Workflows

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The lifecycle

The demo runs this lifecycle chapter by chapter.

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Two ways to pay

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How to read a workflow page

• At a glance: the input, the output, and how it settles.
• The diagram: one column per actor, in its colour. Each arrow is one transaction, numbered Tx 1, Tx 2, and so on; a dashed arrow happens off the ledger.
• Who signs what: for each transaction, who submits it, who signs it, and who sees it.
• Controls: what stops a wrong act.
• Do it: the same workflow through the API.

The actors: , each defined on Actors and roles. What each party runs and signs is on Who runs what.

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Where to start

Which steps apply, by asset type

Step	Investment fund	Tokenized deposit	Stablecoin	Commodity	Product backed by on-ledger collateral
Set up, onboard, report	Yes	Yes	Yes	Yes	Yes
Price	Its administrator’s NAV	None (at par)	None (at par)	A price provider or the vault’s attestation	Computed by its reserve: 1 at par, or the reserve’s value per unit
Issue and redeem	Against the payment asset, in one transaction	Minted and burned by the bank, on request	Minted and burned by its issuer	Minted and burned by its issuer	Against deposits into its reserve, in one transaction
Reconcile	Its plans, register, NAV and distribution list	Its mints and burns against the bank’s register statement	Its plans; its reserves’ statement is kept as received	Its plans; the vault’s statement is kept as received	Its reserve’s holdings, supply and cover, on the ledger
Service	Distributions each period	None	None	None (no distributions)	At par, the issuer withdraws the reserve’s excess; accumulating, income raises the price