Tokenize the Register. Keep It Yours.
In partnership with TSV LLC
Memora Vector lets a transfer agent tokenize an issuer's shares on Canton and trade them on TSV, with nothing to build or run on its own.
TSV LLC operates the Tokenized Securities Venue (TSV), the permissioned venue for tokenized NMS stocks on Canton, under the SEC's September 2026 innovation exemption, the first framework for on-chain trading of tokenized U.S. stocks.
First to file
TSV LLC was the first tokenized securities venue to file notice with the SEC under the innovation exemption, on September 23, 2026.
See the SEC's list of noticesFirst of its kind
The first service built to issue a tokenized U.S. security through its own transfer agent into a venue made for it, end to end on Canton.
Built to admission
Instrument structure, mint and burn authority, holder KYC and the register feed meet TSV's requirements from the start.
Distribution on day one
An instrument set up through Vector is ready to trade on TSV when it goes live. No listing project after tokenization.
Built for both sides of the register
For Issuers
Tokenize shares of your register on Canton and make them available to trade on the Tokenized Securities Venue (TSV), under your sponsorship and through the transfer agent you already use. Holders receive the same rights as the underlying shares, and the notice process that applies to third-party tokenization does not apply.
For Transfer Agents
Offer tokenization to the issuers you serve without building or operating anything on Canton. You remain the registrar of every instrument, your officers approve every change with keys you hold, and every tokenized holder and conversion stays on your books.
How it works
- 1
Onboard
Memora works with the issuer and its transfer agent to set up the issuer-sponsored instrument: the part of the register to tokenize, the officers who approve changes, and the venue the shares will trade on.
Memora hosts the Canton node and the registry setup. Nothing is installed at the transfer agent.
- 2
Configure
The security is configured on Canton as a standard CIP-56 instrument through Digital Asset's Registry Utility, identified by its CUSIP, with holder credentials and an on-ledger blocklist the transfer agent controls.
- 3
Convert
A holder elects to tokenize. The transfer agent moves the shares from DRS into the tokenized segment on its own books, and nothing mints until those books show the shares there.
- 4
Approve
Operations requests the mint. Two of the transfer agent's three officer keys approve it. Memora never holds a key and cannot change the register on its own.
- 5
Trade
Tokens are delivered to the holder's wallet and trade on TSV. Every transfer posts back to the register as it settles, and holders convert back to DRS through the same desk.
- 6
Reconcile
The control book reconciles the tokenized segment against the transfer agent's books every day, and the journals, reports and audit trail are ready whenever an examiner asks.
Built for tokenized securities venues
Vector sits between the transfer agent's register and the venue. It runs the desk the transfer agent works in, operates the Canton infrastructure underneath it, and carries the feeds in both directions: holder identity from the venue's own verification into the register, and every settled trade back to it. The transfer agent's blocklist on Canton is the override. TSV is the launch venue; more follow as they open.
Register of record
Transfer agent
Keeps the register and approves every change with its own keys. Runs nothing on Canton.
Desk and feed
Memora Vector
The conversion desk, maker-checker approvals, control book, blocklist and reports, plus the node, registry setup and file feeds that connect the register to Canton and the venue.
Issue the token
Canton
Once the transfer agent's officers approve the mint, the token is issued on Canton as a standard CIP-56 instrument, on the registry Vector operates for them, and delivered to the holder's wallet.
Create market
TSV
Verified holders trade on the venue. Every transfer posts back through Vector to the register as it settles.
The operating model
- You Stay the Registrar
- The transfer agent keeps exclusive control of the register. Its core system remains the register of record; Vector adds only what the tokenized segment needs and holds no position detail of its own.
- Your Keys, Not Ours
- The transfer agent's parties on Canton are external parties signed with keys it holds. Memora's node hosts and confirms them, and cannot act for them.
- Maker-Checker on Every Change
- Operations requests; officers approve with two of three keys. Maker and checker are different people with different keys, enforced by the service and not only by the screen.
- No Canton Infrastructure
- Memora runs the validator node, the registry setup and the hosting. The transfer agent signs inside the console and runs nothing new on its side.
- Issuer-Sponsored
- Tokens are issued by the transfer agent on behalf of the issuer, so holders get the same rights as the underlying shares and the issuer keeps control of whether and what to tokenize.
- Revenue Stays With You
- Every tokenized holder and every conversion runs through the transfer agent's books, in the screens and vocabulary its team already uses.
What the desk includes
1/7A desk and a feed for the tokenized segment. The transfer agent's own system stays the register of record; Vector adds the screens the segment needs and nothing that reads as a replacement register.
DRS to token and back, as tickets the transfer agent's operations team works step by step. Every ticket runs pre-checks before it opens, and an overissuance guard means nothing mints beyond what the transfer agent's books show in the tokenized segment.
What this includes
- Tokenize and redeem tickets
- Pre-checks
- Overissuance guard
- Reason codes
Why now
On September 17, 2026 the SEC issued its innovation exemption, Release No. 34-106402, which created tokenized securities venues and opened on-chain trading of tokenized NMS stocks. Two weeks earlier, in Release No. 34-106246, it proposed letting a blockchain form all or part of a transfer agent's record, provided the transfer agent keeps exclusive control of it.
Issuers will tokenize. The question is who keeps the register. Vector is built so the answer stays what it is today: the transfer agent.
- SEC press release 2026-90 Innovation exemption to facilitate trading of tokenized NMS stock, September 17, 2026.
- SEC press release 2026-81 Proposed modernization of the transfer agent rules, September 1, 2026.
Become a launch transfer agent
Memora Vector is software and hosting provided by Memora (Cygnet Technology Inc.), which is not a transfer agent, broker-dealer, exchange or custodian. The transfer agent remains the registrar and keeps control of the register. The SEC's proposed transfer agent rule changes may change before adoption. The Tokenized Securities Venue is operated by TSV LLC under its own regulatory conditions, and admission of any token is not guaranteed. Features described here may not yet be available. This page is not an offer or solicitation to buy or sell any security, and is not legal advice. Canton is a trademark of Digital Asset.