Trade & manage credits
Hold, buy, sell, and retire stream, wetland, and nutrient credits with real-time balances and a full transaction history.
- Live balances by class & watershed
- Buy, sell, and retire with an audit trail
- Manage permits in one place
All solutions
Solutions / Stream, wetland, and nutrient credit markets
™
Stream, Wetland, and Nutrient
Transparent markets for clean water outcomes.
Deployed
SWaN is the shared facts infrastructure that underpins trusted markets for environmental mitigation credits. It connects developers, suppliers, intermediaries and regulators to credit supply, demand and trades so restoration can be funded through a transparent market. Developed by Water Ledger Global, its first operational deployment is in Virginia, in partnership with the Virginia Department of Environmental Quality.
How it works / SWaN
Assert the credits. Find the fit. Trade with a record.
Reading the model
- 01 · AssertThe restoration site represents credit supply; the records describe supply and developer demand. Regulators confirm approval and release against the evidence and program rules.
Connected evidence
01 / 03Supply, demand & regulatory evidenceSupply, demand & service areaParticipants & credit transaction
Select a step to explore
Credit identity · service area · transaction history
Illustrative · not live dataThe platform
Built for everyone in the market.
Trade, manage permits, declare demand and work with clients from the same market record.
Market Signals
A weekly digest plus real-time alerts for your watersheds — so you see demand and supply moving before it becomes a procurement.
- Weekly in-app market digest
- Watershed-level supply & demand alerts
- Explore the public marketplace →
Orion delegated wallets
Act formally on behalf of your clients — with clear permissions and a complete record of who did what.
- Delegated access per client
- Granular user permissions
- Full audit trail of actions
DEQ & RIBITS integration
Connected directly to Virginia DEQ's permit system, with a programmatic path to RIBITS — so reporting is automated, not manual.
- Live link to the DEQ permit system
- RIBITS upload interface
- Regulator-grade record keeping
Declare what you have — and need
Banks declare available supply; permit holders self-assert forward demand — so the market can see what's coming, not just what's listed today.
- Supply declaration for banks
- Forward demand self-assertion
- Feeds the market intelligence layer
Automatic bank-to-permit matching
SWaN knows the trading rules — watershed and HUC eligibility, credit class, and regulatory constraints — and automatically matches permit obligations to the credits that can satisfy them. No manual cross-referencing, no guesswork about what qualifies.
- Trading-rule eligibility built in
- Permits matched to qualifying credits
- Banks see the demand they can serve
Integrated market messaging
Reach any other participant — bank, permit holder, or consultant — directly through the platform. Negotiate, ask questions, and move a deal forward without leaving SWaN, with every conversation on the record.
- Message any market participant
- Keep negotiations in one place
- An auditable communication trail
Virginia & North Carolina — with more to come
A state switcher brings North Carolina mitigation bank data into the same view. SWaN is built to scale from a state platform to a national one.
- VA + NC banking data at launch
- One wallet across states
- Additional states as they come online
A verifiable record
Trust is the product.
Credits depend on the record behind them. Participants and regulators can trace origin, ownership and retirement.
SOC 2 certified
Independently audited security controls.
Virginia DEQ integration
A live connection to the state permit system.
RIBITS interface
A programmatic path to federal banking records.
Immutable ledger
Transactions recorded on Hedera, with ownership and history available for review.
Complete audit trail
From credit generation to retirement, fully traceable.
Local markets.
A clearer shared view.
Public inventory
Explore published credit products and current project inventory. Each product has its own balance and activity.
Public market inventoryBalances, activity and published project locations
Loading public market data…
Credit products
Matching sources
Mapped locations
Watersheds
Inventory by credit product
Balances stay separate for each credit product. Select a product to explore it. Source counts follow inventory eligibility; map locations come from published registers.
Scroll horizontally to compare balances →
Market activitySWaN · All credit products
Public events · Latest available records (up to 20)Trades and reservations use their effective time; releases use approval time. Live reservations are not a complete historical event log. Event volumes and current inventory use different eligibility rules.
Explore the project locations
Published coordinates on a geographic basemap · select a point or a project below
🏦 Bank or site☂️ Project or program12 Nearby sources · select to expand
Loading project locations…
Published locations will appear here.
Published points indicate source coordinates, not project boundaries or service areas. Sources without coordinates remain in the project list.
Published banks and projects
About this data
Current database inventory, not a historical snapshot or ledger consensus time. Pending credits are excluded from available supply. Withdrawn means sold credits. No buyer identities or individual prices are published. Specific watershed filters exclude project inventory without a canonical HUC8.
Different responsibilities.
Shared facts.
SWaN is a live public marketplace operated with Virginia DEQ. Market eligibility, verification and transaction requirements follow the rules of that program.
Suppliers
Declare eligible supply, reach developers who need it and compare transparent market pricing, with the evidence behind each credit connected to the listing.
Developers
Find released credits that match a project’s requirements and trace their origin and approval, supporting informed procurement and confidence in authenticity.
Regulators
See market activity, track compliance evidence and understand supply and demand from a consistent record to inform program oversight and policy.
Consultants and intermediaries
Manage credits and permits for clients through delegated Orion access. Clear permissions and an audit trail give clients visibility while consultants act on their behalf.
Virginia implementation
One subscription.
A connected market.
Platform & trading
Full wallet access — trade, manage credits and permits, declare supply or demand, and delegate to consultants.
Weekly Market Signals
Automated intelligence for your watersheds, delivered in-app every week.
The MNM, one week early
Read each Mitigation & Nutrient Market Quarterly a week before it's public.
6 months free
Then $15/month plus a 1% fee on trades executed on the platform.
Get started in three steps
- 01
Register
Create your account and claim your free access period.
- 02
Set up your wallet
Add your organisation, invite your team, or delegate to a consultant.
- 03
Trade & track
Buy, sell, declare demand, and follow the market with weekly signals.
My consultant sources credits for me — why would I subscribe?
When credit sourcing is bundled into a service contract, the real market price is hidden from you. SWaN makes supply, demand, and pricing visible so you know what you're actually paying for. Your consultant can still act for you through a delegated Orion wallet — you simply keep visibility and a full audit trail.
Do I need to subscribe to see market data?
The public market view is open to everyone. Registered participants get the deeper layer — weekly Market Signals, forward demand, and the ability to trade — plus the Mitigation & Nutrient Market Quarterly a week early.
What does the 1% fee apply to?
The 1% fee applies to trades executed on the platform. Holding credits, viewing the market, and receiving Market Signals are covered by the monthly subscription.
Can my whole team use one account?
Yes. Each organisation manages its own users and permissions, and consulting firms can hold delegated access to multiple client wallets through Orion.
What can I do on SWaN?
SWaN follows Assert, Find, Trade: suppliers assert credit supply, regulators confirm approval and release, and developers assert demand; participants find matching supply and demand, then keep each trade linked to its parties and credits. SWaN (Stream, Wetland, and Nutrient) is developed and operated by Water Ledger Global with Virginia DEQ. Public browsing and transaction eligibility are different; transactions require registration and compliance with program rules.
Who can use SWaN?
SWaN serves credit providers, buyers and permittees, environmental consultants and market regulators. Anyone can explore the public market view. Participation in transactions depends on registration and the eligibility requirements of the relevant program.
What kinds of credits does SWaN cover?
SWaN covers stream, wetland and nutrient credits. Credit types, units and eligible service areas matter: a credit suitable for one obligation may not be suitable for another. Use the market filters and credit information to explore supply relevant to your project.
How do I check whether a credit suits my permit?
A listing helps you find potential supply; suitability still depends on your permit, the credit type, location and applicable program rules. Confirm the requirements with your consultant or the relevant authority before proceeding. SWaN does not replace the regulatory approval process.
Can I view the SWaN market before registering?
Yes. The public SWaN market view is open to everyone. Registered participants have access to additional platform services. The implementation section on this page explains subscriptions, Market Signals, delegated access and transaction fees.
Visit the public marketplaceCan SWaN support a market outside Virginia?
SWaN operates its public marketplace with Virginia DEQ, and its market view also includes North Carolina banking data. Data coverage and transaction eligibility are different: each jurisdiction has its own program rules, eligible credit types and verification requirements. Contact Water Ledger Global to discuss the operating arrangements for a proposed market.
Discuss a new marketIn practice / Virginia
One market. Shared facts.
Developed and operated by Water Ledger Global in partnership with Virginia DEQ, SWaN brings environmental mitigation credit supply and demand onto a shared market record. Its launch was announced in December 2025.
Explore the Virginia implementation →“When credits aren’t readily available or information is not up-to-date, projects are delayed and environmental outcomes suffer.”
MNM Q0 — Baseline Edition
The Mitigation & Nutrient Market Quarterly examines Virginia’s stream, wetland and nutrient credit markets, covering supply, demand, pricing and regulatory context across 2021–2025.
Read the full report →The market, the platform, and what comes next
Watch the discussion that introduced the baseline report and brought together participants across the Virginia market.
Explore SWaN in your context.
SWaN is a live public marketplace operated with Virginia DEQ. Market eligibility, verification and transaction requirements follow the rules of that program.