Status: Proposed, 12 September 2026. Not decided. Awaits the product owner and the reviewer of instruments and distribution (blueprint R03, R06).

Context

A receipt is one whole lot of a series — a claim on qA units of A and qB units of B — with 0 decimals. If it could be sent to another wallet, that wallet would acquire a claim on two issuers' instruments without passing either issuer's own access requirements, and the Curb would have made a market in a thing that is not a share and not a dollar. The blueprint (§1, §5, §12) narrows the experiment to a receipt that cannot move.

Decision

transfer, transferFrom and approve on the receipt revert, for every caller, with ReceiptNotTransferable. The only ways a receipt changes hands are mint (to the minter) and burn on exit allocation (from the holder). There is no allow-list of transfer pairs in this design; a restricted-transfer receipt would need its own eligibility rules and is a separate decision, not a toggle.

Consequences for a holder are stated where the receipt is shown: exit is by claim, not by sale; a holder who needs liquidity allocates lots for exit and claims each component to their own wallet, and then holds two tokens with their own markets and rules.

Consequences

• —No secondary market in receipts, so no price of a receipt, so nothing on this site quotes one.
• —A holder whose wallet becomes ineligible (see ADR-003) cannot hand the receipt to an eligible wallet; the settlement path is the one ADR-003 describes.
• —Integrators cannot hold receipts on a user's behalf and move them later. The interface's "my position" is a lookup by address, not a custody feature.
• —The Transfer event is still emitted on mint and burn, so indexers that expect it see the supply correctly.

What exists today

CompanySeries.transfer, transferFrom and approve revert unconditionally (T17 in contracts/test/CompanySeries.t.sol). The receipt has 0 decimals. The site's simulation, previews and "my position" say exit is by claim, not by sale.

Open

• —Whether an ineligible holder's lot should be exitable by the operator on the holder's instruction and to the holder's own address only — a narrow settlement path — or whether the current design (claims need a claim permit; see ADR-003) is enough.