Issuer Guide

This guide walks an issuer end-to-end, from “I’m thinking about tokenizing an asset” to “my offering is live, investors are subscribed, and I’m running my cap table”.

1. Becoming an issuer — KYB

You start with a normal account. To become an issuer, you go through Know Your Business verification (same SumSub provider as KYC, business flow).

Entity types supported: Individual (Person), Sole Proprietorship, Partnership, Corporation, LLC, Non-Profit, Government Entity, Trust, Joint Venture, Association, Cooperative, Publicly Traded Company, Private Company, Educational Institution, Foundation.

Documents you’ll be asked for (varies by entity type and jurisdiction): Certificate of incorporation / formation, Articles of association / operating agreement, Tax registration, Beneficial-owner ID and KYC for owners ≥ 25%, Director / officer ID, Bank reference letter, Source-of-funds declaration.

The flow:

1. Choose Become an issuer in your account menu.
2. Provide entity details, beneficial owners, supporting documents.
3. SumSub processes; results route to Libertum admin for final approval.
4. Approval typically takes 1–3 business days for clean submissions.

Once approved, your account upgrades to issuer role and the Issuer sidebar entries appear.

2. Choosing a subscription plan

Issuers must have an active subscription to publish offerings. See Plans, Modules & Pricing for the full table; the live plan page in the app is authoritative. Quick guide:

If you…	Pick this plan
Just want to test the waters with one or two listings	Pay Per Listing — USD 499 per listing, no monthly fee
Run an active issuance pipeline	Issuer Starter — USD 299/month (up to 3 mainnet offerings, 3 seats)
Run a larger issuance practice and also manage assets	Issuer Growth — USD 499/month (up to 10 mainnet offerings, includes Asset Management)
Need unlimited offerings	Enterprise — USD 999/month

Offering limits count mainnet offerings only and are enforced when you publish, across your whole organisation. Testnet offerings do not count.

A 7-day free trial is available on eligible paid plans. Returning subscribers do not get a second trial.

Per-listing vs monthly tradeoff. Compare the per-listing price with the monthly or annual plan price for the number of mainnet offerings you expect to publish. Pay-per-listing is most useful for issuers with infrequent or bespoke deals.

Add-ons for issuers

These are subscribed separately from your plan:

Add-on	Price	Notes
Structuring	USD 500/month	Status: Beta. Flat price, not included in any plan. Includes USD 100/month of AI credit. See section 19.
Distribution Hub	USD 149/month	Investor CRM, campaigns and pipeline. Not included free with Enterprise. See section 22.
Libby AI	USD 349/month	Requires Distribution Hub (Hub + Libby AI = USD 498/month). Includes USD 100/month of AI credit. See section 23.

3. The Tokenization Wizard

The wizard is asset-class-aware: the steps you see depend on the asset class you choose at the start.

Asset class	Steps	Step titles (summary)
Real Estate	4	Overview · Project Details · Documents · Team
Equity Digital Asset	10	Overview · Offering & Project Details · Tokenized Equity Details · Tokenization Structure · Financial & Legal Documentation · Distribution & Marketplace Listing · Dividend & Governance Settings · Risk & Compliance Disclosures · Technical Setup · Issuer Declaration
Debt Digital Asset	8	Issuer Information · Debt Instrument Details · Tokenization Structure · Financial & Legal Documents · Token Distribution & Offering Plan · Compliance & Registration · Technical Setup · Declarations
Invoice Factoring	9	Overview · Invoice Details · Tokenization Parameters · Underlying Asset Verification · Financial & Legal Details · Token Distribution & Marketplace Listing · Risk & Investor Disclosures · Technical Deployment · Issuer Declaration
Revenue Digitisation	9	Overview · Revenue Stream Details · Tokenization Structure · Underlying Agreements · Token Economics · Compliance · Token Economics · Technical · Issuer Declaration
Commodity Tokenization	10	Overview · Commodity Details · Tokenization Structure · Custody & Verification · Offering Details · Financial & Legal · Distribution Mechanics · Risk Management · Tokenomics · Issuer Declaration
Bonding Token	9	Overview · Offering & Project Details · Tokenization Structure · Financial · Legal · Risk · Token Economics · Documents · Team

Common wizard patterns

Step “Overview” — Offering name, token name, token symbol, decimals, asset location, offering cover image, company logo, brief description.

Step “Project / Offering Details” — Class-specific. For real estate: property type (Commercial / Residential / Office / Multifamily / Retail / Hotel / Industrial / Other), full address, valuation, occupancy. For equity: company structure, business model, key metrics. For debt: debt instrument type, seniority, security, covenants.

Step “Tokenization Structure” — Total supply, token price, min/max ticket, total raise target, allocation, vesting schedule.

Step “Documents” — Class-driven document checklist; some mandatory, others recommended. Real estate: e-signature mandatory; pitch deck, CIM, land registration, title docs, bank approval, encumbrance certificate, property tax receipt recommended. Equity: e-signature mandatory; pitch deck, articles of association, operating agreement, tax assignment letter recommended. Documents that require signature wire through DocuSign.

Step “Distribution & Marketplace Listing” — Issuance start/end dates, marketplace visibility, featured placement, investor invite list (bulk CSV upload).

Step “Dividend & Governance Settings” — Distribution frequency, mechanism, voting rights, quorum threshold, proposal cool-down.

Step “Risk & Compliance Disclosures” — Risk-factor checklist with one-paragraph descriptions.

Step “Technical Setup” — Chain choice, token standard, mint timing toggle, compliance modules, agents. XRPL is not yet selectable in the wizard.

Step “Issuer Declaration” — Final attestation. Once submitted, the offering moves to PENDING_ADMIN_APPROVAL.

4. Token configuration deep dive

A few fields deserve focused attention because mistakes here are expensive (they require redeployment).

• Decimals. Almost always 18 for ERC-3643 and ERC-20.
• Total supply. Set to the maximum number of tokens you’ll ever issue. Enforced on-chain by the Supply Limit module.
• Token price. Quoted in USD; internally stored at stablecoin precision.
• Min / Max ticket. Min ticket is enforced at order creation. Max ticket should match your Max Balance compliance module.

5. Token standard choice

Standard	Use when
ERC-3643 (T-REX)	You’re issuing a security token — fractional real estate, equity, debt — and need on-chain compliance enforcement. Default for most security-token offerings. Live on Base, Ethereum, Polygon and Arbitrum mainnet.
ERC-20	You’re issuing a utility token, governance token, or a non-permissioned token. Lighter, cheaper, but no built-in identity / claim verification. Live on Base and Ethereum mainnet.
ERC-721	One-of-one or limited-edition tokenization. Live on Base mainnet.
CIP-113	Compliance-native (programmable, regulated) tokenization on Cardano. Live on Cardano mainnet and preview, on the Cardano Foundation’s canonical CIP-113 deployment.
CIP-20	Fungible Cardano native token with metadata, without programmable compliance. Live on Cardano mainnet.

All five EVM testnets (Base Sepolia, Ethereum Sepolia, Polygon Amoy, Arbitrum Sepolia, Avalanche Fuji) are available for testing. See Token Standards for the full chain matrix.

6. Mint timing toggle

Available for ERC-20 and ERC-3643 only.

Setting	What happens	When to use
On-order (default)	Tokens are minted at the moment each investor’s primary order settles.	Primary fundraises — most common.
On-deploy	The full token supply is minted at offering deployment, all to a custodian wallet. As orders settle, tokens are transferred from custodian to investor.	When secondary-market liquidity matters from day one.

7. Compliance configuration

In Technical Setup, you compose the offering’s compliance ruleset by enabling and parameterising modules. Each module is an independently deployed contract; the Modular Compliance controller chains them together so every transfer must pass all enabled checks.

Module	What it does	Typical config
Country Allow	Only allows transfers to wallets whose verified identity has a country claim in the allow-list.	Whitelist your offering’s permitted jurisdictions.
Country Restrict	Blocks transfers to wallets in a specified blocklist.	Common: US (for non-US offerings without Reg D), sanctioned jurisdictions.
Supply Limit	Enforces a hard cap on total supply.	Set to your offering’s total raise target in tokens.
Max Balance	Prevents any single wallet from holding more than X tokens.	Per-investor maximums (e.g. accreditation caps).
Hold Time	Blocks transfer of tokens within N seconds of mint.	Common: 365 days for Reg D / Reg S secondary-trading restrictions.

Compose them freely: a US Reg D offering might enable Country Allow (US only), Max Balance (per-investor cap), and Hold Time (1 year); a Reg S offering excludes US via Country Restrict.

Country Allow is a strict whitelist. If you set an allow-list, only investors from the listed countries can buy or receive the token — every other country is excluded. Libertum also applies its own platform-wide country restrictions at signup and in the wizard.

8. Agent assignment

An Agent is a wallet address that can perform privileged operations on the token contract — mint, burn, pause, freeze, force-transfer, recover. Default agent assignment delegates routine operations (mint at order settlement, dividend distribution) to the Libertum platform’s relayer wallet, while the issuer retains owner powers.

Functional roles: TENANT, RENT, STABLECOIN, YIELD, BUYBACK.

Owner vs Agent power. The Token Owner can do everything an agent can do, plus things agents can’t (change compliance modules, change identity registry, transfer ownership). Owner is typically a hardware-wallet or multi-sig held by the issuer; agents are operational wallets that automate day-to-day functions.

9. Wallet whitelist

After deployment, your offering needs a whitelist of approved investor wallets. Three ways:

1. Investor-initiated — Investor connects a wallet on the offering page; the platform submits a whitelist request to your TA.
2. Issuer manual entry — In the Issuer Dashboard → Wallet Whitelist, enter wallet address(es) and the linked investor’s identity record.
3. CSV bulk upload — Upload a CSV with wallet, email, country columns. Used for migrating existing investor lists.

10. Submitting for admin approval

Once your wizard is complete, click Submit for review. Your offering enters PENDING_ADMIN_APPROVAL.

What Libertum admins check: issuer KYB current and approved; mandatory documents present; token economics consistent; compliance config consistent with stated jurisdictions; no restricted-country whitelist conflicts; offering description doesn’t make claims that constitute investment advice.

SLA target: 2 business days for clean submissions.

After approval, the contract suite is deployed. The TREXFactory deploys all six core contracts (Token, Identity Registry, Identity Registry Storage, Trusted Issuers Registry, Claim Topics Registry, Modular Compliance) plus selected compliance modules in a single transaction.

11. The Issuer Dashboard

After deployment, your offering lives in Issuer → Dashboard. Tabs:

• Overview — KPI tiles: total raised, active investors, time-to-close, distribution-to-date, available supply.
• Cap Table — real-time table of holders with wallet, investor name, country, current holdings, cost basis, last transaction. Filters by country, holding range, recent activity. CSV export.
• Subscription Orders — all primary-market orders with status; click into any to see payment trail and on-chain references.
• Redemption Orders — buyback / redemption requests (if redemption is enabled).
• Dividends & Distributions — declare distributions; see past distributions with payout status per investor.
• Transfer Journal — chronological ledger of every transfer (immutable; mirrors on-chain events).
• Force Transfer Requests — TA-initiated requests awaiting issuer review (where dual control is required).
• Wallet Whitelist — bulk operations, CSV export, audit log.
• Documents — per-offering document vault, version-controlled.
• Settings — edit offering metadata, manage agent assignments, update bank accounts.

12. Declaring & distributing dividends

1. Issuer declares — In Dividends → Declare new distribution: amount, currency (USDC/USDT typically), allocation method, scheduled date.
2. Snapshot — The platform scans active offerings with declared distributions, computes pro-rata allocation across MINTED order holders, writes one record per investor.
3. On-chain push — On the scheduled date, the platform’s relayer (acting as STABLECOIN agent) transfers stablecoin to each investor wallet. Platform fee may be deducted.
4. Status update — Each successful row is marked distributed; investors get an email.

Failure handling. Individual transfer failures (e.g. blacklisted wallet) are logged and surfaced in the Issuer Dashboard. Issuer can manually retry, refund off-chain, or hold pending compliance resolution.

13. Force transfers, freeze, recovery

Three operations available to authorised agents:

• Freeze / Unfreeze — Full freeze (setAddressFrozen) prevents the wallet from sending or receiving. Partial freeze (freezePartialTokens) locks a specific quantity.
• Forced Transfer (forcedTransfer) — moves tokens between two wallets bypassing the sender’s frozen status, but still subject to receiver verification.
• Recovery (recoveryAddress) — atomic operation that transfers all tokens from a lost wallet to a new wallet and re-links the new wallet to the same identity. Requires identity attestation.

All three are TA-initiated by default; issuer’s policy can require dual control.

14. Document vault & investor communications

Documents in the issuer dashboard manages the per-offering document set. Versioned. Investor-visible documents are tagged; some require DocuSign signature.

Investor Communications lets you send announcements to all holders or a segment. Channel: email + in-app. Templates: corporate action, distribution announcement, governance proposal, general update.

15. Whitelabel Shopfront

Status: Deprecated. The single-offering Whitelabel Shopfront (storefront) pages have been removed from navigation and are no longer offered. Use the Whitelabel Platform (section 16) instead.

16. Whitelabel Platform (full marketplace)

Status: Live. A full investor / issuer marketplace under your own brand and domain. Included with Issuer Starter, Issuer Growth, AM Starter, AM Pro and Enterprise.

1. Open Settings → Account Settings → Platform Branding.
2. Configure branding (logo, colours, favicon, font, login background).
3. Connect your custom domain (e.g. invest.acmefund.com) and follow the DNS instructions shown.

Your tenant marketplace shows your own offerings plus any offerings hosted on it through the Ecosystem Directory (see section 22).

17. Stripe Connect for fiat payouts

Connect your Stripe account through Stripe Connect. Per-payment, Libertum applies a configurable platform fee (in basis points) that’s deducted from your payout automatically — Stripe handles the split.

Default behaviour: Stripe takes its processing fee, Libertum takes its platform fee, issuer receives the net.

18. Custodian wallet management

Issuers have a platform-managed Custodian Wallet, like investors. It can hold tokens (for on-deploy minting), receive subscription stablecoin and execute distributions, where enabled for your deployment.

Open Settings → Custodian Wallet to see balances per network, deposit, and request withdrawals. Withdrawals go only to saved withdrawal addresses, require step-up verification, and are subject to platform limits and Libertum approval above a threshold.

The full walkthrough — networks, deposits, withdrawal security and gas fees — is in the Investor Guide, Custodian Wallet section. Which entity performs custody of USDT/USDC, and under which authorisation, is explained in Compliance.

19. Structuring

Status: Beta

Structuring is a USD 500/month issuer add-on that helps you and your counsel prepare the documents for an offering, then turns the finished project into a draft offering. Open it from the Structuring entry in the sidebar: Projects, Knowledge Base and Credits & Usage.

Structuring is a drafting tool. It is software that helps issuers and their counsel prepare documents. It does not replace your own legal counsel and it is not a Libertum structuring service. Libertum does not offer a paid legal review. Libertum’s DASP licence in El Salvador does not cover structuring or issuance; each issuer and each issuance registers separately with the CNAD. See Compliance. Nothing here is legal advice.

Jurisdiction packs. Three packs are available, and all three are drafts, shown in-app as “Beta — pending counsel review”:

Pack	Version
El Salvador — CNAD / LEAD	1.0.0
United States — SEC Reg D / Reg S	0.1.0
European Union — MiCA / MiFID II	0.1.0

The Knowledge Base shows what each pack asks for, the documents it produces and the artefacts you must supply yourself.

The flow:

1. Create a project. Choose a jurisdiction pack and the document language (English or Spanish).
2. Complete the intake form. Optionally use Prefill with Libby: Libby reads what you have written about the project and proposes values. Every proposed value must cite a source, and a cost estimate is shown before anything is spent. Review each proposal before accepting it.
3. Run research. Run deep research produces findings. Review each one — confirm, correct or reject it. Only confirmed or corrected findings are used in documents.
4. Generate documents in three phases: Phase A (Evaluation & Design), Phase B (Structuring), Phase C (Issuance Documents). Each document moves through draft, in_review, approved and locked. Documents can be signed with an OTP and exported as DOCX or PDF.
5. Upload artefacts. Supply the external documents the pack requires. Each artefact is missing, uploaded, waived or verified.
6. Guest legal review. Use Share for review to create a link for outside counsel: choose Read only or Read and comment, set an expiry, and optionally a password. Counsel can comment per section without a Libertum account. You can revoke a link at any time and see when it was last opened.
7. Create the draft offering. After a pre-check shows what carries over and what is still missing, Create draft Offering creates the offering in one click. You then finish and submit it through the normal wizard and admin approval (sections 3–10).

A project moves through these statuses: intake → researching → phase A → phase B → phase C → ready for offering → offering created (or archived).

Credits. Structuring includes USD 100/month of AI credit. The Credits & Usage page shows what you have used this month, by stage (Prefill with Libby, deep research, document drafting, consistency & QA, translation). See section 23.

Access. Team members inherit the owner’s Structuring subscription. If the subscription lapses or is past due, projects become read-only. Structuring is not shown on other tenants’ whitelabel domains.

20. Agreements & e-signature

Status: Live (per-offering opt-in)

You can require every investor to sign an investment agreement before paying for an order. Open Agreements in the sidebar: Agreement Templates and Investor Agreements.

Templates. Libertum provides five default templates: Equity, Debt, Revenue Share, Commodity-Backed and Real Estate. You can:

1. Clone a default template or create your own.
2. Edit it, using the clause library and merge fields.
3. Preview it.
4. Publish it. Only published templates can be used on an offering.

Merge fields fill in automatically when an agreement is created: investor legal full name, address, city, postal code and residence (taken from the investor’s verified profile, populated through KYC); issuer and offering details; order amount and quantity; and today’s date.

Turning it on for an offering.

1. Switch on requires agreement for the offering.
2. Complete the Master Agreement Signature step of the wizard: choose a published template and sign it once as the issuer.

Until the master signature is on file, new investor orders on that offering are refused. The issuer dashboard flags offerings that are blocked for this reason. You can revoke a master signature.

Investor flow. The investor captures a signature specimen, requests an OTP, confirms it, and the agreement is signed. Your side is countersigned automatically by reference to the offering’s master signature.

Lifecycle: draft → pending investor signature → pending issuer signature → pending payment → fully executed → pending token allocation → completed. An agreement can also be cancelled or expire.

21. The Agreement Audit Trail

Every agreement has an audit trail that you and the investor can open from the agreement.

• Signature record — timestamp, signer IP address, signer user-agent (browser/device string), OTP verification time, and a nonce.
• Cryptographic proofs — SHA-256 hash of the agreement body, SHA-256 hash of the executed PDF, a certificate ID, and a Libertum HMAC-SHA256 seal.
• On-chain anchor (optional) — on Base or Cardano, when enabled for the deployment.

Export. Use Export audit JSON and download the executed PDF to keep your own records.

What can be verified independently. Anyone can recompute the body and PDF hashes and check an on-chain anchor transaction themselves, offline. The HMAC seal is keyed with a Libertum platform secret, so only Libertum can verify it; there is no public verification endpoint.

See Compliance for how the audit trail fits Libertum’s evidentiary model.

22. Distribution Hub

Status: Live

Distribution Hub (USD 149/month) is an investor CRM for issuers. Open it from the persona switcher. A disclaimer is shown on first use.

Area	What it is for
Dashboard	Overview of contacts, pipeline and activity.
Investors	Your investor contacts.
Organizations	Firms and funds your contacts belong to.
Investor Intelligence	Research and enrichment on contacts.
AI Matching	Suggested investor–offering matches, with explanations (Libby AI).
Opportunities	The deals you are distributing.
Campaigns	Outreach campaigns.
Pipeline	Track investors through stages.
Communications	Messages, including a read-only connected Gmail inbox.
Introductions	Introductions between contacts.
Analytics	Distribution performance.
Permissions	Who on your team can use the Hub.

• CSV import — import existing contacts from a CSV file; contacts can then be enriched.
• Gmail inbox — connect Gmail with read-only OAuth access so related email appears in the Hub. Libertum cannot send mail from your account.
• Investor invite link — share your link; an invited investor opens it, registers, and lands in your Hub as a contact.

Cross-marketplace hosting is separate from the Hub and available to any issuer, without the Hub subscription:

• Ecosystem Directory — request to have your offering hosted on another tenant’s marketplace.
• Hosting inbox — manage hosting requests.

23. Libby AI and AI credits

Status: Live

Libby AI (USD 349/month, requires Distribution Hub) is Libertum’s AI assistant.

• In Distribution Hub: copilot chat, AI web discovery of investors (sourced people with citations), enrichment, and explanations for AI Matching.
• In Structuring: Prefill with Libby and research. These are covered by the Structuring subscription.

How AI usage is charged.

• Usage is metered per account owner, per product, per calendar month. Distribution Hub / Libby AI and Structuring are separate ledgers.
• Each product includes USD 100/month of AI credit.
• Usage above the included credit is billed on your subscription invoice.
• A usage gauge shows your consumption for the month.
• Prefill with Libby in Structuring shows a cost estimate before it spends anything.

24. Redemption windows and orders

Status: Live

Redemptions let investors return tokens to you for a payout. Open Orders → Redemption Windows and Orders → Redemption Orders.

Windows.

1. Create a window: type POOL or TRANCHE; whether tokens are burned or returned; price fixed or set at approval; payout by custodian crypto (stablecoin to the investor’s Custodian Wallet) or manual fiat.
2. Open it. A window can be paused, closed or cancelled. Statuses: DRAFT, OPEN, PAUSED, CLOSED, CANCELLED.

Requests. Investors submit requests from My Redemptions and save their payout accounts. A request moves through REQUESTED → APPROVED → TOKEN_SUBMITTED → TOKEN_CONFIRMED → PAYOUT_SENT → COMPLETED, or ends as REJECTED, CANCELLED, EXPIRED or FAILED. You cannot approve a request that has nowhere to pay. The default redemption fee is 1%.

25. Subscription orders, transfer journal and governance voting

Subscription Orders (Orders → Subscription Orders) is your queue of primary subscription orders. Filter by status, accept or reject pending orders, mark a manually paid order as paid, and follow it through to minting. Crypto payments in USDC/USDT settle through the Escrow contract to you.

Transfer Journal (Cap Table & Payouts → Transfer Journal) is the chronological ledger of transfers for your offerings.

Governance & Voting (Investor Relations → Governance & Voting): create a proposal, open it for voting, pause it, and close it. Investors vote from their own Voting page.

26. Coming Soon listings and investment limits

Coming Soon listings. From your offerings list, switch an offering to Coming Soon and set a launch date. Investors can see it and register interest. At the launch time it becomes purchasable automatically. Registered interest does not change the listing.

Investment limits are set per offering:

• Minimum and maximum investment per offering. The maximum is required — an offering without one cannot be submitted.
• An accredited-tier cap for accredited investors.
• Limits are enforced off-chain when an order is placed (hold time, maximum balance, country allow / restrict) and on-chain by the ERC-3643 compliance modules (section 7).
• A country allow-list is a strict whitelist: only the listed countries can invest.

See Compliance for how country restrictions, investment limits and accreditation work together. Investor accreditation is a preview and does not gate offerings today.