> For the complete documentation index, see [llms.txt](https://glossary.ecsa.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://glossary.ecsa.io/issuance.md).

# Issuance

Issuance means the creation of new money, securities (stocks, bonds, notes, debentures, bills, derivatives) or tokens. In the legacy financial system, issuance is undertaken by banks in the case of money, and other legal balance sheet entities in the case of securities (corporations, trusts, governments). The economic space protocol says that any [Economic agent](/economic-agent.md) can be an issuer, so long as the network trusts the issuance. The key question is: what underwrites the “negotiability” of the issued instruments in a distributed system? In the economic space protocol this question of risk and negotiability is dealt with stake. See Stake.