Offerings and subscriptions
How primary issuance coordinates allocations, agreements, payments, and token delivery.
What an offering adds
In the issuer portal, you create and run offerings on the asset's Fundraising tab (New offering). Investors subscribe on the asset's Invest tab.
An offering is the process by which you acquire tokens from an issuer. It links an allocation to an investor, the required agreement, payment instructions, and delivery. Creating an offering is separate from creating the token suite.
An offering can be one of two kinds:
- Fixed-price issuance uses a subscription window and soft and hard caps.
- Fund subscriptions priced at net asset value (NAV) are open-ended. They have no subscription window and no soft-cap close test. An optional hard cap can limit reservations. The issuer publishes the NAV that sets the number of units at acceptance.
Fund redemption is not part of this subscription flow.
The subscription journey
- The investor requests an allocation or subscription amount.
- The investor supplies the required agreement and supporting documents.
- The issuer reviews the subscription and accepts or rejects it.
- The investor follows the selected payment instructions.
- Payment is confirmed on the applicable rail (see Payment modes).
- For bank-transfer payments that require a signed agreement, the issuer supplies the countersigned agreement before delivery. Escrow settlement is an on-chain transaction that the issuer wallet signs, and the platform does not hold it back for a countersignature.
- An authorized delivery transaction sends the tokens to the investor's admitted, eligible wallet.
Platform verification can let you start a subscription. But the issuer must admit you to the suite before delivery. An allocation, a payment, and a delivered balance are three separate states.
Offering progression
- Draft → open: the issuer sets terms, payment mode, and capacity before opening.
- Open ⇄ filled: subscriptions reserve capacity; eligible releases can reopen room. Each subscription still needs acceptance and any required agreement.
- Close decision: a fixed-price offering succeeds or fails its soft-cap test. Cancellation or suspension can interrupt progress; open-ended NAV offerings follow their own mode.
- Payment and delivery: accepted subscriptions complete payment, required countersigning, and delivery. Failed or cancelled paid subscriptions follow the applicable refund path.
Payment modes
Fixed-price reservations are first come, first served. While the subscription window is open, released reservations can reopen capacity. The default payment window is seven days, but the offering's actual terms set the deadline. Each crypto offering selects one supported stablecoin. These are application rules. They are separate from gas fees.
The NAV staleness threshold sets how old a NAV can be before the issuer must confirm it. The default is 30 days, but each environment can set its own value. If a NAV is stale, the issuer must confirm it explicitly when accepting subscriptions. Read navStalenessDays from configuration discovery.
| Mode | How payment is recorded |
|---|---|
| Bank transfer | The investor pays the issuer outside the chain; the issuer matches the reference and confirms receipt |
| Stablecoin | The investor makes an authorized deposit into the offering's escrow contract, where enabled |
| Mixed | Both rails are offered while allocations share the offering's capacity |
Uploading bank-payment evidence does not verify receipt. Only the issuer confirms receipt. A direct stablecoin transfer to an arbitrary address does not replace the authorized escrow deposit. The payment must be linked to the accepted subscription.
The escrow holds the payment asset. It does not hold the security token. Delivery sends the security token directly to the investor's asset wallet.
Completion, cancellation, and refunds
Subscription windows, payment deadlines, funding targets, and issuer decisions decide whether an offering completes. If an allocation fails or is cancelled after payment, it can enter a refund process. Bank refunds happen outside the chain. Escrow refunds follow the contract's permitted states and conditions.
A recorded refund requirement is not a completed refund. The payment record and the transaction result show which stage the refund has reached.
An escrow's refund escape (the investor's route to reclaim a deposit) depends on its configured settlement window and the offering mode. Windowed offerings count from their effective close. Rolling offerings count from each deposit's time. Read the deployed escrow terms. “14 days after payment” is not a universal rule.
Example: subscribe for 100 bond tokens
Assume a fixed price of $100 per token, an open offering with sufficient capacity, a required agreement, a seven-day payment window, and bank-transfer settlement. These are example terms, not an available investment.
- An investor requests 100 tokens, reserving an allocation priced at $10,000.
- The investor supplies the signed agreement; the issuer accepts the subscription. The investor follows its actual payment deadline and reference instructions.
- The investor pays $10,000 by bank transfer. An uploaded receipt is supporting evidence; the issuer must confirm receipt.
- The issuer supplies the countersigned agreement and completes suite admission before delivery. Any required offering-close condition must also be satisfied.
- The authorized delivery transaction puts 100 tokens in the investor's eligible wallet.
If the offering fails or the accepted subscription is cancelled after payment, the subscription enters the refund process. A refund status alone does not prove that the money has returned to the investor. Any platform fees follow the offering terms. Wallet-signed transactions also need ASSET for gas.
Fee terms
The launch design sets primary and secondary platform fees to zero. Fees can change, so a launch value is not a permanent fee commitment. Review the offering's fee terms and the signed secondary-market quote. Issuers see their fee settings in Settings → Fees. You pay gas separately in ASSET.
Testnet availability
Before you use a payment rail, read the current feature flags and the offering terms.