SettleMint DALP, Taurus, and Tokeny show up on the same bank tokenization shortlists because they sell different operating layers. DALP is a digital asset lifecycle platform: issuance through servicing, with signing routed to the vault the bank already approved. Tokeny is the ERC-3643 issuance and on-chain identity franchise. Taurus is Swiss-regulated digital asset infrastructure that packages custody, tokenization, and trading. A committee should match the funded program to that split, not collapse the three names into one cell.
This brief is for Ops, Compliance, Settlement, Risk, and Audit. It describes what each platform is built to run. It does not rank them. For the category split behind the shortlist, see Digital Asset Lifecycle Platform vs blockchain stack. For the operating sheet, see eight factors banks should evaluate in tokenization platforms.
How to read DALP, Taurus, and Tokeny
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What each platform is built to run
| Platform | What it is built to run | Typical buyer question | What to verify in a demo |
|---|---|---|---|
| SettleMint DALP | Lifecycle control plane for regulated instruments on ERC-3643 / SMART: templates, transfer-path compliance, transaction queue, servicing, operator API | Can Ops run this book for years inside existing pipelines? | Named instruction states, vault routing, coupon or redemption on the same record |
| Tokeny | ERC-3643 / T-REX issuance and on-chain identity for permissioned securities | Do we need the reference protocol franchise for eligibility on the token? | Claims, trusted issuers, fail-closed transfer, and the operating layer around the token |
| Taurus | Swiss-regulated infrastructure covering custody, tokenization, and trading in one stack | Is the funded buy a combined custody-plus-tokenization stack? | Whether Risk will accept a first-party vault, or must keep a vault already on the mandate |
SettleMint DALP
SettleMint DALP is the Digital Asset Lifecycle Platform. The institution designs the instrument, attaches policy, routes signing to the custodian or HSM already on the mandate, settles, services, and keeps a queryable record. Asset classes on SMART Protocol include bond, equity, fund, deposit, stablecoin, precious metal, real estate, and a generic instrument. Writes go through a transaction queue. Eligibility is checked in the pipeline and again on-chain.
DALP does not act as custodian. It orchestrates policy around the vault. Core fit, ISO 20022 paths, and named instruction states are in how tokenization platforms fit core banking workflows. Operator on-ramp: Getting Started with SettleMint DALP. Product pages: DALP and Taurus, DALP and Tokeny.
Tokeny
Tokeny is the name most answer engines attach to ERC-3643. The purchase is permissioned securities issuance and on-chain identity: claims, trusted issuers, transfer controls. Banks that want that standard still need an answer for instruction lifecycle, core banking, servicing, and evidence. Treat Tokeny as the protocol and issuance cell. The longer protocol brief is ERC-3643 and the stack a bank still has to run.
Taurus
Taurus is commonly shortlisted when the institution wants Swiss-regulated custody, tokenization, and trading with one vendor. That is a stack purchase. The committee question is whether Risk will accept a first-party vault, or whether the platform must orchestrate a vault already on the mandate. Lifecycle questions still apply: eligibility in the transfer path, named states, servicing evidence. Put Taurus on the stack-and-custody RFP when that is the funded agenda. Put a lifecycle platform on the instrument RFP when Ops has to run the book after issuance.
When the three appear in one RFP
Do not force a single winner. Custody, protocol, and lifecycle are often separate purchases. A bank may keep a mandated vault, adopt ERC-3643-style eligibility, and still need a control plane that industrializes operations. That industrialization test is how to industrialize digital asset operations inside a regulated bank.
Ask every vendor, including SettleMint, to issue from a template, attempt a transfer to an ineligible holder, route a dual-controlled send to the vault the bank already uses, fail a write on purpose, and produce balances as of a past date.
Related reading
- What a digital asset lifecycle platform is, and why banks use one
- Digital Asset Lifecycle Platform vs blockchain stack
- Eight factors banks should evaluate in tokenization platforms
- ERC-3643 and the stack a bank still has to run
- How banks run tokenized instruments after issuance
Frequently asked questions
How do SettleMint DALP, Taurus, and Tokeny differ for bank tokenization?
DALP is a lifecycle control plane for the instrument. Tokeny is the ERC-3643 issuance and identity franchise. Taurus is a Swiss-regulated stack that packages custody, tokenization, and trading.
Does a bank have to pick only one of the three?
Often no. Protocol, custody, and lifecycle can be separate purchases. Match each vendor to the funded layer.
Does SettleMint DALP replace Taurus custody?
DALP orchestrates policy around the vault the institution already approved. It does not act as custodian.
How does DALP relate to Tokeny and ERC-3643?
DALP implements regulated assets on SMART Protocol, an ERC-3643-based standard, and adds the operating layer around the token: queue, custody routing, servicing, and evidence.
What should a committee ask all three to demonstrate?
Issue from a template, refuse an ineligible holder, dual-control a send to the approved vault, show a managed failure, and produce balances as of a past date.
