Loan
A single loan or a pool of loans.
What this instrument is
Read off the asset template the product uses to structure one of these, not written separately for the website.
| Fungibility | fungible |
|---|---|
| Income | Produces periodic income, so a distribution cycle applies. |
| Maturity | Has a defined end date, at which the instrument retires. |
| Physical custody | Not required; the claim is documentary. |
| Proof of reserve | Not required, as there is no specific physical backing to attest to. |
| Independent valuation | Not required; a market or contractual price is available. |
Token model
Derived from what the instrument is — whether it is fungible, whether it is fractionalised, whether transfers depend on the recipient, whether it accrues rather than pays, and whether units come in batches.
ERC-3643. Transfers depend on who the recipient is. ERC-3643 pairs the token with an identity registry and a compliance module, so an ineligible transfer is rejected by the contract itself rather than only by policy.
Alternatives considered
| Standard | When it is the better choice |
|---|---|
| ERC-7943 | A newer permissioned standard. Consider it where its tooling and audit coverage are sufficient for your deployment; verify support on your target chain first. |
| ERC-4626 | If the instrument is a yield-bearing vault, wrap the restricted token rather than replacing it. |
What must exist before it can be offered
Readiness is derived from what has actually been recorded against the asset. These are the requirements this class carries.
Parties
- Asset owner — required.
- Issuer — required.
- Legal counsel — required.
- Administrator — required.
- Auditor — recommended.
- Transfer agent — recommended.
- Placement agent — recommended.
Documents
- Ownership evidence — required and must be current.
- Legal opinion — required and must be current.
- Offering memorandum — required and must be current.
- Subscription agreement — required and must be current.
- Investor disclosures — required and must be current.
- Financial statements — required and must be current.
- Audit — recommended.
- Regulatory filings — recommended.
- Tax documents — recommended.
Legal structures commonly used
Presented as options for counsel to choose between, never applied automatically: Debt instrument, Note, Special purpose vehicle, Fund share, Certificate.
What is distinctive about financial assets
The shape of the claim
The asset is already a claim rather than a thing, so there is nothing to store, insure or inspect. What matters instead is the schedule: when it pays, when it matures, and what happens if the obligor does not perform.
Servicing burden
Dominated by payment cycles. Coupons, distributions and maturities arrive on known dates, and the arithmetic has to sum exactly across the register every single time.
Principal risk
Credit. The instrument is a promise, and promises are broken. Tokenization changes the register, not the covenant.
Liquidity, realistically
Better than most real-world assets, because the claim is standardised and comparable. Still nothing like an exchange-traded instrument unless a venue exists.
Structure a loan.
Launch Studio will not let this asset reach an offering without the parties and documents listed above.