Examination Response #5
This June 20, 2025 letter responds to staff questions about asset-holder and token-history information shown in public ledger tools. It explains the roles of issuer and distribution accounts and interprets payment and restricted-balance records.
Topics covered
- Why a public asset-holder view reflected a limited number of holders
- The functions of issuer, distribution, and securityholder accounts
- Asset identifiers and the meaning of issuer-account labels
- Payment counts and aggregate payment volume shown by the ledger explorer
- Treatment of an original restricted issuance through a claimable balance
- Time limitations, restrictive legends, and transaction memo evidence