The innovative structure allows for the simultaneous issuance of an ISIN-listed note, which settles via an international central securities depository, alongside a permissioned security token based on the ERC-3643 standard created on-chain. Both instruments are sourced from the same legal compartment, ensuring regulatory compliance and operational consistency across formats.
The dual-issuance model is designed to connect conventional and digital markets seamlessly while maintaining high regulatory standards and investor protections. Market participants have the flexibility to choose between traditional or blockchain-based settlement processes, but can still access a single, fungible security across both market rails.
Under the white-label agreement, Tokeny’s T-REX tokenization engine is embedded within MTCM’s issuance infrastructure. MTCM takes on roles as the structurer, administrator, and calculation agent, while Tokeny handles digital onboarding, identity verification, and cap table management. The system supports the full lifecycle of the security, from investor KYC and subscription to secondary trading, via MTCM’s white-labelled investor portal.
According to representatives from Tokeny, traditional investors may find the digital format more attractive over time due to its faster settlement times and reduced friction. Such models could help familiarize institutional investors with blockchain-based assets, potentially accelerating their adoption.
The combined offering aims to expand distribution opportunities by allowing arrangers to reach both conventional and crypto-native investors. For professional and institutional investors, the option to self-custody tokenized securities significantly reduces reliance on intermediaries and cuts associated costs.