Issuance is day one. AssetFlow runs every day after.

Every holder account starts frozen. A wallet is let in only when its investor profile passes the registry: approved, KYC in date, allowed jurisdiction, sufficient tier. The profile can come from a KYC provider's attestation, so an investor verified once is admitted everywhere that provider is trusted. When an approval lapses, anyone can freeze that wallet.

On Solana: Token-2022 default-frozen accounts, Token ACL asking AssetFlow's gate before any thaw or freeze, and profiles from Solana Attestation Service attestations.

On the record date the register is fixed on-chain, each holder's entitlement is computed from the instrument's terms, and the coupon is paid in USDC. The operator never types an amount.

On Solana: Pausable mint for the record date, a funded vault per payment, and a cap so no payment can overdraw another.

A holder asks to redeem and the units wait in escrow. The issuer settles, and the units burn while USDC moves in the same transaction, at face plus accrued interest the program computes; or declines, and the units go back. At maturity every unit is redeemed at face.

On Solana: An escrow the asset's program account owns; at maturity the mint authority is dropped for good, and the permanent delegate burns each holding as it is paid.