Module 04
Market potential
Modelled DeepZero revenue, country by country. Modelling assumptions — not forecasts — built on published market data.
Methodology
Capture 1.0%
addressableVolume = countryIssuance × 1.0%
oneOffRevenue = addressableVolume × mintingRate(tier)
recurringRevenue = addressableVolume × (lifecycle 0.25% + attestation 0.10%)
+ addressableVolume × settlementRate(tier)Exclusive territories addressable
USD 976.56m
Schedule 1.5 — 11 markets
Outside exclusive addressable
USD 0
Remaining tracked markets
Total modelled first-year
USD 9.77m
One-off + recurring at capture
Country table
Modelled revenue
| Country | Region | 2025 vol. (bn) | Share | DCM % | Suit. | Reg. | Addressable | Modelled revenue |
|---|---|---|---|---|---|---|---|---|
| Saudi ArabiaEXCL | GCC | 72.5 | 27.4% | 41 | 5 | 5 | USD 725.00m | USD 7.25m |
| IndonesiaEXCL | ASEAN | n/a | 9.5% | 16 | 4 | 4 | USD 251.56m | USD 2.52m |
| MalaysiaEXCL | ASEAN | n/a | — | 16 | 5 | 5 | USD 0 | USD 0 |
| United Arab EmiratesEXCL | GCC | n/a | — | 41 | 5 | 5 | USD 0 | USD 0 |
| Türkiye | TR_CA | n/a | — | 8 | 3 | 3 | USD 0 | USD 0 |
| Pakistan | South Asia | n/a | — | — | 3 | 3 | USD 0 | USD 0 |
| BahrainEXCL | GCC | n/a | — | 41 | 4 | 5 | USD 0 | USD 0 |
| QatarEXCL | GCC | n/a | — | 41 | 4 | 4 | USD 0 | USD 0 |
| KuwaitEXCL | GCC | n/a | — | 41 | 4 | 4 | USD 0 | USD 0 |
| OmanEXCL | GCC | n/a | — | 41 | 4 | 4 | USD 0 | USD 0 |
| Brunei DarussalamEXCL | ASEAN | n/a | — | — | 3 | 4 | USD 0 | USD 0 |
| SingaporeEXCL | ASEAN | n/a | — | — | 4 | 5 | USD 0 | USD 0 |
| Hong Kong SAREXCL | ASEAN | n/a | — | — | 4 | 4 | USD 0 | USD 0 |
Scale curve
Modelled revenue as programme volume grows
Tier step-downs at USD 1bn (T2) and USD 5bn (T3). Curve shows total modelled first-year revenue at 100% capture.