§48C — Allocated ITC for clean-energy manufacturing
30% ITC on qualified investment, but allocated by Treasury rather than as-of-right. The §48C application round determines who gets credit; we tokenize once the allocation lands.
The trade
Unlike §48E, §48C is allocated by Treasury through an application process — total allocation is capped. Tokenization can only happen post-allocation and post-placed-in-service.
OTC Desk
liveBilateral, wire-settled (or stablecoin at buyer's election). No tokenization required. Every IRA credit transaction we've closed to date has happened this way — the proven path.
About the OTC DeskOn-chain marketplace
testnetCredit tokenized as XCT at production. Marketplace bid book; atomic swap for MXD; transfer election booked on-chain. Continuous price discovery, faster settlement.
About §6418 transferabilityMechanics
- Allocation: Treasury awards via competitive application
- Rate: 30% of qualified investment (with PWA)
- Earn: at placed-in-service after allocation
- Mint: single tranche XCT-48C
- Eligible projects: new/expanded/retooled clean-energy manufacturing; critical minerals processing; industrial decarb
Status
Planned. Tokenization rollout follows the next §48C application round and PIS dates of awarded projects.
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