[Case study]
Saltmarsh Blue Carbon
Issuance, register & retirement
A wetland restoration project put its verified credits on one register. 312,460 tonnes retired so far; a retired unit is burned and cannot be sold twice.
$26,128,000
Verified carbon units, 1,840,000 tCO₂e
ISSUANCE SUMMARY
Amount
$26,128,000
Instrument
Verified carbon units, 1,840,000 tCO₂e
Yield
None · $14.20 / t at issue
Standard
ERC-3643
Holders
212
Days to close
29
Issuer
Saltmarsh Restoration Trust
Closing
The challenge
The trust sold credits by email and spreadsheet. Buyers could not show which serial numbers they owned, and the same tonne had once been offered by two brokers.
What we did
The registry locked the serial ranges in favour of the token issuer, and each token references its range. The units are issued as ERC-3643 tokens on Avalanche, so only verified corporate buyers and brokers can hold them, and the agent can force a transfer back on a registry or court order. Retiring a unit burns it and triggers the cancellation at the registry the same day.
The result
212 buyers hold units; 47 have retired 312,460 tonnes, each with a retirement statement citing the burn and the registry serials. No unit has been offered twice since issue, because there is only one register to offer it from.
Timeline
24 Mar 2026 Mandate signed. Day 1.
08 Apr Registry serial ranges locked.
17 Apr Units issued on Avalanche, identity and forced-transfer controls on.
22 Apr First holder. Day 29.
30 Sep 312,460 tonnes retired by 47 buyers.
The question we kept getting was 'which tonnes are mine?' Now the answer is a serial range and a transaction, and buyers find it themselves.
Kwame Asante-Boateng
Programme Director, Saltmarsh Restoration Trust
312,460 t
retired
212
verified buyers
0
tonnes offered twice
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