01
Now
Tokenized fixed coupon notes for qualified investors. Standard bank notes, smaller units, onchain distribution.
Cyphalab
Institutional rails for onchain equities.
The launchpad for listed companies going onchain. We take real shares onto the rails, then keep the tokens liquid, lendable, and distributable.
02
Next
Listed companies sponsor their own stock token. Once it is onchain, it can back notes and Lombard loans.
03
The line
We are not another tokenization platform. We run the lifecycle for the companies the large platforms do not list.
Why now
The category turned. Companies are the gatekeepers.
Tokenized equities just moved from pilot to institutional infrastructure.
RWA
$34.5B, up 140%+
Tokenized real-world assets, excluding stablecoins.
SEC
Exemption is live
The SEC Innovation Exemption took effect on 17 September 2026. A third party must give the company 30 days’ notice. The company can object.
01
Issuer-sponsored works
Securitize’s issuer-sponsored token in July 2026 shows a company can put its own stock onchain. Most companies still cannot run it afterwards.
Demand
About $1T a year. Most of it is synthetic.
Tokenized stocks are 8% of RWA value and 93% of onchain RWA trading volume. August 2026 spot plus perps, annualized, is about $1.02T.
Perps are a demand signal, not tokenized-stock supply. Do not add them into the market-size number. The exemption does not cover synthetic products.
Supply
Demand is here. Supply is gated.
The calculated share is about 0.0018%: roughly $2.8B of tokenized stock divided by $151.9T. Regulated venues such as ADGM list fewer than 10 names.
Asia
Asia demand. No Asia supply.
Problem
Built for the top stocks, not for the companies.
Most companies are excluded
Wrapper platforms hedge in the real stock, so they list large, liquid names. Tens of thousands of listed companies sit below that bar, especially on HKEX.
The company is not involved
A third party mints the token. The company cannot see holders, cannot talk to them, and earns nothing. Under the exemption, it can object.
Holders get price exposure only
Many tokens are debt or SPV claims. Voting is usually absent. Dividends, at best, arrive as cash. Holders also take wrapper-issuer risk.
Liquidity is split
The same stock exists as several tokens. Spreads are wide outside the top names, and prices can drift while the cash market is closed.
Platforms mint and walk away
No market-making program, no oracle plan, no perp listing, no path to lending collateral.
Asia is barely served
Hong Kong and Asian companies are largely absent, and many tokens cannot be sold to US persons.
Launchpad
Two ways to launch. One lifecycle.
Anyone can bring a stock onchain. When the company joins, it unlocks the full lifecycle, and the fees already earned for it are waiting.
UN
Community mint
Unsponsored, like an unsponsored ADR. A qualified user deposits USDC. The share is bought through Webull and held by the custodian. Tokens are minted 1:1. Fees go to minters, liquidity providers, and Cyphalab. This tests demand.
SP
Issuer sponsor
Sponsored, like a sponsored ADR. The company joins. Fees also go to the company. The investor-relations dashboard, FCN eligibility, and Lombard collateral unlock.
Share fees by time-weighted supply, not by volume. Mint and redeem only while the cash market is open. The company’s unpaid share sits in escrow until it sponsors.
Listing Day
Five steps, then a ladder.
01Apply. Eligibility on market cap, jurisdiction, and shareholder base.
02Readiness. Legal templates, custodian, trustee, shares reserved.
03Mint. Tokens backed 1:1, with a public reserve proof.
04Listing Day. Liquidity, market maker, oracle, DEX pool, Altra.
05Grow. IR dashboard, perks, Lombard, FCN inclusion.
| Tier | Unlocks |
|---|---|
| 1 | DEX pool, with a fee share for the company |
| 2 | Accepted as Lombard lending collateral |
| 3 | Perp venue listing |
| 4 | Used as an underlying in FCNs and baskets |
Launch means an onchain listing of shares that already exist. It is not a fundraise. Onchain follow-on offerings wait until the license is in place.
Yield
Yield on tokenized equity. No market risk for us.
Institutional structured yield, in smaller units for qualified investors. Cyphalab takes no market risk.
Coupon Note, a true FCN
The investor deposits USDC and picks an underlying, a term, and a strike. A bank-issued note, sourced through Causeway / Goldhorse, pays a fixed coupon. At or above the strike, USDC comes back plus coupons. Below the strike, tokenized shares are delivered at the strike, plus coupons.
Holder Yield, a covered call
The holder keeps the tokenized stock and earns a premium. Gains above a cap, for example 110%, go to the option buyer. Downside is the same as holding the stock.
| Stock at maturity | Investor receives |
|---|---|
| $210 | $1,000 plus the coupon |
| $150 | 5.88 tokenized shares, worth $882, plus the coupon |
| $100 | 5.88 tokenized shares, worth $588, plus the coupon |
Illustrative only: $1,000 USDC, spot $200, strike $170, three months. The coupon is a placeholder for an indicative term sheet. Units are for qualified investors.
Distribution
Altra is how investors arrive.
One app for the company’s holders
Trading, lending, and earning without juggling venues. A listed company can bring its own shareholders into a closed ecosystem. Distribution also runs through 30–50 finance creators.
Screenshots
Product screens to be added.
Usage
Holders, volume, and retention to be added.
Demo
A 60-second recording of buying a tokenized FCN in Altra.
Flywheel
Every issuer makes the next stock more useful.
1
Community mint brings holders, liquidity, and fees.
2
The company’s share waits in escrow.
3
Sponsorship unlocks Lombard and FCNs.
4
Baskets multiply. Each new name combines with the others.
5
Paid issuers become the case that signs the next company.
Business model
We pay the company. We don’t charge it to list.
Launch
Low or zero upfront, in exchange for a lifecycle mandate. The first issuers get a higher fee share.
Trading
A venue fee split among liquidity providers, the issuer, and Cyphalab. The company earns when its stock trades.
Products
A spread on Lombard loans, a margin on FCNs, and a share of perp-venue fees. This is where scale comes from.
Recurring
An investor-relations subscription in Altra: holder analytics, messages, and shareholder perks.
Illustrative economics for one name: about $310K a year to Cyphalab, and about $73K a year to the issuer. Assumptions still need to be replaced with the company’s own.
Pace
100+ companies in a year. A conservative case of 40.
Q1 · 10
Q2 · 20
Q3 · 30
Q4 · 40
Five to ten pilots are already on the waitlist. Channels: direct outreach, Webull, IR firms, Hong Kong sponsors, ISP’s network, and referrals from companies already live.
Partners
Source, wrap, tokenize, execute, distribute.
Causeway / Goldhorse
ISP · ISIN
Cyphalab
Webull
Altra and creators
| Partner | Role on the slide | Status |
|---|---|---|
| Webull | Execution for FCN, fund, and equity transactions | Label signed or MOU |
| ISP Group | Swiss securitization. An algo-trading fund was taken to market with an ISIN, via UBS, Julius Baer, and licensed managers | Partner |
| Causeway / Goldhorse | FCN supply for fractionalization and tokenization | Confirm the licensed entity |
| Hong Kong custodian and trustee | Holds the real shares | Name only what is signed |
| Endowus and 30–50 creators | Distribution | In discussion unless signed |
| Saudi CMA | One line: in dialogue. An explanatory note was submitted to the Ministry of Finance at the CMA’s introduction | Do not say approved |
Risk
Qualified investors. A market-hours gap.
Where we can operate
The US Innovation Exemption, Hong Kong, Switzerland through ISP, and the Gulf as a pipeline item.
Who can buy
Smaller tickets do not make an FCN a retail product. In Hong Kong these are generally for professional investors. The offer is a lower minimum for qualified investors.
Risk layers
Credit risk on the note issuer, risk in the wrapper, custody of the note, and the redemption path. Cyphalab still carries operational, custody, smart-contract, and regulatory risk.
When markets are closed
Tokens trade all week. Stocks do not. Cover weekend Lombard liquidations, FCN checks against the official close, and the oracle while markets are shut.
Competition
They issue tokens. We run the lifecycle.
Securitize, Superstate, Ondo, Backed / xStocks, Robinhood stock tokens, and Dinari. Superstate already sells issuer-side tokenized equity. Expect that comparison.
| CCyphalab | Wrapper platforms | Issuer-sponsored tokens | |
|---|---|---|---|
| Price exposure | |||
| Company sponsors the program | |||
| Lifecycle after launch | Partial | ||
| Structured yield for qualified investors | |||
| Asian issuers and private-bank distribution | Limited | Limited |
Yes No
Team
Operators, not a token story.
CTO
Integrated 200 tokens across 20+ chains on Crypto.com’s blockchain team.
Cofounder
M&A financing at a major Japanese investment bank, and the largest fund-of-VC-funds in Hong Kong.
Security
Onchain forensics work with Hong Kong police on cases from $300K to $10M.
Backers, as one line of validation: Sui and Mysten Labs.
The ask
Real shares, under the first trillion dollars of onchain equity trading.
Tranche 1
First tokenized FCN live, with a holder count. Amount still to fill.
Tranche 2
FCN notional and Lombard lending live.
Tranche 3
First listed company onchain, with total value locked.
The longer vision is onchain follow-on offerings, after the license. That is not the product being sold today.
Investor FAQ
The questions investors ask.
Straight answers on the product, the structure, and the economics.
01Product and positioning
What exactly is Cyphalab?
The launchpad for listed companies going onchain. A company sponsors a token backed by its real shares, and Cyphalab runs what happens after the launch: liquidity, lending, structured notes, and distribution.
Why would a listed company switch?
Today a third party mints the token and the company earns nothing. Here the company earns a share of trading fees, and fees from a community mint can already be waiting in escrow. Sponsorship then unlocks the investor-relations dashboard, Lombard collateral, and FCN eligibility.
Do you compete with the large listing platforms?
They list the largest, most liquid names. Cyphalab brings the companies they do not list onto the same kind of rails, and stays on to run the lifecycle.
02Structure and custody
Who holds the shares?
A Hong Kong custodian and trustee holds the shares. Tokens are minted one for one against those shares, with a public check that the reserves match.
What if the market maker leaves?
Listing Day starts with a market-maker mandate and a DEX pool. Market making is set up as a panel, not a single firm, so one departure does not remove the pool.
Does a Sui backer mean the product can only launch there?
Sui and Mysten Labs are named as backers, as validation. The product is deployed where tokenized-equity liquidity already lives. The backing is not an exclusive chain commitment.
03Yield and economics
Does the coupon note use shares the investor already holds?
No. The coupon note is funded with USDC. If the stock finishes at or above the strike, the investor receives USDC plus the coupon. If it finishes below, they receive tokenized shares at the strike, plus the coupon. A holder who wants to keep their stock uses the separate covered-call product.
How is the company’s fee share treated?
The company earns a share of the venue fee on its own stock. Paying that share as cash is still with counsel. Where cash is not available, the same value can go into the shareholder perks program.
Who can buy a coupon note?
Qualified investors. A smaller ticket does not turn the note into a retail product. In Hong Kong these products are generally limited to professional investors.
Appendix
Attach a source before it is sent.
| Figure | Status |
|---|---|
| $34.5B RWA excluding stablecoins, and 140% growth | Needs source and date |
| 8% of value, 93% of volume, August 2026 spot $12.6B, perps $72.4B | Needs source and date |
| $151.9T market, and the 0.0018% calculation | Needs source and date |
| About 190 listings, ADGM under 10 | Public counts. Confirm before sending |
| 81% single-company supply, 24% Asian open interest | Needs source and date |
| Asia share of spot supply, Altra metrics, raise, pilot table, Causeway term sheet | Still blank |
Who does what
Investor buys the note. Cyphalab pools, tokenizes, and pays coupons. Causeway / Goldhorse supplies the FCN. ISP wraps it with an ISIN. The bank issues, pays, and hedges. Webull executes share delivery.