> ## Documentation Index
> Fetch the complete documentation index at: https://docs.digitalasset.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Instrument Configuration

> As a registrar / token issuer, define an asset and the rules that apply to it.

Before an asset can be minted, the Registrar must create an Instrument Configuration.

The Instrument Configuration defines the asset and the rules that apply to it.

# Purpose

The Instrument Configuration defines:

* The instrument identifier.
* Optional external identifiers, such as ISIN or CUSIP.
* The rules that determine who may hold, mint, or burn the asset.
  * Holder credential requirements
  * Issuer credential requirements

# Workflow

1. The Registrar creates an Instrument Configuration.
2. The Registrar defines the instrument identifier.
3. The Registrar optionally adds external identifiers such as ISIN or CUSIP.
4. The Registrar defines holder credential requirements.
5. The Registrar defines issuer credential requirements.
6. Once created, the Instrument Configuration is made available through the Registry disclosure process.
7. Future mint, burn, and transfer workflows use this configuration to validate permissions.

# Credential Requirements

Holder credential requirements determine who may hold or receive the asset.

Issuer credential requirements determine who may request minting or burning of the asset.

For each credential requirement, the Registrar defines:

* Credential issuer
* Claim property
* Claim value

If no credential requirements are configured, the corresponding workflow is open to any party.

# Example Configurations

## Stablecoin

Anyone may hold or transfer the stablecoin, but only KYC-approved parties may request minting or redemption.

| Workflow  | Credential Requirement                                           |
| :-------- | :--------------------------------------------------------------- |
| Holder    | None                                                             |
| Mint/Burn | Issuer = Registrar<br />Property = `canMint`<br />Value = `USDX` |

## Money Market Fund

Only onboarded investors may hold, receive, mint, or redeem fund units.

| Workflow  | Credential Requirement                                             |
| :-------- | :----------------------------------------------------------------- |
| Holder    | Issuer = Registrar<br />Property = `onboarded`<br />Value = `MMFX` |
| Mint/Burn | Issuer = Registrar<br />Property = `onboarded`<br />Value = `MMFX` |

## Tokenized Bond

A third-party compliance provider manages the allowlist independently from the registrar.

| Workflow  | Credential Requirement                                                      |
| :-------- | :-------------------------------------------------------------------------- |
| Holder    | Issuer = Compliance Provider<br />Property = `canHold`<br />Value = `BondX` |
| Mint/Burn | Issuer = Compliance Provider<br />Property = `canMint`<br />Value = `BondX` |

This model enables issuers to delegate investor onboarding and compliance checks while retaining full control over the asset lifecycle.