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By TERWA
TERWA is the RWA vault project developed by BTC-WINE, a Bordeaux-based wine merchant active since 2018 in crypto-native wine trading. While BTC-WINE is the operating company and existing business, TERWA is its on-chain infrastructure built to tokenize wine assets on Stellar. This submission funds the first production-ready Stellar-native vault for premium wine presales, while establishing a reusable framework for onboarding additional real-world assets onto Stellar.
Key components:
RWA Vault Contract (Soroban) : Manages stablecoin deposits (USDC), fixed-price token issuance, vault lifecycle, and settlement. The vault operates as an explicit state machine with on-chain controlled phases. Stellar provides low-cost execution and fully transparent on-chain accounting.
Vault Participation Token (Stellar Classic Asset + SAC wrapper): Each token represents the right to claim the underlying wine production across multiple vintages. Issued as a Stellar Classic Asset with authorization flags for compliance-ready whitelisting (aligned with SEP-57 T-REX). Wrapped via SAC for programmatic vault control. Visible in all Stellar wallets.
Dual Redemption Path: Holders choose between receiving USDC at floor price or physical wine delivery. Physical claims use a two-step custody model with delivery confirmation and dispute resolution.
On-Chain Valuation: Independent wine appraisals are published on-chain for indicative purposes, allowing holders to track the market value evolution of their production. Full and immutable history.
Reusable Vault Template: The architecture is designed as a repeatable deployment framework. Each new vault (new vineyard, new cycle) reuses the same infrastructure, enabling scalable onboarding of real-world assets onto Stellar — driving incremental stablecoin inflows, transactions, and on-chain activity with every new vault launched.
$97.2K
Secured Production Partnership
Signed LOI with Château Coutet (Saint-Émilion Grand Cru) for 1 hectare of Peycocut terroir — 5 consecutive vintages, 1,660 presale tokens at launch ($1.5M in underlying wine production value)
Producer confirmed readiness for 2 additional hectares, enabling 2 additional vaults on the same infrastructure (~$4.5M cumulative on-chain value)
Château Coutet: 400+ year family estate (14th generation), zero chemicals since 1601, certified organic. Cuvée Les Demoiselles consistently rated 93-96/100 by leading international wine critics, including Wine Enthusiast (USA), La Revue du Vin de France (France's most authoritative wine publication), and Lobenberg (Germany's largest fine wine retailer, €50M+ revenue)
Scalable RWA Pipeline
Repeatable vault model: each new vineyard partnership can launch using the same Stellar-native infrastructure.
BTC-WINE already has an established sourcing network of ~50 premium estates across Europe, creating an immediate pipeline for future vaults.
Initial expansion target: 3 to 5 new vaults per year through existing commercial relationships.
At an average vault size of ~$1.5M per hectare, the current network represents up to $500M in long-term tokenizable asset potential.
Near-term projection: ~$12M–15M cumulative tokenized RWA value on Stellar within the first 3 years.
Existing Wine-Crypto Business (BTC-WINE, since 2018)
2,000+ existing customers
106,000+ bottles sold in 2024; 65% of sales paid in crypto (80%+ in 2025). Existing crypto-native customer base can be onboarded to Stellar wallets at launch.
Shareholder of Bordeaux City Bond : bonded warehouse, worldwide shipping (40+ countries)
Operational logistics, compliance, and distribution infrastructure already in place
Asset & Press Validation
Deliverable 1: Core Vault Contract & TERWA Token Issuance
Description: Soroban vault contract managing the multi-vintage wine presale lifecycle, paired with the TERWA participation token as a dual-layer Stellar asset. The Classic Asset is issued with AUTH_REQUIRED, AUTH_REVOCABLE, and AUTH_CLAWBACK_ENABLED flags for compliance-ready investor whitelisting (aligned with the SEP-57 T-REX framework). Wrapped via SAC with the vault contract as admin for programmatic minting and burning. Implements fixed-price presale minting, vault lifecycle management, and role-based authorization.
How to measure completion:
Vault contract deployed locally with unit tests achieving >85% code coverage
TERWA Classic Asset issued with AUTH_REQUIRED, AUTH_REVOCABLE, AUTH_CLAWBACK_ENABLED; trustline approval/rejection functional
SAC wrapper deployed; vault contract verified as SAC admin
deposit() mints shares at fixed issuance price configured at deployment
Vault lifecycle phases enforced: operations gated by current phase
Events emitted for every state mutation — indexable via Soroban event subscriptions
Public GitHub repo with source code, tests, and build instructions
Estimated completion: June 6, 2026
Budget: $12,610
Deliverable 2: Vintage Lifecycle, Redemption & Physical Claim
Description: Multi-vintage management enabling annual choice and redemption cycles. Each vintage goes through its own lifecycle: production release, holder choice window (USDC or physical wine), buyback settlement, and dual redemption paths. Physical claim uses a two-step custody model where tokens are held (not burned) until delivery is confirmed or disputed.
How to measure completion:
Vintage lifecycle implemented: release, choice window, buyback confirmation, claim resolution
Choice window: holders declare preference per vintage; tally readable on-chain
redeem_vintage() returns pro-rata USDC for holders who chose cash
request_vintage_claim() transfers shares to vault custody and records encrypted delivery hash on-chain
Claim resolution: confirm, auto-confirm after configurable delay, dispute with admin resolution
Valuation submission by authorized address; value stored on-chain with history
Tests: wrong-phase reverts, choice enforcement, unauthorized access rejected, claim before resolution rejected
Estimated completion: June 18, 2026
Budget: $10,450
Deliverable 3: Web Platform MVP (SEP-10 Auth & Deposit Interface)
Description: Next.js web application with Stellar Wallet Kit for multi-wallet support and SEP-10 for passwordless authentication. Enables users to connect, deposit USDC, and view TERWA balances with vault status.
How to measure completion:
Wallet connection with Freighter, xBull, and Lobstr
SEP-10 authentication: signature-based login, no stored credentials
Deposit USDC → TERWA shares visible in <10 seconds
Portfolio dashboard: TERWA balance, vault phase, vintage status
Responsive UI tested on desktop and mobile
Estimated completion: June 27, 2026
Budget: $8,410
Deliverable 4: Testnet Deployment & Full Lifecycle Simulation
Description: Deployment of all contracts on Stellar Testnet. The full vault lifecycle is simulated including presale, vintage release, choice declaration, buyback settlement, and dual redemption paths.
How to measure completion:
All contracts deployed on Stellar Testnet with public addresses documented
Full lifecycle executed ≥15 times: deposit → vintage release → choice declaration → buyback → redeem for USDC OR physical claim
Both redemption paths verified: redeem_vintage() returns correct pro-rata USDC; request_vintage_claim() records delivery hash and enters custody
Trustline authorization tested: deposit rejected for non-whitelisted wallet
All events correctly emitted and parseable
Estimated completion: July 11, 2026
Budget: $11,520
Deliverable 5: Platform Integration & Redemption Flows
Description: Full integration of the web platform with Testnet contracts. The interface supports the complete user journey from deposit through vintage choice and redemption, including the physical claim flow with delivery details submission.
How to measure completion:
All reads use Soroban RPC simulation (no fees); all writes submit signed transactions
Deposit-to-TERWA flow functional with 3 wallets — tokens visible in <30 seconds
Vintage choice declaration interface with live tally display
Redeem flow: user confirms, receives USDC, shares burned — verified on Stellar Explorer
Physical claim: user submits encrypted delivery details, claim transaction confirmed
Vault dashboard: total deposited, current vintage status, valuation, participants
Platform deployed on public testnet URL accessible for review
Estimated completion: July 23, 2026
Budget: $11,320
Deliverable 6: Backend Services & Vault Event Indexer
Description: Rust backend (Axum) indexing all vault events from the Stellar network into PostgreSQL. REST API for vault history, valuation timeline, vintage status, and participant activity. Includes the valuation submission service.
How to measure completion:
Event indexer captures all vault events (deposit, redeem, claim, valuation, phase transitions, vintage lifecycle) with <15 second delay
PostgreSQL stores complete vault history
REST API: GET /vault/summary, /history, /valuations, /vintages, /participants
Valuation endpoint: authorized submitter posts appraisal via authenticated API → triggers on-chain submission
API response time <200ms for all endpoints
Web platform reads from API instead of direct RPC calls
Estimated completion: August 1, 2026
Budget: $10,760
Deliverable 7: Mainnet Deployment & Production Configuration
Description: Deployment of all contracts to Stellar Mainnet with production-grade configuration. Admin authorization, monitoring alerts, backend indexer on Mainnet, and web platform in production mode.
How to measure completion:
All contracts deployed and verified on Stellar Mainnet Explorer
Admin authorization configured — privileged operations require appropriate signatures
Monitoring alerts for: failed auth attempts, unusual deposit/withdrawal patterns
Backend indexer running against Mainnet; API serving production data
Web platform at production URL, connected to Mainnet contracts
Transaction cost verified at <0.02 XLM per operation
stellar.toml published at issuer domain (SEP-1)
Estimated completion: August 13, 2026
Budget: $12,770
Deliverable 8: First Production Vault Deployment
Description: Deployment of the first production TERWA vault configured for the pilot wine asset partnership. Vault infrastructure operational on Mainnet with presale flow enabled and on-chain activity verifiable.
How to measure completion:
Vault contract configured and operational on Stellar Mainnet
Presale deposit flow functional end-to-end on production infrastructure
TERWA tokens issued and visible in holders' Stellar wallets
On-chain activity verifiable on Stellar Explorer: contract address, transactions, token supply
End-user documentation published: deposit, balance, vintage lifecycle, redemption options
Estimated completion: August 22, 2026
Budget: $11,030
Deliverable 9: Open-Source Release & Reusable Vault Template
Description: Publication of all contracts under open-source license. Documentation covers architecture, deployment, and customization — designed as a reusable RWA vault template for Stellar. Any project wanting to tokenize real-world assets on Stellar can fork and adapt.
How to measure completion:
Public GitHub repository with MIT or Apache 2.0 license
Documentation: architecture overview, deployment guide, customization reference
Token compliance model documented (AUTH flags, SEP-57 alignment)
Example configuration for a non-wine vault (demonstrates reusability)
Contribution to Stellar RWA ecosystem documented
Estimated completion: August 29, 2026
Budget: $8,370
Philippe Papillon (Founder & CEO) - Linkedin
Brings 25+ years of experience in Bordeaux fine wine trading. He leads Lasserre & Papillon, a Bordeaux négociant active in wholesale, export, in-bond storage, grands crus investment and wine asset management, and founded BTC-WINE in 2018 as an early bridge between fine wine and crypto payments. He brings direct access to producers, deep sourcing expertise, and strong product-market fit for wine-based RWAs.
Thomas Menard (CTO) - Linkedin
Co-founded RAID Square, a Web3 security firm specializing in smart contract audits, on-chain investigations, and vulnerability assessment — partnered with Avisa Partners (European leader in economic intelligence). White-hat hacker background in blockchain cybersecurity. Brings hands-on technical security expertise to TERWA's smart contract architecture and deployment pipeline
Pascale Castagnon (COO)
Oversees logistics and sales administration, bringing 20+ years of expertise in bonded wine logistics, a key capability for international storage, shipping, and operational management
Martin Delbes manages the website and day-to-day development of the platform. Pierre Deruelle, founder of GSI Network, supports web security, infrastructure and development, while its CEO Stephane Schmitt contributes crypto expertise, digital strategy and project structuring Herve Cauilliez supports purchasing and supplier coordination. Nathalie Castagnon is a business lawyer specialized in commercial law, franchise and distribution matters.
Philippe Papillon
No other submissions.