Software covers four steps of a tokenized issuance. Regulated partners cover four more. The remaining seven belong to parties you appoint yourself. Knowing which is which before you start is the difference between a project that reaches production and one that is rebuilt.
Read this as a checklist rather than an argument. Each row is something that has to happen for a real issuance to settle and for the money to arrive, and each is performed by exactly one of three kinds of party.
| Step | Performed by | Note |
|---|---|---|
| Establishing title to the asset | Yours to appoint | Counsel in the jurisdiction where the asset sits. No software participates in this. |
| Forming the holding vehicle | Yours to appoint | Formation agent and counsel. The choice of jurisdiction governs everything downstream. |
| Drafting the interest and its terms | Yours to appoint | Counsel. What the holder is buying, what they are owed, and on what conditions. |
| Custody of the underlying asset | Yours to appoint | A licensed custodian or trustee, appointed by you, in a place that recognises the arrangement. |
| Maintaining the authoritative register | Yours to appoint | A transfer agent or registrar where the role is reserved. The ledger can support it; it cannot assume it. |
| Creating the token and its asset model | Technology | Contracts across several virtual machines, with the backing recorded alongside the units. |
| Enforcing transfer restrictions | Technology | The eligibility test travels with the asset, on every network where the token can refuse a transfer. |
| Reconciling supply against attested reserve | Technology | Continuous comparison of what exists across networks against what has been attested to back it. |
| Verifying the business (KYB) | Regulated partner | Performed by the regulated institution providing the accounts. Presented through one interface. |
| Accounts that receive local currency | Regulated partner | Issued by a licensed payment or e-money institution. The software is the distributor. |
| Conversion to and from stablecoins | Regulated partner | A regulated activity performed by the partner, at the partner's price. |
| Cross-border transfer of the stablecoin | Technology | A public network. Minutes, a published fee, and a record both sides can verify. |
| Payout into the beneficiary's bank | Regulated partner | Local rails at the destination, through an institution permitted to reach them. |
| Introducing the offering to investors | Yours to appoint | A licensed distributor or placement agent where the offering reaches beyond people you already know. |
| Ongoing reporting and supervision | Yours to appoint | Filings, disclosures and answers to your regulator. These follow the instrument, not the format. |
The technology rows are implemented at boli.technology and the partner rows are reached through skerry.xyz, which presents one interface over institutions that hold the licences. Neither holds a licence itself. The seven rows marked yours remain yours in every design we know of, including ours.
These are not gaps in one product. They are open across the field, and progress on any of them would change what is buildable for everyone.
Four of the seven questions above are ones we are actively building against. The other three need law, licensed venues and accepted standards rather than better software, and we treat them as constraints to design around rather than problems to route past.
Supply read on each network an asset declares, bridge routes netted at the source so a unit crossing one is counted once, and the total compared every epoch against the attested reserve. Issuance beyond that reserve is refused rather than reported.
An append-only, publicly readable record of what was issued, what backs it and who attested to the backing — so that the register can be reconstructed from published data rather than from one company’s database.
Allowing part of an asset’s stated backing to come from hardware-attested measurement, published with its uncertainty and held open to challenge before it counts, instead of from a number the issuer states.
Presenting verification, accounts, conversion and payout as one flow while the institutions underneath change, so that adding a corridor is a partner integration rather than a rebuild for the customer.
Portable eligibility needs an accepted standard and mutual recognition. Secondary liquidity needs authorised venues. Ledger-as-register needs legislation. We can be ready for each; we cannot supply them.
If you are planning an issuance or a corridor and want to know which rows of the map you already have covered, the papers and briefings go further into the structures, and the two implementations are linked from every page.