[Case study]
Corran T-Bill Fund
Transfer agent & proof of reserve
A Treasury fund added a tokenized unit class. Custodian and token supply are compared every morning at 09:00 CET; in 334 attestations they differed once, for one day.
$412,600,000
Fund units, Class I
ISSUANCE SUMMARY
Amount
$412,600,000
Instrument
Fund units, Class I
Yield
4.31%
Standard
ERC-3643
Holders
2,318
Days to close
34
Issuer
Corran Asset Management
Closing
The challenge
Corran’s distributors wanted to hold the fund in the same wallets as their settlement cash, and to subscribe and redeem without waiting two days for a paper register to catch up.
What we did
The fund’s board added Class I, issued as the token CTB on Stellar under the ERC-3643 rule set: identity, country and holder rules are checked on every transfer. Units are minted only against cash received at Larkfield Depositary and burned on redemption, so supply follows the fund. Aldane Fund Services strikes the NAV every business day and signs the daily reserve attestation.
The result
$412.6M of units held by 2,318 investors, a monthly distribution of $1,481,900 paid in one transaction, and a published attestation every morning. On 14 August 2026 a custody movement booked a day late made custody and supply differ for one day. The attestation said so, the restatement was published the next morning, and both lines stay on the record.
Timeline
15 Oct 2025 Board approves the tokenized unit class.
28 Oct Offering documents amended, Class I added.
06 Nov CTB deployed on Stellar, register opened.
18 Nov First holder. Day 34.
19 Nov First daily attestation: Δ 0.00%.
14 Aug 2026 T+1 restatement after a late custody movement, resolved the next morning.
Our auditors asked to see the reconciliation for a random day in March. We sent them the link. That was the whole conversation.
Tomasz Wierzbicki
Chief Operating Officer, Corran Asset Management
334
daily attestations published
Δ 0.00%
custody against supply, this morning
$1.48M
monthly distribution in one transaction
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