> For the complete documentation index, see [llms.txt](https://docs.tessera.pe/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tessera.pe/overview/readme.md).

# What is Tessera?

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**Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pe](https://terms.tessera.pe/), which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors.
{% endhint %}

Tessera is an on-chain private-markets platform designed to make economic exposure linked to leading private companies' pre-IPO valuations accessible to eligible users.

By leveraging on-chain tokenization, Tessera allows users to obtain tokenized economic exposure linked to pre-IPO valuations using stablecoins, with redemption and settlement governed by the relevant terms and structure.

<figure><img src="https://1743948248-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F0ee7CteO3eXoVCpJ37op%2Fuploads%2FCwJMOeCqkdlY8oHZ8jwr%2Ftessera_gitbook_001.png?alt=media&amp;token=e93b6cc4-91ad-4e57-b97e-cacce91d1d70" alt="" width="563"><figcaption><p>Broadening access to private markets</p></figcaption></figure>

### Problem

Private markets are a significant asset class, yet direct participation remains limited to a small group of investors.

* **Exclusivity:** In the US, access is generally limited to accredited investors (SEC Regulation D).
* **High minimums:** Private market allocations typically require large minimum commitments.
* **Illiquidity:** Settlements can take weeks, and holding periods can last years.

This structure keeps most people out of private markets.

### Opportunities

Tessera sits at the intersection of two trends: the tokenization of real-world assets (RWAs) and broader access to private markets.

Tessera provides on-chain access to private market exposure. In this model:

* **Liquidity moves on-chain.** T-Tokens can trade 24/7 on decentralized exchanges where liquidity exists, with on-chain price discovery instead of periodic valuations.
* **Access becomes broader.** Eligible users can participate with a self-custody wallet, subject to the [Terms and Conditions](https://terms.tessera.pe/), which exclude some jurisdictions.
* **Transparency becomes standard.** Token supply can be compared with auditor-attested asset counts via Chainlink Proof of Reserve. Program and mint keys are held in Fireblocks MPC custody.
* **Flexibility emerges.** Tokens can be transferred and traded on Solana DEXs and aggregators such as Meteora and Jupiter.

For participants, Tessera provides economic exposure linked to private companies' pre-IPO valuations.

### The Vision

Tessera envisions a future where capital markets are open by design.

Private markets have historically favored exclusivity, opacity, and delay. Now it's possible to build a more transparent and liquid system of exposure that eligible users can participate in.

In this new model:

* Private market exposure is discoverable and tradable on-chain.
* Participation opportunities are shared, not reserved.
* Liquidity is on-chain where markets exist, and transparency is built in.

Tessera runs on Solana; use is subject to the Terms, including jurisdiction exclusions.

***

> High risk. DYOR. Not financial advice. tessera.pe/terms