Institutional real-estate credit, issued as a MiFID II security from a ring-fenced Luxembourg compartment, and held as a token in your own wallet.
Track record as reported by the asset partner, a related party of Tortuga; the relationship is non-exclusive both ways. Further asset partners can join through the same rails.
Every step is a legal document, and every step has a named role. The asset partner originates and securitises the deal; a Tortuga compartment holds the note, issues the security and takes it onchain.
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Estating, our first asset partner, has originated and structured institutional real-estate credit for six years, through ten originating partners: the developers and sponsors behind the deals. Every deal passes the same underwriting before it goes any further.
The asset partner places each position in its own ring-fenced compartment of a Luxembourg securitisation vehicle, which issues a note against it. The note carries a Swiss ISIN, sits in custody at SIX SIS and pays through a FINMA-supervised paying agent.
Tortuga's own Luxembourg securitisation vehicle takes the note into a compartment of its own, one per series. Under the Securitisation Law of 22 March 2004, each compartment has its own assets and liabilities, and investors' rights stop at them. A problem in one compartment stays there.
Against the note it holds, the compartment issues a registered note: a MiFID II transferable security, outside MiCA, held as an ERC-3643 token. The legal register is the system of record; the token is its settlement representation. It is minted pending, and becomes transferable once the note settles.
Investors verify once. The identity sits on Tortuga's registry and reaches every supported chain, and ERC-3643 checks it on every transfer, so the token moves only between verified wallets. Tortuga does not hold your token. The same security is designed to reach onchain allocators: treasuries, funds and protocols.
Native keeps it one to one: one deal, one note, one token series. T-Evergreen puts many notes behind one security.
See the productsEvery series, Native or T-Evergreen, is built on the same base. Read it outside in: what you hold, the boundary that protects it, and what backs it.
One permissioned security token per series: ERC-3643, whitelist-only, transferable only between verified wallets. Tortuga does not hold your token.
One vehicle, many compartments. Each has its own assets and liabilities, so another compartment's losses cannot reach yours. Limited recourse, non-petition.
The note sits in custody at SIX SIS. Your claim is on the compartment's assets, and on nothing else.
Issued under the Luxembourg Securitisation Law of 22 March 2004, as amended. Switzerland is market infrastructure for the underlying notes (ISIN, custody, paying agent), not the governing law.
Native is built to prove the rails, deal by deal. T-Evergreen is designed to become the onchain asset. A permissionless token comes last. All three are built to pay yield from real estate, not from crypto cycles.
One note, one token series. Choose the deal and hold it to its exit.
One security over a curated book of real-estate credit that grows by rule.
Dollar yield for any wallet, from a token built on the security core.
Held to maturity, a note only earns its return. Onchain, it is designed to double as collateral in permissioned lending markets: a verified holder borrows stablecoins against it without selling, and keeps the exposure.
How a lending market would workNative is held to the deal's scheduled exit. T-Evergreen is designed to pay exits in a fixed order, from cash set aside for them, and never from the coupon.
A same-day exit from a multi-year asset comes either from a small buffer or from someone else's balance sheet. Each series' documents will say which, and how much.
No rung requires a forced sale: the book sells only at NAV or above. Windows open quarterly at kickoff and are designed to get more frequent as the book grows.
Two minutes on what Tortuga issues and what you hold.
12 short tracks in 3 areas. Each step is one idea, drawn in the same figures as above, with narration if you want it.
A short eligibility check opens the info packs, the series documents and the due-diligence room. Gauging interest, not making an offer. Professional and qualified investors only; no US persons.