How to run tokenized assets: registers, NAVs and payouts
Running tokenized assets is the work that follows issuing a fund, stock or bond as tokens: keeping supply matched to the asset, the holder register current, the asset’s value readable onchain and holders paid, while the issuer, transfer agent and fund administrator keep their usual roles.
This playbook sets out the decisions in the order you’ll make them. Each one links to the use case pages and docs that cover it in detail.
Tie every mint and burn to an order
Decide how each mint and burn ties back to the order, subscription or redemption behind it, so your books can match supply to real trades and fund flows.
- Use caseTokenized stock mint and redeem against ordersTrigger mints and redemptions when a customer buys or sells, and record every step for the books.
- Use caseTokenized fund subscriptions and redemptions across chainsTrack subscriptions and redemptions of a tokenized fund as mints and burns across every chain it’s on.
Check launch mints against allocations
Keep the allocations set when the book closes beside the mints, so every unit minted at launch or in a tokenized IPO ties to an allocation.
Check supply against the asset in custody
Decide how often to compare supply on every chain with your custodian’s or vault’s count, and whether a gap alerts your team or pauses minting.
- Use caseKeep tokenized stocks backed one to oneCheck token supply on every chain against the shares or fund units held in custody, and alert on any gap.
- Use caseWays to check tokenized stock supply against custodyEach way to build it side by side, with what each one suits best.
- Use caseKeep gold and commodity tokens backedKeep gold and other commodity tokens matched to vaulted holdings, and alert on any gap.
- Use caseWrapped bitcoin reserve monitoringCheck a wrapped bitcoin token’s supply on every chain against the BTC at its custodian’s reserve addresses, and alert on any gap.
Choose where holder balances are kept
Keep each holder’s balance in the database your register runs on, or in a hosted index your register queries by holder.
- Use caseOnchain shareholder register for transfer agentsKeep a transfer agent’s official register of a tokenized fund or stock in step with onchain transfers.
- Use caseWays to keep an onchain shareholder registerEach way to build it side by side, with what each one suits best.
- GuideTokenized equities & RWA data layerKeep a holder register for tokenized stocks with Subgraphs or Turbo Pipelines, and pay dividends from it at a record block with a Compose task.
Combine every chain into one register
If the fund is issued on several chains, decide how units moved between chains are paired so the register reports one total and one set of investors.
Tie each wallet to a verified investor
For a permissioned token, record every identity registration, removal and freeze, so the register shows which wallets belong to approved investors.
- Use caseERC-3643 eligibility and allowlist trackingTrack ERC-3643 identity and eligibility changes so only approved holders can receive a security token.
- GuideSecurities compliance & market surveillanceStream identity and freeze events for tokenized securities, and send trades with the same owner on both sides to your surveillance tool.
Record recoveries of lost tokens
Match each recovery to the request your team approved, because the tokens move to the investor’s new wallet without the old one signing.
Reconcile token balances with the books
Pick the cut-off and schedule for comparing each holder’s token balance with the book-entry or custody positions it mirrors.
- Use caseReconcile tokenized and book-entry positionsCheck that tokenized positions match the book-entry or custodial records they mirror.
- GuideTokenized equities & RWA data layerKeep a holder register for tokenized stocks with Subgraphs or Turbo Pipelines, and pay dividends from it at a record block with a Compose task.
Read holdings at the valuation cut-off
Fix the cut-off time first, so a fund’s wallet and vault holdings are read at the last block before it on each chain.
- Use caseCrypto fund NAV calculation from onchain holdingsValue a fund’s wallet and vault positions at the cut-off so the administrator can compute and report NAV.
- DocsFeeds API: BlocksTurn a time into a block number, such as the newest block at or before a month-end cut-off.
- DocsEdge RPC eth_callRead a contract’s state, such as its total supply, at any block number without sending a transaction.
Publish the NAV on every chain the fund is on
Decide how often each new NAV goes onchain and which chains get it, taking the figure only from your fund administrator.
- Use casePublish tokenized fund NAVs and marks onchainPublish a tokenized fund’s NAV to every chain the fund is on, on a schedule.
- GuideBuild a multi-chain NAV oraclePublish a reserve or NAV figure from a custodian endpoint to a contract on several chains, from one scheduled Compose task.
- DocsCompose task triggers: cron, HTTP, and onchainRun a Compose task on a schedule, from an HTTP call or when an onchain event lands, and set how it retries when a run fails.
Publish marks, index values and ratings
Decide whether each update runs on a schedule or when your own system calls it, such as a ratings system after each rating action.
- Use caseTokenized private credit marksPublish valuations of private credit vaults and loans onchain.
- Use caseIndex values published onchainPublish benchmark index values onchain for funds and products that track them.
- Use caseCredit ratings published onchainPublish credit ratings onchain for tokenized instruments.
Publish the backing ratio for holders
Decide whether holders and contracts should read reserves against supply onchain, with each update written only by your publishing wallet.
Snapshot holders at the record date
Turn the record date into a block, then rebuild holders with a one-time job or query a register that’s indexed all the time.
- Use caseWays to pay dividends and apply splits on tokenized stocksEach way to build it side by side, with what each one suits best.
- GuideBuild a corporate-actions distributorSnapshot token holders at a record block with a one-time Turbo Pipelines job, then pay each holder its share from a Compose task without paying anyone twice.
- DocsFeeds API: BlocksTurn a time into a block number, such as the newest block at or before a month-end cut-off.
- DocsTurbo job mode: one-time backfills and batch pipelinesRun a Turbo pipeline once over a bounded block range and let it exit, for backfills and data migrations.
Decide what each holder receives
Decide whether each action pays holders in stablecoins or deposit tokens, mints them new fund tokens or changes the token’s multiplier.
- Use caseTokenized money market fund dividends paid as new tokensSnapshot holders and mint each one’s yield as new fund tokens.
- Use caseDividends and splits on tokenized stocksApply dividends and splits to tokenized-stock holders as of the record date.
- Use caseTokenized bond coupon paymentsPay bond coupons to holders at the record date.
- Use caseTokenized loan participation paymentsPay out loan-participation shares between banks in tokenized deposits.
Decide who signs each payment
Sign from a wallet the payment task holds, or send each payment through your custody provider under the issuer’s approval policy.
- Use caseToken distributions to holders and creditorsPay one asset out to thousands of holders, creditors or employees and prove each delivery.
- DocsCompose EVM walletsSend transactions from a Compose task with a Goldsky smart wallet, a private key you store as a secret, or a signing endpoint you host.
Build the voting list for each meeting
Decide how the holder list at the record date reaches your proxy agent, which sends the ballots and counts the votes.
Send statements from the register
Pick the closing block for each period and value holdings at that period’s NAV, so every statement matches the register.
- Use caseInvestor statements from a tokenized registerProduce investor statements and holdings reports straight from the onchain register.
- Use caseWays to produce investor statements from a tokenized registerEach way to build it side by side, with what each one suits best.
- Use caseOnchain loan waterfall reportingReport how each borrower payment into an onchain lending pool splits between fees, lenders and tranches.
Turn this plan into a working build
We can help you work through each decision and get the first stage into production.
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