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Onchain Issuance Infrastructure · From Origination to Settlement

Real-world assets, issued as digital securities.

PlatformD is the infrastructure that turns verified real-world assets into compliant digital securities – originated, issued and settled onchain. It runs first on trade invoices, where new e-invoicing mandates are turning every transaction into verifiable collateral at scale.

Bank of England·FCA·Digital Securities Sandbox Entrant
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What Is PlatformD?

Issuance infrastructure that brings its own assets.

Most onchain issuance infrastructure is an empty venue – it waits for issuers to arrive. PlatformD is built the other way round: it originates its own first asset, the verified trade invoice. That matters because invoices are one of the world’s largest financing markets, and the one regulation is reshaping fastest – as e-invoicing mandates spread, every invoice becomes structured, signed and verifiable at source, exactly the clean, authenticated data an issuance system needs. The infrastructure does not wait for demand to find it; it generates supply from a market being standardised into collateral.

One stack, from origination to settlement.

PlatformD is a full-stack Financial Market Infrastructure (FMI), not an application sitting on someone else’s rails. It originates, issues and settles in one system – and because it built that infrastructure rather than renting it from intermediaries, it can rebuild the cost structure of a market that was slow and expensive. That control is what makes investment-grade issuance work onchain, and what lets the same machine extend from invoices to other real-world assets – bonds, asset-backed securities, CLOs and, in time, equity – composable with onchain infrastructure such as vaults.

Trust that is proven, not packaged

The old way manufactures trust through intermediaries and opacity: pool the assets, tranche the risk, and ask investors to take the quality on faith. PlatformD does the opposite – it proves each asset is real, owned and creditworthy at the point of origination, and keeps proving it in real time. Verifiable trust, that anyone can price. It is the principle behind everything PlatformD issues – proven first on invoices and built for every asset that follows.

Built For

One platform.
Three stakeholders.
Zero intermediaries.

The first asset on the infrastructure is the trade invoice – and it brings three parties together. Each invoice becomes a digital security carrying the credit of a single named obligor: suppliers sell on a 24/7 marketplace and are paid at once, buyers confirm what they already owe, and investors access a new asset class onchain.

Investor◉

Single-obligor securities.
Built to investment grade.

Asset managers, treasurers, institutional investors

A new short-duration asset class, built from verified trade invoices. Each security carries the credit of a single named obligor – not a pool, not a tranche – selected upstream for investment-grade quality, credit-enhanced by a transparent onchain reserve and structured to carry an official rating from a major agency.

  • Public, tradeable, credit-enhanced digital securities
  • Single-obligor exposure – no pooling, no tranching, full transparency
  • Real-time onchain payment scoring – continuous, not periodic
  • Bankruptcy-remote Digital SPV issuance, with eIDAS-verifiable provenance
Explore the full product
Business · Supplier⊕

Get Paid Instantly.
Zero Credit Facility Impact.

SME suppliers, manufacturers, service providers

PlatformD turns your confirmed invoices into cash at once – at a rate that reflects your customer’s creditworthiness, not yours. Working capital freed the day you invoice, instead of in 30, 60 or 90 days. No debt. No recourse. No bank in the middle.

  • 24/7 atomic settlement on a live marketplace
  • Non-recourse – if your customer defaults, you are not liable
  • Capital-market rates, anchored to your customer’s credit, not factoring margins
  • No credit rating required – you qualify if your customer does
Buyer · Corporates◈

Strengthen Your Supply Chain.
Better Terms, Zero Cost.

Corporate buyers, large enterprises, procurement teams

Traditional supply chain finance reaches only your largest suppliers, and ties up banking capacity to do it. PlatformD extends financing to every supplier in your network – funded by institutional investors, at zero cost to you. Your only action is to confirm an invoice you already owe: no new debt, no change to terms, no balance-sheet impact.

  • Every supplier covered – micro to global, rated or unrated
  • Zero cost, when invoices are paid on time
  • No new facility – a single confirmation step
  • Suppliers paid at once, at your credit rate – a healthier base without renegotiation
For investors and partners: see the full case
How It Works

A single invoice, from origination to settlement.

Here is how one invoice moves through PlatformD – from the moment it is issued to the moment it is repaid. The figures are illustrative.

$500,000Owed · due in 90 days

A supplier is owed $500,000 by a large, investment-grade buyer, due in 90 days. Instead of waiting, the supplier is paid today – and an investor holds a single, credit-enhanced security until the buyer pays.

01

Origination

The supplier issues an electronic invoice, cryptographically signed at source under EU digital-signature standards (eIDAS). This creates a verifiable golden source – the invoice can be carried over from an existing e-invoicing provider or created on PlatformD directly.

02

Confirmation

The buyer confirms it owes $500,000, due in 90 days. That confirmation is its only action and it too is cryptographically signed. Only invoices owed by qualifying buyers pass this gate.

03

Notarisation

Once both parties have confirmed, PlatformD issues a verifiable credential – disclosing only the fields required, for privacy – and notarises the invoice as an asset on Dchain.

04

Price Discovery

PlatformD prices the invoice at a transparent rate, set by an algorithmic yield curve that moves with economic data rather than bid-and-ask. Supplier and investor are price-takers: each accepts the prevailing rate, the way a treasurer takes the day’s money-market rate rather than negotiating it. The investor buys the security at a discount to face value – paying around $493,000 – and is repaid the full $500,000 at maturity. That $7,000 is their return. Figures illustrative.

05

Issuance

When the invoice is sold, a bankruptcy-remote Digital SPV issues a digital security representing the receivable – credit-enhanced by a transparent onchain reserve, the Assurance Reserve Trust, which absorbs first loss. The security is issued natively onchain and distributed directly to the investor. Regulated stablecoin moves from the investor to the supplier at the same moment. The supplier is paid. No factoring intermediary sits in between.

06

Maturity

At 90 days, the buyer pays the $500,000 as it always would. The security redeems, and the investor receives principal plus yield. Because the buyer paid on time, the financing has cost it nothing.

01 / 06
Takeaway

A supplier is paid today, at their buyer’s capital-market rate rather than their own. An investor holds a single-obligor, credit-enhanced digital security and is repaid at maturity. Originated, issued and settled onchain, end to end.

Composability

Because the security is EVM-compatible and IBC-enabled, an investor can hold it, post it as collateral, or move it across chains – yield that lives natively onchain, rather than a claim wrapped on top of legacy infrastructure.

The Full Case

PlatformD – The Full Case

The rest of this page is the detail beneath the proposition – the problem it solves, how it is built, what you are buying and who is building it.

The Problem

Securitisation is stuck in the analogue era.

Pooling mutualises risk across thousands of loans. In the analogue era, auditing every underlying asset in real time was impossible. So pooling substituted transparency with the law of large numbers, and tranching redistributed the risk – statically, and at significant cost. The weakness is structural: opacity lets weak assets and outright fraud hide inside the pool and investors never see an individual asset or its obligor.

In 2008, investors trusted investment-grade pools that were quietly filling with toxic loans – and had no real-time data to see it until it was too late.

The same opacity runs through trade finance. When no one can audit the underlying asset, bad actors can pledge the same receivable to several financiers at once, or raise money against invoices for sales that never happened – the pattern behind several recent trade-finance collapses.

Pooling is an upfront, static, opaque mutualisation of risk – and it is most vulnerable at the very moment of origination.

Tokenisation 1.0 wrapped the bureaucracy, not the asset.

The first wave of real-world-asset tokenisation put the final unit on a blockchain, but left the machinery behind it untouched. Whether the asset is an invoice or a bond, the same chain of intermediaries still sits between it and the investor – and the authoritative record still lives offchain, in a legacy depository. The token is a wrapper; the source of truth, and the opacity, stay exactly where they were. The yield simply compensates for risk no one can see.

BorrowerOriginatorSponsorSPVDealerCSD / ICSDFundTokenisation
The offchain securitisation stack feeding a token to the final investor. The chain is the same for any tokenised security – the opacity and cost are inherited from the legacy process, and the supplier earns nothing for it.
The Thesis

Atomic, verifiable trust – that everyone can price.

In the digital era, every asset can be verified and monitored continuously. Pooling and tranching are no longer needed to manufacture trust. The innovation is simple to state and hard to build: cryptographically prove that each asset is valid, approved and owed by a named, investment-grade obligor – and keep proving it, in real time, until the moment it is paid. The first asset is the invoice. The principle holds for any verifiable asset.

The chain as the sole venue – not a distribution layer.

Tokenisation 1.0 treated the blockchain as a distribution layer: a new pipe for an asset still originated through the old machinery. PlatformD treats the chain as the venue itself: the single place where the asset is originated, priced, issued, settled and recorded, collapsing what used to be separate institutions into one. Origination itself is redefined through verification and automation, with a native Digital SPV and Digital Securities Depository built in – a universal adapter for securitisation. Any verifiable asset in, a digital security out.

The Opportunity

Built to issue any verifiable asset. Starting with a $3 trillion market.

Invoice finance is a $3 trillion market across the EU and UK, and e-invoicing legal mandates are turning every invoice into structured, verifiable data – the raw material for securitisation at scale. But the invoice is the first asset, not the limit. The same infrastructure that issues a receivable can issue any verifiable real-world asset, which is why the opportunity is larger than any single market: PlatformD is building the compliant issuance layer for real-world assets onchain, and starting where the data is already being standardised for it.

01

A market becoming machine-readable.

Invoice finance alone is measured in trillions, and regulation is reshaping it faster than any other asset class – mandatory e-invoicing is turning everyday transactions into signed, structured, verifiable data at source. That is the raw material an issuance system needs, arriving at scale without PlatformD having to create it. The same rails extend to other real-world assets as their data follows the same path.

02

Capital already looking for this asset.

Onchain markets hold a deep and growing pool of institutional capital – treasuries and asset managers deploying into onchain vaults – with abundant payment rails and yield, but almost no genuine investment-grade primary product to hold. PlatformD issues exactly what that capital is missing: a single-obligor, credit-enhanced, investment-grade digital security, native to the ecosystem it settles in. The demand is already onchain, the compliant supply has not been.

03

A regulated moat, owned not rented.

PlatformD is testing a Digital Securities Depository within the UK’s Digital Securities Sandbox – a regulated, onchain alternative to the central securities depositories at the heart of capital markets, with settlement that is final, instant and auditable in real time. Because it originates assets through a depository it built and operates rather than rents, compliant issuance becomes economically viable and hard to replicate. With UK and US authorities formalising closer cooperation on digital securities, it also opens a path toward a London–New York issuance corridor at institutional scale.

The Product

A new asset class: single-obligor, credit-enhanced, onchain.

PlatformD issues short-duration digital securities, each one built from a single verified invoice and carrying the credit of one named obligor. They are designed to give institutional investors something onchain markets have lacked: a high-quality, transparently priced, real-world yield – built to investment-grade standards from the asset up.

Anatomy

Each security is backed by one verifiable electronic invoice. The assets stay simple and individually identifiable. What PlatformD makes interchangeable is their risk, not the assets themselves. That structure is what makes the quality real rather than asserted – and it is what each safeguard is for:

Selected upstream – so weak credit never enters.
Only invoices owed by qualifying, investment-grade obligors are admitted, filtered at intake on rating and payment behaviour.
Credit-enhanced – so you are not first in line for a loss.
The Assurance Reserve Trust absorbs the first loss on every security, and you can watch the reserve level in real time.
Bankruptcy-remote – so the security survives the seller.
Issuance from a Digital SPV holding the receivable in true sale isolates your exposure from everyone else in the chain.
Rated – so the quality is independently confirmed.
The structure is built to carry an official rating from a major rating agency, verifying the quality engineered upstream.
Continuously scored – so you are never working from stale data.
A real-time onchain payment score tracks each obligor as conditions change, not at periodic review dates.
You can see exactly what you own, and exactly why it is priced the way it is.

Yield & Access

Because each security is a native onchain instrument – not a claim wrapped on top of legacy infrastructure – the yield is usable across the onchain ecosystem. An investor can hold a security to maturity, post it as collateral, or move it across chains. It is priced at a spread to the risk-free rate, reflecting real economic activity rather than financial engineering.

For institutional treasuries, the result is a short-duration, real-world yield with continuous, per-asset risk visibility – a category that has been missing onchain.

Spread over the risk-free rate

Same instrument – a better rate for the supplier, a real spread for the investor

Illustrative
risk-free rate
supplier’s cost today
positive spread
Existing factoring
PlatformD securities
Short-term commercial paper
T-bills
Tokenised T-bills
Bank deposits
Figures illustrative.

Real-time, transparent metrics for every decision.

Every position is visible and auditable in real time. Investors see continuous, per-asset risk and live pricing, with programmable exposure to late payment. Regulators see every transaction and position – immutable and queryable. The transparency is not a report issued after the fact, it is the state of the system itself. Verifiable transparency in real time is what slashes the cost of trust.

Platform · Risk OverviewSimulated data, for demonstration
Running Platform Exposure
€570M
Digital Securities Issued and Active
Value-at-risk (2.03% Total Exposure)
€11M
(2.03% of Running Exposure)
Assurance Reserve Trust (HQLA)
€53.7M
(9.5% of Running Exposure)
System Capacity
89%
Architecture

One platform. From origination to settlement.

Everything the Product section promises is produced here. Every digital security on PlatformD is originated, issued, traded and settled through one purpose-built infrastructure, passing through four regulated stages – and at every stage, a named component of the infrastructure owns the work.

The Four Stages

01
Upstream filtering

Data-Driven Vetting

Every invoice is checked at intake. eIDAS 2.0 attestations and digital signatures establish provenance, and each obligor is assessed on rating and payment behaviour. Only invoices owed by qualifying, investment-grade obligors pass this gate – quality is filtered in at the source, not assumed later.

02
Digital SPV

Standardise & Notarise

This is where bankruptcy-remoteness happens: a Digital Special Purpose Vehicle takes true-sale ownership of the receivable, with notarisation and issuance automated through smart contracts. One invoice becomes one self-contained security.

03
Digital Securities Depository

Compliant Onchain Issuance

The security is issued and settled natively onchain through the Digital Securities Depository – the regulated settlement layer within the Bank of England and FCA Digital Securities Sandbox. Settlement is in regulated stablecoin, final and auditable in real time, with programmable exposure to late payment.

04
Multilateral Trading Facility

Price Discovery

A 24/7, FCA-regulated Multilateral Trading Facility carries algorithmic price discovery – turning a single verified invoice into a tradeable digital security.

01 / 04
Across Every Stage

The Assurance Reserve Trust

A transparent onchain reserve sits across all four stages, absorbing the first loss on every security. Visible at all times rather than disclosed after the fact.

Dchain

Purpose-Built Authoritative Ledger
Cosmos SDKCometBFTEVM CompatibleDeterministic Finality
01

Design Principles

A qualified public chain purpose-built for regulated financial instruments. Its governance is designed for regulatory oversight, with no dependency on third-party public chains, while preserving optional interoperability.

02

The Technology

Built on the Cosmos SDK with full EVM compatibility, Dchain uses CometBFT consensus to achieve deterministic finality – eliminating probabilistic settlement entirely. High throughput at low, predictable fees, suited to capital-markets workloads.

03

The Function

Dchain natively tokenises receivables and securities, executing the full securitisation lifecycle onchain. State transitions carry legal significance, and serve as the primary integration point for regulated settlement through the Digital Securities Depository.

Team & Backing

Built by people who have run capital markets – and the infrastructure beneath them.

PlatformD is built by a team from the institutions that operate the world’s capital markets, on technology from established infrastructure providers, within a regulated sandbox. The proposition is ambitious. The people and the plumbing behind it are not experimental.

Read our insights

The Team

A founding and executive team drawn from Goldman Sachs, LCH, Fidelity International and InfoCert – decades in fixed income, clearing, digital-asset strategy and regulated trust services, including roles running fixed-income businesses, clearing operations and digital-asset solutions at institutional scale. The depth matters here: this is a team that has presented to global regulators before and built regulated market infrastructure before.

Technology & Partners

The infrastructure is built on established technology, not bespoke experiment. Dchain is built on the Cosmos SDK with CometBFT consensus – the same base stack used by regulated-finance chains including Ondo, Ripple and Figure. Qualified trust services and digital-signature issuance come from InfoCert, one of Europe’s largest qualified trust service providers. The validator set and ecosystem include established infrastructure operators, and the legal and advisory work is supported by leading international firms.

Regulatory Standing

PlatformD operates as an entrant in the joint Bank of England and FCA Digital Securities Sandbox – the UK’s regulated route for bringing digital securities into live production under supervision, rather than ahead of regulation. The regulated FMI entity is established and supervised in London, within a wider group spanning trust services, technology and protocol governance. That group is not a standing start. Its regulated trust-services business has been in production since 2022, serving public administration, financial services and real estate – the operating foundation the onchain infrastructure is built on.

Dchain Validators

Where We Are

A regulated route to live, not a leap.

PlatformD is being brought to market through the UK’s Digital Securities Sandbox – the supervised path to live production. That means the milestones below are real and sequenced, with the regulator in the room at each stage.

Status

The platform is in testnet, running a non-transactional pilot of the full origination-to-settlement flow with institutional participants – an investment-grade invoice buyer, a public European banking group, a major rating agency and global institutional investors. This proves the mechanism end to end ahead of live issuance.

Live transacting of digital securities begins once the Bank of England confirms the next sandbox gate, which PlatformD is targeting for early 2027. Until then, all platform data shown is simulated, for demonstration.

The Path

In production since 2022
The group’s regulated digital-transformation and trust-services business, on which PlatformD is built.
2025 – Sandbox entry
Admitted to the joint Bank of England and FCA Digital Securities Sandbox as a hybrid market-infrastructure entrant.
2025–26 – Testnet
The platform deployed to Dchain testnet, the non-transactional pilot run with institutional participants.
Now – pre-go-live
Independent audit, mainnet preparation and the application for live authorisation.
Targeted early 2027 – live issuance
Regulated, restricted-volume go-live, with an in-protocol money-market facility to follow for liquid units.
FAQ

Platform-D Ltd is a financial technology company operating onchain securitisation and depository infrastructure as an entrant in the joint Bank of England and FCA Digital Securities Sandbox. It is the regulated market-infrastructure entity within a wider group spanning trust services, technology and protocol governance.

PlatformD is infrastructure for issuing real-world assets as compliant digital securities onchain – originated, issued and settled end to end. Today it does this for verified trade invoices: a supplier is paid immediately for an invoice owed by a large buyer, and an investor holds a single, credit-enhanced security until the buyer pays at maturity.

No. The infrastructure is built to issue any verifiable real-world asset as a digital security; the trade invoice is simply the first. Invoices came first because regulation is turning them into clean, signed, verifiable data at source – exactly the input an issuance system needs – at the scale of a multi-trillion market. The same rails extend to other real-world assets as their data follows the same path.

Each security carries the credit of a single, named obligor, selected upstream for investment-grade quality and credit-enhanced by a transparent onchain reserve. The structure is built to carry an official rating from a major rating agency. That rating is the independent confirmation of quality and is part of the path to live issuance.

Yes – the securities are designed for institutional allocators, including treasuries and asset managers deploying into onchain vaults. Each is a single-obligor, credit-enhanced, investment-grade digital security, native to the onchain ecosystem it settles in, so it can be held to maturity, posted as collateral, or moved across chains. Live access follows the path to issuance set out in “Where We Are”.

PlatformD is in testnet, running a non-transactional pilot of the full flow with institutional participants. Live transacting of digital securities begins once the Bank of England confirms the next sandbox gate, targeted for early 2027. All platform data shown publicly is simulated, for demonstration.

PlatformD operates as an entrant in the joint Bank of England and FCA Digital Securities Sandbox – the UK’s supervised route for bringing digital securities into live production. The regulated market-infrastructure entity is established and supervised in London.

Factoring discounts an invoice at a rate reflecting the supplier’s own credit, through one financier. PlatformD prices on the buyer’s credit instead – usually far stronger – on a 24/7 marketplace of institutional investors, non-recourse, with no impact on the supplier’s borrowing capacity.

Nothing, when invoices are paid on time. The buyer’s only action is to confirm an invoice it already owes. There is no new debt, no change to payment terms, and no impact on the buyer’s balance sheet.

Most tokenised real-world assets are originated through the traditional chain of intermediaries and issued as a token at the end – the opacity is inherited. PlatformD originates onchain: each asset is verified, issued and settled natively, with no analogue machinery beneath the wrapper.

Private-credit protocols typically pool loans and issue a token against the pool, reproducing the opacity of traditional securitisation onchain. PlatformD issues each asset individually as a single-obligor security – no pool to look through, the named obligor is the credit, with credit enhancement and a real-time payment score visible at all times.

DeFi money markets let you borrow against volatile crypto collateral, priced by an oracle and sold off automatically if its value falls – a buffer, not a credit assessment. PlatformD’s asset is a verified real-world receivable carrying the obligor’s rating, credit-enhanced rather than liquidated. The collateral is the asset itself, and the risk is managed by credit quality and the Assurance Reserve Trust, not by forced selling.

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Capital markets, rebuilt onchain.

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