Alkaimi Ledger Activities Reconciliation Report

Download the report (PDF)

At a Glance

This Report of Record states the Alkaimi ledger’s operations for the first 60 days of operation, 1 September through 30 October 2026.

Table 1: Value stated in currency equivalent for reference purposes only. No currency transacts or is stored on the Alkaimi ledger.

This Report of Record is an activities reconciliation report of the Alkaimi ledger, not an audited financial statement. The Alkaimi ledger is a property ledger. The recognized value and the settled turnover in this record are reconciled from the records the DTAs on the Alkaimi ledger carry, kept in real time as each DTA moves. Each member financial institution is audited by third parties and supervised regionally for the institution’s own conduct on the Alkaimi ledger. Section 4 states the basis of this record.

Operations to date

The Alkaimi financial ecosystem began wholesale settlement operations conducted through Alkaimi ecosystem members on 1 September 2026. Since that time, member institutions have conducted transactional services via a global secure network and a walled garden nexus point. The nexus point is currently conducted through four gateway financial institutions embedded into the walled garden nexus and connected via the global network of thirty-four correspondent member financial institutions. The ecosystem launched with twelve correspondent member institutions, and twenty-two additional correspondent financial institutions were added via the issuance of de novo licenses on 12 October 2026.

De novo licensed member institutions are limited in operations on the ecosystem until each institution meets the full licensure criteria and passes the required audit. Alkaimi.com, the informational website for the ecosystem’s member institutions, launched on 12 September 2026.Ecosystem network, value recognition and asset verification services are provided under contract to member institutions by Pegisai group companies, subsidiaries of Pegisai Global Holdings, the ecosystem’s technology and operating model license provider.

Since 12 September 2026, more than 150 financial institutions, from 71 locations across seven world regions have submitted requests, engaged or have submitted packages for consideration of correspondent (ACI) licensure. Pegisai group companies are diligently working to facilitate these requests, and the expansion of the network system to support these emerging ecosystem providers.

Contents

1. Value on the Ledger

2. Recognition Capacity

3. Membership and Licensing

4. Basis of This Record

5. Public Record and Resources

Schedule A. Currency Equivalents of Ecosystem Held Values: End of Report Period.

Schedule B. Approved Assets for Recognition - Set A: Known Reserves and Capacities

1. Value on the Ledger

Member financial institutions placed recognized value of 185 billion United States dollars equivalent on the Alkaimi ledger in the first 60 days. During the period, member institutions moved DTA value between client holding accounts in discharge of obligations under the parties’ stated agreements, with a settled turnover of 91.5 billion United States dollars equivalent. No currency moves on the Alkaimi ledger, and no settlement on the Alkaimi ledger has occurred in any currency.

During the period, member institutions have presented assets with a value of 785 billion United States dollars equivalent, drawn from the ecosystem’s first set of 17 approved asset classes for value recognition and placement on the Alkaimi ledger. The asset classes presented during this period include crude oil, coal, natural gas, aluminum, iron ore, copper, gold, platinum, palladium, steel, silver, corn, wheat, rice, soybeans, coffee and cocoa.

Of the value recognized into DTAs and placed on the Alkaimi ledger, energy (crude oil, natural gas and coal) represents approximately thirty-five percent, industrial metals (iron ore, aluminum and copper) thirty-two percent, doré gold fifteen percent, palladium fourteen percent and silver three percent.

As of 30 October 2026, an additional 785 billion United States dollars equivalent has been submitted for value recognition. About 52 percent has progressed to steps 3 to 5, the final stages before underwriting, and about 48 percent is under review at steps 1 and 2 for suitability.

Table 2. Value recognized, settled and in process at 30 October 2026, in United States dollar equivalent for reference. Source: Pegisai Mint and underwriting desk.

Notes:

1. Value is counted at one point only, the Pegisai Mint and underwriting desk. The submission pipeline behind the desk is not counted.

2. Value in process is stated as in process, never as recognized. Steps 1 to 6 on average run from 45 to 70 days from submission.

3. The value on the Alkaimi ledger comes from Set A, the first seventeen approved asset classes (Section 2). On 2 October 2026, 51 further asset classes were approved for value recognition. As of 30 October 2026, 68 asset classes are approved for value recognition on the Alkaimi ledger.

4. Alkaimi’s value recognition method and the price label are stated in Sections 2.3 and 2.6 of the Introductory Report. Settlement, and the member’s purchase of DTA value at the desk, are stated in Sections 4.2 and 4.4.

5. Schedule A states the figures of Table 2 in six currencies.

6. The recognized value and the settled turnover of Table 2 are reconciled from the records of the DTAs on the Alkaimi ledger, on the basis stated in Section 4.

2. Recognition Capacity

As of 30 October 2026, 68 asset classes are approved for value recognition on the Alkaimi ledger, and the ecosystem allows no more than 40 percent of the known reserve of each class to be recognized.

All value recognized in the period came from Set A, the first 17 approved classes (Section 1). The 185 billion United States dollars equivalent on the Alkaimi ledger uses less than 0.13 percent of the estimated cap on Set A. The estimated cap on Set A still open for value recognition stands at 181.5 trillion to 248.7 trillion United States dollars equivalent.

The value on the Alkaimi ledger sits in five groups of Set A: energy, industrial metals, gold, palladium and silver. Measured against the estimated cap on each group, palladium has used the most, 2.87 percent, and energy the least, 0.04 to 0.05 percent. Value recognized from gold corresponds to about 258 tonnes, against an estimated cap of 26,400 tonnes. By group, the estimated caps and the share used stand as follows.

Table 3. Value on the Alkaimi ledger by group of Set A, measured against the estimated cap on each group, 30 October 2026. Energy and industrial metals each combine three classes and are stated in value only.

Palladium stands well above the other groups in the share of its estimated cap used.

The 40 percent limit keeps value recognition behind production. Forty percent of the 66,000-tonne known reserve of gold is 26,400 tonnes. Value recognition beyond 26,400 tonnes would let demand from the Alkaimi ledger start to govern what gold producers mine. The same limit holds for every class.

Value is recognized only from known and certified reserves. Member institutions present a specific volume of an asset, measured and certified by an independent qualified party under the standard for that asset, such as an assay certificate for mined gold. Two gates then apply. At the asset, only the certified volume enters. At the class, the estimated cap holds. Value recognition stops at the first gate reached.

The 68 approved classes sit in four sets of 17: Set A, and the 51 classes added on 2 October 2026 as Sets B, C and D. Set A holds 91 to 94 percent of the known reserve value of the 68 classes. The estimated cap applies to the approved classes, not to the Alkaimi ledger, and further classes may be approved for value recognition through the standards process.

Table 4. Known reserve and estimated cap of the 68 approved classes, by set, at market prices dated 6 to 12 October 2026. Totals are computed from unrounded figures.

Notes:

1. A known reserve is 100 percent of the published official estimate for a class: the proven reserve for minerals and fuels, and one year of production for crops, livestock, timber, steel and industrial materials.

2. An estimated cap is 40 percent of the known reserve. Value recognition within the cap is subject to certification and to limitations, including underwriting acceptance and the reservation of the certified reserve in place.

3. Each class is priced at a market price dated 6 to 12 October 2026. The range in the energy cap and in each total is the natural gas price: Henry Hub at 3.03 United States dollars per MMBtu gives the low end, and Dutch TTF at 25.00 United States dollars per MMBtu gives the high end, both on 6 October 2026.

4. Cap use is measured on the full accepted value of the assets recognized. Tonnes are converted at the prices of note 3: gold at 4,177.43, palladium at 1,153.50 and silver at 60.76 United States dollars per troy ounce.

5. Platinum and palladium are two classes on one combined platinum-group reserve of 76,000 tonnes. The palladium row of Table 3 measures use against the cap on that combined reserve.

6. The known reserve of gold counts gold in the ground and leaves out gold already above ground, so the estimated cap on gold understates the gold class.

7. Schedule B states each Set A known reserve in volume units.

3. Membership and Licensing

As of 30 October 2026, 153 institutions are engaged in ACI consideration. An ACI license admits a correspondent financial institution to the ecosystem. The licensed institution works through one primary AGI gateway institution, brings clients to the Alkaimi ledger, holds each client’s DTAs in custody and presents client assets for value recognition. Each AGI gateway institution builds a network of ACI holders across nations.

An institution enters ACI consideration by request and application. Review of the institution’s audited financials sets the institution’s capitalization requirement. The de novo license issues once the institution accepts the contract terms, with the restrictions stated in Operations to date. The full ACI license issues at step 10, on certification that the institution has met the full licensure criteria and passed the required audit.

Before any client’s value reaches the Alkaimi ledger, each member institution vets the client under that institution’s own know-your-customer rules and performs the anti-money-laundering duties of that institution’s own license.

Each institution moves toward a full ACI license on that institution’s own books and operations, so timelines differ from bank to bank. The 153 institutions engaged come from the seven world regions listed in Table 5.

Table 5. World regions of the institutions engaged in ACI consideration, 30 October 2026.

Notes:

1. The AGI and ACI licenses are stated in Section 4.1 of the Introductory Report, and the three-layer KYC and AML structure in Section 4.5.

4. Basis of This Record

Pegisai Global Holdings publishes this record as administrator of the Alkaimi ledger, under the administration contracts and the legal basis stated in Section 7 of The Alkaimi Financial Ecosystem: Introductory Report.

Pegisai administers the Alkaimi ledger under contract, takes no position in any conveyance and publishes the system-level record in aggregates only (clauses 7.6.1 and 7.6.2). Publication carries the duty to keep the published record current (clause 7.6.4).

This record reconciles the activity of the Alkaimi ledger, a property ledger that records DTA property and moves no currency (clauses 7.4.1 and 7.4.3). A financial statement states the money a firm owns and owes, and an independent auditor examines the firm’s books. The Alkaimi ledger records identified property, not money. This record is therefore a reconciliation of the Alkaimi ledger’s activity, not an audited financial statement. The reconciliation rests on six points.

1. Each stacked DTA is a segregated property and a self-auditing property record. The record of each DTA carries the DTA’s custody, title, rights and every conveyance, kept in real time as the DTA moves (clauses 7.4.1 and 7.4.2).

2. Each DTA is itself a series of contracts, including the drawing rights on the underlying asset, stated as a pre-mint line item, and the agreed loss surety (clauses 7.3.2 and 7.3.3).

3. Three separate contracts stand around the Alkaimi ledger: the administration contracts, under which Pegisai administers the Alkaimi ledger; the licensing and membership agreement of each member financial institution; and the contract terms each institution accepts for licensure (clause 7.6.1 and Section 3). The contracts carry the conduct standard on the Alkaimi ledger, and each member’s regulator and third-party auditor examine the member’s conduct under the contracts.

4. No currency moves on the Alkaimi ledger. Currency moves only at a member’s desk, where the member buys DTA value and pays the holder in currency from the member’s own operating retail bank, on the member’s own books. Third parties audit each member’s books, and each member’s regional authority supervises the member (clauses 7.7.3 and 7.8.2).

5. Pegisai Global Holdings and the Pegisai group companies are not financial institutions. Pegisai Global Holdings licenses the ecosystem’s technology and operating model to the member financial institutions (clause 7.6.6). The Pegisai group companies provide network, value recognition and asset verification services to member financial institutions under contract. Pegisai reconciles the activity of the Alkaimi ledger and audits no member financial institution.

6. The settled turnover in this record is stated in currency equivalent for reference, as the representative measure of the lawful movement of assets in DTA form. The DTAs are digitized bearer instruments, held in custody by licensed member financial institutions solely on the Alkaimi ledger. The DTAs move from one client’s holding account to another client’s holding account at the same member or at another licensed member, in discharge of obligations under the parties’ stated agreements (clauses 7.3.4 and 7.4.2(d)).

A regulator reaches the conduct of the Alkaimi ledger by three lawful pathways: supervision through the supervised member, lawful process, and lawful sanctions (clauses 7.8.1 to 7.8.4). The conduct of Pegisai as administrator is reached by the three vectors stated in clause 7.6.3.

Each figure is taken from the record that holds the figure, on the date stated. By source, the figures and dates stand as follows.

Table 6. Source and date of each figure in this record.

Pegisai holds the conduct of the register to the self-imposed standards stated in clause 7.10, taking the Principles for Financial Market Infrastructures, including the Annex F expectations for critical service providers, as guidance where the Principles are relevant.

Notes:

1. Clause numbers refer to Section 7 of The Alkaimi Financial Ecosystem: Introductory Report.

5. Public Record and Resources

This Report of Record is the first record of the Alkaimi ledger, released 1 November 2026 with The Alkaimi Financial Ecosystem: Introductory Report, in the records and news sections of pegisai.com.

The Introductory Report states the method, the measure and the law behind every figure in this record. By question, the sections of the Introductory Report stand as follows.

Table 7. Questions this record raises, and the section of the Introductory Report that answers each question.

The following resources carry the standing positions behind this record.

1. The Legal page, at pegisai.com: the standing declarations and the regulatory position of the Alkaimi ledger.

2. The Legal Position of the DTA, at pegisai.com.

3. Alkaimi.com, the informational website for the ecosystem’s member institutions.

Schedule A.

Currency Equivalents of Ecosystem Held Values: End of Report Period.

At the close of 30 October 2026, the figures of Section 1 read in six currencies as stated in Table A1.

The six currencies are the currencies of the five permanent members of the United Nations Security Council, with the euro standing for France, and the Japanese yen.

Table A1. The figures of Table 2 in six currencies, billions, at the exchange rates captured 31 October 2026, 00:02 UTC, the close of 30 October.

Schedule B.

Approved Assets for Recognition - Set A: Known Reserves and Capacities

Each Set A class carries the known reserve and the estimated cap stated in Table B1, in the volume units of the class. Platinum and palladium share one row on the combined platinum-group reserve.

Table B1. Set A known reserves and estimated caps in volume units. Sources: USGS Mineral Commodity Summaries 2026; OPEC Annual Statistical Bulletin 2025; bp Statistical Review 2021; worldsteel 2026; USDA, July and October 2026; ICCO, August 2026.