Case study · STO2
One offering, end to end.
STO2 is Treesury's second hazelnut offering in Čoka, Serbia. Treesury d.o.o. is the issuer, under its own approval from the Securities Commission of the Republic of Serbia. Here we follow it through the same seven services we now offer to other asset owners.
- Issuer
- Treesury d.o.o.
- Offering size
- Up to €3M
- Term
- 40 years
- Status
- Open until allocated
Why we use STO2 as the example
Most tokenization case studies show the finished token. We would rather show the work. STO2 touched every part of what we do, from the first question about whether the offering made sense to the introductions that bring investors to it.
Treesury was its own issuer, so some of this work was done in-house by the same team. For a client, the same steps apply, but the issuer is the client and regulated work is done by the issuer, qualified counsel and licensed partners. Where a detail belongs in the whitepaper rather than on this site, we describe the kind of work instead.
STO2 through the seven services
- 01
Feasibility review
Before committing to a second offering, the team asked the questions we now put to every client. Is the asset documented well enough for a regulator? Does a suitable vehicle already exist? Who are the likely investors, and can they reach the offering? With STO1 already live, many answers came from actual operating experience rather than assumptions.
- 02
Structure & jurisdiction
The vehicle was already in place: Treesury d.o.o., in Belgrade, as issuer, under Serbia's framework for digital assets. The instrument was designed for a long-lived agricultural asset, with a 40-year term matching the commercial life of the trees. The whitepaper was approved by the Securities Commission under decision 9/2-101-2288/5-25.
- 03
Investor rules
Who may invest and hold, from which countries and within what limits was set before issue and built into the security, so it is checked on every transfer. Identity checks run through the issuer's KYC/AML provider. Setting this first is what avoids re-issuing later.
- 04
Financial design
The terms set how earnings flow over the 40 years. In years 1 to 10, 100% of earnings go to repaying principal. After that, earnings are split 50/50 between investors and the issuer. The offering size is up to €3M across 20,408 tokens. Figures in the model are labelled by evidence tier: actual and verified, comparable, or forecast.
- 05
Investor platform
STO2 runs on the same platform as STO1, as ERC-3643 security tokens on the Polygon network, using the unmodified T-REX reference suite audited by Hacken in 2023. Investors register, verify identity, sign, pay and see their holdings and documents on the issuer's own offering site. The issuer console holds the investor register, payments and reporting.
- 06
Distribution & ongoing management
The offering is available through the issuer's public offering site until it is fully allocated or until 31 May 2027. Over its life the platform handles distributions, register changes, compliance checks on transfers and corporate actions. Because the infrastructure was already running, the second offering reused it rather than rebuilding.
- 07
Capital introduction
The team wrote the investor story, ran demand generation for the offering and prepared the materials investors ask for. For a client, this is where we make introductions to allocators and venue partners. We do not sell securities or raise capital on anyone's behalf.
Structure, not a projection
The 40-year term and the split of earnings are structural choices. They describe how the security works, not what any investor will receive. Whether and when earnings arise depends on how the orchards perform.
The pattern is worth noting for any long-lived asset. Early earnings repay principal first. Only then does the sharing between investors and issuer begin. Designing that order up front, and building it into the terms the regulator reviews, is the core of Financial design.
STO2 at a glance
- Issuer
- Treesury d.o.o., Belgrade
- Approval
- Securities Commission of the Republic of Serbia, decision 9/2-101-2288/5-25
- Offering size
- Up to €3M
- Tokens
- 20,408
- Term
- 40 years, matching the commercial life of the trees
- Earnings, years 1–10
- 100% to principal repayment
- Earnings, after year 10
- 50/50 between investors and issuer
- Declared successful
- 22 January 2026
- Open
- Until fully allocated, until 31 May 2027
- Issuer's offering site
- hazelnut.treesury.com
The issuer's offering site
STO2 is offered by Treesury d.o.o. on its own site, not by Asset Tokenization. Terms, risks and the approved whitepaper are published there.
Questions we get about STO2
Is Asset Tokenization offering STO2?
No. Treesury d.o.o. is the issuer and offers STO2 under its own approval, on its own site. We show it here to illustrate how the seven services connect.
Did STO2 need a new platform?
No. It runs on the same platform, register and processes as STO1. Follow-on offerings reuse the infrastructure that is already live.
Would a client offering take the same path?
The same seven steps apply, in the same order. The details differ: your vehicle, instrument, jurisdiction and investors. Typically around 12 weeks from first call to live offering in a known jurisdiction, excluding regulatory review time.
STO2 is issued by Treesury d.o.o. under its own approval from the Securities Commission of the Republic of Serbia and is shown to illustrate capability, not as an offer by Asset Tokenization. The 40-year term and the allocation of earnings describe the structure of the security, not expected results. Nothing on this page is an offer or solicitation to buy any security. Asset Tokenization is a technology and advisory provider and does not act as issuer, offeror, broker or investment adviser for clients.
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