XLS-0089d Multi-Purpose Token Metadata Schema

[DennisDawson]

Title:       Multi-Purpose Token Metadata Schema
Type:        draft

Author:  
             Shawn Xie
             Greg Tsipenyuk
             Shashwat Mittal
Affiliation: Ripple

XLS-0089d Multi-Purpose Token Metadata Schema

1. Abstract

This document describes a Ripple-recommended metadata format for the XRPL community to follow standardized practices that allow interoperability among XRPL applications and cross-chain apps. To ensure successful adoption, the proposal focuses on the following:

1. Taking inspiration from metadata standards prevalent in other chains with significant RWA volumes.
2. Communicating metadata schemas along with MPT Devnet launch.
3. Focusing on highest-priority asset types (for example, Bonds and PE Funds).

1.1. Approach

MPTs include a 1024-byte field for arbitrary metadata. The metadata field is part of a hybrid approach of storing essential information on the ledger, while additional information can be stored off the ledger using an external URI in the metadata field. Advantages to this approach include:

1. Metadata can be accessed and verified on the ledger without having to fetch data from an external URI.
2. Provides increased reliability while decreasing dependency on external systems. Relying solely on external sources for metadata would introduce a dependency where services might become unavailable or unreliable, disrupting token operations and the user experience.
3. Avoids the risk of a centralized hosting service provider becoming compromised or unavailable.

2 Schemas

These are proposed schemas for common financial instruments that might be stored as MPTs.

2.1 Bond Schema

Field Name	Required	Description
Name	✔️	The name or title of the
bond.
Identifier	✔️	A unique identifier or
abbreviation representing the bond, similar to stock tickers
Issuer	✔️	Entity or organization
issuing the bond
IssueDate		Date the bond is issued in yyyy-mm-dd format
MaturityDate	✔️	Date the bond matures in
yyyy-mm-dd format
FaceValue	✔️	Face value of each bond
token
InterestRate	✔️	Annual interest rate of the
bond
InterestFrequency	✔️	Frequency at which interest
payments are made
Collateral		Collateral backing the bond
Jurisdiction		Legal jurisdiction governing the bond
RegulatoryCompliance		Compliance status with relevant regulators
SecurityType		Type of security (for example, bond)
ExternalUri		URI that points to additional metadata or
resources related to the bond

2.1.1 Example: US Treasury Bill

First class fields

AssetScale: 18
MaximumAmount: 1000000

Metadata schema

{
    "InterestFrequency": "enum": ["Monthly", "Quarterly", "Semi Annual", "Annual"]
}

Metadata example

{
  "Name": "US Treasury Bill Token",
  "Identifier": "USTBT",
  "Issuer": "US Treasury",
  "IssueDate": "2025-03-25",
  "MaturityDate": "2026-03-25",
  "FaceValue": 1000,
  "InterestRate": 2.5,
  "InterestFrequency": "Quarterly",
  "Collateral": "US Government",
  "Jurisdiction": "United States",
  "RegulatoryCompliance": "SEC Regulations",
  "SecurityType": "Treasury Bill",
  "ExternalUri": "https://example.com/t-bill-token-metadata.json"
}

2.2 Alternative Fund Tokens Schema

Field Name	Required	Description
Name	✔️	The name or title of the
private equity token
Identifier	✔️	A unique identifier or
abbreviation representing the private equity token
Issuer	✔️	Entity or organization
issuing the private equity token
IssueDate		Date the private equity token is issued in
yyyy-mm-dd format
FundType		Type of private equity fund (for example,
Venture Capital)
FundSize	✔️	Total size of the fund
InvestmentPeriod		Duration of the investment period
LockupPeriodDate	✔️	End date of the lockup
period
ManagementFee	✔️	Percentage of assets charged
as a management fee
Carry	✔️	Percentage of assets charged
as carried interest
Jurisdiction		Legal jurisdiction governing the private
equity
RegulatoryCompliance		Compliance status with relevant regulators (for
example, SEC Regulations)
InvestorRights		Rights granted to investors (for example, voting
rights, distributions)
DividendPolicy	✔️	Policy for distributing
dividends or profits
InvestmentStrategy	Strategy for investing in assets (for example,
Early-stage tech startups)
ExternalUri	URI pointing to additional metadata or resources
related to the private equity token

Example Alternative Fund Token

{
  "Name": "Venture Fund Token",
  "Identifier": "VFT",
  "Issuer": "ABC Capital Partners",
  "IssueDate": "2025-03-25",
  "FundType": "Venture Capital",
  "FundSize": "10000000",
  "InvestmentPeriod": "5 years",
  "LockupPeriodDate": "2027-03-25",
  "ManagementFee": 2,
  "Carry": 20,
  "Jurisdiction": "United States",
  "RegulatoryCompliance": "SEC Regulations",
  "InvestorRights": ["voting rights", "distributions"],
  "DividendPolicy": ["Reinvestment"],
  "InvestmentStrategy": "Early-stage tech startups",
  "ExternalUri": "https://example.com/venture-fund-metadata.json"
}

2.3 Generalized Metadata Standard

This is the standard for MPT issuers of assets other than bonds and private equity funds.

Field Name	Required	Description
Name	✔️	The name or title of the
token.
Description		Description of the token.
Image		URI to an image that represents the token.
FallbackImage		URI to alternate image for the token.
ExternalUri		URI pointing to additional metadata or resources
related to the private equity token.
GroupKey		Custom taxonomic indicator.
Keywords		List of keywords for search and classification.
Media		Array of associated media objects.
Localization		Array of files that support translations.
AssetType		Type of asset.
Attributes		Array of objects consisting of type and
value. Additional optional fields can be recommended.

2.4 External URI Format

These are the recommended formats for additional information to be stored outside of the XRP Ledger.

MPT storage options are similar to those used for NFTs. Some suggested solutions are described in the blog post NFT Payload Storage Options.

2.4.1 Localization

Field Name	Sub Fields	Description
locales	no	Array of available locales for all
metadata.
primary_uri	no	The primary URI to retrieve localized
versions of metadata.
secondary_uris	no	An array of secondary URIs to retrieve
localized versions of metadata.

2.4.2 Rights

Field Name	Sub Fields	Description
fee_split	no	The holder's rights to any portion of
a transfer fee represented as a number referring to the percentage.
agreements	yes	An array of file objects representing
any agreement among token holders.

2.4.3 Files

Field Name	Sub Fields	Description
type	no	The MIME type of the file.
description	no	A description of what the file's purpose.
encrypted	yes	Encryption object which specifies encryption
type.
primary_uri	no	The primary method to be used to retrieve the
file.
secondary_uris	no	An array of secondary URIs to retrieve the file.

2.4.4 Extended Attributes

Field Name	Sub Fields	Description
attribute_name	no	Name for the attribute.
value_type	no	Type for the value (for example string,
decimal, int, or vector).
value	no	Value of the attribute.

Security Considerations

[BooneTB]

Great example, thank you Dennis & Contributors!