tTokens

tTokens serve as vaults holding a single tokenized product or RWA, represented by receipt tokens prefixed with ‘t’ (e.g., tULTRA). Each tToken vault maintains transparency, security, and efficient handling of assets, including pending transactions.

Overview

Standard

ERC-4626 (Upgradable)

Collateral

Whitelisted RWA token (e.g., ULTRA shares)

Receipt Token

t<ASSET> (e.g., tULTRA)

Exchange Rate

totalAssets() / totalSupply() • totalAssets() = on-chain RWA balance + pendingAssets

Key Mechanics

Pending Assets

The pendingAssets state variable tracks RWA amounts that are anticipated but not yet delivered onchain:

  • Upon deposit initiation, the expected asset amount is recorded in pendingAssets.

  • When the issuer delivers the RWAs, the recorded pending assets are “burned” from the pending state and credited to the onchain balance.

  • This ensures that the net asset value (NAV) calculation remains accurate at all times by including these pending transactions.

Optimistic Minting Flow

Optimistic minting expedites the minting process, allowing users immediate liquidity while awaiting final onchain settlement:

  1. A user submits a mint order (including USDC and permit signature) to Theo’s minting service.

  2. Theo’s MPC (Multi-Party Computation) system transfers USDC to the RWA issuer, initiating the minting process.

  3. tTokens are minted immediately, reflected as pending assets within the contract.

  4. Upon settlement by the issuer, pending assets are resolved to actual onchain assets, finalizing the transaction.

Roles and Security Controls

tTokens implement an access control structure to ensure secure operations:

Role

Description

Signer(s)

Owner / Admin

Responsible for upgrading contracts and assigning roles.

3/5 cold wallet multisig

Minter

Authorized minter and used to fulfill pending states.

Theo MPC (automated using our backend)

Whitelist Manager

Manages user access via KYC-compliant whitelists.

3/5 multisig

Emergency

Can pause & unpause all transfers & minting

2/4 multisig (pause tx queued with a signature)

Structure

The tToken implementation comprises three core components:

  • tToken.sol — core implemenation contract

  • Transparent Proxy — proxy contract providing for upgrades

  • Minter contract — routing hub to manage mint requests from backend services

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