Global Settlement Network
MCU Circulating
847B
↑ 12.4B this week
Settled Today
4.2B
847 transactions
Hormuz Exposure
280B
Emergency facility active
Member States
14
$6.8T combined GDP
⚠ Day 18
Hormuz Emergency Settlement active. Japan, Korea & India drawing MCU reserves for rerouted energy. Iran reconstruction instrument under FSC review.
Recent Transactions
| Time UTC | Institution | Description | MCU Amount | Status |
|---|---|---|---|---|
| 14:32:08 | RBI · India | Emergency crude — West Africa reroute | 2.4B | Settled |
| 14:28:41 | BOK · Korea | LNG emergency — US Gulf Coast | 1.1B | Settled |
| 14:21:17 | BOJ · Japan | Strategic reserve drawdown · FSC/2026/047 | 6.8B | Settled |
| 13:58:02 | BCB · Brazil | Soybean export — Russia counterparty | 340M | Settled |
| 13:31:09 | Undisclosed | Iran reconstruction · tranche 1 — FSC approval pending | 12B | Pending |
MCU Reserve Basket
Commodity Index
30%
Gold
20%
SG Govt Bonds
20%
UAE Sovereign
15%
Indian Govt Bonds
15%
Stability
0
index
Rail Nodes
SG-01
Singapore
MAS · SGX
MCU 247B
● 2.1ms
UAE-01
Abu Dhabi
CBUAE · ADGM
MCU 198B
● 3.4ms
CH-01
Switzerland
SNB · SIX
MCU 164B
● 4.8ms
IN-01
India
RBI · IFSC
MCU 112B
● 6.2ms
BR-01
Brazil
BCB · B3
MCU 84B
● 8.7ms
ZA-01
South Africa
SARB · JSE
MCU 26B
● 11.2ms
ID-01
Indonesia
BI · IDX
MCU 14B
● 14.5ms
Member Reserve Positions — Custodied in MC System
India
MCU 142B
Emergency draw MCU 18B authorised
UAE
MCU 198B
Anchor LP — full capacity
Singapore
MCU 88B
Legal secretariat reserve
Brazil
MCU 74B
Standard member position
Japan Emergency App.
MCU 0
Emergency membership under review
S. Korea Emergency App.
MCU 0
Emergency membership under review
Art. 14 — Inviolability Status
Seizure of the full reserve pool requires simultaneous sovereign action across seven independent jurisdictions in four geopolitical blocs. No single state can compel this coordination. The protection is architectural — not political.
Financial Stability Chamber — Active Cases
FSC/2026/048
India v. United States — OFAC Secondary Sanctions Challenge
Urgent
Filed 14 Mar 2026
India challenges OFAC guidance applying secondary sanctions to MCU-denominated oil transactions. Claim: violation of Art. 9 (Rail Immunity) and Art. 17 (Countermeasure Prohibition). Expedited 90-day track. First hearing: 22 March 2026. US served — no appearance entered.
FSC/2026/044
Brazil v. Argentina — MCU Reserve Conversion Dispute
In Progress
Filed 02 Mar 2026
Dispute over conversion rates applied to Argentine MCU drawdown. Brazil alleges preferential treatment in basket rebalancing. Standard 180-day track. Panel of 3 appointed; first exchange of memorials due 30 March.
Presiding Panel
| Seat | Jurist | Appointing Region | Term | Specialisation |
|---|---|---|---|---|
| Presiding | Judge A. Krishnamurthy | South Asia | 2025–2027 | International monetary law |
| Member | Prof. E. van der Berg | Europe | 2025–2027 | Treaty interpretation |
| Member | Dr. F. Al-Rashid | Gulf · MENA | 2024–2026 | Sovereign immunity doctrine |