The Complete Tokenization Process

Most tokenization guides stop at “deploy a token”. That is roughly a third of the work. This chapter walks the entire lifecycle — from verifying your entity, through structuring and deploying the asset, to servicing distributions, distributing to investors, and supporting a compliant secondary market.

Nine phases. Every one of them is something you will actually do.

How to use this chapter. The interactive process explorer lets you step through the same nine phases with progress tracking. A branded PDF of this guide is available for download at the top of that page.

The nine phases at a glance

#	Phase	What it settles	Typical duration
01	Prepare	Entity verified, plan chosen	2–10 business days
02	Structure	Asset modelled, documents drafted and reviewed by counsel	1–3 weeks
03	Configure compliance	The rules every transfer must pass	Same day
04	Deploy	Contracts live on chain	2 business days (SLA)
05	Onboard investors	Verified investors, whitelisted wallets, signed agreements	Minutes to 2 days each
06	Raise	Capital in, tokens allocated	Offering window
07	Service	Distributions, corporate actions, controls	Ongoing
08	Distribute	Investors found and qualified	Ongoing
09	Secondary	Transferable, still compliant; redemptions	Post-issuance

Phase 01 — Prepare

You start with a normal account and apply to become an issuer. Know Your Business verification runs through SumSub’s business flow, and fifteen entity types are supported — Individual, Sole Proprietorship, Partnership, Corporation, LLC, Non-Profit, Government Entity, Trust, Joint Venture, Association, Cooperative, Publicly Traded Company, Private Company, Educational Institution and Foundation.

The document set varies by entity type and jurisdiction, but generally: certificate of incorporation or formation, articles of association or operating agreement, tax registration, beneficial-owner ID and KYC for any owner at 25% or above, director and officer ID, a bank reference letter, and a source-of-funds declaration.

SumSub processes the submission and routes the result to Libertum admin for final approval.

Choosing a plan. Pay Per Listing (USD 499 per listing) suits infrequent or bespoke deals. Monthly plans suit issuers running several offerings or a whitelabel marketplace. Your plan sets offering count, team seats and module access. Offering limits count mainnet offerings only and are enforced at publish across your organisation. The live plan page is authoritative for prices.

Phase 02 — Structure

Phase 02 has two parts: preparing the legal and commercial structure of the offering, and modelling it in the Tokenization Wizard. The first part can be done with the optional Structuring module; the second is always done in the wizard.

Structuring module

Status: Beta

Structuring is an Issuer add-on (USD 500/month, flat, not included in any plan) that helps you and your counsel prepare an offering’s documents. It is a software tool: it is not a Libertum structuring or legal service, and your own counsel remains responsible for the structure and for every document you use.

You choose a jurisdiction pack when you create a project:

Jurisdiction pack	Covers
El Salvador — CNAD / LEAD	Ley de Emisión de Activos Digitales framework
United States — SEC Reg D / Reg S	Private placement and offshore offering exemptions
European Union — MiCA / MiFID II	Crypto-asset and financial-instrument regimes

All three packs are drafts, shown in the app as “Beta — pending counsel review”. Documents are generated in English or Spanish.

The flow:

1. Create a project — choose the jurisdiction pack and the document language.
2. Intake — complete the intake form. Prefill with Libby can propose values; each proposal must cite a source, and a cost estimate is shown before anything is spent.
3. Research — AI research runs on your intake; you review and confirm the findings.
4. Documents — documents are generated in phases A, B and C. Each document moves through draft, in_review, approved and locked, can be signed with an OTP, and can be exported as DOCX or PDF.
5. Artefacts — upload the required external artefacts; each is missing, uploaded, waived or verified.
6. Guest counsel review — share a review link with outside counsel, with view or comment permission, an expiry date and an optional password. Links can be revoked, and counsel can comment per section.
7. Draft offering — after a pre-check, create a draft offering in one click and continue in the Tokenization Wizard.

Structuring includes USD 100/month of AI credit; usage above the included credit is billed on your subscription invoice if you subscribe by card, otherwise on your monthly Libertum invoice.

Regulatory note. The El Salvador DASP licence held by Libertum, S.A. de C.V. (registry entry PSAD-0094) does not cover the structuring, promotion or management of investment products, and it does not authorise issuance. Each issuer and each issuance registers separately with the CNAD. Registration or exemption analysis in every jurisdiction where you offer is your responsibility, with your counsel. Nothing in this guide is legal advice. See Licences.

Tokenization Wizard

The Tokenization Wizard is asset-class-aware: the steps you see depend on the class you pick.

Asset class	Wizard steps
Real Estate	4
Debt Digital Asset	8
Invoice Factoring	9
Revenue Digitisation	9
Bonding Token	9
Equity Digital Asset	10
Commodity Tokenization	10

Overview captures offering name, token name, symbol, decimals, asset location, cover image, company logo and description. Project details are class-specific — real estate takes property type, full address, valuation and occupancy; equity takes company structure, business model and key metrics; debt takes instrument type, seniority, security and covenants.

Tokenization structure sets total supply, token price, minimum and maximum ticket, total raise target, allocation and vesting. The maximum investment is required. Four fields deserve care because changing them later means redeployment:

• Decimals — almost always 18 for ERC-3643 and ERC-20.
• Total supply — the maximum you will ever issue; enforced on-chain by the Supply Limit module.
• Token price — quoted in USD, stored internally at stablecoin precision.
• Min / max ticket — enforced at order creation; the maximum should mirror your Max Balance module.

Documents follow a class-driven checklist splitting mandatory from recommended. Investor agreements that must be signed are handled by Agreements & e-signature (see Phase 03).

Distribution settings cover issuance start and end dates, marketplace visibility, featured placement and a bulk-CSV investor invite list. Dividend and governance settings cover distribution frequency and mechanism, voting rights, quorum threshold and proposal cool-down.

Phase 03 — Configure compliance

Choosing a standard

Standard	Use when
ERC-3643 (T-REX)	Security tokens needing on-chain compliance enforcement. The default for most security-token offerings.
ERC-20	Utility or governance tokens. Lighter and cheaper, but no built-in identity or claim verification.
ERC-721	One-of-one or limited-edition tokenization.
CIP-20	Fungible Cardano native token without programmable compliance. Live on Cardano mainnet today.
CIP-113	Compliance-native (programmable, regulated) tokenization on Cardano. Live on Cardano mainnet and preview, on the Cardano Foundation’s canonical CIP-113 deployment.
XRPL Issued Currency	Trust-line token on the XRP Ledger, with issuer authorisation of holders. Live on XRPL mainnet.
XRPL MPT (XLS-33)	Multi-Purpose Token on the XRP Ledger. Live on XRPL mainnet; DEX trading of MPTs waits on the MPTokensV2 amendment.

Where each standard is live

Mainnet	ERC-3643	ERC-20	ERC-721
Base	Live	Live	Live
Ethereum	Live	Live	—
Polygon	Live	—	—
Arbitrum	Live	—	—
Cardano	CIP-20 live; CIP-113 live (mainnet and preview, on the Cardano Foundation’s canonical CIP-113 deployment)
XRP Ledger	Issued Currency (trust line) live; XLS-33 MPT live

All five EVM testnets — Base Sepolia, Ethereum Sepolia, Polygon Amoy, Arbitrum Sepolia and Avalanche Fuji — are available for testing. XRPL is live on mainnet and selectable in the Tokenization Wizard — as an Issued Currency (trust line) or an XLS-33 MPT; DEX trading of MPTs waits on the MPTokensV2 amendment.

Composing the ruleset

Each compliance module is an independently deployed contract. The Modular Compliance controller chains them together, so a transfer must pass every enabled check.

Module	What it enforces
Country Allow	Transfers only to wallets whose verified identity carries an allow-listed country claim.
Country Restrict	Blocks transfers to wallets in a blocklist — commonly the US for non-Reg-D offerings, plus sanctioned jurisdictions.
Supply Limit	A hard cap on total supply.
Max Balance	No single wallet may hold more than X tokens — used for accreditation caps.
Hold Time	Blocks transfer within N seconds of mint — commonly 365 days for Reg D / Reg S restrictions.

Modules compose freely. A US Reg D offering might enable Country Allow (US only), Max Balance and Hold Time at one year. A Reg S offering instead excludes the US via Country Restrict.

Off-chain, the platform also enforces the offering’s minimum and maximum investment, an optional accredited-tier cap, hold time, maximum balance and country allow/restrict rules at order time. A country allow-list is a strict whitelist. Libertum also applies a platform-wide country restriction list at signup and in the wizard.

Investor agreements

If investors must sign an agreement, turn on requires agreement for the offering. Pick one of the five Libertum default templates — Equity, Debt, Revenue Share, Commodity-Backed, Real Estate — or create, clone, edit, preview and publish your own, with a clause library. Merge fields fill the investor’s legal name and address from their verified profile, plus issuer, offering and order details.

Then master-sign the template. Orders for that offering are refused until you have master-signed; your side of each investor agreement is then countersigned automatically from that master signature.

Mint timing

Available for ERC-20 and ERC-3643 only.

• On-order (default) — tokens mint as each investor’s primary order settles. The common choice for fundraises.
• On-deploy — full supply mints to a custodian wallet at deployment, then transfers to investors as orders settle. Choose this when secondary liquidity matters from day one.

Agents and owners

An Agent is a wallet permitted to mint, burn, pause, freeze, force-transfer and recover. Routine operations — minting at order settlement, dividend distribution — are typically delegated to Libertum’s relayer while you retain owner powers. Functional roles are TENANT, RENT, STABLECOIN, YIELD and BUYBACK.

Only the Owner can change compliance modules, change the identity registry or transfer ownership. Owner is therefore usually a hardware wallet or multi-sig; agents are operational wallets that automate day-to-day functions.

Phase 04 — Deploy

Submitting the completed wizard moves the offering to PENDING_ADMIN_APPROVAL.

Libertum admins verify that KYB is current and approved, mandatory documents are present, token economics are internally consistent, compliance configuration matches the stated jurisdictions, no restricted-country whitelist conflicts exist, and the offering description makes no claims that would constitute investment advice. SLA target is 2 business days for clean submissions. This is a platform review, not a regulatory approval: your own registration with the CNAD or any other regulator is separate.

On approval, the TREXFactory deploys all six core contracts — Token, Identity Registry, Identity Registry Storage, Trusted Issuers Registry, Claim Topics Registry and Modular Compliance — plus your selected compliance modules, in a single transaction, on the network you chose (see “Where each standard is live” in Phase 03). Cardano and XRPL offerings deploy their own chain-native equivalents.

Smart-contract certificate. Every deployed offering is then checked on-chain automatically and receives a signed Smart Contract Certificate issued by Libertum, S.A. de C.V. as the platform provider. It separates the rules the contract enforces on-chain from the controls the platform enforces off-chain, is signed with Ed25519, has its fingerprint anchored on the offering’s own chain, and is re-checked nightly (a contract change issues a new version; a failing check hides the badge). You see it on the offering dashboard and in the data room; investors see a Certified by Libertum badge; anyone can verify it at https://tsuitenew.libertum.io/verify/CERTIFICATE-NUMBER. Imported tokens are certified “as observed — not deployed by Libertum”. See Compliance §11.

It records the results of Libertum’s automated technical checks at the time stated. It is not a certification for a public offering under the Digital Assets Issuance Law (LEAD), and it is not a regulatory approval of the offering or its issuer.

Phase 05 — Onboard investors

Investors complete identity verification before they can subscribe. Those verified identity claims are exactly what the on-chain compliance modules read when validating a transfer later.

Wallets reach your whitelist three ways:

1. Investor-initiated — the investor connects a wallet on the offering page; the platform submits a whitelist request to your Transfer Agent.
2. Issuer manual entry — add the address in Issuer Dashboard → Wallet Whitelist and link it to the investor’s identity record.
3. CSV bulk upload — a file with wallet, email, country columns, used to migrate an existing investor list.

Signing the investor agreement

Where the offering requires an agreement, the investor signs it before the order proceeds:

1. Capture a signature specimen.
2. Request a one-time code (OTP) by email.
3. Confirm the OTP — the agreement is signed, and your side is countersigned automatically.

An agreement moves through draft → pending_investor_signature → pending_issuer_signature → pending_payment → fully_executed → pending_token_allocation → completed (or cancelled / expired).

Each agreement has an Audit Trail: the signature record (timestamp, signer IP address, browser/device string, OTP verification time, nonce) and cryptographic proofs — a SHA-256 hash of the agreement body, a SHA-256 hash of the executed PDF, a certificate ID and a Libertum HMAC-SHA256 seal, plus an optional on-chain anchor (Base or Cardano) where enabled for the deployment. The audit record can be exported as JSON and the executed PDF downloaded. Anyone can recompute the hashes and check an on-chain anchor independently; the HMAC seal can only be verified by Libertum, and there is no public verification endpoint. (Smart-contract certificates are different: they can be verified publicly at /verify — see Compliance §11.)

Phase 06 — Raise

Primary-market orders each carry a status and a complete payment trail with on-chain references. Minimum and maximum investment are enforced at order creation; the maximum should mirror your Max Balance module so the two never disagree.

Investors pay by card (Stripe), bank wire, or stablecoin: USDC and USDT on EVM (via the Escrow contract to the issuer); RLUSD and USDC on the XRP Ledger, verified on-ledger, from the investor’s own XRPL wallet with a destination tag or from their custodian balance. USDT is not accepted on XRPL (there is no native Tether on XRPL). Some XRPL Issued Currency offerings settle atomically (delivery-versus-payment).

Investors can also pay from their Custodian Wallet balance (custodian checkout): network fees are sponsored for the investor and billed to the offering’s issuer. Investors are never charged gas for XRPL transactions.

As orders settle, tokens are minted (on-order) or transferred from the custodian wallet (on-deploy). The investor’s balance and your cap table update together.

Fees. The distribution fee — 1% (minimum USD 5) of each primary sale — is charged to you, the issuer, not added on top of the investor’s payment. Libertum fees are invoiced monthly (see Libertum invoices): on the 1st, a Libertum invoice is drafted with a per-offering breakdown, reviewed, emailed and shown in T-Suite → Settings → Libertum Invoices, payable Net 15 by bank transfer or an optional Stripe payment link. The Subscription Agreement governs the rates that apply to you.

Getting the offering in front of investors

• Coming Soon listing — switch on Coming Soon for an offering and set a launch date. Investors can register interest, and the listing becomes purchasable automatically at the launch time.
• Ecosystem Directory hosting — available to any issuer: request to have your offering hosted on another tenant’s marketplace and manage requests in the Hosting inbox. Each tenant marketplace shows its own offerings plus offerings hosted through the directory.
• Distribution Hub and Libby AI — work your investor pipeline during the raise (see Phase 08).

Phase 07 — Service

This is where most of the lifecycle actually happens.

Cap table — a real-time holder table with wallet, investor name, country, current holdings, cost basis and last transaction, filterable by country, holding range and recent activity, exportable to CSV. The Transfer Journal is an immutable chronological ledger mirroring on-chain events.

Dividends and distributions run in four steps: you declare an amount, currency (USDC/USDT on EVM; RLUSD/USDC on XRPL), allocation method and scheduled date; the platform snapshots holders and computes pro-rata allocation across MINTED orders, writing one record per investor; on the scheduled date the relayer, acting as STABLECOIN agent, transfers stablecoin to each wallet; each successful row is marked distributed and the investor is emailed.

The dividend fee (0.5%, minimum USD 1) is currently billed to you on the monthly Libertum invoice, so investors receive the full declared dividend. Libertum may switch on fee-at-payout, after which dividends are paid net of the fee and the investor’s notice shows gross, fee and net.

Individual failures — a blacklisted wallet, say — are logged and surfaced in the dashboard, and you can retry, refund off-chain, or hold pending compliance resolution.

Controls. Full freeze prevents a wallet sending or receiving; partial freeze locks a specific quantity. Forced transfer moves tokens bypassing the sender’s frozen status but still subject to receiver verification. Recovery atomically transfers all tokens from a lost wallet to a new one and re-links the new wallet to the same identity. All three are Transfer-Agent-initiated by default, and your policy can require dual control.

Governance. Create, open, pause and close proposals; investors vote from their own dashboard.

Documents and communications. A versioned per-offering document vault, with investor-visible documents tagged. Executed investor agreements and their Audit Trails stay available per agreement. Announcements reach all holders or a segment by email and in-app, using corporate action, distribution announcement, governance proposal or general update templates.

Phase 08 — Distribute

Issuing a compliant token does not, by itself, find you investors. This phase is the one most tokenization stacks leave entirely to the issuer.

Distribution Hub (USD 149/month) is an investor CRM and matching workspace: investors and organisations, investor intelligence, AI matching, opportunities, campaigns, pipeline, communications, introductions and analytics. You can import contacts by CSV, enrich them, and connect a Gmail inbox read-only. An investor self-registration link lets invited investors register and land in your Hub as contacts.

Libby AI (USD 349/month, requires the Distribution Hub) is the AI assistant inside it. Ask in plain language and it discovers investors on the web with cited sources, enriches and scores them, explains matches and drafts outreach — with the issuer deciding what actually goes out. The Hub includes USD 100/month of AI credit; usage above it is billed on your subscription invoice if you subscribe by card, otherwise on your monthly Libertum invoice.

Whitelabel Platform is a full investor and issuer marketplace under your own brand and custom domain, included with Issuer Starter, Issuer Growth, AM Starter, AM Pro and Enterprise. Your marketplace shows your own offerings plus offerings hosted via the Ecosystem Directory. The older single-offering Shopfront pages are deprecated.

Phase 09 — Secondary

Because the ruleset lives in the token’s own compliance modules rather than in a venue’s database, a transfer is validated against the same conditions wherever it is initiated.

Two whitelisted investors can transfer peer-to-peer; every transfer must pass all enabled modules — jurisdiction, balance cap, hold time — and the Transfer Journal reflects it immediately.

Secondary market (P2P order book). Live on Base mainnet; Ethereum and Cardano mainnet are next. A secondary listing (default fee USD 25) and a secondary trade (default fee 0.5%) apply.

B-DEX (bonding-curve trading) is a preview — not live: the in-app Convert screen has no live trading.

Redemptions

Status: Live

You open redemption windows of type POOL or TRANCHE (statuses DRAFT, OPEN, PAUSED, CLOSED, CANCELLED). The price is FIXED or set AT_APPROVAL, and redeemed tokens are burned or returned. Payout is in stablecoin to the investor’s Custodian Wallet (RLUSD or USDC for XRPL offerings) or by manual fiat.

Investors request redemptions from My Redemptions and save payout accounts there; you cannot approve a request that has nowhere to pay. A request moves REQUESTED → APPROVED → TOKEN_SUBMITTED → TOKEN_CONFIRMED → PAYOUT_SENT → COMPLETED, or ends REJECTED, CANCELLED, EXPIRED or FAILED. The redemption fee (1%, minimum USD 5) is currently billed to you on the monthly Libertum invoice, so investors receive the full redemption amount. Libertum may switch on fee-at-payout, after which redemptions are paid net of the fee and the investor’s notice shows gross, fee and net.

What to read next

• Issuer Guide — the same process at maximum operational detail, including the Issuer Dashboard tab by tab.
• Structuring — the Phase 02 module in detail.
• Token Standards & Smart Contracts — the contract architecture behind phases 03 and 04.
• Compliance Enforcement — how transfer validation actually executes.
• Plans, Modules & Pricing — what phase 01 commits you to.
• Licences — what Libertum group entities hold, and what they do not cover.