Turn real-world assets into regulated, transferable investment instruments.
Compliant Asset · Geographic Freedom · Roaming Liquidity
T3RRA structures, issues, settles, and services USD 50M–500M real-asset mandates under one legal, compliance, and settlement architecture.
One mandate. One rulebook. One settlement layer.
Built by the team that created TICEX, delivered a CBDC prototype inside the Bank of England’s sandbox in 2020, and wrote the L3RS-1 standard.
L3RS-1 standard · 2 papers · 8 theorems · protocol-level Travel Rule · 8 chains at launch
Choose your path.
T3RRA structures, issues, settles, and services USD 50M–500M real-asset mandates under one legal, compliance, and settlement architecture. Pick the path that fits you and we'll point you to the right page and next step.
Asset Owners
Raise capital against your asset without selling it or surrendering control.
Start Originator IntakeInvestors
Access compliant real-asset instruments with defined rights and a designed transfer path.
Request Allocator AccessBanks
Offer tokenized capital markets under your own brand, without building the stack.
Map a Bank IntegrationSeries A
Review the thesis and the published corpus behind the regulated settlement layer.
Request the DeckRegulators
Understand the supervisory boundary and how L3RS-1 is designed to be supervised.
Read the Supervisory BoundaryTechnical Readers
Ask cited questions against T3RRA’s published corpus.
Ask the Proof DeskBuilt on L3RS-1, the Layer-3 Regulated Asset Standard: an open, royalty-free standard authored by Zurab Ashvil and governed by the L3RS Foundation, running on the L3COS operating system. T3RRA is one of three products built on it, alongside Fiat-on-Chain® and Aurum. The standard is the institutional asset. The product is the implementation.
Tokenized assets exist. Tokenized markets do not.
There are platforms that mint tokens, vendors that handle compliance, custodians that hold keys, and venues that offer partial liquidity. But these layers do not travel together. The result is an asset that exists on-chain yet remains institutionally unusable — trapped on one chain, in one jurisdiction, on one venue, with no path to the liquidity it was built to reach. This is not a technology problem. It is an architecture problem. Most platforms solve one wall — issuance, custody, or venue access. T3RRA is built to clear all three: compliant asset status, jurisdictional portability, and roaming liquidity, under one rulebook.
Read the full diagnosisWritten by the people who built the rails the first time.
L3RS-1 was not invented for T3RRA. The architecture beneath it, L3COS, ran in production from 2020: the Bank of England CBDC prototype, AgriDex, Fiat-on-Chain, CleverJet. The standard was abstracted from those deployments and published by the L3RS Foundation in February 2026.
The founder created TICEX, the Tbilisi Interbank Currency Exchange, in 1991 with the National Bank of Georgia; it was the country’s first regulated FX market and was later absorbed into the central bank. Three decades later the same problem set — compliant primary issuance, cross-border settlement, institutional trust — returned in a cryptographic form.
T3RRA is the answer written in the new medium.
The whole vendor stack, coordinated under one mandate.
Structured like a deal desk. Settled like a protocol.
Today, bringing a tokenized asset to market means hiring a law firm, a transfer agent, a compliance vendor, a custody provider and a listing venue, then hoping they all keep working together after launch. T3RRA coordinates that stack under a single mandate, with licensed partners performing each regulated function and the rules encoded once in the asset itself.
T3RRA coordinates the functions historically split across the investment bank, legal stack, transfer agent, compliance vendor, fund administrator, custody provider and listing venue for regulated tokenized issuances between USD 50M and USD 500M. Structuring, placement and custody are performed by licensed partners in each jurisdiction; T3RRA encodes the rules in the asset and operates the settlement layer.
We structure the deal with licensed partners.
SPVs, legal mapping, investor eligibility, transfer rules, servicing design.
We encode the rules.
Those decisions become part of the asset itself through L3RS-1 and the policy envelope.
We settle the trade.
Matching, routing, and settlement happen without breaking policy continuity.
Estimate your deal
Stages 4 (secondary trading) and 6 (performance participation) excluded. Jurisdiction multiplier applied. See the full model.
Run this on your actual deal →Built by the team that authored the standard and engineered the settlement layer, operated under one mandate with licensed structuring partners.
From structuring call to settled trade.
- 1
Scoping
Asset reviewed. Jurisdiction mapped. Structure proposed.
- 2
Structuring
SPV formed. Legal opinions drafted. ComplianceModule authored.
- 3
Tokenization
L3RS-1 asset minted. Policy and identity bound at the protocol level.
- 4
Primary placement
Compliance-gated matching. Investor eligibility verified. Settlement executed.
- 5
Secondary transfer
Instrument made portable across approved markets, chains, custodians, and investor pools under one compliance rulebook. Flow routes eligible transfers. Travel Rule continuity at every hop. No guarantee of a buyer at any time or price.
- 6
Lifecycle
Distributions, reporting, corporate actions — all on-chain, all auditable.
A UK commercial real estate owner wants to issue a $40M revenue-participation note to eligible investors in Singapore and the UAE. T3RRA structures the issuance, binds transfer rules and Travel Rule continuity into the asset, and extends compliance-gated secondary transferability across multiple chains — without ever losing policy integrity.
Two published tables. No surprise invoices.
The instrument drives the economics. Pick the card that matches your structure. Minimum mandate: USD 50 million. Maximum handled end-to-end in-house: USD 500 million.
Equity & Hybrid
Revenue participation notes, equity tokens, REIT units, fund LP interests, hybrid capital.
| Stage | Fee | Rate |
|---|---|---|
| 1 | Structuring & Legal (end-to-end)ALL-IN | 2.00% |
| 2 | Primary Issuance | 1.00% |
| 3 | Servicing | 0.25% p.a. |
| 4 | Secondary (Marketplace + Flow) | 0.50% / trade |
| 5 | Exit / Recap | 0.75% |
| 6 | Performance | 0–20% tiered |
Debt & Fixed Income
Senior secured notes, bonds, perpetual notes, private credit tranches, asset-backed notes.
| Stage | Fee | Rate |
|---|---|---|
| 1 | Structuring & Legal (end-to-end)ALL-IN | 1.50% |
| 2 | Primary Issuance | 0.75% |
| 3 | Servicing | 0.20% p.a. |
| 4 | Secondary (Marketplace + Flow) | 0.30% / trade |
| 5 | Maturity / Redemption | 0.25% |
| — | No performance fee — coupons flow to investors in full | |
End-to-end, one mandate.
Full rate cards with worked examples →Built for asset owners who need real capital markets execution.
Any organization with a real-world asset, a real cash flow, or a regulated instrument to bring to market. We have built mandates across every category below.
A Mediterranean shipping operator with twelve tanker SPVs. A Tier-2 bank tokenizing its deposit book. A renewables sponsor wrapping twenty years of hydro cash flows into a milestone-based vault. These are the mandates we have built. The categories below describe who we work with. The deals describe how.
4+
asset classes
3
continents
Mandates in execution as of November 2026.
Banks & Regulated Financial Institutions
Tier-2 banks, NBFIs, and trusted issuers running deposit-tokenization, treasury issuance, or custody-integrated regulated digital securities under their own banking license.
Corporate Issuers
Operating companies raising senior debt, perpetual notes, revenue participation instruments, convertible structures, or hybrid capital — from first structuring call to final settlement.
Private Credit & Direct Lending Funds
Originators looking to fractionalize loan books, free up balance-sheet capacity, or distribute senior tranches to permissioned investor pools.
Infrastructure & Energy Sponsors
Hydropower, renewables, transmission, ports, terminals, toll concessions. Long-duration cash flows wrapped in milestone-based disbursement and revenue assignment.
Also: commodity merchants, royalty holders, agricultural producers, sovereign infrastructure operators, and corporate treasuries. If the asset is real and the rulebook is enforceable, the rails carry it.
Three products. One open standard. One operating system.
L3COS is the operating system. L3RS-1 is the standard. Three products are built on them.
T3RRA
The settlement layer for compliant tokenized capital markets. Built on L3RS-1.
Fiat-on-Chain®
A settlement protocol for tokenized bank deposits anchored in central-bank money. Built on L3RS-1 since 2022.
Aurum
Private wealth structuring in Georgia. Built on L3RS-1.
The L3RS Foundation governs the standard; L3COS LTD develops the operating system. Any of the three products can service any L3RS-1 instrument under the same compliance envelope.
Compliance that cannot break. Jurisdiction that does not limit. Liquidity that actually moves.
The three problems every section below is built to solve.
The economics that matter are not in the fees — they are in the friction.
NAV Discount Compression
Private institutional assets trade 15–30% below NAV in conventional secondary markets1 because a buyer cannot exit at size without moving the thin secondary pool. An asset Travel-Rule compliant across every FATF jurisdiction at the protocol level is institutionally eligible everywhere it lands. Deeper liquidity closes the discount. Call it $7–15M of NAV preserved on a $50M mandate.
Operational Cost Compression
The on-chain waterfall, automated distributions, and continuous policy enforcement eliminate 50–150 basis points of annual operational cost of ownership.2 On a ten-year hold that compounds to 5–15% of NAV. Conventional tokenization bolts smart contracts onto a paper-administrator stack and recovers none of this.
Deterministic Enforcement
Where the deal structure includes on-chain waterfall triggers, covenant enforcement, and subordination cascades, these execute deterministically — not interpretively. The on-chain half of any stress event resolves in seconds. The underlying real-world asset still lives in the legal system, but the operational layer above it no longer adds months of administrative delay to the recovery path.
Regulatory Durability
Rules change. MiCA amended its transferability provisions in 2025. The SEC moved on tokenized treasuries in late 2025. Every vendor-delegated compliance stack pays a migration cost — typically 50–100 basis points of NAV per major shift3 — every time this happens. The ComplianceModule is an on-chain object, versioned and amendable through the L3RS-1 governance process. A rule change is a policy update. No vendor migration. No off-chain rewrite. No downtime.
1 Damodaran (2023), "Illiquidity Discounts"; Stoll & Whaley; Preqin Secondary Markets Report 2025.
2 Academic work on ABS administrator losses; Deloitte tokenized asset servicing benchmarks.
3 Deloitte regulatory-impact studies; KPMG tokenization migration cost surveys.
The Three Walls
Every regulated asset hits three walls. Designed to clear all three.
Compliant Asset
L3RS-1 Standard
Without this: unsellable to regulated capital.
Geographic Freedom
T3RRA Structuring
Without this: stranded in the country it was born in.
Roaming Liquidity
T3RRA Flow
Without this: stranded on whichever venue first lists it.
Roaming Liquidity means compliance-gated market access and transferability across approved venues, chains, custodians, jurisdictions, and investor pools. It does not mean guaranteed liquidity, market depth, or a guaranteed buyer.
Everything above is the commercial thesis. Everything below is the proof.
One stack. Five layers. One cryptographic envelope.
Every claim below has a theorem. Every theorem has a paper. Click any card to read the proof.
Asset
Issuer-defined policy travels in the asset itself, not the contract that holds it.
Crypto Spec §3Routing
Routes are first-class objects with admissibility proofs and a learned re-ranker.
Specification in revisionSettlement
Five-of-nine threshold with a stated unforgeability theorem and atomicity under partial failure.
Crypto Spec §10–§11One signature. Four guarantees. Zero trust assumptions.
Every L3RS-1 asset carries a signed cryptographic envelope containing its compliance policy, its route certificate, and a five-of-nine committee signature that makes cross-chain settlement atomic. Three objects. One proof. The full specification is documented in the Cryptographic Specification, sections 3 through 11.
Read the Cryptographic Specification →Six AI agents. Every one caged inside the compliance envelope.
Six agent classes — Onboarding, Tokenization, Marketplace, Trade, Liquidity, Treasury — each with a published action set, all caged inside the PG[Σ] envelope.
The fourteen AI capabilities are documented in the Flow paper, which is being revised. The revised edition will be published on /docs.
L3RS-1 assets roam.
One settlement layer. One compliance envelope. One compliance-gated market-access layer. Distributed across every chain T3RRA touches.
8 Launch Chains
Roadmap
Sui · Aptos · Tron · Bitcoin L2s · remaining EVM L2s · the first CBDC chain
Two papers. Eight theorems. Zero hand-waving.
Read the math before you decide what to think. Every paper is dated, versioned, and citable. Whitepaper v3.3 and Flow v1.1 have been withdrawn and are being revised; see the notice on /docs.
Cryptographic Specification rev B
April 2026
PG[Σ], compliance-gated matching, route admissibility, cross-chain certificate. Twenty-two sections, eight theorems, all definitions formal.
Read PDFArchitecture v1.1
April 2026
The master frame. One stack, five layers, one envelope. The picture-and-paragraph version of the whole protocol.
Read PDFNotify me when the next paper ships.
One email per release. No marketing. Unsubscribe in one click.
- $326T1Global real estate
- $30T2Projected RWA by 2030
- 5–15%3Operational NAV compression (10y)
- 0.5–1.0%4NAV migration cost avoided
- 22Spec sections
- 8Theorems
- 8Launch chains
- deterministicOn-chain enforcement
- 0Yield promises
The last number is the most important one on this page.
1 Savills, Total Value of Global Real Estate, 2024. 2 BCG, On-Chain Asset Tokenization, 2023. 3 Deloitte tokenized servicing benchmarks. 4 Deloitte, KPMG regulatory-impact studies.
T3RRA accelerates the on-chain half of enforcement. The underlying real-world asset — building, ship, loan book, plant — lives in a legal system and enforcement against it runs the same court process as any conventional instrument. What changes is the operational layer above. Where deal structures are designed with on-chain covenants, that layer is where most of the time, cost, and error of conventional finance actually sits.
What we will not say.
The most credible thing an RWA website can publish in 2026 is the list of claims it refuses to make.
- 1We will not promise a yield.
- 2We do not issue a token, and we will not describe one.
- 3We will not show an anonymous endorsement and call it a customer.
- 4We will not call our compliance "robust" without naming the theorem that makes it so.
- 5We will not claim a chain we do not yet support.
- 6We will not invoke a regulator we have not actually spoken to.
- 7We will not redefine "decentralized" to mean whatever is convenient.
- 8We will not publish a benchmark we cannot reproduce on the public harness.
If a claim on this page is not citable to one of our two published papers, it is not on this page.
Straight answers.
The questions serious counterparties actually ask.
How does T3RRA make money?
Does T3RRA perform regulated functions itself?
Does T3RRA have a token?
Who is T3RRA for?
What is T3RRA, in one sentence?
Which chains does T3RRA support?
Is T3RRA a startup product or something older?
Can I try it?
Who should I email?
Why this is real.
—Mandates in structuring across real estate, infrastructure, private credit and shipping, with licensed structuring partners engaged in each jurisdiction. Signed values are disclosed to counterparties under NDA.
—Dialogue with the National Bank of Georgia on a regulated-settlement framework, with the T3RRA strategic brief under external professional review.
—Phase One reference implementation under external professional review for formal audit. Self-audit complete across four toolchains.
—Financial Institutions Professional Indemnity cover in place with Relm Ins UK Ltd, an FCA-regulated specialty insurer (on behalf of Bridgehaven Specialty UK Ltd), worldwide territorial scope, English law.
—L3RS Foundation established, governance bodies being constituted; three products built on L3RS-1 in production: T3RRA, Fiat-on-Chain, Aurum.
The Name
Five characters. One thesis statement.
Every letter carries institutional weight.
The name is not decorative — it is the argument, compressed.
Structural Reading
T · 3 · R · R · A
Tokenized, Layer-3, Regulated, Real Asset. Every word earns its place. The name encodes the full architecture of what T3RRA produces.
Phonetic Reading
T · ERRA → TERRA
Latin for earth, ground, land. Digital capital anchored to solid ground. Both readings are intentional — the numeral 3 carries the architecture; the phonetic renders the metaphor.
The two Rs are not synonyms. Regulated is the legal standing — enforceable rules bound into the asset at the protocol level, not held in a vendor's database. Real is the underlying collateral — tangible value that survives the token. A real asset without regulatory standing is uninvestable. A regulated instrument without real backing is just paper. T3RRA requires both.
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