D-ASA units

D-ASA units represent the ownership of the tokenized debt instrument.

Supply

The D-ASA MUST define its total units (uint64).

If the D-ASA has a principal, its initials total units MUST be equal to the principal divided by the minimum denomination.

📎 EXAMPLE

Let’s have a D-ASA denominated in EUR, with a principal of 1M EUR and a minimum denomination of 1,000 EUR. The D-ASA has 1,000 initial total units.

The D-ASA total units MAY be updated with the OPTIONAL update_total_units method.

Value

The D-ASA unit’s value is always intended as nominal value (at redemption).

The D-ASA unit value (uint64) MUST be expressed in the denomination asset.

If the D-ASA has a principal, its initial unit value MUST be equal to the minimum denomination.

The D-ASA unit value MAY change over time.

The D-ASA unit’s value may change according to different conditions, such as an amortizing principal repayment schedule (see Amortizing Schedule section).

The D-ASA unit value MAY change globally or locally (per account).

The D-ASA unit’s value can be global or local (per-account). Global unit value should be used when the value of all the units can be updated at the same time. Local unit value should be used when the units' value is updated at different times per each account.

📎 EXAMPLE

Let’s have a D-ASA denominated in EUR, with an initial unit value of 1,000 EUR. The D-ASA accrues interest on a daily basis, paid at redemption. The unit value is updated globally (for all the units).

📎 EXAMPLE

Let’s have a D-ASA denominated in EUR, with an initial unit value of 1,000 EUR. The D-ASA has an amortizing principal repayment schedule. Repayments are executed per-account. The unit value is updated per-account (for the account’s units).

The D-ASA unit value MAY be globally updated with the OPTIONAL update_global_unit_value method.

Fungibility

D-ASA units' fungibility depends on:

  • Units value (nominal);
  • Executed payments.

The D-ASA fungible units MUST have the same value and executed payments.

📎 EXAMPLE

Let’s have a D-ASA with 4 coupons. Investors A and B are holding 10 D-ASA units each. The 1st coupon is due. Coupon payments might not be executed synchronously for all the Investors. The coupon payment is executed for Investor A, while Investor B is still waiting for the payment settlement. Investor A units are temporarily non-fungible with Investor B units until the 1st coupon is paid for both.