XELS in one page
Companies buy carbon credits but often can't show auditors or customers what those credits achieved. From 27 September 2026 the EU bans green claims that can't be substantiated, and the UK and Japan have tightened their rules too. Japan's own credits, among the most trusted in Asia, can only be bought by companies registered in Japan.
A company pays to retire credits in an official registry. The Proof Engine then collects the registry record, project documents and MRV data, drafts the report the company has to file, and issues a certificate linked to an on-chain record.
XELS is setting up a Japanese company with the accounts needed to buy and retire J-Credits, J-Blue and JCM credits for customers anywhere. The engine also accepts Gold Standard, Verra and other verified credits.
Fees can be paid in XELS at a discount, or in cash. XELS received goes to a public locked reserve and is never sold, and cash is never used to buy XELS. Total supply is 21,000,000 and cannot change.
Holders get access to the network and to tiers and drops. They get no dividends, yield or share of revenue, and we make no statement about future price.
The problem
From this date the EU bans environmental claims that can't be substantiated, including claims that a product is climate neutral because of offsets. The UK competition regulator has been able to fine companies directly for misleading claims since April 2025, and Japan holds statements about crypto assets to strict liability.
Directive (EU) 2024/825; DMCC Act 2024; FIEA as amended in 2026Japan's SSBJ standards apply to the largest listed companies from fiscal 2027, and CSRD already applies to large companies in the EU. Both expect reported figures to trace back to records. Many companies still track their credit retirements in spreadsheets.
SSBJ and FSA roadmap; Directive (EU) 2022/2464Japan's emissions trading system covers about 60% of the country's emissions, and its credits are in demand across the region. The Tokyo Stock Exchange's carbon market only admits companies with Japanese bank accounts and registrations. Individuals can't take part.
GX Promotion Act; TSE participation rulesSeveral carbon tokens launched in 2021 failed because their only real use was being traded. A token needs something people actually pay for before a fixed supply means anything.
Market historyHow the network fits together
The network has three parts. The Proof Engine is the product that companies pay for. The XELS coin is one way to pay for it, and the way the community takes part. The Japanese entity supplies credits that are hard to get anywhere else.
When a brand uses the engine, it pays for a retirement. Each retirement uses credits from inventory, so XELS buys more credits, which in turn lets it serve more brands. Everything in this loop shows up on the public dashboard.
The plan doesn't rely on the price of XELS, and nothing here predicts it.
XELS holders don't receive any of the platform's income or assets. There are no dividends, no yield and no price support. This is written into the token contracts, the platform's terms and this paper. XELS doesn't issue security tokens or investment products.
The Proof Engine
The Proof Engine is the part of XELS that companies pay for. It handles a retirement from start to finish and produces the evidence an auditor or regulator would ask to see.
3.1 What it does
3.2 Who uses it
3.3 How it is paid
Fees for retirements, reports, badges and API use can be paid in XELS at a discount to the cash price. XELS received goes to the locked reserve. Companies can also pay in cash, since many finance teams can't hold crypto. Cash is used to run the business and buy credits. It is never used to buy XELS, so the only XELS in the reserve is XELS that customers chose to pay.
3.4 How AI is used
AI collects documents, drafts reports and flags gaps. It doesn't verify anything. Verification comes from the registry record, MRV data and a human reviewer. We never describe an output as "AI-verified", and every certificate lists its evidence sources.
3.5 Credit accounts
Added in version 7.4. A company can buy credits before it needs them and retire them when it reports.
Reserved credits can't be transferred, resold, sold back to XELS or turned into tokens. XELS doesn't run a market in credits.
Lawyers still need to confirm the rules for holding credits on behalf of customers in Japan, whether a licence is needed, and the contract terms for credits that are never retired.
The XELS coin
XELS is used to pay for services on the network and to join its tiers and drops. It gives no claim on the platform's income or assets.
4.1 The basics
4.2 Where XELS goes when it is spent
Tiers. Holding XELS opens an account and sets a tier: Sapling, Grove or Forest. Tiers are earned by holding and by retiring credits, and they give earlier access to drops and features. They never pay income.
Open contracts. The retire contract, the certificate standard and the API are public, so a wallet, game or marketplace can let its users retire credits and show their certificates.
4.3 The public dashboard
Planned to go live in Phase 2, using chain and registry data. It will not show price targets or projections.
4.4 One coin, two networks
XELS is one coin that can be held on two blockchains. The total across both is always 21,000,000.
Ethereum is where XELS already lives: the token contract, the Gate and MEXC listings and the existing holders are all there. Companies paying for retirements and reports will mostly use Ethereum, and the locked reserve sits there.
BNB Chain is used because each transaction costs far less. That matters for small, frequent uses, such as a person retiring part of a tonne or a game offsetting each play session, where an Ethereum fee could cost more than the credit itself.
An audited bridge connects the two. When XELS moves to BNB Chain, it is locked on Ethereum and the same amount is created on BNB Chain. Moving it back destroys the BNB Chain copy and releases the original. No new XELS is ever created. Bridges are a common target for hackers, so the bridge is audited before launch (Phase 2) and its risk is listed in Section 11.
4.5 What holders don't get
XELS holders don't receive dividends, yield, staking income, a share of revenue, buybacks paid from income, or any claim on the platform's assets or credits. XELS can lose some or all of its value.
Japan
We start in Japan because it is where XELS can offer something others can't quickly copy.
To trade on the Tokyo Stock Exchange's carbon market, a buyer needs everything in the list below, and individuals can't take part at all. Our Japanese entity will hold these registrations and buy on behalf of customers.
Japan's emissions trading system has been mandatory since April 2026. Companies can use credits for up to 10% of their obligation, and the FY2026 price range is set at ¥1,700 to ¥4,300 per tonne.
5.1 The credits
Sustainable management and growth of Japan's forests, under the government's J-Credit scheme.
Across Japan's prefecturesSeaweed beds, seagrass meadows, tidal flats and mangroves, certified by the Japan Blue Economy Association.
Coastlines, Okinawa, southern islandsJapan's official bilateral mechanism under Article 6.2 of the Paris Agreement.
About 30 partner countriesCompliance-grade credits usable within Japan's emissions trading system, held where rules permit.
JapanCredits held by the Japanese entity are stock to be retired for customers. They are never offered as an investment, and holding XELS gives no claim on them.
Other markets
The engine also accepts verified international credits: Gold Standard, Verra, CORSIA-eligible credits for aviation, and Article 6 credits as countries set up their systems.
We plan to add Singapore, South Korea, Indonesia and Vietnam next, where we can work with a local company that already has registry access.
6.1 Which claim each credit supports
Every certificate, badge and report states the type of claim the credit supports.
Simplified. The final rules will follow the VCMI Claims Code, Article 6 and local law, confirmed by lawyers.
Community
We want people to use XELS, not only hold it. A first experience might look like this.
7.1 Tiers
Tiers are earned by holding and by retiring credits, and they never pay income. The benefits shown are examples and will be set at launch.
Drops. For a few weeks at a time, one project is featured, such as a seagrass meadow in a named bay or a forestry cooperative in a named prefecture.
Certificates. Certificates come in Japanese and English and are designed to be shared.
Channels. Paid promotion is always labelled as sponsored, as Japanese law requires.
Roadmap
Dates are targets and may change. Regulatory steps are announced only once they happen. Select a phase to highlight it.
Compliance
Because XELS sells evidence, we hold our own statements to the same standard.
Team and history
XELS is an existing project being rebuilt.
The original XELS project built a patented system for recording carbon credits on a blockchain, and an ERC-20 token listed on exchanges. It didn't have a product that companies paid for, or access to a regulated credit market. The Proof Engine and the Japanese entity are meant to fix both.
Team. The final version of this paper will name the leadership team, the Japan market lead, the engine and data lead and the compliance lead, with backgrounds that can be checked.
Partners. We are in discussions with Japanese project owners and J-Blue issuers, international credit suppliers, monitoring data providers and consumer brands. We will name partners once agreements are signed.
Risks
Please read all of these before buying XELS. Select a risk to expand it.
Legal notices
No offer. This document is for information only. It is not an offer to sell or a solicitation of an offer to buy any token, security or other instrument in any jurisdiction. XELS issues no securities or investment products.
No advice. Nothing here is investment, legal, accounting or tax advice.
No profit representation. XELS and its issuer make no representation about the future value of XELS and no promise of profit, yield or income of any kind.
Forward-looking statements. Statements about products, structures, targets and market developments are forward-looking, uncertain and may not occur. Market figures come from the third-party sources below, believed reliable but not independently verified.