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Depository

The depository feature provides the lifecycle management of Global Notes and their associated Principal Tokens (PT) for a regulated entity - PlatformD - in a sandbox mode to operate a Digital Securities Depository, to issue securities that are always backed by notarised assets brought onchain through the Verifiable Asset Notarisation feature.

Where the notary feature answers "is this asset real and verified?", the depository feature answers "how is the tokenised security representing that asset issued, controlled, and retired over its life cycle?".

Hierarchical authorisation​

Issuance follows a chain of trust so that only vetted entities can create securities:

  • Platform Administrator registers depositories, which act as the custodians for Global Notes. Each depository carries an owner, a pauser, and a region identifier for regulatory context.
  • Depository Owner authorises SPV (Special Purpose Vehicle) issuers to issue against their depository.
  • Issuer issues Global Notes and mints the corresponding Principal Tokens.
Platform Admin ──registers──► Depository ──authorises──► Issuer ──issues──► Global Note + PT

Transfer controls​

Because these tokens represent regulated securities, their movement is controllable:

  • Depository level: a depository's pauser can pause or unpause the depository's operations.
  • Instrument level: transfers of the PT for a given ISIN can be paused or unpaused independently.

Controls are enforced through a bank before-send hook that rejects blocked transfers before they execute. Native chain tokens bypass these controls.

Life cycle and surrender​

At maturity the issuer surrenders the Global Note. The module collects and burns all outstanding Principal Tokens from every holder and records a snapshot of the final holder balances (LatestPtHolders). This snapshot is returned in the surrender response and supports off-chain settlement processes.

Global Notes are versioned using a hash chain, so the full sequence of updates to a note is provably ordered and auditable.

Integration points​

  • notary — supplies the verified asset a Global Note is issued against, ensuring PTs are always asset-backed.
  • x/bank — mints, transfers, and burns the Principal Tokens, and hosts the transfer-control hook.

For the full message set, state layout, and client commands, see the depository module documentation.