Issuance & Redemption
Creating and destroying on-chain financial instruments — stablecoin minting, tokenized fund subscription, yield token issuance.
The origin point. No token moves on any other rail until something was first issued here. Compliance is front-loaded: Stages 2-4 carry the weight because the issuer must gate who can mint before any token exists. The six paths form a gradient from stablecoin to security.
9 PATHS
Circle · Circle Mint · Deloitte · Tether · BDO Italia · Ripple · BNY Mellon · NYDFS · BlackRock · Securitize · Ondo Finance · Hashnote · Arc · Franklin Templeton · Chainlink
None — single-regime rail
9 Paths
Institutional USDC minting via Circle Mint — KYB gate, reserve-backed 1:1, SOC 1 Type 2 audited.
Offshore stablecoin issuance — BVI-domiciled, BDO attestation (not audit), $174B+ supply, most scrutinized reserves in crypto.
Bank-grade stablecoin — NYDFS-regulated, OCC conditional charter, BNY Mellon custody, zero-idle-supply model.
Tokenized money market fund — 3(c)(7) qualified purchaser, $5M minimum, 9 chains, Securitize as transfer agent.
Tokenized Treasury note — yield-bearing, general access, 40-50 day settlement window reveals securities nature.
On-chain stock issuance — Reg D 506(c), transfer agent + tokenization, 24/7 trading, perpetual compliance.
Native tokenized MMF issuance on Arc — code-enforced NAV gate, whitelist at mint, no bridging. Circle/Hashnote USYC.
Same-day atomic redemption of tokenized MMF shares back to USDC — the liquidity advantage that defines tokenized funds vs. traditional MMFs.
The recurring daily lifecycle — NAV publication, yield accrual, holder re-screening, record update. The between-state where compliance fires every epoch.
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