> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/dual-rail-distribution/rail-2-digital-primary-market.md).

# Rail 2 — Digital Primary Market

The Digital Primary Market is T-Blocks blockchain-based distribution channel. It operates through regulated digital capital-market infrastructure.

**Token representation.** Each instrument is represented as a digital token on the XRP Ledger. The token is a digital representation of the same legal instrument that exists on the ISIN rail — it carries the same rights, the same security, and the same creditor hierarchy.

**Settlement.** Settlement occurs on-chain, with almost instant finality on the XRP Ledger. This represents a significant efficiency gain over traditional T+2 settlement cycles.

**KYC/AML compliance.** All investors accessing the Digital Primary Market complete the same KYC/AML process as ISIN-rail investors. Compliance is enforced at the onboarding layer — only verified, qualified investors can hold or transfer tokens.

**Digital custody.** Investors hold tokens in compliant digital wallets provided by regulated custody partners. Wallet infrastructure integrates with standard institutional digital asset custody solutions.

**Regulated venues.** T-Blocks instruments on the digital rail are distributed through regulated digital trading venues and multilateral trading facilities that operate under EU or equivalent regulatory frameworks. These are not unregulated exchanges — they are licensed platforms subject to financial market supervision.

**Investor experience.** Investors who prefer digital access can subscribe, hold, and (where applicable) transfer their instruments through digital wallets and regulated platforms. The experience is similar to holding any digital asset — but with the institutional governance of a Luxembourg securitisation fund behind it.