Talea DRN is MTCM’s Dual-Rail Note: a single note issued over an audited Luxembourg compartment that reaches investors through two simultaneous rails, a traditional rail carrying an ISIN and settling through Clearstream or Euroclear, and a digital rail using the regulated ERC-3643 standard. Same economic right, same collateral, same audit.
Investors are split between two kinds of infrastructure, and issuers normally have to choose one. Talea DRN does not. One note is issued over a ring-fenced, audited compartment of an MTCM Luxembourg SPV, and delivered simultaneously on a traditional rail and a digital rail. The name comes from the talea, a tally stick split into two matching halves: two halves of the same right, valid only together. The note is born digital. MTCM does not tokenize a pre-existing asset. The compartment behind every Talea DRN is created under the Luxembourg Securitization Law of 22 March 2004, as amended in February 2022, bankruptcy remote in both directions and off-balance sheet for the originator.
Held in custody, transferred or listed like any other security.
Segregated by law from every other transaction on the platform.
Protection runs in both directions.
The exposure leaves the originator’s balance sheet.
Property exposure structured in a compartment and issued on both rails.
Loan facilities and debt instruments reaching investors through either rail.
Unlisted equity positions expressed as a dual-rail note.
Generation assets funded through a compartment issuing on both rails.
Contracted receivables structured for dual-rail distribution.
Contracted revenue streams brought forward through a dual-rail note.
Resource exposure held in a compartment and issued on both rails.
Long-dated contracted assets reaching two investor bases at once.
Rights and royalty streams issued as a dual-rail note.
A defined combination of the above within a single compartment.
Talea DRN is MTCM’s Dual-Rail Note: a single note issued over an audited Luxembourg compartment that reaches investors through two simultaneous rails, a traditional rail carrying an ISIN and a digital rail using the regulated ERC-3643 standard. Same economic right, same collateral, same audit across both.
No. The note is born digital: it is created in digital form from the outset. MTCM does not convert or tokenize a pre-existing asset. The digital rail is one of two channels through which the same note reaches investors.
It means one instrument delivered through two channels at once. The traditional rail settles through established market infrastructure using a standard ISIN. The digital rail represents the same note as a regulated digital note. They are two rails, not two products.
ERC-3643 is the regulated token standard used by the digital rail. Transfers occur only between identities validated through prior onboarding, so compliance and identity checks are embedded in the instrument itself rather than applied around it.
A subscription can be settled in fiat, crypto or stablecoin. The means of payment does not change the note, its denomination or the right it carries. MTCM does not operate in crypto; this concerns payment only.
Any asset that can be structured into a ring-fenced Luxembourg compartment: real estate, private debt and equity, renewable projects, receivables, future cash flow, commodities, infrastructure and intellectual property. Talea DRN is an issuance format, not an asset class.
| Traditional rail | Digital rail | |
|---|---|---|
| What the investor holds | The note, identified by its ISIN | The same note, as a regulated digital note |
| Standard | Conventional securities infrastructure | ERC-3643 |
| Settlement | Clearstream or Euroclear | Transfer between validated identities |
| Who can hold it | Any investor with a conventional custodian | Any investor onboarded to the digital rail |
| Economic right | Identical | Identical |
| Collateral and audit | Identical | Identical |
80+ active compartments · €2.5 bn+ assets structured. Indicative platform figures.