One company.
Multiple issuers.
One position.

• —A holder can know and prove the composition of their position.
• —The ledger never erases a right to a component that cannot yet be transferred.
• —Mint and exit require no decision by a model.

• ×Capital is protected.
• ×It cannot be frozen.
• ×It is the same as holding the share directly.
• ×It is automatically safer.
• ×It can always be sold at the reference value.
• ×It earns more.
• ×The issuers or custodians are fully independent of each other.
• ×It is the first of its kind.

Holding token A and token B yourself already splits issuer exposure, with no Curb contract in between. That is a valid alternative, and it is the comparison every test is run against. A receipt has to earn its place with something measurable: consistent lots, a ledger another application can read, fewer steps, or an integration that can accept one position.

If people prefer the two tokens after full information, the receipt thesis stops. That outcome is written into the plan, not around it.