Engineer at Atlas Capital Team, where he builds machine learning systems and data infrastructure for the firm's quantitative platform and leads its DeFi and on-chain initiatives. He previously worked on Tether's Wallet Development Kit, was a quantitative analyst at Agron Capital, and an engineering analyst at Goldman Sachs Asset and Wealth Management.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="Carlo Zola" />
    </div>

    <div>
      <p>Carlo Zola<a href="https://www.linkedin.com/in/carlo-zola-b46b589/"><svg><path /></svg></a></p>
      <p>Chief Operating Officer & Head of Real Estate</p>
      <p>Carlo brings over 19 years of investment experience, including 14 years at Capital Group managing global and income mandates across Los Angeles, New York, Toronto, and London. An early crypto investor, he co-founded Paladin Trust and Percival Ventures before joining Atlas full time in 2021.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="Alex Chehade" />
    </div>

    <div>
      <p>Alex Chehade<a href="https://www.linkedin.com/in/alex-chehade/"><svg><path /></svg></a></p>
      <p>Senior Advisor</p>
      <p>Alex led the world's largest crypto exchange expansion in the Middle East, based and regulated in the UAE. A fintech leader with 20 years in global finance, including 7 in crypto, he has a proven record launching regulated exchanges, managing cross-border teams, and driving growth in high-stakes environments.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="Terence Culver" />
    </div>

    <div>
      <p>Terence Culver<a href="https://www.dfg.group/#team"><svg><path /><polyline /><line /></svg></a></p>
      <p>Board of Directors</p>
      <p>Terry has 20+ years of experience in emerging markets, technology, and enterprise development. He has been an investor and founder active in the blockchain and virtual-asset ecosystem and the fintech sector. Previously he was a policy advisor on economic growth and technology innovation with emerging-market governments and academic institutions.</p>
    </div>
  </div>

  <div>
    <div>
      <img alt="David Gibson-Moore" />
    </div>

    <div>
      <p>David Gibson-Moore<a href="https://www.linkedin.com/in/davidgibsonmoore/"><svg><path /></svg></a></p>
      <p>Board of Directors</p>
      <p>David is based in Dubai, with a 30-year career in banking, corporate finance, investment banking, and asset management across the GCC, specializing in private equity and digital banking since 2000. He is Vice Chairman of Apolonia Capital, Chairman of Renaissance Fund Management, Director of OKX Middle East Fintech FZE, and President and CEO of Gulf Analytica Dubai.</p>
    </div>
  </div>
</div>


# The Technodollar
Source: https://atlas-ai.ae/technodollar

The dollar's third form: a regulated claim on productive American assets, built to invest in AI, run today with AI assistance under Investment Committee authority, and intended over time to move toward AI governance under human oversight.

The international monetary system rests on one asset at a time: the thing the world agrees to hold, price against, and settle in. That asset has changed shape twice in a century, and it is changing again. Each shift followed one rule, and reading the rule forward points to what comes next.

## The dollar's third form

<div>
  <Frame>
    <img alt="Atlas AI Labs" />

    <img alt="Atlas AI Labs" />
  </Frame>
</div>

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  <Frame>
    <img alt="Atlas AI Labs" />

    <img alt="Atlas AI Labs" />
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The first form was the gold dollar, its value anchored to something finite and physical. Bretton Woods fixed the dollar to gold and every other currency to the dollar, and the arrangement held while the link was cheaper to defend than to break. When defending it grew costlier than abandoning it, the United States let it go: Nixon closed the gold window in 1971.

The petrodollar followed. Oil was priced in dollars, surplus revenue was recycled into U.S. Treasuries, and in exchange the United States supplied security and market access. The backing was no longer metal but the flow of the world's most strategic commodity through American financial plumbing. That arrangement financed deficits, absorbed global production, and underwrote the postwar order for half a century.

The third form is the technodollar, and its backing is neither metal nor oil. It is productive American technology: the compute, the models, the platforms, and the AI-enhanced enterprises now at the center of global output. Julius Baer's currency strategists name it directly, describing a dollar "underwritten by digital infrastructure, platform power, and the global scramble for AI capacity." The petrodollar is fading for structural reasons rather than geopolitical ones, and the dollar's dominance is migrating to the source of backing that compounds hardest.

Every transition obeyed the same logic: the backing asset is whatever the United States produces that the world cannot do without and cannot easily replace. In 1944 that was monetary credibility. In 1974 it was the security umbrella over energy. Today it is the AI stack and the productive capacity built on it, the backing of the dollar's third form.

## Three readings, one instrument

The word "technodollar" already circulates in public discourse, in three readings worth separating, because USAF occupies the space none of them fills. Macro strategists use it for a currency regime, an equity-allocation signal toward U.S. and Asian technology. Geopolitical analysts use it for statecraft: the United States granting controlled access to chips, cloud, and models on terms of alignment. A few private-credit ventures attach adjacent labels to instruments that lend against deep-tech equity.

USAF is the instrument: the fund that holds the claim, with USAFi as its on-chain expression, the token a holder or an agent actually holds, settles, and verifies. Together they take the macro thesis and issue it as an asset. It is the technodollar in structured form: a regulated, actively managed claim on a basket of productive American assets.

The thesis rests on three claims, each unfolding in a section below:

### I. Allocation by intelligence

A reserve asset must hold its value across regimes no one can predict. The gold dollar managed that through scarcity, the petrodollar through the permanence of energy demand; the technodollar manages it through adaptation, reweighting itself as conditions change faster than any committee can.

USAF is allocated by a quantitative model that reads the macro regime continuously, ranking the five sleeves spanning seven underlying asset classes against inflation prints, real rates, dollar strength, commodity term structure, and volatility surfaces, rather than by a quarterly investment meeting. The Investment Committee, chaired by Dr. Nouriel Roubini, sets the mandate, the constraints, and the bounds of acceptable risk, and approves every allocation; AI assists the research that keeps the model current.

This adaptation matters most for a reserve asset, because rigidity is what broke every reserve form before it. Gold could not expand to meet a growing economy, so the link broke. The petrodollar could not adapt when shale turned the United States from oil importer to exporter. Allocation governed by continuous inference carries no such rigidity. It is built to move when the world moves.

### II. Compounding inside the asset

The second claim concerns what the basket holds rather than how it is weighted. The productive American assets inside USAF are increasingly enterprises whose output AI amplifies.

The defense and cybersecurity sleeve holds firms whose detection, targeting, and logistics now run on machine systems. The energy and commodity exposure tracks an economy rebuilding extraction, grid management, and demand forecasting around AI. The equity exposure reaches the productive core of an economy where, as Julius Baer notes, hyperscaler revenue is growing at its fastest pace in four years, off a base already half again as large as the last cycle's. The companies that compound fastest are the ones AI makes more productive, and the basket is built to hold them.

AI's productivity gains accrue to this collateral rather than eroding it. A holder of USAF owns a claim on the part of the American economy that the defining technology of the era enhances rather than displaces.

That distinction is why the technodollar can succeed the petrodollar rather than merely follow it. Oil was a claim on a finite, depleting input; AI-enhanced productive capacity is a claim on a compounding one. The backing asset grows with the thing that backs it.

### III. The reserve asset for machines

Software agents have begun to transact and machine payment climbs as agentic systems move from assistants to actors. Between transactions, an agent needs somewhere to hold value: a default asset stable enough to hold without active management, liquid enough to settle instantly, and legible enough to verify without trusting a counterparty's word.

Stablecoins solve part of this. They settle on chain and hold a peg, but they do not earn, adapt, or carry a verifiable claim on productive assets. A stablecoin is a parked dollar; it preserves nominal value and nothing more.

USAFi is built to be the asset an agent holds when a parked dollar is not enough. It settles on the same public rails a stablecoin uses, so an agent moves it just as easily. It carries a claim on the actively allocated, AI-enhanced basket, so it earns the return of the productive American economy instead of sitting flat. And its backing is published and inspectable on chain, so an autonomous system verifies solvency programmatically rather than relying on disclosure it cannot read.

## Why this is the dollar's next form

Reserve status has always followed the asset the world cannot do without. Gold gave way to oil because the security of energy mattered more to the postwar economy than the discipline of metal. Oil is giving way to AI-enhanced production because compute, models, and the enterprises built on them now matter more than the barrel.

The technodollar is the recognition that the dollar's backing has moved again, and USAF is the instrument that makes the recognition investable: a claim on productive American assets, allocated by intelligence, compounding under it, and built to be held by the intelligent systems that will increasingly transact on its behalf. The first reserve form was anchored to what was scarce, the second to what was strategic, the third to what is productive. In this era, productivity is what artificial intelligence multiplies.

That is the technodollar. USAF is its first regulated form.


# The Productive Basis
Source: https://atlas-ai.ae/the-productive-basis

A reserve currency endures only as long as the productive economy behind it leads. Five centuries of monetary history, and the theory that explains them.

A reserve currency endures in proportion to the productive capacity that stands behind it. This page treats that proposition not as an assumption but as a finding, drawn from five centuries of monetary history and from the theory built to explain it. The claim is narrow and well supported: productivity alone does not confer reserve status, because military reach, financial depth, and institutional credibility all matter, but where productive leadership has been absent or has decayed, reserve status has not survived it. The history sets out the pattern, and the theory explains why it holds.

## The historical sequence

Reserve currencies are not permanent, and the record of their succession is long enough to read as evidence rather than anecdote. Four episodes carry most of the weight, and the first sets the limiting case.

The Spanish silver dollar shows that a commodity can buy global acceptance but cannot sustain it. The coin was the first money accepted across Europe, Asia, and the Americas, circulating from the sixteenth century into the nineteenth. Its backing was literal: silver from the mines of Spanish America, uniform in weight and content, trusted because it could be assayed rather than for the strength of the issuer's economy. A currency can therefore win global acceptance on a commodity alone. Extracted metal, however, does not compound but depletes, and the primacy built on it could not outlast the productive economy that Spain failed to build around its bullion.

The Dutch guilder is the more instructive case, because it most resembles a modern financial economy and failed for the most modern reason. In the seventeenth and eighteenth centuries the United Provinces ran the most sophisticated financial system in the world: the Bank of Amsterdam, founded in 1609, pioneered transferable deposit accounts not directly redeemable for coin, an early form of the abstraction all modern money depends on, while the Dutch East and West India Companies extended Dutch trade and credit across two hemispheres. The Netherlands even enjoyed an exorbitant privilege, borrowing and lending in its own currency at the lowest interest rates in Europe. Yet this primacy rested on financial sophistication ahead of industrial scale, and when Britain industrialized on coal, iron, and a larger productive base, the Dutch advantage eroded and the guilder faded. Financial depth without industrial depth proved insufficient, which is precisely the strength that Britain then supplied.

Sterling succeeded the guilder for the reason the guilder lost it. Britain's nineteenth-century lead in technology, manufacturing, and production let its goods sell worldwide and created a standing global demand for the currency that financed that trade, so that by the second half of the century much of the world's trade and capital was denominated in sterling. The classical gold standard and the Royal Navy reinforced this position, but the foundation under it was the workshop of the world, an economy that out-produced its rivals for the better part of a century. Reserve status followed productive leadership, and it lasted exactly as long as that leadership did.

The dollar's rise refines the pattern in a way that matters for the theory. The conventional account dates the handover to Bretton Woods after the Second World War, but the reserve-composition evidence assembled by Barry Eichengreen and Peter Temin is more precise: the dollar overtook sterling in central-bank reserves as early as the mid-1920s, widened its lead through the decade, then ceded ground after its 1933 devaluation, so that sterling and the dollar effectively shared reserve status for years. Two findings follow. First, the transition tracked the underlying economy, the dollar rising as American industrial output surpassed Britain's, rather than waiting on any treaty. Second, reserve dominance is neither winner-take-all nor irreversible, because it can be shared between currencies and can be lost and regained. Position within the reserve system therefore moves with relative economic strength rather than by permanent right.

## What the theory explains

Three economists turned this record into a theory of why reserve currencies endure, and their work converges on productive capacity as the durable foundation. Each addressed a different part of the problem, and the parts fit together.

Robert Triffin showed that a fixed backing must eventually fail, so the anchor must be able to grow. Writing in 1960 as the gold-exchange standard neared its limit, he identified the contradiction in any reserve asset built on a fixed backing: to supply the world with reserves, the issuer had to send its currency abroad in growing volume, but the fixed stock of gold behind that currency could not grow at the same rate, so the accumulation of foreign claims eventually outran the backing and eroded confidence in convertibility. The dilemma was specific to the gold link, yet its lesson outlived the system that produced it, because a backing that cannot expand with the world's demand for the currency carries the seed of its own crisis. Whatever anchors a durable reserve asset must therefore be capable of growth, a requirement that the next economist turned from warning into definition.

Charles Kindleberger identified that anchor as the leading productive economy itself. Across a career spent largely on the international role of the dollar, he built his analysis around the key currency, the proposition that the world settles on the money of its leading commercial and productive power, not by agreement but because that economy is large enough, open enough, and creditworthy enough to anchor everyone else's trade and saving. Reserve status, in this view, is conferred by economic leadership and kept by continuing to lead. His own most famous error proves the point, because after the gold window closed in 1971 he judged the dollar finished as an international money, and he was wrong for the reason his framework predicted: no rival economy displaced American productive leadership, so no rival currency displaced the dollar. The backing that mattered was never the gold but the economy, and the last of the three economists named the condition under which that backing holds.

Barry Eichengreen showed that the claim is honored only while the economy stays productive. He made the dependence explicit and identified its failure mode: the dollar's privilege, the capacity to acquire foreign goods and assets with money the United States alone issues, rests on the scale and credibility of the American economy, but it carries a corrosive tendency. A country whose currency commands a premium feels less pressure to maintain the productivity that earned the premium, because cheap external finance can substitute, for a time, for competitiveness. The warning doubles as a prescription, because reserve status survives while the economy keeps raising its productive capacity and weakens when that economy lives off the privilege instead of renewing the productivity that justified it. Set beside the history, the three arguments resolve into a single principle.

## The converging principle

Set the history beside the theory and they resolve into one proposition. Spain showed that an extracted commodity can buy primacy but cannot sustain it; the Netherlands, that financial sophistication cannot replace productive depth; Britain, that productive leadership confers reserve status; and the dollar, that it confers it durably, through depression, war, and the end of gold, for as long as the productive lead holds. Triffin showed why a fixed backing must fail, Kindleberger that the world holds a claim on the leading productive economy, and Eichengreen that the claim is honored only while that economy stays productive. The common term across every case is productivity.

A reserve asset is therefore durable to the degree that productive capacity stands behind it, and fragile to the degree that this capacity is fixed, extractive, or in relative decline. Standard monetary economics now states the conclusion plainly, describing the modern reserve currency as backed in effect by the productive and fiscal capacity of its issuer, its GDP, rather than by any commodity. The fiat dollar did not abandon backing in 1971; it changed what the backing was, from metal to the output of the American economy. That shift frames the question the present transition must answer.

## The present transition

The pattern raises a question the theory cannot answer on its own: what represents productive capacity in an economy whose output is increasingly shaped by artificial intelligence. If reserve status follows the productive frontier, then the relevant backing in each era is whatever expands output fastest. In the nineteenth century that was industrial manufacture, and in the twentieth it was the integrated scale of the American economy. In the present transition it is the productivity that artificial intelligence is adding across defense, energy, industry, and the broader corporate base, concentrated in the enterprises that deploy it.

This principle is the foundation on which the technodollar builds. The proposition that a reserve asset should rest on national productivity is not new doctrine but the standing lesson of monetary history, articulated by Triffin, Kindleberger, and Eichengreen and visible in every reserve transition from the guilder forward. What is new is the possibility of holding that backing directly, in a basket of the productive assets themselves, rather than diffusely through the credit of a state. Across five centuries, the currencies that endured were the ones whose backing could grow, and the backing that grew was productive capacity.

<Note>
  **On attribution and method.** The synthesis advanced here, that productive capacity is the durable basis of reserve-currency status, is assembled from the work of the cited economists rather than asserted verbatim by any one of them. Triffin, Kindleberger, and Eichengreen each addressed a part of the argument, and none framed reserve backing in precisely these terms, so the productivity formulation should be read as an interpretation of their combined work rather than a quotation from it. The historical sequence draws on standard accounts of reserve-currency succession, including the Eichengreen and Temin reserve-composition evidence for the dollar-sterling transition of the 1920s and 1930s. Where the dating or interpretation of a transition is contested, the text notes it rather than smoothing it over.
</Note>


# Token Mechanics
Source: https://atlas-ai.ae/token-mechanics

How USAFi is backed, issued, redeemed, and verified, and what a holder actually owns.

USAF is the ETF. USAFi is the token. Both rest on the same fund, the same basket, and the same NAV. The fund holds the assets; the token is their expression on chain.

<Info>
  USAFi is pre-launch. Atlas AI Labs holds VARA In-Principle Approval and will issue the token on conversion to a full Issuance License. The mechanics below describe the design at issuance.
</Info>

## The fund and the token

The two layers play different roles and carry different rights.

<Tabs>
  <Tab title="USAF (the fund)">
    An SEC-registered, actively managed ETF listed on Nasdaq, operating under the Investment Company Act of 1940. It holds the basket, strikes a daily NAV, and custodies its assets at BNY Mellon, with distribution through Foreside. Any brokerage account that supports U.S. ETFs can hold it.
  </Tab>

  <Tab title="USAFi (the token)">
    USAFi (the token): An ERC-20 token (with equivalent standards on other chains) issued by Atlas AI Labs with Securitize as technology and issuance partner in the UAE. The token carries an issuer freeze function for sanctions enforcement. Primary issuance is only to VARA-licensed distributors, whom Atlas KYCs; those distributors sell to eligible end customers; secondary peer-to-peer transfers are permitted except to blacklisted or sanctioned addresses. There is no investor whitelist: eligibility is enforced at the distributor layer and by the freeze function.
  </Tab>
</Tabs>

## Backing and NAV

Every USAFi token is backed by USAF ETF shares that the Issuer holds in segregated custody at BNY Mellon, ring-fenced and bankruptcy-remote from the Issuer's operations, not commingled with the Issuer's assets, and reserved exclusively for token holders. The backing runs at one thousand tokens per ETF share, and each token's NAV references the fund's NAV per share, so the token's value moves with the basket. Distributions follow the ETF's schedule.

## What you hold

A USAFi holder owns a contractual claim against the Issuer, not a share of the Fund. That claim is backed by the ring-fenced, bankruptcy-remote ETF shares described above, reserved for token holders and not available to the Issuer's creditors, with redemption under VARA's Recovery and Resolution framework. Tokenholders are not Fund shareholders and have no direct claim on the Fund.

<Warning>
  Tokenholders hold contractual rights against the Issuer only. They are not Fund shareholders and have no direct claim on the Fund.
</Warning>

## Issuance and redemption

Mint and burn are Issuer-level mechanics. The Fund is never a party to a token transaction.

### Issuance

<Steps>
  <Step title="Onboard">
    A buyer completes KYC and AML onboarding and is screened for eligibility.
  </Step>

  <Step title="Fund">
    The buyer deposits cash, and the Issuer acquires the matching USAF ETF shares.
  </Step>

  <Step title="Mint">
    The Issuer mints USAFi against those shares and locks them in segregated custody.
  </Step>
</Steps>

### Redemption

<Steps>
  <Step title="Request">
    The holder of record initiates redemption on chain.
  </Step>

  <Step title="Burn">
    The Issuer validates the transfer and burns the surrendered tokens.
  </Step>

  <Step title="Settle">
    The Issuer releases the underlying ETF units and settles the holder in cash.
  </Step>
</Steps>

Redemption is issuer cash settlement: it can be initiated on chain at any time, but settlement follows market hours and custody cutoffs. Any secondary liquidity provided by third-party market makers is not issuer redemption and carries no guarantee of execution, price, hours, or availability. The right to redeem attaches to the KYC'd holder of record at the Issuer: a secondary holder carries the economic exposure but cannot redeem until completing onboarding.

<Frame>
  <img alt="Screenshot 2026 06 02 At 7 21 49 PM" />
</Frame>

## Verification

The token registry lives on chain. An independent verifier (named at launch) produces proof-of-reserve attestations on a defined schedule, reconciling the on-chain token supply against the off-chain BNY Mellon custody record, and Atlas publishes each one, so the backing can be checked rather than trusted. Before mainnet deployment, an independent auditor reviews the smart contracts, and Atlas publishes the report. Initial DeFi access runs through a curated vault on an established lending venue, with parameters set jointly with the curator and reviewed by the Investment Committee.


# Use Cases
Source: https://atlas-ai.ae/usecases

Stablecoins move the dollar; USAFi is built to preserve it: one reserve instrument that can serve as a store of value for individuals, a reserve for institutions and DAOs, and collateral on chain.

Payment rails move value. Reserve assets preserve it. USAFi is the reserve layer beneath the rails, and it fills three roles: a store of value for households, a reserve for institutions and DAOs, and collateral for on-chain credit.

<Note>
  USAFi is pre-launch. It is not a stablecoin; its NAV floats with the basket and can fall. The capabilities below describe the design at and after launch.
</Note>

## A store of value for households

For most of history, the people who most need a store of value have had the least access to one. A farmer in Kenya, a teacher in Lagos, a shopkeeper in Karachi, a retiree in Buenos Aires: each holds savings in instruments that erode under conditions they do not control. Three forces are now widening that gap: wealth, war, and weather.

* **Wealth**: dollar is eroding from within, through debasement, dedollarization, and debt.
* **War:** conflict has returned to a frequency unseen since the Cold War, repricing energy and food across every importing economy.
* **Weather:** climate change is reshaping the correlation structure of returns, as climate stress feeds currency stress, property losses, and sovereign strain.

The three reinforce one another. A war reprices energy, energy reprices inflation, inflation reprices debt, and the cycle compounds before any committee can meet. Under that pressure, correlations rise toward one, and the instruments people rely on fail together.

Stablecoins met half of this problem. They put a dollar medium of exchange into hundreds of millions of hands, but they left preservation unsolved: the dollar that buys rice on Tuesday still loses purchasing power across the year the rice is grown.

USAFi is built for the other half. It carries a diversified store of value on the same rails, reaching the same holders, so preservation becomes as accessible as payment.

| Performance (11/19/24 to 7/6/26) | USAF   | BUIDL | USDT   | BTC     |
| -------------------------------- | ------ | ----- | ------ | ------- |
| Total return                     | 13.16% | 6.55% | -0.18% | -30.89% |
| Annualized volatility            | 5.44%  | 0.15% | 0.56%  | 44.91%  |
| Sharpe ratio                     | 0.75   | 0.26  | -7.27  | -0.51   |
| Maximum drawdown                 | -4.43% | 0.00% | -0.36% | -53.18% |

<Warning>
  USAF total return is the fund's live NAV performance since its Nasdaq inception on 19 November 2024 through 6 July 2026, net of fund fees. USAFi is pre-launch and is designed to track USAF's NAV. Comparators (BUIDL, USDT, BTC) are returns over the same window. Sharpe ratio is not meaningful for a pegged asset. BUIDL & USDT are cash-like: near-zero vol and drawdown; Sharpe is sensitive to the tiny excess over the risk-free and to linear annualization, so read on total return + drawdown, not Sharpe. Risk-free rate = usbmmy3m (3M T-bill, weekly). BUIDL is approximated using BUCXX TR. . Source: Atlas Capital Team, Bloomberg. Past performance is not indicative of future results; value can fall.
</Warning>

**Stablecoins did for moving the dollar what USAFi aims to do for keeping it. The same democratization, one layer deeper.**

<Warning>
  Access requires KYC and AML onboarding through a licensed distributor. The reach described here is the goal as distribution expands, not a claim that every saver can onboard today.
</Warning>

## A reserve for institutions and DAOs

Institutions face the same problem at scale. A family office in an inflationary jurisdiction or a sovereign-linked allocator can hold dollars cleanly through a stablecoin or tokenized treasuries, but a stablecoin carries the full weight of dollar debasement, dedollarization, and rising U.S. debt. A mandate that requires preservation against the dollar's own trajectory needs more than parity. USAFi answers it: the token holds a diversified claim on the American productive base.

DAOs and on-chain treasuries carry that gap as well. A treasury denominated in ETH or BTC rises and falls with the crypto cycle; a treasury parked in stablecoins inherits the dollar risk. Operating funds that must last across years, not weeks, need to step away from both.

USAFi gives them one instrument that diversifies away from crypto volatility and single-currency exposure at once, with an allocation that adjusts as the regime shifts.

## A better on-chain collateral

USAFi is also built to be collateral, and a better class of it than the on-chain market has held so far.

<CardGroup>
  <Card title="Alpha-Generating" icon="sprout">
    Risk-adjusted returns from five sleeves spanning seven asset classes, not a single yield source.
  </Card>

  <Card title="Structurally Resilient" icon="shield">
    Negatively correlated holdings that hedge inflation, tail risk, and regime change.
  </Card>

  <Card title="Capital-Efficient" icon="zap">
    A low-volatility NAV is designed to support higher LTV and less overcollateralization than crypto-native collateral.
  </Card>

  <Card title="Institutionally Liquid" icon="droplet">
    At launch, designed for dedicated market makers and tight spreads, with 24/5 secondary liquidity via stablecoin atomic swaps. Secondary liquidity is provided by third parties, is not issuer redemption, and carries no guarantee of execution or price.
  </Card>

  <Card title="Dual-Regulated" icon="scale">
    An SEC-registered ETF on Nasdaq and tokenized issuance under VARA's ARVA Rulebook, with sanctions controls embedded in the token, with sanctions controls enforced through an issuer freeze function.
  </Card>

  <Card title="DeFi-Native" icon="box">
    An ERC-20, designed to be fully backed and cross-chain, composable across protocols with no investor whitelist. Eligibility is enforced at the distributor layer and by an issuer freeze function for sanctions
  </Card>
</CardGroup>

On-chain collateral today means stablecoins, BTC, ETH, and tokenized treasuries, and each forces a tradeoff. Stablecoins and tokenized T-bills are stable but carry single-currency, single-yield exposure; BTC and ETH offer returns but swing too hard to lend against efficiently. USAFi is engineered to avoid the choice. Low realized volatility lets lenders set higher LTV than crypto-native assets allow, while diversification gives the token a return profile and resilience that a single-asset stable token cannot.

Two properties set it further apart. The basket is built to rotate defensively as conditions deteriorate, so the collateral tends to strengthen rather than crumble exactly when a lending book is under stress. It also carries a partial currency hedge through its composition, so a holder keeps some protection against the very dollar the position is denominated in. No other on-chain collateral combines low volatility, defensive rotation, and an FX hedge in one regulated instrument.


# Vision
Source: https://atlas-ai.ae/whitepaper



## Whitepaper

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  <Frame>
    <img alt="Atlas AI Labs" />

    <img alt="Atlas AI Labs" />
  </Frame>
</div>

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  <Frame>
    <img alt="Atlas AI Labs" />

    <img alt="Atlas AI Labs" />
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  <a href="https://doc.usafi.to/whitepaper-dl">
    Download Whitepaper
  </a>

  <a href="https://doc.usafi.to/whitepaper">
    Read Whitepaper
  </a>
</div>

The technodollar is a digitally native dollar reserve that draws its authority from a diversified claim on the American productive economy. Stablecoins made the dollar movable. The technodollar makes it preservable, sitting one layer beneath the transactional rails as the reserve foundation rather than the medium of exchange.

What distinguishes it is that the same property runs through three layers of its design. It is allocated by AI: a multi-agent platform, operated under an Investment Committee, runs the reserve's research and carries the Committee's decisions into the market, with every allocation decided by people and the analytical work done at machine scale. It is invested in AI's beneficiaries: the productive sleeves concentrate in the sectors riding durable AI tailwinds, cybersecurity, defense, and real estate, where the build-out turns directly into revenue. And it is built to be held by the AI economy: the on-chain form is designed to serve as the reserve that autonomous, on-chain agents and their treasuries can hold between actions, a store of value where stablecoins offer only a medium of exchange. Behind it stands Atlas Capital Team, a firm that builds instruments for wealth preservation. The conviction is a return to first principles: economic discipline, hard-asset backing, and stewardship measured in generations rather than quarters. The strategy rests on the assets that anchor the same economy, Treasuries, gold, agricultural commodities, real estate, and defense and cybersecurity equities, assembled to protect purchasing power across inflation, geopolitical stress, and climate risk. Guided by Chief Economist Dr. Nouriel Roubini, the approach is conservative in its foundations and systematic in its execution.

Atlas AI Labs carries that philosophy on chain. It is the crypto and AI arm of Atlas Capital Team, built on the premise that two technologies now make a step beyond fiat reserves possible. Blockchain makes ownership verifiable and settlement global. AI can test and monitor allocation evidence continuously. Together they extend the same preservation discipline into a programmable, on-chain form, without loosening the institutional and fiduciary controls that give it credibility.

The result is more than a better-run portfolio: it is a new form the dollar's reserve can take. The dollar has worn earlier forms: the gold dollar of Bretton Woods, the petrodollar of the energy era. **The technodollar is the next.**

## Technical Paper

A technical companion to the whitepaper: where the whitepaper makes the case that the technodollar is a sound reserve, this one makes the case that it is the reserve of the AI era, run by AI, invested in AI, and built to be held by AI.

Available upon request: [info@atlascap.io](mailto:info@atlascap.io)

## The Architecture

The architecture rests on three commitments.

<CardGroup>
  <Card title="Truth" icon="badge-check">
    Blockchain supplies verifiable ownership, programmable settlement, and global transferability.
  </Card>

  <Card title="Trust" icon="landmark">
    A regulated, audited ETF anchors the instrument in U.S. capital markets.
  </Card>

  <Card title="Transparency" icon="eye">
    Continuous visibility into collateral, reserves, and asset allocation, in a way traditional infrastructure was never designed to provide.
  </Card>
</CardGroup>

Discretion stays bounded throughout: rules govern the process, accountable humans retain final authority, and every material override is documented.

The technodollar is the first regulated instrument of its kind Atlas AI Labs has built: one regulated ETF (USAF) paired with one tokenized expression (USAFi) on one reserve architecture, designed to be transparent, collateralized, adaptive, and, at launch, investable.

<Warning>
  **Marketing communication. Published by Atlas AI Labs FZE. This is not an offer, solicitation, recommendation, or investment advice. USAFi is intended only for eligible non-U.S. persons who complete KYC, AML, and sanctions screening; it is not offered, sold, or marketed to U.S. persons or in the United States. USAFi is not a stablecoin: its NAV floats and may lose value. USAFi is pre-launch; Atlas AI Labs FZE holds VARA In-Principle Approval and will issue USAFi only on conversion to a full Issuance License. Nothing here states or implies endorsement by VARA or any authority. The value of virtual assets is variable, not guaranteed, and may be highly volatile. Past performance is not indicative of future results.**
</Warning>


# Worked Example
Source: https://atlas-ai.ae/worked-example

How one subscription moves through onboarding, mint, allocation, and redemption.

<Note>
  The figures below are illustrative mechanics, not forecasts, projections, or backtested results. They show how the structure is designed to operate under stylized inputs. Actual allocation runs on proprietary models under Investment Committee authority, and actual results will differ. The one set of figures that is not illustrative, the live USAF track record, is labeled as such where it appears.
</Note>

Consider a Gulf family office, an eligible non-U.S. holder, that wants dollar exposure without full exposure to dollar debasement, held across a multi-year horizon. It commits \$10 million.

## Step 1: Subscription and onboarding

The family office completes KYB and KYC at the Issuer: identity verification, sanctions and jurisdictional screening, source-of-funds review. Onboarding establishes it as holder of record, the status that later carries the redemption right. It wires \$10 million.

## Step 2: Mint

Assume NAV per USAF share is \$25.00 on the subscription date. The Issuer acquires 400,000 ETF shares (\$10,000,000 divided by \$25.00) and places them in segregated custody at BNY Mellon, ring-fenced from Issuer creditors. At the 1,000-tokens-per-share ratio, the Issuer mints 400,000,000 USAF+ tokens. NAV per token is \$0.025, referencing NAV per share. The tokens settle to the family office's onboarded wallet.

| Subscription                       | Value        |
| ---------------------------------- | ------------ |
| USD committed                      | \$10,000,000 |
| NAV per share (illustrative)       | \$25.00      |
| ETF shares into segregated custody | 400,000      |
| Token ratio                        | 1,000 : 1    |
| USAF+ minted                       | 400,000,000  |
| NAV per token                      | \$0.025      |

The proof-of-reserve attestation reconciles: 400,000,000 tokens outstanding against 400,000 ETF shares in custody, published against the BNY Mellon record on the defined cadence.

## Step 3: The basket the tokens represent

The 400,000 shares are a claim on the USA First basket. Illustrative entry weights across the five sleeves:

| Sleeve                              | Hedges                      | Illustrative weight |
| ----------------------------------- | --------------------------- | ------------------- |
| Treasuries and TIPS                 | Faltering growth, inflation | 40%                 |
| Gold                                | Debasement                  | 15%                 |
| Agricultural and energy commodities | Supply disruption           | 15%                 |
| Defense and cybersecurity equities  | Geopolitical disruption     | 20%                 |
| Climate-resilient REITs             | Fiscal debasement           | 10%                 |

## Step 4: A stress event, and how the engine responds

A geopolitical shock hits: a Hormuz-type energy disruption sends oil sharply higher, which transmits to inflation, which pressures the long end of the curve. This is the correlation cascade the whitepaper describes, where a war reprices energy, energy reprices inflation, inflation reprices debt.

A single-sleeve holder is exposed to the cascade directly. The basket is built so each sleeve absorbs a distinct part of it. The Investment Committee, on the engine's regime read, directs an illustrative defensive rotation:

| Sleeve                    | Entry | Post-rotation | Rationale (illustrative)                                                      |
| ------------------------- | ----- | ------------- | ----------------------------------------------------------------------------- |
| Treasuries and TIPS       | 40%   | 33%           | Trim duration as the long end sells off; keep TIPS for inflation pass-through |
| Gold                      | 15%   | 22%           | Add as the debasement and safe-haven bid rises                                |
| Ag and energy commodities | 15%   | 22%           | The sleeve that gains directly from the energy shock                          |
| Defense and cybersecurity | 20%   | 18%           | Hold; geopolitical-disruption hedge stays relevant                            |
| Climate-resilient REITs   | 10%   | 5%            | Trim rate-sensitive real assets as yields rise                                |

The point is not the specific weights. It is that the gold and commodity sleeves are designed to rise in value precisely as the Treasury sleeve comes under pressure, so the basket's NAV is built to hold better than any one sleeve would alone. That offsetting behavior is the preservation property the token inherits. The rotation runs through the monthly review, or the fast-path protocol off-cycle, with Investment Committee sign-off before deployment. AI proposes the rotation; the Committee disposes.

## Step 5: What the holder owns through the event

The family office did nothing. Its 400,000,000 tokens still represent 400,000 ETF shares, and NAV per token continues to reference NAV per share daily. The rotation happened inside the fund, not at the token layer.

As an illustrative path, NAV per share moves from \$25.00 to \$25.45 across the window, so NAV per token moves from \$0.025 to \$0.02545 and the position is worth roughly \$10.18 million before fees. That figure is illustrative.

What is not illustrative is the live record. Over its actual window of November 19, 2024 to March 31, 2026, a window that contained a tariff war and the Hormuz closure, the USAF basket returned 12.61% cumulative at a 4.31% maximum drawdown, with 6.23% annualized volatility and a 0.74 Sharpe ratio, independently calculated by the fund administrator. That is disclosed historical performance over a specific past period. It is not a forecast and not a return the holder in this example is promised.

The point the example makes is structural. The holder preserved its position, and modestly grew it on the illustrative path, through a stress event by doing nothing, because the offsetting sleeves held NAV together. Preservation across the regime is the upside the instrument is built to deliver.

## Step 6: Redemption

A year later the family office redeems half its position. It surrenders 200,000,000 USAF+ to the Issuer. The Fund is not a party. The Issuer burns the tokens, releases the corresponding 200,000 ETF shares from segregated custody, and settles cash against the reserve under the token terms and VARA's Recovery and Resolution framework. Settlement is subject to market hours and custody cutoffs. The redemption right attaches because the family office is the KYC'd holder of record. A secondary-market party holding the same tokens without completing onboarding would have economic exposure but no redemption claim until it onboards.

| Redemption                                 | Value       |
| ------------------------------------------ | ----------- |
| USAF+ surrendered                          | 200,000,000 |
| ETF shares released from custody           | 200,000     |
| NAV per share at redemption (illustrative) | \$25.45     |
| Gross redemption value                     | \$5,090,000 |
| Tokens remaining                           | 200,000,000 |

## Step 7: Fees, across the hold

Two fees, two layers, as set out in Section 3.5. The 75-basis-point annual management fee accrues at the ETF level on the underlying NAV, charged by Atlas as fund manager. The 60-basis-point issuance fee applies at the token layer, charged by the Issuer. On a \$10 million position held one year, that is roughly \$75,000 at the fund layer and \$60,000 at the token layer in illustrative terms, \$135,000 all-in. The comparison the whitepaper draws: a tokenized T-bill charges 15 to 50 basis points because it holds one asset and makes one promise. The spread here buys active multi-asset allocation, a registered fund, and a regulated issuer maintained in parallel across two jurisdictions.

## What the example shows

One subscription touched all three systems. Onboarding established the holder of record. The mint locked real ETF shares in segregated custody at a fixed ratio and produced tokens whose value references fund NAV. The allocation engine rotated the basket defensively under stress while the holder did nothing, and the offsetting sleeves are what held NAV together. Redemption burned tokens, released shares, and settled cash, with the Fund never a party and the redemption right gated to the onboarded holder. The token moved and composed freely on chain throughout; the preservation work happened in the basket beneath it.