Pegisai Global Holdings is a private holding company and the parent of the Pegisai group of companies.
About the Pegisai Group
The Pegisai group licenses the technologies that comprise the Alkaimi Financial Ecosystem™ to bank holding companies. Group companies, under the management of Pegisai Global Holdings, administer and facilitate ecosystem operations under contract, while also providing network, security, and other mission critical services to ecosystem licensees.
Sources and arguments for this point
Pegisai Group’s Objectives
Pegisai Group companies, along with the ecosystem’s licensees, seek to through thoughtful, diligent, cautious and cooperative conduct, influence into existence a fundamental paradigm shift in how the global financial grid is capitalized and liquidity is created, managed and distributed.
Working jointly with regulators, regional financial institutions, central banks, and ecosystem licensees the Group is implementing a global change from which the current top-down fractional reserve and sovereign fiat lending model evolves to a globally decentralized, diverse network of private asset holders who directly anchor the world’s economic system.
The Group’s activities are on-going with regionally chartered, ecosystem license-holding financial institutions conducting wholesale settlement operations using Pegisai™ technologies since 1 September 2026.
Sources and arguments for this point
Reasons Behind Pegisai Group’s Objectives
Derivatives now total more than 5 times all the money in existence.
The world’s financial system is under extreme stress. The largest banks hold about $844.6 trillion in derivatives: promises and claims against each other, many uncollateralized. The promises depend on how rates, currencies and loans move, and on the capital reserves of each bank holding or owing a claim.
All the money in existence, the world’s broad money, is reported at about $150 trillion (June 2026). The $844.6 trillion is more than 5 times that.
At face value, the $844.6 trillion is more than 100 times all the cash the world’s central banks have issued, about $8 trillion.
The $844.6 trillion is also about 44 times all the reserves every government and central bank holds: about $13.2 trillion in foreign currency, $5 trillion in gold and $0.9 trillion in IMF reserves, about $19 trillion in all.
Figure 1. The world’s promises against the world’s backstops. Banks worldwide hold about $844.6 trillion in promises (over-the-counter derivatives, end of 2025), against about $99.2 trillion of government debt (end of 2024), about $19 trillion in official reserves and about $8 trillion in issued cash. Derivatives are a greater threat than governments can fix.
Globally, governments and central banks do not hold enough cash and reserve assets to pay every bank claim if the financial system stalls. Taxpayers cannot cover the gap either.
The arithmetic: Every government and central bank in the world holds about $19 trillion in reserves, against $844.6 trillion in promises. Even at market prices, replacing every promise would cost about $22.8 trillion (end of 2025), more than every reserve on earth.
The governments are already borrowers: The same governments already owe about $99.2 trillion, more than five times the reserves. A government cannot pay a claim from money the government doesn’t have. To pay, the government must first borrow, adding new promises to the pile.
The taxpayers are the last backstop, and the backstop is already spent: US taxes do not cover even today’s spending. The federal deficit reached $2 trillion in the first 11 months of fiscal year 2026. The FDIC fund holds about $1.48 for every $100 of insured deposits. Behind the fund stands the taxpayer, and behind the taxpayer stands more borrowing.
The derivatives issue is over 25 times global COVID-19 measures.
The global economic system has stalled before, as it did during the COVID-19 pandemic. Recent history shows us stalls are more frequent, and ever more expensive, so much so that governments and central banks lack the ability to intervene again.
What COVID-19 took: worldwide, about $16 trillion of government support and about $10 trillion of central bank money to hold off a depression (IMF). The $844.6 trillion in derivatives is over 25 times both together.
The stalls are not rare; the stalls are a pattern: The system has stalled three times in fifteen years, and every rescue was paid for with money created from nothing.
2008: The government rescued AIG with $182.3 billion. The Federal Reserve’s balance sheet grew from $900 billion to $4.5 trillion. The clock starts here: one dollar of 2008.
2020: The Federal Reserve bought $360 billion of government debt in a single week, and the Federal Reserve’s balance sheet grew from about $4 trillion to almost $9 trillion. US inflation peaked at 9.1 percent in 2022. By 2020, that 2008 dollar bought only 83 cents of goods.
2023: Depositors pulled $42 billion out of Silicon Valley Bank in one day. The Federal Reserve’s balance sheet grew about $300 billion in a single week, including a record $152.9 billion of emergency loans. By 2023, that 2008 dollar bought only 71 cents. Today, that 2008 dollar buys about 64 cents.
The COVID-19 rescue was never paid for, anywhere: The United States borrowed about $4.5 trillion in 2020 alone, and the debt was rolled over, not repaid. On 1 October 2026, the US national debt stood at $40.26 trillion. Europe did the same. The European Central Bank’s pandemic program bought up to €1,850 billion of bonds. The Bank of England ended up holding £895 billion of bonds, and UK inflation reached 11.1 percent in October 2022. World government debt jumped from about 84 to about 99 percent of global output in a single year, and still stands near 94 percent.
The bills stack up, and Main Street pays the bills: The 2020 rescue was borrowed cheap, at an average rate of 1.54 percent in January 2021. By January 2026, the average rate was 3.35 percent, and on 10 September 2026 the Treasury sold 30-year bonds at 5.308 percent. Interest alone costs about $1 trillion a year, and the federal deficit reached $2 trillion in eleven months with no crisis at all. The consumer pays twice: once through the taxes that carry the interest, and again at the register, in prices. The next rescue would have only one buyer left: the central bank, paying with money created from nothing.
Figure 2. One dollar of 2008, rescue by rescue. Measured by the US consumer price index (BLS), one 2008 dollar bought 83 cents of goods by 2020, 71 cents by 2023 and about 64 cents in July 2026. Prices never came back down. The repeated interventions are now a large share of “inflation.”
The recurring government debt sales / central bank debt purchase cycle is destructive. The cycle debases a nation’s currency, causing inflation, erodes privately held wealth, and harms consumers. By Pegisai’s estimate, currency debasement now accounts for more than 60% of annual inflation and dollar purchasing power has dropped about 39 percent over 20 years.
How the cycle debases a nation’s currency: The government sells debt. The central bank buys the debt with money created from nothing. This new money’s value is pulled from the existing money pool. This cycle runs the same way in every nation where the central bank buys the nation’s own government debt using the nation’s own currency: the Federal Reserve, the European Central Bank and the Bank of England all ran the cycle in 2020.
The large share: For example, in the year to August 2026, US inflation ran 3.4 percent. Energy, the channel of the war, added about 1 point. Pegisai estimates US dollar debasement at about 70 percent of that inflation, roughly 2.4 points. Across ten years, the US dollar supply grew about 80 percent while the US economy only grew 28 percent, and prices rose 38.8 percent. This answers consumers’ questions: “Why do prices never come back down to normal?” and “Why do today’s families require two incomes, when our parents needed only one and lived a better lifestyle?”
The loss of privately held wealth: Every dollar a person holds loses purchasing power at the rate of inflation. Economists call that lost purchasing power the inflation tax. No one voted in an election for an inflation tax. Americans hold about $23.2 trillion in money. Due to this inflation tax, at 3.4 percent inflation, Americans lose about $790 billion in annual purchasing power. Pegisai estimates about $550 billion of that $790 billion loss in purchasing power comes from debasement alone. The purchasing power does not disappear. The purchasing power moves from the people holding money to the issuer of the new money, and lightens the real weight of the government’s debt.
The loss of real income: The ever-increasing cost of everyday living reduces what each paycheck actually buys. This annual loss of real income erodes the ability of families and private investors to get ahead of the debasement cycle. Tragically, the loss is compounded by ever-increasing government taxes tied to the ever-ballooning costs of the debt, bailout and deficit cycle. The higher taxes reduce take-home pay, raise the cost of goods and services, and put undue pressure on families at home.
The “inflation” and repeated interventions show new tools are needed.
Loss in currency purchasing power, governments as payors of last resort, and the too-big-to-fail arguments all show national governments require the ability to restore balance to their national economic engines. In the existing system, national governments can’t realize their wealth effectively.
The three arguments, each shown on this page: the loss in currency purchasing power, governments as payors of last resort, and the too-big-to-fail rescues.
No pathway turns national assets into usable value: Today, a nation can turn land, minerals or energy into usable value in only two ways: sell the asset or pledge the asset. A sale gives up title and ownership forever. A pledge encumbers the asset and adds new debt. The United States alone owns about 640 million acres of land and manages the mineral estate beneath about 700 million acres, and none of that value appears on the Treasury’s liquid asset reserve line. Nations around the world hold the same kind of unused wealth, still in the ground.
Today’s tools force a choice between three goals: To reduce debt, a government must tax more or spend less, and the economy slows. To stimulate the economy, a government must borrow more, and the central bank buys the new debt with new money, so the currency debases. To stop debasement, the central bank must stop buying, and the government’s interest costs rise. Under today’s tools, a nation can pursue one goal only by giving up another.
The trade-off is built into the system, not into any one nation: Every nation that settles in promises faces the same three-way choice. Leaders inherit the trade-off. Leaders did not create the trade-off. The way out requires a new source of value, not a new promise.
What Pegisai did to meet the Group’s objectives
The Pegisai Group designed, built, tested, certified and deployed a three-part system to achieve the Group’s objectives. For more on certification, see how the Pegisai Group companies audit, administer, fact-check and certify the Alkaimi ledger.
Invented granular value recognition™, creating universal value so any two items achieve parity.
The Pegisai Group designed, tested and deployed a granular value recognition system which separates asset value from currency pricing. This value recognition method enables the creation of universal value which provides an equal value transfer between any two recognized asset values at parity.
Fixed the major flaw. In every other model in human history there was an inefficient and insufficient benchmarking method. Prior models used the scarcity model usually tied to gold or a currency. Realizing the world’s economy and trading needs had grown beyond prior concepts, valuation methods, and practices, Pegisai’s team took a two step approach to establishing, interjecting and maintaining value within an item.
First, the team created a global benchmark based on the theory of abundance, in this case, the common grain of sand. An item itself nearly valueless unless its composition has been changed by another process. The team used this to establish a universal value mark at the sub-atomic level. The universal value mark, with other proprietary processes, allows the establishment of value parity between any two recognized asset classes.
Then using technology, law, and pre-established accepted practices the team built the item’s internal components holding that intrinsic value stable over long durations of time. Compiled these designs created the Digitized Tangible Asset™ (for more about the DTA click here).
Using our technology, we invented the Digitized Tangible Asset (DTA™).
The Pegisai Group designed, tested and implemented a value holding item, The Digitized Tangible Asset which contains Granular Value™ recognized assets in universal value unit which enables this value to be transferred, exchanged and used within the existing global financial system.
Developed the rules for financial institutions to use the new value item (DTA) targeting the Bank for International Settlements Basel 3+ standards, coupled with a modification of the historic “whole reserve banking model” and universally accepted, standardized and internationally compliant operating standards that any existing regionally chartered financial institution globally could adopt within their existing legal and regulatory frameworks.
We modified the historic whole reserve model so a member bank could create liquidity by recognizing more assets onto the Alkaimi ledger, never by lending the same asset twice.
We wrote the operating standards so a member bank could adopt them under the bank’s own charter, national banking law and regulator, without a new banking license.
Built a walled-garden ecosystem for chartered financial institutions to safely operate the 100% Whole Reserve model.
The Pegisai Group designed, tested and implemented a global walled garden network with a centralized ledger which regional chartered financial institutions could exchange value on client’s behalf while also creating liquidity from client’s asset holdings. This system has been named the Alkaimi Ecosystem™.
Designed a universal ledgered, walled garden ecosystem so that member banks could engage in common, normal and usual banking services between fellow licensed member institutions in a collaborative, safe and well regulated manner.
We built one ledger, the Alkaimi ledger, with no blockchain and no sovereign currency inside the network, and placed currency exchange at each member bank’s desk.
We designed settlement between member banks to be final when the value moves, with no correspondent chain between the banks, and set traditional wholesale settlement as the first operations member banks would conduct.
How the Alkaimi Ecosystem meets the Group’s objectives
Member banks create liquidity from recognized value, not from new promises.
A member bank recognizes the Granular Value of a client’s qualifying asset onto the Alkaimi™ ledger, and the client holds the recognized value as DTAs. Liquidity grows as more assets are recognized, never by lending the same asset twice. The capital behind the liquidity comes from private asset holders, not from new debt.
A recognized asset stays exactly where the asset is.
“Remains in place” is literal. Oil stays in the reservoir, ore stays in the mine, grain stays in the silo, and gold stays where the gold is held, each under the custody arrangements that apply to that asset. Recognition requires no move to a vault, no sale and no change in title or ownership. A nation’s reserves still in the ground, and a company’s assets still at work, join the Alkaimi ledger without leaving home.
Settlement moves from net debt to gross asset.
When DTAs move between two member banks, the client’s recognized value moves, and the movement extinguishes the obligation. The settlement is a ledger entry, final when the value moves, with no correspondent chain and no interval in which one bank holds the other bank’s promise. A DTA settlement never adds to the $844.6 trillion pile.
Figure 3. How the Alkaimi Ecosystem works. The recognized asset stays where the asset is. The recognized value moves between member banks as final settlement. Currency is exchanged only at a member bank’s desk, outside the Alkaimi ledger. The Alkaimi Ecosystem is systemically protective.
On the Alkaimi ledger, every position is held whole. Each DTA carries recognized value that is underwritten, and each DTA stack is segregated from every other stack in risk and in lien. No position on the Alkaimi ledger is undercollateralized. No settlement leaves a claim between member banks, so no credit default swap is needed to insure the settlement. If a DTA issuer defaults, the issuer’s estate is liquidated on the Alkaimi ledger and the underwriter stands as surety, so the full issued value is designed to be paid to holders. Stress in one position stays in that position, and nothing carries one bank’s failure to the next.
Over time, a member bank’s entire book becomes whole value.
Under the 100% Whole Reserve model, each old loan that repays retires the deposit the loan created, and each new loan is designed to stand on rented DTAs, which create no deposit. As clients convert deposits into DTAs, the deposits a bank once owed become the clients’ own DTAs, held in custody. The bank’s undercollateralized book runs off on the bank’s own timetable, with no depositor asked to leave, no run, no bail-in and no government guarantee. As the book becomes whole value, each member bank meets the Basel III+ standards reasonably, efficiently and in a timely manner.
Member banks settle this way today.
Since 1 September 2026, licensed member banks in 14 countries have conducted six traditional wholesale settlement operations on the Alkaimi ledger: large-value settlement between member banks, settlement between institutional client holding accounts, custody transfers, trade and commercial settlement, currency exchange at the desk on institutional instruction, and onboarding of institutional asset positions.
The Alkaimi Ecosystem is a currency-neutral rail.
Inside the network, member banks settle in recognized value priced in no currency, so the settlement favors no currency and depends on none. Currency is exchanged only at a member bank’s desk, outside the Alkaimi ledger, when a client asks for currency. The same rules apply to every member bank and every client, activated by the rules and not by politics, and every member bank complies with every lawful sanction of every nation in which the member bank operates.
One ledger, inside a walled garden, with no blockchain.
Member banks share one ledger, the Alkaimi ledger, with no blockchain and no distributed ledger. Every client reaches the Alkaimi ledger only through a member bank. Every DTA sits in a named client’s holding account, and every movement is recorded between two known accounts.
The DTA is not a cryptocurrency, and the Alkaimi Ecosystem is not a crypto network.
The member banks of the Alkaimi Ecosystem hold that the term “digital asset” is not logical: the term names a record, describes a medium, and covers tokens defined by what the tokens lack. A DTA is digital in form and tangible in value. The DTA is not created by fiat. The value exists first, in the client’s own tangible asset, and a DTA is a claim on no one. As Pegisai’s spokesman stated, institutional treasury progress “is not about moving tokenized versions of existing fiat liabilities faster.”
Every member bank works inside existing law, under the bank’s own regulator.
Each member bank is chartered under the bank’s nation’s banking law and licensed to operate the model. Supervisory classification of member operations rests with each member’s own regulator. The model works inside the system the regulators already supervise, which is where the claims sit and where crypto never reaches.
Seventeen asset classes today, with more ready to follow.
Member banks recognize value in gold, silver, platinum, palladium, oil, natural gas, wheat, corn, rice, soybeans, coffee, cocoa, steel, copper, aluminum, iron ore and coal. More asset classes are ready to follow as member banks and cooperating authorities move forward together, at an acceptable pace.
The Alkaimi platform is built to scale.
The system is designed to administer data flows more than sufficient to meet immediate needs and expected requirements, and to settle up to $130 trillion, near the scale of the world’s broad money. Holding stores wealth, and settling pays: DTA settlement can replace no more money than the world holds. Member banks bring the value in at a metered pace across about a decade. The timing of the $130 trillion is a function of the members of the Alkaimi Ecosystem, including the members’ decision on when to move into consumer services. No debt is canceled by fiat, and no creditor is written down.
Consumer services come later, by the members’ common decision.
Alkaimi Ecosystem members plan to expand into consumer services. Today the model is self-embargoed to the wholesale settlement segment. Members will decide in common when to expand into consumer products, as each member meets the member’s capital, people and infrastructure conditions, and in agreement with the member’s own regulator.
Governments can engage a member financial institution today.
A nation’s governing authority, or a state-owned entity, can pre-qualify now at alkaimi.com. A complete and eligible submission may be introduced to a member financial institution in the nation’s region, which decides for itself whether to engage. No fee is charged at any stage, and every submission is screened against applicable sanctions.
| Pegisai Group’s objective | Met by items |
|---|---|
| Capitalization by private asset holders, not top-down fiat lending | 1, 2, 5, 12 |
| Liquidity created, managed and distributed | 1, 3, 4, 7 |
| Working jointly with regulators and central banks | 10, 13 |
| A global, diverse network | 7, 8, 11 |
| Operating since 1 September 2026 | 6, 11, 14 |
Why the Alkaimi model meets the Group’s objectives
The Alkaimi model stops banks from creating new promises and puts real value in place of the promises, inside the banking system that already exists.
Banks settle with value, not promises.
When a DTA moves between two member banks, the payment is final. The obligation is extinguished by the movement, and nothing is left owed for a credit default swap to insure.
A licensed member bank stops creating money.
Under the 100% Whole Reserve model, no licensed member bank lends against a client’s value. The client’s value stays the client’s, held whole in the bank’s custody. A client has no promise to run on, because the bank holds the value instead of owing the value.
The old promises are retired.
As clients convert, the deposits a bank once owed the clients leave the bank’s balance sheet and become the clients’ own DTAs. Old loans repay, and the money the bank once created runs off with the loans, without a run, a bail-in or a government guarantee.
New lending is designed to be funded by real value.
Asset holders choose to rent DTAs to a bank, the bank pledges the rented DTAs at the bank’s central bank, and the central bank advances the currency that funds the loans. The loan is funded first and written second, no deposit is created, and the holder earns on the value without selling the value.
Value held as DTAs keeps purchasing power.
A DTA is owed by no one, cannot be run and cannot be debased. While every currency loses purchasing power, value held as DTAs keeps the value’s purchasing power.
Sources and arguments for this point
The Alkaimi Ecosystem is a currency-neutral rail.
The dollar rail lost neutrality as access to the dollar system became a tool of policy: a Macau bank was severed in 2005, Iranian banks were cut from settlement messaging in 2012, and a G20 central bank’s reserves were frozen in 2022. On the Alkaimi ledger, the rules apply to every client and nation alike, activated by the rules and not by politics. No foreign state can freeze another nation’s treasury’s DTAs, and every licensed and regionally chartered member bank complies with every lawful sanction of every nation in which the member bank operates.
Governments no longer have to create debt to grow or to rescue.
The Alkaimi Ecosystem is designed to let a nation recognize the value of the nation’s assets, still held within the nation’s borders, without a change in title or ownership. The treasury can then fund economic expansion, or buy back existing debt, with recognized value, instead of selling new bonds for the central bank to buy with new money. No new debt is created, and no new money debases the currency. The Alkaimi Ecosystem’s operating guidelines permit a nation’s recognized asset reserves to be used only for economic expansion or debt reduction.
Economic stress no longer shifts from too-big-to-fail banks onto the taxpayer.
On value held on the Alkaimi ledger, a member bank holds the client’s value whole, in custody, instead of owing the client a promise. Value the bank holds, and does not owe, gives depositors nothing to run on and gives a government nothing to guarantee. Settlement between member banks is final when the value moves, so no chain of promises carries one bank’s failure to the next. The rescue that lands on taxpayers today needs a promise to rescue, and the held value carries none.
Private asset holders and income earners gain a more balanced system to use and grow from.
Value held as DTAs keeps the value’s purchasing power, so held value stops paying the inflation tax. An asset holder draws liquidity from an asset the holder keeps, fully owned, and the model is designed to let the holder earn on the value without selling the value. As member banks carry the model into consumer banking, each under the bank’s own regulator, wages and savings are designed to stop losing ground to debasement.
Who benefits from the Pegisai Group’s Objectives?
Regional banks, central banks, treasuries, businesses, asset holders and the people the banks serve.
The 100% Whole Reserve™ model improves regional banks’ capital position and helps regional banks meet the Basel III+ standards. A licensed member bank is paid fees for service and carries no promise the bank created against a loan.
Central banks gain more effective management and oversight of each nation’s financial system, and can shift from managing risk toward managing assets.
A central bank no longer stands behind money that regional banks create and national governments no longer need to back the central bank’s activities taking on irrational risks to their economic sovereignty.
An asset holder draws liquidity from a reserve that stays in the ground, fully owned. A business settles a contract account to account, final in substance, with no bank’s promise between the two parties.
For asset depositors, the model is designed to stop the dilution of held wealth, because a bank lending from rented DTAs creates no new deposit. Consumer operations are planned for a later phase, under each member bank’s own regulator.
Sources and arguments for this point
Pegisai at a Glance: Sources, Logic and Arguments
Pegisai Global Holdings develops, licenses and administers the technology supporting the Alkaimi Financial Ecosystem. Pegisai does not provide banking services, accept deposits, hold client value or execute client settlements. Banking operations are conducted by member chartered financial institutions.
Value held on the ecosystem’s ledger is held under a custodial agreement. Held value is not a currency deposit and is not insured by deposit insurance or by a government agency such as the FDIC. The settlement mechanisms used in the licensed model are themselves individually insured.
Supervisory classification of member operations rests with each member’s own regulator. The Alkaimi Ecosystem has not been designated a systemically important financial market utility.
This page contains some forward-looking statements. Read Pegisai’s statement on forward-looking statements.