The asset classes the same regulated rails can carry once the core is live, the platform's future revenue surface, sequenced behind the base business, not instead of it.
The five-year model (document 05.1) stands on one conservative base: tokenized deposits across four Canadian institutions. This document does not change that. It is the map of what the same rails can carry next. A regulated issuance, trading, settlement, and custody control plane is asset-agnostic by design, so the marginal cost of the next asset class is integration, not reinvention.
None of the verticals below are in the five-year model, and we are deliberately not doing all of them at once. They are optionality, sequenced strictly behind the core. Each carries a maturity tag, CORE-ADJACENT (a near extension of what is built) or FORWARD OPTION (a later phase, regulator and demand permitting), and a sourcing tag, VERIFIED (a published third-party figure) or ESTIMATE (our reasoned construction). 4orm earns the same fee streams on each, issuance, custody, settlement, trading, SaaS, and a savings share.
These are the actual asset classes the 4ormEx architecture organizes around, not a wish list. Each card shows the tokenization market, how 4orm earns, and where it sits in sequence.
Tokenized bank deposits, the core, are not shown above; they are the base case, modeled in full in document 05.1.
Two verticals are core-adjacent because they are already happening in Canada on rails that look like ours: tokenized gold crossed roughly $3.4 billion on-chain in 2025 led by Tether Gold and Pax Gold, and a Canadian platform has already tokenized a $51.9 million Winnipeg commercial property (document 02.4). Carbon and infrastructure carry the steepest curves: the voluntary carbon market is forecast to grow from about $4 billion to roughly $24 billion by 2030, and project-level tokenization, milestone draws settling against verified delivery, is the most distinctly Canadian option given the country's multi-decade infrastructure need.
Every vertical earns through the same five fee streams as the core, plus a savings share. That is the point: 4orm is not eleven businesses, it is one regulated control plane that can carry eleven asset classes. The base case is funded on the first one. The rest is what the rails are worth once they exist. The broader backdrop is the real-world-asset tokenization market, forecast by BCG at roughly $16 trillion by 2030 and by BCG and Ripple at $9.4 trillion by 2030 rising to $18.9 trillion by 2033.
Sources: tokenized gold and RWA data from a16z crypto, Canadian Mining Report, and CoinGecko (2025-2026); real estate from InsightAce Analytic and Custom Market Insights; voluntary carbon from Grand View Research and Mordor Intelligence; RWA backdrop from BCG, BCG/Ripple, and McKinsey. ESTIMATE figures are KCS Capital's reasoned construction, not third-party forecasts. None of these verticals are in the five-year model (document 05.1); they are optionality only. Forward-looking statements are subject to material change.
Prepared for approved data room members. This document does not constitute an offer to sell securities or a solicitation of an offer to buy securities. 4orm Finance Holdings Inc. is the parent entity of 4orm OpCo, 4ormEx OpCo, and 4orm Trust Co; technology is developed by KCS Capital, an independent research and development firm.