How Tortuga works, in depth.
The home page shows the chain in five steps. This page opens each one: where the notes come from, what you hold, how each product works, and what happens onchain. Every section starts with the short version; open a panel when you want the detail.
Where the notes come from.
Estating, our first asset partner, is a Luxembourg securitisation platform. For six years it has originated, underwritten and structured institutional real-estate deals, and placed them through private banks and wealth managers. It delivers each position to Tortuga as a note with its own Swiss ISIN.
- 01 · OriginationThe asset partner sources each position through its originator relationships, with the real estate as collateral, and underwrites it.
- 02 · SecuritisationIt structures the position as a note in its own ring-fenced Luxembourg compartment, with a Swiss ISIN, in custody at SIX SIS.
- 03 · Token issuanceTortuga's issuance vehicle holds the note and issues a MiFID II security against it, as an ERC-3643 token.
- 04 · Onchain distributionTortuga reaches onchain allocators: treasuries, funds and protocols, verified once, holding the token in their own wallets.
Track record as reported by the asset partner, a related party of Tortuga; the relationship is non-exclusive both ways.
1.1What it originates
Five categories of real estate. Positions run from senior and bridge loans to preferred equity and equity.
Each pays from the property itself: rents, loan interest, sales and refinancings. That is cash from the real economy, not from crypto cycles.
1.2How each note is underwritten
Five stations, left to right: the sponsor's record, legal review, scoring and AML, capital released against milestones rather than at once, and monitoring reviews for the life of the deal.
Each note is a debt security in legal form; its documents state the position it references.
1.3The access: ten originating partners
The ten originating partners are the developers and sponsors behind the deals, each with an executed deal: access, not a pipeline of commitments.
Together they state about $25bn of combined access, as the partners state it. New notes are structured every quarter.
1.4From private banks to onchain wallets
Until now, the asset partner has placed its notes mainly through private banks and wealth managers to their clients, one deal at a time, held to maturity.
Tortuga takes the same notes to onchain allocators, each holding the token in its own wallet. The asset partner gains onchain capital for the notes it already structures; investors gain institutional real-estate credit that used to sit behind private-bank doors.
1.5Same rails, next partners
Asset partner 01 is in place; the dashed hexagons show how further asset partners would join. Each would deliver ISIN-registered notes through the same gate to the same onchain issuer, so a new partner brings its notes into the same vehicle.
What you hold, and how it reaches your wallet.
Native and T-Evergreen are built from the same blocks: a ring-fenced compartment, a note with its own Swiss ISIN, and a security token in your own wallet. The legal register is the system of record; the token is its settlement representation.
- PropertyOne real-estate position, sourced and underwritten by the asset partner.
- CompartmentA ring-fenced pool inside a Luxembourg securitisation vehicle, with its own assets and liabilities.
- Note · ISINIts own Swiss ISIN, in custody at SIX SIS, paid through a FINMA-supervised paying agent.
- Security tokenA Tortuga compartment holds the note and issues your series against it: a MiFID II security, outside MiCA, as an ERC-3643 token.
2.1Ring-fenced by law
Under the Luxembourg Securitisation Law of 22 March 2004, as amended, each compartment has its own assets and liabilities, and investors' rights are limited to the assets of their compartment (Art. 5 and 62, paraphrased).
A problem in compartment A stays inside its walls; your series and series C are untouched. Ring-fencing limits where a problem can travel. It does not remove an asset's own risk.
2.2One identity, every supported chain
You verify once. That identity sits on Tortuga's own registry and reaches every supported chain: built for EVM chains, with a design that extends to other networks.
Tortuga does not hold your token; the documents give the issuer defined powers over it, such as recovery.
2.3Transfers only between verified wallets
ERC-3643 checks identity on every transfer, so the token moves only between verified wallets. A transfer to a wallet with no verified identity is refused, and stays visible as refused.
The transfer rules are enforced in the token itself, under the signed documents.
2.4How you buy
- Registeridentity · AML
- Verifyeligibility
- Bind a walletyour own
- Chooseseries, amount
- Signsubscription
- Pay
- Confirmpayment matched
- Pendinglocked
- Settledtransferable
Only then is a token minted, pending until the note settles; there is no second token. If the note is not delivered in time, the token is burned and the funds are returned.
2.5A published price
| What will be published | How often | On what basis |
|---|---|---|
| NAV per security, and the formula every transfer is priced by | Weekly, with quarterly revaluation | The asset partner's own valuation process, as reported, on models agreed with PwC Luxembourg; the asset partner's weekly NAV for each underlying note, distributed through SIX |
Transfers are designed to happen at the published NAV, under a published formula, not at a negotiated price. Issuer operations are designed to sit behind a multisig and a timelock, set up at a key ceremony before the first issuance. Onchain attestation of NAV and reserves is in progress.
2.6Key parties
SIX SIS holds the underlying notes in custody. PwC Luxembourg is the statutory auditor. A&O Shearman is Luxembourg counsel and structures the compartments. CertiK audits the smart contracts. A FINMA-supervised paying agent pays on the underlying notes.
2.7Six terms, defined
- Compartment
- A ring-fenced pool inside a Luxembourg securitisation vehicle.
- ISIN
- The international identifier of a security; each note carries a Swiss one.
- MiFID II security
- A transferable security under EU financial-markets law; outside MiCA.
- ERC-3643
- A token standard for permissioned securities: every transfer checks identity.
- Paying agent
- The regulated party that moves payments on the note.
- NAV
- Net asset value per security: the price of every transfer.
Native: choose the deal, hold it to its exit.
Native is the most direct way in: one note, one token series. Each note finances one deal and is issued from its own compartment with its own Swiss ISIN. You pick the deal, the position in the capital stack and the term, and hold the token to the scheduled exit.
- SubscribeThe token arrives pending: locked until the note is delivered.
- SettleIt becomes transferable once the note is delivered into the compartment.
- HoldIncome is paid as the series documents set out.
- MatureThe note pays out at the deal's exit, as its terms and the asset allow.
3.1What you choose
Each series names its position in the capital stack: a loan covering part of the property's value, equity with a loan ahead of it, or an unleveraged position with no debt ahead. Risk and term follow from the position.
3.2What can go wrong
- One note carries one asset's risk.
- Equity pays on a sale or refinancing, which can come later or lower than planned.
- A loan can lose money if the property's value falls far enough.
- Ring-fencing keeps one deal's problems away from the others, not from that deal's own holders.
The info packs set out each product's risks and what happens, in which order, if something goes wrong.
3.3The series on the shelf
The Native series in preparation, with their draft terms, risks and documents, are in the info packs. A short eligibility check opens them.
Request access ↗T-Evergreen: one security over a book that grows by rule.
T-Evergreen is designed as one permissioned security over a curated, diversified book of real-estate credit notes. The book grows by rule, every series keeps its own buffers, and exit cash and coupon cash never mix.
- What you holdOne ERC-3643 security over many notes, each with its own Swiss ISIN, in one ring-fenced compartment.
- How it growsNew notes every quarter; categories become their own series as volume builds, and a EUR book follows.
- How you exitInstant only up to the buffer, then quarter-end on notice, then windows at NAV with a queue and gates.
- Why it existsOne asset a lending market can review once, priced weekly, with exits an investor can plan.
4.1Curated by rule, not by pick
The asset partner curates the shelf; rules pick from it. Each series will publish its rules: a minimum yield for every eligible note, caps on tenor and weighted-average life, and limits per name and per asset class.
Every note that joins is tested against them.
4.2Built to grow
A bigger book adds collateral, diversification and more frequent windows at NAV: quarterly at kickoff, then monthly, and more frequent still at scale. All of it is a design target. The target return stays the same at any size.
4.3Designed to turn back into cash
The book is designed to turn back into cash over time: its positions exit through maturities, sales and refinancings. If subscriptions stop, it runs off to cash as those exits happen, subject, like any credit, to the positions performing.
No rung of the exit ladder requires a forced sale: the book sells only at NAV or above.
4.4The coupon
The coupon is a target, set per series below what the book is expected to earn. It is paid from the book's income and backed by a coupon reserve, which never funds exits.
Each series' target and its risks are in its info pack.
4.5What a lending market needs
| A market needs | How T-Evergreen answers |
|---|---|
| A collateral worth one review | One fungible security, the same for every client |
| A reliable price | A published NAV per security, weekly; Swiss-ISIN notes underneath |
| A place to liquidate | Whitelisted liquidators; a secondary lane in build |
| Depth that grows | The same target at any size; a bigger book adds collateral and more frequent windows |
| Regular redemptions | Buffer and quarter-end cash, then windows at NAV that tighten as the book grows |
4.6The book and its terms
The day-one book, the target coupon and the series terms are in the info packs. Figures are preliminary and subject to the final documents.
Request access ↗Onchain at work: collateral first, then permissionless.
How Tortuga is designed to meet onchain capital, in the order the products allow: first T-Evergreen as collateral in a permissioned lending market, then a permissionless token built on top of the security core. Nothing here is live today; each step waits for the one before it.
5.1A permissioned lending market
Lenders deposit stablecoins into a curated vault; the curator sets caps and gates and lends into the market. The market is permissioned and isolated: one collateral asset, one loan asset, a price feed from the published NAV with an independent check and a curator discount, a rate model and a maximum LTV.
Verified holders post T-Evergreen and borrow without selling, keeping their exposure. If a loan breaches its limit, only whitelisted liquidators can take the collateral.
In legal structuring5.2The path to a live market
Each step waits for the one before it.
5.3Three words, defined
- Permissionless
- Any wallet can hold or buy, with no identity check. Only a derived token can be.
- Retail
- Any investor who is not a professional client under MiFID II, whatever the ticket. Still identity-checked. Retail is not the same as permissionless.
- Professional
- Professional clients and qualified investors, identity-checked: the audience today.
A MiFID II security is never itself permissionless. What reaches any wallet is a token built on top of it, in a ring-fenced vehicle, without changing what the security is.
5.4What partners bring
One team, the products in order.
Tortuga adds its own securitisation vehicle on top of a securitisation engine that has run for six years, and a team that builds onchain. Each product is the prerequisite for the next: Native is built to prove the rails, T-Evergreen to become the onchain asset, and the permissionless token comes last.
- 01 · Native · in preparationOne note, one token: built to prove the rails end to end, deal by deal.
- 02 · T-Evergreen · in designOne token over the whole shelf: the asset a lending market can review once.
- 03 · Permissionless · nextDollar yield for any wallet, from a token built on top of the security core in a ring-fenced vehicle.
6.1The team's combined record
- Structuring and securitisationSix years and 26 deals of institutional real-estate credit in the engine, with Tortuga's own securitisation vehicle on top.
- Market infrastructureThe inaugural CEO of Switzerland's regulated digital-asset infrastructure, and a former stock-exchange chairman.
- Asset sourcing and distribution20+ years in private-bank wealth management, and an adviser network across Latin America.
- Onchain and DeFiA co-founder of Georgia's largest crypto exchange; DeFi partnerships across chains and protocols.
- Operations, product and capitalBanking backgrounds; two Co-CEOs run the company together.
6.2Readiness, as of 6 October 2026
- Originator relationships: six years
- Securitisation: Swiss-ISIN notes
- Issuance vehicle in Luxembourg
- Token stack and identity registry
- Luxembourg counsel engaged
- The exit design, as a principle
- Collateral use, structured with legal counsel
- Secondary lane
- Onchain attestation: NAV oracle, reserves
In place is the hard part: access to issuance. In progress is the onchain layer. Nothing has been issued.
6.3How each step grows
Questions investors ask first.
Short answers. The info packs and the series documents give the full ones.
Do I own the property?
No. You hold a registered note issued by a Tortuga compartment, held as a token in your own wallet. In Native it rests on one note with its own Swiss ISIN; in T-Evergreen, in design, on a book of them. Your claim is on the compartment's assets, and on nothing else.
Can I exit a Native series early?
There is no early redemption. Transfers to other verified holders are possible, but a buyer is not promised; the note pays out at the deal's scheduled exit. A secondary lane for transfers at published NAV is in progress.
How would exits work in T-Evergreen?
In the design, exits are paid in a fixed order: instantly only up to the buffer, then at quarter-end on notice, then in windows at NAV with a queue and gates. Exit cash never pays the coupon, and the coupon reserve never funds exits. Buffers are set per series, not per holder, and published in the series documents.
Where does the yield come from?
From the property side: rents, loan interest, sales and refinancings. Not from token emissions or crypto markets. Coupons and returns are targets, not promises; each series' info pack states its target and its risks.
Do I verify again for every chain?
No. You verify once: identity, eligibility and AML. The identity sits on Tortuga's own identity registry and reaches every supported chain, and ERC-3643 checks it on every transfer.
What happens if the note is not delivered?
The token is minted pending and stays locked until the note settles into the compartment. If the note is not delivered in time, the token is burned and the funds are returned. There is never a second token for the same subscription.
What if something goes wrong with a deal?
Ring-fencing keeps one compartment's problems away from the others, not from that deal's own holders. The info packs set out each product's risks and what happens, in which order, if something goes wrong.
Is this a crypto-asset?
It is a financial instrument: a transferable security under MiFID II, issued from a Luxembourg securitisation compartment. MiCA does not apply to it. The token is how the security is held and settled; the legal register is the system of record.
Does Tortuga hold my token?
No. It sits in your own wallet. The documents give the issuer defined powers over it, such as recovery, and issuer operations are designed to sit behind a multisig and a timelock, set up before the first issuance.
Who can invest?
Professional and qualified investors, identity-checked. No US persons. Nothing has been issued, and this site is not an offer or solicitation.
Request access to the info packs and the due-diligence room.
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.