Discipline is not discretionary. It is encoded in the instrument.

ACC issuance requires independently verified addition of new productive capacity — measured continuously by IoT sensors, attested by HAIS causal verification, published to the PolyState registry with full traceability. This is not corporate disclosure. It is physics.

Verification failure is contained. An unperformed ACC simply does not exist as collateral. The system cannot inflate against narrative.

HAIS Structural Causal Models verify ecosystem-service throughput (carbon, water, biodiversity) against integrity standards stronger than today's contested carbon credit markets.

TELO is issued against a changing basket of ACC contributions at a changing rate. The treasury function composes that basket — optimising return on contributions and rebalancing toward where backing is most needed. It is bounded by the rest of the architecture: it cannot issue without verified new capacity, cannot override verification, and cannot bypass the recycling tiers. Its parameters are governed transparently and published to the PolyState registry. This is what makes TELO a managed reserve rather than a passive index.

AYNI earnings must flow through Tier 1 (domestic capacity) and Tier 2 (civilisational infrastructure) before Tier 3 (aligned network assets) allocation is permitted. Each iteration builds sovereignty rather than dependency.

Reserve quality is not discretionary. Issuance discipline is encoded in instrument structure: physics measurement, public registry, multi-party verification. The discretion is in where new capacity is built and how the basket is composed — never in whether capacity has been built.

Operable today within existing European frameworks: eWpG electronic securities, ECB collateral eligibility, Solvency II Article 164a Tier 1 pathway. No new treaty law required.