Iceburg

Participants place sealed bids that stay private until a reveal period, so nobody can see and react to anyone else's pricing in real time. Every bid also carries proof that the bidder is allowed to participate, checked automatically rather than taken on trust. Once bidding closes, anyone can propose a price and allocation for the offering. For a window after that, anyone else can propose a better one, and whichever outcome is actually best is the one that wins and gets paid out. Built into that process are two protections an issuer needs: a cap on how much of the offering any single buyer can take, and a guaranteed minimum number of distinct buyers, so ownership can't end up concentrated in a handful of hands or dominated by one dominant bidder.

Payment runs on USDG, a regulated, dollar-backed stablecoin, chosen specifically because it is built for institutional use. The platform is designed so that if any one participant's account is ever restricted for compliance reasons, it never stops anyone else from receiving what they are owed. Participation can also be sponsored, so a bidder is never required to hold separate funds just to cover the cost of taking part.