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Primary Issuance and DvP Settlement

Primary issuance follows a governed sequence from subscription through funding confirmation, allocation, DvP, and register update.

Primary issuance is a workflow, not a mint event

The primary issue flow links subscription, funding recognition, allocation logic, DvP controls, and register state. If the cash leg fails, the holder state remains unchanged.

Allocation is not authoritative until the cash condition is confirmed and the appointed recordkeeper updates the official register.

Launch sequence

  1. Publish the program terms and active subscription conditions.
  2. Confirm issuer onboarding, appointed roles, and any primary distribution or dealer path before investors enter.
  3. Confirm investor eligibility and collect any required participation instructions.
  4. Record subscription demand and any allocation or cap logic.
  5. Confirm the funding, proceeds, or payment leg under the documented settlement path.
  6. Allocate the issued position only after the required DvP condition is satisfied.
  7. Update the authoritative record, wallet view, or holder state and preserve evidence of the completed path.

Not a bank-money claim

A bank-confirmed cash leg does not make the instrument tokenized deposits or programmable cash. In this docs set it is a settlement control supporting a tokenized-asset program.