Conversion minter

The conversion-minter token feature attaches to the target asset of a conversion exchange. It mints target tokens to a holder when the paired conversion feature on the source asset burns the holder's source position. The two features always compose; the minter does not operate standalone.

For the architecture reference, see Conversion.

When it attaches

The conversion-minter attaches to the target asset of a conversion pair. It deploys with the target token when the target's template includes the feature.

The convertible-note template (system-convertible-note) attaches the conversion feature on the source side only. The Convertible Target Equity template (system-convertible-target-equity) provides the target side: an equity template with conversion-minter attached. A conversion target is always a separately deployed token with conversion-minter enabled; the source asset references it from its conversion configuration.

Deploying the pair does not authorise the source asset by itself. After both tokens are deployed, the target token's operator runs Add Authorized Converter on the target token, naming the source asset's conversion feature. Conversions revert until that authorisation is in place.

What you configure

The conversion-minter has no operator-configurable parameters. The Asset Designer marks it as self-contained; configuration happens on the source asset's conversion feature, not here.

What you operate

After deployment:

• The minter authorises the conversion contract to mint on the target. The authorised converter list starts empty; the target token's operator adds the source asset's conversion feature through Add Authorized Converter before the first conversion.
• Holders trigger conversion on the source asset; the conversion feature burns the source position and the conversion-minter mints the matching target position to the holder's wallet.
• Once the converter is authorised, routine conversions need no separate operator step. The minter executes on chain alongside the source-side conversion call.

Operating considerations

• The source asset's conversion feature must sit on the minter's authorised converter list before conversions can execute. The grant always comes from the target token's operator; a source asset cannot authorise itself, whether or not both assets share an operating organisation.
• Removing the conversion-minter authority on the target asset breaks all future conversions through the paired conversion feature. Do not remove the authority unless the conversion lifecycle has ended.
• The minter does not move tokens on its own. It mints only in response to the paired conversion contract's burn-and-request flow.

Troubleshooting

Read next

• Conversion: required companion feature on the source asset.
• Conversion architecture
• Feature constraints