[Case study]
Ostend Tank Receipts
Issuance, register & redemption
37,600 tonnes of rapeseed oil in four tanks at a bulk terminal, one token per tonne, each tied to a tank and an inspector's quality report. 2,680 tonnes redeemed so far.
$41,360,000
Warehouse receipts, one token per tonne
ISSUANCE SUMMARY
Amount
$41,360,000
Instrument
Warehouse receipts, one token per tonne
Yield
None · storage 0.32% p.a.
Standard
ERC-3643
Holders
388
Days to close
27
Issuer
Ostend Bulk Storage
Closing
The challenge
The terminal issued paper receipts that changed hands by courier. A buyer could not check which tank their product sat in, and a lost receipt took weeks to replace.
What we did
Receipts are issued to a bankruptcy-remote vehicle, which issues one ERC-3643 token per tonne on Arbitrum One. Each token references a tank number, a quantity and an independent inspector’s quality report. Only verified trade and professional buyers can hold them; storage is deducted monthly.
The result
388 holders, 37,600 tonnes on the register. Redeeming burns the tokens and releases the quantity to the holder’s carrier; 2,680 tonnes have left the terminal this way, each release matched to a burn on the register the same day.
Timeline
17 Apr 2026 Mandate signed. Day 1.
29 Apr Tanks gauged, sampled and certified.
08 May Contract deployed on Arbitrum One.
14 May First holder. Day 27.
02 Sep First redemption: 420 tonnes released against burned tokens.
A receipt used to be a piece of paper in a safe. Now it's a tank number anyone with the right to see it can check.
Lieve Vandamme
Managing Director, Ostend Bulk Storage
37,600 t
on the register
2,680 t
redeemed and collected
0
receipts lost or duplicated
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