Secondary trading

A market between holders

The secondary-market model lets holders offer tokens for sale to other eligible investors in the same suite. Sellers sign orders; the platform maintains the order book and prepares quotes; the settlement contract executes the exchange.

The documented version supports sell orders that buyers fill. Buy-side bids and a fiat payment leg are outside that version's scope. Secondary trading is also separate from redeeming fund units with an issuer.

From listing to settlement

1. The seller prepares an order defining the asset, quantity, price, and supported payment token.
2. The asset wallet signs the order. A Safe collects its required signatures before listing.
3. A buyer requests a quote against available orders.
4. The buyer reviews allowances and authorizes the settlement transaction.
5. The settlement contract checks signatures, the platform-signed quote, cancellation, expiry, fill accounting, and buyer limits. The token applies its transfer rules before fills complete.

Minimum fill sizes, notional floors, and order caps are platform quote-service policies. They are not all independently rechecked by the settlement contract. Settlement requires the platform's co-signature, so the quote signer is a trust and availability dependency. The signed quote also carries the applicable seller fee.

An order displayed in the book is not a guarantee that it remains fillable. Balances, allowances, eligibility, order expiry, and cancellation state can change.

What moves on-chain?

Settlement couples the payment and asset transfer in an on-chain transaction. Asset tokens move from the seller to the buyer; payment moves from the buyer to the seller and any configured fee recipient. The market contract does not hold an inventory of investor asset tokens between trades.

The token still applies its own transfer checks. Listing on a market does not remove issuer admission requirements or compliance restrictions.

Delisting and cancellation

Removing a listing from the platform's book affects discovery and new quotes. A previously issued quote can remain valid within its commitment window. On-chain cancellation is the mechanism that invalidates the order at the contract level, subject to transaction ordering.

The platform is needed to obtain new listings and quotes. The contract provides an on-chain cancellation path independent of that service. Sellers should understand the difference before assuming a delisted order can no longer settle.

Issuers as sellers

An issuer selling treasury tokens must also satisfy the holder requirements for its own suite. Issuer self-admission is a distinct action; owning the token contract does not automatically register the treasury as an eligible holder. The platform identifies issuer-owned orders so buyers can recognize that counterparty.

Market availability

Public configuration reported secondary trading enabled on testnet on 17 September 2026. Availability for a particular asset still depends on its rules, active orders, and the quote service. An enabled market does not guarantee liquidity. See Security and audits for review coverage.