Instead it would be a issuer who is created out of chain of trust entrusted by issuing token's.
And in what way are these 'tokens' not a coin?
I presume you've done your research into NXT and BitsharesX?
The function of issuing token is as follows
To create Financial instruments .
To delegate the authority of Issuer to another issuer. ( A issuer can delegate issuing token only once. Hence limiting the issuing token to one active token at a given point in time )
Create a chain of trust amongst issuers.
Once the token is used up by a issuer it cannot be reused again. Simple fundamental of block chain.
The token cannot be split into two it can only be transferred as a one unity.