Tokenised deposits and stablecoins on Rayls Sovereign

A tokenised deposit is a digital representation of value issued by an institution, often designed for consumer use in retail payments, settlements, or incentive schemes. Within a Rayls Sovereign ledger, these tokens can be securely minted, programmed, and transacted, either inside a single institution or across a wider Rayls Private Network of institutions.

Understanding the tokenised deposit lifecycle

• Issuance Intent
  An institution identifies the need for a tokenised deposit, whether for internal use, consumer payments, rewards programmes, or settlement mechanisms.
• Token Standard Selection
  Depending on the use case, the issuer selects one of the standards supported in the Rayls Sovereign ledger:
  • ERC-20 – Ideal for fungible tokenised deposits used in payment or reward scenarios.
  • ERC-721 – For unique assets, such as retail vouchers or identity-linked tokens.
  • ERC-1155 – For combined or hybrid use cases.
• Minting the deposit
  The deposit is minted in the Rayls Sovereign ledger, using verified offchain data as needed for compliance or governance.
• Deployment in the ledger
  The smart contract governing the token is deployed within the issuing institution's Rayls Sovereign ledger, defining key behaviours such as transferability, expiry, or transaction limits.
• Transactions
  End users interact with the token inside the ecosystem, for purchases, settlements, or exchanges, under the rules defined in the smart contract.

Benefits of deploying tokenised deposits

• Programmable Rules: Define dynamic conditions such as spending limits, expiry dates, or merchant whitelisting.
• Real-Time Settlement: Transactions occur instantly in the Rayls Sovereign ledger, reducing reliance on batch clearing or reconciliation.
• Data Sovereignty: All data and logic remain within the institution's Rayls Sovereign ledger unless explicitly shared.
• Consumer Privacy: Use zero-knowledge proofs or encrypted transfers for privacy-respecting transactions.
• Interoperability: These tokens can interact with other assets or services in the Rayls ecosystem.

Step-by-step in Rayls Sovereign

Rayls Sovereign offers a secure and programmable ledger where tokenised deposits can be minted as digital assets, verified using offchain data, and transacted either within a single institution or across a wider Rayls Private Network.

Step 1: Minting a tokenised deposit

Begin by defining the token parameters (name, symbol, supply, metadata) and selecting the appropriate standard:

• ERC-20 – For fungible assets.
• ERC-721 – For unique, non-fungible assets.
• ERC-1155 – For hybrid use cases.
• Minting Tokens in Rayls Sovereign.

Once minted, the token can be used internally or prepared for sharing beyond the institution.

Step 2: Internal transactions and contract logic
To manage the logic around the tokenised deposit, such as mint and burn policies, transaction fees, access controls, or reward triggers, a smart contract must be deployed in the Rayls Sovereign ledger.

To get started:

• Deploy a Smart Contract - This contract forms the operational blueprint for how the token behaves within the institution's environment.
• Interact with Smart Contracts - Users such as consumers, merchants and partners can begin interacting with the token immediately upon deployment.

Transactions are visible in the internal explorer, which provides detailed filtering options for compliance audits or user-specific tracking.

Sharing tokens beyond your ledger

Tokens can remain local to the institution or be registered in the Token Registry on the Private Network Hub, where the Private Network Operator approves them, to allow broader usage across a network of trusted institutions.

Register Your Token in a Private Network

Cross-institution and Rayls Private Network communication options
Once registered, the token can be shared or referenced using the following tools:

1. Teleport Atomic Protocol

Used for bridging tokens between institutions. Suited to transferring value from one institution's infrastructure to another, with integrity and finality. The token is burned in the sending institution's ledger, minted and held locked in the receiving institution's ledger, and released to the recipient once the Private Network Hub confirms the transfer.

• Send Teleports

2. Arbitrary Messages

Facilitates coordination between institutions without transferring the token. Useful for settlement instructions or external validation.

• Cross-Private Network Arbitrary Messages

3. Enygma Protocol

For institutions that need transfer amounts and counterparties hidden. Recommended when tokenised deposit usage must remain confidential. Enygma Payments covers fungible ERC-20 deposits, and Enygma DvP covers the atomic exchange of ERC-20, ERC-721 and ERC-1155 tokens, so an ERC-721 or ERC-1155 deposit takes the DvP route. The Enygma contracts are deployed on the Private Network Hub or on the Rayls Public Chain, and the institution's own ledger holds a wrapped balance that Enygma keeps synchronised one for one.

• A Warm Introduction to Rayls Enygma

Locking a tokenised deposit as collateral for a public chain stablecoin

A tokenised deposit does not have to stay inside the institution. One of the patterns Rayls Sovereign is built for is using it as collateral for a stablecoin that circulates on the Rayls Public Chain, so that an institution's deposit base can reach public liquidity while the deposit itself never leaves the institution's perimeter.

The private-public bridge is what makes this work. It is the direct one-to-one path between a Rayls Sovereign ledger and the Rayls Public Chain, described in Connecting Rayls Sovereign to the Rayls Public Chain. It differs from the Private Network route in a way that matters here: the Private Network route burns on the source and mints on the destination, whereas the public chain route also supports locking on the source and minting on the destination, which is the mechanic a collateralised issuance needs.

The flow runs as follows.

1. Register and activate the deposit token. The tokenised deposit is registered in RNTokenGovernanceV1 and moved to ACTIVE, which is the precondition for it taking part in anything on the public chain path.
2. Lock the collateral. The deposit is locked in the institution's own Rayls Sovereign ledger rather than burned. It stays on the institution's balance sheet, inside its perimeter, and remains subject to the transfer rules, limits and freezing logic the deposit contract already enforces.
3. Mint against it on the public chain. The bridge dispatches the message across, and the stablecoin is minted on the Rayls Public Chain to the address paired with the holder through RNUserGovernanceV1. Supply issued publicly is backed one for one by collateral locked privately.
4. Circulate. The stablecoin behaves like any other token on the Rayls Public Chain, so it can reach dApps, liquidity pools and counterparties that the institution's own ledger would never expose itself to directly.
5. Redeem. Burning the stablecoin on the public chain sends the message back across the bridge, which unlocks the underlying deposit in the Rayls Sovereign ledger and returns it to the holder.

The property that matters to an issuer is that the collateral never moves out of the institution. What circulates publicly is a claim against it, and the deposit backing that claim stays where the institution can still freeze, seize or audit it under its existing governance.

Final Note

Tokenised deposits in a Rayls Sovereign ledger offer institutions a secure, programmable, and private means of issuing digital value at scale. Whether intended for consumer payments, rewards, or intra-group transfers, these assets can be tailored to your specific compliance and business needs, with the option to scale across Rayls Private Networks if desired.

For additional support, please contact the Rayls technical onboarding team.