> For the complete documentation index, see [llms.txt](https://city-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://city-protocol.gitbook.io/docs/issuance-and-operation-layer/overview.md).

# Overview

The Issuance & Operation Layer is City Protocol's product layer for launching and running tokenized financial products onchain.

A structured product carries concrete operating requirements: what it may hold, how those holdings are weighted, when it may rebalance, who may subscribe or redeem, what fees apply, what disclosures must be shown, and what happens when a component becomes stale, paused, impaired, or ineligible. Every issuer launching such a product rebuilds the same machinery. This layer standardizes it.

The governing principle is product logic as infrastructure. Issuers define the mandate. City Protocol supplies the issuance and operating machinery that makes the mandate verifiable, governable, and distributable.

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#### **Relation with VaaS & TaaS**

TaaS creates the tokenized yield product. VaaS operates the vault and capital controls behind it. The Issuance & Operation Layer sits above both as the framework for **product issuance, product-level accounting, methodology enforcement, rebalancing, reporting, and ongoing operations.**
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