HashiRWA: Bridging Japan’s Agri RWA with AI

[Proposal setup] Proposal title

Please provide your proposal title

HashiRWA: Bridging Japan’s Agri RWA with AI

[Proposal Summary] Budget Information

Enter the amount of funding you are requesting in ADA

99950

[Proposal Summary] Time

Please specify how many months you expect your project to last

9

[Proposal Summary] Translation Information

Please indicate if your proposal has been auto-translated

No

Original Language

en

[Proposal Summary] Problem Statement

What is the problem you want to solve?

Agriculture in Japan remains disconnected from blockchain RWA markets, missing opportunities for transparent funding and global reach.

[Proposal Summary] Supporting Documentation

Supporting links

• https://github.com/fuguswarm/hashirwa-demo
,
• https://github.com/fuguswarm/hashirwa-demo/blob/main/docs/HashiRWA_OnePager_v2.pdf

[Proposal Summary] Project Dependencies

Does your project have any dependencies on other organizations, technical or otherwise?

No

Describe any dependencies or write 'No dependencies'

No dependencies

[Proposal Summary] Project Open Source

Will your project's outputs be fully open source?

Yes

License and Additional Information

All project outputs will be released under the MIT License to encourage reuse, collaboration, and broad adoption across the Cardano ecosystem. Any third-party libraries or frameworks will retain their original licenses (e.g., MIT, Apache 2.0, GPL), with full attribution included in our repository to support transparency and community trust

[Theme Selection] Theme

Please choose the most relevant theme and tag related to the outcomes of your proposal.

RWA

[Campaign Category] Category Questions

Describe what makes your idea innovative compared to what has been previously funded (whether by you or others).

HashiRWA is the first Cardano-native bridge to Japan’s licensed RWA market. Instead of creating new tokens or costly custodial structures, it standardizes issuer data, records on-chain proof-of-listing, and integrates Chainlink for live feeds. This compliance-first, workflow-focused model makes global participation seamless while positioning Cardano in a high-value, regulated market.

Describe what your prototype or MVP will demonstrate, and where it can be accessed.

The MVP will show a live dashboard where licensed Japanese issuers list verified assets (e.g., farmland, renewable energy, SME finance). Investors can view standardized deal data, confirm listings via Cardano testnet metadata, and see Chainlink-powered yield and FX updates. This proves end-to-end functionality: issuer onboarding → admin approval → investor access, all without costly intermediaries.

Describe realistic measures of success, ideally with on-chain metrics.

Success will be tracked by measurable on-chain activity:

• number of listings published with proof-of-listing metadata on Cardano
• transaction volume tied to updates and verifications
• investor wallet interactions such as watchlist additions or deal tracking. A healthy cycle would show 15+ listings in year one, 100+ unique investor wallets engaging, and >95% of listings refreshed with current data.

[Your Project and Solution] Solution

Please describe your proposed solution and how it addresses the problem

1. Problem & Opportunity

Japan’s Real-World Asset (RWA) market is one of the most promising globally, with attractive yields across renewable energy, SME financing, and real estate. Yet despite this potential, global investors face persistent barriers: language gaps, opaque deal information, inconsistent reporting standards, and time-consuming due diligence.

Despite these hurdles, tokenization is scaling quickly. By FY2024, cumulative Security Token Offerings (STOs) in Japan reached JPY 168 billion (~$1.1 billion), with new policy reforms in 2025 expected to accelerate issuance _(Nomura/BOOSTRY, 2025). In parallel, GATES Inc. tokenized $75 million of Tokyo real estate and announced expansion toward $200 billion in assets-about 1% of the market (Oasys Games, 2025). _And as of mid-2025, real estate-backed STO issuance surged again, with Kenedix issuing JPY 63 billion in a single deal and pushing its total issuance above JPY 230 billion (GO@Digital Securities, 2025).

These data points underline strong momentum and regulatory openness in Japan’s RWA sector. Yet for non-Japanese investors, access remains limited and fragmented, making participation slow, costly, and uncertain. What is missing is a dedicated bridge: a platform that makes Japan’s RWA opportunities transparent, standardized, and accessible.

2. Our Approach

HashiRWA (橋RWA, “Bridge RWA”) fills this gap by building a Cardano-native workflow and data hub that connects licensed Japanese issuers with global investors. Unlike token issuers or custodians, we focus on aggregation, verification, and workflow efficiency keeping the MVP lean, compliant, and implementable from day one.

.

HashiRWA will deliver a working demo MVP that focuses on 3 essentials:

1. Aggregating asset data from licensed Japanese issuers (starting with agriculture).Producer Onboarding Form: Aggregating Asset Data. Licensed issuers submit product details, certifications, harvest dates, and lot sizes for verification.
2. Recording proof-of-listing metadata on Cardano for authenticity.Marketplace View: Recording Proof-of-Listing Metadata. Approved assets are listed publicly with verification details and downloadable proof-of-listing metadata for authenticity.
3. Providing a simple investor dashboard with basic workflows (wallet login, watchlist, issuer updates).

Illustrative mock-up of the HashiRWA dashboard, showing how agricultural RWAs can be onboarded, validated, and tracked by investors in a simple interface.

.

By focusing on an MVP with live, verifiable on-chain elements, HashiRWA aligns squarely with the Concept category: it is about validating feasibility, not scaling full infrastructure.

To demonstrate feasibility and real-world demand, our first onboarding focus will be Japanese agricultural producers. This sector faces financing and export challenges that our platform directly addresses, making it a natural starting point to show immediate value to issuers and investors alike.

3. Key Features

• On-chain Proof of Listing: Cardano registry for each verified issuer/listing.

• Oracle Integration: Live data feeds for FX and agriculture-linked performance.

• Dashboard Demo: Wallet login, simple deal view, and basic issuer–investor communication.

• Japanese Agriculture Pilot: First issuers onboarded will be agricultural producers-a sector where transparency, export finance, and trust are urgent needs.

4. Implementation Plan

• Phase 1 (Months 1–3): Build listing prototype, connect issuer feeds, integrate proof-of-listing on Cardano.

• Phase 2 (Months 4–6): Live MVP demo with 5–10 listings, oracle data feeds, and investor dashboard.

• Phase 3 (Months 7–9): Expand listings, add basic workflows (messaging, doc vault), and publish close-out demo/report.

5. Long-Term Vision

HashiRWA will become the trusted bridge for Japanese RWA deal flow starting with Cardano and later connecting to Ethereum, Solana, and other chains for broader liquidity. By focusing on data aggregation, compliance alignment, and workflow transparency not token issuance, we provide a foundation that is legally sound, technologically lean, and ready to scale as Japan’s RWA market accelerates.

By connecting licensed issuers, global investors, and Cardano infrastructure, the platform directly expands real-world adoption and strengthens community participation. This makes HashiRWA a driver of Cardano’s ecosystem growth, ensuring that high-quality RWA flows become part of the network’s long-term story.

6. Why this fits the Concept Category

This proposal is not a production marketplace. It is a proof-of-concept to show Cardano’s ability to:

• Host standardized RWA data on-chain.

• Integrate trusted oracles (Chainlink) for yields, FX, and agricultural indices.

• Demonstrate real investor interactions through wallet-linked dashboards.

It tests whether global investors and Japanese issuers can engage through a blockchain-native workflow, creating learnings that the wider ecosystem can build on.

Appendix – References

• Nomura/BOOSTRY. FY2024 STO Market Report, April 2, 2025.

https://www.nomuraholdings.com/en/news/nr/news202504022.html

• Oasys Games. GATES Real Estate Tokenization Pilot, July 10, 2025.

https://www.oasys.games/post/major-japanese-real-estate-firm-gates-to-tokenize-75m-holdings-on-oasys-blockchain

• GO@Digital Securities. Weekly Security Token Japan Update, July 31, 2025.

https://gomasuda.medium.com/weekly-security-token-japan-jul-28-aug-3-9bb3d36cfcfc

[Your Project and Solution] Impact

Please define the positive impact your project will have on the wider Cardano community

HashiRWA will demonstrate how Cardano can act as a blockchain-native bridge between Japan’s regulated Real-World Assets (RWAs) and global investors.

1. Access Expansion – Testing whether non-Japanese investors can engage with licensed issuers when barriers of language, format, and process are reduced.
2. Data Transparency – Proving that standardized and verified asset data can be anchored on Cardano and updated via Chainlink-powered feeds.
3. Workflow Validation – Showing how even a lean MVP dashboard can reduce friction for investor–issuer interactions.

Measures of Success (KPIs)

• Verified RWA Listings Published: 15+ listings recorded with on-chain proof-of-listing.

• Investor Wallet Interactions: 100+ wallets connecting to view or watchlist demo listings.

• Data Integrity: 95%+ of demo listings refreshed with current performance data.

• Learning Outcomes: Clear public report on feasibility, adoption barriers, and technical lessons for future scaling.

By starting with agriculture, a sector where financing and transparency are urgent needs, HashiRWA delivers a practical first use case. The learnings from this Concept phase will guide expansion into real estate, SMEs, and renewable energy. Success here is not just measured in numbers but in validating Cardano’s relevance in Japan’s fast-emerging RWA market and building the foundation for future ecosystem adoption.

[Your Project and Solution] Capabilities & Feasibility

What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

HashiRWA is designed to prove that Japan’s Real-World Asset (RWA) opportunities can be made transparent and accessible to the Cardano community through a lean, compliance-friendly prototype.

Our team comes from finance, investment, and risk management backgrounds, with experience structuring deals, vetting opportunities, and presenting them in standardized formats. On the technology side, we have delivered blockchain-integrated dashboards and wallet workflows before. We also bring practical exposure to Chainlink oracles, having participated in Chainlink hackathons, which equips us to integrate reliable market and data feeds into the prototype.

The prototype scope is intentionally focused:

• Aggregate verified data from licensed Japanese RWA issuers.

• Record proof-of-listing on Cardano for transparency.

• Provide a simple investor dashboard for viewing and tracking listings.

This approach ensures rapid delivery, low cost, and clear outputs that demonstrate feasibility without overbuilding. Advanced modules such as escrow, DID integration, or cross-chain connectivity will be evaluated only after market traction is established.

To ground feasibility in a practical entry point, we will start with Japanese agricultural producers. Farmers face clear challenges in financing, export visibility, and data transparency.

By onboarding agricultural listings first, we can showcase the platform’s core strengths (standardization, proof-of-listing, and Chainlink-powered data updates) while delivering immediate utility to both issuers and global investors. We avoid regulatory pitfalls by partnering directly with licensed Japanese issuers, who handle KYC and compliance.

Our role is to make their data blockchain-ready, usable, and transparent for the Cardano community.

Our team has a proven track record of delivery, having successfully completed and closed out funded projects in previous rounds (Fund 7,Fund 8, and Fund 11). This showcases our ability to translate complex requirements into live, investor-facing products and reinforces confidence in our capacity to execute HashiRWA on time and within budget.This track record proves we can translate complex requirements into live, investor-facing products and gives confidence in our ability to execute HashiRWA on time and within budget.

[Milestones] Project Milestones

Milestone Title

Platform Foundation

Milestone Outputs

1. Core platform with asset listing database.

2. Issuer onboarding form for submitting verified asset details.

3. Basic Cardano integration for proof-of-listing metadata recording.

4. Admin panel to review and approve listings

Acceptance Criteria

1. A test listing can be created, reviewed, approved, and published.

2. Metadata entry for the listing appears correctly on Cardano testnet.

3. Issuer form validates inputs and stores data correctly.

4. Admin panel allows approval/rejection with no errors.

Evidence of Completion

1. Demo video of full flow (submission → approval → listing → on-chain metadata).

2. Screenshots of database entries, admin panel, and Cardano transaction details.

3. GitHub repo (or equivalent) with commits for listing module and Cardano integration.

Delivery Month

2

Cost

15000

Progress

20 %

Milestone Title

Data Integration

Milestone Outputs

1. Chainlink oracle feeds integrated for yields, FX, and key asset metrics.

2. Automated refresh schedule for live data updates.

3. Market data displayed on asset listing pages.

4. Error-handling and fallback mechanisms implemented.

Acceptance Criteria

1. At least 3 sample listings show live Chainlink data.

2. Data refreshes automatically within the defined schedule.

3. Fallback mechanism works if oracle data is unavailable.

4. Integration code reviewed/tested with input from Chainlink contributors.

Evidence of Completion

1. Screenshots of live Chainlink data on listings.

2. Log files showing automated data refresh events.

3. Demo video walkthrough of oracle setup and output.

4. Confirmation note (PDF or screenshot) from technical contributor.

Delivery Month

3

Cost

16000

Progress

30 %

Milestone Title

Initial Launch

Milestone Outputs

1. Public launch of the HashiRWA MVP.

2. At least 5 verified asset listings (from licensed issuers or demo).

3. Investor dashboard with wallet login, watchlist, and basic search/filter.

4. Public landing page with clear onboarding instructions.

Acceptance Criteria

1. Platform live in production with no critical bugs.

2. All 5 listings pass compliance or verification checks.

3. Wallet login, watchlist, and filters function without errors.

4. Landing page provides clear issuer and investor guidance.

Evidence of Completion

1. Live URL of platform.

2. Demo video showing wallet login, watchlist, and listing browsing.

3. Compliance/verification documents (sensitive info redacted).

4. Analytics screenshots confirming live traffic and sessions.

Delivery Month

5

Cost

18000

Progress

50 %

Milestone Title

Workflow Features

Milestone Outputs

1. Secure investor–issuer messaging system.

2. Document vault for uploading/downloading due diligence files.

3. Deal tracking tool with status markers.

4. Notification system for updates and alerts.

Acceptance Criteria

1. Messages sent securely, with no unauthorized access.

2. Documents encrypted, stored securely, and restricted to users.

3. Deal status visible and updatable by both parties.

4. Notifications triggered and delivered in real time.

Evidence of Completion

1. Demo video showing messaging, document vault, and deal tracking.

2. Security test report confirming encryption and access controls.

3. Screenshots of notifications in action.

Delivery Month

6

Cost

20750

Progress

70 %

Milestone Title

Issuer & Investor Expansion

Milestone Outputs

1. Onboarding pipeline built for licensed Japanese issuers.

2. At least 3 signed Letters of Intent (LOIs) from issuers (agriculture, SMEs, real estate).

3. Minimum of 10 listings published (mix of live issuer feeds + demo).

4. Analytics dashboard activated to track investor activity.

Acceptance Criteria

1. Issuer pipeline tested end-to-end with verification steps.

2. At least 3 LOIs collected and documented.

3. 10 listings visible, at least 5 connected to issuer/demo API feeds.

4. Investor dashboard shows measurable engagement (logins, watchlist adds, views).

Evidence of Completion

1. Screenshots of live issuer pipeline and workflow.

2. PDF copies of LOIs (sensitive data redacted).

3. Screenshots/demo video of listings with API/demo feeds.

4. Analytics dashboard screenshots showing investor activity.

Delivery Month

7

Cost

15000

Progress

80 %

Milestone Title

Upgrade & Close-Out

Milestone Outputs

1. Feasibility study for smart contract modules (escrow, payouts).

2. Preliminary design for cross-chain expansion.

3. Prototype of one advanced feature (escrow or cross-chain sync).

4. Updated roadmap with next-phase priorities.

5. Catalyst close-out report.

6. Catalyst close-out video.

Acceptance Criteria

1. Feasibility study completed, outlining requirements and costs.

2. Prototype runs in test environment with core functions.

3. Cross-chain design includes target chain, data flows, and security considerations.

4. Roadmap published and shared with community.

5. Close-out report meets Catalyst requirements.

6. Close-out video published and accessible.

Evidence of Completion

1. Public technical report (PDF).

2. Demo video of prototype in testnet environment.

3. Architecture diagram and technical notes for cross-chain design.

4. Published roadmap + community feedback log.

5. Final close-out report (PDF).

6. Public YouTube link to close-out video.

Delivery Month

9

Cost

15200

Progress

100 %

[Final Pitch] Budget & Costs

Please provide a cost breakdown of the proposed work and resources

We use 2 standardized hourly rates:

• Development: 100 ADA/hour

• Office & Project Management: 75 ADA/hour

Milestone Allocation

Milestone 1: Prototype onboarding form and data schema finalized (120 dev hrs + 40 PM hrs = 15,000 ADA)

Milestone 2: Marketplace listing workflow with proof-of-listing metadata (130 dev hrs + 40 PM hrs = 16,000 ADA)

Milestone 3: Basic Cardano integration simulation + admin review dashboard (150 dev hrs + 40 PM hrs = 18,000 ADA)

Milestone 4: Investor dashboard with wallet login, watchlist, and issuer updates (170 dev hrs + 50 PM hrs = 20,750 ADA)

Milestone 5: Community testing with Japanese agriculture stakeholders + refinements (120 dev hrs + 40 PM hrs = 15,000 ADA)

Milestone 6: Final demo release, reporting, and close-out documentation (122 dev hrs + 40 PM hrs = 15,200 ADA)

Total = 99,950 ADA (within the 100,000 ADA cap).

In HashiRWA, costs for project management, documentation, reporting, and community outreach to Japanese agriculture stakeholders are already included in our PM allocation, ensuring accountability and visibility without requiring a separate marketing budget.

[Final Pitch] Value for Money

How does the cost of the project represent value for the Cardano ecosystem?

HashiRWA is designed to deliver maximum impact within strict cost discipline, giving the Cardano community a compliance-ready bridge into Japan’s fast-growing Real-World Asset (RWA) market. Despite strong yields and credible issuers, there is still no Cardano-native gateway into this space. Our proposal closes that gap with a lean, milestone-driven build that ties every funded activity directly to user and ecosystem value.

We apply a two-tier cost model to maintain transparency:

• 100 ADA/hour for technical development (smart contracts, Cardano proof-of-listing, Chainlink feeds, dashboards).

• 75 ADA/hour for project management and operations (issuer coordination, compliance oversight, reporting).

This model ensures that specialized development work is fairly compensated, while operational and management costs remain proportionate. Our total request remains under the 100,000 ADA ceiling, signaling both efficiency and respect for voter resources.

Our team has successfully delivered funded projects in Fund 7, Fund 8, and Fund 11, proving our reliability and ability to transform complex requirements into tangible solutions. Building on this track record, HashiRWA will be executed more efficiently, with faster delivery and reduced risk of overruns.

Every element of the MVP (verified issuer listings, proof-of-listing on Cardano, and a basic investor workflow) has a clear, measurable benefit. Advanced modules like escrow or cross-chain expansion are intentionally left for later, ensuring funds are directed only toward features that prove immediate traction.

By project close-out, the community will have a live, compliance-ready platform connecting Japanese issuers with global investors, delivered on time and within budget-an efficient use of Catalyst funding that multiplies long-term ecosystem value.

[Required Acknowledgements] Consent & Confirmation

Terms and Conditions:

Yes