AUSG — Tokenised Australian Government Bonds

Version 1.0 — March 2026
Issuer: Blueberry Money Pty Ltd (ACN 691391214 | ABN 34691391214)

Overview

AUSG is a tokenised Australian Government Bond product deployed on Ethereum mainnet and Base L2 (Coinbase). Each AUSG token represents ownership in a pool of Australian Government Securities — specifically Treasury Notes (T-Notes), short-dated government debt maturing in approximately 3 months.

AUSG earns yield from T-Notes at approximately 4% per annum, tracking the RBA cash rate. Yield accrues daily into the token's Net Asset Value (NAV), which is updated on-chain. Investors can mint AUSG by depositing AUD and redeem back to AUD with daily liquidity.

AUSG is an ERC-20 token with on-chain KYC enforcement — only wallets that have completed identity verification can hold or receive AUSG. This is enforced at the smart contract level via the WhitelistRegistry.

Key Properties

Smart Contracts

All contracts are verified and source code is publicly readable on block explorers.

Ethereum Mainnet

Base L2 (Coinbase)

How It Works

NAV and Yield

AUSG uses a Net Asset Value (NAV) model. The NAV per token starts at $1.000000 and increases daily as the underlying T-Notes earn interest. For example, at 4.1% annual yield, the daily NAV increase is approximately $0.000112 per token.

NAV is updated on-chain by the operator based on custodian reports. Both the current NAV per token and the total reserve value are recorded in the smart contract for transparency.

Minting

1. Investor qualifies as a wholesale client under Australian law
2. Investor completes KYC identity verification
3. Investor's wallet address is added to the on-chain WhitelistRegistry
4. Investor transfers AUD to the fund's designated account
5. Operator mints AUSG tokens proportional to the current NAV
6. AUSG appears in the investor's wallet

Redemption

1. Investor requests redemption through the platform
2. AUSG tokens are burned at the current NAV
3. Equivalent AUD (quantity × NAV per token) is transferred to the investor's bank account
4. Redemptions settle next business day

Transfer Restrictions

Every AUSG transfer is checked against the WhitelistRegistry smart contract. If the recipient wallet is not KYC-verified, the transfer is rejected on-chain — the transaction reverts and no tokens move. This cannot be bypassed.

Architecture

Investor (KYC verified, wholesale qualified)
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        v
WhitelistRegistry (on-chain KYC check)
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        v
AUSG Token (ERC-20, decimals=6)
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    v           v
Ethereum     Base L2
mainnet      (Coinbase)
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    v
NAV Oracle (operator updates from custodian data)
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    v
Australian Government T-Notes (held in custody)

Smart Contract Design

Non-Custodial

The platform does not hold investor private keys. Investors manage their own wallets (hardware wallets recommended). The platform can mint and burn tokens but cannot move tokens from investor wallets without their signature.

Reserve Management

AUSG is backed by a pool of Australian Government Securities — the safest fixed-income asset available in Australia. The fund holds Treasury Notes (T-Notes) maturing in approximately 3 months, rolled at maturity.

AUSG vs AUDY

AUSG is not a stablecoin. Unlike AUDY (pegged 1:1 to AUD), AUSG's value fluctuates with the yield from government bonds. NAV typically increases daily but may decrease slightly if interest rates rise unexpectedly.

AUDY and AUSG are designed to work together:

• Hold AUDY for payments and settlement (earns nothing, stable value)
• Swap to AUSG for yield (~4% from government bonds)
• Swap back to AUDY when liquidity is needed

Regulatory Framework

AUSG is structured as a wholesale Managed Investment Scheme (MIS) under Australian law. When investor funds are pooled and invested in securities, the arrangement constitutes a MIS under the Corporations Act 2001.

Launch Structure

AUSG launches as an unregistered MIS, which does not require ASIC registration provided all members are wholesale clients. An unregistered MIS with fewer than 20 members raising under $2M also qualifies.

Wholesale Investor Qualification

Under Australian law, a wholesale client is defined as:

• Net assets of at least AUD $2.5 million, or
• Gross income of at least AUD $250,000 per year for each of the last two financial years (accountant-certified), or
• A company or trust controlling gross assets of AUD $10 million or more

Legal Structure

Blueberry Money = Investment Manager
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        v
Unit Trust = The Fund (unregistered MIS)
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        v
Responsible Entity (RE) = holds AFSL, legally responsible
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        v
Custodian = holds T-Notes in segregated custody

Compliance

Blueberry Money Pty Ltd is registered with AUSTRAC as a Digital Currency Exchange (DCE) provider under . The platform maintains:

• AML/CTF program compliant with Australian regulations
• KYC procedures for all users via identity verification providers
• On-chain transfer restrictions enforced at the smart contract level
• Transaction monitoring for suspicious activity
• 7-year record retention as required by law

Risk Factors

Links