“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Tokenized securities. From register to final coupon.
Tokenized securities retain the rights and regulation of each instrument. We build the platform for your firm to issue tokenized bonds, commercial paper or fund units, verify investors and manage payments and redemptions with a reconciled register of holders.
They trust Metlabs with their securities tokenization projects
Why now
Why tokenize securities now?
Since September 21, 2026, the Eurosystem's Pontes has offered settlement in central bank money for wholesale tokenized asset transactions, and the European Commission proposes raising the DLT Pilot Regime cap from €6 billion to €100 billion. The infrastructure exists. The work sits in each issuance, its register and its payment schedule.
Platform
Platform for tokenized bonds and investment funds
A tokenized security is administered until maturity or redemption. The white label platform covers investor onboarding, the ERC-3643 token, payments in and reconciled distributions. Integration with the registration entity, delivery versus payment, coupon schedules and corporate actions are custom-built.
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Instrument terms
Face value, coupon, schedule, seniority and documents for each series, linked to the token contract that represents it.
Investor onboarding and MiFID
KYC, KYB, a custodial wallet and e-signature. We custom-integrate the placement agent's MiFID classification and assessments, including appropriateness where required.
ERC-3643 tokenized security
It only moves between eligible investors, with jurisdiction limits, a transfer lock on record dates and an emergency pause.
Coupons, dividends, redemptions
Distributions to each holder, reconciled from the console. Coupon and redemption schedules and tax withholding are customized for the instrument and the paying agent.
Register of holders
Every position and every movement is recorded on the platform. Reconciliation with the registration entity and the custodian is custom-built.
Issuer console and reporting
A console to manage investors, pause transfers and export reports. Series creation and corporate actions are custom-built.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
Structure
What is a tokenized security?
A tokenized security is a bond, fund unit or share whose ownership is recorded on a distributed ledger. Issued by the issuer itself, it carries the same rights as before, and only the register and how payments run change. A token issued by a third party over that security may carry different rights.
| Criterion | Bond or commercial paper | Fund unit | Share in a vehicle |
|---|---|---|---|
| What the holder receives | Agreed coupons and repayment of face value | A share of the fund's assets and any distributions | Economic and voting rights in the company |
| Usual framework in the EU | MiFID II and prospectus rules | Fund rules, UCITS or AIFMD | MiFID II, prospectus rules and company law |
| Horizon | Fixed maturity, from months to years | Open-ended with recurring subscriptions and redemptions, or closed-ended until liquidation | Indefinite, until the agreed exit |
| When we recommend it | Financing with a fixed payment schedule | Managers with recurring subscriptions and redemptions | Asset portfolios to pool in one vehicle |
The choice is made with your legal counsel and the regulated firms involved. If the vehicle raises capital from a number of investors to invest it under a defined investment policy, it may be an alternative investment fund subject to the AIFMD. The token's rules mirror the issue documents and never replace them.
Methodology
How we tokenize securities, step by step
Bonds, commercial paper, fund units or shares follow four phases, from the issuer's balance sheet to the last subscription. The instrument's legal classification comes before the code, and no payment is scheduled without first testing it on a test network.
We analyze the issuer, its funding or distribution need and the target investor, and define the instrument, a bond or commercial paper, a fund unit or a share. The output is the issuance structure, with the amount, nominal value per token, payment schedule and minimum investment.
The law firm classifies the instrument, confirms whether a prospectus is needed or an exemption applies, the placement route and the entity that keeps the register, and signs its legal opinion. Every conclusion becomes a contract rule, such as who may subscribe or each series' maturity.
The issuance is set up on our white label platform under the issuer's domain, with KYC or KYB onboarding, e-signature, SEPA or stablecoin payment, ERC-3643 tokens and reconciliation in the console. Integration with the registration entity or the custodian, delivery versus payment and corporate actions are custom-built.
With the issuer and, where there is one, the placement agent, we choose the channels that take the issuance to investors and measure how many go on to subscribe. Until maturity or redemption, the console prepares coupons, repayments and reports for each series.
Assets
Which financial assets can be tokenized?
Any instrument whose issuance, recordkeeping and transfer regime allows DLT representation. The documents matter more than the token standard.
Bonds
Corporate or public debt with a defined coupon, maturity and seniority.
Commercial paper and private credit
Short-term commercial paper and private credit structured as bonds or securitized. A tokenized loan is not a security and needs its own review.
Investment funds
Units of each share class in money market funds, UCITS and alternative funds, including venture capital.
Shares
Capital in corporations, with its economic and voting rights attached.
Structured products
Notes and baskets whose payout follows documented rules or indices.
Collateral and repos
Securities mobilized as collateral, with delivery versus payment where the infrastructure supports it.
Reviews
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Regulation
Check the regulation by countryWhich regulation applies to tokenized securities?
The instrument's own. A tokenized bond or share is still a financial instrument, and MiCA expressly excludes those assets from its scope.
Before writing code we confirm with your law firm the instrument's classification, the prospectus or its exemption, who acts as registration entity and which firms place and hold the securities.
In the European Union, MiFID II, the Prospectus Regulation (EU) 2017/1129 and, for funds, the UCITS or AIFMD directives apply. The DLT Pilot Regime, Regulation (EU) 2022/858, lets authorized multilateral trading and settlement systems handle tokenized securities with specific exemptions and a cap of €6 billion per infrastructure, which the Commission proposes raising to €100 billion. It does not authorize any issuance on its own.
In Spain, Law 6/2023 allows securities represented on distributed ledger systems, with an entity responsible for their registration appointed by the issuer. In the United States, staff from three SEC divisions stated in January 2026 that recording a security on-chain does not change how federal securities law applies.
- SpainCNMV, Banco de España, SEPBLACFavourable100Oct 2026
- UAECMA, CBUAE, VARA, DFSA, FSRAFavourable95Apr 2026
- SwitzerlandFINMAFavourable90Jan 2026
- El SalvadorCNAD, BCR, SSF, UIFFavourable88Apr 2025
- ArgentinaNational Securities Commission and Financial Information UnitFavourable83Jun 2026
- United StatesSEC, CFTC, FinCENFavourable76Sep 2026
Spain
UAE
Switzerland
El Salvador
Argentina
United StatesOur legal partners
Is a tokenized bond or fund more liquid?
Not by itself. A tokenized security can transfer and settle on-chain, but it is only liquid if there are buyers and an authorized trading venue or, for a fund, a redemption mechanism. Restrictions by investor type also limit who can buy.
Which token standard is used for tokenized securities?
A permissioned standard such as ERC-3643 or ERC-1400, which only allows transfers between verified identities and lets the issuer's agent freeze or recover positions when the law requires it. If you only need the contract and the investor portal, that is our security token development service.
Who keeps the register of a tokenized security in Spain?
The issuer appoints in the issue document an entity responsible for registration and recordkeeping, known as ERIR, which must be authorized for that activity. It keeps the legal record of the securities on the ledger. Metlabs builds the technology and integrates it with the ERIR, but does not act as one.
How are coupons paid on a tokenized bond?
On the record date, the platform takes a snapshot of holders and calculates each gross amount. The issuer or its paying agent applies any tax withholding and pays in tokenized cash or by reconciled bank transfer. If a payment is missed, the contract does not resolve it. What the issue documents provide then applies.
How does fund tokenization work?
Each token represents a unit of a specific share class. The manager or its fund administrator calculates the net asset value, and the depositary checks it is calculated in line with the law and the fund rules. The platform receives it, applies the cut-off time, mints tokens on each subscription and burns them on each redemption.
How is a tokenized security settled against cash?
With delivery versus payment, which exchanges the security and the cash in the same transaction or exchanges neither. The cash can be an e-money token, a bank's tokenized deposit or, for wholesale institutions, central bank money through Pontes. It is custom development, and who provides the cash is decided first.
Who holds an investor's tokenized securities?
It depends on the model. Investors can hold their own wallet, or a firm authorized to hold and administer securities can do so on behalf of its clients. For the keys we integrate institutional custody providers such as Fireblocks or BitGo by API, with MPC or multisig signing. The on-chain register must always match the registration entity's records.
How much does it cost to tokenize a debt issuance or fund?
It depends mainly on the instrument, the target investor and the regulated firms involved. A private placement for professional investors is not the same as a fund open to retail investors in several countries. After the first phase we propose the scope and budget.
Asset tokenization
Other assets we tokenize.
Asset tokenization
Articles on securities tokenization
ERIR in Spain: roles and requirements for tokenized securities
ERIR functions, authorization, and responsibilities in Spain, with practical criteria for DLT registration, incident management, and issuance planning.
MiFID II and tokenization: classification, services and limits
MiFID II and tokens: financial instrument classification, investment services and the distinction from MiCA before designing an issuance.
Security tokens in Spain: regulation and issuance steps
Security tokens in Spain: rights, documentation, DLT representation and responsible register operators before issuing securities.
Your next commercial paper series, tokenized and reconciled.
Tell us the instrument, the amount and the target investor. We come back with the series structure and what the white label platform covers.
