XVI. Standardization Precedes Securitization

Mortgages had MISMO. Commercial real estate had CREFC. Leveraged loans had LSTA. In every case, standardized data came before scaled funding. Trade receivables still lack a common schema, a common evidence format, and a common control taxonomy. That is why the asset class remains structurally bilateral and under securitized. The missing step is not more capital. It is a standard that capital can actually trust. MINT can become that standard by defining the checkpoint schema, evidence format, and control state a verified receivable must carry before it becomes programmable collateral.

Sources: MISMO, CREFC, LSTA, trade finance standardization research.