Token DD Framework

Listing Authorization

Do you have legal approval or authorization to pursue listings and integrations with third-party protocols? Describe the approval process and the approving entity.

Issuer Information

Describe the issuing entity: regulated financial institution, crypto-native organization, SPV/trust, or other structured vehicle. If assets are held by an entity different from the issuer, describe the relationship.

Jurisdiction

Jurisdictions where the issuing entity is incorporated and operating. Note any that may impose restrictions on issuance, redemption, or user access.

Legal & Regulatory Matters

Any prior or ongoing legal, regulatory, or enforcement actions involving the issuer, affiliates, or the token. Include current status, outcomes, mitigations, and legal exposure across entities.

Mint/Redeem: Process & Timing

Standard and worst-case processing times, settlement delays, fees, operational constraints. Whether mint/redeem is limited to business days, weekends supported, operating hours.

Mint/Redeem: Whitelisting Requirements

Who is permitted to mint or redeem. If restricted: currently whitelisted entities, criteria & process for whitelisting, blacklisting / revocation criteria.

Mint/Redeem: Limits

Per-transaction and time-based limits. How redemptions are prioritized when demand exceeds liquidity, whether partial redemptions are possible.

Mint/Redeem: Historical Activity

Historical minting and redemption data — provide datasets or dashboards if available.

Underlying Holdings

What backs the token (cash, treasuries, loans, RWAs, crypto), with breakdown, supporting documentation, and disclosure of any rehypothecation.

Proof of Reserves

Proof-of-reserves or transparency reports. Service provider, methodology, attestation frequency, and where reports can be accessed.

Custody Arrangement

Custodians, segregation of accounts, third-party involvement, and insurance coverage if any.

Multisig & Authorized Actions

Multisig setup for operational control: signer composition, quorum, and which actions are authorized (move reserve assets, mint/move tokens).

Permitted Use of Underlying Assets

How underlying assets are used: held as cash equivalents vs invested (treasuries, credit, RWAs, DeFi, on-chain strategies).

Risk & Strategy Constraints

Restrictions on risk exposure, duration/maturity, leverage/rehypothecation, counterparty concentration.

Smart Contract Audit

Independent third-party audits — auditors, links to reports. If unaudited, planned audit timelines.

Special Permissions

Token-2022 permissions, hooks, or freeze authorities currently or planned. Purpose and conditions for activation.

APIs

APIs / interfaces for pricing, yield, reference data — endpoints, access restrictions, rate limits.

Bridged Assets

If bridged: bridge deployment & process, trust assumptions, upgrade/admin controls, supported source/destination chains, one-way vs bi-directional.

Wrapped Assets

If wrapped: underlying asset, wrapping/unwrapping mechanics, source of yield (if yield-bearing), who controls the wrapping contract.

Oracle Source

Current oracle setup; previous, current, or planned work with oracle providers. For RWA assets (not stablecoins), provide the Chainlink oracle.

Oracle Integration

How the oracle is integrated and maintained, including fallback mechanisms.

Market Maker

Engaged market maker for price stability: entity & scope, secondary-market trading strategy, supported venues & hours, peg-tolerance requirements.

On-chain Liquidity

Whether the token is live on-chain. If yes: current venues and depth. If no: go-live timing and planned setup. Intent to use Kamino Liquidity Vaults.