Tokenization Hub

Set up a company's security classes and series, issue Ledger Entry Tokens (LETs), enable scrip and approve de-scripification

The Tokenization Hub is the cyberCORPs app area where a company sets up its security classes and series, issues Ledger Entry Tokens (LETs) to holders, and manages scrip, the fungible form of a class. Like every company area, it opens for a signed-in profile that has one of the company's owner wallets linked (see Run your company).

The Hub displays and changes the company's onchain securities records. When a company's governing documents designate those records as its securities ledger (MetaLeX-form bylaws call it the Tokenized Stock Ledger System), they form part of that ledger. The app does not infer that legal status from tokenization.

Three buttons sit at the top of the Hub: Cap Table, Add class or series and + Issue security.

Under the hood. Each class or series has its own LET contract, a LedgerEntryToken deployment that mints ERC-721 LETs. A class with scrip also has a CyberScrip ERC-20. How a LET and the class's scrip relate, and what rights scrip carries, is covered in LETs and scrip.

Classes and series

The Hub's main view, Classes and series, groups the company's LET contracts under their legal class (Legal class · …), each with an Add series button. A LET contract with no recorded legal identity sits under Unclassified or unresolved, and a saved cap table line that has no LET contract yet offers Configure or resume tokenization or Record legal identity. Each class or series panel shows:

• its Registered units and status, including whether scrip is enabled;
• its Class delivery permission;
• if scrip is enabled, the scrip ratio, the de-scrip threshold, and how much of the class is held as LETs and how much as scrip;
• an Ownership State summary of active LETs and registered holders, with any it could not resolve counted separately, and the transfer permission switches.

Expanding a panel adds three working sections:

• Legal class and terms records the legal identity behind the line and its versioned terms: Attach legal identity, Propose terms version, then a current officer's Approve with wallet (a free signature) or Record external approval, and Activate. The cap table guide walks through the workflow under Legal classes, series and versioned terms.
• Tokenize cap table units lists the untokenized cap table positions linked to this LET contract. Tokenize units mints a LET for some or all of a position's units to the holder's linked wallet. It needs a v5 company and activated legal terms. The cap table guide covers it under Tokenizing part of a position.
• Scripify whitelist, on classes with scrip, controls which LETs can be scripified (see Choose who can scripify).

Transfer permissions

Two class-level switches control how a class's LETs move. You change either one from the class panel, and each change is an onchain transaction.

Switch	Controls	Available on
Class delivery permission	the class default for moving LETs between wallets	v4 and v5 LET contracts
Registered-owner transfer permission (v5)	changes of a LET's registered owner, including settling secondary trades	v5 LET contracts

On a new v5 LET contract both start off, and issuing a LET is not subject to either. A v4 LET contract has the delivery switch only. On a LET contract upgraded to v5, the registered-owner switch also starts off, and until it is on, changing a LET's registered owner and settling secondary trades on that class fail. Turn it on only after the post-upgrade steps in Upgrade an existing company to v5. Per-LET overrides and restriction hooks apply on top of both switches.

Add a class or series

A security can be issued only once its class exists, and each class or series line gets its own LET contract. Add class or series walks through three steps, and only the last one is onchain:

1. Legal class and series: What are you adding? (a class without a series, or a series of a class), the legal class (new or existing), the Legal class name and Legal series name, the Governing document reference, the Instrument type (SAFE, SAFT, SAFTE, token warrant, token purchase agreement, convertible note, common stock or preferred stock) and an optional protocol series category. Save legal identity saves this offchain.
2. Tokenization settings: the Certificate template (for example the Reg D or Reg S variant of a SAFE), a Token name and Ticker (both prefilled), and the certificate document, uploaded as a PDF or given as a URI. Save tokenization settings saves them.
3. Review and deploy: Deploy printer sends the transaction that deploys the LET contract. If the wallet's result is lost, paste the Transaction hash from your wallet and choose Check transaction and finish linking.

Setting up a LET contract needs a current company officer and supported company and Issuance Manager versions on the network. v4 and v5 companies are both supported. The instrument list does not include stock options or restricted stock and token awards. A cap table line of an unsupported type shows This cap table line cannot be configured here and points back to the cap table.

Under the hood. The company's IssuanceManager deploys the LET contract (createCertPrinter) for the chosen security type. A certificate extension handles the instrument-specific terms.

Issue a LET

+ Issue security opens Issue New Security, where you mint a LET to a holder. Pick the class or series, then fill in the certificate details:

• Investor details: the holder's name (with profile lookup) and address.
• Security detail: the number of units represented, the investment amount (in the class's payment token, USDC by default) and the issuance date, which must be in the past.
• Certificate-specific terms: terms that depend on the security type, such as a SAFE's custom provisions or a SAFT's unlock schedule.
• Signing officers: the officer or officers signing the certificate.
• Legal terms: the dispute-resolution method and the governing legal document.

Issuing takes two approvals. The signing officer signs the certificate (a free signature), then you confirm the onchain transaction that mints the LET. To mint a LET for a position already on the cap table, use the cap table's tokenize actions instead (see the cap table).

Under the hood. The transaction calls the IssuanceManager, which mints the LET on the class's LET contract and records the holder as the registered owner. See Issue a LET.

Issued securities

Below the classes, the Issued Securities table lists each security with its active LETs, status, units represented and whether delivery is enabled. Expanding a security shows:

• its LETs, each with the registered owner (and the custody wallet, where different), wallet, ID, agreement, units, issue date and contact;
• its scrip holders.

Tick hide VOIDed positions to hide voided LETs. When a holder has requested de-scripification, a banner prompts you to review it. Opening a LET shows its certificate page, where the company's owners and the current holder can Download PDF. The holder's side of these pages is in For holders.

Enable scrip for a class

Scripifying a class gives it a tradable, fungible form. Scrip Configuration asks for:

• the scrip ratio: how many scrip tokens equal one share. The ratio is permanent, and a confirmation step repeats the exact ratio back to you before anything is deployed.
• the de-scrip threshold: the minimum amount of scrip that can be converted back into a LET. You can adjust it later.
• De-scrip Configuration, fixed to Founder Approval: registered holders de-scripify automatically, and new holders need your approval. The Auto option is shown but cannot be selected.
• Who can scripify: see Choose who can scripify.
• clawback: an optional, one-way No clawback switch that permanently disables the issuer's force-transfer, freeze and burn override for the class. Turn it on for a class whose grants promise that vested shares belong irrevocably to the recipient. Leave it off to keep the issuer override for compliance.

Scripifying needs the Issuance Manager on the latest version. Until it is, the form says "The Issuance Manager must be upgraded before scripifying." and links to the Upgrade page.

Under the hood. Scripifying deploys a CyberScrip ERC-20 for the class through the IssuanceManager (deployCyberScrip). Holders can then convert LET units to scrip and back. Partial scripification, the scrip ratio and the two recertification paths are covered in Scripify and settle a secondary trade.

Choose who can scripify

On the Scrip Configuration screen, Who can scripify offers "Only whitelisted certificates can be scripified (recommended for private shares)", checked by default. The whitelist starts with the LETs the cap table links as a stock plan's reserve in this class. Without a whitelist, any holder of record can turn shares into transferable scrip, including unvested and restricted shares.

After scripifying, manage the list from the class panel's Scripify whitelist. Turn on and Turn off switch the restriction, and Add and Remove list or unlist each LET. For private shares the app recommends turning it on and listing only the company's reserve and FBO LETs, so vesting and restricted shares cannot become transferable scrip. Each change is an onchain transaction, on v4 and v5 companies alike. A holder who tries to scripify an unlisted LET is told that a company officer must add it first.

Approve de-scripification

A holder who already holds a LET of the class converts scrip back without your approval. A scrip holder who is not yet a registered holder sends a de-scripification request instead, and a banner in the Hub prompts you to review it. Approve De-scripification pre-fills the holder and share amount, and you complete and sign the certificate details and confirm. The holder then becomes a registered holder.

Approval needs activated legal terms for the class or series (see Legal class and terms under Classes and series). Without them, the screen explains why and links back to the class in the Hub.

Under the hood. Issuer approval is the step with legal effect, because it adds a new holder of record. See LETs and scrip and Compliance architecture.