Primary issue + servicing
Run tokenized asset programs with explicit issuer authority, qualified distribution, funded allocation, DvP-gated issuance, authoritative register confirmation, and servicing evidence on one governed workflow.
Overview
Primary issuance and servicing stay aligned across program terms, appointed roles, investor gating, funding confirmation, register authority, and post-issue events. StableNexus coordinates policy, workflow, and proof of completion; appointed parties execute the regulated steps.
Workflow boundary
Issuance is a governed workflow, not a mint-only event. The lifecycle runs from program terms through servicing close.
Actor-lane operating map
Seven actor lanes showing who acts at each stage.
Route coverage
- Program terms, appointed roles, and admitted distribution path.
- Eligibility, instruction intake, subscription capture, and allocation logic.
- Funding confirmation, DvP-gated release, and authoritative register update.
- Servicing notices, entitlements, payment/redemption close, and exception separation.
Infrastructure
- Program terms, role-binding, and restriction basis stay explicit.
- Funding path and authoritative register remain separate facts.
- Partner-mounted distribution, settlement, recordkeeping, custody, and servicing adapters.
- One evidence spine carries issue close, servicing, reconciliation, and exception signals.
Chapter phase map
Seven canonical chapters grouped into setup, intake, issue close, and servicing.
Settlement boundary
A confirmed cash leg is a settlement control inside a tokenized-asset program, not a bank-money issuance claim.
Lifecycle states
From setup through register-live issuance to servicing close, with default/workout as an exception branch.
Technical evidence sequence
DvP gate, register authority, and servicing evidence handoff across all seven actors.
Lifecycle chapters
| Chapter | What happens | What becomes true |
|---|---|---|
| 1. Program terms and issuer setup | Fix the program perimeter, governing terms, issuance conditions, and issuer authority before the book opens. | A versioned terms snapshot becomes the live starting point. |
| 2. Appointed roles and distribution path | Bind distribution, settlement, recordkeeping, and servicing roles without turning provider names into public runtime truth. | The appointed-role pack and admitted intake path become explicit. |
| 3. Investor eligibility and instruction intake | Screen access and capture participation instructions through the admitted channel. | Only eligible instructions enter the governed queue. |
| 4. Subscription capture and allocation logic | Freeze demand, cap logic, scale rules, and approval inputs on one allocation queue. | The allocation queue becomes reviewable but not yet authoritative. |
| 5. Funding confirmation and DvP gate | Confirm the cash leg under the documented settlement path and hold issuance until the control condition clears. | The cash leg is confirmed and the issue is release-ready, but not yet authoritative. |
| 6. Register update and issuance completion | Release the issue only after the DvP gate passes and the appointed recordkeeper updates the authoritative register. | Holder state becomes authoritative on the register; wallet or custody views stay secondary. |
| 7. Servicing evidence and close state | Run notices, record-date logic, entitlements, cash events, reconciliation, and extinguishment or continuation on the same evidence spine. | Servicing closes only when entitlement, cash event, and reconciliation agree. |
Runtime truth and evidence per chapter
| Chapter | Runtime truth and evidence | Support docs |
|---|---|---|
| 1. Program terms and issuer setup | Runtime truth: program_scope_export, perimeter_verification, offering_terms_snapshot. Evidence shown: terms_effective. | Support: Primary Issuance and DvP Settlement · Legal Framework and Governing Documents |
| 2. Appointed roles and distribution path | Runtime truth: appointed_roles_matrix. Evidence shown: distribution_path_bound. | Support: Primary Issuance and DvP Settlement · Operating Schedule and Maintenance |
| 3. Investor eligibility and instruction intake | Runtime truth: eligibility_policy_export, investor_clearance_export, allowlist_export. Evidence shown: eligibility_admitted. | Support: Primary Issuance and DvP Settlement · Subscriptions, Redemptions, and Dealing Windows |
| 4. Subscription capture and allocation logic | Runtime truth: subscription_book_export, allocation_memo. Evidence shown: allocation_queue_locked. | Support: Primary Issuance and DvP Settlement · Subscriptions, Redemptions, and Dealing Windows |
| 5. Funding confirmation and DvP gate | Runtime truth: funding_confirmation_export, issuance_approval. Evidence shown: cash_leg_confirmed, dvp_gate_satisfied. | Support: Primary Issuance and DvP Settlement · Operating Schedule and Maintenance |
| 6. Register update and issuance completion | Runtime truth: issuance_receipt, position_receipt_export, registry_snapshot_export. Evidence shown: authoritative_register_confirmed, issuance_complete. | Support: Primary Issuance and DvP Settlement · Registers, Wallets, and Transfer Restrictions |
| 7. Servicing evidence and close state | Runtime truth: servicing_notice, entitlement_snapshot, payment_or_redemption_confirmation, reconciliation_close_pack. Evidence shown: entitlement_locked, servicing_reconciled. | Support: Servicing, Payments, and Extinguishment · Default and Workout Procedures · Operating Schedule and Maintenance · NAV, Distributions, and Servicing |
Setup reference
| Field | Description |
|---|---|
| Issue size | Target issue notional and allocation cap structure the allocation queue evaluates against. |
| Program type | Instrument class (note, private share, fund unit, sukuk, or other) that fixes issuance conditions and restriction basis. |
| Investor perimeter | Eligible-investor scope and jurisdictional limits that gate eligibility decisions. |
| Distribution path | Admitted intake channel and appointed arranger/dealer roles that carry instruction capture. |
| Holding model | Direct register, nominee, omnibus, or mixed model; fixes who sees authoritative holder state. |
| Settlement path | Documented cash-leg path that produces the funding confirmation reference feeding the DvP gate. |
| Servicing mode | Coupon, profit distribution, maturity redemption, or hybrid servicing calendar governing post-issue events. |
| Operating window profile | Intake, funding, and servicing windows plus cutoffs and maintenance blackouts. |
Foundational reference
Linked support
Analogical support
Role boundary
StableNexus runs policy, workflow, and proof of completion. Appointed parties execute banking, distribution, settlement, registrar, paying-agent, and custody roles.