> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/bitnet/clearing-and-settlement/lifecycle.md).

# Lifecycle

AAPL sent to buyer wallet / USD sent to seller wallet

TRADE LIFECYCLE

1. Trade Initiation
2. Trade Execution
3. Trade Capture
4. Trade Enrichment
5. Trade Validation
6. Trade Verification
7. Trade Allocation
8. Trade Agreement
9. Trade Affirmation
10. Trade Confirmation
11. Clearing
12. Settlement
13. Reconciliation
14. Trade Reporting

TOKENIZED NEW ISSUES / OFFCHAIN USD

* Buyer sends USD to XFT.
* XFT confirms receipt.
* XFT mints stablecoin.
* DvP executes.
* XFT wires USD to seller's bank.