RWA Issuance & Distribution
The problem: investor privacy is non-negotiable
Real-world asset tokenization promises to bring trillions of dollars of traditional finance on-chain. But issuers of tokenized funds, private credit, real estate, or structured products face a hard constraint: investor confidentiality is standard practice in traditional finance and expected by institutional investors.
On a public blockchain, every token balance and transfer is a matter of public record, which makes many RWA products institutionally unviable:
- Investor allocations are publicly visible → competitive intelligence leak
- Redemption flows are trackable → distress signals
- LP identities can be inferred → investor poaching
The Nox solution
Nox brings traditional-finance confidentiality to tokenized securities while preserving the operational benefits of a public chain. Investor balances stay encrypted, so no one can see who holds how much of a fund or credit instrument. Dividend payments, interest accruals, and redemptions settle without broadcasting amounts. And the issuer can grant read access to regulators, auditors, or compliance partners without making that data public.
A confidential private credit fund stacks these layers:
Application Layer → Fund Manager UI
Vault Layer → ERC-7540 (async vault, request/claim flow)
Compliance Layer → ERC-3643 (identity registry + transfer rules)
Token Layer → ERC-7984 (cToken for fund shares)
Confidentiality Layer → Nox (handles, TEE compute, ACL, selective disclosure)ERC-3643 integration
ERC-3643 is the leading standard for compliant security tokens, with over $32B in assets tokenized on it. It embeds KYC/AML checks and transfer restrictions directly into smart contracts through the ONCHAINID identity layer.
ERC-3643 solves who can hold tokens. It does not solve the visibility problem: all balances and amounts remain public. For institutional investors in tokenized securities (private equity, venture funds, structured credit), that is the same privacy deficit as a standard ERC-20 token.
Nox layers privacy on top of that compliance framework without weakening it. The identity and transfer-validation rules stay fully enforced, so the compliance layer still sees identity verification and transfer eligibility while balances and transaction amounts are encrypted. Issuers can also grant auditors or regulators decryption access to specific fields without making that information public.