1. Verdict
The integrated tokenization workflow is complete. RWA MINT is Howey-gated. A Factory specification is recorded only when issuer KYB, attested custody, operational utility, allowlist, rostered officer, hashed memorandum, RWAV, USDC, and the Howey mint gate all pass.
This is an operator assessment of the interface, not legal advice and not a finding that any instrument is or is not a security.
2. Workflow in force
| Stage | Control |
|---|---|
| Issuer KYB | Program Review. Live re-check at mint. |
| 1 Template | Institutional asset class. Legal Documents consent before a spec can be recorded. |
| 2 Basics | Passed issuer bound. Notional is units × unit USD. Integer lots. Unique symbol. |
| 3 Custody | Attested instance on that issuer. 90-day valuation freshness. |
| 4 Facts | Howey Yes/No. Wrappers scored only when they match the facts. |
| 5 Utility | Redeem catalog, allowlist. Restricted transfer requires holders or issuer-inventory-only. |
| 6 Authorization | Rostered officer. Memo hash. Fact change voids authorization. |
| 7 Readiness | Narrative, classification lock, register ID, SHA-256 document vault. Named attestors. Protocol does not underwrite. |
| 8 Mint Gate | Howey, market record, Factory, RWAV (1,000 per token + bonds while live), USDC platform fee. |
| Zero-Proof | AES-256-GCM on the file. Schnorr credentials. 1-of-n allowlist membership. Jurisdiction and freshness flags. Not a Groth16 circuit. |
| Rating Syndicate | Vault scale AAA+ to BBB, else NR. USDC pool by asset class. Calls only BBB or better, at the unit value, and only onto the register if the LP wallet is a passed holder. |
| After mint | Asset Profile lots, bond desk, freeze, holders, local Desk. Same Howey file on later lots. |
3. Howey mint gate
- Every fact is Yes or No. Unknown cannot mint.
- All four Howey prongs Yes is an investment-contract pattern. Mint is refused. Counsel cannot override it.
- Residual above 0.58 is refused. Counsel cannot override it. Utility mint only.
- Wrappers that contradict the facts are recorded on the memo and are not scored. Stacking bonus is capped.
- Transferable on Howey, utility, and allowlist is one flag.
- Asset Profile Control Score uses the same Howey rule as Mint Gate.
4. Factory economics
1,000 RWAV = 1 RWA. 50% buy & burned, 50% permanently locked as RWAV/USDC liquidity. Issuer sets unit USD. No RWA supply cap other than Desk RWAV. First mint of a symbol locks issuer 10M + officer 1M RWAV while the RWA is live. Further units of that symbol are issued on the Asset Profile. Platform fee is $1,000–$50,000 USDC to the Treasury wallet, non-refundable. Every mint keeps issuer liquidity at 10% of outstanding value on RWA/USDC and 10% USDC-equivalent on RWA/RWAV until unwind. A clean unwind returns the bond to the issuer and burns unsold RWA still in those books. Forfeiture burns the bond. Restricted Factory token (allowlist + freeze); ERC-20 is not implied.
5. Out of this interface
On-chain Factory, verified RWAV TGE, and an Arc Groth16 verifier. An NRSRO rating. SPV / true sale / custody agreement as filed documents. Vendor KYB, CIP, and OFAC. Coupon servicing and a transfer-agent cap table. Desk delivery-versus-payment. Connecting a wallet does not mint. Primary subscription and the Rating Syndicate are local USDC books. They are not a broker-dealer distribution.
6. Completion
Tokenization workflow audit: complete. RWA MINT Howey gate, Zero-Proof, the Vault rating, and the USDC Rating Syndicate are in force in this interface. Next Operator decision is Arc TGE (chain 5042) and, after that, an Arc Groth16 verifier for the same statements. Not another scoring pass.