Facture
HEDERA TOKENIZATION PRIZE · ETHONLINE 2026Factoring is bond pricing done over the phone. A business calls a factor, the paper is priced in private, and the seller gives up two to five per cent of face for not waiting.
Invoices never got an order book because no two are alike: a different debtor, a different amount, a different number of days to run. Facture standardises the bid instead. A buyer writes a standing mandate over a bucket, say A-rated paper, sixty days or less, at 8% annualised, and funds it. Each receivable is issued as a zero-coupon bond on Hedera's Asset Tokenization Studio and priced by reading those bids at its own rating and tenor. The paper stays unique while the buyers become interchangeable, so nobody waits for a counterparty.
The bond never leaves Hedera and the cash never leaves Arc. Facture reads x402 as a settlement protocol rather than a paywall: the challenge carries the asset leg and the payment signature is the cash leg, so delivery and payment happen together with no bridge.
LIST
the receivable becomes an ATS zero-coupon bond, and its hash can mint only one token
Hedera ATS · UniquenessRegistry
QUOTE
standing mandates price it by simple discount, Actual/365, in integers
@facture/shared · bigint
MATCH
the security's own control list and KYC are read before matching, not at settlement
AtsComplianceGate · HCS
SETTLE
a funded bid pays out of its Arc vault in USDC; an unfunded one over x402 in HBAR
x402 v2 · MandateVault
MATURE
a Scheduled Transaction pays face to whoever holds the token now
Hedera · Scheduled Tx
Pricing the paper is arithmetic. These are the parts that had to hold without anyone trusting the venue:
sold once, ever
a uniqueness registry on Hedera is keyed on debtor, invoice number and amount, and it is append-only with no release. a receivable already claimed by another instrument came back 409 here, which no local check could have produced
refused before matching
an ineligible buyer is never matched, so a refusal is a 403 with a sentence instead of a reverted transfer. the first one on testnet read: Cordell Credit Partners is not permitted to hold this security by its control list
a hash on a public topic
each refusal is committed to a Hedera Consensus Service topic as a SHA-256 digest and never as the reason, so a buyer can check the answer they were given without the topic broadcasting their exposure
cash before paper
on the vault rail the cash commits before the bond moves, and the invoice counts as sold at the payout. the other order let a failed delivery leave a buyer holding paper nobody paid for, a double-spend caught in review
maturity pays the holder
the payout is a Scheduled Transaction to whoever holds the token at maturity, left unsigned until the debtor's money has arrived, so paper that changed hands still gets paid
gas to issue one bond on Hedera; the first cost 7.93 HBAR
gas paid by the buyer on an x402 trade; the facilitator paid the 258,441 tinybar fee
for a trade's asset leg on Hedera, 445,892 gas, paid by the venue
between the on-chain book's price and the venue's on MF-2080, floor against ceil