{ "schema": "ketju.eligibility-files/1", "generatedAt": "2026-09-24", "about": "Eligibility files for tokenized assets: what the holder owns, who may hold it in the issuer’s own words, who can freeze or claw back (read on chain, with who holds each key), and how it exits. Published by Ketju Research. Research, not investment advice.", "files": [ { "id": "openeden-tbill", "url": "https://ketjuresearch.com/register/files/openeden-tbill/", "displayName": "OpenEden TBILL", "reviewed": "2026-09-23", "nextReview": "2026-12-22", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "treasury-fund", "issuer": "Treasury Bills International Liquidity Limited (BVI professional fund), offered through OpenEden; BNY Mellon Investment Management Singapore as investment manager; BNY as custodian", "eligibility": { "floor": "us-accredited", "minimumUsd": 100000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ] }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Not stated. The on-chain KYC manager gates which wallets may hold; no issuer document read says whether the chain or the administrator’s register governs.", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "TBILL", "underlying": { "name": "Proportional interest in a BVI professional fund holding short-duration U.S. Treasury bills" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xdd50c053c096cb04a3e3362e2b622529ec5f2e8a" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xf84d28a8d28292842dd73d1c5f99476a80b6666a" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "BVI Professional Investors and US Accredited Investors under Rule 501(a).", "quote": "The TBILL Vault is currently only available to “Professional Investors” as defined under the British Virgin Islands’ Securities and Investment Business Act 2010 (“SIBA”) and to US “Accredited Investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act.", "source": "https://docs.openeden.com/tbill/investor-onboarding", "locator": "Investor Onboarding, first paragraph" }, { "question": "minimum", "answer": "100,000 USDC for the first deposit; 1 USDC after that.", "quote": "Additionally, the first deposit must be at least 100,000 USDC, while subsequent deposits must be at least 1 USDC.", "source": "https://docs.openeden.com/tbill/subscriptions", "locator": "Restrictions, Address Level" }, { "question": "account-types", "answer": "Individuals and entities, both as accredited investors. Trusts and IRAs are not named.", "quote": "You will not re-sell your Digital Tokens to an individual or entity that is not an “accredited investor” within the meaning of Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933, as amended, or any resident of a Restricted Territory.", "source": "https://1846699559-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FNjlMezbFeyn4pWdMN4xV%2Fuploads%2FmJjZrtF4wnT492qY1adh%2FUS-TBILL-User-Agreement.pdf?alt=media&token=8944d511-e50a-4bd8-b3c3-a26d5bb62e3c", "locator": "Section 1.3(d), Eligibility; Limitations" }, { "question": "transfer", "answer": "Only to other whitelisted investors.", "quote": "An Investor may only transfer to other whitelisted Investors.", "source": "https://docs.openeden.com/tbill/faq", "locator": "FAQ, \"Can TBILL tokens be transferred to others?\"" }, { "question": "redemption", "answer": "Request from a whitelisted wallet. Requests queue first in, first out and are typically paid in USDC the next US business day.", "quote": "The requests in the redemption queue are processed in accordance with a First-In-First-Out (FIFO) model. Redemptions are typically processed on the next 1 U.S. business day.", "source": "https://docs.openeden.com/tbill/redemptions", "locator": "Redemption Queue" }, { "question": "record", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://docs.openeden.com/tbill/product-structuring", "https://docs.openeden.com/tbill/investor-onboarding", "https://docs.openeden.com/tbill/faq", "https://docs.openeden.com/tbill/trust-and-transparency", "https://docs.openeden.com/tbill/on-chain-governance-and-controls-i", "https://docs.openeden.com/tbill/off-chain-governance-and-controls-ii", "https://docs.openeden.com/tbill/introduction", "https://docs.openeden.com/llms-full.txt", "https://1846699559-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FNjlMezbFeyn4pWdMN4xV%2Fuploads%2FmJjZrtF4wnT492qY1adh%2FUS-TBILL-User-Agreement.pdf?alt=media&token=8944d511-e50a-4bd8-b3c3-a26d5bb62e3c" ] }, { "question": "freeze", "answer": "The fund may freeze tokens sent to or received from a blocked address, and may freeze or surrender them on a government order.", "quote": "In the event that you send Digital Tokens to a Blocked Address, or receive Tokens from a Blocked Address, the Fund may freeze such Digital Tokens and take steps to terminate your Platform Account.", "source": "https://1846699559-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FNjlMezbFeyn4pWdMN4xV%2Fuploads%2FmJjZrtF4wnT492qY1adh%2FUS-TBILL-User-Agreement.pdf?alt=media&token=8944d511-e50a-4bd8-b3c3-a26d5bb62e3c", "locator": "Section 17, Blocked Addresses & Forfeited Assets" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xdd50c053c096cb04a3e3362e2b622529ec5f2e8a", "allowlist": true, "freeze": false, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "allowlist" ], "address": "0x8ec4dd2df01c188ac5a5d870029e9cbb820d5844", "kind": "multisig", "threshold": 4, "signers": 5 }, { "role": "kycManager owner", "powers": [ "allowlist", "admin" ], "address": "0x498a47f8041406f48604c9035f17d143c6fd15aa", "kind": "multisig", "threshold": 3, "signers": 4 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xf84d28a8d28292842dd73d1c5f99476a80b6666a", "allowlist": true, "freeze": false, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "allowlist" ], "address": "0xca7f64e77bc422b1913afb0065bfc0d8b3561bf3", "kind": "multisig", "threshold": 4, "signers": 5 }, { "role": "kycManager owner", "powers": [ "allowlist", "admin" ], "address": "0x95b54ebf36a0fd1851e36f629bb29a9dbae5e103", "kind": "multisig", "threshold": 3, "signers": 4 } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "First-in, first-out queue, typically paid the next U.S. business day; the U.S. user agreement allows up to T+3 business days, and instant USDC redemption is offered within limits", "minimumUsd": 1, "feeBps": 5, "settlesIn": [ "USDC", "other supported stablecoins", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "openeden", "name": "OpenEden subscription and redemption" } ], "formD": { "filed": false, "note": "EDGAR has no Form D for the TBILL vault or Treasury Bills International Liquidity Limited. The only OpenEden Form D is OpenEden Group Ltd’s own 2024 raise ($490,000 from four investors), which is not the vault.", "searchedAt": "2026-09-24" }, "sources": [ { "name": "OpenEden Docs — TBILL structure and investor claim", "url": "https://docs.openeden.com/tbill/product-structuring", "kind": "primary", "accessed": "2026-09-22" }, { "name": "OpenEden Docs — investor eligibility and onboarding", "url": "https://docs.openeden.com/tbill/investor-onboarding", "kind": "primary", "accessed": "2026-09-22" }, { "name": "OpenEden Docs — TBILL FAQ and minimum subscription", "url": "https://docs.openeden.com/tbill/faq", "kind": "primary", "accessed": "2026-09-22" }, { "name": "OpenEden Docs — TBILL redemptions", "url": "https://docs.openeden.com/tbill/redemptions", "kind": "primary", "accessed": "2026-09-22" }, { "name": "TBILL implementation on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0xc4545bf80f935894cbe138d86b506923dab7c048", "kind": "primary", "accessed": "2026-09-22" }, { "name": "OpenEden Docs: TBILL Subscriptions", "url": "https://docs.openeden.com/tbill/subscriptions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OpenEden: TBILL User Agreement (US), Treasury Bills International Liquidity Limited, linked from docs.openeden.com/tbill/legal/user-agreement", "url": "https://1846699559-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FNjlMezbFeyn4pWdMN4xV%2Fuploads%2FmJjZrtF4wnT492qY1adh%2FUS-TBILL-User-Agreement.pdf?alt=media&token=8944d511-e50a-4bd8-b3c3-a26d5bb62e3c", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.openeden.com", "url": "https://docs.openeden.com/tbill/trust-and-transparency", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.openeden.com", "url": "https://docs.openeden.com/tbill/on-chain-governance-and-controls-i", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.openeden.com", "url": "https://docs.openeden.com/tbill/off-chain-governance-and-controls-ii", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.openeden.com", "url": "https://docs.openeden.com/tbill/introduction", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.openeden.com", "url": "https://docs.openeden.com/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The KYC manager, owner, controller, or implementation address changes on any deployed chain", "OpenEden publishes the XRPL, BSC, or Solana contract identities from its own documentation; those chains are then read and added", "The first-subscription minimum, the accredited-investor gate, or the redemption path changes in the issuer’s documents", "A missed eligible redemption, an unexplained NAV deficit, or a contract exploit", "OpenEden or the fund states which record governs ownership, the chain or the administrator’s register; the claim model is then set from that document", "The fund freezes or surrenders tokens under the blocked-address clause of the user agreement" ] }, { "id": "circle-usyc", "url": "https://ketjuresearch.com/register/files/circle-usyc/", "displayName": "Circle USYC", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-indirect", "registrationPath": "reg-s", "instrumentKind": "treasury-fund", "issuer": "Hashnote International Short Duration Yield Fund Ltd. (Cayman); Circle International Bermuda Limited as issuer of the token", "eligibility": { "floor": "non-us-only", "minimumUsd": 100000, "kyc": "issuer", "entityTypes": [ "entity" ] }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "The fund’s transfer agent holds the shares; the fund administrator updates the share registry to match the tokens", "secRegistered": false, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "USYC", "underlying": { "name": "Share of a Cayman Islands mutual fund holding short U.S. Treasury bills and reverse repurchase agreements" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x136471a34f6ef19fe571effc1ca711fdb8e49f2b" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "7LWanZteUKtvFjv4MHYgKXXdAuCQYFPJysL9pxxdRQGn" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Only entities that are not US Persons under Regulation S, and that pass Circle’s eligibility checks.", "quote": "USYC is available only to entities that are not U.S. Persons, as defined in Regulation S under the Securities Act of 1933. Eligibility restrictions apply.", "source": "https://developers.circle.com/tokenized/usyc/overview", "locator": "USYC overview, opening notice" }, { "question": "minimum", "answer": "$100,000.", "quote": "USYC offers yield-bearing exposure with a $100,000 minimum, allowing firms to stay agile while deploying capital efficiently.", "source": "https://web.archive.org/web/20260725174837id_/https://www.circle.com/usyc", "locator": "\"Institutional access without large upfront commitments\"" }, { "question": "account-types", "answer": "Entities only. Individuals, trusts, and IRAs are not offered.", "quote": "Information about USYC is directed only to entities who are not US Persons, as defined in Regulation S under the Securities Act of 1933.", "source": "https://usyc.docs.hashnote.com/overview/investor-onboarding", "locator": "Eligibility, footnote 1" }, { "question": "transfer", "answer": "Only between wallets of KYC’d entities holding the entitlement role. The contract checks every transfer.", "quote": "The wallets associated with KYC’ed entities receive a Role that entitles them to hold and transfer the token.", "source": "https://usyc.docs.hashnote.com/overview/product-structuring", "locator": "Entitlements" }, { "question": "redemption", "answer": "Into USDC in near real time, up to the instant-redemption limit. More liquidity can be arranged.", "quote": "USYC can be redeemed into USDC in near real time up to the instant-redemption capacity, with optional access to additional immediate liquidity.", "source": "https://web.archive.org/web/20260725174837id_/https://www.circle.com/usyc", "locator": "\"Near-instant redemptions\"" }, { "question": "record", "answer": "Fund shares held at the transfer agent. The tokens are digital twins; the fund administrator updates the share registry to match.", "quote": "Ownership in SDYF is represented as shares at the Transfer Agent, and whose digital twins are represented onchain as a Smart Contract token (ERC-20 specification).", "source": "https://usyc.docs.hashnote.com/overview/product-structuring", "locator": "Ledger" }, { "question": "freeze", "answer": "The entitlements contract can halt every USYC transaction at once while suspicious activity is resolved.", "quote": "The Entitlements contract can also freeze all transactions involving USYC. As every type of action involving USYC verifies the Role of the sender, the Allowlist is positioned to revert all transactions.", "source": "https://usyc.docs.hashnote.com/overview/product-structuring", "locator": "Entitlements, System Halt" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x136471a34f6ef19fe571effc1ca711fdb8e49f2b", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x13ff8cabb86edf94a2df4f98773bda4005182dd6", "kind": "single-key" }, { "role": "authority owner", "powers": [ "pause", "allowlist", "admin" ], "address": "0x8fb098d65b38f8425de8f80ad54ee990fb5d2fc0", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "7LWanZteUKtvFjv4MHYgKXXdAuCQYFPJysL9pxxdRQGn", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y", "kind": "program-account" }, { "role": "pause authority", "powers": [ "pause" ], "address": "EMMxaez3JFNMRFdKZgnC3KtZck6gmSS4n6AMHXUMvPZL", "kind": "single-key" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Into USDC in near real time, 24 hours a day, up to the instant-redemption limit; larger amounts by arrangement", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "circle-usyc-portal", "name": "Circle USYC portal" } ], "sources": [ { "name": "Circle developer docs — USYC overview", "url": "https://developers.circle.com/tokenized/usyc/overview", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Circle — USYC product terms and fund facts", "url": "https://www.circle.com/usyc", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Circle developer docs — USYC portal subscription and redemption", "url": "https://developers.circle.com/tokenized/usyc/subscribe-and-redeem-portal", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Circle developer docs — USYC public price and entitlement APIs", "url": "https://developers.circle.com/tokenized/usyc/web2-apis", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xbf0f2f3aad6b99893d80c550fbacec915545eb92", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Circle: USYC product page, circle.com/usyc (Wayback Machine capture, July 25, 2026)", "url": "https://web.archive.org/web/20260725174837id_/https://www.circle.com/usyc", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Circle (Hashnote) USYC docs: Investor Onboarding", "url": "https://usyc.docs.hashnote.com/overview/investor-onboarding", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Circle (Hashnote) USYC docs: Product Structuring", "url": "https://usyc.docs.hashnote.com/overview/product-structuring", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Circle opens a share class to U.S. persons or changes the $100,000 minimum", "The Ethereum implementation, owner, or the RolesAuthority contract every transfer checks changes, or a blacklist is added", "The Solana mint, freeze, or permanent-delegate authority changes, or the pausable extension is used", "A NAV impairment, a missed redemption inside the published window, or a token-administration incident", "Circle publishes the BSC, Canton, or NEAR contract identities; those chains are then read and added" ] }, { "id": "ondo-ousg", "url": "https://ketjuresearch.com/register/files/ondo-ousg/", "displayName": "Ondo Short-Term U.S. Government Treasuries (OUSG)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "treasury-fund", "issuer": "Ondo I LP (Delaware); Ondo Finance affiliates as general partner and administrator", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 5000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "$5,000 for instant subscriptions on Ethereum; $100,000 to subscribe and $50,000 to redeem outside the instant path." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Not stated. The OndoIDRegistry gates which wallets may hold; the documents reviewed do not say whether the chain or the fund administrator’s register governs.", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "OUSG", "underlying": { "name": "Limited partnership interest in a Delaware private fund invested mainly through short-government-security funds, led by BlackRock BUIDL" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x1b19c19393e2d034d8ff31ff34c81252fcbbee92" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xbA11C5effA33c4D6F8f593CFA394241CfE925811" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "i7u4r16TcsJTgq1kAG8opmVZyVnAKBwLKu6ZPMwzxNc" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Only persons who are both accredited investors and qualified purchasers.", "quote": "OUSG tokens have not been registered under the US Securities Act of 1933, as amended (the “Act”) or the securities or financial instrument laws of any other jurisdiction, and are available solely to persons who are accredited investors (as defined in Rule 501 of Regulation D under the Act) and qualified purchasers (as defined in Section 2(a)(51) of the US Investment Company Act of 1940, as amended (the “40 Act”)).", "source": "https://docs.ondo.finance/qualified-access-products/ousg/important-notes", "locator": "Important Notes, first paragraph" }, { "question": "minimum", "answer": "$5,000 for instant subscriptions. $100,000 for non-instant subscriptions.", "quote": "For instant transactions, the minimum amount is $5,000 for both investments and redemptions. For non-instant transactions, our minimum investment and redemption amounts are $100K and $50K, respectively.", "source": "https://docs.ondo.finance/qualified-access-products/ousg/investing", "locator": "\"What is the minimum I can invest in OUSG?\"" }, { "question": "account-types", "answer": "Individuals and entities. Trusts and IRAs are not named on this page.", "quote": "The most common criteria are individuals with a net worth of over $5M or organizations or entities with over $25M in assets.", "source": "https://docs.ondo.finance/qualified-access-products/ousg/eligibility-and-onboarding", "locator": "\"Who can invest in OUSG? Who can redeem? Who can hold and/or transfer it?\"" }, { "question": "transfer", "answer": "Only to investors onboarded to Ondo’s Qualified-Access Funds.", "quote": "Only individuals who have onboarded to our Qualified-Access Funds can invest in, redeem, or transfer, or receive OUSG or any other Qualified-Access Product.", "source": "https://docs.ondo.finance/qualified-access-products/ousg/eligibility-and-onboarding", "locator": "\"Who can invest in OUSG? Who can redeem? Who can hold and/or transfer it?\"" }, { "question": "redemption", "answer": "Instant: USDC in the same transaction. Otherwise tokens sent before 4pm ET are typically paid the next business day.", "quote": "If you do an instant redemption, the redemption takes place as an atomic transaction so you will receive your USDC at the same time as you send in your OUSG for redemption.", "source": "https://docs.ondo.finance/qualified-access-products/ousg/redeeming", "locator": "\"How quickly will I get my money once I redeem?\"" }, { "question": "record", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://docs.ondo.finance/qualified-access-products/ousg/important-notes", "https://docs.ondo.finance/qualified-access-products/ousg/regulatory-compliance", "https://docs.ondo.finance/qualified-access-products/ousg/technical", "https://docs.ondo.finance/qualified-access-products/ousg/investing", "https://docs.ondo.finance/qualified-access-products/ousg/other", "https://docs.ondo.finance/llms-full.txt", "https://drive.google.com/drive/folders/1ox0c69HXKSOmAOYp0QT2YeMolZMxhhng" ] }, { "question": "freeze", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://docs.ondo.finance/llms-full.txt", "https://docs.ondo.finance/qualified-access-products/ousg/important-notes", "https://docs.ondo.finance/qualified-access-products/ousg/technical", "https://drive.google.com/drive/folders/1ox0c69HXKSOmAOYp0QT2YeMolZMxhhng" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x1b19c19393e2d034d8ff31ff34c81252fcbbee92", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xba80aa44cc25e85cc30359150dfb1c7d041cf6d5", "kind": "contract", "controller": { "address": "0xaed4caf2e535d964165b4392342f71bac77e8367", "kind": "multisig", "threshold": 4, "signers": 7, "via": "owner()" } }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xaed4caf2e535d964165b4392342f71bac77e8367", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xaed4caf2e535d964165b4392342f71bac77e8367", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xaed4caf2e535d964165b4392342f71bac77e8367", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x2e55b738f5969eea10fb67e326bee5e2fa15a2cc", "kind": "multisig", "threshold": 1, "signers": 9 }, { "role": "KYC_CONFIGURER_ROLE", "powers": [ "allowlist" ], "address": "0xaed4caf2e535d964165b4392342f71bac77e8367", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x93358db73b6cd4b98d89c8f5f230e81a95c2643a", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x5ae21c99fc5f1584d8cb09a298cffd92b5d178ef", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "i7u4r16TcsJTgq1kAG8opmVZyVnAKBwLKu6ZPMwzxNc", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "6ViaRWzv7p56RfP1A9Hxy2ctu9kfE3XL43SxWuq3E4cE", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "6ViaRWzv7p56RfP1A9Hxy2ctu9kfE3XL43SxWuq3E4cE", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Instant USDC redemption inside the published instant limits; otherwise redemption on the next business day at NAV", "minimumUsd": 5000, "settlesIn": [ "USDC", "PYUSD", "RLUSD", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "ondo", "name": "Ondo Finance subscription and redemption" } ], "formD": { "filed": true, "cik": "1957431", "entity": "Ondo I LP", "filings": [ { "filedAt": "2026-01-20", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1957431/000195743126000001/0001957431-26-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 5000, "soldUsd": 1857726909, "investors": 84, "firstSale": "2023-02-06" }, { "filedAt": "2025-01-21", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1957431/000195743125000001/0001957431-25-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 5000, "soldUsd": 401040506, "investors": 80, "firstSale": "2023-02-06" }, { "filedAt": "2024-01-19", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1957431/000195743124000001/0001957431-24-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 0, "soldUsd": 300490510, "investors": 61, "firstSale": "2023-02-06" }, { "filedAt": "2023-01-11", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/1957431/000195743123000002/0001957431-23-000002-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 0, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "Ondo docs — legal and investor eligibility", "url": "https://docs.ondo.finance/qualified-access-products/ousg/important-notes", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Ondo docs — OUSG instant limits", "url": "https://docs.ondo.finance/qualified-access-products/ousg/instant-limits", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Ondo docs — OUSG redemption terms", "url": "https://docs.ondo.finance/qualified-access-products/ousg/redeeming", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Ondo docs — live OUSG contracts and supported chains", "url": "https://docs.ondo.finance/addresses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x1ceb44b6e515abf009e0ccb6ddafd723886cf3ff", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Finance Docs: OUSG Investing", "url": "https://docs.ondo.finance/qualified-access-products/ousg/investing", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Finance Docs: OUSG Eligibility & Onboarding", "url": "https://docs.ondo.finance/qualified-access-products/ousg/eligibility-and-onboarding", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.ondo.finance", "url": "https://docs.ondo.finance/qualified-access-products/ousg/regulatory-compliance", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.ondo.finance", "url": "https://docs.ondo.finance/qualified-access-products/ousg/technical", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.ondo.finance", "url": "https://docs.ondo.finance/qualified-access-products/ousg/other", "kind": "primary", "accessed": "2026-09-23" }, { "name": "docs.ondo.finance", "url": "https://docs.ondo.finance/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "drive.google.com", "url": "https://drive.google.com/drive/folders/1ox0c69HXKSOmAOYp0QT2YeMolZMxhhng", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Ondo states which record governs ownership of the limited partnership interest, the chain or the administrator’s register; the claim model is then set from that document", "The KYC registry, proxy admin, or implementation on Ethereum changes, or a Solana permanent delegate or transfer hook is added", "A share class opens to accredited investors who are not qualified purchasers", "An instant-redemption failure, a NAV discrepancy, or an entitlement failure", "Ondo publishes an XRPL control model that can be read; that chain is then added" ] }, { "id": "superstate-ustb", "url": "https://ketjuresearch.com/register/files/superstate-ustb/", "displayName": "Invesco Short Duration US Government Securities Fund (USTB)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "treasury-fund", "issuer": "Superstate Short Duration US Government Securities Fund, presented as the Invesco fund on Superstate; BNY Mellon as custodian; PricewaterhouseCoopers as auditor", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 100000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ] }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Superstate Services LLC (SEC-registered transfer agent); NAV Fund Services as NAV agent. Superstate keeps overlapping records at the NAV agent, in house, and on chain, and does not say which one governs.", "secRegistered": true, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "USTB", "underlying": { "name": "Share of a U.S. private fund holding short-duration U.S. government securities and repurchase agreements" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x43415eb6ff9db7e26a15b704e7a3edce97d31c4e" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "CCz3SGVziFeLYk2xfEstkiqJfYkjaSWb2GCABYsVcjo2" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0xe4fa682f94610ccd170680cc3b045d77d9e528a8" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Qualified Purchasers who pass KYC and AML screening and are approved.", "quote": "Investors must be Qualified Purchasers and pass KYC/AML screening, and must be approved before applying to a fund.", "source": "https://docs.superstate.com/investors/tokenized-funds", "locator": "Eligibility" }, { "question": "minimum", "answer": "$100,000 first investment, unless Superstate waives it.", "quote": "The minimum initial investment is $100,000 unless waived by Superstate.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/invesco-ustb", "locator": "Subscribing" }, { "question": "account-types", "answer": "Individuals with $5 million or more to invest and institutions with $25 million or more.", "quote": "Only available to Qualified Purchasers in supported countries with at least $5m in investable assets for individuals, or $25m for institutions.", "source": "https://docs.superstate.com/investors/getting-started", "locator": "Eligibility, Superstate Funds" }, { "question": "transfer", "answer": "Freely, but only between wallets on the Superstate allowlist.", "quote": "USTB is freely transferable between wallet addresses on the Allowlist.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/invesco-ustb", "locator": "Opening summary" }, { "question": "redemption", "answer": "USDC paid at once, any day, if liquidity allows. US dollars paid the same day if the request comes before 1pm ET.", "quote": "Proceeds are paid as U.S. Dollars to a bank account, or USDC to an Ethereum, Solana, or Plume address. Proceeds are delivered immediately (including non-business days, subject to available liquidity) for payout requests in USDC, or same-day for USD if received before 1pm ET.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/invesco-ustb", "locator": "Redeeming" }, { "question": "record", "answer": "Superstate keeps overlapping records at its NAV agent, in-house, and on chain. It does not say which one is official.", "quote": "The assets that back our funds are stored offchain with qualified custodians, and Superstate has overlapping, redundant records of ownership of our funds, including at our fund calculation agent, internally, and on-chain.", "source": "https://docs.superstate.com/investors/security", "locator": "Overview" }, { "question": "freeze", "answer": "Superstate’s admin address controls minting and the allowlist and can forcibly burn a holder’s tokens.", "quote": "Our smart contracts are upgradable and various functions are gated behind the Superstate Admin Address calling them. This includes all minting, adding or removing users from the allowlist, and forcibly burning an investor’s tokens (if required by exogenous legal circumstances, for example).", "source": "https://docs.superstate.com/investors/smart-contracts", "locator": "EVM contracts, below the Plume address list" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x43415eb6ff9db7e26a15b704e7a3edce97d31c4e", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xad309bb6f13074128b4f23ef9ea2fe8552afca83", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xb9d285dcad879513dc9c1a3b2e0cccb21c3c2146", "kind": "contract", "controller": { "address": "0xad309bb6f13074128b4f23ef9ea2fe8552afca83", "kind": "single-key", "via": "owner()" } }, { "role": "allowlist owner", "powers": [ "allowlist", "admin" ], "address": "0x7747940adbc7191f877a9b90596e0da4f8deb2fe", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "CCz3SGVziFeLYk2xfEstkiqJfYkjaSWb2GCABYsVcjo2", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "EfkJFKtVcpo8sgQGWLoaYcutxNdmqed81wdCcpn7egdz", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "cutoff": "1:00 p.m. Eastern for U.S. dollar requests", "settlement": "USDC redemptions settle immediately, including non-business days; U.S. dollar wires settle same day", "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "superstate", "name": "Superstate subscription and redemption" } ], "formD": { "filed": true, "cik": "2004367", "entity": "Invesco Short Duration US Government Securities Fund, a separate series of Superstate Asset Trust", "filings": [ { "filedAt": "2026-07-14", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000200436726000008/0002004367-26-000008-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 5923963438, "investors": 114, "firstSale": "2024-02-14" }, { "filedAt": "2026-07-07", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000200436726000007/0002004367-26-000007-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 5923963438, "investors": 114, "firstSale": "2024-02-14" }, { "filedAt": "2026-07-06", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000200436726000005/0002004367-26-000005-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 5923963438, "investors": 114, "firstSale": "2024-02-14" }, { "filedAt": "2026-05-05", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000094562126000632/0000945621-26-000632-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 5923963438, "investors": 114, "firstSale": "2024-02-14" }, { "filedAt": "2025-05-07", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000094562125000419/0000945621-25-000419-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 854554905, "investors": 40, "firstSale": "2024-02-14" }, { "filedAt": "2024-04-30", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000200436724000002/0002004367-24-000002-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 0, "soldUsd": 98963208, "investors": 12, "firstSale": "2024-02-14" }, { "filedAt": "2024-01-02", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2004367/000200436724000001/0002004367-24-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(1)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 0, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "Superstate public fund API: USTB daily NAV, assets, and shares outstanding (fund 1)", "url": "https://api.superstate.co/v1/funds/1/nav-daily", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Superstate docs — current Invesco USTB terms", "url": "https://docs.superstate.com/investors/tokenized-funds/available-funds/invesco-ustb", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate docs — full documentation export", "url": "https://docs.superstate.com/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate docs — fund eligibility, minimum and networks", "url": "https://docs.superstate.com/superstate-funds", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Superstate docs — security and ownership records", "url": "https://docs.superstate.com/introduction-to-superstate/security", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Verified implementation on Ethereum (Blockscout)", "url": "https://eth.blockscout.com/address/0xb3ac55dd09aa70e9bfbb12f45cd38a1f1597588c?tab=contract", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate Docs: Tokenized funds", "url": "https://docs.superstate.com/investors/tokenized-funds", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate Docs: Getting started", "url": "https://docs.superstate.com/investors/getting-started", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate Docs: Security", "url": "https://docs.superstate.com/investors/security", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate Docs: Smart contracts", "url": "https://docs.superstate.com/investors/smart-contracts", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The allowlist contract, proxy admin, implementation, or owner on Ethereum changes, or the Solana freeze or permanent-delegate authority changes", "A NAV error, a forced burn, or a missed same-day or immediate redemption", "The Plume contract is read once Plume is graded", "Superstate changes the qualified-purchaser requirement or the $100,000 minimum, or says which of its records governs ownership" ] }, { "id": "vaneck-vbill", "url": "https://ketjuresearch.com/register/files/vaneck-vbill/", "displayName": "VanEck Treasury Fund (VBILL)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "issuer-direct", "registrationPath": "reg-d-506c", "instrumentKind": "treasury-fund", "issuer": "VanEck Treasury Fund, Ltd. (British Virgin Islands); Van Eck Absolute Return Advisers as manager; State Street as custodian; Securitize Fund Services as administrator", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 1000000, "kyc": "broker-dealer", "entityTypes": [ "individual", "entity" ], "notes": "$1,000,000 on the Ethereum share class; $100,000 on the Solana, Avalanche, and BNB Chain share classes. The fund’s May 2026 Form D/A states $100,000 as the minimum accepted from any outside investor, the lowest class figure; the file keeps the Ethereum class minimum, the strictest." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Securitize (transfer agent and fund administrator)", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "VBILL", "underlying": { "name": "Share of a British Virgin Islands private fund holding short-term U.S. Treasuries and repurchase agreements" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x2255718832bc9fd3be1caf75084f4803da14ff01" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "34mJztT9am2jybSukvjNqRjgJBZqHJsHnivArx1P4xy1" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Qualified purchasers only, under the private placement memorandum.", "quote": "The Fund is available to Qualified Purchasers Only. Please carefully read the Private Placement Memorandum before investing.", "source": "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "locator": "General Disclosures" }, { "question": "minimum", "answer": "$100,000 on Avalanche, BNB Chain, and Solana; $1,000,000 on Ethereum.", "quote": "Minimum subscriptions start at $100,000 for investments on Avalanche, BNB Chain, and Solana, and $1,000,000 on Ethereum.", "source": "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "locator": "Release body, paragraph on share classes" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "https://cdn.builder.io/api/v3/content/page/83c84919f8c141b4867a854f3cb69d05?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://securitize.io/primary-market/vaneck-vbill" ] }, { "question": "transfer", "answer": "Trading may be limited by transfer rules, platform access, and investor eligibility.", "quote": "Note: Secondary market trading is not guaranteed and may be limited by regulatory transfer restrictions, platform availability, or investor eligibility requirements.", "source": "https://cdn.builder.io/api/v3/content/page/83c84919f8c141b4867a854f3cb69d05?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Live Marketplaces note" }, { "question": "redemption", "answer": "Daily redemption through the fund; third-party USDC swaps may also give liquidity.", "quote": "(4) Liquidity via a smart contract swap is potentially available through 3rd party providers. Redemptions directly through the fund are available on a daily basis. Liquidity and redemptions may be subject to delays due to market conditions or blockchain settlement mechanics.", "source": "https://cdn.builder.io/api/v3/content/page/83c84919f8c141b4867a854f3cb69d05?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Profile footnote (4)" }, { "question": "record", "answer": "Shares are issued and recorded on blockchains.", "quote": "Shares of VBILL are issued and recorded on blockchain networks, offering investors greater transparency and faster settlement times compared to traditional fund structures.", "source": "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "locator": "Release body" }, { "question": "freeze", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "https://cdn.builder.io/api/v3/content/page/83c84919f8c141b4867a854f3cb69d05?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x2255718832bc9fd3be1caf75084f4803da14ff01", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0x62c8b3df494eaf002721b7ae6a58f87e6c8250f3", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "34mJztT9am2jybSukvjNqRjgJBZqHJsHnivArx1P4xy1", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "BJXUcHs7R8m9oxzQkFxphZUXMY8SPsK8uPi5Sx7ycgiK", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "BJXUcHs7R8m9oxzQkFxphZUXMY8SPsK8uPi5Sx7ycgiK", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "BJXUcHs7R8m9oxzQkFxphZUXMY8SPsK8uPi5Sx7ycgiK", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "BJXUcHs7R8m9oxzQkFxphZUXMY8SPsK8uPi5Sx7ycgiK", "kind": "program-account" }, { "role": "hook program upgrade authority", "powers": [ "upgrade" ], "address": "8d36iv2YUD8yDChuVZchx1NqE4qkDWCAEgsUEEUqzbB6", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "cutoff": "2:00 p.m. Eastern", "settlement": "Daily redemption through the fund; tokens cannot be transferred or redeemed until 72 hours after issuance; USDC swaps through third-party contracts where available", "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "2068562", "entity": "VanEck Treasury Fund, Ltd.", "filings": [ { "filedAt": "2026-05-29", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2068562/000206856226000001/0002068562-26-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 167635143, "investors": 15, "firstSale": "2025-06-01" }, { "filedAt": "2025-05-29", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2068562/000206856225000001/0002068562-25-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "SEC EDGAR: VanEck Treasury Fund, Ltd., Form D/A filed May 29, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2068562/000206856226000001/0002068562-26-000001-index.htm", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Securitize and VanEck — VBILL launch release", "url": "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize — VBILL primary-market page", "url": "https://securitize.io/primary-market/vaneck-vbill", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VBILL Solana mint metadata (points at metadata.securitize.io)", "url": "https://metadata.securitize.io/vbill.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xaf88485377cca5e690e7dcb1ba81370f0b575156", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize, VBILL primary-market page content (Builder.io content API behind securitize.io/primary-market/vaneck-vbill)", "url": "https://cdn.builder.io/api/v3/content/page/83c84919f8c141b4867a854f3cb69d05?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Securitize publishes the executed offering memorandum with eligibility definitions, fees, gates, and suspension rights; the file is then re-read against it", "The compliance service, lock manager, proxy target, or issuer role on Ethereum changes, or the Solana mint, freeze, permanent-delegate, or transfer-hook authority changes", "A share class opens below qualified-purchaser status or changes its minimum", "A NAV oracle failure, a missed daily redemption, or a Wormhole bridge incident affecting holders" ] }, { "id": "midas-mtbill", "url": "https://ketjuresearch.com/register/files/midas-mtbill/", "displayName": "Midas mTBILL", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "note", "issuer": "Midas Software GmbH (Liechtenstein FMA-approved prospectus); secured note tracking short U.S. Treasury bills", "eligibility": { "floor": "non-us-only", "minimumUsd": 1, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The base prospectus bars citizens and residents of the United States, Canada, China, Australia, and Iran. Transfers between wallets are not gated on chain; issuance and redemption with the issuer are." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Midas (the token contract is the noteholder register; no transfer agent)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "MTBILL", "underlying": { "name": "Secured note tracking a portfolio of sub-three-month U.S. Treasury bills held through BlackRock’s BUIDL and Treasury funds, verified daily by a third party" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xdd629e5241cbc5919847783e6c96b2de4754e438" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xdd629e5241cbc5919847783e6c96b2de4754e438" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "No citizens or residents of the US, Canada, China, Australia, or Iran, and no entities formed under their laws.", "quote": "the investor is neither a citizen of nor does possess a permanent residence or working permit for the United States of America (USA), Canada, China, Australia or Iran and has no residence or registered office within the territory of one of these states;", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "locator": "General Terms and Conditions, 2.2 a)" }, { "question": "minimum", "answer": "USD 1.00.", "quote": "Minimum Investment Amount USD 1.00", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Final-Terms-Document-dated-7-October-2024.pdf", "locator": "Part A, Contractual Terms table" }, { "question": "account-types", "answer": "People, companies, and partnerships with legal personality, if they pass the eligibility tests.", "quote": "Eligible to purchase and/or redeem Tokens are all natural and legal persons as well as partnerships with a legal personality if they fulfil the following requirements:", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "locator": "General Terms and Conditions, 2.2" }, { "question": "transfer", "answer": "Holders may sell tokens person to person, over the counter.", "quote": "Subject to contrary provisions in the Final Terms, Blockchain-based Certificates are transferable and may be traded by Tokenholders in markets they chose via OTC-Contracts, i.e. on a bilateral basis.", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "locator": "Program description, B.1 Trading through OTC Contracts" }, { "question": "redemption", "answer": "A KYC-cleared holder is paid within ten business days of a redemption request.", "quote": "If the Tokenholder is Greenlisted, the Issuer shall transfer the relevant Redemption Amount to the Tokenholder’s wallet or account within ten Business Days after notice of the exercise of the Issuer Call Option by the Issuer or notice of receipt of the Tokenholder Order Request Form by the Issuer.", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "locator": "General Terms and Conditions, 5.3" }, { "question": "record", "answer": "No register named; the issuer counts as holders only KYC-cleared wallets that hold tokens.", "quote": "The Issuer will recognize and acknowledge as Tokenholders only those persons who both hold Tokens, and who have successfully completed the KYC/AML Requirements.", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "locator": "General Terms and Conditions, 4.1" }, { "question": "freeze", "answer": "Midas may move or delete tokens against the holder’s will to obey the law or a court order.", "quote": "In order to comply with legal obligations and official or court orders, Tokens may also be transferred or deleted without or against the will of the Tokenholders.", "source": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "locator": "General Terms and Conditions, 4.3" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xdd629e5241cbc5919847783e6c96b2de4754e438", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbf25b58cb8dfad688f7bcb2b87d71c23a6600aac", "kind": "contract", "controller": { "address": "0xe3eee3e0d2398799c884a47fc40c029c8e241852", "kind": "timelock", "delaySeconds": 172800, "via": "owner()" } }, { "role": "M_TBILL_MINT_OPERATOR_ROLE", "powers": [ "mint" ], "address": "0x99361435420711723af805f08187c9e6bf796683", "kind": "contract" }, { "role": "M_TBILL_BURN_OPERATOR_ROLE", "powers": [ "clawback" ], "address": "0xf6e51d24f4793ac5e71e0502213a9bbe3a6d4517", "kind": "contract" }, { "role": "M_TBILL_BURN_OPERATOR_ROLE", "powers": [ "clawback" ], "address": "0x569d7dccbf6923350521ecbc28a555a500c4f0ec", "kind": "contract" }, { "role": "GREENLISTED_ROLE", "powers": [ "allowlist" ], "address": "0x7388e98bacfff1b3618d7d5bebede483c9526fed", "kind": "multisig", "threshold": 2, "signers": 5 }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0x0b10ff561f0a5234ef30968c32000350ef06cdf5", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0x0b10ff561f0a5234ef30968c32000350ef06cdf5", "kind": "single-key" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xdd629e5241cbc5919847783e6c96b2de4754e438", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbf25b58cb8dfad688f7bcb2b87d71c23a6600aac", "kind": "contract", "controller": { "address": "0x9230f9cbaca32bad2b19cab331d3e6509b8eb0cb", "kind": "timelock", "delaySeconds": 172800, "via": "owner()" } }, { "role": "M_TBILL_MINT_OPERATOR_ROLE", "powers": [ "mint" ], "address": "0x8978e327fe7c72fa4eaf4649c23147e279ae1470", "kind": "contract" }, { "role": "M_TBILL_BURN_OPERATOR_ROLE", "powers": [ "clawback" ], "address": "0x2a8c22e3b10036f3aef5875d04f8441d4188b656", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xd4195cf4df289a4748c1a7b6ddbe770e27ba1227", "kind": "single-key" }, { "role": "REDEMPTION_VAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x2acb4bdcbef02f81bf713b696ac26390d7f79a12", "kind": "single-key" }, { "role": "DEPOSIT_VAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x2acb4bdcbef02f81bf713b696ac26390d7f79a12", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0xb755ff07fd80b38265ae35639568cfcdc874f21d", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0xb755ff07fd80b38265ae35639568cfcdc874f21d", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0x2facac0cda0225d7acca792821164b398c26bbd2", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0x2facac0cda0225d7acca792821164b398c26bbd2", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0xc91d58535e74ae24d32465372bb2ef1c92bb990d", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0xc91d58535e74ae24d32465372bb2ef1c92bb990d", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0xa4bc9e80ab95f51475ecea4fec9a70ad2cc3fff9", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0xa4bc9e80ab95f51475ecea4fec9a70ad2cc3fff9", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xb60842e9dabcd1c52e354ac30e82a97661cb7e89", "kind": "multisig", "threshold": 1, "signers": 3 }, { "role": "M_TBILL_PAUSE_OPERATOR_ROLE", "powers": [ "pause" ], "address": "0x7ef55ff58dc56ef387bb73a3b63abe9fc47359dd", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0x37144c5762f39024aa4d6fea92f82685d93ae708", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0x37144c5762f39024aa4d6fea92f82685d93ae708", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0xb4091576e823ae392b193ff9bf4d3e4ade92e772", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0xb4091576e823ae392b193ff9bf4d3e4ade92e772", "kind": "single-key" }, { "role": "BLACKLIST_OPERATOR_ROLE", "powers": [ "freeze" ], "address": "0xa13f82f679e24ad08e014f8af6ece32023b14f07", "kind": "single-key" }, { "role": "GREENLIST_OPERATOR_ROLE", "powers": [ "allowlist" ], "address": "0xa13f82f679e24ad08e014f8af6ece32023b14f07", "kind": "single-key" }, { "role": "M_TBILL_MINT_OPERATOR_ROLE", "powers": [ "mint" ], "address": "0x7ef55ff58dc56ef387bb73a3b63abe9fc47359dd", "kind": "single-key" }, { "role": "M_TBILL_BURN_OPERATOR_ROLE", "powers": [ "clawback" ], "address": "0x7ef55ff58dc56ef387bb73a3b63abe9fc47359dd", "kind": "single-key" }, { "role": "BLACKLISTED_ROLE", "powers": [ "freeze" ], "address": "0x3e2e66af967075120fa8be27c659d0803dff4436", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Instant redemption vault for eligible holders within its liquidity; standard redemption processed by the issuer at the published NAV", "settlesIn": [ "USD", "USDC", "USDT", "EUR" ] } ], "venues": [ { "kind": "issuer-primary", "id": "midas", "name": "Midas issuance and redemption" } ], "sources": [ { "name": "Midas — mTBILL product page and U.S. disclaimer", "url": "https://midas.app/mtbill", "kind": "primary", "accessed": "2026-08-14" }, { "name": "Midas docs — prospectus and final terms", "url": "https://docs.midas.app/resources/legal-documents/prospectus-documents", "kind": "primary", "accessed": "2026-08-14" }, { "name": "Midas docs — mTBILL", "url": "https://docs.midas.app/tokens/mtbill", "kind": "primary", "accessed": "2026-08-14" }, { "name": "Midas docs — issuance and redemption", "url": "https://docs.midas.app/how-does-it-work/issuance-and-redemption", "kind": "primary", "accessed": "2026-08-14" }, { "name": "Midas docs — deployed contracts", "url": "https://docs.midas.app/protocol-mechanics/smart-contracts", "kind": "primary", "accessed": "2026-08-14" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xd4998cc1ba435298c521f250b81856b1f25c8455", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Midas Software GmbH, Base Prospectus dated 17 July 2024 (FMA Liechtenstein approved; MFSA filing copy)", "url": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Base-Prospectus-Document-dated-17-July-2024.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Midas Software GmbH, Final Terms for mTBILL Tokens dated 7 October 2024 (MFSA filing copy)", "url": "https://www.mfsa.mt/wp-content/uploads/2024/11/Midas-Software-GmbH-Final-Terms-Document-dated-7-October-2024.pdf", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Midas offers mTBILL to U.S. persons or changes the USD 1.00 minimum", "The proxy admin or implementation on Ethereum or Base changes, or a transfer allowlist is added", "A blacklist, pause, or burn is used against a holder, or the instant-redemption vault is drained", "Any collateral, custodian, or oracle change that is not disclosed for mTBILL specifically", "Midas publishes final terms under its July 2025 prospectus; the file is then re-read against them" ] }, { "id": "anemoy-jtrsy", "url": "https://ketjuresearch.com/register/files/anemoy-jtrsy/", "displayName": "Janus Henderson Anemoy Treasury Fund (JTRSY)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "treasury-fund", "issuer": "Anemoy Capital SPC Limited (BVI professional fund); Janus Henderson Investors as sub-investment manager; J.P. Morgan as custodian", "eligibility": { "floor": "non-us-only", "minimumUsd": 500000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The fact sheet states the minimum as 500,000 USDC." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Anemoy Capital SPC Limited (share register kept on Centrifuge)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "JTRSY", "underlying": { "name": "Share of a British Virgin Islands professional fund holding short U.S. Treasuries" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x8c213ee79581ff4984583c6a801e5263418c4b86" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Non-US professional investors.", "quote": "Open ended BVI licensed fund for non-US Professional Investors", "source": "https://ipfs.centrifuge.io/ipfs/bafybeicdzle2bgqekmvnfqcxjhimnzlfrg7mkfvngxtmfvjzldmtoubneq", "locator": "Overview" }, { "question": "minimum", "answer": "500,000 USDC.", "quote": "Min. investment 500,000 USDC", "source": "https://ipfs.centrifuge.io/ipfs/bafybeicdzle2bgqekmvnfqcxjhimnzlfrg7mkfvngxtmfvjzldmtoubneq", "locator": "Key Facts table" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://ipfs.centrifuge.io/ipfs/bafybeicdzle2bgqekmvnfqcxjhimnzlfrg7mkfvngxtmfvjzldmtoubneq", "https://www.anemoy.io/funds/jtrsy", "https://gov.centrifuge.io/raw/5651", "https://ipfs.centrifuge.io/ipfs/QmZDmnQmcbC7wjMqr3pxusK1Dv67aHBjTDQTj8a7Hwb6eR" ] }, { "question": "transfer", "answer": "Only KYC-cleared, Centrifuge-onboarded, non-US investors may buy, sell, and hold shares (2023 launch proposal).", "quote": "AML/KYC-verified, Centrifuge-onboarded, non-US investors can purchase, sell, and hold Fund shares at any time on the layer-1 or layer-2 (“L1” and “L2,” respectively) of their choice as long as this L1 or L2 is supported by Centrifuge liquidity pools.", "source": "https://gov.centrifuge.io/raw/5651", "locator": "Pool overview, 2023-10-26" }, { "question": "redemption", "answer": "Daily redemptions; the fund holds T-bills of six months or less.", "quote": "The fund balances monthly, offers daily redemptions, holds US T-Bills with a max maturity of 6-months, and focuses on maximizing interest rates and minimizing price and duration risks.", "source": "https://www.anemoy.io/funds/jtrsy", "locator": "Features, Daily Liquidity" }, { "question": "record", "answer": "The token is the share; under BVI law it is prima facie proof of ownership, like a share certificate.", "quote": "The token represents an ownership share in the Fund. It is prima facie evidence of ownership under BVI law in the same way as a share certificate would be.", "source": "https://www.anemoy.io/funds/jtrsy", "locator": "Features, Direct Ownership" }, { "question": "freeze", "answer": "The Centrifuge platform, not Anemoy, states that frozen addresses cannot send or receive tokens.", "quote": "Account freezing - frozen addresses cannot send or receive tokens", "source": "https://docs.centrifuge.io/llms-full.txt", "locator": "Token compliance, Architecture" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x8c213ee79581ff4984583c6a801e5263418c4b86", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Daily redemption through Centrifuge at the published NAV, in USDC or other stablecoins", "settlesIn": [ "USDC", "other stablecoins" ] } ], "venues": [ { "kind": "issuer-primary", "id": "centrifuge", "name": "Centrifuge (Anemoy pool)" } ], "sources": [ { "name": "BVI Financial Services Commission — Anemoy Capital SPC Limited", "url": "https://www.bvifsc.vg/regulated-entities/anemoy-capital-spc-limited", "kind": "primary", "accessed": "2026-08-17" }, { "name": "Anemoy — JTRSY fund page", "url": "https://www.anemoy.io/funds/jtrsy", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Janus Henderson — partnership with Anemoy and Centrifuge", "url": "https://www.janushenderson.com/corporate/press-releases/janus-henderson-to-partner-with-anemoy-and-centrifuge-on-its-first-tokenized-fund/", "kind": "primary", "accessed": "2026-08-17" }, { "name": "Centrifuge governance forum — Anemoy Liquid Treasury Fund pool onboarding proposal", "url": "https://gov.centrifuge.io/t/pop-anemoy-liquid-treasury-fund-1/5651", "kind": "primary", "accessed": "2026-08-17" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x8c213ee79581ff4984583c6a801e5263418c4b86", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anemoy Capital SPC Limited, JTRSY fact sheet, June 2026 (executive summary linked from pool metadata)", "url": "https://ipfs.centrifuge.io/ipfs/bafybeicdzle2bgqekmvnfqcxjhimnzlfrg7mkfvngxtmfvjzldmtoubneq", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anemoy (Martin Quensel), \"POP: Anemoy Liquid Treasury Fund 1\", Centrifuge governance forum, 2023-10-26 (raw post)", "url": "https://gov.centrifuge.io/raw/5651", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge Docs, Token compliance (full-text export of docs.centrifuge.io); Centrifuge is the tokenization platform, not the fund issuer", "url": "https://docs.centrifuge.io/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ipfs.centrifuge.io", "url": "https://ipfs.centrifuge.io/ipfs/QmZDmnQmcbC7wjMqr3pxusK1Dv67aHBjTDQTj8a7Hwb6eR", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Anemoy publishes a minimum subscription or opens a share class to U.S. persons", "The FullRestrictions hook is replaced through file(), a freeze is used against a holder, or a pause power is added to the token", "A NAV impairment, a missed redemption, or a custodian or exchange-agent failure", "Centrifuge publishes JTRSY on Base, Arbitrum, Avalanche, Plume, BNB Chain, Solana, Monad, and Pharos; this file reads Ethereum until those contracts are added", "The share register moves off Centrifuge, or the minimum or custodian changes" ] }, { "id": "securitize-stac", "url": "https://ketjuresearch.com/register/files/securitize-stac/", "displayName": "Securitize Tokenized AAA CLO Fund (STAC)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "issuer-direct", "registrationPath": "reg-d-506c", "instrumentKind": "credit-fund", "issuer": "Securitize Tokenized AAA CLO Fund (British Virgin Islands); BNY Investments as portfolio selector; BNY as custodian and NAV administrator", "eligibility": { "floor": "us-accredited", "minimumUsd": 100000, "kyc": "broker-dealer", "entityTypes": [ "individual", "entity" ], "notes": "The current pages say “highly sophisticated investors” who pass “investor qualification and accreditation” checks. The file reads that as accredited investors at least, the stricter reading of a private placement. Securitize’s page shows a $100,000 minimum; the fund’s November 2025 Form D states $0 and claims section 3(c)(1), which admits accredited investors. The file keeps the page’s figure, the stricter." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Securitize (transfer agent and fund administrator)", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "STAC", "underlying": { "name": "Share of a British Virgin Islands private fund holding U.S. dollar AAA-rated CLO tranches" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x51c2d74017390cbbd30550179a16a1c28f7210fc" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Eligible investors who pass Securitize KYC, AML, and investor qualification and accreditation checks.", "quote": "Eligible investors can subscribe to the Securitize Tokenized AAA CLO Fund directly through Securitize, with shares issued as digital tokens on Ethereum. These tokenized shares will offer fractional ownership and transparent recordkeeping through Securitize’s integrated Know Your Customer (KYC), Anti-Money Laundering (AML), and investor qualification and accreditation infrastructure.", "source": "https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/securitize-launches-tokenized-aaa-clo-fund-with-services-provided-by-bny-bringing-institutional-structured-credit-on-chain.html", "locator": "Release body" }, { "question": "minimum", "answer": "$100,000, shown as a figure in the Minimum Investment tile, not a sentence.", "quote": "$100,000", "source": "https://cdn.builder.io/api/v3/content/page/43c7e33cc32c4304b6a6a2bc71eb7de3?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Key facts tile, Minimum Investment" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/43c7e33cc32c4304b6a6a2bc71eb7de3?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/securitize-launches-tokenized-aaa-clo-fund-with-services-provided-by-bny-bringing-institutional-structured-credit-on-chain.html", "https://www.prnewswire.com/news-releases/securitize-expands-stac-tokenized-aaa-clo-fund-to-solana-302798777.html" ] }, { "question": "transfer", "answer": "Only to other whitelisted holders, starting one day after issue.", "quote": "(6) Tokens can be transferred to other whitelisted holders one day after issuance.", "source": "https://cdn.builder.io/api/v3/content/page/43c7e33cc32c4304b6a6a2bc71eb7de3?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Profile footnote (6)" }, { "question": "redemption", "answer": "Redemptions depend on selling CLOs, expected T+2 or T+3 but not guaranteed.", "quote": "(4) CLOs may take several days to liquidate the Fund’s position, either in whole or in part, which may be necessary for the Fund to be able to provide redemption funds to a redeeming Shareholder. It is expected that CLO liquidations will generally be facilitated on a T+2 or T+3 timing, however, there can be no guarantee of such timing.", "source": "https://cdn.builder.io/api/v3/content/page/43c7e33cc32c4304b6a6a2bc71eb7de3?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Profile footnote (4)" }, { "question": "record", "answer": "Securitize keeps the records and onchain ownership through its transfer agent.", "quote": "Securitize provides integrated KYC, AML and investor accreditation, along with transparent recordkeeping and onchain ownership through its transfer agent infrastructure.", "source": "https://www.prnewswire.com/news-releases/securitize-expands-stac-tokenized-aaa-clo-fund-to-solana-302798777.html", "locator": "Release body" }, { "question": "freeze", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/43c7e33cc32c4304b6a6a2bc71eb7de3?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/securitize-launches-tokenized-aaa-clo-fund-with-services-provided-by-bny-bringing-institutional-structured-credit-on-chain.html", "https://www.prnewswire.com/news-releases/securitize-expands-stac-tokenized-aaa-clo-fund-to-solana-302798777.html" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x51c2d74017390cbbd30550179a16a1c28f7210fc", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0x3ee611d581d2c6a81459fff8c6c8d197b0ad1a3e", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "cutoff": "2:30 p.m. Eastern for subscriptions", "settlement": "Daily redemption requests; CLO sales to fund them are expected on T+2 or T+3 with no guarantee; on-demand liquidity pool at general-partner discretion; one-day hold after issuance", "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "2095325", "entity": "Securitize AAA CLO Tokenized Fund, Ltd.", "filings": [ { "filedAt": "2025-11-05", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2095325/000209532525000001/0002095325-25-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(1)" ], "minimumUsd": 0, "soldUsd": 5000000, "investors": 1, "firstSale": "2025-10-29" } ] }, "sources": [ { "name": "SEC EDGAR: Securitize AAA CLO Tokenized Fund, Ltd., Form D filed November 5, 2025", "url": "https://www.sec.gov/Archives/edgar/data/2095325/000209532525000001/0002095325-25-000001-index.htm", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Securitize — STAC primary-market page", "url": "https://securitize.io/primary-market/Securitize-BNY-CLO-Fund", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize STAC launch with BNY, 2025-10-29", "url": "https://investors.securitize.io/news/news-details/2025/Securitize-Launches-Tokenized-AAA-CLO-Fund-with-Services-Provided-by-BNY-Bringing-Institutional-Structured-Credit-Onchain-10-29-2025/default.aspx", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Securitize STAC Solana expansion and fund risk disclosure, 2026-06-12", "url": "https://investors.securitize.io/news/news-details/2026/Securitize-Expands-STAC-Tokenized-AAA-CLO-Fund-to-Solana/default.aspx", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x77684815f44b28726bc3efa4471b88ef3b93feb0", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize and BNY, \"Securitize Launches Tokenized AAA CLO Fund with Services Provided by BNY\" (BNY newsroom, 2025-10-29)", "url": "https://www.bny.com/corporate/global/en/about-us/newsroom/company-news/securitize-launches-tokenized-aaa-clo-fund-with-services-provided-by-bny-bringing-institutional-structured-credit-on-chain.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize, STAC primary-market page content (Builder.io content API behind securitize.io/primary-market/Securitize-BNY-CLO-Fund)", "url": "https://cdn.builder.io/api/v3/content/page/43c7e33cc32c4304b6a6a2bc71eb7de3?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize, \"Securitize Expands STAC, Tokenized AAA CLO Fund, to Solana\" (PR Newswire, 2026-06-12)", "url": "https://www.prnewswire.com/news-releases/securitize-expands-stac-tokenized-aaa-clo-fund-to-solana-302798777.html", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Securitize publishes the offering memorandum with the eligible-investor class, gates, valuation policy, and complete fees; the file is then re-read against it", "The compliance service, lock manager, proxy implementation, or issuer role on Ethereum changes", "Securitize publishes the Solana mint identity; that chain is then read and added", "A redemption gate, a suspension, or settlement beyond the stated window" ] }, { "id": "centrifuge-jaaa", "url": "https://ketjuresearch.com/register/files/centrifuge-jaaa/", "displayName": "Janus Henderson Anemoy AAA CLO Fund (JAAA)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "credit-fund", "issuer": "Anemoy Capital SPC Limited (BVI professional fund); Janus Henderson as sub-investment manager", "eligibility": { "floor": "non-us-only", "minimumUsd": 500000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The fact sheet states the minimum as 500,000 USDC." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Anemoy Capital SPC Limited (share register kept on Centrifuge)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "JAAA", "underlying": { "name": "Share of a British Virgin Islands open-ended professional fund holding AAA-rated CLO tranches" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x5a0f93d040de44e78f251b03c43be9cf317dcf64" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Non-US professional investors.", "quote": "Open ended BVI licensed fund for non-US Professional Investors", "source": "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "locator": "Overview" }, { "question": "minimum", "answer": "500,000 USDC.", "quote": "Min. investment 500,000 USDC", "source": "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "locator": "Key Facts table" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "https://www.anemoy.io/funds/jaaa", "https://ipfs.centrifuge.io/ipfs/QmaPbC3Pw3Rbnr3nXv1TUfgdtANUpdZRVVzAeTx72wWR8U", "https://ipfs.centrifuge.io/ipfs/bafkreidvgqw6rue7ylclhsa3qj6hxbto3aex3a4u5ec7suasooputjr6tq" ] }, { "question": "transfer", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "https://www.anemoy.io/funds/jaaa", "https://ipfs.centrifuge.io/ipfs/QmaPbC3Pw3Rbnr3nXv1TUfgdtANUpdZRVVzAeTx72wWR8U" ] }, { "question": "redemption", "answer": "Subscribe and redeem in USDC and other stablecoins.", "quote": "Subscription & redemption in USDC and other stablecoins", "source": "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "locator": "Overview" }, { "question": "record", "answer": "The fund issues its shares as the JAAA token.", "quote": "The fund issues its shares as the JAAA token to investors.", "source": "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "locator": "Fund description" }, { "question": "freeze", "answer": "The Centrifuge platform, not Anemoy, states that frozen addresses cannot send or receive tokens.", "quote": "Account freezing - frozen addresses cannot send or receive tokens", "source": "https://docs.centrifuge.io/llms-full.txt", "locator": "Token compliance, Architecture" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x5a0f93d040de44e78f251b03c43be9cf317dcf64", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Daily subscriptions and redemptions in stablecoins through Centrifuge at the published NAV", "settlesIn": [ "USDC", "other stablecoins" ] } ], "venues": [ { "kind": "issuer-primary", "id": "centrifuge", "name": "Centrifuge (Anemoy pool)" } ], "sources": [ { "name": "Anemoy — JAAA fund page", "url": "https://www.anemoy.io/funds/jaaa", "kind": "primary", "accessed": "2026-09-23" }, { "name": "JAAA April 2026 factsheet", "url": "https://ipfs.centrifuge.io/ipfs/QmaPbC3Pw3Rbnr3nXv1TUfgdtANUpdZRVVzAeTx72wWR8U", "kind": "primary", "accessed": "2026-07-31" }, { "name": "Centrifuge JAAA fund page", "url": "https://app.centrifuge.io/pool/281474976710663", "kind": "primary", "accessed": "2026-07-31" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x5a0f93d040de44e78f251b03c43be9cf317dcf64", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anemoy Capital SPC Limited, JAAA fact sheet, June 2026 (executive summary linked from pool metadata)", "url": "https://ipfs.centrifuge.io/ipfs/bafybeid4o4lmkh3hg6cxuzomjkkbyepl2sylmy3o2ojxcmoidhvkofo3le", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge Docs, Token compliance (full-text export of docs.centrifuge.io); Centrifuge is the tokenization platform, not the fund issuer", "url": "https://docs.centrifuge.io/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ipfs.centrifuge.io", "url": "https://ipfs.centrifuge.io/ipfs/bafkreidvgqw6rue7ylclhsa3qj6hxbto3aex3a4u5ec7suasooputjr6tq", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Anemoy publishes a minimum subscription or opens a share class to U.S. persons", "The FullRestrictions hook is replaced through file(), a freeze is used against a holder, or a pause power is added to the token", "A NAV-per-share move above 2% without explanation, a redemption gate, or a portfolio security below AAA", "Centrifuge publishes JAAA on Base, Avalanche, BNB Chain, Arbitrum, Solana, Monad, and Pharos; this file reads Ethereum until those contracts are added" ] }, { "id": "dtc-tokenized-securities", "url": "https://ketjuresearch.com/register/files/dtc-tokenized-securities/", "displayName": "DTC Tokenization Service: tokenized security entitlements to DTC-held stocks, ETFs, and Treasuries", "reviewed": "2026-09-23", "nextReview": "2026-12-23", "claimModel": "dtc-tokenized", "registrationPath": "nms-stock-dtc", "instrumentKind": "mixed", "issuer": "The Depository Trust Company (token issuer and securities intermediary; each underlying security keeps its own issuer)", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "broker-dealer", "notes": "DTC’s terms admit only DTC Participants as wallet holders and entitlement holders; a Participant may open wallets for customers and give them keys, but DTC recognizes only the Participant. DTC sets no investor floor or minimum; any retail floor is the Participant’s. No Participant has published retail terms as of 2026-09-22. Participants with DTC tax-withholding or TIC reporting obligations (about 11% in Oct. 2025) are excluded for now. Eligible securities: Russell 1000 stocks, major-index ETFs, U.S. Treasury bills, notes, and bonds; SPY and QQQ listed here because DTCC names them in the July 15, 2026 production trades." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "The Depository Trust Company (securities intermediary; SEC-registered clearing agency). Issuer transfer agents record Cede & Co. as holder.", "secRegistered": true, "officialRecord": "custodian" }, "instruments": [ { "symbol": "SPY", "underlying": { "name": "SPDR S&P 500 ETF Trust", "ticker": "SPY" }, "contracts": [] }, { "symbol": "QQQ", "underlying": { "name": "Invesco QQQ Trust", "ticker": "QQQ" }, "contracts": [] } ], "terms": [ { "question": "who-may-hold", "answer": "Only DTC Participants register wallets. A Participant may open one for a customer and hand over keys, but DTC recognizes only the Participant as holder.", "quote": "While a Participant may register a wallet for the benefit of its customer and even provide that customer with the keys to the wallet", "source": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "locator": "DTC request, Section II.e 'Only Participants May Register Wallets', p. 12" }, { "question": "transfer", "answer": "Tokens move only between wallets DTC has registered to Participants and screened against OFAC lists. Unknown wallets cannot receive them.", "quote": "The tokens would only be transferable to Registered Wallets.", "source": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "locator": "Staff response, bullet 'Limited to Participants/Registered Wallets', p. 6" }, { "question": "redemption", "answer": "The Participant tells DTC to de-tokenize. DTC burns the token and credits the shares back to the Participant’s ordinary DTC account.", "quote": "Upon acceptance of such instruction, DTC would burn the Token in the DTC Participant’s Registered Wallet, debit such securities from the Digital Omnibus Account, and credit those securities to the Participant’s Account.", "source": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "locator": "Staff response, facts bullets, p. 3" }, { "question": "record", "answer": "DTC’s official record of tokenized positions is LedgerScan, an off-chain DTCC system that reads the chain. The chain is not the record.", "quote": "For recording Tokenized Entitlements, LedgerScan’s record would constitute DTC’s official books and records.", "source": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "locator": "DTC request, Section II.a 'Operational Flow', p. 7" }, { "question": "freeze", "answer": "DTC holds a root wallet on every chain that can convert, transfer, mint, or burn any token without the holder’s key.", "quote": "DTC would have a “root wallet” on each blockchain with keys that it can use to convert, transfer, mint, or burn any of the Tokens, even without the private key for the Registered Wallet.", "source": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "locator": "DTC request, Section II.e 'Override Keys', p. 12" }, { "question": "claim", "answer": "The Participant keeps a security entitlement against DTC under UCC Article 8. The token records that entitlement; it is not a separate security.", "quote": "The Participant would (until it transfers the Tokens) remain the entitlement holder with a security entitlement to the Subject Securities subject to the full suite of Article 8’s provisions and protections.", "source": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "locator": "DTC request, Section II.a, p. 7" }, { "question": "minimum", "answer": "DTC sets no minimum; any minimum is the Participant broker’s, and none has published terms.", "notStated": true, "checked": [ "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "https://web.archive.org/web/20260903050358/https://www.dtcc.com/-/media/Files/Downloads/digital-assets/dtc-tokenization-service-faq.pdf", "https://www.dtcc.com/products-and-services/digital-assets/tokenization", "https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality" ] } ], "controls": [], "redemption": [ { "via": "dtc-t1", "settlement": "Participant instructs DTC to de-tokenize; DTC burns the token and credits shares to the Participant’s DTC account. Cash exit is an ordinary sale, which settles T+1. No stated time for the de-tokenization step.", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "exchange", "id": "nasdaq", "name": "Nasdaq Stock Market (SR-NASDAQ-2025-072, approved 2026-03-18; effective after DTC post-trade service and 30-day notice)" }, { "kind": "exchange", "id": "nyse", "name": "New York Stock Exchange (SR-NYSE-2026-17, immediately effective)" }, { "kind": "exchange", "id": "nyse-arca", "name": "NYSE Arca (SR-NYSEARCA-2026-45, immediately effective)" }, { "kind": "exchange", "id": "nyse-american", "name": "NYSE American (SR-NYSEAMER-2026-36, immediately effective)" }, { "kind": "exchange", "id": "nyse-texas", "name": "NYSE Texas (SR-NYSETEX-2026-13, immediately effective)" }, { "kind": "exchange", "id": "nyse-national", "name": "NYSE National (SR-NYSENAT-2026-09, immediately effective)" }, { "kind": "exchange", "id": "24x", "name": "24X National Exchange (SR-24X-2026-20, immediately effective)" } ], "sources": [ { "name": "SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025)", "url": "https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC, SEC No-Action Letter & DTC Tokenization Service FAQ (rev. 3.3.26; archived copy, live URL now returns 404)", "url": "https://web.archive.org/web/20260903050358/https://www.dtcc.com/-/media/Files/Downloads/digital-assets/dtc-tokenization-service-faq.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC, Tokenization Service product page", "url": "https://www.dtcc.com/products-and-services/digital-assets/tokenization", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC press release, U.S. trades processed using DTC-tokenized assets (July 15, 2026)", "url": "https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC, live production trades page (July 15, 2026)", "url": "https://www.dtcc.com/products-and-services/digital-assets/tokenization/live-production-trades", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC press release, tokenization service timelines and 50+ firm working group (May 4, 2026)", "url": "https://www.dtcc.com/press-releases/2026/dtcc-advances-development-of-new-tokenization-service", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC press release, DTC tokenization service to connect with Stellar (May 27, 2026)", "url": "https://www.dtcc.com/press-releases/2026/tokenization-service-to-connect-with-stellar-public-blockchain-as-dtc-advances-multi-chain-strategy", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC press release, DTCC and Digital Asset to tokenize DTC-custodied Treasuries on Canton (Dec. 17, 2025)", "url": "https://www.dtcc.com/press-releases/2025/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-us-treasury-securities", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DTCC, Evaluation Framework for L1 and L2 Blockchain Networks (last updated Aug. 12, 2026)", "url": "https://files.dtcc.com/download/assets/evaluation-framework-l1-l2-blockchain-networks.pdf/8e9c53b2965e11f19a98ca3087bcb34c", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC staff (Corp Fin, IM, Trading and Markets), Statement on Tokenized Securities (Jan. 28, 2026)", "url": "https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC order approving SR-NASDAQ-2025-072, Release 34-105047 (Mar. 18, 2026; 91 FR 13900)", "url": "https://www.federalregister.gov/documents/2026/03/23/2026-05563/self-regulatory-organizations-the-nasdaq-stock-market-llc-order-approving-a-proposed-rule-change-as", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC notice, SR-NYSE-2026-17, Release 34-105260 (Apr. 17, 2026)", "url": "https://www.sec.gov/files/rules/sro/nyse/2026/34-105260.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC notice, SR-NYSEARCA-2026-45, Release 34-105347 (May 1, 2026)", "url": "https://www.sec.gov/files/rules/sro/nysearca/2026/34-105347.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC notice, SR-NYSETEX-2026-13, Release 34-105338 (Apr. 30, 2026)", "url": "https://www.sec.gov/files/rules/sro/nysetex/2026/34-105338.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC notice, SR-NYSENAT-2026-09, Release 34-105456 (May 12, 2026)", "url": "https://www.sec.gov/files/rules/sro/nysenat/2026/34-105456.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC notice, SR-NYSEAMER-2026-36, Release 34-105458 (May 12, 2026)", "url": "https://www.sec.gov/files/rules/sro/nyseamer/2026/34-105458.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC notice, SR-24X-2026-20, Release 34-105697 (June 16, 2026)", "url": "https://www.sec.gov/files/rules/sro/24x/2026/34-105697.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC order, Innovation Exemption for Tokenized Securities Venues, Release 34-106402 (Sept. 17, 2026)", "url": "https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC press release 2026-90, Innovation Exemption (Sept. 17, 2026)", "url": "https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC Division of Trading and Markets, Statement on the Custody of Crypto Asset Securities by Broker-Dealers (Dec. 17, 2025)", "url": "https://www.sec.gov/newsroom/speeches-statements/trading-markets-121725-statement-custody-crypto-asset-securities-broker-dealers", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC proposing release, Transfer Agent Rules, Release 34-106246 (Sept. 1, 2026)", "url": "https://www.sec.gov/files/rules/proposed/2026/34-106246.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Unified Agenda entry, SEC Amendments to the Custody Rules (RIN 3235-AN46)", "url": "https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202510&RIN=3235-AN46", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Commissioner Peirce, statement on the DTC no-action letter (Dec. 11, 2025)", "url": "https://www.sec.gov/newsroom/speeches-statements/peirce-121125-tokenization-trending-statement-division-trading-markets-no-action-letter-related-dtcs-development", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC, DTC self-regulatory organization rulemaking index", "url": "https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/dtc", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "DTCC announces the service is live, or DTC gives SEC staff the launch notice that starts the three-year clock on the no-action relief", "DTC publishes its Technology Standards, approved-chain list, supported token protocols, or fee schedule", "DTCC or a Participant publishes a contract address or asset identifier for any DTC-issued token", "A DTC Participant broker offers tokenized positions to retail or advisory customers and publishes terms on wallet keys, SIPC, freezes, and exit", "DTC discloses any use of its root wallet outside a routine corporate action", "Nasdaq issues the Equity Trader Alert that starts tokenized trading, or any NYSE-group exchange or 24X begins", "A Tokenized Securities Venue lists a DTC-tokenized stock or ETF under the Innovation Exemption, or an issuer objects to one", "SEC staff modify, expand, or withdraw the December 11, 2025 relief, including any grant of collateral value, settlement value, or stablecoin dividends", "DTC opens the service to the Participants excluded for tax and TIC reporting", "Stellar or any other chain goes live for DTC tokens", "The SEC proposes or adopts custody rule amendments (RIN 3235-AN46) or the transfer-agent rules in a form that touches security entitlements held on chain" ] }, { "id": "superstate-opening-bell", "url": "https://ketjuresearch.com/register/files/superstate-opening-bell/", "displayName": "Superstate Opening Bell (tokenized common stock of listed companies)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "equity", "issuer": "Each listed company issues its own registered common stock (Galaxy Digital Inc., Forward Industries, Inc., Exodus Movement, Inc., Sharplink, Inc., Solana Company); Superstate Services LLC (Delaware), an SEC-registered transfer agent, keeps the on-chain records", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Superstate, acting as each company’s transfer agent, runs KYC (name, address, taxpayer ID) and adds wallets to the allowlist. It opens tokenized shares to \"all investors in supported countries\" but publishes a country list only for its funds and no US state list. Asset pages say \"Global\" and exclude jurisdictions under US sanctions. Exodus (EXOD) is also on Opening Bell but has its own file: its Form 10 says the tokens give no ownership interest." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Superstate Services LLC (SEC transfer agent file 084-06972), as each company’s digital transfer agent, keeps the official records of on-chain shares, and the token is the registered share (Galaxy’s 8-K: the tokens “are Galaxy Digital Class A Common Stock”). Each company’s recordkeeping transfer agent keeps the master securityholder file that includes them: Equiniti Trust Company (GLXY, SBET, HSDT) and Equity Stock Transfer (FWDI).", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "GLXY", "underlying": { "name": "Galaxy Digital Inc. Class A Common Stock", "ticker": "GLXY", "cusip": "36317J209" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "2HehXG149TXuVptQhbiWAWDjbbuCsXSAtLTB5wc2aajK" } ] }, { "symbol": "FWDI", "underlying": { "name": "Forward Industries, Inc. Common Stock", "ticker": "FWDI", "cusip": "349862409" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "7GzQgf6DPo6ZANjnbhe9tNCpkGTv3zqHbsDx74jyQf9" } ] }, { "symbol": "SBET", "underlying": { "name": "Sharplink, Inc. (formerly SharpLink Gaming, Inc.) Common Stock", "ticker": "SBET", "cusip": "820014405" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x139c3d0d52c58FD1ea10b44981Aaf21976F7FF51" }, { "chain": "Linea", "chainId": "eip155:59144", "address": "0x139c3d0d52c58FD1ea10b44981Aaf21976F7FF51" } ] }, { "symbol": "HSDT", "underlying": { "name": "Solana Company Class A Common Stock", "ticker": "HSDT", "cusip": "42328V876" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "8UBqBGXM4NF22y5TZs8PhNVwVNqsHw2jBstfcxsSZaQ4" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Any investor in a supported country, US retail included, after Superstate onboarding. No accredited status is needed.", "quote": "Tokenized shares are available to all investors in supported jurisdictions and do not require accredited investor status.", "source": "https://docs.superstate.com/investors/tokenized-equities", "locator": "Onboarding" }, { "question": "minimum", "answer": "No minimum to tokenize shares you own. In a Direct Issuance Program each company sets its own minimum and maximum.", "quote": "Minimum and maximum purchase amounts are specified by the Issuer.", "source": "https://superstate.com/terms", "locator": "Section 14.5, Share Characteristics" }, { "question": "account-types", "answer": "Individuals and entities, each through an Investing Entity Application.", "quote": "This application collects information about you as an individual investor or your entity, to verify your eligibility to access either tokenized equities or funds.", "source": "https://docs.superstate.com/investors/getting-started", "locator": "Applications, item 1" }, { "question": "transfer", "answer": "Only between allowlisted wallets and approved DEX pools; Superstate verifies each wallet owner first.", "quote": "Superstate shall create, update, and maintain an Allowlist, and ensure that the smart contract(s) underlying the Tokenized Shares is/are programmed such that Tokenized Shares may only be transferred to or held by digital wallet addresses of persons or decentralized exchange pools on the Allowlist.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/digitaltransferagencyagree.htm", "locator": "Schedule A, section 3.4 Allowlist" }, { "question": "redemption", "answer": "No cash redemption. Burn tokens to book-entry, then move the shares by DRS to a broker and sell there, or sell on a supported DEX.", "quote": "Unlike funds, burning equity tokens does not trigger a payout. To sell your tokens you must use a supported DEX (if available).", "source": "https://docs.superstate.com/investors/tokenized-equities", "locator": "Burning tokens to book-entry" }, { "question": "record", "answer": "Superstate keeps the official records for tokenized and book-entry shares it holds; those form part of the master file at the company’s main transfer agent.", "quote": "Subsidiary Security holder Records means the official ownership and transfer records maintained by Superstate with respect to Issuer’s On chain Eligible Shares.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/digitaltransferagencyagree.htm", "locator": "Section 1.8 (see 1.10 for the master securityholder file)" }, { "question": "claim", "answer": "The holder owns the company’s common stock itself, with voting and dividend rights. Not a derivative or wrapper.", "quote": "These are not derivatives or representations; they are Galaxy Digital Class A Common Stock, with all the rights that confers.", "source": "https://www.sec.gov/Archives/edgar/data/1859392/000185939225000052/galaxyxsuperstateoblaunchf.htm", "locator": "Third paragraph" }, { "question": "freeze", "answer": "Superstate controls the allowlist and can refuse transfers; at the company’s request on termination it freezes token transfers.", "quote": "Upon termination, Superstate shall deliver to Issuer all Subsidiary Security holder Records and materials related to its services and, as requested by Issuer, (i) freeze the continued ability to transfer Tokenized Shares and coordinate with the RTA to allow holders of Tokenized Shares to redeem them for Certificated Shares or Book-Entry Shares", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/digitaltransferagencyagree.htm", "locator": "Section 7.5, Effect of Termination" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "2HehXG149TXuVptQhbiWAWDjbbuCsXSAtLTB5wc2aajK", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "CgByw6Si35n7UrtHERukoqBQMBqUJmfz2uG3XXnFpndN", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "7GzQgf6DPo6ZANjnbhe9tNCpkGTv3zqHbsDx74jyQf9", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "CWdsNnEuCYzxBjjd9dxvhYuatVHY2cGsMNNJcKsGFSqq", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "8UBqBGXM4NF22y5TZs8PhNVwVNqsHw2jBstfcxsSZaQ4", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "7cowcPXxq3dfEKwg2MHmxkneKSNkzKuma8WZTaaZbwh6", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x139c3d0d52c58FD1ea10b44981Aaf21976F7FF51", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x1dafd7d93ba789add75faabae88376c393450806", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xd9f6455e46869853ae7c970467805f9de117c781", "kind": "contract", "controller": { "address": "0x1dafd7d93ba789add75faabae88376c393450806", "kind": "single-key", "via": "owner()" } }, { "role": "allowlist owner", "powers": [ "allowlist", "admin" ], "address": "0x7747940adbc7191f877a9b90596e0da4f8deb2fe", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "Burn tokens to Superstate book-entry (no payout), then a DRS transfer through the recordkeeping transfer agent to a broker and a sale on the listing exchange. Superstate calls the conversion a multi-step process of several business days; the inbound DRS leg takes 2-3 business days. Superstate charges no fee; the transfer agent, broker and network may.", "settlesIn": [ "shares" ] }, { "via": "secondary-only", "settlement": "Sale to another allowlisted holder or through a DEX Superstate supports. AMM trading was not switched on as of 2026-09-23, and no Tokenized Securities Venue lists these tokens.", "settlesIn": [] } ], "venues": [ { "kind": "dex", "id": "jupiter", "name": "Jupiter (Solana), listed by Superstate for GLXY spot trading; no volume shown" }, { "kind": "exchange", "id": "nasdaq", "name": "Nasdaq, for GLXY, FWDI, SBET and HSDT once moved back to a broker" }, { "kind": "exchange", "id": "nyse-american", "name": "NYSE American, for EXOD once moved back to a broker" } ], "sources": [ { "name": "Superstate docs: Tokenized equities", "url": "https://docs.superstate.com/investors/tokenized-equities", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate docs: Opening Bell for issuers", "url": "https://docs.superstate.com/issuers/opening-bell", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate docs: Getting started", "url": "https://docs.superstate.com/investors/getting-started", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate docs: Smart contracts", "url": "https://docs.superstate.com/investors/smart-contracts", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate: Assets (equities table and deploy data)", "url": "https://superstate.com/assets", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate: GLXY asset page", "url": "https://superstate.com/assets/glxy", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate: FWDI asset page", "url": "https://superstate.com/assets/fwdi", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate Services LLC: Terms of Service (Transfer Agent and Registrar Services Agreement)", "url": "https://superstate.com/terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Superstate Services LLC Form TA-1/A (2026-03-25)", "url": "https://www.sec.gov/Archives/edgar/data/2054806/000205480626000001/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Exodus Movement 10-K Ex. 10.7, Digital Transfer Agency Agreement (2025-08-08)", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/digitaltransferagencyagree.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Galaxy Digital 8-K Ex. 99.1 (2025-09-03)", "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939225000052/galaxyxsuperstateoblaunchf.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Galaxy Digital 10-Q for 2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: SharpLink 8-K Ex. 99.1 (2025-09-25)", "url": "https://www.sec.gov/Archives/edgar/data/1981535/000149315225014866/ex99-1.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Sharplink 10-Q for 2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1981535/000149315226036620/form10-q.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Forward Industries 10-Q for 2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/38264/000168316826006270/forward_i10q-063026.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Exodus Movement 10-Q for 2026-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000162828026055453/exod-20260630.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Solana Company 10-K for 2025", "url": "https://www.sec.gov/Archives/edgar/data/1610853/000110465926037194/hsdt-20251231x10k.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC: Division of Corporation Finance statement on tokenized securities (2026-01-28)", "url": "https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC: Innovation Exemption order for Tokenized Securities Venues (Release 34-106402, 2026-09-17)", "url": "https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Markets Media: Superstate Hopes Tokenized Equities Trading is Unlocked (2026-08-17)", "url": "https://www.marketsmedia.com/superstate-hopes-tokenized-equities-trading-is-unlocked/", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "A Tokenized Securities Venue under the 2026-09-17 Innovation Exemption lists any Opening Bell token, or Galaxy or another issuer says AMM trading is enabled; venues and the redemption paths are then re-read", "Superstate adds or drops an issuer on superstate.com/assets (Upexi announced intent on 2025-06-26 and SOL Strategies signed an MOU on 2025-05-08; neither is listed on 2026-09-23)", "A Direct Issuance Program opens for any listed company; the minimum and primary-venue terms are then added from its prospectus", "The EVM allowlist migrates from v3.1 to v4.2 (Superstate dates it September 2026), the SBET proxy implementation changes, or the Solana freeze authority or permanent delegate 2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x changes", "On-chain supply departs from the tokenized count an issuer reports in a 10-Q or 10-K (FWDI: about 7,290,000 at 2026-06-30 against 7,280,819.1 on chain on 2026-09-23)", "Superstate Services LLC files a TA-W, amends its TA-1 in a way that changes control, or any issuer terminates its Digital Transfer Agency Agreement", "Superstate publishes a country or state list for tokenized equities" ] }, { "id": "ondo-global-markets", "url": "https://ketjuresearch.com/register/files/ondo-global-markets/", "displayName": "Ondo Global Markets (tokenized stocks and ETFs, \"on\" tickers)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "Ondo Global Markets (BVI) Limited (BVI company 2174192; 90.01% Flux Finance Inc., 9.99% Ondo Finance Inc.); Ondo Finance Inc. as tokenizer; Ankura Trust Company as security and verification agent", "eligibility": { "floor": "non-us-only", "minimumUsd": 1, "kyc": "issuer", "entityTypes": [ "entity" ], "notes": "Direct mint and redeem need Ondo onboarding (Persona KYC, signed Sales Terms, allowlisted wallet), open to institutions only today. EEA retail may buy under the FMA base prospectus; UK, Switzerland, Singapore, Hong Kong, Malaysia, Brazil need professional or qualified status. Secondary holders need no KYC to hold but must pass it to redeem." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "CRCLon", "underlying": { "name": "Circle Internet Group (common stock); the token is an Ondo Global Markets note tracking its total return", "ticker": "CRCL", "isin": "US1725731079" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x3632dea96a953c11dac2f00b4a05a32cd1063fae" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x992879cd8ce0c312d98648875b5a8d6d042cbf34" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "6xHEyem9hmkGtVq6XGCiQUGpPsHBaoYuYdFNZa5ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x13a81c5e8b4ab05fc721dff7ba95e250b29458f8" } ] }, { "symbol": "IVVon", "underlying": { "name": "iShares Core S&P 500 ETF (ETF); the token is an Ondo Global Markets note tracking its total return", "ticker": "IVV", "isin": "US4642872000" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x62ca254a363dc3c748e7e955c20447ab5bf06ff7" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x1104eb7e85e25eb45f88e638b0c27a06c1a91cb2" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "CqW2pd6dCPG9xKZfAsTovzDsMmAGKJSDBNcwM96ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xad26b6048cc3682f67fe4c829b7ac99dbf95920e" } ] }, { "symbol": "SPYon", "underlying": { "name": "SPDR S&P 500 ETF (ETF); the token is an Ondo Global Markets note tracking its total return", "ticker": "SPY", "isin": "US78462F1030" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xfedc5f4a6c38211c1338aa411018dfaf26612c08" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x6a708ead771238919d85930b5a0f10454e1c331a" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "k18WJUULWheRkSpSquYGdNNmtuE2Vbw1hpuUi92ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x32ec2792aec02122edd9f28866b720db1e1c1b54" } ] }, { "symbol": "MUon", "underlying": { "name": "Micron Technology (common stock); the token is an Ondo Global Markets note tracking its total return", "ticker": "MU", "isin": "US5951121038" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x050362ab1072cb2ce74d74770e22a3203ad04ee5" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x8b6acf6041a81567f012ff6a4c6d96d5818d74bf" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "Fz9edBpaURPPzpKVRR1A8PENYDEgHqwx5D5th28ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x0f8e33f5cdefae9c2e59de8fb61fed347046d046" } ] }, { "symbol": "NVDAon", "underlying": { "name": "NVIDIA (common stock); the token is an Ondo Global Markets note tracking its total return", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x2d1f7226bd1f780af6b9a49dcc0ae00e8df4bdee" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xa9ee28c80f960b889dfbd1902055218cba016f75" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "gEGtLTPNQ7jcg25zTetkbmF7teoDLcrfTnQfmn2ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xb989ad9b91886b1aaed8daadb26f028b29b40945" } ] }, { "symbol": "QQQon", "underlying": { "name": "Invesco QQQ (ETF); the token is an Ondo Global Markets note tracking its total return", "ticker": "QQQ", "isin": "US46090E1038" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x0e397938c1aa0680954093495b70a9f5e2249aba" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x0cde6936d305d5b34667fc46425e852efd73559a" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "HrYNm6jTQ71LoFphjVKBTdAE4uja7WsmLG8VxB8ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x911e2dcd2b70f44231f3f0f1c6ec9af75068fd85" } ] }, { "symbol": "MSTRon", "underlying": { "name": "MicroStrategy (common stock); the token is an Ondo Global Markets note tracking its total return", "ticker": "MSTR", "isin": "US5949724083" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xcabd955322dfbf94c084929ac5e9eca3feb5556f" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x7313ea16493b2f55054df0131a3a14b043ec8992" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "FSz4ouiqXpHuGPcpacZfTzbMjScoj5FfzHkiyu2ondo" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x8a64fdf0857c1c734a594cd1db20b3f8e3f133f6" } ] }, { "symbol": "HIMSon", "underlying": { "name": "Hims & Hers Health (common stock); the token is an Ondo Global Markets note tracking its total return", "ticker": "HIMS", "isin": "US4330001060" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xca468554e5c0423ee858fe3942c9568c51fcaa79" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x4693f6f5ef257381a28afd0673e64d8b32d5c6ad" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "bdh3njeo19d2TBLAKTGvCWdSoArfVw8uZBAJHY4ondo" } ] } ], "terms": [ { "question": "claim", "answer": "A structured note: a debt of Ondo Global Markets (BVI) Limited, a BVI special purpose company. Not the share itself.", "quote": "An Ondo tokenized stock is a structured note: a debt instrument issued by Ondo Global Markets (BVI) Limited (known as the \"Issuer\"), a bankruptcy-remote special purpose vehicle (SPV) organized in the British Virgin Islands (BVI).", "source": "https://docs.ondo.finance/ondo-stocks/legal-and-regulatory", "locator": "How are Ondo tokenized stocks structured legally?" }, { "question": "who-may-hold", "answer": "US persons, and anyone placing an order from the US, may not subscribe, acquire, or redeem.", "quote": "Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are \"U.S. persons\" or acting for the account or benefit of any \"U.S. persons\" within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming Ondo Stocks.", "source": "https://docs.ondo.finance/ondo-stocks/eligibility", "locator": "Jurisdiction-Based Prohibitions, footnote" }, { "question": "minimum", "answer": "One dollar to invest or redeem directly.", "quote": "The minimum is just $1.00 USD.", "source": "https://docs.ondo.finance/ondo-stocks/investing-and-redeeming", "locator": "What is the minimum I can invest or redeem?" }, { "question": "transfer", "answer": "Tokens move freely on chain outside the US, including to wallets that never passed Ondo KYC.", "quote": "All Ondo stocks are transferable outside the US across supported blockchains", "source": "https://docs.ondo.finance/ondo-stocks/transferability", "locator": "Are Ondo stock tokens transferable?" }, { "question": "redemption", "answer": "Redeem instantly to USDon; to USDC only while the swap contract holds enough USDC.", "quote": "The redemption to USDon will always be instant; redemptions to USDC will be instant provided there is enough liquidity in the stablecoin swapper.", "source": "https://docs.ondo.finance/ondo-stocks/investing-and-redeeming", "locator": "Redeeming: What about redemptions?" }, { "question": "record", "answer": "The token contract is the securities ledger for each note, under Swiss law.", "quote": "The address of the smart contract serving as the Securities Ledger of the Token is: 0x0e397938c1aa0680954093495b70a9f5e2249aba.", "source": "https://www.mfsa.mt/wp-content/uploads/2026/01/Ondo-Global-Markets-BVI-Limited-Final-Terms-Document-dated-11-November-2025.pdf", "locator": "Part A, Address of smart contract serving as Securities Ledger (QQQon)" }, { "question": "freeze", "answer": "Ondo’s Solana code notes list a global transfer pause. No Ondo document states a freeze or forced-burn power over holders.", "quote": "Pausable - Global transfer pause capability", "source": "https://github.com/ondoprotocol/global-markets-solana", "locator": "README, Token Extensions" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xfedc5f4a6c38211c1338aa411018dfaf26612c08", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x3715b2154d2ff4c5b027c7a1f734b53f27bc34f1", "kind": "timelock", "delaySeconds": 7200 }, { "role": "compliance owner", "powers": [ "allowlist", "admin" ], "address": "0x71a4d411b5f7941dee020417fca30413712f1646", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x2c158bc456e027b2affccadf1bdbd9f5fc4c5c8c", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x3715b2154d2ff4c5b027c7a1f734b53f27bc34f1", "kind": "timelock", "delaySeconds": 7200 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x61a6d757723212f2eeaac31e96e7d7733b94bbf3", "kind": "contract", "controller": { "address": "0xbc6d5c103a3f586e68bd475942a49d041b171c3e", "kind": "contract", "via": "owner()" } }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xec8bbb0c90c0b5f4d8240d0f7b49da3b0aa41f4e", "kind": "contract" } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x6a708ead771238919d85930b5a0f10454e1c331a", "allowlist": true, "freeze": "unverified", "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x8860bbfc7a83e4788a981f4e9f30878331413b26", "kind": "timelock", "delaySeconds": 7200 }, { "role": "compliance owner", "powers": [ "admin" ], "address": "0xa307e57ca7f9712af3557af8c5624bef214aa913", "kind": "multisig", "threshold": 4, "signers": 7 } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "k18WJUULWheRkSpSquYGdNNmtuE2Vbw1hpuUi92ondo", "allowlist": false, "freeze": true, "pause": true, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK", "kind": "program-account" }, { "role": "pause authority", "powers": [ "pause" ], "address": "9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "9foMHsSDq7nMg4WPusSz9eY7tyxyukqborA8GyU5cUxD", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Instant atomic mint or redeem against an Ondo-signed quote through GMTokenManager during 24/5 sessions; select assets also in an Off-Hours session", "minimumUsd": 1, "feeBps": 0, "settlesIn": [ "USDon", "USDC", "USDT" ] }, { "via": "in-kind", "settlement": "Share-for-token mint or redeem through Alpaca Instant Tokenization Network, for institutions Alpaca approves case by case (since 2026-09-21)", "settlesIn": [ "underlying shares" ] }, { "via": "secondary-only", "settlement": "Holders without Ondo onboarding sell on exchanges or DEXs; the issuer redeems only after KYC", "settlesIn": [ "USDC", "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "ondo", "name": "Ondo Stocks platform (app.ondo.finance and GMTokenManager contracts)" }, { "kind": "exchange", "id": "binance-nest", "name": "Nest Exchange (Binance MTF, ADGM), for eligible Binance account holders" }, { "kind": "exchange", "id": "bitget", "name": "Bitget (named launch partner)" }, { "kind": "exchange", "id": "okx", "name": "OKX (named launch partner)" }, { "kind": "exchange", "id": "htx", "name": "HTX Global (named launch partner)" }, { "kind": "dex", "id": "cow-protocol", "name": "CoW Protocol (named launch partner)" }, { "kind": "dex", "id": "1inch", "name": "1inch (named launch partner)" } ], "sources": [ { "name": "Ondo Stocks docs: Legal & Regulatory", "url": "https://docs.ondo.finance/ondo-stocks/legal-and-regulatory", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Eligibility", "url": "https://docs.ondo.finance/ondo-stocks/eligibility", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Onboarding & KYC", "url": "https://docs.ondo.finance/ondo-stocks/onboarding-and-kyc", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Investing & Redeeming", "url": "https://docs.ondo.finance/ondo-stocks/investing-and-redeeming", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Transferability", "url": "https://docs.ondo.finance/ondo-stocks/transferability", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Trust & Transparency", "url": "https://docs.ondo.finance/ondo-stocks/trust-and-transparency", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Secondary Market Restrictions", "url": "https://docs.ondo.finance/ondo-stocks/secondary-market-restrictions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Important Notes", "url": "https://docs.ondo.finance/ondo-stocks/important-notes", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Overview", "url": "https://docs.ondo.finance/ondo-stocks/overview", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Market Hours & Trading Availability", "url": "https://docs.ondo.finance/ondo-stocks/market-hours-and-trading-availability", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Stocks docs: Fees & Taxes", "url": "https://docs.ondo.finance/ondo-stocks/fees-and-taxes", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Global Markets (BVI) Limited, Final Terms for Product Nr. 1 QQQon (ISIN VGG7001AAJ30), dated 11.11.2025, as filed with the MFSA", "url": "https://www.mfsa.mt/wp-content/uploads/2026/01/Ondo-Global-Markets-BVI-Limited-Final-Terms-Document-dated-11-November-2025.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: Smart Contract Addresses and linked token CSV", "url": "https://docs.ondo.finance/addresses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo GM token list (CSV, linked from the addresses page)", "url": "https://www.dropbox.com/scl/fi/qjfxyg748mx0dwi6up86d/EXTERNAL-Ondo-GM-Tokens-Ondo-GM-Tokens.csv?rlkey=n3no1w78wrah3umsl0nr9s77i", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Global Markets Solana program README (ondoprotocol GitHub)", "url": "https://github.com/ondoprotocol/global-markets-solana", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo Finance press release: in-kind conversion via Alpaca ITN (2026-09-21)", "url": "https://www.prnewswire.com/news-releases/ondo-finance-launches-in-kind-conversion-letting-institutions-convert-underlying-shares-directly-into-tokenized-stocks-302884764.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Solana mainnet getAccountInfo (jsonParsed) for the eight Ondo mints", "url": "https://api.mainnet-beta.solana.com", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Ondo opens direct onboarding to individuals, or opens any offer to US persons, or its confidential SEC registration statement becomes effective", "A holder wallet is frozen, a token is paused outside a corporate action, or Ondo adds a permanent delegate or forced-burn power on any chain", "Ondo publishes an issuer-side freeze or burn power in its docs or Sales Terms, or the Solana transfer hook is set to a program", "A daily Ankura attestation shows backing below token supply, or a monthly reconciliation is late past the 20th", "The custodian, broker, security agent, or tokenizer named in the Final Terms changes", "The FMA base prospectus (valid to 11.11.2026) lapses without a successor, or the EEA retail offer is withdrawn", "USDC redemption is refused or delayed because the swapper is empty for more than one business day" ] }, { "id": "xstocks", "url": "https://ketjuresearch.com/register/files/xstocks/", "displayName": "xStocks (tracker certificates by Backed Assets (JE) Limited, \"x\" tickers)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "note", "issuer": "Backed Assets (JE) Limited (Jersey; JFSC-registered; 100% owned by Backed Finance AG, acquired by Kraken/Payward in December 2025); issuer also acts as Tokenizer; Security Agent Services AG as security agent", "eligibility": { "floor": "non-us-only", "minimumUsd": 5000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Direct subscription with the issuer is for Qualified Professional Investors; others buy through authorised participants (Kraken via Payward entities in Bermuda and the EU). Retail may redeem directly after KYC at $5,000 or more. The public API lists a $1,000 minimum order per session, which conflicts with the docs. Secondary holders need no KYC to hold." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "STRCx", "underlying": { "name": "Strategy PP Variable (STRC); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "STRC", "isin": "US5949728530" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQCY_xOUxnGsF91w0w3azMdk1SMdBKNr7kJedDWTZlQ13duK" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TUsRFkJG8LZ5fqh2TSmHUSw7kRWUbzfqAF" } ] }, { "symbol": "MSTRx", "underlying": { "name": "MicroStrategy (MSTR); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "MSTR", "isin": "US5949724083" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "XsP7xzNPvEHS1m6qfanPUGjNmdnmsLKEoNAnHjdxxyZ" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0xae2f842ef90c0d5213259ab82639d5bbf649b08e" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQBbsLYH5sD74gYO4DOoj0QsHaNL81NLD13AdhkmD0Up-46H" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TYiMPNKE31VcfwaYgU8Wn1RzjLDi932LkV" } ] }, { "symbol": "CRCLx", "underlying": { "name": "Circle (CRCL); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "CRCL", "isin": "US1725731079" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0xfebded1b0986a8ee107f5ab1a1c5a813491deceb" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQB-RPtAAQeFSGW3gIj0zREh4N92MGXfqFzxAc6TRvu-zvYT" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TRXfha1owZvFk5ru7cmd5SXDX1uKtcCRJN" } ] }, { "symbol": "TSLAx", "underlying": { "name": "Tesla (TSLA); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "TSLA", "isin": "US88160R1014" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQB4IwqWZPUczntdry8vSN2tsJKt-9F7iIb7gEFREYYOB563" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TTfj39Vm7ATpNJMsfDUWYVzxK8mPPA4yYE" } ] }, { "symbol": "SPYx", "underlying": { "name": "SP500 (SPY); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "SPY", "isin": "US78462F1030" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQB1fyBAA9qQDP6LEGaF3cbU-Xbr-p6ESBZGnqlHkHIHAJZv" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TKN6A3wSWHdZGanW5wBFkeFq2Yw3rhGqNz" } ] }, { "symbol": "SPCXx", "underlying": { "name": "SpaceX (SPCX); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQAAsfl1a-BA8dSSUX2VpLCveFYzDOLrJX9ll89baSbmvl2V" } ] }, { "symbol": "NVDAx", "underlying": { "name": "NVIDIA (NVDA); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQCva-Of7acQdU_piADdlcbzsFtA-xJwZoctz8ZOXBdBoaB8" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TNMR6r9Z4cL7eWNrNQ4e4sm2XPhhifexZU" } ] }, { "symbol": "QQQx", "underlying": { "name": "Nasdaq (QQQ); the token is a Backed Assets (JE) tracker certificate on it", "ticker": "QQQ", "isin": "US46090E1038" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "Xs8S1uUs1zvS2p7iwtsG3b6fkhpvmwz4GYU3gWAmWHZ" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "X Layer", "chainId": "eip155:196", "address": "0xa753a7395cae905cd615da0b82a53e0560f250af" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQCe6utwqROmrO_cOUUvVNYkvyecUjfugtugvhUwlVYSEm7x" }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "address": "TVBbuZ4hUisCPSsrR46BCQHDGtsBNAMjVh" } ] } ], "terms": [ { "question": "claim", "answer": "A bearer debt instrument, a tracker certificate, issued by Backed Assets (JE) Limited. Not the share.", "quote": "Each xStock is a bearer debt instrument classified as a tracker certificate.", "source": "https://docs.xstocks.fi/docs/product-legal-overview", "locator": "Legal Classification" }, { "question": "record", "answer": "The token is the certificate; title rests on the blockchain ledger under the Swiss DLT rules.", "quote": "The token is the certificate. Holding the token constitutes holding the instrument.", "source": "https://docs.xstocks.fi/docs/product-legal-overview", "locator": "Blockchain Registration" }, { "question": "who-may-hold", "answer": "Not offered in the United States, to US persons, or in other prohibited jurisdictions.", "quote": "xStocks are not marketed, offered, or solicited in the United States, to U.S. Persons, or in any other prohibited jurisdiction.", "source": "https://docs.xstocks.fi/docs/product-legal-overview", "locator": "Distribution Restrictions" }, { "question": "minimum", "answer": "$5,000 per issue or redemption with the issuer; no issuer minimum on secondary markets.", "quote": "If interacting directly with the issuer for issuance or redemption, the minimum transaction size is $5,000.", "source": "https://docs.xstocks.fi/docs/frequently-asked-questions", "locator": "Is there a minimum transaction size?" }, { "question": "transfer", "answer": "Tokens move freely on chain with no technical transfer restriction, to any wallet.", "quote": "xStocks can be held, transferred, integrated and traded across platforms and wallets without platform dependency or technical transfer restrictions.", "source": "https://docs.xstocks.fi/docs", "locator": "Core Characteristics: Permissionless" }, { "question": "redemption", "answer": "Primary issue and redemption run 24/5 on US market days; secondary trading runs 24/7.", "quote": "Issuance and redemption by minters and redeemers are limited to business days when the US market is open, normally 24/5.", "source": "https://docs.xstocks.fi/docs/frequently-asked-questions", "locator": "How do xStocks operate during market off-hours?" }, { "question": "freeze", "answer": "The contract may block sanctioned addresses; the prospectus says burning covers only tokens the issuer holds and freezing awaits a future update.", "quote": "The smart contract may block interactions with addresses which have been flagged as sanctioned in accordance with Sanctions Regulations (such as OFAC sanctions)", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf", "locator": "Terms and Conditions, Transfer (p. 106)" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x0a934bc9c64309c9654451f23d8331c2dad34c2a", "kind": "single-key" }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidH", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq", "kind": "program-account" }, { "role": "pause authority", "powers": [ "pause" ], "address": "JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq", "kind": "program-account" } ] }, { "chain": "Tron", "chainId": "tron:0x2b6653dc", "contract": "TUsRFkJG8LZ5fqh2TSmHUSw7kRWUbzfqAF", "allowlist": true, "freeze": true, "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "TQhuBP4tFpV4WMDJXh7KxatsRbS68yZgLV", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "TY8qHG3LX4AQEujwUnMKfKEdJGrLb9cK7i", "kind": "contract", "controller": { "address": "TQhuBP4tFpV4WMDJXh7KxatsRbS68yZgLV", "kind": "single-key", "via": "owner()" } }, { "role": "burner", "powers": [ "clawback" ], "address": "TCq5ut4WNk9EWya4bAyeoCe7yEd7RRkExc", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "TLhVivKbwqABVUh6Ruz9LK2pfDmf2CHnuq", "kind": "single-key" }, { "role": "pauser", "powers": [ "pause" ], "address": "TLhVivKbwqABVUh6Ruz9LK2pfDmf2CHnuq", "kind": "single-key" } ] }, { "chain": "TON", "chainId": "ton:-239", "contract": "EQCY_xOUxnGsF91w0w3azMdk1SMdBKNr7kJedDWTZlQ13duK", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": "unverified", "readAt": "2026-09-23", "keys": [ { "role": "jetton admin", "powers": [ "mint", "admin" ], "address": "0:D1B6ED17A38F1569F42E12F3AE1F484F8329515B9CA1F5CBA0AAF9E4D85985AE", "kind": "multisig", "threshold": 2, "signers": 3 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x0a934bc9c64309c9654451f23d8331c2dad34c2a", "kind": "single-key" }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x0a934bc9c64309c9654451f23d8331c2dad34c2a", "kind": "single-key" }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "OP Mainnet", "chainId": "eip155:10", "contract": "0x1aad217b8f78dba5e6693460e8470f8b1a3977f3", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x0a934bc9c64309c9654451f23d8331c2dad34c2a", "kind": "single-key" }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 2, "signers": 3 } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Market flow: tokens sent from a whitelisted wallet to a sweep address; broker sells the shares; stablecoins return in 30 seconds to 2 minutes, 24/5. Prospectus allows up to T+5.", "minimumUsd": 5000, "feeBps": 0, "settlesIn": [ "USDC", "USDG", "USDT" ] }, { "via": "issuer-window", "settlement": "xChange atomic RFQ: signed quote executed on chain within about 60 seconds, spread varies by session", "settlesIn": [ "USDC", "USDT", "PYUSD" ] }, { "via": "in-kind", "settlement": "xPort: tokens redeemed for shares delivered to an Alpaca brokerage account, 24/5; KYC with both the issuer and Alpaca", "settlesIn": [ "underlying shares" ] }, { "via": "secondary-only", "settlement": "Holders without issuer onboarding sell on exchanges or DEXs, 24/7", "settlesIn": [ "USDC", "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "backed", "name": "Backed platform (app.backed.fi) and API" }, { "kind": "exchange", "id": "kraken", "name": "Kraken and Kraken Pro, via Payward Digital Solutions (Bermuda) and Payward Europe Digital Solutions (CY)" }, { "kind": "exchange", "id": "bybit", "name": "Bybit" }, { "kind": "dex", "id": "jupiter", "name": "Jupiter (Solana)" } ], "sources": [ { "name": "xStocks docs: Product Legal Overview", "url": "https://docs.xstocks.fi/docs/product-legal-overview", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks docs: Frequently Asked Questions", "url": "https://docs.xstocks.fi/docs/frequently-asked-questions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks docs: Issuance and Redemption", "url": "https://docs.xstocks.fi/docs/issuance-and-redemption", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks docs: Market Flow", "url": "https://docs.xstocks.fi/docs/issuance-and-redemption/market-flow", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks docs: xChange Atomic RFQ", "url": "https://docs.xstocks.fi/docs/issuance-and-redemption/atomic-rfq-xchange", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks docs: xPort In-Kind Flow", "url": "https://docs.xstocks.fi/docs/issuance-and-redemption/in-kind-flow-xport", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks docs: Introduction", "url": "https://docs.xstocks.fi/docs", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved)", "url": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed Assets (JE) Limited, First Supplement to the Base Prospectus (2026-07-28)", "url": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a7484f8befacf2551503fd2_20260728%20Backed%20Assets%20(JE)%20Limited%20First%20Supplement.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed Assets: Restricted Countries (Wayback 2026 capture; live page geoblocked from the US)", "url": "https://web.archive.org/web/2026id_/https://assets.backed.fi/legal-documentation/restricted-countries", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks public API: assets (token contracts per network, ISINs, trading limits)", "url": "https://api.xstocks.fi/api/v2/public/assets", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xStocks public API: proof of reserves", "url": "https://api.xstocks.fi/api/v2/public/proof-of-reserves", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xstocks.fi home page", "url": "https://xstocks.fi/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Solana mainnet getAccountInfo (jsonParsed) for the eight xStocks mints", "url": "https://api.mainnet-beta.solana.com", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bloomberg: Kraken acquires Backed Finance", "url": "https://www.bloomberg.com/news/articles/2025-12-02/crypto-firm-kraken-acquires-backed-finance-in-tokenization-push", "kind": "secondary", "accessed": "2026-08-17" } ], "reopenWhen": [ "Backed or Kraken opens any xStocks offer to US persons, or the product moves to issuer-sponsored share ownership", "The Solana permanent delegate (5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq) or freeze authority (JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs) is used against a holder, or the prospectus is amended to cover those powers", "An EVM implementation upgrade adds a freeze or wider burn function, or the sanctions oracle blocks a holder", "Proof of reserves shows shares held below circulating supply for any instrument in this file", "Final Terms enable lending of underlyings for any instrument in this file", "The custodian, broker, or security agent changes from Alpaca, InCore, GTN, or Security Agent Services AG", "The base prospectus (valid to 7 May 2027) lapses, or the JFSC withdraws its consent", "The issuer minimum changes, or the API order minimum and the docs minimum are reconciled" ] }, { "id": "dinari-dshares", "url": "https://ketjuresearch.com/register/files/dinari-dshares/", "displayName": "Dinari dShares (tokenized US stocks and ETFs)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "reg-s", "instrumentKind": "mixed", "issuer": "Dinari, Inc. (Delaware); underlying shares held for the token program in a Bermuda segregated accounts company; orders executed and cleared through Alpaca Securities LLC", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "distributor", "entityTypes": [ "individual", "entity", "distributor", "aggregator" ], "notes": "Regulation S terms (Section 7.1(g)); the United States is an Excluded Jurisdiction. Distributors run KYC on their end users unless they engage Dinari (Section 2.4); only KYC-passed holders may request a repurchase. A separate US route exists through Dinari Securities, LLC (CRD 329672): an individual US-resident brokerage account cleared by Alpaca in which the dShare is a non-transferable secondary record of the position (Form CRS, August 31, 2026; docs US Customers). That route is not the on-chain token this file covers." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "USFR", "underlying": { "name": "WisdomTree Floating Rate Treasury Fund", "ticker": "USFR" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x9c46e1b70d447b770dbfc8d450543a431af6df3a" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x9f6e2ea64d90f586779ef859ffce18c8fa2fa4f4" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xaeb0a5d56de94479cda178977570fd9079500527" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x8cc52125e9f0b466efa0bcaa5fa8771c2f4f8cc3" } ] }, { "symbol": "JAAA", "underlying": { "name": "Janus Henderson AAA CLO ETF", "ticker": "JAAA" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x52f8e40d08feeb24d2d3521dd147cd9788d630ce" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x9e18093caf330b7aac61cf885909772dfb1cc566" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xb4c9a47952b6beaeb8e675d22c0f9547ff8f5326" } ] }, { "symbol": "MSTR", "underlying": { "name": "Strategy Inc (formerly MicroStrategy) Class A common stock", "ticker": "MSTR" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xdf7a6ce3b9087251f5859f42ca79ce34f4a88460" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x5de98c65a9a3c414550e6663666bc725c23c2e7b" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0xa033de3e0e52246fabb0b8df40c649757a95ce58" } ] }, { "symbol": "NVDA", "underlying": { "name": "NVIDIA Corporation common stock", "ticker": "NVDA" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x4dafffddea93ddf1e0e7b61e844331455053ce5c" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x92ecf64fdb76e60b76d78a29ad4bf9d38b7b1b97" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x62ec03c917face0e6841afdafc166bf571e55e4f" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x2db501f30c7a86eee57162776dccb5240e11b594" } ] }, { "symbol": "STRC", "underlying": { "name": "Strategy Inc Variable Rate Series A Perpetual Stretch Preferred Stock", "ticker": "STRC" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x33075fa787ef4e319edd470cf00f2a3d04f3048f" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xca47fa9f4c55a8c2c83bfb872fd18d3c656795cf" } ] }, { "symbol": "NKE", "underlying": { "name": "Nike, Inc. Class B common stock", "ticker": "NKE" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x7315d1f8f735e0956de1ce8b78fe766cb1de33bc" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xefa88fbe28d4f59d1449f1f33e09c9f90ba68a3f" } ] }, { "symbol": "TSLA", "underlying": { "name": "Tesla, Inc. common stock", "ticker": "TSLA" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x36d37b6cbca364cf1d843eff8c2f6824491bcf81" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x74ed07d83999bc5db0ffd850da0a6bd782abd39c" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xea142f62ed971651691c6e22c6b78ec488c61f9d" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x578095d418ffb4d4e183cbf4383360fb6d64bfd4" } ] }, { "symbol": "ASST", "underlying": { "name": "Strive, Inc. Class A common stock", "ticker": "ASST" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xade3da26fa78ef08960ba17285e963bcc3e286fb" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xcc7cef3de42be48110e1fb753e4a314cf6a574f2" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Non-US persons only. The terms rely on Regulation S and list the United States as an excluded jurisdiction.", "quote": "You certify that you, and any other holder of Tokens due to a Distribution by you, are not a “U.S. Person,” (a “Non-U.S. Person”) as defined under Regulation S and is not acquiring the Tokens for the account or benefit of any U.S. Person.", "source": "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "locator": "Section 7.1(g), page 11-12" }, { "question": "minimum", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "https://docs.dinari.com/docs/restrictions", "https://github.com/dinaricrypto/sbt-contracts/blob/main/src/TransferRestrictor.sol" ] }, { "question": "account-types", "answer": "Individuals and companies buy directly; distributors and aggregators may buy and hold for their own end users under added terms.", "quote": "If you are making any purchase as an Aggregator, with a view to compliantly hold Tokens on behalf of one or more third party individuals, while conferring certain contractual rights upon those individuals, you also must comply with the Additional Terms for Aggregators set out at Annex 4.", "source": "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "locator": "Preamble, page 1" }, { "question": "transfer", "answer": "Transfers to US persons are barred; Dinari says it will refuse to effect or register them, and nonconforming transfers are void.", "quote": "Dinari will not effect or register any transfer of the Product made in violation of Regulation S and, more specifically, will refuse to effect or transfer any Product made to any U.S. person.", "source": "https://docs.dinari.com/docs/restrictions", "locator": "Regulatory section" }, { "question": "redemption", "answer": "A sell order makes Dinari sell the underlying at market, burn the tokens, and pay the proceeds less costs in a dollar stablecoin.", "quote": "At or near the time the Sell Order is complete, Dinari will burn the Repurchase Tokens and will pay the aggregate Repurchase Price in USD-denominated stablecoin or other acceptable digital asset to the Participant’s Digital Wallet that is connected to the Participant’s Account.", "source": "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "locator": "Section 6.4, page 10" }, { "question": "record", "answer": "Dinari is the holder of record of the underlying shares and keeps the vote.", "quote": "Aggregators or Distributors may disclose to their Users that Tokens confer no voting rights and that Dinari is the holder of record.", "source": "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "locator": "Section 4.6(d), page 8" }, { "question": "claim", "answer": "No title to the share: a claim to its value plus a contractual put against Dinari.", "quote": "While you will not have any claim of right or title to the actual Underlying Asset, you do have a claim to the value of said underlying asset, at the market value that is set out on the Dinari Website when you sell the Token.", "source": "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "locator": "Section 4.6(a), page 8; see also Section 6.8" }, { "question": "freeze", "answer": "A Dinari compliance role can blacklist any address; a blacklisted address cannot send or receive dShares.", "quote": "/// @notice Accounts in `isBlacklisted` cannot send or receive tokens", "source": "https://github.com/dinaricrypto/sbt-contracts/blob/main/src/TransferRestrictor.sol", "locator": "TransferRestrictor.sol, state variable isBlacklisted (repo main, last push 2026-02-06)" } ], "controls": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x9c46e1b70d447b770dbfc8d450543a431af6df3a", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xf60f689ec22fc2d485b3c734efe58538ccc28766", "kind": "contract" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xfa922457873f750244d93679df0d810881e4131d", "kind": "contract", "controller": { "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key", "via": "owner()" } }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x9108270b3537933a9c68e87dc129a43433d49a8c", "kind": "contract", "controller": { "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key", "via": "owner()" } }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x400880b800410b2951afd0503dc457aea8a4bab5", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xc96fbe547f9cc728dc0a476378fb7bab58069af6", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x7ec0bc5a3f1febc88b9a73dd5c9cd7adc60ea876", "kind": "single-key" }, { "role": "RESTRICTOR_ROLE", "powers": [ "freeze" ], "address": "0x0111ea204e0af41f2bd2c119a134c3d5df83204d", "kind": "single-key" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x9f6e2ea64d90f586779ef859ffce18c8fa2fa4f4", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xf60f689ec22fc2d485b3c734efe58538ccc28766", "kind": "contract" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x63ff43009f9ba3584af2ddfc3d5fe2cb8ae539c0", "kind": "contract", "controller": { "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key", "via": "owner()" } }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x400880b800410b2951afd0503dc457aea8a4bab5", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xc96fbe547f9cc728dc0a476378fb7bab58069af6", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x7ec0bc5a3f1febc88b9a73dd5c9cd7adc60ea876", "kind": "single-key" }, { "role": "RESTRICTOR_ROLE", "powers": [ "freeze" ], "address": "0x0111ea204e0af41f2bd2c119a134c3d5df83204d", "kind": "single-key" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xaeb0a5d56de94479cda178977570fd9079500527", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xf60f689ec22fc2d485b3c734efe58538ccc28766", "kind": "contract" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xa8a48c202af4e73ad19513d37158a872a4ac79cb", "kind": "contract", "controller": { "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key", "via": "owner()" } }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xecabf4d8fdbb45eabed0daf25fd690eaaa4d9a9e", "kind": "contract", "controller": { "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key", "via": "owner()" } }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x400880b800410b2951afd0503dc457aea8a4bab5", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xc96fbe547f9cc728dc0a476378fb7bab58069af6", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x7ec0bc5a3f1febc88b9a73dd5c9cd7adc60ea876", "kind": "single-key" }, { "role": "RESTRICTOR_ROLE", "powers": [ "freeze" ], "address": "0x0111ea204e0af41f2bd2c119a134c3d5df83204d", "kind": "single-key" } ] }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "contract": "0x8cc52125e9f0b466efa0bcaa5fa8771c2f4f8cc3", "allowlist": "unverified", "freeze": true, "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xf60f689ec22fc2d485b3c734efe58538ccc28766", "kind": "contract" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xc1571febbb6f8b62edd0e4694714a382885d6bab", "kind": "contract", "controller": { "address": "0x06b09f6008780771980bfe7d4bb821f5f1aa60a3", "kind": "single-key", "via": "owner()" } }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x400880b800410b2951afd0503dc457aea8a4bab5", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0xc96fbe547f9cc728dc0a476378fb7bab58069af6", "kind": "single-key" }, { "role": "TOKEN_OPERATOR_ROLE", "powers": [ "mint", "clawback", "pause" ], "address": "0x7ec0bc5a3f1febc88b9a73dd5c9cd7adc60ea876", "kind": "single-key" }, { "role": "RESTRICTOR_ROLE", "powers": [ "freeze" ], "address": "0x0111ea204e0af41f2bd2c119a134c3d5df83204d", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Sell order to Dinari; Dinari sells the underlying on the first available market session (regular or extended hours), burns the tokens, and pays the sale price less third-party costs and posted fees; Dinari may set size limits and defer settlement (Section 6.6)", "settlesIn": [ "USDC", "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "dinari", "name": "Dinari API and partner apps" }, { "kind": "dex", "id": "hyperliquid-hypercore", "name": "Hyperliquid HyperCore spot (wrapped dShares)" } ], "sources": [ { "name": "Dinari, Inc. Terms and Conditions for dShares (revised 12.26.25)", "url": "https://cdn.prod.website-files.com/656fd13bce08f2dc3bc50573/695ee673aa80e179e884fafc_Dinari-dShares-Terms-and-Conditions-Revised-12-26-25-CLEAN-with-links.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: Restrictions", "url": "https://docs.dinari.com/docs/restrictions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari sbt-contracts: TransferRestrictor.sol (issuer-published source)", "url": "https://github.com/dinaricrypto/sbt-contracts/blob/main/src/TransferRestrictor.sol", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari sbt-contracts: DShare.sol (issuer-published source)", "url": "https://github.com/dinaricrypto/sbt-contracts/blob/main/src/DShare.sol", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari sbt-contracts: DShareFactory release deployments", "url": "https://github.com/dinaricrypto/sbt-contracts/tree/main/releases", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: Blockchain (supported chains)", "url": "https://docs.dinari.com/docs/blockchain", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: Deprecation Notices", "url": "https://docs.dinari.com/docs/deprecations", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: What are dShares", "url": "https://docs.dinari.com/docs/what-is-dshare", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: Partner Fees", "url": "https://docs.dinari.com/docs/fees", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: Dividends", "url": "https://docs.dinari.com/docs/dividend-payments", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari docs: US Customers", "url": "https://docs.dinari.com/docs/us", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari Securities, LLC Form CRS (effective August 31, 2026)", "url": "https://dinari.com/bd/crs", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari Securities, LLC Website Terms of Use and Customer Brokerage Agreement (July 29, 2026)", "url": "https://dinari.com/bd/terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari Securities, LLC Form X-17A-5 for period ending December 31, 2025", "url": "https://www.sec.gov/Archives/edgar/data/2012557/000201255726000004/Dinari_2025_Public.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "FINRA BrokerCheck: Dinari Securities, LLC (CRD 329672)", "url": "https://brokercheck.finra.org/firm/summary/329672", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Dinari, Inc/TA (Form TA-1 and TA-2 filings)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001915430", "kind": "primary", "accessed": "2026-09-23" }, { "name": "dinari.com home page (Global and US versions)", "url": "https://dinari.com/us", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dinari price feed (CoinGecko tickers endpoint)", "url": "https://api-data.dinari.com/api/v1/coingecko/tickers", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC Divisions of Corporation Finance, Investment Management, and Trading and Markets: Statement on Tokenized Securities, January 28, 2026", "url": "https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Dinari revises its dShares Terms and Conditions, in particular Sections 4.6, 6 or 6.8 on title, the repurchase right, or holder of record", "Dinari opens transferable dShares to US persons, or Dinari Securities lets US tokens move off its dedicated wallets", "The TransferRestrictor blacklist is used against a holder, or the restrictor, beacon implementation, or MINTER/BURNER roles change on any chain", "Dinari adds or deprecates a chain, or moves tokens between chains as it did from Blast to Arbitrum on April 20, 2026", "The Bermuda segregated accounts company, its representative, or the custodian or clearing broker (Alpaca Securities) changes", "A dShare trades more than 2% from its underlying for a full session, or a repurchase is deferred under Section 6.6", "SEC or FINRA action on synthetic tokenized securities, Dinari, Inc., or Dinari Securities, LLC" ] }, { "id": "securitize-exodus-exod", "url": "https://ketjuresearch.com/register/files/securitize-exodus-exod/", "displayName": "Exodus Movement Class A common stock tokens (Securitize on Algorand; Superstate on Solana)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-indirect", "registrationPath": "other", "instrumentKind": "equity", "issuer": "Exodus Movement, Inc. (Texas corporation; Class A listed on NYSE American as EXOD)", "eligibility": { "floor": "us-retail", "states": "all", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Tokens go only to record holders whitelisted by the transfer agent (Securitize; Superstate for Solana) after AML and KYC; shares in street name get no tokens. Class A is registered under Exchange Act Section 12(b) and listed on NYSE American; the 2021 Regulation A+ offering excluded Arizona, Florida and Texas residents from the primary sale only. Registration path 'other': the listed share is an NMS stock, but the token form requires leaving DTC for direct registration." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Securitize Transfer Agent LLC (master securityholder file); Superstate Services LLC (co-transfer agent, Solana tokens)", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "EXOD", "underlying": { "name": "Exodus Movement, Inc. Class A common stock", "ticker": "EXOD", "cusip": "30209R106" }, "contracts": [ { "chain": "Algorand", "chainId": "algorand:mainnet", "address": "213345970" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "3DBudkWQNbXGAjzEAtpjMKorb76sjozcHCzc8ZtkHDAQ" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Only record holders who pass Securitize KYC and whitelist a wallet; shares held in street name at DTC get no tokens.", "quote": "Common Stock Tokens can be held self-custodially by only “whitelisted” persons, who are always known to Securitize.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000114036124047915/ny20031698x9_1012ga.htm", "locator": "Form 10/A Amendment No. 5, Item 9, \"The Ability To Use Common Stock Tokens\", page 61" }, { "question": "minimum", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/1821534/000114036124047915/ny20031698x9_1012ga.htm", "https://www.sec.gov/Archives/edgar/data/1821534/000114036124046282/filename1.htm", "https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm" ] }, { "question": "account-types", "answer": "Persons or entities that complete the transfer agent’s AML and KYC process and join its whitelist.", "quote": "The whitelist is a list maintained by the Transfer Agent of approved persons or entities who have complied the required Processes, including providing the Transfer Agent with various required personal information and documentation.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm", "locator": "Offering circular, Plan of Distribution" }, { "question": "transfer", "answer": "Token transfers work only between two whitelisted wallets; Securitize checks each and records the share transfer on its books.", "quote": "The process of transferring shares of Class A common stock using Common Stock Tokens requires both the sender and receiver to be on the Securitize whitelist.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000114036124047915/ny20031698x9_1012ga.htm", "locator": "Form 10/A Amendment No. 5, page 61" }, { "question": "redemption", "answer": "No redemption. Send tokens to Securitize, then move shares to a broker by DRS; about five business days before an NYSE American sale.", "quote": "It takes around 5 business days to send shares all the way from your Exodus wallet to your brokerage account.", "source": "https://web.archive.org/web/20260806231845/https://www.exodus.com/support/en/articles/8661917-sending-shares-to-a-stockbroker-example", "locator": "Knowledge Base: Sending shares to a stockbroker, step 1" }, { "question": "record", "answer": "Securitize’s off-chain books are the record of ownership; the chain is not.", "quote": "The Class A common stock is a security whose ownership is recorded solely on the books of our transfer agent, Securitize, an SEC registered Transfer Agent.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000114036124047915/ny20031698x9_1012ga.htm", "locator": "Form 10/A Amendment No. 5, Digital Format Exodus Common Stock, page 60" }, { "question": "claim", "answer": "The token is not the share and gives no ownership interest; the holder owns the share through Securitize’s records.", "quote": "The Common Stock Tokens give no ownership interest in the Class A common stock.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000114036124047915/ny20031698x9_1012ga.htm", "locator": "Form 10/A Amendment No. 5, page 60" }, { "question": "freeze", "answer": "Securitize can pull tokens from a wallet and burn them, and may reverse token transfers that do not match its records.", "quote": "the Transfer Agent will remove the relevant amount of Common Stock Tokens from the seller’s digital wallet and burn them, so that they no longer exist.", "source": "https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm", "locator": "Offering circular, Offering Summary, Digital Format Exodus Common Stock, pages 1-2" } ], "controls": [ { "chain": "Algorand", "chainId": "algorand:mainnet", "contract": "213345970", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "freeze address", "powers": [ "freeze" ], "address": "FRGDKSWUDNLMXPJSSGMT3FGL65Z2WR5WOIFHQPT5IBETZBOJPIQTMSE23Y", "kind": "single-key" }, { "role": "clawback address", "powers": [ "clawback" ], "address": "MAKF3GL52O5O6ENRRLJSEJRLTR74E323JBZIWMMGLZT5PNZ4NDTEEODN7A", "kind": "single-key" }, { "role": "manager address", "powers": [ "admin" ], "address": "MAKF3GL52O5O6ENRRLJSEJRLTR74E323JBZIWMMGLZT5PNZ4NDTEEODN7A", "kind": "single-key" }, { "role": "reserve address", "powers": [ "mint" ], "address": "MAKF3GL52O5O6ENRRLJSEJRLTR74E323JBZIWMMGLZT5PNZ4NDTEEODN7A", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "3DBudkWQNbXGAjzEAtpjMKorb76sjozcHCzc8ZtkHDAQ", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "3y1U29yH7npj3wvHqFQ4gVxgzccMHybjpcQRAdZbyEFa", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "No redemption. Send Algorand tokens to Securitize (Solana holders detokenize at Superstate and move shares to Securitize); Securitize burns the tokens and books the shares; a broker pulls them by DRS through Pacific Stock Transfer; about 5 business days, then sale on NYSE American", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "exchange", "id": "nyse-american", "name": "NYSE American (the share, after conversion out of token form)" } ], "sources": [ { "name": "Exodus Movement Form 10-12G/A (Amendment No. 5), November 27, 2024", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000114036124047915/ny20031698x9_1012ga.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement response to SEC comment letter (CORRESP), November 12, 2024", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000114036124046282/filename1.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement Regulation A offering circular (Form 253G2), April 9, 2021", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement Form 1-U, September 20, 2021 (tZERO ATS and token trading)", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000114036121031802/ny20000722x1_1u.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus press release, June 2, 2021: EXIT tokens on Algorand", "url": "https://www.prnewswire.com/news-releases/exodus-issues-security-token-on-algorand-expanding-access-to-the-growing-digital-security-ecosystem-301304582.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement 8-K, December 13, 2024 (NYSE American approval)", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000095017024136043/exod-20241213.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement Form 10-K for 2025, filed March 11, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/exod-20251231.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement 10-K Exhibit 10.6: Amendment No. 6 to Securitize Platform Services, Transfer Agent and Registrar Agreement, effective August 28, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/amendmentno6totheplatforms.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement 10-K Exhibit 10.7: Digital Transfer Agency Agreement with Superstate Services LLC, August 8, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000182153426000009/digitaltransferagencyagree.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement 8-K, December 10, 2025 (redomestication to Texas)", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000119312525314369/exod-20251208.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement 8-K Exhibit 99.1, August 8, 2025 (Superstate partnership)", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000095017025105481/exod-ex99_1.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement 8-K Exhibit 99.1, October 20, 2025 (Solana tokens with Superstate)", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000119312525243123/exod-ex99_1.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Movement Form 10-Q for Q2 2026", "url": "https://www.sec.gov/Archives/edgar/data/1821534/000162828026055453/exod-20260630.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Knowledge Base: Sending shares to a stockbroker (archived 2026-08-06)", "url": "https://web.archive.org/web/20260806231845/https://www.exodus.com/support/en/articles/8661917-sending-shares-to-a-stockbroker-example", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Knowledge Base: How do I tokenize my shares on Solana through Superstate? (archived 2026-08-06)", "url": "https://web.archive.org/web/20260806231845/https://www.exodus.com/support/en/articles/12582935-how-do-i-tokenize-my-shares-on-solana-through-superstate", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Exodus Knowledge Base: Exodus common stock token expansion FAQs (archived 2026-08-06)", "url": "https://web.archive.org/web/20260806231845/https://www.exodus.com/support/en/articles/11994166-exodus-common-stock-token-expansion-faqs", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Superstate: EXOD asset page", "url": "https://superstate.com/assets/exod", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Algorand indexer: asset 213345970", "url": "https://mainnet-idx.algonode.cloud/v2/assets/213345970", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Solana RPC: mint 3DBudkWQNbXGAjzEAtpjMKorb76sjozcHCzc8ZtkHDAQ", "url": "https://solscan.io/token/3DBudkWQNbXGAjzEAtpjMKorb76sjozcHCzc8ZtkHDAQ", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Sourcify: Securitize DSToken implementation behind Arbitrum $EXOD-B", "url": "https://sourcify.dev/server/v2/contract/42161/0x2f46ca57660b506a72b2827a73690cc93832bd08", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC Divisions of Corporation Finance, Investment Management, and Trading and Markets: Statement on Tokenized Securities, January 28, 2026", "url": "https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Exodus or Securitize changes the transfer agent, the Algorand asset parameters (manager, reserve, freeze, clawback), or moves the Class A token to another chain", "Superstate launches the planned Ethereum token, or Superstate’s Solana mint authority, freeze authority, or permanent delegate changes", "Algorand EXIT units outside the reserve diverge from reported Class A shares outstanding by more than 2% at a quarter end", "An Exodus filing describes the Arbitrum $EXOD-B Securitize token or tokenizes another share class", "Exodus discontinues the tokens, which the 2021 offering circular reserves the right to do, or Superstate terminates and freezes transfers under Section 7.5", "Exodus declares a dividend (including the Bitcoin dividend it has said it is exploring); check that token-form record holders are paid", "Exodus or its transfer agents claim that the token itself is the share, or the SEC staff revises the January 28, 2026 taxonomy" ] }, { "id": "blackrock-brsrv", "url": "https://ketjuresearch.com/register/files/blackrock-brsrv/", "displayName": "BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (RSVXX), BRSRV token", "reviewed": "2026-09-23", "nextReview": "2026-12-22", "claimModel": "issuer-direct", "registrationPath": "40-act-fund", "instrumentKind": "money-market-fund", "issuer": "BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a series of BlackRock Funds (CIK 844779); BlackRock Advisors, LLC as manager; BlackRock Investments, LLC as distributor; Securitize Transfer Agent, LLC as transfer agent", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": 3000000, "kyc": "issuer", "entityTypes": [ "individual", "entity", "financial intermediary" ], "notes": "The prospectus admits a natural person who is a U.S. citizen or resident alien living in the United States or a U.S. territory with a U.S. taxpayer number, and an entity or intermediary domiciled in the United States, with limited exceptions. The first purchase is $3 million, which the fund’s officers may reduce or waive; later purchases have no minimum. Securitize, as transfer agent, runs know-your-client checks and whitelists each wallet. The prospectus expects some record owners to be accounts at crypto banks serving stablecoin issuers. No state list is published." }, "rights": { "voting": true, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Securitize Transfer Agent, LLC", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "BRSRV", "underlying": { "name": "OnChain Share of BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a registered government money market fund; one token is one share", "ticker": "RSVXX", "cusip": "09261A839" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x3078BCf707E457d3Af2f938a2a478bbeea50a942" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "9rX4yuAirQkm5JC26v3oSfGencsxwjB8kkmgf2dwWe9N" }, { "chain": "Tempo", "chainId": "eip155:4217", "address": "0xe36e2e79beb1b7f618201eead6106a7d737695e3" } ] } ], "terms": [ { "question": "claim", "answer": "The token is the fund share: the chain records, joined to Securitize’s off-chain list of who owns each wallet, are the fund’s official register.", "quote": "Such blockchain records, together with an off‑chain register associating wallet addresses with shareholder personal identifying information, will constitute the official shareholder register of the Fund and, in the absence of a technical failure of either of those systems, conclusively govern the record ownership of the OnChain Shares.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Fund Overview, “Use of the Blockchain”" }, { "question": "who-may-hold", "answer": "With limited exceptions, U.S. residents only: U.S. citizens or resident aliens living in the United States, and entities domiciled there.", "quote": "With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may not be distributed by a foreign Financial Intermediary.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Account Information, “How to Buy, Sell, and Transfer Shares”" }, { "question": "who-may-hold", "answer": "A natural person qualifies if a U.S. citizen or resident alien living in the United States or a U.S. territory with a U.S. taxpayer number.", "quote": "a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification number", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Account Information, “How to Buy, Sell, and Transfer Shares”" }, { "question": "minimum", "answer": "$3 million first purchase, which the fund’s officers may reduce or waive; no minimum after that.", "quote": "Minimum Initial Investment $3 million. Minimum Additional Investment No subsequent minimum.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Fund Overview, “Purchase and Sale of Fund Shares”" }, { "question": "account-types", "answer": "Some record owners are expected to be accounts at crypto banks and other intermediaries whose customers may be stablecoin issuers.", "quote": "certain record owners of OnChain Shares are expected to be trust or other accounts maintained by state or federally chartered crypto banks or other financial intermediaries in the crypto ecosystem", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Account Information, “Payments to Broker/Dealers and Other Financial Intermediaries”" }, { "question": "transfer", "answer": "Holder to holder, but only between wallets Securitize has whitelisted; newly minted tokens are locked for peer-to-peer transfer for 24 hours.", "quote": "Before transferring OnChain Shares, you (as the transferor) and the potential transferee must each have an active, permissioned (i.e., “whitelisted”) wallet registered with the Transfer Agent.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Account Information, “How to Transfer Shares”" }, { "question": "redemption", "answer": "Tokens moved to the redemption wallet by 5:00 p.m. Eastern are burned that day, and the fund typically wires dollars the same day.", "quote": "Tokens will be burned from the Redemption Wallet on the same Business Day on which the redemption request is received in good order, and payment for redeemed OnChain Shares will typically be wired in federal funds on that same day, provided the Fund’s custodian is also open for business.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Account Information, “How to Sell Shares”" }, { "question": "record", "answer": "Securitize Transfer Agent keeps the official record of ownership on the public chains the fund uses.", "quote": "The Fund’s transfer agent, Securitize Transfer Agent, LLC (the “Transfer Agent”), maintains the official record of ownership of OnChain Shares on the public blockchains that are used by the Fund’s investors.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Fund Overview, “Use of the Blockchain”" }, { "question": "freeze", "answer": "The fund may freeze a holder’s wallet to comply with money laundering and sanctions law, and Securitize’s contracts can claw back tokens.", "quote": "The Fund also reserves the right to freeze shareholder wallets or otherwise restrict their ability to send or receive OnChain Shares from other wallets in order to comply with applicable money laundering, sanctions or other laws.", "source": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "locator": "Prospectus, Account Information, “Anti-Money Laundering Requirements”" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x3078BCf707E457d3Af2f938a2a478bbeea50a942", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xe01605f6b6dc593b7d2917f4a0940db2a625b09e", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "freeze", "allowlist", "admin" ], "address": "0x28e39c2dc5fa249a53b7ea5247ccadb561cfb3fd", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "9rX4yuAirQkm5JC26v3oSfGencsxwjB8kkmgf2dwWe9N", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "J8hicFRuULsSJQXyK828gtszFjh1odeAxYJtx9R1DL12", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "J8hicFRuULsSJQXyK828gtszFjh1odeAxYJtx9R1DL12", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "J8hicFRuULsSJQXyK828gtszFjh1odeAxYJtx9R1DL12", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "J8hicFRuULsSJQXyK828gtszFjh1odeAxYJtx9R1DL12", "kind": "program-account" }, { "role": "hook program upgrade authority", "powers": [ "upgrade" ], "address": "8d36iv2YUD8yDChuVZchx1NqE4qkDWCAEgsUEEUqzbB6", "kind": "single-key" } ] } ], "redemption": [ { "via": "nav-cutoff", "cutoff": "17:00 America/New_York", "settlement": "The holder moves the tokens to the fund’s redemption wallet by 5:00 p.m. Eastern on a business day; Securitize burns them that day and the fund typically wires federal funds the same day if its custodian is open, otherwise the next day it is.", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize investor portal (BRSRV.invest.Securitize.io)" } ], "sources": [ { "name": "SEC EDGAR: BlackRock Funds Form N-1A post-effective amendment (485BPOS), prospectus and SAI for BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, effective 31 July 2026", "url": "https://www.sec.gov/Archives/edgar/data/844779/000119312526327203/d283147d485bpos.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: summary prospectus (497K), 3 August 2026", "url": "https://www.sec.gov/Archives/edgar/data/844779/000119312526329160/d227993d497k.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BlackRock: BlackRock Daily Reinvestment Stablecoin Reserve Vehicle product page", "url": "https://www.blackrock.com/cash/en-us/products/351891/blackrock-daily-reinvestment-stablecoin-reserve-vehicle", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: form of Platform Services, Transfer Agent, and Registrar Agreement with Securitize (exhibit, 28 August 2026)", "url": "https://www.sec.gov/Archives/edgar/data/844779/000119312526374594/d128111dex998v.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize: BRSRV token metadata named by the Solana mint", "url": "https://metadata.securitize.io/brsrv.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Blockscout: BRSRV token on Ethereum (supply, holders, deployer)", "url": "https://eth.blockscout.com/token/0x3078BCf707E457d3Af2f938a2a478bbeea50a942", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "BlackRock changes who may hold, the $3 million minimum, the 5:00 p.m. cutoff, or same-day payment", "The implementation, owner, or any DS service of the Ethereum token changes, or a Solana authority or the hook program changes", "Supply appears on Tempo, which the control reader cannot yet read, or on Solana, where the mint held none on 23 September 2026", "The single Ethereum holder is joined by others or leaves, or the fund breaks its dollar price or imposes a liquidity fee" ] }, { "id": "ubs-umint", "url": "https://ketjuresearch.com/register/files/ubs-umint/", "displayName": "UBS USD Money Market Investment Fund Token (uMINT)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "money-market-fund", "issuer": "UBS (SG) Global Opportunities VCC, a Singapore variable capital company, for its sub-fund UBS Money Market (USD); UBS Asset Management (Singapore) Ltd as manager; UBS Tokenize as token deployer; DigiFT (Tech) Singapore Pte. Ltd. as authorized distributor", "eligibility": { "floor": "non-us-only", "minimumUsd": 1000, "kyc": "distributor", "entityTypes": [ "institution" ], "notes": "DigiFT offers the fund to accredited and institutional investors whom it whitelists, with a minimum of 1,000 USD or USDC. The fund is a Singapore VCC that MAS neither regulates nor supervises. No published document says whether U.S. persons may hold; the private placement memorandum is not public. The file takes the stricter reading, non-U.S. only, until a UBS or DigiFT document says otherwise." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Not named in any published document; Chainlink says the fund administrator processes requests on its transfer-agent contracts", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "uMINT", "underlying": { "name": "Class AT-acc (USD) share of UBS Money Market (USD), a sub-fund of UBS (SG) Global Opportunities VCC that invests all or nearly all of its assets in UBS (Irl) Select Money Market Fund – USD", "isin": "SGXZ89386486" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xc06036793272219179f846ef6bfc3b16e820df0b" } ] } ], "terms": [ { "question": "claim", "answer": "The token is not itself the share, but its holders are generally treated as the fund’s shareholders.", "quote": "While the Tokens are not in and of themselves an electronic representation of the Shares, tokenholders are generally regarded as shareholders of Shares of the Fund (the “Shareholders”)", "source": "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "locator": "DigiFT proposal, Legal design" }, { "question": "who-may-hold", "answer": "Accredited investors whom DigiFT whitelists; DigiFT offered the private placement memorandum to Ethena as a potential eligible accredited investor.", "quote": "provided directly to Ethena’s consideration as a potential eligible accredited investor.", "source": "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "locator": "DigiFT proposal, risk management answer, referral to the Private Placement Memorandum" }, { "question": "who-may-hold", "answer": "Eligibility turns on allowlists, investor type, and jurisdiction set by the issuer and platform.", "quote": "Eligibility: Subject to issuer/platform requirements (e.g., allowlists, investor type, jurisdiction)", "source": "https://www.prnewswire.com/news-releases/secured-finance-integrates-digift-distributed-tokenized-rwas-as-eligible-on-chain-collateral-302678855.html", "locator": "How it works" }, { "question": "minimum", "answer": "1,000 USD or USDC per transaction.", "quote": "Minimum: 1,000 USD /USDC", "source": "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "locator": "DigiFT proposal, Minimum/Maximum transaction size" }, { "question": "transfer", "answer": "Only to and from whitelisted wallets.", "quote": "The token holder needs to be whitelisted before holding or transferring the token.", "source": "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "locator": "DigiFT proposal, Is there any custom logic required for your token/product?" }, { "question": "redemption", "answer": "Holders redeem through DigiFT, for stablecoins or fiat.", "quote": "DigiFT supports both subscription and redemption via stablecoins and fiat currency in a non-custodial manner, with clients using their preferred custody wallet solution.", "source": "https://www.prnewswire.com/news-releases/kucoin-pioneers-ubs-umint-collateral-support-via-digift-302527310.html", "locator": "Release body" }, { "question": "redemption", "answer": "DigiFT describes the redemption as real-time.", "quote": "With DigiFT, investors can subscribe to uMINT using their preferred custody wallet solution, gaining access to real-time redemption capabilities via DigiFT’s platform.", "source": "https://www.prnewswire.com/news-releases/ubs-asset-management-launches-its-first-tokenised-money-market-fund-available-through-digift-302294618.html", "locator": "Release body" }, { "question": "record", "answer": "The published documents do not say who keeps the share register or whether the chain governs.", "notStated": true, "checked": [ "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "https://www.prnewswire.com/news-releases/ubs-asset-management-launches-its-first-tokenised-money-market-fund-available-through-digift-302294618.html", "https://blog.chain.link/digital-transfer-agent-ubs/", "https://eth.blockscout.com/api/v2/smart-contracts/0xc06036793272219179f846ef6bfc3b16e820df0b" ] }, { "question": "freeze", "answer": "The token has whitelist, blacklist, and forced-transfer functions, and the fund may redeem shares at its own option under its constitution.", "quote": "The token is ERC-20 compatible, with whitelist/ blacklist and force transfer functions to ensure regulatory compliant.", "source": "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "locator": "DigiFT proposal, Is there any custom logic required for your token/product?" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xc06036793272219179f846ef6bfc3b16e820df0b", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xdac87349d8afd2989515deadb3692bb8edf749c4", "kind": "single-key" }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x3797416c447778b514939362cf1b41bbe23dcf58", "kind": "single-key" }, { "role": "BURNER_ROLE", "powers": [ "clawback" ], "address": "0x3797416c447778b514939362cf1b41bbe23dcf58", "kind": "single-key" } ] } ], "redemption": [ { "via": "nav-cutoff", "settlement": "Through DigiFT, which describes real-time redemption for stablecoins or fiat; under Chainlink’s transfer-agent standard the payment token and the fund tokens settle atomically. The fund’s own cutoff and settlement terms are in the unpublished private placement memorandum.", "settlesIn": [ "USD", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "digift", "name": "DigiFT" } ], "sources": [ { "name": "Ethena governance forum: DigiFT proposal “Reserve Fund: UBS Money Market Investment Fund (uMINT)”, 24 January 2025, quoting the UBS due-diligence questionnaire", "url": "https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PR Newswire: UBS Asset Management launches its first tokenised money market fund available through DigiFT, 1 November 2024", "url": "https://www.prnewswire.com/news-releases/ubs-asset-management-launches-its-first-tokenised-money-market-fund-available-through-digift-302294618.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PR Newswire: KuCoin and DigiFT, uMINT as collateral, 12 August 2025", "url": "https://www.prnewswire.com/news-releases/kucoin-pioneers-ubs-umint-collateral-support-via-digift-302527310.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PR Newswire: Secured Finance integrates DigiFT-distributed tokenized RWAs as collateral, February 2026", "url": "https://www.prnewswire.com/news-releases/secured-finance-integrates-digift-distributed-tokenized-rwas-as-eligible-on-chain-collateral-302678855.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Chainlink: UBS uMINT and the Digital Transfer Agent standard", "url": "https://blog.chain.link/digital-transfer-agent-ubs/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Blockscout: verified source of the uMINT contract (CMTAT_EVCC)", "url": "https://eth.blockscout.com/api/v2/smart-contracts/0xc06036793272219179f846ef6bfc3b16e820df0b", "kind": "primary", "accessed": "2026-09-23" }, { "name": "UBS media release: first tokenized investment fund (403 to automated reads)", "url": "https://www.ubs.com/global/en/media/display-page-ndp/en-20241101-first-tokenized-investment-fund.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CoinGecko: UBS uMINT", "url": "https://www.coingecko.com/en/coins/ubs_umint_eth", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "UBS or DigiFT publishes the private placement memorandum, a factsheet, or terms that state who may hold, the cutoff, or the register keeper", "uMINT deploys on another chain", "The uMINT rule engine, default admin, or minter changes, or the token is paused or killed", "Supply keeps falling: 105,302 tokens on 23 September 2026 against 191,900 in CoinGecko’s June figure" ] }, { "id": "sygnum-fiusd", "url": "https://ketjuresearch.com/register/files/sygnum-fiusd/", "displayName": "Sygnum FIUSD (Fidelity Institutional Liquidity Fund, US Dollar Fund, Class G Acc)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-custodial", "registrationPath": "other", "instrumentKind": "money-market-fund", "issuer": "Sygnum Bank AG, a FINMA-supervised Swiss bank, as issuer of the ledger-based security; Fidelity Institutional Liquidity Fund plc, an Irish UCITS managed by Fidelity International, as issuer of the fund units Sygnum holds; J.P. Morgan SE, Dublin Branch as fund custodian", "eligibility": { "floor": "non-us-only", "minimumUsd": 0, "kyc": "issuer", "entityTypes": [ "professional investor" ], "notes": "Sygnum says transfers are open only to professional investors fully onboarded with Sygnum under Swiss law, whose custodial wallets it whitelists after know-your-customer checks. The fund’s Class G units carry no minimum subscription or holding under the prospectus Sygnum cites; Sygnum’s own account terms are not published. No published Sygnum document says whether U.S. persons may hold, and Fidelity’s prospectus refuses automated reads; the file takes the stricter reading, non-U.S. only. Sygnum charges 0.20% to subscribe and 0.40% to redeem, on top of the fund’s 0.25% a year." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Sygnum Bank AG issues the ledger-based security on chain; the fund’s own register, kept by J.P. Morgan Administration Services (Ireland), shows Sygnum as holder", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "FIUSD", "underlying": { "name": "Claim to one Class G Acc unit of Fidelity Institutional Liquidity Fund plc, The United States Dollar Fund, an Irish UCITS low-volatility money market fund, held by Sygnum in its own name for the token holder", "isin": "IE00BNKLND78" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0x2ab105a3ead22731082b790ca9a00d9a3a7627f9" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xcded6b899edba762d793f44ed295248049440e1e" } ] } ], "terms": [ { "question": "claim", "answer": "The holder has a claim on Sygnum to deliver fund units that Sygnum holds in its own name; the holder is not a direct shareholder of the fund.", "quote": "Holders of the FIUSD token have the right to demand the delivery of the underlying assets – i.e. the ILF fund units – held by Sygnum on behalf of Arbitrum", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section E.2, Do investors have any shareholder, investor, creditor or similar rights?" }, { "question": "record", "answer": "The token is a Swiss ledger-based security, a form of right the Code of Obligations ties to the ledger.", "quote": "The FIUSD tokens are issued as a ledger-based security under Swiss law in accordance with art. 973d et seqq. of the Swiss Code of Obligations.", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section E.3, legal structure" }, { "question": "who-may-hold", "answer": "Professional investors fully onboarded with Sygnum under Swiss law.", "quote": "If enabled, token transfers are exclusively available to professional investors fully onboarded with Sygnum, according to Swiss Law.", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section H.2, whitelisting" }, { "question": "minimum", "answer": "The fund’s Class G units have no minimum subscription or holding.", "quote": "Per current prospectus, Class G Shares within the ILF Fund have no minimum initial subscription, holding, or subsequent subscription requirements.", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section C, Minimum/Maximum transaction size" }, { "question": "transfer", "answer": "Only between custodial wallets that Sygnum has whitelisted after its checks.", "quote": "Upon successful completion of these due diligence procedures, their custodial wallets are added to the whitelist.", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section H.2, whitelisting" }, { "question": "redemption", "answer": "The holder asks Sygnum, which burns the tokens and sells the units through J.P. Morgan.", "quote": "Upon receiving the request, Sygnum burns the tokens.", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section E.7, Redemption flow" }, { "question": "freeze", "answer": "Sygnum’s contracts let named roles make corrections; on chain they can freeze, pause, and move tokens between holders.", "quote": "Sygnum’s smart contracts include functions that allow specific users to make necessary corrections in a fully auditable manner.", "source": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "locator": "Section E.12, Smart contract functions" } ], "controls": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "contract": "0x2ab105a3ead22731082b790ca9a00d9a3a7627f9", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xaf50a7d823f89e5dfbfcf3ff9817b370e1a3dbff", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "issuer", "powers": [ "mint" ], "address": "0x534acb9b58628b919e456f8115b99e777e931713", "kind": "single-key" } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xcded6b899edba762d793f44ed295248049440e1e", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x61776319fc4c120e9b1ec41306f2db968be1e95f", "kind": "single-key" }, { "role": "issuer", "powers": [ "mint" ], "address": "0x534acb9b58628b919e456f8115b99e777e931713", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "The holder asks Sygnum to redeem; Sygnum burns the tokens, sells the fund units through J.P. Morgan, and credits the proceeds to the holder’s Sygnum account in dollars, another fiat currency, or crypto. The fund settles the same day and has several dealing cutoffs a day.", "feeBps": 40, "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "sygnum", "name": "Sygnum Bank" } ], "sources": [ { "name": "Sygnum Bank AG: FIUSD STEP 2 application to the Arbitrum DAO, 20 March 2025 (Wayback Machine copy, 25 July 2025)", "url": "https://web.archive.org/web/20250725053915/https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Arbitrum forum: the same application at its original address", "url": "https://forum.arbitrum.foundation/t/sygnum-bank-ag-fidelity-international-fiusd-step-2-application/28779", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PR Newswire: Sygnum tokenises Matter Labs treasury reserves in USD 6.9bn Fidelity MMF, 19 March 2024", "url": "https://www.prnewswire.com/apac/news-releases/sygnum-tokenises-matter-labs-treasury-reserves-in-usd-6-9bn-fidelity-mmf-302092675.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Sygnum: tokenization page, FIUSD entry (Wayback Machine copy, 16 April 2026)", "url": "https://web.archive.org/web/20260416065604/https://www.sygnum.com/tokenization/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Fidelity International: USD LVNAV fund daily prices (overwritten daily; read for 22 September 2026)", "url": "https://www.fidelity.ie/media/Ireland/PDF/Liquidity%20Funds/lvnav-usd-daily-price.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ZKsync block explorer: verified SygnumTokenLatest implementation", "url": "https://explorer.zksync.io/address/0x8dd51341147a2d50566b9910f515689d3decaee8", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Sygnum publishes product terms that state who may hold, whether U.S. persons are barred, or its own minimum", "The zkSync proxy admin or implementation changes, or supply returns to the Arbitrum contract, whose proxy admin is a single key", "On-chain supply stops matching Fidelity’s published Class G Acc units in issue", "Fidelity changes the Class G terms or the fund’s dealing cutoffs" ] }, { "id": "fidelity-fdit", "url": "https://ketjuresearch.com/register/files/fidelity-fdit/", "displayName": "Fidelity Treasury Digital Fund, OnChain class (FYOXX), FDIT token", "reviewed": "2026-09-23", "nextReview": "2026-12-22", "claimModel": "issuer-indirect", "registrationPath": "40-act-fund", "instrumentKind": "money-market-fund", "issuer": "Fidelity Treasury Digital Fund, a series of Fidelity Hereford Street Trust (CIK 917286); Fidelity Management & Research Company LLC as adviser; Fidelity Investments Institutional Operations Company LLC (FIIOC) as transfer agent", "eligibility": { "floor": "us-accredited", "minimumUsd": 1000000, "kyc": "issuer", "entityTypes": [ "institution" ], "notes": "The prospectus offers OnChain shares only to “certain institutional investors” who complete an application with the fund, resident in the United States or in approved jurisdictions abroad. It sets no accredited-investor test; the file records the institutional limit as the accredited floor because no individual is admitted. The first investment is $1,000,000. The transfer agent creates and holds each investor’s wallet and its private key; an investor may not hold shares in any other wallet." }, "rights": { "voting": true, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Fidelity Investments Institutional Operations Company LLC (FIIOC)", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "FDIT", "underlying": { "name": "OnChain class share of Fidelity Treasury Digital Fund, a registered government money market fund; the token mirrors the transfer agent’s book-entry record", "ticker": "FYOXX", "cusip": "31617H813" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x48aB4e39AC59F4E88974804B04A991b3a402717f" } ] } ], "terms": [ { "question": "claim", "answer": "A share of a registered money market fund; the token is a secondary record of it on Ethereum.", "quote": "The OnChain class of the fund currently uses the Ethereum network as the public blockchain for secondary recording of ownership.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Prospectus, Fund Basics, “Use of Blockchain”" }, { "question": "record", "answer": "The transfer agent’s book-entry records govern ownership in all circumstances.", "quote": "The transfer agent’s book-entry records will constitute the official record of the fund and govern the record ownership of fund shares in all circumstances.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Prospectus, Fund Basics, “Use of Blockchain”" }, { "question": "who-may-hold", "answer": "Institutional investors who complete an application with the fund.", "quote": "Shares are offered to certain institutional investors who complete an application with the fund.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Fund Summary, “Purchase and Sale of Shares”" }, { "question": "who-may-hold", "answer": "U.S. residents and investors in approved jurisdictions abroad.", "quote": "Shares of the fund are offered for sale to residents of the United States and to certain investors in approved jurisdictions outside of the United States and in conformity with local legal requirements.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Shareholder Information, “Buying Shares”, Eligibility" }, { "question": "minimum", "answer": "$1,000,000 first investment.", "quote": "OnChain class shares have a minimum initial investment of $1,000,000.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Shareholder Information, “Buying Shares”" }, { "question": "account-types", "answer": "Shares sit only in a wallet the transfer agent creates and holds for the investor.", "quote": "a potential investor must have a “blockchain wallet,” which the transfer agent would create and hold on an investor’s behalf when opening an account.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Prospectus, Fund Basics, “Use of Blockchain”" }, { "question": "transfer", "answer": "No holder-to-holder transfer or secondary trading today; only transfer-agent wallets may buy, redeem, and hold.", "quote": "Only wallets that are approved by the transfer agent are authorized to purchase, redeem and hold OnChain class shares of the fund. Investors may not hold their shares in any other wallet.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Prospectus, Fund Basics, “Use of Blockchain”" }, { "question": "transfer", "answer": "The fund has no agreement for secondary trading.", "quote": "The fund has no current agreement to make OnChain class shares available for trading in a secondary market but may enter into such an agreement in the future. These features are not currently, and may never be, available to investors.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Prospectus, Fund Basics, “Use of Blockchain”" }, { "question": "redemption", "answer": "Wire redemptions received before the 4:00 p.m. Eastern NAV are normally paid the same business day.", "quote": "Normally, Fidelity will process wire redemptions on the same business day, provided your redemption wire request is received in proper form by Fidelity before the NAV is calculated on that day.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Shareholder Information, “Selling Shares”" }, { "question": "freeze", "answer": "The transfer agent can correct errors or unauthorized transactions by writing a new instruction on chain, and the fund may involuntarily redeem an account for suspected fraud.", "quote": "The fund’s transfer agent maintains controls to correct errors or unauthorized transactions.", "source": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "locator": "Prospectus, Fund Basics, “Use of Blockchain”" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x48aB4e39AC59F4E88974804B04A991b3a402717f", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "nav-cutoff", "cutoff": "16:00 America/New_York", "settlement": "Wire redemptions received in proper form before the 4:00 p.m. Eastern NAV are normally paid the same business day in federal funds; orders are processed only during business hours on business days. The fund may pay in securities.", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "fidelity-institutional", "name": "Fidelity Institutional (fund application)" } ], "sources": [ { "name": "SEC EDGAR: Fidelity Hereford Street Trust 485BPOS, OnChain class prospectus and SAI dated 29 June 2026", "url": "https://www.sec.gov/Archives/edgar/data/917286/000091728626000089/filing12087.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Fidelity response to SEC staff comments on the OnChain class (CORRESP, 27 June 2025)", "url": "https://www.sec.gov/Archives/edgar/data/917286/000091728625000099/filename1.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Fidelity Institutional: Treasury Digital Fund OnChain class fact sheet", "url": "https://institutional.fidelity.com/app/fund/popup/item/print/FIIS_FS_70615.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherscan: Fidelity Digital Interest Token (deployer label, holders, supply)", "url": "https://etherscan.io/token/0x48aB4e39AC59F4E88974804B04A991b3a402717f", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "Sourcify: verified token dispatcher (DTCC ERC20RevocableComplianceToken)", "url": "https://sourcify.dev/server/v2/contract/1/0x48ab4e39ac59f4e88974804b04a991b3a402717f", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Fidelity changes who may hold, the $1,000,000 minimum, the 4:00 p.m. NAV, or same-day payment, or opens holder-to-holder transfer or a secondary market", "The token’s package list changes, a package is replaced, or the compliance module changes", "Fidelity or the SEC filings publish a contract address, or the class moves to another chain", "Ondo I LP’s share of the class changes materially, or class assets keep falling" ] }, { "id": "fidelity-filq", "url": "https://ketjuresearch.com/register/files/fidelity-filq/", "displayName": "Fidelity International USD Digital Liquidity Fund (FILQ-A, FILQ-D)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-indirect", "registrationPath": "other", "instrumentKind": "money-market-fund", "issuer": "Fidelity International Strategies Funds SPC, for its segregated portfolio USD Digital Liquidity Fund SP, a Cayman Islands mutual fund regulated by CIMA; FIL Investment Management (Luxembourg) S.à r.l. as manager; Apex Group as transfer agent; J.P. Morgan as custodian and administrator; Sygnum (Desygnate) as tokenization platform", "eligibility": { "floor": "non-us-only", "minimumUsd": 100000, "kyc": "distributor", "entityTypes": [ "professional investor" ], "notes": "Fidelity International markets the fund to professional investors only, through appointed distributors, with KYC and AML checks and a whitelisted wallet; the first investment is US $100,000. The landing page says nothing about U.S. persons and the prospectus refuses automated reads; a secondary data site says the fund is not available to U.S. persons. The file takes the stricter reading, non-U.S. only." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Apex Group (Apex Fund Services)", "secRegistered": false, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "FILQ-A", "underlying": { "name": "Accumulating share of USD Digital Liquidity Fund SP, a Cayman money market fund; income compounds into the token’s NAV" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x54a4fC78431F9201824643e99BeC891BB7462a1D" } ] }, { "symbol": "FILQ-D", "underlying": { "name": "Distributing share of USD Digital Liquidity Fund SP at a constant NAV, paying daily or monthly dividends" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xF0DB6F529581e7F6eBAc7A7F6882923C00FC3a66" } ] } ], "terms": [ { "question": "claim", "answer": "A share of USD Digital Liquidity Fund SP, a segregated portfolio of a Cayman Islands SPC.", "quote": "Fidelity International Strategies Funds SPC – USD Digital Liquidity Fund SP (FILQ) keeps cash working", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "What is FILQ?" }, { "question": "record", "answer": "The transfer agent keeps the official register of shareholders and runs access control.", "quote": "Access control is administered by the fund’s transfer agent, with onboarding supported by appointed distributors. The transfer agent maintains the official register of shareholders and retains oversight of access and controls.", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "FAQ, What token standard is used" }, { "question": "who-may-hold", "answer": "Professional investors only.", "quote": "Marketing Communication. Capital at risk. For professional investors only.", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "Page header" }, { "question": "who-may-hold", "answer": "Through an appointed distributor, after KYC and AML checks and wallet approval.", "quote": "Investors will be subject to standard checks, including KYC and AML, and their digital asset wallets must be approved and whitelisted before transacting, where access is available.", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "FAQ, How can investors access FILQ?" }, { "question": "minimum", "answer": "US $100,000 first investment.", "quote": "The minimum initial investment in FILQ is US $100,000.", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "FAQ, What is the minimum investment size?" }, { "question": "transfer", "answer": "Only approved, whitelisted wallets may subscribe, hold, or redeem.", "quote": "FILQ operates a permissioned token model. Only approved and whitelisted investor wallets may subscribe for, hold, or redeem fund tokens.", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "FAQ, What token standard is used" }, { "question": "redemption", "answer": "Outside London market hours, redemptions draw on liquidity facilities, not asset sales, and may be queued.", "quote": "Outside Market Hours, redemption requests are supported by available liquidity facilities (including cash buffers, credit facilities and repurchase arrangements) and not by portfolio liquidation.", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "24/7 Dealing and Liquidity Framework" }, { "question": "redemption", "answer": "Redemptions settled outside market hours may cost 2 basis points of NAV a day.", "quote": "Redemptions settled Outside Market Hours may be subject to a redemption fee of 0.02% of Net Asset Value per day (2 basis points per day).", "source": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "locator": "24/7 Dealing and Liquidity Framework" }, { "question": "freeze", "answer": "The published pages do not describe freeze or forced-transfer powers; the prospectus that would refuses automated reads. On chain, the token can blacklist, pause, burn, and force a transfer.", "notStated": true, "checked": [ "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "https://www.apexgroup.com/insights/apex-group-provides-transfer-agency-services-in-support-of-the-launch-of-fidelity-international-s-first-tokenised-product/", "https://maples.com/news/maples-group-advises-on-fidelity-internationals-first-tokenised-liquidity-fund", "https://www.fidelityinternational.com/legal/documents/FISGF/en/pr.fisgf.en.xx.pdf" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x54a4fC78431F9201824643e99BeC891BB7462a1D", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xF0DB6F529581e7F6eBAc7A7F6882923C00FC3a66", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "issuer-window", "settlement": "Orders are taken 24/7 through the transfer agent or a distributor. Stablecoins are exchanged into dollars before investment and back on redemption. In market hours (1:00 a.m. to 9:00 p.m. London, Monday to Friday) settlement is near-immediate on confirmed funds; outside them redemptions draw on cash buffers, credit lines, and repo, may cost 2 basis points a day, and may be queued when those run short. In a stressed market, deals move from constant NAV to market NAV.", "settlesIn": [ "USD", "USDC", "PYUSD", "RLUSD", "FIDD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "fidelity-international", "name": "Fidelity International appointed distributors and Apex Group" } ], "sources": [ { "name": "Fidelity International: FILQ landing page (Wayback Machine copy, 19 September 2026)", "url": "https://web.archive.org/web/20260919035035/https://www.fidelity.lu/static/master/filq/landing/index.html?utm_source=rwa.xyz&utm_medium=referral", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Fidelity International: Fidelity International Strategies Funds SPC prospectus, named by both tokens’ getTokenURI() (refuses automated reads)", "url": "https://www.fidelityinternational.com/legal/documents/FISGF/en/pr.fisgf.en.xx.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Apex Group: transfer agency for Fidelity International’s first tokenised product", "url": "https://www.apexgroup.com/insights/apex-group-provides-transfer-agency-services-in-support-of-the-launch-of-fidelity-international-s-first-tokenised-product/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Maples Group: advises on Fidelity International’s first tokenised liquidity fund", "url": "https://maples.com/news/maples-group-advises-on-fidelity-internationals-first-tokenised-liquidity-fund", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ledger Insights: Fidelity International issues tokenized MMF with Sygnum", "url": "https://www.ledgerinsights.com/fidelity-international-issues-tokenized-mmf-partnering-sygnum/", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "RWA.xyz: FILQ asset page", "url": "https://app.rwa.xyz/assets/FILQ", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The prospectus becomes readable, or Fidelity International states who may hold, whether U.S. persons are barred, or the freeze and forced-transfer terms", "The implementation or permission manager of either token changes", "The fund queues redemptions, moves to market NAV, or adds chains", "Apex Group or J.P. Morgan is replaced" ] }, { "id": "tradable-deal-tokens", "url": "https://ketjuresearch.com/register/files/tradable-deal-tokens/", "displayName": "Tradable private-credit deal tokens", "reviewed": "2026-09-23", "nextReview": "2026-12-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "note", "issuer": "Tradable Corp (Chicago; platform and contract operator, not a registered broker-dealer or adviser) deploys each deal token; the notes or loans behind each token are issued by an unnamed borrower and sold by an unnamed originator, both disclosed only under NDA", "eligibility": { "floor": "us-accredited", "minimumUsd": 5000000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Each deal’s manager sets its own gates. The metadata pinned to all eight filed contracts reads “allowed_countries: US”, “entity_type: Any”, “investor_status: Any”; Tradable’s onboarding page says some deals take any cleared investor and others only US accredited investors and qualified purchasers, and its terms leave accreditation to the parties. No offering document is public, so the file takes the stricter accredited reading. The minimum is set in each DealManager contract (minInvestment): $5,000,000 on seven of the eight, $250,000 on PC0000101. Each deal caps holders at 50 (maxHolders). Onboarding (KYC, KYB, AML, investor status) runs through Tradable, using Quadrata." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Not stated. Tradable’s contracts keep the token balances; payments to investors who fund by wire are computed by the originator’s fund administration software", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "PC0000031", "underlying": { "name": "Share of a senior secured term note facility to a North American rent financing platform (Tradable metadata: “North America Rent Financing Platform Senior Secured Term Notes”); borrower and originator unnamed" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0xac4de1e9a9e83524f24af77972dd39d588de8164" } ] }, { "symbol": "PC0000033", "underlying": { "name": "Share of a senior secured term note facility to a US buy-now-pay-later finance provider (Tradable metadata: “US Buy Now, Pay Later Finance Provider Senior Secured Term Notes”; CoinGecko lists it as “Tradable APAC Diversified Finance Provider SSTN”)" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0x6ff4fafd8d604614c704a5936d9146c0af19bd1e" } ] }, { "symbol": "PC0000015", "underlying": { "name": "Share of a senior secured term note facility to a North American platform that buys third-party online merchants (Tradable metadata: “North America Third Party Online Merchant Senior Secured Term Notes”)" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0xd8916e15d351dc728414e99a4883c72010ee11f8" } ] }, { "symbol": "PC0000085", "underlying": { "name": "Share of a senior secured term loan to a Mexican private credit provider (Tradable metadata: “LatAm Middle-Market Lender Senior Secured Term Loan”)" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0xfeafde23fb2364896c297c3fa6628f04601a035b" } ] }, { "symbol": "PC0000101", "underlying": { "name": "Share of a post-settlement term loan facility to a US law firm (Tradable metadata: “North America Post-Settlement Legal Financing Receivables”)" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0x3d19625bb8e4b52ac4ca28ecec2b5e243ae2ee81" } ] }, { "symbol": "PC0000019", "underlying": { "name": "Share of a senior secured term note facility to a North American point-of-sale, lease-to-own lender (Tradable metadata: “North America PoS Lender Senior Secured Term Notes”)" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0x1f179a51ab46252f469733dfcbd9115090a91f03" } ] }, { "symbol": "PC0000023", "underlying": { "name": "Share of a senior secured term loan to a North American neobank (Tradable metadata: “North America Neobank Senior Secured Term Loan”); a second, empty Tradable contract also uses the symbol PC0000023" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0xae0d8cad4ce522538ae34386c319c7ccd11fe428" } ] }, { "symbol": "PC0000049", "underlying": { "name": "Share of a senior secured term loan to a European and Latin American point-of-sale card reader provider (Tradable metadata: “EU / LatAm PoS Financing Senior Secured Term Loan”)" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0xe53dbcef6f700536a912c51caea4d0e2be2b1388" } ] } ], "terms": [ { "question": "claim", "answer": "A deal token counts the holder’s funded share of one private loan or note facility; Tradable’s own wording leaves open whether the token is the legal interest or a picture of it, and the subscription agreement that decides it is not public.", "quote": "A tokenized asset is a digital representation of or a digitized legal ownership interest, recorded on a blockchain.", "source": "https://www.tradable.xyz/post/what-blockchain-tokenization-of-private-credit-actually-means", "locator": "FAQ: What is a tokenized asset?" }, { "question": "who-may-hold", "answer": "Investors Tradable has screened and approved; each deal’s manager sets further gates, and the eight filed deals admit US investors of any type and status in their metadata.", "quote": "Users will not be able to request deal access and / or invest in a Tradable deal until they have been screened and approved.", "source": "https://doc.tradable.xyz/product-docs/onboarding.md", "locator": "Verify Your Identity & Organization" }, { "question": "minimum", "answer": "In the millions, per Tradable; the deal manager contracts set $5,000,000 on seven of the eight filed deals and $250,000 on PC0000101.", "quote": "Minimum investment sizes are calibrated to institutional participation", "source": "https://www.tradable.xyz/post/what-happens-when-a-deal-lists-on-tradable-a-walk-through-of-private-credit-marketplace", "locator": "1. The Listings Feed" }, { "question": "account-types", "answer": "Individuals and entities, including an institution’s fund entities once Tradable has vetted them.", "quote": "You will be asked to specify whether or not you are creating an account on behalf of an entity.", "source": "https://doc.tradable.xyz/product-docs/onboarding.md", "locator": "Create your account" }, { "question": "transfer", "answer": "The holder cannot send the token: the verified contract makes transfer revert, and a sale moves only through the deal manager after the originator and the holder both approve.", "quote": "Both the originator and the current holder must approve the transfer, maintaining integrity across the capital stack.", "source": "https://www.tradable.xyz/post/what-happens-when-a-deal-lists-on-tradable-a-walk-through-of-private-credit-marketplace", "locator": "5. Secondary Liquidity" }, { "question": "redemption", "answer": "Principal comes back as the borrower repays; an early redemption is a request the manager may refuse, paid only from USDC the manager puts in the pool.", "quote": "To initiate the redemption process, deal investors can request a redemption from the originator, which may be approved or denied.", "source": "https://doc.tradable.xyz/product-docs/investors.md", "locator": "Managing your investments, Redeem" }, { "question": "record", "answer": "Tradable calls the chain a system of record for ownership, but no document says whether the chain or the originator’s books govern if they differ.", "quote": "We use blockchain because it creates a programmable system of record for ownership and asset servicing", "source": "https://www.tradable.xyz/post/what-blockchain-tokenization-of-private-credit-actually-means", "locator": "The Benefits of Tokenization on Tradable, Operational Efficiency" }, { "question": "freeze", "answer": "The documents do not describe a freeze. The verified contract has none, and needs none: the deal manager may burn or move any holder’s tokens and drop a wallet from the eligible list.", "notStated": true, "checked": [ "https://doc.tradable.xyz/product-docs/how-it-works.md", "https://doc.tradable.xyz/product-docs/investors.md", "https://doc.tradable.xyz/product-docs/onboarding.md", "https://doc.tradable.xyz/product-docs/legal/terms-of-service.md", "https://www.tradable.xyz/post/what-blockchain-tokenization-of-private-credit-actually-means", "https://www.tradable.xyz/post/what-happens-when-a-deal-lists-on-tradable-a-walk-through-of-private-credit-marketplace" ] } ], "controls": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "contract": "0xac4de1e9a9e83524f24af77972dd39d588de8164", "allowlist": true, "freeze": false, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ADMIN", "powers": [ "admin" ], "address": "0x08aceeaccd6aa12d547d64b63e8e815e8e7b29ab", "kind": "single-key" }, { "role": "ADMIN", "powers": [ "admin" ], "address": "0x0ff03b6c9d30cbc4926c5773e7c72dfffd868809", "kind": "contract" }, { "role": "DEAL_ADMIN", "powers": [ "clawback", "allowlist", "mint" ], "address": "0x08aceeaccd6aa12d547d64b63e8e815e8e7b29ab", "kind": "single-key" }, { "role": "DEAL_ADMIN", "powers": [ "clawback", "allowlist", "mint" ], "address": "0x1b8926351fdca73649ba1cf4388aeeffb8cc95fe", "kind": "single-key" }, { "role": "ADMIN", "powers": [ "admin", "upgrade" ], "address": "0x08aceeaccd6aa12d547d64b63e8e815e8e7b29ab", "kind": "single-key" }, { "role": "ADMIN", "powers": [ "admin", "upgrade" ], "address": "0x0ff03b6c9d30cbc4926c5773e7c72dfffd868809", "kind": "contract" }, { "role": "ADMIN", "powers": [ "admin", "upgrade" ], "address": "0x08aceeaccd6aa12d547d64b63e8e815e8e7b29ab", "kind": "single-key" }, { "role": "ADMIN", "powers": [ "admin", "upgrade" ], "address": "0x0ff03b6c9d30cbc4926c5773e7c72dfffd868809", "kind": "contract" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Principal returns as the borrower repays: the manager sends USDC to the deal contract (or wires investors who funded by wire) and the same share of every balance is burned. Before maturity a holder may ask the manager to redeem; the manager may refuse, an approved request locks the tokens for five days, and redemption needs USDC in the deal’s pool. The redemption budget was zero on all eight filed deals on 2026-09-23. A secondary sale needs the manager’s and the holder’s approval and a buyer found through Tradable", "minimumUsd": 5000000, "feeBps": 0, "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "tradable", "name": "Tradable marketplace (app.tradable.xyz): primary syndications and manager-approved secondary sales" } ], "sources": [ { "name": "Tradable product docs: How it Works", "url": "https://doc.tradable.xyz/product-docs/how-it-works.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable product docs: Investors", "url": "https://doc.tradable.xyz/product-docs/investors.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable product docs: Onboarding", "url": "https://doc.tradable.xyz/product-docs/onboarding.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable product docs: Smart Contract Addresses", "url": "https://doc.tradable.xyz/product-docs/smart-contract-addresses.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable Terms of Service (updated February 13, 2026)", "url": "https://doc.tradable.xyz/product-docs/legal/terms-of-service.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable: What Tokenization of Private Credit Actually Means", "url": "https://www.tradable.xyz/post/what-blockchain-tokenization-of-private-credit-actually-means", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable: What Happens When a Deal Lists on Tradable", "url": "https://www.tradable.xyz/post/what-happens-when-a-deal-lists-on-tradable-a-walk-through-of-private-credit-marketplace", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ZKsync Era explorer: verified Deal.sol, the deal token implementation", "url": "https://block-explorer-api.mainnet.zksync.io/api?module=contract&action=getsourcecode&address=0x85774b6c4a2f72315050084efa3b982df5a7ea67", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ZKsync Era explorer: verified DealManager.sol", "url": "https://block-explorer-api.mainnet.zksync.io/api?module=contract&action=getsourcecode&address=0x14e6025079a15f03bb67a0dea11621dbb9237a47", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tradable deal metadata, PC0000031 (IPFS, pinned by the contract’s metadataURI)", "url": "https://ipfs.tradable.xyz/ipfs/QmQ3e2KAJSa5LjqJo2b3PwwU5GAv5EDfgHqSor7oRtr9Dz", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The Deal Beacon (0x1E2f…3d74) or the DealManager beacon (0xcd00…9a3c) points at new code", "The AccessManager grants ADMIN or DEAL_ADMIN to a new address, or the roles gain an execution delay", "Tradable or a manager publishes a deal’s note terms, subscription agreement, or offering filing; the file is then re-read for the issuer, the security, the investor class, and the governing record", "A filed deal’s metadata changes its allowed countries, entity type, or investor status, or its minimum investment changes", "A filed deal sets a redemption budget above zero, burns tokens without a matching repayment, or writes NAV below 1.0", "Tradable deploys deal tokens on Stellar or another chain" ] }, { "id": "blockchain-capital-bcap", "url": "https://ketjuresearch.com/register/files/blockchain-capital-bcap/", "displayName": "Blockchain Capital Token (BCAP)", "reviewed": "2026-09-23", "nextReview": "2026-12-23", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "mixed", "issuer": "Blockchain Capital TokenHub Pte. Ltd. (Singapore private limited company, SEC CIK 1703926), sole limited partner of Blockchain Capital III Digital Liquid Venture Fund, LP (Cayman Islands exempted limited partnership), managed by BC III DLVF GP, LLC; Securitize runs the token", "eligibility": { "floor": "us-accredited", "minimumUsd": null, "kyc": "issuer", "notes": "The offering sold once, from April 10 to May 10, 2017, and the fund admits no new limited partners, so no one can subscribe today; a buyer can only take tokens from a holder. In 2017 the memorandum set a $20,000 minimum for buyers paying in dollars and none for buyers paying in bitcoin or ether; the Form D states $100. The memorandum caps U.S. holders at 99 accredited investors; everyone else must be a non-U.S. person buying offshore under Regulation S. The CoinGecko market cap of about $978 million on 2026-09-23 is $107.53, a value Securitize publishes through the RedStone BCAP_FUNDAMENTAL feed, times 9,091,942 tokens; CoinGecko lists no market and no trading volume, so no trade stands behind the figure." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Securitize, LLC", "secRegistered": true, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "BCAP", "underlying": { "name": "Indirect, non-voting economic interest in Blockchain Capital III Digital Liquid Venture Fund, LP, an evergreen venture fund holding stakes in blockchain companies and tokens, held through the Singapore company that owns the fund’s only limited-partner interest", "cusip": "09368B102" }, "contracts": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "address": "0x57fd71a86522dc06d6255537521886057c1772a3" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x8347fffb3abeb2fae5c21b09e983bdefa1a047dc" } ] } ], "terms": [ { "question": "claim", "answer": "An indirect, non-voting economic interest in the fund, held through the Singapore company that owns the fund’s only limited-partner interest.", "quote": "Each of the BCAP Tokens represents an indirect fractional non-voting economic interest in BCTH’s sole asset, the sole limited partnership interest in BC III DLVF", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "Description of BCAP Tokens, first paragraph (page 25)" }, { "question": "who-may-hold", "answer": "Up to 99 U.S. accredited investors under Regulation D, and non-U.S. persons offshore under Regulation S.", "quote": "This Offering is being made (1) inside the United States to up to 99 “accredited investors” (as defined in Section 501 of the Securities Act) in reliance on Regulation D under the Securities Act who are U.S. persons (as defined in Section 902 of Regulation S under the Securities Act) and (2) outside the United States to non-U.S. persons in reliance on Regulation S.", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "Cover page" }, { "question": "minimum", "answer": "In 2017, $20,000 for buyers paying in dollars; the offering has been closed since May 2017, so no minimum applies to anyone today.", "quote": "Subscribers for BCAP Tokens paying in USD must subscribe for a minimum of $20,000 in BCAP Tokens.", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "How to Purchase (page 1)" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "https://www.sec.gov/Archives/edgar/data/1703926/000095017217000040/xslFormDX01/primary_doc.xml", "https://www.prnewswire.com/news-releases/blockchain-capitals-pioneering-tokenized-fund-announces-dividend-and-upgrades-to-zksync-assembling-its-portfolio-companies-to-advance-venture-capital-investment-access-302328430.html" ] }, { "question": "transfer", "answer": "A U.S. holder may sell to a U.S. person only by selling every token to one buyer; a non-U.S. holder may sell only to non-U.S. persons offshore.", "quote": "they will not sell such BCAP Tokens to any U.S. person unless they sell all of their BCAP Tokens to a single U.S. Person. Persons purchasing as non-U.S. persons will only be entitled to resell their BCAP Tokens to other non-U.S. persons in an offshore transaction", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "Cover page" }, { "question": "redemption", "answer": "Holders cannot redeem; only the issuer may, and the fund has no end date.", "quote": "The BCAP Tokens have no voting, distribution, preemptive or conversion rights and redemption rights only for BCTH.", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "Description of BCAP Tokens, first paragraph (page 25)" }, { "question": "record", "answer": "The memorandum named TokenHub’s database as the record; it does not name the record Securitize keeps now.", "quote": "the ultimate record of which will be kept in a database maintained by TokenHub showing its users’ holdings", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "Form of Ownership (page 27)" }, { "question": "freeze", "answer": "The memorandum does not mention freezing; it lets the fund force a holder out at any time, at a price that can be below NAV.", "quote": "BC III DLVF may at any time direct BCTH to redeem all or some of the BCAP Tokens, in BCTH’s discretion at a redemption price calculated as the lower of (i) 70% of the market price of the BCAP Tokens", "source": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "locator": "Description of BCAP Tokens, Regulatory Redemption (page 26)" } ], "controls": [ { "chain": "ZKsync Era", "chainId": "eip155:324", "contract": "0x57fd71a86522dc06d6255537521886057c1772a3", "allowlist": true, "freeze": "unverified", "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "admin" ], "address": "0x3ee611d581d2c6a81459fff8c6c8d197b0ad1a3e", "kind": "single-key" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x8347fffb3abeb2fae5c21b09e983bdefa1a047dc", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "freeze", "allowlist", "admin" ], "address": "0x28e39c2dc5fa249a53b7ea5247ccadb561cfb3fd", "kind": "single-key" } ] } ], "redemption": [ { "via": "none", "settlement": "Holders have no right to redeem. The fund may, at its option, redeem at NAV after ten years from the May 2017 issue, on 30 to 60 days’ notice, paid in ether or another liquid cryptocurrency; it may at any time force a redemption of a holder whose status raises a regulatory concern, at the lowest of 70% of market price, NAV, or what three months of liquidation would raise; buybacks and fixed-price offers are at its discretion. It announced a $0.25 per token distribution in USDC for January 28, 2025", "settlesIn": [] } ], "venues": [], "formD": { "filed": true, "cik": "1703926", "entity": "Blockchain Capital TokenHub Pte. Ltd.", "filings": [ { "filedAt": "2017-04-20", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/1703926/000095017217000040/0000950172-17-000040-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(1)" ], "minimumUsd": 100, "soldUsd": 10000000, "investors": 745, "firstSale": "2017-04-10" } ] }, "sources": [ { "name": "Blockchain Capital TokenHub Pte. Ltd., BCAP Tokens offering memorandum, dated April 10, 2017 (copy hosted by Securitize)", "url": "https://securitize-public-files.s3.us-east-2.amazonaws.com/ClientDocuments/bcap/BCAP+PPM.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Blockchain Capital TokenHub Pte. Ltd., Form D filed April 20, 2017 (the only filing; no Form D/A)", "url": "https://www.sec.gov/Archives/edgar/data/1703926/000095017217000040/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Blockchain Capital, “Blockchain Capital’s Pioneering Tokenized Fund Announces Dividend and Upgrades to ZKsync” (PR Newswire, 2024-12-11)", "url": "https://www.prnewswire.com/news-releases/blockchain-capitals-pioneering-tokenized-fund-announces-dividend-and-upgrades-to-zksync-assembling-its-portfolio-companies-to-advance-venture-capital-investment-access-302328430.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Securitize Holdings prospectus, Form 424B3, filed August 7, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RedStone oracle API, BCAP_FUNDAMENTAL feed", "url": "https://api.redstone.finance/prices?symbols=BCAP_FUNDAMENTAL&provider=redstone-primary-prod", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified DSToken implementation on ZKsync Era (Matter Labs block explorer)", "url": "https://block-explorer-api.mainnet.zksync.io/api?module=contract&action=getsourcecode&address=0x51122dafca446d6f3fed08245c9c8fb47863a41a", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified BCAP implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xcb63efa2029fe545408b6ef300cc7bcffa4bd1f2", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CoinGecko API, Blockchain Capital (BCAP)", "url": "https://api.coingecko.com/api/v3/coins/blockchain-capital?localization=false&tickers=true&community_data=false&developer_data=false", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The ten-year mark after the May 2017 issue arrives, or the fund gives notice of an optional redemption, a regulatory redemption, a buyback, or a fixed-price offer", "Securitize or the fund publishes a current offering document, NAV report, or record statement; the claim model, the record keeper, and the 2017 terms are then re-read", "The value Securitize publishes moves more than 25% between weekly readings; it rose from $22.89 on 2026-03-30 to $83.06 on 2026-04-07 and to $105.75 on 2026-05-01 with supply flat, and no published NAV report explains the move", "A second distribution is announced, or the fund states a distribution policy", "A trading venue lists BCAP, or CoinGecko records volume against it", "The ZKsync lock manager’s implementation is verified; freeze is then read from source instead of left unverified", "The owner key, proxy implementation, compliance service, lock manager, or wallet registrar on either chain changes", "The Ethereum contract’s remaining 102,177.63 tokens move to ZKsync or are burned, or the ZKsync address holding 79% of supply moves its balance", "The count of U.S. holders nears 99, or the fund leaves the section 3(c)(1) exclusion" ] }, { "id": "kinesis-kau-erc20", "url": "https://ketjuresearch.com/register/files/kinesis-kau-erc20/", "displayName": "Kinesis gold on Ethereum (ERC-20 KAU, KMS Labs)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "KMS Labs S.A., a Panama company (number 155772003) that Kinesis names as a partner; it holds native KAU issued by Kinesis Cayman (Cayman Islands) as the reserve", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "notes": "Anyone who is not sanctioned and not resident in a restricted jurisdiction may hold the token; the list names Panama, Cuba, Iran, Syria, North Korea, occupied Ukrainian regions, and the Government of Venezuela, and does not name the United States or any US state. Holding needs no account. Redeeming needs KMS Labs onboarding, then a Kinesis account to turn native tokens into metal." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "KAU", "underlying": { "name": "One native Kinesis KAU held by KMS Labs in its reserve account on the Kinesis blockchain; each native KAU is a proportional share of one gram of gold held for KAU holders in vaults run through Allocated Bullion Exchange. The ERC-20 holder has no right in the reserve.", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x14DAB79fD7B7B3f748d434812Fd6a9Aac460EA52" } ] } ], "terms": [ { "question": "claim", "answer": "A token KMS Labs says it backs one for one with native Kinesis tokens it holds. The holder owns no part of that reserve and no metal.", "quote": "Holders of the Tokens acknowledge and agree that they have no legal, equitable or beneficial right, title or interest in or to the Reserves", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 8.e “Holders’ acknowledgement”" }, { "question": "claim", "answer": "KMS Labs keeps whatever the reserve earns.", "quote": "KMS Labs is entitled to and may retain all net returns, interest, and other income earned on Reserve assets", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 8.d “Net Returns”" }, { "question": "claim", "answer": "Kinesis says the ERC-20 token earns none of the fee-share yield paid on native KAU and KAG.", "quote": "Holder Yield is payable only on Kinesis-native KAU/KAG issued by Kinesis Cayman on the Kinesis Currency Network.", "source": "https://kinesis.money/about-us/documents/terms-of-use/", "locator": "Terms of Use, Schedule 6 (Yield Schedule), 6.2.2" }, { "question": "who-may-hold", "answer": "Eligible Users only: anyone not sanctioned and not resident in the restricted list, which names Panama, Cuba, Iran, Syria, North Korea, occupied Ukrainian regions, and the Government of Venezuela. The United States is not on the list.", "quote": "The Tokens may only be held by Eligible Users who are in compliance with these Terms and Conditions at all times.", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 7 “User Eligibility and Restrictions”" }, { "question": "who-may-hold", "answer": "The restricted list starts with Panama, where KMS Labs is incorporated.", "quote": "includes the Republic of Panama, Cuba, Iran, Syria, North Korea", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 1.l “Restricted Jurisdictions”" }, { "question": "minimum", "answer": "KMS Labs states no minimum to buy or hold; its terms say only that redemption may carry minimum sizes.", "notStated": true, "checked": [ "https://kmslabs.money/kms-labs-tcs/", "https://kmslabs.money/" ] }, { "question": "transfer", "answer": "Freely transferable on Ethereum, except that an address on the deny list can neither send nor receive.", "quote": "fully programmable and freely transferable cryptographic token meeting the ERC-20 standard", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 3 “About the Tokens”" }, { "question": "redemption", "answer": "KMS Labs may redeem ERC-20 tokens one for one into native Kinesis tokens, on terms it sets, with no promise that redemption will be open or how long it takes.", "quote": "KMS Labs may offer direct redemption for the Tokens under such terms and conditions or policy that it, in its sole discretion, determines", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 5 “Redemption Rights and Procedures”" }, { "question": "redemption", "answer": "Metal takes a second step: redeem the native tokens with Kinesis Cayman, under its own terms.", "quote": "ERC-20 KAU/KAG cannot be redeemed directly for physical gold or silver.", "source": "https://kmslabs.money/", "locator": "FAQ, “Can Ethereum tokens be redeemed for physical gold or silver?”" }, { "question": "redemption", "answer": "Kinesis redeems native tokens for metal in steps of 100 KAU (100 grams) or 200 KAG (200 ounces), for 0.45% of the order, a $100 fee, and postage.", "quote": "Redemptions are made in increments of 100 KAU or 200 KAG at a time.", "source": "https://kinesissupport.zendesk.com/api/v2/help_center/en-gb/articles/38687923843741.json", "locator": "Kinesis Help Center, “Redeeming Gold and Silver in App”" }, { "question": "record", "answer": "The Ethereum contract is the record of who holds ERC-20 tokens. KMS Labs keeps the reserve in its own segregated wallets on the Kinesis blockchain and has not yet published an independent check of it.", "quote": "The Reserve is held in segregated wallets that are separate from KMS Labs’s wallets and assets.", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 8.b “Segregation and Custody”" }, { "question": "record", "answer": "Kinesis’s audits cover native KAU and KAG only; KMS Labs says its own reserve check is still to come.", "quote": "Independent verification of ERC-20 KAU reserve holdings will be disclosed separately.", "source": "https://kmslabs.money/", "locator": "Gold (KAU) on Ethereum, “Independent audits”" }, { "question": "freeze", "answer": "KMS Labs may freeze or blacklist any address at its sole discretion, without notice, and may seize frozen tokens. On chain, one key can add an address to the deny list, and the contract can move a listed address’s balance out.", "quote": "KMS Labs may, but shall not be obligated to, freeze, blacklist, or otherwise restrict access to any the Tokens or Digital Tokens Address at its sole discretion", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 11.a “Discretionary Freezing Rights”" }, { "question": "freeze", "answer": "Frozen tokens may be taken.", "quote": "KMS Labs may recover, seize, or dispose of frozen the Tokens as required by law or legal process", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 11.e “Recovery and Disposal”" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x14DAB79fD7B7B3f748d434812Fd6a9Aac460EA52", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xe584e152bed254a177351cea587aa44c2a83a8ae", "kind": "single-key" }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x4b1f9e5b20e8b9949b3db4b3ef5887f49d69c8dd", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x6eff1bb0073c9b00fb6e090a19f8ac201a4f9138", "kind": "single-key" }, { "role": "CONTRACT_ADMIN_ROLE", "powers": [ "admin", "allowlist" ], "address": "0xe584e152bed254a177351cea587aa44c2a83a8ae", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xe584e152bed254a177351cea587aa44c2a83a8ae", "kind": "single-key" }, { "role": "UPGRADER_ROLE", "powers": [ "upgrade" ], "address": "0xe584e152bed254a177351cea587aa44c2a83a8ae", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x6eff1bb0073c9b00fb6e090a19f8ac201a4f9138", "kind": "single-key" }, { "role": "ACCESS_LIST_ADMIN_ROLE", "powers": [ "admin", "freeze" ], "address": "0x6eff1bb0073c9b00fb6e090a19f8ac201a4f9138", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "KMS Labs may, at its discretion and after onboarding, exchange ERC-20 KAU one for one for native KAU from its reserve account (GAJ6XIVDKRHVMYF5ZUDDJCX755F25JXGIAWX4JO2OUHC4B2XHVTA6ERC, a 2-of-4 signer account). Gold then takes a Kinesis account and a redemption request: 100 KAU (100 grams) at a time, for 0.45% of the order, a $100 fee, and postage, delivered from a Kinesis vault hub.", "settlesIn": [ "KAU (native, Kinesis blockchain)", "XAU (bars delivered from a Kinesis vault hub, through Kinesis Cayman)" ] } ], "venues": [ { "kind": "exchange", "id": "centralized-exchanges", "name": "Centralized exchanges; KMS Labs says ERC-20 KAU is listed on leading exchanges and names none in its text" } ], "sources": [ { "name": "KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20)", "url": "https://kmslabs.money/kms-labs-tcs/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "KMS Labs: kmslabs.money home page and FAQ", "url": "https://kmslabs.money/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Kinesis Cayman: Terms of Use and Schedules (effective May 28th 2026)", "url": "https://kinesis.money/about-us/documents/terms-of-use/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Kinesis Help Center: Redeeming Gold and Silver in App (help center API copy, updated 2026-09-04)", "url": "https://kinesissupport.zendesk.com/api/v2/help_center/en-gb/articles/38687923843741.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ERC-20 KAU and KAG implementation (Fireblocks ERC20F, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x0f25045d15c163478bb67c56c5d9d602628f4f62", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Access registry implementation behind both tokens (Fireblocks DenyList, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x0D7D2f28AB186CD706878c9943221B001bcFC3D7", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The KAU admin (0xe584e152bed254a177351cea587aa44c2a83a8ae, one key) or any role holder changes, the proxy points at a new implementation, or the access registry is replaced", "KMS Labs adds an address to the KAU deny list, grants the recovery role, or moves a listed balance", "ERC-20 KAU supply exceeds the native KAU held by the KMS Labs reserve account (GAJ6XIVDKRHVMYF5ZUDDJCX755F25JXGIAWX4JO2OUHC4B2XHVTA6ERC) on the Kinesis blockchain", "KMS Labs publishes an independent check of its reserve, changes its terms on redemption, eligibility, or freezing, or corrects the reserve addresses its terms name", "KMS Labs mints on a second chain, or Kinesis stops redeeming native tokens for metal" ] }, { "id": "kinesis-kag-erc20", "url": "https://ketjuresearch.com/register/files/kinesis-kag-erc20/", "displayName": "Kinesis silver on Ethereum (ERC-20 KAG, KMS Labs)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "KMS Labs S.A., a Panama company (number 155772003) that Kinesis names as a partner; it holds native KAG issued by Kinesis Cayman (Cayman Islands) as the reserve", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "notes": "Anyone who is not sanctioned and not resident in a restricted jurisdiction may hold the token; the list names Panama, Cuba, Iran, Syria, North Korea, occupied Ukrainian regions, and the Government of Venezuela, and does not name the United States or any US state. Holding needs no account. Redeeming needs KMS Labs onboarding, then a Kinesis account to turn native tokens into metal." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "KAG", "underlying": { "name": "One native Kinesis KAG held by KMS Labs in its reserve account on the Kinesis blockchain; each native KAG is a proportional share of one troy ounce of silver held for KAG holders in vaults run through Allocated Bullion Exchange. The ERC-20 holder has no right in the reserve.", "ticker": "XAG" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x56Ba8B58B7d1f6d384A1C4dD553F39ebc8741B8e" } ] } ], "terms": [ { "question": "claim", "answer": "A token KMS Labs says it backs one for one with native Kinesis tokens it holds. The holder owns no part of that reserve and no metal.", "quote": "Holders of the Tokens acknowledge and agree that they have no legal, equitable or beneficial right, title or interest in or to the Reserves", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 8.e “Holders’ acknowledgement”" }, { "question": "claim", "answer": "KMS Labs keeps whatever the reserve earns.", "quote": "KMS Labs is entitled to and may retain all net returns, interest, and other income earned on Reserve assets", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 8.d “Net Returns”" }, { "question": "claim", "answer": "Kinesis says the ERC-20 token earns none of the fee-share yield paid on native KAU and KAG.", "quote": "Holder Yield is payable only on Kinesis-native KAU/KAG issued by Kinesis Cayman on the Kinesis Currency Network.", "source": "https://kinesis.money/about-us/documents/terms-of-use/", "locator": "Terms of Use, Schedule 6 (Yield Schedule), 6.2.2" }, { "question": "who-may-hold", "answer": "Eligible Users only: anyone not sanctioned and not resident in the restricted list, which names Panama, Cuba, Iran, Syria, North Korea, occupied Ukrainian regions, and the Government of Venezuela. The United States is not on the list.", "quote": "The Tokens may only be held by Eligible Users who are in compliance with these Terms and Conditions at all times.", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 7 “User Eligibility and Restrictions”" }, { "question": "who-may-hold", "answer": "The restricted list starts with Panama, where KMS Labs is incorporated.", "quote": "includes the Republic of Panama, Cuba, Iran, Syria, North Korea", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 1.l “Restricted Jurisdictions”" }, { "question": "minimum", "answer": "KMS Labs states no minimum to buy or hold; its terms say only that redemption may carry minimum sizes.", "notStated": true, "checked": [ "https://kmslabs.money/kms-labs-tcs/", "https://kmslabs.money/" ] }, { "question": "transfer", "answer": "Freely transferable on Ethereum, except that an address on the deny list can neither send nor receive.", "quote": "fully programmable and freely transferable cryptographic token meeting the ERC-20 standard", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 3 “About the Tokens”" }, { "question": "redemption", "answer": "KMS Labs may redeem ERC-20 tokens one for one into native Kinesis tokens, on terms it sets, with no promise that redemption will be open or how long it takes.", "quote": "KMS Labs may offer direct redemption for the Tokens under such terms and conditions or policy that it, in its sole discretion, determines", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 5 “Redemption Rights and Procedures”" }, { "question": "redemption", "answer": "Metal takes a second step: redeem the native tokens with Kinesis Cayman, under its own terms.", "quote": "ERC-20 KAU/KAG cannot be redeemed directly for physical gold or silver.", "source": "https://kmslabs.money/", "locator": "FAQ, “Can Ethereum tokens be redeemed for physical gold or silver?”" }, { "question": "redemption", "answer": "Kinesis redeems native tokens for metal in steps of 100 KAU (100 grams) or 200 KAG (200 ounces), for 0.45% of the order, a $100 fee, and postage.", "quote": "Redemptions are made in increments of 100 KAU or 200 KAG at a time.", "source": "https://kinesissupport.zendesk.com/api/v2/help_center/en-gb/articles/38687923843741.json", "locator": "Kinesis Help Center, “Redeeming Gold and Silver in App”" }, { "question": "record", "answer": "The Ethereum contract is the record of who holds ERC-20 tokens. KMS Labs keeps the reserve in its own segregated wallets on the Kinesis blockchain and has not yet published an independent check of it.", "quote": "The Reserve is held in segregated wallets that are separate from KMS Labs’s wallets and assets.", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 8.b “Segregation and Custody”" }, { "question": "record", "answer": "Kinesis’s audits cover native KAU and KAG only; KMS Labs says its own reserve check is still to come.", "quote": "Independent verification of ERC-20 KAU reserve holdings will be disclosed separately.", "source": "https://kmslabs.money/", "locator": "Gold (KAU) on Ethereum, “Independent audits”" }, { "question": "freeze", "answer": "KMS Labs may freeze or blacklist any address at its sole discretion, without notice, and may seize frozen tokens. On chain, one key can add an address to the deny list, and the contract can move a listed address’s balance out.", "quote": "KMS Labs may, but shall not be obligated to, freeze, blacklist, or otherwise restrict access to any the Tokens or Digital Tokens Address at its sole discretion", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 11.a “Discretionary Freezing Rights”" }, { "question": "freeze", "answer": "Frozen tokens may be taken.", "quote": "KMS Labs may recover, seize, or dispose of frozen the Tokens as required by law or legal process", "source": "https://kmslabs.money/kms-labs-tcs/", "locator": "Terms and conditions, 11.e “Recovery and Disposal”" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x56Ba8B58B7d1f6d384A1C4dD553F39ebc8741B8e", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xe560c473dee7b1d1d5ae316f4c1cba7157de498e", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x3e96eb2e94485712d0970c471d31ac3d8054b493", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x24945ec1be35c11c1fc13c72c910851541afb10f", "kind": "single-key" }, { "role": "CONTRACT_ADMIN_ROLE", "powers": [ "admin", "allowlist" ], "address": "0x24945ec1be35c11c1fc13c72c910851541afb10f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x24945ec1be35c11c1fc13c72c910851541afb10f", "kind": "single-key" }, { "role": "UPGRADER_ROLE", "powers": [ "upgrade" ], "address": "0x24945ec1be35c11c1fc13c72c910851541afb10f", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x3e96eb2e94485712d0970c471d31ac3d8054b493", "kind": "single-key" }, { "role": "ACCESS_LIST_ADMIN_ROLE", "powers": [ "admin", "freeze" ], "address": "0x3e96eb2e94485712d0970c471d31ac3d8054b493", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "KMS Labs may, at its discretion and after onboarding, exchange ERC-20 KAG one for one for native KAG from its reserve account on the Kinesis KAG network (GAJ6XIVDKRHVMYF5ZUDDJCX755F25JXGIAWX4JO2OUHC4B2XHVTA6ERC). Silver then takes a Kinesis account and a redemption request: 200 KAG (200 ounces) at a time, for 0.45% of the order, a $100 fee, and postage.", "settlesIn": [ "KAG (native, Kinesis blockchain)", "XAG (bars delivered from a Kinesis vault hub, through Kinesis Cayman)" ] } ], "venues": [ { "kind": "exchange", "id": "centralized-exchanges", "name": "Centralized exchanges; KMS Labs names none in its text" } ], "sources": [ { "name": "KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20)", "url": "https://kmslabs.money/kms-labs-tcs/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "KMS Labs: kmslabs.money home page and FAQ", "url": "https://kmslabs.money/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Kinesis Cayman: Terms of Use and Schedules (effective May 28th 2026)", "url": "https://kinesis.money/about-us/documents/terms-of-use/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Kinesis Help Center: Redeeming Gold and Silver in App (help center API copy, updated 2026-09-04)", "url": "https://kinesissupport.zendesk.com/api/v2/help_center/en-gb/articles/38687923843741.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ERC-20 KAU and KAG implementation (Fireblocks ERC20F, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x0f25045d15c163478bb67c56c5d9d602628f4f62", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Access registry implementation behind both tokens (Fireblocks DenyList, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x0D7D2f28AB186CD706878c9943221B001bcFC3D7", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The KAG admin (0x24945ec1be35c11c1fc13c72c910851541afb10f, one key) or any role holder changes, the proxy points at a new implementation, or the access registry is replaced", "KMS Labs adds an address to the KAG deny list, grants the recovery role, or moves a listed balance", "ERC-20 KAG supply exceeds the native KAG held by the KMS Labs reserve account (GAJ6XIVDKRHVMYF5ZUDDJCX755F25JXGIAWX4JO2OUHC4B2XHVTA6ERC) on the Kinesis blockchain", "KMS Labs publishes an independent check of its reserve, changes its terms on redemption, eligibility, or freezing, or corrects the reserve addresses its terms name", "KMS Labs mints on a second chain, or Kinesis stops redeeming native tokens for metal" ] }, { "id": "streamex-gldy", "url": "https://ketjuresearch.com/register/files/streamex-gldy/", "displayName": "Streamex GLDY", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "issuer-indirect", "registrationPath": "reg-d-506c", "instrumentKind": "commodity", "issuer": "Streamex Ltd., a Cayman Islands exempted company consolidated by Streamex Corp. (Nasdaq: STEX); GLDY ServiceCo, LLC (Delaware), a Streamex subsidiary, runs it day to day", "eligibility": { "floor": "us-accredited", "minimumUsd": 1, "kyc": "issuer", "entityTypes": [ "individual", "entity", "trust", "ira", "benefit-plan" ], "notes": "Streamex requires accredited-investor verification of every buyer, US or not, and whitelists each wallet. A buyer below $200,000 must send supporting documents for verification; the subscription documents state no minimum investment, and Streamex Ltd.’s February 2026 Form D states $1 as the minimum accepted from any outside investor, so in practice there is none. A secondary buyer must sign the same subscription agreement before a transfer counts." }, "rights": { "voting": false, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Zedra Fund Administration (Cayman) Ltd., administrator, registrar and transfer agent", "secRegistered": false, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "GLDY", "underlying": { "name": "Non-voting participating shares of Streamex Ltd., a Cayman SPV that owns gold bullion (one fine troy ounce per token at issue) and leases it out for gold-denominated income paid as new GLDY", "ticker": "XAU" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x632db1aAaCe73401a5dc8cDE6e9062B8eC0FD819" } ] } ], "terms": [ { "question": "claim", "answer": "A non-voting participating share of Streamex Ltd., a Cayman SPV that owns gold and leases it out. The holder owns a share of the company, not the metal.", "quote": "Streamex Ltd. issues GLDY tokens, which represent non-voting participating equity interests designed to provide holders with economic exposure to physical gold bullion and gold-denominated leasing returns.", "source": "https://www.sec.gov/Archives/edgar/data/1530766/000149315226038293/form10-q.htm", "locator": "Item 2, Overview" }, { "question": "who-may-hold", "answer": "Verified accredited investors only, US or not. Every buyer passes Streamex onboarding and the administrator’s KYC, and every wallet is whitelisted.", "quote": "For operational consistency, all investors (including non‑U.S. persons) will be required to satisfy accredited‑investor verification and other eligibility requirements.", "source": "https://www.streamex.com/products/gldy/", "locator": "Footer disclosures" }, { "question": "minimum", "answer": "$1, per the Form D Streamex Ltd. filed in February 2026. The subscription documents name no minimum.", "quote": "Minimum investment accepted from any outside investor $ 1 USD", "source": "https://www.sec.gov/Archives/edgar/data/2108486/000210848626000003/xslFormDX01/primary_doc.xml", "locator": "Item 11, Minimum Investment" }, { "question": "account-types", "answer": "Individuals, IRAs, revocable trusts, other trusts, entities and family offices that meet the accredited-investor test; a benefit plan answers a separate questionnaire, and the servicer may force a plan to redeem.", "quote": "Individuals, Individual Retirement Accounts or Plans, and Revocable Trusts", "source": "https://d1vuur9c2hbrho.cloudfront.net/documents/GLDY-Subscription-Documents-v3.pdf", "locator": "Investor Questionnaire, Accredited Investor Status" }, { "question": "transfer", "answer": "Only between whitelisted wallets, only to a buyer who signs the subscription agreement, and only once the SPV records the transfer on its register. The SPV may block, reverse or unwind a transfer.", "quote": "the SPV reserves the right, in its sole and absolute discretion, to block, reverse, refuse to recognize, or unwind any Secondary Transfer", "source": "https://d1vuur9c2hbrho.cloudfront.net/documents/GLDY-Subscription-Documents-v3.pdf", "locator": "Section 8(e), SPV Rights" }, { "question": "redemption", "answer": "Through the SPV under a memorandum Streamex does not publish; the subscription agreement says redemption rights are limited.", "quote": "The Subscriber is aware of the limited provisions for transferability and redemption from", "source": "https://d1vuur9c2hbrho.cloudfront.net/documents/GLDY-Subscription-Documents-v3.pdf", "locator": "Section 4(f)" }, { "question": "record", "answer": "The SPV’s register, kept by Zedra as registrar and transfer agent. The chain does not decide who owns a share.", "quote": "blockchain records shall not supersede or control over the Register for purposes of determining legal ownership of Tokens", "source": "https://d1vuur9c2hbrho.cloudfront.net/documents/GLDY-Subscription-Documents-v3.pdf", "locator": "Section 8(b)(ii), General Agreements" }, { "question": "freeze", "answer": "Two Streamex Safes, each two of three with the same three signers, can freeze any address and then burn its balance; Streamex has done so eight times, most recently on 2026-08-13.", "quote": "the SPV may impose or maintain technical controls (including wallet whitelisting and transfer restrictions", "source": "https://d1vuur9c2hbrho.cloudfront.net/documents/GLDY-Subscription-Documents-v3.pdf", "locator": "Section 8(e), SPV Rights" } ], "controls": [ { "chain": "Base", "chainId": "eip155:8453", "contract": "0x632db1aAaCe73401a5dc8cDE6e9062B8eC0FD819", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "issuer-window", "settlement": "A holder redeems with the SPV under the Private Placement Memorandum, which Streamex does not publish; the subscription agreement calls the redemption rights limited. Streamex’s 10-Q says GLDY purchases and redemptions settle in USDC, and a trading firm Streamex lent 1,069 GLDY and $5 million of USDC on 2026-07-01 provides instant settlement. Gold on lease may not be free to sell at once.", "settlesIn": [ "USDC" ] }, { "via": "secondary-only", "settlement": "A holder may sell to another whitelisted, accredited buyer who signs the subscription agreement. The sale takes effect only when the SPV records it on its register, and the SPV may block, reverse or unwind it.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "streamex-app", "name": "Streamex GLDY platform (app.streamex.com), verified accredited investors only" }, { "kind": "dex", "id": "gldy-orca", "name": "GLDY Pool on Orca, which Streamex says checks its KYC and accreditation records at the token level; no Solana GLDY mint appears in Streamex’s documents" } ], "formD": { "filed": true, "cik": "2108486", "entity": "Streamex Ltd.", "filings": [ { "filedAt": "2026-02-24", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2108486/000210848626000003/0002108486-26-000003-index.htm", "exemptions": [ "Rule 506(c)" ], "minimumUsd": 1, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "SEC EDGAR: Streamex Ltd., Form D filed February 24, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2108486/000210848626000003/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Streamex Ltd.: GLDY Subscription Documents (v3)", "url": "https://d1vuur9c2hbrho.cloudfront.net/documents/GLDY-Subscription-Documents-v3.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Streamex: GLDY product page", "url": "https://www.streamex.com/products/gldy/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Streamex Corp.: Form 10-Q for the quarter ended June 30, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1530766/000149315226038293/form10-q.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Streamex Corp.: press release on the GLDY Pool on Orca (May 27, 2026), Form 8-K Exhibit 99.1", "url": "https://www.sec.gov/Archives/edgar/data/1530766/000149315226025606/ex99-1.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Streamex GLDY app (app.streamex.com main bundle, service-provider panel and token address)", "url": "https://app.streamex.com/static/js/main.dddf0fa7.js", "kind": "primary", "accessed": "2026-09-23" }, { "name": "GLDY implementation on Base (GLDYTokenERC20, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/8453/0xd3a66bf0ecbf910afcc91bd2af3e724656448cb5", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Base, the implementation behind 0x632db1aAaCe73401a5dc8cDE6e9062B8eC0FD819 changes, DEFAULT_ADMIN_ROLE leaves the 3-of-5 Safe 0x05ed6826524eBe9F3df837B06803Ff797f4e2130, or TREASURY_ROLE (Safe 0xaAB923EeFE8F3264d08b4610c6969D6d98104165) or OPERATOR_ROLE (Safe 0xA50FC96F444C2922cA80CC7E56fD8E10633cE983) is granted to another address", "The whitelist is disabled, an address is frozen, or a Confiscation event burns a balance (the last was 5.35 GLDY on 2026-08-13)", "Streamex issues GLDY on a second chain, or publishes a Solana mint for the Orca pool", "Streamex Corp. holds less than half of GLDY outstanding (91.0% on 2026-06-30), or sells its management share or replaces GLDY ServiceCo, LLC", "Streamex publishes the Private Placement Memorandum, a minimum investment, or the redemption terms", "The custodian, the leasing agent Monetary Metals, or the administrator Zedra changes, or a lessee defaults", "A reserve report or the Chainlink proof-of-reserve feed shows fewer ounces than tokens" ] }, { "id": "gold-token-dgld", "url": "https://ketjuresearch.com/register/files/gold-token-dgld/", "displayName": "DGLD (Gold Token SA)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "Gold Token SA, Geneva, a wholly owned subsidiary of MKS PAMP SA and a member of the VQF self-regulatory organisation for Swiss anti-money-laundering law", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "entityTypes": [ "individual", "entity" ], "notes": "Gold Token SA issues new DGLD only to authorised participants that deliver gold; everyone else buys on decentralised exchanges, with no onboarding and no stated minimum. KYC applies only when a holder asks for the gold. Gold Token SA says it does not target EU/EEA persons and publishes no list of excluded countries or US states." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "DGLD", "underlying": { "name": "Swiss-law co-ownership of one fine troy ounce of allocated LBMA Good Delivery PAMP gold per token, identified by bar serial number and held by MKS PAMP SA in its vault at Castel San Pietro, Switzerland", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xA9299C296d7830A99414d1E5546F5171fA01E9c8" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xe908475f8Beb7A138B0dc6eb5A05cb27068ffB9A" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "dg1dmo6NZNagkwB6EAfUeaco6CFXFLRhb1KCrsqXTVz" } ] } ], "terms": [ { "question": "claim", "answer": "Co-ownership under Swiss property law of specific allocated PAMP gold bars, one fine troy ounce per token; the token is proof of that title, not a claim on Gold Token SA.", "quote": "By acquiring DGLD, Tokenholders acquire co-ownership rights in the Gold, along with the Services.", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 5.1, Co-ownership of Tokenholders in Gold" }, { "question": "who-may-hold", "answer": "Anyone may hold and trade DGLD on chain; only authorised participants that deliver gold receive newly issued tokens. Gold Token SA does not target EU/EEA persons and names no other excluded place.", "quote": "The primary issuance of DGLD is done exclusively to Authorized Participants and the respective process is exclusively governed by separate Authorized Participant Agreements.", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 3, Scope and applicability" }, { "question": "minimum", "answer": "Not stated for buying or holding; tokens trade in fractions on decentralised exchanges. Delivery through approved partners goes down to one gram.", "notStated": true, "checked": [ "https://dgld.ch/legal/general-terms-conditions-dgld-2", "https://dgld.ch/", "https://s3.eu-central-1.amazonaws.com/gtsa.s8/dgld/documents/26.6.5_DGLD-Litepaper-v3-June2026.pdf" ] }, { "question": "account-types", "answer": "Individuals and legal entities acting in their own name.", "quote": "to use and access the Services only in their own name and if they are acting on behalf of a legal entity that they are authorized to use the Services on behalf of this legal entity", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 9.1, Representations and Warranties" }, { "question": "transfer", "answer": "Freely, from any address to any other, unless the address is blacklisted or the token is paused; title to the gold moves with the token.", "quote": "The transfer of DGLD is not subject to any formal requirement and is deemed proven, in particular, by the transfer of DGLD from one public address to another.", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 4.3, Transfer of DGLD" }, { "question": "redemption", "answer": "Any holder who passes KYC may ask for the gold; Gold Token SA burns the tokens for a 0.20% fee plus delivery costs, or routes the request to a partner that delivers smaller amounts for its own fees.", "quote": "A Burning Fee, initially equal to 0.20% of the amount of DGLD to be burned, shall apply whenever DGLD are burned in connection with a request for the Delivery of Gold pursuant to Section 8.2.1 or any other process requiring the burning of DGLD.", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 10.3, Burning Fee" }, { "question": "record", "answer": "Gold Token SA’s registry of co-ownership rights, which maps tokens to bar serial numbers and is published through the Gold Mapper; a transfer on chain is the act that moves title.", "quote": "At issuance, newly minted DGLD are fully allocated to identified LBMA Certified Gold identified by an Asset ID and recorded in GTSA’s registry of co-ownership rights.", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 4.2, Issuance and connecting Gold to DGLD" }, { "question": "freeze", "answer": "Gold Token SA may freeze an address to meet legal or regulatory duties or a state order. On chain, single keys can blacklist, pause, move a blacklisted balance to a recovery address, and burn tokens.", "quote": "GTSA may freeze Blockchain Addresses in order to comply with legal and regulatory requirements (e.g. sanctions, anti-money laundering and combatting terrorism financing regulations, etc.), or with legally binding decisions or orders of state authorities.", "source": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "locator": "Section 6, Freeze of Blockchain Addresses" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xA9299C296d7830A99414d1E5546F5171fA01E9c8", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xd8b4395aafd4076ad7fa5b8c0bcd6da79750e629", "kind": "contract", "controller": { "address": "0xb1c1bc081e49b8f4bb4e1960c2f7d9cd9dff8b9d", "kind": "single-key", "via": "owner()" } }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xb1c1bc081e49b8f4bb4e1960c2f7d9cd9dff8b9d", "kind": "single-key" }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xb1c1bc081e49b8f4bb4e1960c2f7d9cd9dff8b9d", "kind": "single-key" }, { "role": "BURNER_ROLE", "powers": [ "clawback" ], "address": "0xb1c1bc081e49b8f4bb4e1960c2f7d9cd9dff8b9d", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xf661b59eccd3b56c34c5bd590e31b7e3ebd6eaa2", "kind": "single-key" }, { "role": "BLACKLISTER_ROLE", "powers": [ "freeze" ], "address": "0x5ce7cc86e8bd3096decb6fec9a1edc0fb8b1d324", "kind": "single-key" }, { "role": "TOKEN_RECOVERER_ROLE", "powers": [ "clawback", "freeze" ], "address": "0xafea46a755627c8b567a0422a74a6afb75457df2", "kind": "single-key" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xe908475f8Beb7A138B0dc6eb5A05cb27068ffB9A", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x751e6245a88e4e367f3a6bee3cef9d558f95ad0a", "kind": "contract", "controller": { "address": "0xe003a81a40803fedb701870c589c0a96d14544a0", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "dg1dmo6NZNagkwB6EAfUeaco6CFXFLRhb1KCrsqXTVz", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "6pxf2QMUHRSMyRnso6RyEMgSTkafjA6ptpxFVy3rWzVv", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "43q5VC58Hr5GRGjWVDKKT51k1Sq1QxtyV9KNzJgxieSA", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "9DmokD97i3bGzoaJsyW1x65krpLHpHVukfeftfrwrCFx", "kind": "single-key" }, { "role": "pause authority", "powers": [ "pause" ], "address": "9CyHHoZikyCRWBpwuU8hvNoCToySyQGSWyKzXssnmRKc", "kind": "multisig", "threshold": 1, "signers": 2 } ] } ], "redemption": [ { "via": "in-kind", "settlement": "Any holder who proves control of the tokens and passes KYC, AML and sanctions checks asks Gold Token SA for the gold. Gold Token SA may hold the tokens in escrow, burns them, and releases the bars ex works from the MKS PAMP vault; the holder pays the 0.20% burning fee plus transport, insurance, customs and taxes, and delivery goes only to the holder or a vault in the holder’s name. The litepaper describes this route for whole Good Delivery bars of about 400 ounces.", "feeBps": 20, "settlesIn": [ "XAU (allocated PAMP Good Delivery bars)" ] }, { "via": "in-kind", "settlement": "Gold Token SA may instead route a request to an approved partner: the holder sends DGLD to the partner, which delivers gold of the same weight in another bar size or product, down to one gram, for its own premiums and fees. The tokens stay in circulation and no burning fee applies. Gold Token SA says partners will be listed on dgld.ch.", "settlesIn": [ "XAU (PAMP bars or minted products down to 1 gram)" ] }, { "via": "secondary-only", "settlement": "A holder who does not want the metal sells on a decentralised exchange: Gold Token SA points buyers to Uniswap on Ethereum and Base and to Aerodrome on Base. Gold Token SA does not make a market or buy tokens back.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "dex", "id": "dgld-uniswap", "name": "Uniswap DGLD/USDC pools on Ethereum and Base, linked from dgld.ch" }, { "kind": "dex", "id": "dgld-aerodrome", "name": "Aerodrome on Base, liquidity managed by Arrakis" } ], "sources": [ { "name": "Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026", "url": "https://dgld.ch/legal/general-terms-conditions-dgld-2", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Gold Token SA: Smart Contract Audits (contract addresses)", "url": "https://dgld.ch/legal/smart-contract-audits", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Gold Token SA: dgld.ch home page", "url": "https://dgld.ch/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Gold Token SA FAQ: Where is the gold stored?", "url": "https://dgld.ch/faqs/where-is-the-gold-stored", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Gold Token SA: DGLD Litepaper v3 (June 2026)", "url": "https://s3.eu-central-1.amazonaws.com/gtsa.s8/dgld/documents/26.6.5_DGLD-Litepaper-v3-June2026.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DGLD implementation on Base (DGLDTokenV3, Sourcify match)", "url": "https://sourcify.dev/server/v2/contract/8453/0x966a3c5dadecd6466e13a86691fb045e2890a8be", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Ethereum, the implementation behind 0xA9299C296d7830A99414d1E5546F5171fA01E9c8 changes, or DEFAULT_ADMIN_ROLE, MINTER_ROLE or BURNER_ROLE leaves the single key 0xb1c1bc081e49b8f4bb4e1960c2f7d9cd9dff8b9d, which also owns the proxy admin", "On Base, the implementation behind 0xe908475f8Beb7A138B0dc6eb5A05cb27068ffB9A changes, or the admin key 0xe003a81a40803fedb701870c589c0a96d14544a0 changes", "On either EVM chain, the pauser 0xf661b59eccd3b56c34c5bd590e31b7e3ebd6eaa2, the blacklister 0x5ce7cc86e8bd3096decb6fec9a1edc0fb8b1d324 or the recoverer 0xafea46a755627c8b567a0422a74a6afb75457df2 changes, an address is blacklisted, or tokens are recovered from one", "On Solana, the freeze authority 43q5VC58Hr5GRGjWVDKKT51k1Sq1QxtyV9KNzJgxieSA, the pause authority, or the permanent delegate 9DmokD97i3bGzoaJsyW1x65krpLHpHVukfeftfrwrCFx changes", "Gold Token SA issues DGLD on a fourth chain, moves the gold out of the MKS PAMP vault, or names a custodian outside the MKS PAMP group", "Gold Token SA publishes an independent attestation of the bar list, or the bar mapper shows fewer ounces than tokens", "Gold Token SA amends the General Terms & Conditions, above all the freeze terms in Section 6, the burning fee in Section 10.3, or the delivery process in Section 8" ] }, { "id": "spiko-cash-carry", "url": "https://ketjuresearch.com/register/files/spiko-cash-carry/", "displayName": "Spiko Digital Assets Cash and Carry Fund (SPKCC, eurSPKCC)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "note", "issuer": "Spiko Digital Assets Cash and Carry Fund, a French professional specialized fund (FPS) set up as an FCP and not authorized by the AMF; Twenty First Capital as management company and register keeper; Spiko Finance as distributor and DLT platform provider; CACEIS Bank as depositary; Marex as sole counterparty and issuer of the certificate the fund holds", "eligibility": { "floor": "non-us-only", "minimumUsd": 114110, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The prospectus reserves the shares for investors listed in Article 423-27 of the AMF General Regulation and names who that includes: professional clients under MiFID II, the management company and its staff, and any other investor whose minimum subscription a portfolio manager makes for them under a discretionary mandate. Every first subscription must be at least EUR 100,000, or the same amount in USD for the USD share (USD 114,110 at the ECB rate of 23 September 2026); later subscriptions start at 1 USD or 1 EUR. A buyer from another holder must top up to the minimum. U.S. persons under Regulation S are barred, and that definition covers a discretionary account held by a U.S. adviser. Spiko says it does not market the fund outside France." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Twenty First Capital, the management company, keeps the share register on public blockchains through a platform Spiko Finance provides; the shares are not admitted to Euroclear France", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "SPKCC", "underlying": { "name": "USD share of the Spiko Digital Assets Cash and Carry Fund, an FPS whose return comes from a Marex certificate that pays a Bitcoin and Ether cash-and-carry index", "isin": "FR0014010OM9" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x4f33aCf823E6eEb697180d553cE0c710124C8D59" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x99F70A0e1786402a6796c6B0AA997ef340a5c6da" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x903d5990119bC799423e9C25c56518Ba7DD19474" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xf695Df6c0f3bB45918A7A82e83348FC59517734E" } ] }, { "symbol": "eurSPKCC", "underlying": { "name": "EUR hedged share of the Spiko Digital Assets Cash and Carry Fund, the same portfolio with the dollar exposure hedged to euros by currency forwards", "isin": "FR0014010ON7" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x3868D4e336d14D38031cf680329d31e4712e11cC" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x0e389C83Bc1d16d86412476F6103027555C03265" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x99F70A0e1786402a6796c6B0AA997ef340a5c6da" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x4f33aCf823E6eEb697180d553cE0c710124C8D59" } ] } ], "terms": [ { "question": "claim", "answer": "The token is the fund share: the register lives on the chains and the shares are not held at Euroclear.", "quote": "The shares are registered in the designated DLTs and are not admitted to Euroclear France.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Operating and management procedures, Form of shares" }, { "question": "who-may-hold", "answer": "Investors listed in Article 423-27 of the AMF General Regulation, which the prospectus spells out as professional clients, the management company and its staff, and anyone whose subscription a discretionary portfolio manager makes for them.", "quote": "In accordance with the Management Company’s authorization, the subscription and acquisition of shares in the Fund are reserved for investors referred to in Article 423-27 of the AMF’s General Regulation.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Investor profile and eligibility" }, { "question": "who-may-hold", "answer": "No U.S. persons; buyers certify this when they subscribe or buy.", "quote": "By subscribing for or acquiring shares in this Fund, investors certify that they are not ‘U.S. Persons.’", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Terms of subscription and redemption" }, { "question": "minimum", "answer": "EUR 100,000 first subscription, or the same amount in USD for the USD share.", "quote": "the first subscription in the USD share class must be at least an amount in USD equal to EUR 100,000 and the first subscription in the EUR share class must be at least EUR 100,000.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Terms of subscription and redemption" }, { "question": "account-types", "answer": "Individuals and companies, at the EUR 100,000 minimum.", "quote": "Spiko Cash & Carry is open to individuals and companies with a minimum initial subscription of €100,000 (or equivalent in USD).", "source": "https://www.spiko.io/spiko-cash-and-carry", "locator": "FAQ, What are the eligibility criteria for subscribing to the fund?" }, { "question": "transfer", "answer": "Privately, only to a buyer whose address is already on the allowlist; the fund books it as a redemption and a new subscription.", "quote": "Fund shares may be transferred by investors through private transactions under terms agreed between the seller and the buyer, provided that the buyer’s address has been previously allowlisted.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Transfer conditions" }, { "question": "redemption", "answer": "Orders centralized by 11:00 a.m. Paris fill at the next NAV; cash pays the next business day after that NAV.", "quote": "Subscription requests, expressed in amount, and redemption requests, expressed in number of shares or amount, are centralized by the Management Company no later than 11:00 a.m. (Paris time)", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Terms of subscription and redemption" }, { "question": "redemption", "answer": "The management company may cap redemptions when net requests on one date pass 10% of the fund.", "quote": "The redemption cap mechanism may be triggered when net redemption requests (redemptions less subscriptions, based on the last known net asset value) exceed a threshold of 10%.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Provisional redemption cap mechanism (\"Gates\")" }, { "question": "record", "answer": "Twenty First Capital keeps the register on public blockchains through a Spiko Finance platform.", "quote": "The Management Company maintains the shareholders’ register. For this purpose, the Management Company leverages public distributed ledger technology (DLT) through a platform provided by SPIKO FINANCE.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Entity responsible for maintaining the shareholders’ register on behalf of the Management Company" }, { "question": "freeze", "answer": "The fund regulations let the management company force-redeem an ineligible holder’s shares after ten business days; on chain, the token can pause and can burn from a holder’s address.", "quote": "The forced redemption shall be carried out at the last known net asset value.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "locator": "Fund regulations, Article 3, Information relating to U.S. investors, (iii)" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x4f33aCf823E6eEb697180d553cE0c710124C8D59", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x99F70A0e1786402a6796c6B0AA997ef340a5c6da", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x7843225ba488cf780a4fe2c842b5dc2abcf8a03e", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x15ea0ec460a0e6847ec0aa8d50a84b3a51b95f74", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xa4530a5df4597a02a30e201d5a3d4c9d871b2302", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x4640a8bf08d5917dcaef42edb14d3e06e1b23f39", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xf95d1b86c502d3ef235392a1cab1137a14c5cc5e", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x903d5990119bC799423e9C25c56518Ba7DD19474", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0xa4196f06fe948b8ca81d3dc77110d3f83d10abd9", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x32416c9cbccbec8b0cc9d867aaa6942a0fdaf21a", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xd35422d5ee1d9579d7769a4c510938dd196f5a62", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0xaead1f7c9b189816cb845363d142cfcf339084c2", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x32416c9cbccbec8b0cc9d867aaa6942a0fdaf21a", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xf5f6447bdaf6a8dfaa0e53cf66abcf967c4dcab6", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xf695Df6c0f3bB45918A7A82e83348FC59517734E", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x4ff96d377cb28b06fef7c7470307bb5096b5583c", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xffb84fa0eafa40a2cfb5a160e4ca14c1f004ee79", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xd88110bf8bac4f5315c340a841dd2898f9d8e8b9", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xa2d05ef66458ce001b85cbc2ae5c347e0df5de0d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x1cd239b73ff2ed0a10767f7b6d4880ac399a3896", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc2245d3350aacb0c2c2221099f4589d3bf6dc5c0", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0xaead1f7c9b189816cb845363d142cfcf339084c2", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x4ff96d377cb28b06fef7c7470307bb5096b5583c", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xffb84fa0eafa40a2cfb5a160e4ca14c1f004ee79", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xd88110bf8bac4f5315c340a841dd2898f9d8e8b9", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xa2d05ef66458ce001b85cbc2ae5c347e0df5de0d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x1cd239b73ff2ed0a10767f7b6d4880ac399a3896", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x3868D4e336d14D38031cf680329d31e4712e11cC", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x0e389C83Bc1d16d86412476F6103027555C03265", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x7843225ba488cf780a4fe2c842b5dc2abcf8a03e", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x15ea0ec460a0e6847ec0aa8d50a84b3a51b95f74", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xa4530a5df4597a02a30e201d5a3d4c9d871b2302", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x4640a8bf08d5917dcaef42edb14d3e06e1b23f39", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xf95d1b86c502d3ef235392a1cab1137a14c5cc5e", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x99F70A0e1786402a6796c6B0AA997ef340a5c6da", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0xa4196f06fe948b8ca81d3dc77110d3f83d10abd9", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x32416c9cbccbec8b0cc9d867aaa6942a0fdaf21a", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xd35422d5ee1d9579d7769a4c510938dd196f5a62", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0xaead1f7c9b189816cb845363d142cfcf339084c2", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x32416c9cbccbec8b0cc9d867aaa6942a0fdaf21a", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xf5f6447bdaf6a8dfaa0e53cf66abcf967c4dcab6", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x4f33aCf823E6eEb697180d553cE0c710124C8D59", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x4ff96d377cb28b06fef7c7470307bb5096b5583c", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xffb84fa0eafa40a2cfb5a160e4ca14c1f004ee79", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xd88110bf8bac4f5315c340a841dd2898f9d8e8b9", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xa2d05ef66458ce001b85cbc2ae5c347e0df5de0d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x1cd239b73ff2ed0a10767f7b6d4880ac399a3896", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc2245d3350aacb0c2c2221099f4589d3bf6dc5c0", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0xaead1f7c9b189816cb845363d142cfcf339084c2", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x4ff96d377cb28b06fef7c7470307bb5096b5583c", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xffb84fa0eafa40a2cfb5a160e4ca14c1f004ee79", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xd88110bf8bac4f5315c340a841dd2898f9d8e8b9", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xa2d05ef66458ce001b85cbc2ae5c347e0df5de0d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x1cd239b73ff2ed0a10767f7b6d4880ac399a3896", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] } ], "redemption": [ { "via": "nav-cutoff", "cutoff": "11:00 a.m. Paris", "settlement": "Orders centralized by 11:00 a.m. Paris on day D-1 fill at the NAV calculated on D from D-1 market data; redemptions pay in cash on D+1, two business days after the order. Redemptions above 10% of net assets on one date may be capped and carried forward, for at most 20 NAVs in a month.", "settlesIn": [ "USD", "EUR" ] } ], "venues": [ { "kind": "issuer-primary", "id": "spiko", "name": "Spiko app and API" } ], "sources": [ { "name": "Spiko Digital Assets Cash and Carry Fund prospectus and fund regulations (English), updated 1 February 2026", "url": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_SPKCC_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Prospectus du fonds et règlement (French), 1 February 2026", "url": "https://cdn.spiko.finance/legal_docs/FR/Prospectus_SPKCC_FR.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Key information document, USD share (1 February 2026)", "url": "https://cdn.spiko.finance/legal_docs/EN/KID_SPKCC_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Key information document, EUR hedged share (1 February 2026)", "url": "https://cdn.spiko.finance/legal_docs/EN/KID_eurSPKCC_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko: Cash & Carry product page", "url": "https://www.spiko.io/spiko-cash-and-carry", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko docs: Cash & Carry fund share classes", "url": "https://docs.spiko.io/documentation/product_overview/cash_and_carry/fund", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko docs: Cash & Carry stakeholders", "url": "https://docs.spiko.io/documentation/product_overview/cash_and_carry/stakeholders", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko docs: contract addresses and audits", "url": "https://docs.spiko.io/documentation/tokenization/addresses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko engineering blog: smart contract architecture", "url": "https://tech.spiko.io/posts/spiko-smart-contracts/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified Spiko token implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x15ea0ec460a0e6847ec0aa8d50a84b3a51b95f74", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Twenty First Capital changes who may hold, the EUR 100,000 minimum, the 11:00 a.m. cutoff, or the D+1 payment", "The implementation or the permission-manager authority of any contract read here changes, or a freeze power is added to the token", "Marex defaults, the certificate is terminated early, the fund takes a second counterparty, or the fund uses its redemption cap or suspends its NAV", "The prospectus lists register addresses on Etherlink, Starknet, and Stellar; this file reads Ethereum, Arbitrum, Polygon, and Base until those are added" ] }, { "id": "reality-rtokens", "url": "https://ketjuresearch.com/register/files/reality-rtokens/", "displayName": "rTokens (Reality, Bitget’s issuance platform; listed on CoinGecko as \"rStock\")", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "BG El Salvador, S.A. de C.V. (El Salvador; CNAD digital asset service provider register PSAD-0047), trading as Reality within the Bitget group; Mana Remittance Limited as custodian; Alpaca Securities LLC as broker-dealer", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "notes": "Only persons outside the United States who are not US persons under Rule 902 of Regulation S, not acting for a US person, and not placing the order from the United States. Anyone who buys from or redeems with the issuer must pass its KYC, AML and wallet screening; a buyer on a secondary market may hold the token but may not redeem until the issuer approves it as an Eligible User. The list of barred countries is not published; Reality says it is shown during account opening. No minimum is stated; the issuer may issue fractions. Bitget Wallet and Bitget are the retail venues." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "rCRCL", "underlying": { "name": "Circle Internet Group, Inc. (NYSE: CRCL); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "CRCL", "isin": "US1725731079" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x861a85a78c371bc0a02675bbe00a4cbc0826b421" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0x4413dc75387e63a46a0a77307e884164427797c3" } ] }, { "symbol": "rMSTR", "underlying": { "name": "Strategy Inc (Nasdaq: MSTR); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "MSTR", "isin": "US5949724083" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x10fe806857055d3b5ae00d2eabafd3e61f0e89aa" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0xecbe05d15bbab573ed1d6b8dac3b259cf1047460" } ] }, { "symbol": "rGOOGL", "underlying": { "name": "Alphabet Inc. Class A (Nasdaq: GOOGL); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "GOOGL", "isin": "US02079K3059" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xca1942edeb697a85af98ef8c74c4910fe9587afb" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0x8b2601d03d4e1b678e3ce87ed4ea507145ff872a" } ] }, { "symbol": "rMU", "underlying": { "name": "Micron Technology, Inc. (Nasdaq: MU); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "MU", "isin": "US5951121038" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x548cc634a64301a346f174071a90efa93dae4eb3" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0x3dc7cdda37851f31830c383df29bbe9d79d5ebfd" } ] }, { "symbol": "rINTC", "underlying": { "name": "Intel Corporation (Nasdaq: INTC); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "INTC", "isin": "US4581401001" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xafa43b4badfd062f5f1891a398a0579c904da776" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0x0bd910455188253d8903cfe33b17d9cf2122cb6c" } ] }, { "symbol": "rSNDK", "underlying": { "name": "Sandisk Corporation (Nasdaq: SNDK); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "SNDK" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xc78c5a7be0e8d72cdda205e53d1147aaacf5a075" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0xf5634d07bfcd83152164629679076ec413a25688" } ] }, { "symbol": "rMRNA", "underlying": { "name": "Moderna, Inc. (Nasdaq: MRNA); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "MRNA", "isin": "US60770K1079" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xde6e5549cea3f8f64564324851cfedbc3b076ec5" }, { "chain": "Morph", "chainId": "eip155:2818", "address": "0x62b4b31a52ea11e2082a358c0a8a8afc980a5ef5" } ] }, { "symbol": "rSTRC", "underlying": { "name": "Strategy Inc Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq: STRC); the token is an unsecured debt claim on BG El Salvador, S.A. de C.V. that tracks one share; the holder has no interest in the share", "ticker": "STRC" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x04586dc15d791a9bc918f7183f0f1a3d490773c3" } ] } ], "terms": [ { "question": "claim", "answer": "The holder has an unsecured contractual claim on the issuer for a redemption or sale amount; not the share, not a beneficial interest in it, and no vote.", "quote": "Each rToken is a blockchain-recorded tokenized debt instrument issued by the Issuer which represents an unsecured contractual claim against Issuer for:", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Clause 7.2, rTokens as Debt Instruments" }, { "question": "record", "answer": "The issuer’s own register, not the chain, decides who is owed a redemption, a dividend or a sale amount when the records differ.", "quote": "the Issuer’s register shall control for purposes of determining legal entitlement to Redemption, Attributable Income, rToken Sale Amounts and other contractual rights", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Clause 13.1, Issuer’s Register as Definitive Record" }, { "question": "who-may-hold", "answer": "No US persons and no one in the United States; resale to a US person is barred unless registered or exempt.", "quote": "not \"US persons\" as defined in Rule 902 of Regulation S under the US Securities Act of 1933", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Important Notice (p. 1)" }, { "question": "minimum", "answer": "No minimum is stated; the issuer may issue fractional tokens.", "quote": "The Issuer may issue fractional rTokens where the applicable Underlying Asset can be valued or transferred in fractional units.", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Clause 9.9, Fractional rTokens" }, { "question": "transfer", "answer": "The terms allow a transfer only if the issuer judges it compliant, and a transferee cannot redeem or collect income until the issuer onboards it; the contract itself lets any unfrozen wallet send.", "quote": "A Holder may transfer rTokens only if the transfer, in the Issuer’s opinion:", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Clause 13.3, Transfer Restrictions" }, { "question": "redemption", "answer": "Redemption is a request the issuer may accept or refuse, settled in the share, stablecoins or a substitute asset at the issuer’s choice, with no guaranteed deadline.", "quote": "Any stated settlement period is an estimate only and is not a guaranteed settlement deadline.", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Clause 17.5, Settlement Timing" }, { "question": "freeze", "answer": "The issuer may freeze, burn, pause, reverse transfers and migrate tokens; on Arbitrum a 3-of-5 Safe can freeze any wallet and a single key can pause the token.", "quote": "mint, activate, transfer, burn, cancel, freeze, restrict, pause, disable, migrate, upgrade or replace", "source": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "locator": "Clause 13.5, Token Administration Powers" } ], "controls": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x861a85a78c371bc0a02675bbe00a4cbc0826b421", "allowlist": "unverified", "freeze": true, "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "issuer-window", "settlement": "An Eligible User sells the rToken back to Reality through the Reality platform or a partner venue; the issuer sells the share through Alpaca and pays stablecoins (USDT or USDC), Monday to Friday. The issuer may instead deliver the share, a substitute asset or another digital asset, may defer or reject a request, and gives no settlement deadline. A holder who bought on a secondary market must first be approved as an Eligible User.", "settlesIn": [ "USDT", "USDC" ] }, { "via": "secondary-only", "settlement": "Sell on Bitget, in Bitget Wallet, or in any Arbitrum or Morph pool; prices and fees are the venue’s.", "settlesIn": [ "USDT", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "reality-platform", "name": "Reality platform (realityfinance.xyz), BG El Salvador, S.A. de C.V." }, { "kind": "exchange", "id": "bitget", "name": "Bitget (Stocks 2.0)" }, { "kind": "dex", "id": "bitget-wallet", "name": "Bitget Wallet Stocks, routing to Arbitrum and Morph" } ], "sources": [ { "name": "Reality Terms and Conditions (last updated 11 September 2026)", "url": "https://realityfinance.xyz/info/Terms_of_Service.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Reality documentation: Contracts & Audits", "url": "https://realityfinance.xyz/info/docs/contracts/contracts&audits", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Reality documentation: Legal & Regulatory", "url": "https://realityfinance.xyz/info/docs/rtokens/legal®ulatory", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Reality documentation: Eligibility; Investing, Redemption & Fees; Overview", "url": "https://realityfinance.xyz/info/docs/rtokens/eligibility", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Arbitrum One eth_call reads of name(), symbol(), minter(), totalSupply(), roles and the beacon on the eight contracts (public endpoint arbitrum-one-rpc.publicnode.com)", "url": "https://docs.arbitrum.io/build-decentralized-apps/reference/node-providers", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Morph eth_call reads of name() and minter() on the seven Morph contracts (public endpoint rpc-quicknode.morphl2.io)", "url": "https://docs.morphl2.io/docs/build-on-morph/developer-resources/contracts", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget Wallet blog: Reality’s Tokenized U.S. Stocks and ETFs, Now in Bitget Wallet (15 September 2026)", "url": "https://web3.bitget.com/en/blog/articles/reality-rtokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget Academy: Reality Protocol and rTokens (3 June 2026)", "url": "https://www.bitget.com/academy/what-is-reality-protocol-and-rtokens-rwa-tokenization-defi-guide", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "CoinGecko: Remora Markets Tokenized rStocks category", "url": "https://www.coingecko.com/en/categories/remora-markets-tokenized-rstocks", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The beacon 0x9a570740faf9c77255e389a7bccb7d460a5f4948 points at a new implementation, or its owner Safe 0x7fd7a3af05065fceebbda0b021206943423e4fdc changes threshold or signers", "Reality publishes verified source for implementation 0x5d2247b7f6e5b09fcfd59042acaea805cb84bc53, or the source shows a burn or transfer from another holder’s wallet", "CONFIGURER_ROLE freezes any holder address, or OPERATOR_ROLE pauses any rToken or calls emergencyWithdraw", "Reality publishes rToken Details for a series that change the issuer, add segregation or a trust, or change the settlement asset", "The issuer exercises an Issuer Call Option on any series, or suspends or defers redemptions", "The custodian (Mana Remittance Limited) or the broker-dealer (Alpaca Securities LLC) changes", "The Terms change the Reg S restriction or the governing law, or rTokens open to US persons", "The Morph contracts become readable by Ketju’s reader, or rTokens issue on a chain other than Arbitrum and Morph" ] }, { "id": "republic-pre-ipo", "url": "https://ketjuresearch.com/register/files/republic-pre-ipo/", "displayName": "Republic pre-IPO notes on Bitget IPO Prime (preOPAI, preSPCX)", "reviewed": "2026-09-23", "nextReview": "2026-12-23", "claimModel": "third-party-synthetic", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "Republic International Cayman (Cayman Islands; no registration number or company suffix published); BTG Technology Holdings Limited (Bitget) as distributor, Calculation Agent, and Fiscal and Paying Agent", "eligibility": { "floor": "non-us-only", "minimumUsd": 100, "kyc": "distributor", "notes": "Sold only to Bitget users who pass Bitget’s identity check and state they are not US investors, under Regulation S; \"available for selected jurisdictions only,\" with no published list. Sub-accounts and institutional accounts may not subscribe. Minimum commitment $100 in USDT or USDGO; individual caps by Bitget VIP tier ($10,000 to $600,000 for preOPAI, $1,000 to $300,000 for preSPAX). No accreditation test is stated." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "PREOPAI", "underlying": { "name": "OpenAI (private company); the token is a tokenized interest in a Republic International Cayman Contingent Payout Note that pays on an OpenAI IPO, acquisition or the note’s maturity; OpenAI says unapproved transfers of its equity are void" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "8jo8yuaQj2t48rKKUy5V7txxVihDo1Ayb2HvuBwSisS3" } ] }, { "symbol": "PRESPCX", "underlying": { "name": "Space Exploration Technologies Corp. (Nasdaq: SPCX since 12 June 2026); the token is a tokenized interest in a Republic International Cayman Contingent Payout Note, split 1:5 from preSPAX on 28 May 2026, that converts to USDT or stock tokens after the IPO lock-up", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "4HtfQVWujUfTmZJbtDjSjdJPmqYyri4BpnipjqsD9HLS" } ] } ], "terms": [ { "question": "claim", "answer": "The holder owns a tokenized interest in a Republic International Cayman debt note whose payments track the company’s stock; no share, no vote, no dividend.", "quote": "I understand that I am purchasing tokenized interests in Contingent Payout Notes", "source": "https://img.gurenla.com/multiLang/events/IPO_Prime_User_Confirmation_EN.pdf", "locator": "User Confirmation (p. 2)" }, { "question": "who-may-hold", "answer": "Non-US investors only, under Regulation S, in the jurisdictions Bitget selects.", "quote": "Structured under Regulation S for non-US investors", "source": "https://www.bitget.com/academy/what-is-republic-ipo-prime-and-openai-pre-ipo-token", "locator": "Key Features of preOPAI" }, { "question": "minimum", "answer": "A $100 minimum commitment, with individual caps by Bitget VIP tier.", "quote": "Individual min commit (USDT or USDGO): $100", "source": "https://www.bitget.com/support/articles/12560603882890", "locator": "Event details" }, { "question": "transfer", "answer": "After the sale a holder may trade the token on Bitget under Bitget’s rules; the terms say nothing of transfers off Bitget, and the chain today lets any unfrozen wallet send.", "quote": "You may trade preSPAX on the Bitget OTC market according to the platform rules.", "source": "https://www.bitget.com/support/articles/12560603882795", "locator": "Q6, What happens after I subscribe to preSPAX?" }, { "question": "redemption", "answer": "After the IPO lock-up the issuer has Bitget convert the token to USDT or other tokens at the stock’s market price; without an IPO or acquisition, unpublished fallback terms govern.", "quote": "After that, the issuer will entrust Bitget to convert it into USDT or other tokens based on the market price of the underlying company’s stock.", "source": "https://www.bitget.com/support/articles/12560603882795", "locator": "Q6, What happens after I subscribe to preSPAX?" }, { "question": "record", "answer": "The issuer describes the token as an on-chain format of a debt security; the Global Security that records the notes is not published.", "quote": "represents an on-chain format of an underlying debt security for use on the Solana blockchain network", "source": "https://arweave.net/Clk7LtwIUyBPCFWj9RgVj2x_0bPTmbYXoTPnGcGlT48", "locator": "Token metadata, description" }, { "question": "freeze", "answer": "The published terms name no freeze or clawback power; on chain a program-owned key holds the freeze authority and a permanent delegate that can move or burn any holder’s tokens.", "notStated": true, "checked": [ "https://www.bitget.com/support/articles/12560603882795", "https://www.bitget.com/academy/what-is-republic-ipo-prime-and-openai-pre-ipo-token", "https://img.gurenla.com/multiLang/events/IPO_Prime_User_Confirmation_EN.pdf", "https://www.bitget.com/support/articles/12560603882890", "https://www.bitget.com/support/articles/12560603882368", "https://www.bitget.com/support/articles/12560603884571", "https://arweave.net/Clk7LtwIUyBPCFWj9RgVj2x_0bPTmbYXoTPnGcGlT48", "https://arweave.net/l_UEGgHXe-FJqSSk8wGMJrpqUycipuj_xCa_zj45Ngs" ] } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "8jo8yuaQj2t48rKKUy5V7txxVihDo1Ayb2HvuBwSisS3", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "Dqn8ZHs96R7aQ7rh7LRgVekmabCJF1bSzYbBhre33Fxb", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "After a qualifying event (IPO or acquisition) and the lock-up that follows, \"typically about six months after the SpaceX IPO,\" the issuer has Bitget convert each token into USDT or stock tokens at the market price of the company’s stock; token swap fees may apply. If no qualifying event occurs within the note’s term (Bitget describes a 10-year maturity), fallback redemption terms in the unpublished subscription agreement apply.", "settlesIn": [ "USDT", "stock tokens" ] }, { "via": "secondary-only", "settlement": "Sell on Bitget: preOPAI on the spot market, preSPCX on spot (preSPAX traded first on Bitget OTC). No published document says whether a holder may withdraw the token to an outside wallet; 99.6% of each supply sat in one wallet on 23 September 2026.", "settlesIn": [ "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "bitget-ipo-prime", "name": "Bitget IPO Prime (distributor for Republic International Cayman)" }, { "kind": "exchange", "id": "bitget", "name": "Bitget spot and OTC markets" } ], "sources": [ { "name": "Bitget: IPO Prime User Confirmation and Notice of Adjustment (Republic International Cayman as Issuer; Bitget as Calculation Agent), 26 May 2026", "url": "https://img.gurenla.com/multiLang/events/IPO_Prime_User_Confirmation_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget: IPO Prime FAQs (18 April 2026)", "url": "https://www.bitget.com/support/articles/12560603882795", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget Academy: What Is Republic IPO Prime and the OpenAI Pre-IPO Token", "url": "https://www.bitget.com/academy/what-is-republic-ipo-prime-and-openai-pre-ipo-token", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget: preOPAI IPO Prime sale terms", "url": "https://www.bitget.com/support/articles/12560603882890", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget: preSPAX IPO Prime sale terms", "url": "https://www.bitget.com/support/articles/12560603882368", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bitget: preSPAX token split and rebranding to preSPCX (28 May 2026)", "url": "https://www.bitget.com/support/articles/12560603884571", "kind": "primary", "accessed": "2026-09-23" }, { "name": "preOPAI token metadata (Arweave, linked from the Solana mint)", "url": "https://arweave.net/Clk7LtwIUyBPCFWj9RgVj2x_0bPTmbYXoTPnGcGlT48", "kind": "primary", "accessed": "2026-09-23" }, { "name": "preSPCX token metadata (Arweave, linked from the Solana mint)", "url": "https://arweave.net/l_UEGgHXe-FJqSSk8wGMJrpqUycipuj_xCa_zj45Ngs", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: RepublicX LLC Form D/A (11 December 2025)", "url": "https://www.sec.gov/Archives/edgar/data/2080279/000208027925000002/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CoinDesk: Bitget brings pre-IPO tokens to masses starting with SpaceX on Solana (21 April 2026)", "url": "https://www.coindesk.com/business/2026/04/21/bitget-exchange-brings-pre-ipo-tokens-to-masses-starting-with-spacex-on-solana", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Republic or Bitget publishes the Global Security or subscription agreement for either note", "The freeze authority or permanent delegate on either mint is used against a holder, or moves from the program-owned accounts D4zEFoFmzUBpzAcuRfXGA2X2QcZNuGQYwbDFWDRwXzN5 and G5a1cFJXktVeG69wQyrVuKuBqVHW5NiCG6L986aN1sQQ", "The transfer-hook authority Dqn8ZHs96R7aQ7rh7LRgVekmabCJF1bSzYbBhre33Fxb installs a transfer hook on either mint", "The SpaceX lock-up ends and Bitget converts preSPCX, or announces the conversion price and date", "OpenAI completes an IPO or acquisition, or states that a Republic structure holds no OpenAI interest", "The Calculation Agent issues a further Notice of Adjustment", "Bitget opens withdrawal of either token to outside wallets, or IPO Prime adds a new Republic note" ] }, { "id": "matrixdock-xagm", "url": "https://ketjuresearch.com/register/files/matrixdock-xagm/", "displayName": "Matrixdock Silver (XAGm)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Matrixdock, the real-world-asset arm of Matrixport; the XAGm white paper is prepared by Matrix Mining Limited and its affiliates, and Matrix Infinitus Hong Kong Limited holds the bars. No terms name the XAGm issuer.", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": 10000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Minting and redeeming with Matrixdock takes a Matrixdock account and KYC; the smallest mint is $10,000 of stablecoins and the smallest redemption 2,100 XAGm. Matrixdock’s list of prohibited places names North Korea, Iran, Syria, Myanmar, Cuba, Crimea, Sevastopol, Russia and the EU member states, and not the United States; it says its products may be unavailable elsewhere. No document says who may hold XAGm on chain, and the contract checks only a block list." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "XAGm", "underlying": { "name": "Silver in LBMA Good Delivery 1,000-ounce bars held for Matrix Infinitus Hong Kong Limited at Brink’s Hong Kong and Malca-Amit Singapore. Each token stood for 0.998446576 troy ounces on 2026-09-23 and stands for less each day as the 0.30% custody fee accrues.", "ticker": "XAG" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x123ffe0a3C62878dcbee2742227dc8990058d9E1" }, { "chain": "Sui", "chainId": "sui:mainnet", "address": "0x64bddec0f898ccaa022b8a6e0a5f75d80f53177b87a9795dd15aefe9ac12ee6c::xagm::XAGM" } ] } ], "terms": [ { "question": "claim", "answer": "The white paper calls XAGm fractional ownership of LBMA silver bars, but no terms and conditions cover XAGm, and the white paper says it is not a binding document.", "quote": "XAGm, the Matrixdock Silver token, represents fractional ownership of London Bullion Market Association (LBMA) certified silver bars", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2FTRQNUC7Hw1k5EyWrxUrR%2FMatrixdock%20Silver%20XAGm%20Whitepaper.pdf?alt=media&token=cad709b6-47f1-427d-ad14-443fa5cd76e1", "locator": "1. Abstract" }, { "question": "claim", "answer": "The white paper disclaims any legal force.", "quote": "This whitepaper has been made to you solely for information purposes and is not intended to be legally binding.", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2FTRQNUC7Hw1k5EyWrxUrR%2FMatrixdock%20Silver%20XAGm%20Whitepaper.pdf?alt=media&token=cad709b6-47f1-427d-ad14-443fa5cd76e1", "locator": "Important Notice" }, { "question": "who-may-hold", "answer": "No document says who may hold XAGm on chain. Matrixdock serves no one in its prohibited places, which include the EU but not the United States.", "quote": "Due to compliance and regulatory requirements, Matrixdock currently doesn’t provide its services to customers from the following countries/regions/territories:", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/legal/prohibited-countries-regions", "locator": "Prohibited Countries/Regions" }, { "question": "minimum", "answer": "$10,000 of stablecoins to mint with Matrixdock; 2,100 XAGm to redeem.", "quote": "The minimum amount for directly minting with Matrixdock is $10k of stablecoins", "source": "https://www.matrixdock.com/xagm", "locator": "FAQ: What is the minimum amount for the minting and redemption of XAGm and the fees associated?" }, { "question": "transfer", "answer": "Freely, to any address, unless the operator has put the sender on the block list.", "quote": "XAGm ERC-20 enables seamless movement at any time without traditional financial market restrictions.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/token-features", "locator": "Token Features, 1" }, { "question": "redemption", "answer": "KYC’d customers redeem at least 2,100 XAGm for silver bars or stablecoins, for 0.50%; the silver returned is the tokens times ozPerToken on the day.", "quote": "Redeeming XAGm for physical LBMA silver is at a minimum of 2100 XAGm.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/minting-and-redeeming", "locator": "Physical LBMA Silver Redemption Process" }, { "question": "record", "answer": "The chain, divided by Matrixdock’s own allocation of tokens to bars; the silver per token is the contract’s ozPerToken.", "quote": "The total supply of XAGm tokens multiplied by the ozPerToken value is intended to correspond to the total amount of physical silver in the vaults.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/token-design", "locator": "Token Design" }, { "question": "freeze", "answer": "On Ethereum the operator key can block any address from sending at once, and the owner key can move any holder’s tokens at once with forcedTransfer. The documents mention neither and say privileged operations are time-locked; only upgrades and mints wait the four-hour delay.", "quote": "It is an upgradable contract and privileged operations are carried out in a time-locked way.", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2FTRQNUC7Hw1k5EyWrxUrR%2FMatrixdock%20Silver%20XAGm%20Whitepaper.pdf?alt=media&token=cad709b6-47f1-427d-ad14-443fa5cd76e1", "locator": "6. Technical Operations, ERC-20 Token Contract" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x123ffe0a3C62878dcbee2742227dc8990058d9E1", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "upgrade", "clawback" ], "address": "0xb573c94260582f0715fc477928b04a2708dd36d7", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A KYC’d Matrixdock customer asks by Telegram or email, sends at least 2,100 XAGm to an address Matrixdock gives, and collects silver bars in person or by secured delivery. The metal returned is the tokens times ozPerToken on the day, less the 0.50% fee; bars come from inventory on hand.", "feeBps": 50, "settlesIn": [ "XAG (LBMA Good Delivery bars)" ] }, { "via": "issuer-window", "settlement": "A KYC’d customer redeems at least 2,100 XAGm on app.matrixdock.com for USDC or USDT at a quoted price inside a slippage limit, during trading hours of 6:00 PM to 5:00 PM the next day, New York time, on working days. Matrixdock sells the silver and sends stablecoins within T+3.", "feeBps": 50, "settlesIn": [ "USDC", "USDT" ] }, { "via": "secondary-only", "settlement": "A holder without a Matrixdock account, or with fewer than 2,100 XAGm, exits by selling on a third-party DEX.", "settlesIn": [ "stablecoins" ] } ], "venues": [ { "kind": "issuer-primary", "id": "matrixdock", "name": "Matrixdock app (app.matrixdock.com), KYC’d accounts only" }, { "kind": "dex", "id": "xagm-ethereum-dex", "name": "Uniswap pool on Ethereum that Matrixdock links from the XAGm page" } ], "sources": [ { "name": "Matrixdock: Silver XAGm white paper (17 Mar 2026)", "url": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2FTRQNUC7Hw1k5EyWrxUrR%2FMatrixdock%20Silver%20XAGm%20Whitepaper.pdf?alt=media&token=cad709b6-47f1-427d-ad14-443fa5cd76e1", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: XAGm Token Design", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/token-design", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: XAGm Token Features", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/token-features", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: XAGm Minting and Redeeming", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/minting-and-redeeming", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: XAGm Contract Address", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/silver-token-xagm/smart-contract/contract-address", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock: XAGm product page", "url": "https://www.matrixdock.com/xagm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: Prohibited Countries/Regions", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/legal/prohibited-countries-regions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bureau Veritas: audit report SGMSG-26-00478 for Matrix Infinitus Hong Kong Limited (17 July 2026)", "url": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Frlo39Pv6A1ZIVdLEROOh%2FMatrixdock%20Silver%20Bureau%20Veritas%20Audit%20Jul%202026.pdf?alt=media&token=d5a97752-ca3b-46d3-9077-16ac2bc11ee8", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XAGm implementation on Ethereum (MTokenMain, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x5e072c6689610c66e49a3067a4b488b4e27bc744", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XAGm reserve feed on Ethereum (FallbackReserveFeed, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x20377B5e38e0e992bbdcF3502EC72DED6a5E28ab", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Ethereum, the implementation behind 0x123ffe0a3C62878dcbee2742227dc8990058d9E1 changes or an upgrade is requested (etNextUpgradeToAndCall is zero on 2026-09-23), the owner 0xb573c94260582f0715fc477928b04a2708dd36d7 or the operator and revoker 0x89bb23e4a82e04a253d9f11767fedf321c127799 changes, or the 14,400-second delay changes", "The owner calls forcedTransfer or updateAnnualFeeRate, or the operator adds an address to the block list", "The reserve feed 0x20377B5e38e0e992bbdcF3502EC72DED6a5E28ab changes owner, or its reserve (72,927 oz, set 2026-08-04) moves without a matching vault statement", "Matrixdock publishes terms and conditions for XAGm, or names the XAGm issuer", "Matrixdock adds XAGm on a chain beyond Ethereum and Sui, or the Sui coin’s treasury cap changes hands", "A Bureau Veritas audit finds a discrepancy, is missed (last: July 2026), or ozPerToken times supply stops matching the vault figure", "Matrixdock adds the United States to its prohibited list or changes the 2,100 XAGm or $10,000 minimums" ] }, { "id": "matrixdock-xaum", "url": "https://ketjuresearch.com/register/files/matrixdock-xaum/", "displayName": "Matrixdock Gold (XAUm)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "Matrix Mining Limited (the Token Issuer), with Matrix Infinitus Hong Kong Limited holding the gold as its agent; Matrixdock, the real-world-asset arm of Matrixport, runs the program. Matrixdock says a purpose trust owns the issuer, with Appleby Global Services as trustee.", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": 10000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The terms admit anyone 18 or over with a Matrixdock or Matrixport account who meets any accreditation rule of their own jurisdiction and is not sanctioned; Matrixdock asks only KYC for XAUm. Its prohibited list names the EU member states and not the United States, and the terms let Matrixdock bar any jurisdiction “in their sole discretion.” The smallest mint is $10,000; the smallest redemption, to stablecoins or gold, is 32.148 XAUm (one kilo bar). The terms say XAUm moves only to eligible persons; the docs say holding and transfer are permissionless, and the contracts check only a block list." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "XAUm", "underlying": { "name": "One fine troy ounce of LBMA gold per token, in 1 kg bars held for Matrix Infinitus Hong Kong Limited at Brink’s Hong Kong, Brink’s Singapore and Malca-Amit Singapore; the terms also allow unallocated gold at a financial institution", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x2103E845C5E135493Bb6c2A4f0B8651956eA8682" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x23AE4fd8E7844cdBc97775496eBd0E8248656028" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0xA0C4F78A29ead4ABf6b7f5B3F0d05C0f3EAb8DDf" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0x14F0DFC32e8af769961B31ba3e89389bD6797652" }, { "chain": "Sui", "chainId": "sui:mainnet", "address": "0x9d297676e7a4b771ab023291377b2adfaa4938fb9080b8d12430e4b108b836a9::xaum::XAUM" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "CC2RBGYNCFBCVENIDL5BFBWPH4OUZM2UA3OD2K2N54GLMWCC4KWPVAGO" } ] } ], "terms": [ { "question": "claim", "answer": "The terms call each token legal and beneficial ownership of one troy ounce of LBMA gold, held allocated at Malca-Amit or Brink’s or unallocated at a financial institution, with the holder the bearer of a document of title.", "quote": "Each XAUm Token represents legal and beneficial ownership of a single troy ounce of an LBMA Gold 1KG bar or an LBMA Gold Good Delivery bar", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Foa3Zaj3t7Mic13UuT1ph%2FXAUm%20Token%20Terms%20and%20Conditions.docx.pdf?alt=media&token=3cad87ae-7846-4bfe-ba2e-411fbf166f60", "locator": "Section 2.2, XAUm Token Specifications" }, { "question": "claim", "answer": "The same terms say the gold is held for Matrix HK as agent for the issuer and that its value accrues to the issuer, which cuts against the ownership Section 2.2 grants.", "quote": "The Underlying Assets are maintained at the Vault Providers for the accounts of Matrix HK, and Matrix HK holds the Underlying Assets as agents for Token Issuer. Accordingly, value attributable, if any, to the Underlying Assets accrues for the benefit of Token Issuer.", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Foa3Zaj3t7Mic13UuT1ph%2FXAUm%20Token%20Terms%20and%20Conditions.docx.pdf?alt=media&token=3cad87ae-7846-4bfe-ba2e-411fbf166f60", "locator": "Section 9.1, Services; Segregation" }, { "question": "who-may-hold", "answer": "The terms say only eligible persons, meaning Matrixdock or Matrixport account holders who pass its checks, may receive XAUm. Matrixdock’s docs say holding is permissionless, and the contracts enforce only a block list.", "quote": "The XAUm Token is issued by Token Issuer and is transferable solely to persons that satisfy the eligibility requirements set forth in Section 1.", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Foa3Zaj3t7Mic13UuT1ph%2FXAUm%20Token%20Terms%20and%20Conditions.docx.pdf?alt=media&token=3cad87ae-7846-4bfe-ba2e-411fbf166f60", "locator": "Section 2.1, XAUm Token Specifications" }, { "question": "who-may-hold", "answer": "Matrixdock’s docs describe holding and transfer as open to anyone; only minting and redeeming need KYC.", "quote": "Holding/transfer/secondary swaps of XAUm is permissionless.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/what-is-xaum", "locator": "Transferability and Requirements" }, { "question": "minimum", "answer": "$10,000 to mint with Matrixdock; 32.148 XAUm, one kilo bar, to redeem for stablecoins or gold.", "quote": "The minimum amount for directly minting with Matrixdock is $10k, while the minimum redemption into stablecoins or physical gold is 32.148 XAUm, corresponding to a 32.148 fine troy ounce (1kg) gold bar.", "source": "https://www.matrixdock.com/xaum", "locator": "FAQ: What is the minimum amount for the minting and redemption of XAUm?" }, { "question": "account-types", "answer": "Individuals and entities; the terms bind a user acting personally or for an entity.", "quote": "These XAUm Token Terms and Conditions (“XAUm Token Terms”) form a legal agreement between the XAUm Parties and you, whether personally or on behalf of an entity", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Foa3Zaj3t7Mic13UuT1ph%2FXAUm%20Token%20Terms%20and%20Conditions.docx.pdf?alt=media&token=3cad87ae-7846-4bfe-ba2e-411fbf166f60", "locator": "Preamble" }, { "question": "transfer", "answer": "On chain, to any address, unless the operator has put the sender on the block list; the terms’ limit to eligible persons is not enforced by the contracts.", "quote": "Holding/transfer/secondary swaps of XAUm is permissionless.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/what-is-xaum", "locator": "Transferability and Requirements" }, { "question": "redemption", "answer": "KYC’d customers redeem at least 32.148 XAUm for a gold bar, collected in Hong Kong or Singapore or delivered, or for stablecoins within T+3, for 0.25%.", "quote": "Redeeming XAUm for physical LBMA gold is at a minimum of 32.148 XAUm, equivalent to a 1kg gold bar.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/minting-and-redeeming", "locator": "Physical LBMA Gold Redemption Process" }, { "question": "record", "answer": "The chain. Matrixdock allocates each address’s balance to bars from contract events and may reallocate at any time; a holder who wants a fixed bar packs tokens into an NFT.", "quote": "XAUm tokens are dynamically allocated to gold bars.", "source": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/what-is-xaum", "locator": "Allocation Lookup" }, { "question": "freeze", "answer": "The operator key can block any address from sending at once on Ethereum, BSC and Plume, and one Solana key can freeze, pause, and move any balance. The terms do not mention these powers; they let Matrixdock suspend a user’s access to its services.", "quote": "The XAUm Parties may suspend, restrict or terminate your access to any or all XAUm Token Services if", "source": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Foa3Zaj3t7Mic13UuT1ph%2FXAUm%20Token%20Terms%20and%20Conditions.docx.pdf?alt=media&token=3cad87ae-7846-4bfe-ba2e-411fbf166f60", "locator": "Section 5.1, Suspension, Termination and Cancellation" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x2103E845C5E135493Bb6c2A4f0B8651956eA8682", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "upgrade" ], "address": "0xb573c94260582f0715fc477928b04a2708dd36d7", "kind": "single-key" } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x23AE4fd8E7844cdBc97775496eBd0E8248656028", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "upgrade" ], "address": "0xb573c94260582f0715fc477928b04a2708dd36d7", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB", "kind": "program-account" }, { "role": "pause authority", "powers": [ "pause" ], "address": "5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB", "kind": "program-account" } ] }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "contract": "0xA0C4F78A29ead4ABf6b7f5B3F0d05C0f3EAb8DDf", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "upgrade" ], "address": "0xb573c94260582f0715fc477928b04a2708dd36d7", "kind": "single-key" } ] }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "contract": "0x14F0DFC32e8af769961B31ba3e89389bD6797652", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "in-kind", "settlement": "A KYC’d Matrixdock customer asks by Telegram or email, sends at least 32.148 XAUm (a 1 kg bar) plus the fee to an address Matrixdock gives, and collects the bar in Hong Kong or Singapore or takes secured delivery; the terms also allow delivery to a vault account in the customer’s name or unallocated gold to a Loco London account. Bars depend on inventory.", "feeBps": 25, "settlesIn": [ "XAU (LBMA 1 kg bars)", "XAU (unallocated Loco London gold)" ] }, { "via": "issuer-window", "settlement": "A KYC’d customer redeems at least 32.148 XAUm on app.matrixdock.com for USDC or USDT at a quoted price inside a slippage limit, during trading hours of 6:00 PM to 5:00 PM the next day, New York time, on working days. Matrixdock sells the gold and sends stablecoins within T+3, less fees and any trading losses.", "feeBps": 25, "settlesIn": [ "USDC", "USDT" ] }, { "via": "secondary-only", "settlement": "A holder without a Matrixdock account, or with less than 32.148 XAUm, exits by selling on an exchange or DEX.", "settlesIn": [ "USD", "stablecoins" ] } ], "venues": [ { "kind": "issuer-primary", "id": "matrixdock", "name": "Matrixdock app (app.matrixdock.com), KYC’d accounts only" }, { "kind": "exchange", "id": "xaum-exchange-listings", "name": "Centralized exchanges Matrixdock lists on the XAUm page, among them Bitkan, bit.com and EX.io" }, { "kind": "dex", "id": "xaum-dex", "name": "DEXs Matrixdock lists on the XAUm page: Uniswap, PancakeSwap, Raydium, Bluefin, STEAMM and others" } ], "sources": [ { "name": "Matrixdock: XAUm Token Terms and Conditions (last revised October 21, 2025)", "url": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Foa3Zaj3t7Mic13UuT1ph%2FXAUm%20Token%20Terms%20and%20Conditions.docx.pdf?alt=media&token=3cad87ae-7846-4bfe-ba2e-411fbf166f60", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock: Gold XAUm white paper (16 Sep 2024)", "url": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2FeD1E9k2VeThD4bhfDyke%2FMatrixdock%20Gold%20XAUm%20Whitepaper.pdf?alt=media&token=c6d38acc-7530-4d91-a5df-ea19f9e49525", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: What is XAUm?", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/what-is-xaum", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: XAUm Minting & Redeeming", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/minting-and-redeeming", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: Physical Gold Custody", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/physical-gold-custody", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: XAUm Contract Address", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/gold-token-xaum/smart-contract/contract-address", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: Discontinuation of XAUm Support on Polygon, HashKey Chain, and Tron (August 7, 2026)", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/announcements/discontinuation-of-xaum-support-on-polygon-hashkey-chain-and-tron", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock: XAUm product page", "url": "https://www.matrixdock.com/xaum", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: Onboard with Matrixdock", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/get-started/onboard-with-matrixdock", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Matrixdock docs: Prohibited Countries/Regions", "url": "https://matrixdock.gitbook.io/matrixdock-docs/english/legal/prohibited-countries-regions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Bureau Veritas: audit report SGMSG-26-00478 for Matrix Infinitus Hong Kong Limited (17 July 2026)", "url": "https://2505056629-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FZx9GNWaNV9JB3JZlW74D%2Fuploads%2Frlo39Pv6A1ZIVdLEROOh%2FMatrixdock%20Silver%20Bureau%20Veritas%20Audit%20Jul%202026.pdf?alt=media&token=d5a97752-ca3b-46d3-9077-16ac2bc11ee8", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XAUm implementation on Ethereum (MTokenMain, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x3194e478b6d3ebee969470295f271727b62adf7b", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XAUm reserve feed on Ethereum (FallbackReserveFeed, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0xB2624f7e72788F1EBf1C7877c646732957bbf72E", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Ethereum, BSC or Plume, an implementation changes or an upgrade is requested, the owner 0xb573c94260582f0715fc477928b04a2708dd36d7 or the operator and revoker 0x89bb23e4a82e04a253d9f11767fedf321c127799 changes, or the 14,400-second delay changes", "The operator adds any address to a block list, or an upgrade adds a forced transfer like the one on XAGm", "On Solana, the mint, freeze, pause, permanent-delegate or transfer-fee authority (all 5aLhp9VnUEKcsdtkfsf2DUgpJfomx7GmYVny24dHUZoB on 2026-09-23) changes, the transfer fee rises above zero, or the mint is paused", "The HyperEVM implementation 0x8a9a4b06a570e59f107859ae1827b17e46567dac is verified, so its powers can be read", "The reserve feed 0xB2624f7e72788F1EBf1C7877c646732957bbf72E changes owner or reserve without a matching vault statement, or Matrixdock-reported supply stays above the Ethereum usedReserve (13,695.048 oz against 16,491.918 XAUm on 2026-09-23)", "Matrixdock revises the XAUm terms (last revised October 21, 2025), above all Section 2.2 on ownership, Section 9.1 on who the gold’s value accrues to, or Section 1 on eligibility", "Matrixdock adds or drops a chain (the docs list Arc, which the reader cannot read; Polygon, HashKey and Tron retired 2026-08-07), or a Bureau Veritas audit is missed or finds a discrepancy", "Matrixdock starts a management fee, which the white paper says needs 30 days’ notice, or adds the United States to its prohibited list" ] }, { "id": "wisdomtree-wtgxx", "url": "https://ketjuresearch.com/register/files/wisdomtree-wtgxx/", "displayName": "WisdomTree Treasury Money Market Digital Fund (WTGXX)", "reviewed": "2026-09-23", "nextReview": "2026-12-22", "claimModel": "issuer-indirect", "registrationPath": "40-act-fund", "instrumentKind": "money-market-fund", "issuer": "WisdomTree Digital Trust", "eligibility": { "floor": "us-retail", "states": [ "AL", "AK", "AZ", "AR", "CA", "CO", "CT", "DE", "FL", "GA", "HI", "ID", "IL", "IN", "IA", "KS", "KY", "LA", "ME", "MD", "MA", "MI", "MN", "MS", "MO", "MT", "NE", "NV", "NH", "NJ", "NM", "NY", "NC", "ND", "OH", "OK", "OR", "PA", "RI", "SC", "SD", "TN", "TX", "UT", "VT", "VA", "WA", "WV", "WI", "WY" ], "minimumUsd": 1, "kyc": "distributor", "entityTypes": [ "individual", "entity" ], "notes": "Individuals subscribe through WisdomTree Prime; institutions through WisdomTree Connect. Prime is available in all 50 US states; WisdomTree does not name DC or the territories." }, "rights": { "voting": true, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "WisdomTree Transfers, Inc.", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "WTGXX", "underlying": { "name": "Share of the WisdomTree Treasury Money Market Digital Fund (formerly the Government Money Market Digital Fund), a registered money-market fund and series of WisdomTree Digital Trust (CIK 1859001)" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x1feCF3d9d4Fee7f2c02917A66028a48C6706c179" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "WisdomTree Prime, the app retail investors buy through, is available in all 50 US states. WisdomTree does not name DC or the territories.", "quote": "WisdomTree Prime is available in all 50 US states.", "source": "https://web.archive.org/web/20260501073553id_/https://www.wisdomtreeprime.com/faq/", "locator": "WisdomTree Prime FAQ, \"Where is the app available?\"" }, { "question": "who-may-hold", "answer": "US residents, where the fund may be sold in their state. With very limited exceptions it is not sold elsewhere.", "quote": "You may only buy shares of a Fund if eligible for sale in your state or jurisdiction. The Fund is intended for sale to residents of the United States, and, with very limited exceptions, is not otherwise offered for sale in other jurisdictions.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Prospectus p. 144-145, Shareholder Information, \"Additional Policies\"" }, { "question": "minimum", "answer": "$1, for the first purchase and every purchase after it.", "quote": "Through the App, investors may purchase, hold or redeem their shares. The minimum transaction amount for a purchase is $1, whether for initial or subsequent purchases.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Treasury Money Market Digital Fund summary, \"Purchase and Redemption of Fund Shares\"" }, { "question": "account-types", "answer": "Individuals and institutions. The prospectus does not name trusts or IRAs.", "quote": "The Fund is available for purchase by individual and institutional investors.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Treasury Money Market Digital Fund summary, \"Purchase and Redemption of Fund Shares\"" }, { "question": "transfer", "answer": "Only to other verified, whitelisted wallets. A transfer is not legally valid until the transfer agent records it.", "quote": "The ability to conduct peer-to-peer transfers is currently limited to verified and permissioned wallets of investors for supported blockchains. A peer-to-peer transfer could occur any time of the day on any day, but would not be legally valid until registered by the Transfer Agent.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Prospectus p. 143, \"Additional Information About the Purchase and Redemption of Fund Shares\", Transfer of Shares" }, { "question": "redemption", "answer": "Through the app or portal, at the next NAV worked out after the order arrives in good order. No cutoff hour is stated.", "quote": "The price to buy or sell one share is its NAV. Shares will be bought or redeemed at the NAV next calculated after an order is received in proper form.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Prospectus p. 142, \"Additional Information About the Purchase and Redemption of Fund Shares\", Transacting in Fund Shares" }, { "question": "record", "answer": "WisdomTree Transfers, the transfer agent. Its book-entry records are the official record; the chain is kept in step with them.", "quote": "The Transfer Agent’s book-entry records constitute the official record of share ownership.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Treasury Money Market Digital Fund section, \"Use of Blockchain\"" }, { "question": "freeze", "answer": "Smart contracts block transfers to or from unregistered wallets and can claw back tokens that do not match the book-entry record.", "quote": "Specifically, smart contracts have been developed to support functions such as transfer restrictions to prevent unauthorized transfers to or from unregistered wallets and ability to claw back tokens to the extent that the digital representation of Fund share ownership does not align with the book-entry records.", "source": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "locator": "Treasury Money Market Digital Fund section, \"Use of Blockchain\", prospectus p. 108-109" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x1feCF3d9d4Fee7f2c02917A66028a48C6706c179", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin", "upgrade", "allowlist" ], "address": "0x6257759edd99f677052727f7ef3a055029dfa58a", "kind": "single-key" }, { "role": "ISSUER_ROLE", "powers": [ "mint" ], "address": "0x726d3b3e18e301719b383fde4f99a5d31b9438e5", "kind": "single-key" }, { "role": "REGISTRAR_ROLE", "powers": [ "allowlist", "mint", "clawback", "pause", "freeze" ], "address": "0x726d3b3e18e301719b383fde4f99a5d31b9438e5", "kind": "single-key" } ] } ], "redemption": [ { "via": "nav-cutoff", "settlement": "At the NAV next calculated after the order arrives in proper form; NAV is generally struck at 4:00 p.m. Eastern. The 2026 prospectus states no earlier cutoff.", "minimumUsd": 0, "feeBps": 0, "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "wisdomtree-prime", "name": "WisdomTree Prime (retail) and WisdomTree Connect (institutional)" } ], "sources": [ { "name": "WisdomTree Government Money Market Digital Fund — SEC prospectus", "url": "https://www.sec.gov/Archives/edgar/data/1859001/000121465923015364/z1117230497.htm", "kind": "primary", "accessed": "2026-09-22" }, { "name": "WisdomTree Transfer Agency and Services Agreement — SEC filing", "url": "https://www.sec.gov/Archives/edgar/data/1859001/000121465923008245/ex99_h3.htm", "kind": "primary", "accessed": "2026-09-22" }, { "name": "WTGXX token contract on Ethereum (Sourcify exact match of the implementation)", "url": "https://sourcify.dev/server/v2/contract/1/0xc2a8ca84bc363605c36757f9409b214b6ee710c9", "kind": "primary", "accessed": "2026-09-22" }, { "name": "WisdomTree Prime FAQ, as archived on May 1, 2026", "url": "https://web.archive.org/web/20260501073553id_/https://www.wisdomtreeprime.com/faq/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: WisdomTree Digital Trust prospectus, Form 497, dated November 1, 2025, as revised August 14, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1859001/000121465926010324/wtd812262497.htm", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The transfer agent, the compliance module, or any freeze, clawback, pause, or whitelist power on the Ethereum contract changes", "WisdomTree Prime’s FAQ stops saying all 50 US states, names DC or a territory, or the prospectus names a state where the fund is not sold; the state list is corrected by supersession", "A NAV break, redemption suspension, or Official Record correction affecting holders", "WisdomTree publishes the contract addresses for the chains its prospectus names (Arbitrum, Avalanche, Base, Optimism, Solana, Plume, and the Stellar default); each is then read and added" ] }, { "id": "tether-gold-xaut0", "url": "https://ketjuresearch.com/register/files/tether-gold-xaut0/", "displayName": "XAUt0 (Tether Gold on the USDT0 Network)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Everdawn Labs Limited, which runs the USDT0 Network; its contracts mint XAUt0 against XAUT locked in the OFT Adapter on Ethereum. The XAUT itself is issued by TG Commodities, S.A. de C.V. (El Salvador).", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "none", "notes": "The XAUt0 documents set no test for who may hold the token; the USDT0 site bars sanctioned persons and residents of places under broad US sanctions. The way out to gold runs through XAUT, which Tether Gold does not sell to or redeem for U.S. persons, so this file takes the stricter reading." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "XAUt0", "underlying": { "name": "XAUT (Tether Gold) locked one for one in the USDT0 OFT Adapter on Ethereum (0xb9c2321BB7D0Db468f570D10A424d1Cc8EFd696C); each XAUT is an undivided interest in one fine troy ounce of London Good Delivery gold", "ticker": "XAU" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x40461291347e1eCbb09499F3371D3f17f10d7159" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x2775d5105276781B4b85bA6eA6a6653bEeD1dd32" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x21cAef8A43163Eea865baeE23b9C2E327696A3bf" }, { "chain": "Celo", "chainId": "eip155:42220", "address": "0xaf37E8B6C9ED7f6318979f56Fc287d76c30847ff" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xF1815bd50389c46847f0Bda824eC8da914045D14" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x01bFF41798a0BcF287b996046Ca68b395DbC1071" }, { "chain": "Plasma", "chainId": "eip155:9745", "address": "0x1B64B9025EEbb9A6239575dF9Ea4b9Ac46D4d193" }, { "chain": "Ink", "chainId": "eip155:57073", "address": "0xF50258D3c1dd88946C567920B986A12e65b50dAc" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xf4D9235269a96aaDaFc9aDAe454a0618eBE37949" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "AymATz4TCL9sWNEEV9Kvyz45CHVhDZ6kUgjTJPzLpU9P" }, { "chain": "Conflux", "chainId": "eip155:1030", "address": "0xACc6EFBE554397b741BaAdEcF0120780b858f5F4" }, { "chain": "Stable", "chainId": "eip155:988", "address": "0xB8CE59FC3717ada4C02eaDF9682A9e934F625ebb" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQA1R_LuQCLHlMgOo1S4G7Y7W1cd0FrAkbA10Zq7rddKxi9k" } ] } ], "terms": [ { "question": "claim", "answer": "A token minted one for one against XAUT locked on Ethereum. The documents do not say what legal claim an XAUt0 holder has.", "quote": "The original asset (USDT, XAUT or USAT) is locked in the OFT Adapter smart contract on Ethereum Mainnet.", "source": "https://docs.usdt0.to/", "locator": "The USDT0 Network, “Lock-and-Mint Architecture”, step 1" }, { "question": "claim", "answer": "Tether Gold’s terms say a third party’s wrapped or bridged version of its token is not a Gold Token. The documents do not say whether XAUt0 is one.", "quote": "It is also possible that a third-party could create a Digital Token which claims to be an alternative version of Gold Tokens, such as by “wrapping” or “bridging” Gold Tokens. These Digital Tokens are not Gold Tokens.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Terms of Sale and Service, 4.11 “Risk of Wrapped or Bridged Tokens”" }, { "question": "who-may-hold", "answer": "No holder test in the XAUt0 documents. Users of the USDT0 site must not be sanctioned or live in a place under broad US sanctions.", "quote": "You further represent that you are not (a) the subject of economic or trade sanctions administered or enforced by any governmental authority or otherwise designated on any list of prohibited or restricted parties", "source": "https://usdt0.to/terms", "locator": "Everdawn Labs Terms of Use, eligibility representations" }, { "question": "minimum", "answer": "The XAUt0 documents state no minimum.", "notStated": true, "checked": [ "https://docs.usdt0.to/", "https://docs.usdt0.to/technical-documentation/token-features/additional-behavior", "https://usdt0.to/terms" ] }, { "question": "transfer", "answer": "Free on chain, except that an address the owner has blocked cannot send.", "quote": "Blocked addresses can’t send tokens, and blocked callers can’t invoke transferFrom or the EIP-3009 transfer functions.", "source": "https://docs.usdt0.to/technical-documentation/token-features/additional-behavior", "locator": "Additional token behavior, “Compliance blocklist”" }, { "question": "redemption", "answer": "Burn XAUt0 on any chain to release XAUT from the OFT Adapter on Ethereum. Gold comes only from Tether Gold, through XAUT.", "quote": "Tokens can be redeemed by burning them on any chain and unlocking the corresponding original assets on the Ethereum OFT Adapter.", "source": "https://docs.usdt0.to/", "locator": "The USDT0 Network, “Lock-and-Mint Architecture”, step 4" }, { "question": "freeze", "answer": "The contract owner keeps a block list. On the chains read here, the owner can also burn a blocked address’s whole balance.", "quote": "the contract owner maintains an on-chain isBlocked list", "source": "https://docs.usdt0.to/technical-documentation/token-features/additional-behavior", "locator": "Additional token behavior, “Compliance blocklist”" } ], "controls": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x40461291347e1eCbb09499F3371D3f17f10d7159", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x553ec478a66be27ba25a6bc5db20aec2ed6a1b4a", "kind": "contract", "controller": { "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0x2775d5105276781B4b85bA6eA6a6653bEeD1dd32", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xf8b07fc6924b80e4792aca834309e03caf36cd80", "kind": "contract", "controller": { "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x21cAef8A43163Eea865baeE23b9C2E327696A3bf", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Celo", "chainId": "eip155:42220", "contract": "0xaf37E8B6C9ED7f6318979f56Fc287d76c30847ff", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x01bff41798a0bcf287b996046ca68b395dbc1071", "kind": "contract", "controller": { "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0xF1815bd50389c46847f0Bda824eC8da914045D14", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xd9492653457a69e9f4987db43d7fa0112e620cb4", "kind": "contract", "controller": { "address": "0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "Monad", "chainId": "eip155:143", "contract": "0x01bFF41798a0BcF287b996046Ca68b395DbC1071", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Plasma", "chainId": "eip155:9745", "contract": "0x1B64B9025EEbb9A6239575dF9Ea4b9Ac46D4d193", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Ink", "chainId": "eip155:57073", "contract": "0xF50258D3c1dd88946C567920B986A12e65b50dAc", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0xc95de55ce5e93f788a1faab2a9c9503f51a5dae2", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x5be536efb28c8efbd2da6894996f5df88347d8b2", "kind": "contract", "controller": { "address": "0xc95de55ce5e93f788a1faab2a9c9503f51a5dae2", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "contract": "0xf4D9235269a96aaDaFc9aDAe454a0618eBE37949", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "AymATz4TCL9sWNEEV9Kvyz45CHVhDZ6kUgjTJPzLpU9P", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "9FJsE8HkoJgxbbydk2R1Gc3hUruNJWwXR6AKYZWWY7Sy", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "9FJsE8HkoJgxbbydk2R1Gc3hUruNJWwXR6AKYZWWY7Sy", "kind": "multisig", "threshold": 1, "signers": 2 } ] } ], "redemption": [ { "via": "in-kind", "settlement": "Burn XAUt0 on any chain through the LayerZero OFT route and receive XAUT from the OFT Adapter on Ethereum, which held 29,380.431 XAUT on 2026-09-23. The adapter sits behind an upgradeable proxy owned by a 3-of-5 Safe (0x4dff9b5b0143e642a3f63a5bcf2d1c328e600bf8). Turning XAUT into gold or dollars then needs Tether Gold, on the terms in the tether-gold-xaut file.", "settlesIn": [ "XAUT" ] } ], "venues": [ { "kind": "dex", "id": "usdt0-transfer", "name": "USDT0 Transfer app (usdt0.to/transfer) for moving between chains, and DEX pools on each chain" } ], "sources": [ { "name": "USDT0 docs: deployments API, XAUt0 contracts on every chain", "url": "https://docs.usdt0.to/api/deployments?product=xaut0", "kind": "primary", "accessed": "2026-09-23" }, { "name": "USDT0 docs: the USDT0 Network, lock-and-mint architecture", "url": "https://docs.usdt0.to/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "USDT0 docs: additional token behavior", "url": "https://docs.usdt0.to/technical-documentation/token-features/additional-behavior", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Everdawn Labs terms of use for usdt0.to", "url": "https://usdt0.to/terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tether Gold: Gold Token Terms of Sale and Service, last updated 9 September 2025 (page)", "url": "https://gold.tether.to/legal/termsofservice", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tether Gold: terms text as served in the gold.tether.to site script", "url": "https://gold.tether.to/assets/index-CzdxJ7of.js", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The owner of any XAUt0 token contract or of the OFT Adapter changes, or a proxy points at a new implementation", "An XAUt0 chain whose ABI is unverified here publishes verified source; the freeze and clawback powers are then read and the row updated", "XAUT held in the OFT Adapter falls below XAUt0 supply across all chains", "Tether Gold names XAUt0 in its terms, either as a Gold Token or as a wrapped token it does not support", "The USDT0 Network adds or drops an XAUt0 chain, or its DVN set changes" ] }, { "id": "tether-gold-xaut", "url": "https://ketjuresearch.com/register/files/tether-gold-xaut/", "displayName": "Tether Gold (XAUT)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "TG Commodities, S.A. de C.V. (El Salvador; before 27 January 2025, TG Commodities Limited, British Virgin Islands), authorised by El Salvador’s National Commission of Digital Assets", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "notes": "Tether Gold sells and redeems only for its verified customers, after a 150 USDt verification fee. The minimum purchase is 50 tokens (50 fine troy ounces); the terms give no dollar figure. U.S. persons may not hold a Gold Token Wallet unless Tether Gold accepts them as Eligible Contract Participants under the Commodity Exchange Act. Canadian and Singaporean persons, sanctioned persons, and people in the listed jurisdictions may not hold the token at all." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "XAUT", "underlying": { "name": "Undivided interest in one fine troy ounce of London Good Delivery gold on a specific bar, vaulted in Switzerland by a custodian that Tether Gold says is a related party and does not name", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x68749665FF8D2d112Fa859AA293F07A622782F38" } ] } ], "terms": [ { "question": "claim", "answer": "An undivided interest in one fine troy ounce of gold on a specific bar in the reserve.", "quote": "Each Gold Token reflects ownership of an undivided specific interest in one fine troy ounce of gold in the Gold Reserves.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Terms of Sale and Service, 4.3 “Gold Ownership and Delivery”" }, { "question": "claim", "answer": "The gold is vaulted in Switzerland and belongs to the token holders, not to Tether Gold. The report does not name the custodian.", "quote": "The Gold Reserves are vaulted in Switzerland. The Gold Reserves are owned by the XAU₮ token holders, not by the Company.", "source": "https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_30.06.2026_RC187322026DV0170.pdf", "locator": "Reserves Report as of 30 June 2026, page 2, “Management’s Key Accounting Policies”" }, { "question": "claim", "answer": "The custodian is a related party of Tether Gold.", "quote": "In addition, the Custodian is a related party to Tether Gold.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Risk Disclosure Statement, related-party transactions" }, { "question": "who-may-hold", "answer": "Anyone except Canadian and Singaporean persons, sanctioned persons, and people in the listed jurisdictions. Buying from or redeeming with Tether Gold also needs a verified account.", "quote": "Every Prohibited Person is strictly prohibited from directly or indirectly holding Gold Tokens in any way or otherwise transacting on or using the Site Services.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Terms of Sale and Service, 3 “Restrictions on Prohibited Persons and Prohibited Counterparties”" }, { "question": "who-may-hold", "answer": "U.S. persons may not hold a Gold Token Wallet, so cannot buy from or redeem with Tether Gold, unless Tether Gold accepts them as Eligible Contract Participants.", "quote": "For the avoidance of doubt, U.S. Persons (except for Eligible Contract Participants agreed by Tether Gold, in its sole discretion) are prohibited from directly or indirectly holding, owning or operating a Gold Token Wallet or any Site Services other than Look-Up Services.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Terms of Sale and Service, 3.4" }, { "question": "minimum", "answer": "50 tokens, which is 50 fine troy ounces. No dollar figure is given.", "quote": "Minimum purchase amount is 50 Gold Tokens.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Fee Schedule, “Purchase of Gold Tokens”" }, { "question": "transfer", "answer": "Free between wallets on chain, with no Tether Gold fee; moving tokens into or out of a Gold Token Wallet needs Tether Gold’s consent.", "quote": "Transfers to or from a Gold Token Wallet require prior consent from Tether Gold.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Terms of Sale and Service, 4.1 “Gold Token Purchase Terms”" }, { "question": "redemption", "answer": "Verified customers redeem in steps of 430 tokens, one bar, for delivery in Switzerland or a broker sale in dollars. The fee is 0.25% plus delivery or brokerage costs.", "quote": "Redemption of Gold Tokens for underlying gold can be effecutated in increments of 430 tokens.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Fee Schedule, “Redemption of Gold Tokens”" }, { "question": "record", "answer": "Tether Gold’s own software ties each token-holding address to a bar. If it fails, a holder who cannot redeem may be an unsecured creditor of the custodian.", "quote": "Tether Gold utilizes software to allocate a specific gold bar, or part thereof, to an address holding Gold Tokens.", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Risk Disclosure Statement, allocation software" }, { "question": "freeze", "answer": "Tether Gold may freeze a holder’s tokens at its sole discretion, blacklist addresses, and seize tokens. On chain the owner can block an address and burn its balance.", "quote": "Tether Gold may suspend or terminate your access to the Site or any of the Site Services, freeze any Gold Tokens held by you, or terminate your Gold Token Wallet, as required by applicable Law or where Tether Gold, in its sole discretion, determines it is prudent to do so", "source": "https://gold.tether.to/assets/index-CzdxJ7of.js", "locator": "Gold Token Terms of Sale and Service, 2 “Right to Use the Site Services”" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x68749665FF8D2d112Fa859AA293F07A622782F38", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x856fcc085290ac1e40392442211e6a333afb873e", "kind": "contract", "controller": { "address": "0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828", "kind": "multisig", "threshold": 3, "signers": 6, "via": "owner()" } } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A verified customer deposits tokens to a Gold Token Wallet and redeems in steps of 430 tokens, one London Good Delivery bar, adjusted to the bar’s weight. The customer takes the bar at a place in Switzerland, for a delivery fee, or asks Tether Gold to have a broker sell it in the Swiss market and wire the dollars. Several business days; Tether Gold may delay if the gold is illiquid, unavailable, or lost, or if a government demands it.", "feeBps": 25, "settlesIn": [ "XAU (bar delivered in Switzerland)", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "tether-gold", "name": "Tether Gold (gold.tether.to and the Tether Gold tab on app.tether.to), for verified customers" }, { "kind": "exchange", "id": "centralized-exchanges", "name": "Exchanges the Tether Gold site links, among them Bitfinex, Kraken, OKX, Bybit, Bitget, and Crypto.com" }, { "kind": "dex", "id": "ethereum-dex", "name": "DEX pools on Ethereum, such as Uniswap" } ], "sources": [ { "name": "Tether Gold: Gold Token Terms of Sale and Service, last updated 9 September 2025 (page)", "url": "https://gold.tether.to/legal/termsofservice", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tether Gold: terms, fee schedule (last updated 27 January 2025), and risk disclosure statement as served in the gold.tether.to site script", "url": "https://gold.tether.to/assets/index-CzdxJ7of.js", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BDO Advisory Services: ISAE 3000 assurance report on the Tether Gold reserves report as of 30 June 2026", "url": "https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_30.06.2026_RC187322026DV0170.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XAUT token implementation on Ethereum (Sourcify exact match, TetherToken with WithBlockedList)", "url": "https://sourcify.dev/server/v2/contract/1/0x4c0d2c74a8d26f1e4f5653021c521f5471f9e566", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XAUT owner: MultiSigWallet, 3 of 6 (Sourcify match), the same wallet that owns USDT on Ethereum", "url": "https://sourcify.dev/server/v2/contract/1/0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828", "kind": "primary", "accessed": "2026-09-23" }, { "name": "USDT0 docs: deployments API, XAUT and its OFT Adapter on Ethereum", "url": "https://docs.usdt0.to/api/deployments?product=xaut0", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The XAUT owner (MultiSigWallet 0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828, 3 of 6) or its signers change, or the proxy points at a new implementation", "Tether Gold names its custodian, moves the vault out of Switzerland, or changes the custodian", "The terms change who may hold, the U.S. person rule, the 50-token minimum, or the 430-token redemption step", "A reserves report shows fewer ounces than tokens in circulation", "Tether Gold issues XAUT natively on another chain, or names XAUt0 in its terms", "Tether Gold blocks another XAUT holder or burns a blocked balance again (the owner last blocked 0x95ae…ab80 and burned its 12 XAUT on 2026-02-17, tx 0xc18f…2f04), or a regulator acts against TG Commodities" ] }, { "id": "paxos-paxg", "url": "https://ketjuresearch.com/register/files/paxos-paxg/", "displayName": "PAX Gold (PAXG)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "Paxos Trust Company, N.A., a national trust bank regulated by the OCC (a New York limited-purpose trust company until the conversion recorded on 2025-12-12); Paxos Global PTE LTD resells PAXG", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Anyone may hold PAXG on chain; only verified Paxos customers may buy it from Paxos or redeem it. The smallest purchase on Paxos.com is 0.03 PAXG, because the creation fee is 0.02 PAXG; there is no minimum holding. Redeeming for a gold bar takes at least 430 PAXG plus fees. Paxos says PAXG is not offered in the EU and publishes no list of US states." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "PAXG", "underlying": { "name": "Beneficial ownership of one fine troy ounce of London Good Delivery gold per token, held as allocated bars by Paxos Trust in segregated accounts at LBMA vaults in London", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x45804880De22913dAFE09f4980848ECE6EcbAf78" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "5GgRAEmv8ZxF2PR5hY72Qs5x1bnQ6UK2RbTPoqJ3wSwW" } ] } ], "terms": [ { "question": "claim", "answer": "A warehouse receipt: the holder owns a pro rata share of specific London Good Delivery bars that Paxos Trust holds in segregated accounts for PAXG holders.", "quote": "Your PAXG tokens are akin to a warehouse receipt representing your beneficial ownership of a pro rata portion of Allocated Gold.", "source": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "locator": "Section 5.1, Ownership and Allocation" }, { "question": "who-may-hold", "answer": "Anyone may hold PAXG on chain. Only verified Paxos customers may buy it from Paxos or redeem it, and Paxos says PAXG is not offered in the EU.", "quote": "Only verified Customers may purchase PAXG from us or convert or redeem PAXG from us.", "source": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "locator": "Section 4.11, PAXG" }, { "question": "minimum", "answer": "0.03 PAXG to buy on Paxos.com, because the creation fee is 0.02 PAXG. There is no minimum holding.", "quote": "When purchasing PAXG on Paxos.com, the minimum purchase is 0.03 PAXG, due to the conversion fee of 0.02 PAXG. However note that there is no minimum amount of holdings for PAX Gold (PAXG).", "source": "https://support.paxos.com/articles/8564225276-pax-gold-minimum-investment-amounts", "locator": "PAX Gold Minimum Investment Amounts" }, { "question": "account-types", "answer": "Individuals, for personal use, and companies or other entities. The terms do not name trusts or IRAs.", "quote": "If you register as an individual Customer, you agree that you will use the Paxos Platform for your personal use only.", "source": "https://www.paxos.com/terms-and-conditions/general-terms-and-conditions", "locator": "Sections 2.3 and 2.4, Acceptance" }, { "question": "transfer", "answer": "Freely, to any address, like any ERC-20 or Solana token, unless Paxos has frozen it.", "quote": "Once you have PAXG tokens, you can transfer them, trade them, keep them, use them to pay persons that will accept PAXG, or convert them for US dollars, Unallocated Gold and Allocated Gold with Paxos, subject to the limitations below.", "source": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "locator": "Section 4.1, PAXG" }, { "question": "redemption", "answer": "Verified customers redeem through a Paxos account for US dollars, unallocated London gold, or a whole London Good Delivery bar, which takes at least 430 PAXG plus fees.", "quote": "You must redeem a minimum of 430 PAXG tokens plus the fee set forth in the Paxos User Guide, per London Good Delivery gold bar.", "source": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "locator": "Section 11.4, Conversion and Redemption of PAXG" }, { "question": "record", "answer": "The chain. Paxos maps each address’s balance to specific bars, shows the bar serial numbers for any address, and reallocates as tokens move. There is no transfer agent.", "quote": "You will be able to view the serial number, purity, and gross weight of the London Good Delivery gold bars represented by the PAXG tokens held in your public Ethereum address on the Paxos public website", "source": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "locator": "Section 5.2, Ownership and Allocation" }, { "question": "freeze", "answer": "Paxos may freeze any holder’s PAXG and the gold behind it, customer or not: on a legal directive, on a partner’s notice, or in its sole discretion. Under a binding legal order it may seize the tokens to a Paxos wallet.", "quote": "Paxos will only freeze such assets (1) if required to do so by law, specifically when Paxos receives a formal legal directive from a regulator, judicial body, law enforcement agency, or other legal entity having jurisdiction over Paxos, (2) pursuant to a formal notification by a Paxos partner according to previously agreed contractual terms, or (3) as deemed necessary by Paxos in its sole discretion.", "source": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "locator": "Section 14.2, Freezes and Upgrades" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x45804880De22913dAFE09f4980848ECE6EcbAf78", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "pause" ], "address": "0x6d8b8f7ebd9860e80694665f05033df06ddc3acc", "kind": "timelock", "delaySeconds": 86400 }, { "role": "PAUSE_ROLE", "powers": [ "pause" ], "address": "0x3af3e85f4f97de7ad0f000b724fb77fe5ffc024b", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin", "mint" ], "address": "0x6d8b8f7ebd9860e80694665f05033df06ddc3acc", "kind": "timelock", "delaySeconds": 86400 } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "5GgRAEmv8ZxF2PR5hY72Qs5x1bnQ6UK2RbTPoqJ3wSwW", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "Ertp4yV6mJiQP5TyBaEkvza9fhh1pWo4CWtM6CdKmzfk", "kind": "multisig", "threshold": 1, "signers": 4 }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk", "kind": "single-key" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk", "kind": "single-key" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A verified customer sends PAXG to the Paxos account deposit address and redeems at least 430 PAXG plus fees per London Good Delivery bar. Paxos may run extra due diligence, emails delivery instructions, and treats its duty as done once the bar reaches the delivery service the customer chose. Tokens above the bar’s actual weight come back to the account. The customer may instead take unallocated Loco London gold by wire to a gold account. Paxos says either may take several business days.", "feeBps": 17.5, "settlesIn": [ "XAU (allocated London Good Delivery bars)", "XAU (unallocated Loco London gold)" ] }, { "via": "issuer-window", "settlement": "A verified customer converts PAXG to US dollars on the Paxos platform at a streaming gold price held for five seconds, then withdraws to a bank account in the customer’s name. Paxos says conversion may take several business days to show and withdrawals up to two days, longer for large ones.", "feeBps": 12.5, "settlesIn": [ "USD" ] }, { "via": "secondary-only", "settlement": "A holder who is not a Paxos customer cannot redeem with Paxos and exits by selling on an exchange or a Solana DEX.", "settlesIn": [ "USD", "stablecoins" ] } ], "venues": [ { "kind": "issuer-primary", "id": "paxos", "name": "Paxos platform (paxos.com), verified customers only" }, { "kind": "exchange", "id": "paxg-exchange-listings", "name": "Exchanges Paxos lists on paxg.com, among them Coinbase, Kraken, Binance, OKX, Bybit, Bitget, Upbit and Revolut" }, { "kind": "dex", "id": "paxg-solana-dex", "name": "Solana DeFi venues Paxos lists on paxg.com: Jupiter, Kamino, Meteora, Sunrise, Titan and Jumper" } ], "sources": [ { "name": "Paxos: PAX Gold Terms and Conditions (last modified December 12, 2025)", "url": "https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos: General Terms and Conditions (last modified December 12, 2025)", "url": "https://www.paxos.com/terms-and-conditions/general-terms-and-conditions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos: Pax Gold (PAXG) product page", "url": "https://www.paxos.com/pax-gold", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos: paxg.com", "url": "https://www.paxg.com/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos Developer Docs: PAXG on main networks", "url": "https://docs.paxos.com/guides/stablecoin/paxg/mainnet", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos blog: Bringing PAXG to Solana (June 25, 2026)", "url": "https://www.paxos.com/blog/bringing-paxg-to-solana", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos: PAX Gold white paper (last updated September 5, 2019)", "url": "https://www.paxg.com/paxg-whitepaper.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos Knowledge Base: PAX Gold Fees", "url": "https://support.paxos.com/articles/2899561282-pax-gold-fees", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos Knowledge Base: PAX Gold Minimum Investment Amounts", "url": "https://support.paxos.com/articles/8564225276-pax-gold-minimum-investment-amounts", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos Knowledge Base: PAXG allocation and physical gold bar details", "url": "https://support.paxos.com/articles/7204091747-paxg-allocation-and-physical-gold-bar-details-representing-my-paxg-tokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos: PAXG transparency reports", "url": "https://www.paxos.com/paxg-transparency", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PAXG implementation on Ethereum (Sourcify match)", "url": "https://sourcify.dev/server/v2/contract/1/0x7da4c5d9eca180a03765a6d27196f2a0380fa543", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Paxos: paxos-token-contracts repository (PAXG V2)", "url": "https://github.com/paxosglobal/paxos-token-contracts", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Ethereum, the implementation behind 0x45804880De22913dAFE09f4980848ECE6EcbAf78 changes, the owner and default admin timelock 0x6d8b8f7ebd9860e80694665f05033df06ddc3acc or its 86,400-second delay changes, or the PAUSE_ROLE holder 0x3af3e85f4f97de7ad0f000b724fb77fe5ffc024b changes", "On Solana, the freeze authority and permanent delegate 2apBGMsS6ti9RyF5TwQTDswXBWskiJP2LD4cUEDqYJjk or the 1-of-4 mint multisig Ertp4yV6mJiQP5TyBaEkvza9fhh1pWo4CWtM6CdKmzfk changes, the transfer fee is set above zero, or a transfer-hook program is set (none on 2026-09-23)", "Paxos issues PAXG on a third chain; its blog calls Solana the first step of a multi-chain expansion", "Paxos revises the PAX Gold Terms and Conditions (last modified December 12, 2025), above all the 430 PAXG bar minimum in Section 11.4 or the freeze and seizure terms in Section 14", "Paxos announces a storage fee, which Section 15.2 lets it collect by minting new PAXG after 30 days notice", "A monthly attestation shows fewer ounces than tokens, a month is missed, the attestor changes, or Paxos names a vault other than Brink’s", "Paxos freezes or wipes a PAXG address, or opens or closes PAXG to a class of holder such as EU residents or US states" ] }, { "id": "pleasing-pgold", "url": "https://ketjuresearch.com/register/files/pleasing-pgold/", "displayName": "Pleasing Gold (PGOLD)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Pleasing Golden International Limited, a Hong Kong company formed on 25 June 2025 (BRN 78362335), which its board says issued PGOLD; the docs name its affiliate Pleasing International Limited as the Pleasing Market entity, and Pleasing International (HK) Limited holds the precious-metals dealer registration", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "entityTypes": [ "individual", "entity" ], "notes": "Anyone may hold, buy on chain, and transfer PGOLD; the docs name no excluded country beyond sanctioned places and do not mention US persons. Buying through the Pleasing Market app and redeeming for metal need KYC or KYB. The docs set no minimum purchase; a swap on the issuer’s app takes at least 1 PUSD in or 0.001 PGOLD out, and physical redemption takes at least 32.15 PGOLD (one kilogram), collected in Hong Kong." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "PGOLD", "underlying": { "name": "One troy ounce of 99.99% gold per token, which the terms say is intended to correspond to an undivided interest in metal held with custodians in Hong Kong; the issuer’s board says the gold is owned by the company", "ticker": "XAU" }, "contracts": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x3e76BB02286BFeAA89DD35f11253f2CbCE634F91" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xfb0bd86210d2a10543bb40289e92d108b3a5334f" } ] } ], "terms": [ { "question": "claim", "answer": "The terms say each token is meant to match an undivided interest in gold held with custodians in Hong Kong; they stop short of saying the holder owns it, and the issuer’s board says the gold belongs to the company.", "quote": "Each Metal Token is intended to correspond to an undivided interest in vaulted, LBMA-standard metal (e.g., gold) held with qualified custodians in Hong Kong", "source": "https://pleasing.gitbook.io/docs/legal/terms-of-sale-and-service", "locator": "Section 2, Nature of Metal Tokens" }, { "question": "who-may-hold", "answer": "Anyone may hold, buy, and transfer PGOLD on chain; KYC applies only to buying through the app and to physical redemption.", "quote": "Holding, purchasing, selling back, transferring, and secondary-market swaps of PGOLD are permissionless on supported chains.", "source": "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/token-features", "locator": "1. Transferability & Redemption" }, { "question": "minimum", "answer": "None to buy; physical redemption takes at least 32.15 PGOLD.", "quote": "PGOLD can be purchased in any amount, giving both retail and institutional users direct exposure to physical gold, without capital barriers or complexity.", "source": "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/how-pgold-works", "locator": "4. No Minimum Purchase" }, { "question": "account-types", "answer": "Individuals and companies that pass KYC or KYB; the terms list no account types.", "quote": "You must pass KYC/KYB, sanctions screening, and any suitability checks.", "source": "https://pleasing.gitbook.io/docs/legal/terms-of-sale-and-service", "locator": "Section 1, Eligibility & Compliance" }, { "question": "transfer", "answer": "Freely, to any address that is not blacklisted.", "quote": "Secondary on-chain transfers remain permissionless unless policy requires controls.", "source": "https://pleasing.gitbook.io/docs/solutions/tokenization-as-a-service-taas", "locator": "15. FAQs, “Is KYC/KYB required?”" }, { "question": "redemption", "answer": "KYC-verified holders redeem at least 32.15 PGOLD for gold collected in Hong Kong, one ounce per token, after customer support arranges pickup.", "quote": "minimum 32.15 PGOLD per redemption", "source": "https://pleasing.gitbook.io/docs/user-guide/redeem-physical-gold", "locator": "Step 1: Apply for redemption" }, { "question": "record", "answer": "The chain is the only record the documents point to; they name no register, transfer agent, or allocation of bars to holders.", "notStated": true, "checked": [ "https://pleasing.gitbook.io/docs/legal/terms-of-sale-and-service", "https://pleasing.gitbook.io/docs/legal/terms-of-use", "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/token-features", "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/how-pgold-works", "https://pleasing.gitbook.io/docs/solutions/tokenization-as-a-service-taas", "https://217962626-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FtBZ74QEzHbSbwx0W0nBo%2Fuploads%2FfLypB8MTfIw1Jrd2LT65%2FPleaseing%20Gold%20Assurance%20Report%2025%20June%202026.pdf?alt=media&token=df75631f-9b3c-4524-81e4-f69b6baaf1e5" ] }, { "question": "freeze", "answer": "The issuer may blacklist addresses for security or legal reasons; on Arbitrum a single key can blacklist any address and burn any holder’s tokens.", "quote": "specific addresses may be restricted/blacklisted in line with our Terms and applicable law.", "source": "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/token-features", "locator": "1. Transferability & Redemption, Risk controls" } ], "controls": [ { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x3e76BB02286BFeAA89DD35f11253f2CbCE634F91", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "clawback", "freeze" ], "address": "0x142a96da210dec495a76e56058563549ac12bab4", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x50ead2d211d84d111c692b86e02a489d3aa2e9ce", "kind": "contract", "controller": { "address": "0x7e5cc9bb562eae2356fae7c59ea04c4677f73986", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xfb0bd86210d2a10543bb40289e92d108b3a5334f", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint" ], "address": "0x142a96da210dec495a76e56058563549ac12bab4", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A KYC-verified holder applies on the Pleasing Market app with at least 32.15 PGOLD, gives a WhatsApp number and email, and waits for customer support to arrange an offline pickup in Hong Kong at one ounce of 99.99% gold per token. The fee schedule the terms cite is not published, and the terms say bar sizes, minimums, and lead times apply and that the issuer may suspend redemption.", "settlesIn": [ "XAU (gold bricks and medals collected in Hong Kong)" ] }, { "via": "issuer-window", "settlement": "The issuer’s app swaps PGOLD for its PUSD stablecoin at the Chainlink XAU/USD price less a 0.04% fee, from the issuer’s own inventory, without burning tokens; PUSD then converts to USDT on the same app. The issuer says inventory is capped per chain, so large sales may not fill.", "feeBps": 4, "settlesIn": [ "PUSD", "USDT" ] }, { "via": "secondary-only", "settlement": "A holder may sell on Uniswap V3 or Camelot on Arbitrum. CoinGecko showed about $5 of daily volume on the Uniswap pool on 2026-09-23.", "settlesIn": [ "stablecoins" ] } ], "venues": [ { "kind": "issuer-primary", "id": "pleasing-market", "name": "Pleasing Market app (dapp.pleasingmarket.com) on Arbitrum" }, { "kind": "dex", "id": "pgold-arbitrum-dex", "name": "Uniswap V3 and Camelot on Arbitrum" } ], "sources": [ { "name": "Pleasing Market docs: Terms of Sale & Service", "url": "https://pleasing.gitbook.io/docs/legal/terms-of-sale-and-service", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: Terms of Use", "url": "https://pleasing.gitbook.io/docs/legal/terms-of-use", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: PGOLD Token Features", "url": "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/token-features", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: How PGOLD works", "url": "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/how-pgold-works", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: Redeem Physical Gold", "url": "https://pleasing.gitbook.io/docs/user-guide/redeem-physical-gold", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: Trade Gold", "url": "https://pleasing.gitbook.io/docs/user-guide/trade-gold", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: Tokenization-as-a-Service", "url": "https://pleasing.gitbook.io/docs/solutions/tokenization-as-a-service-taas", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Pleasing Market docs: PGOLD Reserve Report page", "url": "https://pleasing.gitbook.io/docs/tokenized-gold-pgold/reserve-report", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Visto CPA Limited: Independent Assurance Report to Pleasing Golden International Limited, 25 June 2026, with board resolutions (Appendix A)", "url": "https://217962626-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FtBZ74QEzHbSbwx0W0nBo%2Fuploads%2FfLypB8MTfIw1Jrd2LT65%2FPleaseing%20Gold%20Assurance%20Report%2025%20June%202026.pdf?alt=media&token=df75631f-9b3c-4524-81e4-f69b6baaf1e5", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PGOLD implementation on Arbitrum (PGOLDToken, Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/42161/0xd81ea1e2179c983a45aa95929f189c2bd59788d7", "kind": "primary", "accessed": "2026-09-23" }, { "name": "PGOLD on Ethereum (Chainlink FactoryBurnMintERC20, Blockscout verified source)", "url": "https://eth.blockscout.com/address/0xfb0bd86210d2a10543bb40289e92d108b3a5334f", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Arbitrum, the implementation behind 0x3e76BB02286BFeAA89DD35f11253f2CbCE634F91 changes, the owner 0x142a96da210dec495a76e56058563549ac12bab4 changes, or the proxy admin 0x50ead2d211d84d111c692b86e02a489d3aa2e9ce or its owner 0x7e5cc9bb562eae2356fae7c59ea04c4677f73986 changes", "The owner blacklists an address or burns a holder’s balance with burnFrom", "On Ethereum, the owner and CCIP admin 0x142a96da210dec495a76e56058563549ac12bab4 or the mint and burn role holder 0xf3067615579d59c64f16f1382b6a8032622f810a changes", "The issuer publishes a new reserve report, or a report counts fewer ounces than tokens or confirms weight and purity", "The issuer publishes a fee schedule, names its custodians, or changes the 32.15 PGOLD redemption minimum", "Holders other than the issuer and its owners come to hold a material share of supply, or supply moves away from 19,505 PGOLD", "The control reader gains a Pharos RPC, or the issuer lists a new chain" ] }, { "id": "spiko-ustbl-eutbl", "url": "https://ketjuresearch.com/register/files/spiko-ustbl-eutbl/", "displayName": "Spiko SICAV: US T-Bills, EU T-Bills, and Amundi Overnight Swap Funds (USTBL, EUTBL, SAFO)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "mixed", "issuer": "Spiko SICAV (AMF-authorized UCITS, registry SCV20240012); Twenty First Capital as management company; Amundi Asset Management as delegated manager of SAFO; Spiko Finance as distributor and transfer agent", "eligibility": { "floor": "non-us-only", "minimumUsd": 1, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The prospectus sets a minimum of one unit of the share’s currency, first and later (1 USD, 1 EUR, 1 GBP), open to all investors, in every share filed here. USTBL and EUTBL take orders until 11:30 a.m. Paris and may cap redemptions at 10% of net assets; SAFO takes orders until 3:00 p.m. Paris, pays redemptions the next business day, and may cap them at 25%." }, "rights": { "voting": true, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Spiko Finance, as transfer agent, keeps the share register of every sub-fund on public blockchains; Twenty First Capital as management company", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "USTBL", "underlying": { "name": "Share of the Spiko US T-Bills Money Market Fund, a UCITS sub-fund holding U.S. Treasury bills under six months", "isin": "FR001400ODM9" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xe4880249745eac5f1ed9d8f7df844792d560e750" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x021289588cd81dc1ac87ea91e91607eef68303f5" } ] }, { "symbol": "EUTBL", "underlying": { "name": "Share of the Spiko EU T-Bills Money Market Fund, a UCITS sub-fund holding euro-area Treasury bills", "isin": "FR001400ODL1" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xa0769f7a8fc65e47de93797b4e21c073c117fc80" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xcbeb19549054cc0a6257a77736fc78c367216ce7" } ] }, { "symbol": "SAFO", "underlying": { "name": "USD share of the Spiko Amundi Overnight Swap Fund, a UCITS sub-fund that holds bonds, equities, and money market instruments and swaps their return with a bank for SOFR plus a margin", "isin": "FR0014015LE1" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xcbade7d9bdee88411cb6cbcbb29952b742036992" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x0c709396739b9cfb72bcea6ac691ce0ddf66479c" } ] }, { "symbol": "eurSAFO", "underlying": { "name": "EUR share of the Spiko Amundi Overnight Swap Fund, a UCITS sub-fund that holds bonds, equities, and money market instruments and swaps their return with a bank for €STR plus a margin", "isin": "FR0014015LD3" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x0990b149e915cb08e2143a5c6f669c907eddc8b0" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x1412632f2b89e87bfa20c1318a43ced25f1d7b76" } ] }, { "symbol": "gbpSAFO", "underlying": { "name": "GBP share of the Spiko Amundi Overnight Swap Fund, a UCITS sub-fund that holds bonds, equities, and money market instruments and swaps their return with a bank for SONIA plus a margin", "isin": "FR0014015LF8" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xc273986a91e4bfc543610a5cb5860b7cfefb6cc0" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xbe023308ac2ef7e1c3799f4e6a3003ee6d342635" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Anyone who is not a US person; buyers certify this when they subscribe, in each sub-fund.", "quote": "Persons wishing to acquire or subscribe for shares in the Sub-Fund certify, by doing so, that they are not \"US Persons\". Any shareholder must promptly notify Spiko Finance if they become a \"US Person\".", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "locator": "US T-Bills and Amundi Overnight Swap Fund sub-funds, Subscription and redemption conditions" }, { "question": "minimum", "answer": "One unit of the share’s currency, first and later, open to all investors; the USD shares start at 1 USD.", "quote": "1 USD 1 USD All investors", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "locator": "Overview of investment offer, share class tables (minimum initial, minimum subsequent, potential investors)" }, { "question": "account-types", "answer": "Individuals with full legal capacity and legal entities.", "quote": "Customer: a Customer may be a natural person with full legal capacity, or a legal entity acting through one or several natural persons (the Users) and having the power or authorization required to contract in the Customer's name and on the Customer's behalf.", "source": "https://cdn.spiko.finance/legal_docs/EN/Terms_of_Use_EN.pdf", "locator": "Definitions, Customer" }, { "question": "transfer", "answer": "Over the counter, only to a buyer whose address is on the allowlist.", "quote": "Shares in the Sub-Fund may be transferred by investors in over-the-counter transactions, with terms mutually agreed upon by the seller and the purchaser, provided that the purchaser has an address that has previously undergone Allowlisting.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "locator": "US T-Bills and Amundi Overnight Swap Fund sub-funds, Transfer conditions" }, { "question": "redemption", "answer": "USTBL and EUTBL orders cleared by 11:30 a.m. Paris time fill at the next NAV; later orders go to the next business day.", "quote": "Subscription orders, expressed as amounts, and redemption orders, expressed as amounts and numbers of shares, are cleared by Spiko Finance no later than 11:30 a.m. (Paris time). Orders are executed based on the next net asset value (NAV), meaning at an unknown NAV.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "locator": "US T-Bills sub-fund, Subscription and redemption conditions" }, { "question": "redemption", "answer": "SAFO redemptions pay the next business day after the order clears.", "quote": "As regards redemptions, settlement takes place on D+1 relative to the centralization day.", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "locator": "Amundi Overnight Swap Fund sub-fund, Subscription and redemption conditions" }, { "question": "record", "answer": "Spiko Finance, as transfer agent, keeps the share register on public blockchains.", "quote": "Spiko Finance maintains control over the management of the shareholder register. For this purpose, Spiko Finance relies on public Distributed Ledger Technologies (DLT).", "source": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "locator": "Entity responsible for maintaining the register of shareholders on behalf of the Management Company" }, { "question": "freeze", "answer": "Spiko says an emergency group can pause the tokens and only its redemption contract may burn them; the chain shows other addresses in the burner group too.", "quote": "The exceptional-operator group can pause and unpause token contracts in case of emergencies. The daily-operator is an in-house relayer responsible for minting tokens to investor addresses and handling redemptions. The oracle-operator is an internal relayer tasked with publishing daily NAV values on-chain. The burner role is assigned to the redemption contract and is the only entity authorized to burn tokens.", "source": "https://tech.spiko.io/posts/spiko-smart-contracts/", "locator": "Managing Permissions" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xe4880249745eac5f1ed9d8f7df844792d560e750", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x021289588cd81dc1ac87ea91e91607eef68303f5", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x7843225ba488cf780a4fe2c842b5dc2abcf8a03e", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x15ea0ec460a0e6847ec0aa8d50a84b3a51b95f74", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xa4530a5df4597a02a30e201d5a3d4c9d871b2302", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x4640a8bf08d5917dcaef42edb14d3e06e1b23f39", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xf95d1b86c502d3ef235392a1cab1137a14c5cc5e", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xa0769f7a8fc65e47de93797b4e21c073c117fc80", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xcbeb19549054cc0a6257a77736fc78c367216ce7", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x7843225ba488cf780a4fe2c842b5dc2abcf8a03e", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x15ea0ec460a0e6847ec0aa8d50a84b3a51b95f74", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xa4530a5df4597a02a30e201d5a3d4c9d871b2302", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x4640a8bf08d5917dcaef42edb14d3e06e1b23f39", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x2f284a29054449eb59ffc7d28f5b7ab7f0d187ed", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7ba5d85d9f7460fcaf514ae2553296905cb91423", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x308f38bca540e1a34fcfa185ae1ac54c254e2370", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xc9d26a02bfb80e177af352c3defe68ef5ea924fb", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xf95d1b86c502d3ef235392a1cab1137a14c5cc5e", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xcbade7d9bdee88411cb6cbcbb29952b742036992", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x0c709396739b9cfb72bcea6ac691ce0ddf66479c", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x0990b149e915cb08e2143a5c6f669c907eddc8b0", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x1412632f2b89e87bfa20c1318a43ced25f1d7b76", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xc273986a91e4bfc543610a5cb5860b7cfefb6cc0", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "group 0", "powers": [ "clawback", "mint", "pause", "upgrade", "admin" ], "address": "0x4eaa52b6280593a8820c45ce38f974290ae52cea", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xda5599f04e9b437c8394b0c2bc68b502a66ebfe8", "kind": "contract" }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 4", "powers": [ "clawback" ], "address": "0xe582cddcb3d2374adbb34c9afe76683d019c8a2b", "kind": "single-key" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x5ed5a75eeed1934ea060186e35187eaa73331366", "kind": "contract" }, { "role": "group 2", "powers": [ "mint" ], "address": "0x64e31c39fc3ec028557c9354d27b5c09faeb5fda", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x930f7f3a9a235d27ae082add5b7d4635e59eaf55", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0xb114e0e00622ffe5800004a98c8e01cd2c0c393b", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x7430d9d142d811f61b4a2d90d6f3a70a8500bbb7", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 2", "powers": [ "mint" ], "address": "0x57fa613b284f05421f78c8bd579555d5c0d7783d", "kind": "contract", "controller": { "address": "0xed608cf38968c0ba09676843d90b33dd59dd7375", "kind": "single-key", "via": "owner()" } }, { "role": "group 1", "powers": [ "pause" ], "address": "0xa4f97076721c78b050c2cd6a1bf7b442d801fb4a", "kind": "multisig", "threshold": 1, "signers": 6 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xbe023308ac2ef7e1c3799f4e6a3003ee6d342635", "allowlist": true, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "nav-cutoff", "settlement": "USTBL and EUTBL: daily orders at the next NAV; an instant-withdrawal service up to a per-customer limit at the NAV in force", "settlesIn": [ "USDC", "EURC", "USD", "EUR" ], "cutoff": "11:30 a.m. Paris" }, { "via": "nav-cutoff", "settlement": "SAFO: orders fill at that day’s NAV; redemptions pay the next business day in the share’s currency, or later if that currency’s market is closed", "settlesIn": [ "USDC", "EURC", "USD", "EUR", "GBP" ], "cutoff": "3:00 p.m. Paris" } ], "venues": [ { "kind": "issuer-primary", "id": "spiko", "name": "Spiko app and API" } ], "sources": [ { "name": "Spiko SICAV prospectus (English), version of 1 September 2026", "url": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko Amundi Overnight Swap Fund, USD share: key information document (29 July 2026)", "url": "https://cdn.spiko.finance/legal_docs/EN/KID_SAFO_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko docs: Smart Cash fund share classes", "url": "https://docs.spiko.io/documentation/product_overview/smart_cash/funds", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko docs: contract addresses and audits", "url": "https://docs.spiko.io/documentation/tokenization/addresses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Twenty First Capital: Spiko US T-Bills Money Market Fund page", "url": "https://www.twentyfirstcapital.com/en/funds/spiko-us-t-bills-money-market-fund/usd/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko: Terms of Use", "url": "https://cdn.spiko.finance/legal_docs/EN/Terms_of_Use_EN.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko engineering blog: smart contract architecture", "url": "https://tech.spiko.io/posts/spiko-smart-contracts/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Spiko: launch of the first tokenized money market funds", "url": "https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds", "kind": "primary", "accessed": "2026-08-17" }, { "name": "Verified USTBL and EUTBL implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x15ea0ec460a0e6847ec0aa8d50a84b3a51b95f74", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified SAFO (USD share) implementation on Arbitrum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/42161/0x324125c549c107c2bba7a1d25bbbd307d3570794", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Spiko or Twenty First Capital opens any sub-fund to U.S. persons, or changes a minimum subscription", "The implementation or the permission-manager authority of any contract read here changes, or a freeze power is added to the token", "A NAV suspension, a failed instant withdrawal, a default by SAFO’s swap counterparty, or an AMF enforcement action", "The prospectus lists register addresses on Polygon, Base, Etherlink, Starknet, Stellar, and Solana, and for the UK T-Bills fund, the USTBL EUR share, and SAFO’s CHF, D, and Nordic and Central European shares; this file reads the USD, EUR, and GBP shares named here on Ethereum and Arbitrum until those are added", "Spiko uses a redemption cap the prospectus allows: 10% of net assets for USTBL and EUTBL, 25% for SAFO" ] }, { "id": "franklin-benji", "url": "https://ketjuresearch.com/register/files/franklin-benji/", "displayName": "Franklin OnChain U.S. Government Money Fund (FOBXX), BENJI token", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "issuer-indirect", "registrationPath": "40-act-fund", "instrumentKind": "money-market-fund", "issuer": "Franklin Templeton Trust (Franklin Advisers, Inc., investment manager)", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": 20, "kyc": "issuer", "entityTypes": [ "individual", "institution" ], "notes": "The first purchase minimum depends on the chain: Stellar $20, Aptos $100, Base $100, Solana $100, Polygon $1,000, Arbitrum $1,000, Avalanche $20,000, Ethereum $5,000,000. Individuals use the Benji app and hold on Stellar in a wallet whose key the transfer agent keeps; the other chains and holder-kept keys are for institutions Franklin approves. IRAs and other retirement accounts may not invest." }, "rights": { "voting": true, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Franklin Templeton Investor Services, LLC", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "BENJI", "underlying": { "name": "Share of the Franklin OnChain U.S. Government Money Fund, a registered government money market fund and series of Franklin Templeton Trust (CIK 1786958); one token is one share", "ticker": "FOBXX" }, "contracts": [ { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "BENJI-GBHNGLLIE3KWGKCHIKMHJ5HVZHYIK7WTBE4QF5PLAKL4CJGSEU7HZIW5" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x3DDc84940Ab509C11B20B76B466933f40b750dc9" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x408A634B8a8f0dE729B48574a3a7Ec3fE820B00A" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xB9e4765BCE2609bC1949592059B17Ea72fEe6C6A" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xE08b4c1005603427420e64252a8b120cacE4D122" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x60CfC2b186a4CF647486e42c42B11cC6D571d1E4" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "5Tu84fKBpe9vfXeotjvfvWdWbAjy3hqsExvuHgFqFxA1" }, { "chain": "Aptos", "chainId": "aptos:1", "address": "0x7b5e9cac3433e9202f28527f707c89e1e47b19de2c33e4db9521a63ad219b739" } ] } ], "terms": [ { "question": "claim", "answer": "A share of a registered money market fund. Franklin calls each share a BENJI token.", "quote": "Fund shares, or BENJI tokens, are offered without a sales charge.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Prospectus, Your Account, \"Buying Shares\"" }, { "question": "who-may-hold", "answer": "U.S. residents where the fund may be sold in their state. With very limited exceptions it is not offered elsewhere.", "quote": "The Fund and other Franklin Templeton funds are intended for sale to residents of the United States, and, with very limited exceptions, are not registered or otherwise offered for sale in other jurisdictions.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Prospectus, Your Account, \"Buying Shares\", after the network minimums" }, { "question": "minimum", "answer": "$20 for most accounts, which means Stellar; each other chain has a higher first-purchase minimum, up to $5,000,000 on Ethereum.", "quote": "The minimum initial purchase for most accounts is $20, although you may be subject to a higher investment minimum.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Fund summary, \"Purchase and Sale of Fund Shares\"" }, { "question": "account-types", "answer": "Individuals through the app and institutions through the portal. No IRAs, Roth IRAs, or employer retirement plans.", "quote": "The Fund does not permit investments by employer sponsored retirement plans, SIMPLE-IRAs, SEP-IRAs, SARSEPs or 403(b) plan accounts, IRAs, IRA Rollovers, Coverdale Education Savings Plans or Roth IRAs.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Prospectus, Your Account, \"Buying Shares\"" }, { "question": "transfer", "answer": "Holder to holder, at any hour, but only between wallets the transfer agent has whitelisted.", "quote": "Before transferring Fund shares, you (as the transferor) and the potential transferee must each have an active, permissioned (i.e., “whitelisted”) wallet registered with the Fund’s transfer agent on any approved blockchain network.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Prospectus, Your Account, \"Peer-to-Peer Transfer of Shares\"" }, { "question": "redemption", "answer": "Through the app or portal only, for dollars to a linked bank account, within seven days; ACH generally arrives in two to three business days.", "quote": "Redemption proceeds will be sent by electronic funds transfer (ACH or Fed Wire) from your App or Institutional Web Portal account to your bank account within seven days after we receive your request in proper form.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Prospectus, Your Account, \"Selling Shares\"" }, { "question": "record", "answer": "Franklin Templeton Investor Services, the transfer agent, keeps the official record in a system that joins its own database to the chains.", "quote": "The Fund’s transfer agent maintains the official record of share ownership via a proprietary blockchain-integrated system that utilizes features of traditional book-entry form and one or more public blockchain networks.", "source": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "locator": "Fund summary, \"Use of Blockchain\"" }, { "question": "freeze", "answer": "The transfer agent holds separate administrative keys that can correct, freeze, move, or restore any holder’s record, whoever holds the wallet key.", "quote": "The Administrative Controls permit FTIS to maintain, correct, freeze, migrate, or restore the official record of share ownership in the Integrated System.", "source": "https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-investment-management-staff-no-action-interpretive-letters/franklin-templeton-081226", "locator": "SEC staff response, Background" } ], "controls": [ { "chain": "Stellar", "chainId": "stellar:pubnet", "contract": "BENJI-GBHNGLLIE3KWGKCHIKMHJ5HVZHYIK7WTBE4QF5PLAKL4CJGSEU7HZIW5", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "issuer account", "powers": [ "mint", "freeze", "clawback", "allowlist" ], "address": "GBHNGLLIE3KWGKCHIKMHJ5HVZHYIK7WTBE4QF5PLAKL4CJGSEU7HZIW5", "kind": "multisig", "signers": 14 } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x3DDc84940Ab509C11B20B76B466933f40b750dc9", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "ROLE_AUTHORIZATION_ADMIN", "powers": [ "allowlist", "freeze" ], "address": "0xa2bd91fb0c8258134706629edf7464c14bab8b66", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x48a6970f3638b70d189637e836ccd1e13a2cc1fc", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x408A634B8a8f0dE729B48574a3a7Ec3fE820B00A", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0x8eedc0b68ee8c2beb741fd1f94d30aa44e6100ba", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x8eedc0b68ee8c2beb741fd1f94d30aa44e6100ba", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x8eedc0b68ee8c2beb741fd1f94d30aa44e6100ba", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xc69c1b3b1059086ac968788886bf8e224a63de8a", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x8eedc0b68ee8c2beb741fd1f94d30aa44e6100ba", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x8eedc0b68ee8c2beb741fd1f94d30aa44e6100ba", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xc69c1b3b1059086ac968788886bf8e224a63de8a", "kind": "single-key" } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xB9e4765BCE2609bC1949592059B17Ea72fEe6C6A", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0xc5d376331a6fcd38ec9ef3255153833b092930b6", "kind": "contract" } ] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0xE08b4c1005603427420e64252a8b120cacE4D122", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0xe4b254ce08a9d1c2144ffe00b24597754f347af4", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xe4b254ce08a9d1c2144ffe00b24597754f347af4", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xe4b254ce08a9d1c2144ffe00b24597754f347af4", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xe4b254ce08a9d1c2144ffe00b24597754f347af4", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xe4b254ce08a9d1c2144ffe00b24597754f347af4", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x60CfC2b186a4CF647486e42c42B11cC6D571d1E4", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0xa490c1dfa7d2182808103845f6a040daba4ae898", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xa490c1dfa7d2182808103845f6a040daba4ae898", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xa490c1dfa7d2182808103845f6a040daba4ae898", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "5Tu84fKBpe9vfXeotjvfvWdWbAjy3hqsExvuHgFqFxA1", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "5Tu84fKBpe9vfXeotjvfvWdWbAjy3hqsExvuHgFqFxA1", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "5Tu84fKBpe9vfXeotjvfvWdWbAjy3hqsExvuHgFqFxA1", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "5Tu84fKBpe9vfXeotjvfvWdWbAjy3hqsExvuHgFqFxA1", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "5Tu84fKBpe9vfXeotjvfvWdWbAjy3hqsExvuHgFqFxA1", "kind": "program-account" }, { "role": "hook program upgrade authority", "powers": [ "upgrade" ], "address": "AJyEpT8V17VniFmVhrUvegQJXy5g3qcRnqRe3joesXeJ", "kind": "single-key" } ] } ], "redemption": [ { "via": "nav-cutoff", "cutoff": "14:00 America/Los_Angeles", "settlement": "Through the Benji app or the institutional portal only, at the next NAV the fund works out (hourly, 8 a.m. to 5 p.m. Eastern); the daily cutoff is 2 p.m. Pacific. Dollars go by ACH or wire to a linked bank within seven days; ACH generally arrives in two to three business days.", "feeBps": 0, "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "benji", "name": "Benji app (individuals) and Benji Institutional web portal" } ], "sources": [ { "name": "SEC EDGAR: Franklin Templeton Trust Form N-1A post-effective amendment 11 (485BPOS), prospectus and SAI effective August 1, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1786958/000165558926000970/c485bpos.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC Division of Investment Management, staff no-action letter to Franklin Templeton (Aug. 12, 2026)", "url": "https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-investment-management-staff-no-action-interpretive-letters/franklin-templeton-081226", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Franklin Templeton Digital Assets: Benji deployed contract addresses", "url": "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Franklin Templeton Digital Assets: Benji page (chains and retail availability)", "url": "https://digitalassets.franklintempleton.com/benji/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Stellar Horizon: BENJI asset flags and issuer account signers", "url": "https://horizon.stellar.org/accounts/GBHNGLLIE3KWGKCHIKMHJ5HVZHYIK7WTBE4QF5PLAKL4CJGSEU7HZIW5", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Sourcify: MoneyMarketFund_V5, the BENJI token implementation on Polygon (exact match)", "url": "https://sourcify.dev/server/v2/contract/137/0xc1df95cf7f96f020f511f2f03fbf6cc18f8464b2", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Any freeze, clawback, pause, whitelist, or upgrade reading changes on a chain in this file, or a BENJI module address or implementation moves", "Franklin publishes a new BENJI contract, adds or drops a chain, or the Aptos token becomes readable", "The Authorization modules on Avalanche and Base are verified, settling whitelist and freeze there", "Stellar issuer signers or thresholds change, or the Solana program upgrade key changes", "A new prospectus or supplement changes who may hold, the minimums, transfer rules, or the redemption cutoff", "The transfer agent changes, or the SEC staff modifies or withdraws its August 12, 2026 position" ] }, { "id": "apollo-acred", "url": "https://ketjuresearch.com/register/files/apollo-acred/", "displayName": "Apollo Diversified Credit Securitize Fund (ACRED)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-d-506c", "instrumentKind": "credit-fund", "issuer": "Securitize Tokenized Apollo Diversified Credit Fund, Ltd. (British Virgin Islands business company, SEC CIK 2056038), in care of Securitize Capital; feeder into Apollo Diversified Credit Fund (Class I); Securitize as transfer agent, fund administrator, and placement agent", "eligibility": { "floor": "us-accredited", "minimumUsd": 50000, "kyc": "broker-dealer", "notes": "Securitize’s page shows a $50,000 minimum; the fund’s Form D states $0. The Form D claims Rule 506(c) and the Investment Company Act section 3(c)(1) exclusion, not 3(c)(7), so accredited investors may buy and qualified-purchaser status is not required; a 3(c)(1) fund is capped at 100 beneficial owners, and the February 2026 Form D reports 26 investors." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Securitize, LLC", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "ACRED", "underlying": { "name": "Share of a British Virgin Islands feeder fund that holds Class I shares of Apollo Diversified Credit Fund, a non-traded closed-end interval fund lending to companies and against assets" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x17418038ecf73ba4026c4f428547bf099706f27b" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "FubtUcvhSCr3VPXEcxouoQjKQ7NWTCzXyECe76B7L3f8" } ] } ], "terms": [ { "question": "claim", "answer": "A share of a fund that invests in Apollo Diversified Credit Fund; Securitize’s own filing calls the tokens non-voting, non-redeemable shares, so exits run through the fund’s repurchase offers.", "quote": "non-voting, non-redeemable participating shares issued as part of the funds’ respective share capital", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Notes to the consolidated financial statements, 6. Investment in Funds" }, { "question": "who-may-hold", "answer": "Accredited investors who pass Securitize’s identity check and accreditation review, and who buy through Securitize Markets.", "quote": "Verify your identity, complete your investment profile questionnaire, and submit an accreditation application", "source": "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Getting Started, Subscription Process, step 01" }, { "question": "minimum", "answer": "$50,000, shown as a figure in the Minimum Investment tile, not a sentence.", "quote": "$50,000", "source": "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Key facts tile, Minimum Investment" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.prnewswire.com/news-releases/apollo-and-securitize-announce-partnership-and-launch-tokenized-access-to-credit-fund-on-aptos-avalanche-ethereum-ink-polygon-and-solana-networks-302364212.html", "https://www.sec.gov/Archives/edgar/data/2056038/000205603826000001/xslFormDX01/primary_doc.xml" ] }, { "question": "transfer", "answer": "Transfers are limited by the fund’s transfer restrictions and investor eligibility; the page does not promise a secondary market.", "quote": "Secondary market trading is not guaranteed and may be limited by regulatory transfer restrictions, platform availability, or investor eligibility requirements.", "source": "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Live Marketplaces, note under the table" }, { "question": "redemption", "answer": "Monthly redemptions inside a quarterly notice period, with no promise that a full redemption is met.", "quote": "$0 Monthly redemptions are available during a quarterly notice period with the fund. Full redemptions are not guaranteed and may be subject to delays due to market conditions or blockchain settlement mechanics.", "source": "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Profile footnote (7)" }, { "question": "record", "answer": "Securitize is the fund’s transfer agent and fund administrator.", "quote": "Securitize also serves as ACRED's digital transfer agent and fund administrator.", "source": "https://www.prnewswire.com/news-releases/apollo-and-securitize-announce-partnership-and-launch-tokenized-access-to-credit-fund-on-aptos-avalanche-ethereum-ink-polygon-and-solana-networks-302364212.html", "locator": "Release body" }, { "question": "freeze", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.prnewswire.com/news-releases/apollo-and-securitize-announce-partnership-and-launch-tokenized-access-to-credit-fund-on-aptos-avalanche-ethereum-ink-polygon-and-solana-networks-302364212.html", "https://www.sec.gov/Archives/edgar/data/2056038/000205603826000001/xslFormDX01/primary_doc.xml", "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x17418038ecf73ba4026c4f428547bf099706f27b", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0x3ee611d581d2c6a81459fff8c6c8d197b0ad1a3e", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "FubtUcvhSCr3VPXEcxouoQjKQ7NWTCzXyECe76B7L3f8", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "Fr3R4632hv5LU2YNXYMnErnLE1XYMe1KPjR8q91KTYbH", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "Fr3R4632hv5LU2YNXYMnErnLE1XYMe1KPjR8q91KTYbH", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "Fr3R4632hv5LU2YNXYMnErnLE1XYMe1KPjR8q91KTYbH", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "Fr3R4632hv5LU2YNXYMnErnLE1XYMe1KPjR8q91KTYbH", "kind": "program-account" }, { "role": "hook program upgrade authority", "powers": [ "upgrade" ], "address": "8d36iv2YUD8yDChuVZchx1NqE4qkDWCAEgsUEEUqzbB6", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "cutoff": "2:00 p.m. Eastern", "settlement": "Quarterly repurchase offers of at least 5% of the underlying fund’s shares, with monthly redemptions inside the quarterly notice period; proceeds paid once the underlying fund pays; full redemption not guaranteed. The 2025 launch release said daily-NAV redemptions; the current page says quarterly", "feeBps": 0, "settlesIn": [ "USDC", "USDG" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "2056038", "entity": "Securitize Tokenized Apollo Diversified Credit Fund, Ltd.", "filings": [ { "filedAt": "2026-02-12", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2056038/000205603826000001/0002056038-26-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(1)" ], "minimumUsd": 0, "soldUsd": 110943000, "investors": 26, "firstSale": "2025-01-28" }, { "filedAt": "2025-02-12", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2056038/000205603825000001/0002056038-25-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(1)" ], "minimumUsd": 0, "soldUsd": 40000000, "investors": 5, "firstSale": "2025-01-28" } ] }, "sources": [ { "name": "Securitize, ACRED primary-market page", "url": "https://securitize.io/primary-market/apollo-diversified-credit-securitize-fund", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize, ACRED primary-market page content (Builder.io content API behind securitize.io/primary-market/apollo-diversified-credit-securitize-fund)", "url": "https://cdn.builder.io/api/v3/content/page/749464b9b2d54580adf49aa7fdf6307e?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Securitize Tokenized Apollo Diversified Credit Fund, Ltd., Form D/A filed February 12, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2056038/000205603826000001/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Apollo and Securitize, \"Apollo and Securitize Announce Partnership and Launch Tokenized Access to Credit Fund on Aptos, Avalanche, Ethereum, Ink, Polygon, and Solana Networks\" (PR Newswire, 2025-01-30)", "url": "https://www.prnewswire.com/news-releases/apollo-and-securitize-announce-partnership-and-launch-tokenized-access-to-credit-fund-on-aptos-avalanche-ethereum-ink-polygon-and-solana-networks-302364212.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Securitize Holdings prospectus, Form 424B3, filed August 7, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ACRED Solana mint metadata (points at metadata.securitize.io)", "url": "https://metadata.securitize.io/acred.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize, \"ACRED on Sei: Instant Subscription with Fund Bridging\" (Builder.io content API behind the Securitize blog)", "url": "https://cdn.builder.io/api/v3/content/blog-article/69770ecb2c5e4d978bb1d9fd1dd8ebc0?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xfc8a9000c161e3c6e073e967107ce926a44a06e2", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Securitize publishes contract addresses for Avalanche, Polygon, Ink, Sei, or Aptos; each chain is then read and added", "Securitize or Apollo publishes the private placement memorandum; the file is then re-read for the investor class, gates, the distribution policy, and the limited-partnership wording on the page, which the BVI company on the Form D does not match", "The compliance service, lock manager, proxy target, or owner key on Ethereum changes, or the Solana mint, freeze, permanent-delegate, or transfer-hook authority changes", "Apollo Diversified Credit Fund cuts a quarterly repurchase offer below 5%, prorates tenders, or delays proceeds past the posted deadline", "The fund leaves the 3(c)(1) exclusion or nears 100 beneficial owners", "Anemoy’s Centrifuge wrapper of ACRED (ACRDX), a separate program under another memo, changes how much ACRED it holds or how it exits" ] }, { "id": "figure-ylds", "url": "https://ketjuresearch.com/register/files/figure-ylds/", "displayName": "Figure YLDS (Figure Transferable Certificates)", "reviewed": "2026-09-23", "nextReview": "2026-12-23", "claimModel": "issuer-indirect", "registrationPath": "face-amount-certificate", "instrumentKind": "note", "issuer": "Figure Certificate Company (Delaware face-amount certificate company registered under the Investment Company Act; certificates registered on Form S-1, No. 333-275154; wholly owned by Figure Technology Solutions, Inc.)", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": 0.01, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The prospectus sets no investor test and no minimum; ylds.com says the minimum is one certificate ($0.01) and that YLDS \"can be held globally, by eligible retail and institutional customers,\" with eligibility that \"may vary by jurisdiction.\" Every holder, including a peer-to-peer buyer, must pass KYC by Figure Payments Corporation, FCC’s affiliate, and hold a wallet FCC has cleared. No document read lists the US states where the certificates are sold." }, "rights": { "voting": false, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Figure Equity Solutions, Inc. (Figure affiliate; SEC-registered transfer agent, file 084-06830)", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "YLDS", "underlying": { "name": "Figure Transferable Certificate: an unsecured face-amount certificate of Figure Certificate Company, $0.01 face, paying SOFR less 35 basis points. One displayed YLDS on chain is 1,000,000 base units and trades near $1.00, which is 100 certificates." }, "contracts": [ { "chain": "Provenance", "chainId": "cosmos:pio-mainnet-1", "address": "uylds.fcc" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "YLDS-GAC7MOPTQLQUM3KC24AW4GHS3RLF72LPEZO54AH7EZ6TSMGRB5SOAVH3" } ] } ], "terms": [ { "question": "claim", "answer": "An unsecured debt claim on Figure Certificate Company, backed only by its assets.", "quote": "Figure Certificates are interest-bearing debt securities. When you buy a Certificate, you are buying an obligation of FCC, which are unsecured and solely backed by its assets", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "Figure Certificate Company and the Figure Certificates, Figure Certificates (p. 10)" }, { "question": "who-may-hold", "answer": "Anyone who passes KYC by Figure Payments and whose wallet FCC clears; the prospectus sets no accreditation test.", "quote": "Each potential investor must pass AML/KYC review by the AML/KYC Service Provider before being approved by FCC to open an FCC account and before the potential investor being approved to receive any Figure Certificates.", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "Anti-Money Laundering/Know Your Customer (p. 22)" }, { "question": "minimum", "answer": "None; a single certificate is $0.01.", "quote": "There is no minimum initial purchase amount for the Figure Transferable Certificates, and there is no minimum on the amount a Certificate holder may hold.", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "The Figure Transferable Certificate (p. 10)" }, { "question": "account-types", "answer": "Individuals and entities: the account takes a Social Security Number, an ITIN, or an EIN.", "quote": "When you open an FCC account, you must provide your correct Taxpayer Identification Number (TIN), which is your Social Security Number, Individual Taxpayer Identification Number, or Employer Identification Number.", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "Purchasing Certificates (p. 24)" }, { "question": "transfer", "answer": "Peer to peer at any hour and at face, but only between wallets that have passed KYC and that FCC has cleared.", "quote": "Only those wallets that are established on an approved blockchain and that successfully complete the AML/KYC process through the AML/KYC Service Provider and are approved by FCC are approved to transfer Figure Transferable Certificates to other wallets", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "Peer-to-Peer and ATS Transactions (p. 25)" }, { "question": "redemption", "answer": "Surrender to FCC at any time; FCC processes it within 24 hours, and cash takes up to 5 days by wire or ACH.", "quote": "You may request a withdrawal by surrendering your Certificate at any time. Surrenders of Certificates will be processed within 24 hours, but surrenders may take longer depending on congestion on the relevant approved blockchain or other technological reasons.", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226036329/form424b3.htm", "locator": "Withdrawal (Surrender), as replaced by the August 6, 2026 supplement" }, { "question": "record", "answer": "The transfer agent’s records, kept partly on chain and partly off, are the official record and override the chain.", "quote": "The Transfer Agent’s records constitute the official Certificate holder records of FCC and govern the record ownership of Figure Certificates in all circumstances.", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "Information About Correcting Erroneous Transactions on a Blockchain Network (p. 15)" }, { "question": "freeze", "answer": "FCC and the transfer agent can block wallets and correct or reverse transfers on chain.", "quote": "FCC is able to issue new Certificates, and FCC and the Transfer Agent are able to block blockchain wallets if a transaction is made in error or if a private key has been lost or stolen, or if Certificates are transferred erroneously or impermissibly.", "source": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "locator": "Information About Approved Wallets (p. 16)" } ], "controls": [ { "chain": "Stellar", "chainId": "stellar:pubnet", "contract": "YLDS-GAC7MOPTQLQUM3KC24AW4GHS3RLF72LPEZO54AH7EZ6TSMGRB5SOAVH3", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "issuer account", "powers": [ "mint", "freeze", "clawback", "allowlist" ], "address": "GAC7MOPTQLQUM3KC24AW4GHS3RLF72LPEZO54AH7EZ6TSMGRB5SOAVH3", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Surrender to FCC at any time at $0.01 face per certificate plus accrued interest, no surrender charge and no minimum; FCC processes it within 24 hours. Cash by wire or ACH (up to 5 days; the holder pays the ACH fee), to a Figure Payments stored-value account, or as an accepted stablecoin through Figure Payments (up to 10 days). On Stellar the holder sends YLDS to a redemption address unique to its account.", "settlesIn": [ "USD", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "ylds", "name": "ylds.com portal and the Figure Markets app (issue and surrender with FCC)" } ], "sources": [ { "name": "SEC EDGAR: Figure Certificate Company prospectus, Rule 497 (April 24, 2026)", "url": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226018903/form497.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: FCC prospectus supplement on approved blockchains (June 30, 2026)", "url": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226031215/form424b3.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: FCC prospectus supplement on purchase and surrender (August 6, 2026)", "url": "https://www.sec.gov/Archives/edgar/data/1974395/000149315226036329/form424b3.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: FCC Form 10-Q for the quarter ended June 30, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1974395/000197439526000011/fcc-20260630.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Figure Equity Solutions, Inc. Form TA-1/A (September 3, 2025)", "url": "https://www.sec.gov/Archives/edgar/data/1905526/000190552625000004/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "YLDS (ylds.com): product page and FAQ", "url": "https://www.ylds.com/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "YLDS (ylds.com): Developers and Ecosystems", "url": "https://www.ylds.com/developers-and-ecosystems/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "FCC stellar.toml at ylds.com", "url": "https://www.ylds.com/.well-known/stellar.toml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Provenance REST: uylds.fcc marker detail", "url": "https://api.provenance.io/provenance/marker/v1/detail/uylds.fcc", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Stellar Horizon: YLDS asset records", "url": "https://horizon.stellar.org/assets?asset_code=YLDS&limit=20", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Ketju’s control reader gains Provenance marker support; the Provenance row is then read and added (on 2026-09-23 the marker admin was group 722 at a 51% threshold, and five single keys held mint, burn, and forced-transfer rights)", "The uylds.fcc marker’s access grants, required attribute, or forced-transfer setting change on Provenance", "The Stellar issuer adds signers, changes thresholds, or locks its authorization flags", "FCC files a new prospectus, post-effective amendment, or supplement that changes who may hold, the minimum, the surrender terms, or the approved chains", "A chain other than Provenance or Stellar goes live for YLDS; its contract is then read with the reader", "Figure Equity Solutions files a TA-W or FCC names a different transfer agent", "FCC publishes a US state list or bars a class of US or non-US holders", "Figure corrects its statement that one YLDS is one certificate at $0.01, or on-chain supply stops matching the reserve at $1 per displayed unit", "YLDS lists for trading on a registered ATS" ] }, { "id": "btech-bstocks", "url": "https://ketjuresearch.com/register/files/btech-bstocks/", "displayName": "bStocks (certificates by BTech Holdings Ltd, a Binance group company, \"B\" tickers)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-custodial", "registrationPath": "reg-s", "instrumentKind": "mixed", "issuer": "BTech Holdings Ltd (ADGM company 36283, incorporated 17 April 2026; wholly owned by Binance Holdings (IE) Limited); BTech Services Limited manages and tokenises; Alpaca Securities LLC holds the shares and buys them; Nest Clearing and Custody Limited keeps the title ledger; Nest Trading Limited mints and redeems", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "distributor", "notes": "New certificates go only to Eligible ADGM Subscribers: Binance Platform users who pass its KYC, say they are located in the ADGM, and are not US persons. Anyone else buys on the secondary market (Binance Exchange, or on chain after a Delivery-out) and must not be a US person or sit in a Restricted Jurisdiction; the list includes the UK, the EU and EEA states, the UAE outside the ADGM, Hong Kong, Singapore, Japan, Australia and the United States. No minimum is stated; certificates trade in fractions to eight decimal places. Binance’s own guide says a portfolio can start from $5." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Nest Clearing and Custody Limited (Binance NCCL), ADGM Recognised Clearing House and Central Securities Depository", "secRegistered": false, "officialRecord": "custodian" }, "instruments": [ { "symbol": "CRCLB", "underlying": { "name": "Circle Internet Group, Inc. (NYSE: CRCL); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "CRCL", "isin": "US1725731079" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0x80f3d493ebce97e343c53d29a137942416b4ffc0" } ] }, { "symbol": "SPCXB", "underlying": { "name": "Space Exploration Technologies Corp. (Nasdaq: SPCX, listed 12 June 2026); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0xbe9d156892e55e7154bcd3cb0fea677f9d3103e1" } ] }, { "symbol": "MSTRB", "underlying": { "name": "Strategy Inc (Nasdaq: MSTR); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "MSTR", "isin": "US5949724083" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0xe87afb3076aeb0f9b14e368de8145ae6a2826a14" } ] }, { "symbol": "MUB", "underlying": { "name": "Micron Technology, Inc. (Nasdaq: MU); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "MU", "isin": "US5951121038" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0xcdf2f3e0fa43c47a6662a91c9e4a7c5f69762699" } ] }, { "symbol": "NVDAB", "underlying": { "name": "NVIDIA Corporation (Nasdaq: NVDA); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0x02fca66c1d1afb4e2a7884261eb00f63598a7436" } ] }, { "symbol": "BNCB", "underlying": { "name": "CEA Industries Inc. (Nasdaq: BNC); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "BNC", "isin": "US86887P3091" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0x4902c5ebc598265ed2212b559b042de8a5eeec3f" } ] }, { "symbol": "GOOGLB", "underlying": { "name": "Alphabet Inc. (Nasdaq: GOOGL); the token is a BTech certificate over one share held in trust at Alpaca", "ticker": "GOOGL", "isin": "US02079K3059" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0x3f53de71c126bdabae20f9cd64848d317f6c3238" } ] }, { "symbol": "DRAMB", "underlying": { "name": "Roundhill Memory ETF (Cboe BZX: DRAM); the token is a BTech certificate over one ETF unit held in trust at Alpaca", "ticker": "DRAM", "isin": "US77926X3200" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0x93862d63fd9fd488b1328e9b47717d75e994a84b" } ] } ], "terms": [ { "question": "claim", "answer": "The holder has a beneficial interest in one share held by Alpaca in the issuer’s segregated account, which BTech holds on trust; not the share itself and no vote.", "quote": "The Issuer holds its beneficial interest in the Underlying on trust for the benefit of Certificate holders in accordance with the terms of this Prospectus.", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Section 15.2, Nature of the Certificates (p. 62)" }, { "question": "record", "answer": "Binance NCCL’s CSD Master Ledger is the record of title, for tokens on chain as well as inside the CSD; the chain is not the record.", "quote": "the primary record of title for all Certificates, whether held within the CSD environment or on-chain", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Definitions, \"CSD Master Ledger\" (p. 5)" }, { "question": "who-may-hold", "answer": "No US persons and no one in the United States; new certificates go only to Binance users located in the ADGM, and resale is barred in a list of Restricted Jurisdictions.", "quote": "may not be offered, sold or otherwise transferred (i) within the United States or (ii) to, or for the account or benefit of, any U.S. Person", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Cover page, Important Notice (p. 1)" }, { "question": "minimum", "answer": "No minimum is stated; certificates are bought, held and redeemed in fractions.", "quote": "Certificates may be subscribed for, purchased, held, transferred and redeemed in fractional amounts.", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Section 3.1, Nature of the Securities (p. 14)" }, { "question": "transfer", "answer": "Transfers run off chain inside Binance NCCL or on chain on BNB Chain, and every on-chain transfer passes the issuer’s compliance check.", "quote": "Certificates are intended to be transferable within the CSD environment operated by Binance NCCL (off-chain) and by on-chain transfer on the BNB Chain, subject to applicable restrictions and platform rules.", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Section 3.2, Transfer and trading (p. 14)" }, { "question": "redemption", "answer": "Redemption for the share runs only through Nest Trading Limited on the Binance Platform, or directly for selected market makers; a token held on chain must first be delivered back in.", "quote": "Certificates cannot be redeemed off the Binance Platform without Nest Trading Limited as Redemption Agent, other than by select Market Makers who are permitted to redeem Certificates directly from the Issuer.", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Section 23.2, Redemption mechanics (p. 79)" }, { "question": "freeze", "answer": "The issuer may freeze, pause, rescind transfers, and cancel certificates with or without payment; the deployed contract can block an address and pause, and a single key can upgrade it.", "quote": "cancelling any or all Certificates and/or any purported rights of Eligible ADGM Subscribers and Eligible Secondary Investors, with or without payment.", "source": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "locator": "Section 21.3, Restrictions on Transferability (p. 72)" } ], "controls": [ { "chain": "BSC", "chainId": "eip155:56", "contract": "0xbe9d156892e55e7154bcd3cb0fea677f9d3103e1", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0x4333daf4481f281f3d3d2b8735ce80bc00028d0c", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "Redemption Order through Nest Trading Limited on the Binance Platform: Alpaca moves the share from the issuer’s segregated account to the holder’s sub-account in the NTL omnibus account, then the certificate is burned. No stated timeframe; the issuer or agent may reject, cancel or suspend an order without reasons. No redemption fee today.", "feeBps": 0, "settlesIn": [ "underlying shares" ] }, { "via": "secondary-only", "settlement": "Sell on the Binance Exchange (RIE in UAE hours, MTF at other times) against market makers, settled in USDC by Binance NCCL; or trade on BNB Chain DEXs after a Delivery-out. A token held on chain cannot be redeemed until a Delivery-in, which may be refused.", "settlesIn": [ "USDC", "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "binance-nest-trading", "name": "Binance Platform via Nest Trading Limited (Minting Agent and Redemption Agent)" }, { "kind": "exchange", "id": "binance-nest-exchange", "name": "Binance Exchange: the Recognised Investment Exchange and the MTF operated by Nest Exchange Limited (ADGM)" }, { "kind": "dex", "id": "pancakeswap", "name": "PancakeSwap and Uniswap pools on BNB Chain" } ], "sources": [ { "name": "BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---12-june-2026---spacex-bstocks_06_12_2026_17-32-11.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for Circle Internet Group bStocks Certificates (FSRA approved 11 June 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---circle-internet-group-bstocks_06_11_2026_16-36-41.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for Strategy bStocks Certificates (FSRA approved 23 June 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---strategy-bstocks_06_23_2026_09-00-54.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for Micron Technology bStocks Certificates (FSRA approved 11 June 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---micron-technology-bstocks_06_11_2026_16-47-22.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for NVIDIA bStocks Certificates (FSRA approved 11 June 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---nvidia-bstocks_06_11_2026_16-44-54.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for CEA Industries bStocks Certificates (FSRA approved 14 September 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings---prospectus---14-september---cea-industries-bstocks_09_14_2026_11-35-29.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for Alphabet bStocks Certificates (FSRA approved 6 July 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---6-july---alphabet-bstocks_07_07_2026_08-42-18.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BTech Holdings Ltd, Prospectus for Roundhill Memory ETF bStocks Certificates (FSRA approved 6 July 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus---6-july---roundhill-memory-etf-bstocks_07_07_2026_08-46-56.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ADGM FSRA Listing Authority: Approved Prospectuses", "url": "https://www.adgm.com/financial-services-regulatory-authority/listing-authority/approved-prospectuses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BNB Chain eth_call reads of name(), symbol() and identifier() on the eight contracts (public endpoint bsc-dataseed.bnbchain.org, listed here)", "url": "https://docs.bnbchain.org/bnb-smart-chain/developers/json_rpc/json-rpc-endpoint/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SecuritiesToken implementation on BNB Chain (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/56/0xcfed6c4679297ea4889f8183bc057b4a86c64e46", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Binance Academy: What Are bStocks? A Guide to Tokenized Stocks on Binance", "url": "https://www.binance.com/en/academy/articles/what-are-bstocks-a-guide-to-tokenized-stocks-on-binance", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Binance: Binance Exchange Launches bStocks Tokenized Securities (PR Newswire, 12 June 2026)", "url": "https://www.prnewswire.com/news-releases/binance-exchange-launches-bstocks-tokenized-securities-11-backing-and-247-trading-302798876.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CoinGecko: bStocks Ecosystem category", "url": "https://www.coingecko.com/en/categories/bstocks-ecosystem", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The beacon 0x156d6dce9a4f6139a3406f1f021f1a4880de93a3 points at a new implementation, or its owner 0x4333daf4481f281f3d3d2b8735ce80bc00028d0c changes", "An implementation adds a burn or transfer that can take tokens from a holder without the holder’s signature", "The compliance contract blocks a holder address, or the pause manager pauses any bStocks token", "BTech cancels or rescinds certificates under the transfer-restriction terms, with or without payment", "The securities borrowing agreement between Binance NCCL and Alpaca is recalled while initial certificates are outstanding, or redemptions are suspended", "A prospectus in this file lapses (the first expire 10 June 2027) and is not replaced, or a Supplementary Prospectus changes the terms", "The Restricted Jurisdictions list changes, or bStocks open to US persons", "Custody moves from Alpaca, or bStocks issue on a chain other than BNB Chain" ] }, { "id": "robinhood-stock-tokens", "url": "https://ketjuresearch.com/register/files/robinhood-stock-tokens/", "displayName": "Robinhood Stock Tokens (tracker certificates by Robinhood Assets (Jersey) Limited on Robinhood Chain)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "note", "issuer": "Robinhood Assets (Jersey) Limited (Jersey, registration 162428; not regulated; JFSC COBO consent); issuer also acts as Tokenizer; Security Agent Services AG as security and verification agent; Alpaca Securities LLC as broker and custodian", "eligibility": { "floor": "non-us-only", "minimumUsd": 0, "kyc": "distributor", "entityTypes": [ "individual", "entity" ], "notes": "Only Authorised Participants (today Bitstamp Global Ltd, BVI) subscribe with the issuer, after KYB. Holders buy from the Authorised Participant under its KYC, or on Robinhood Chain DEXs through Robinhood Wallet with no issuer onboarding. Not for US persons; offers restricted in Canada, the United Kingdom and Switzerland; prohibited in Cuba, Belarus, Iran, North Korea, Russia, Syria, Ukraine, South Sudan, Sudan, Myanmar and Venezuela. Robinhood says the tokens reach more than 120 countries, so the program is not EU-only. Each Final Terms read states no Minimum Investment Amount. The Robinhood Europe app sells a separate product, Classic Stock Tokens: a non-transferable OTC derivative with Robinhood Europe, UAB. That product is not this file." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "SPY", "underlying": { "name": "State Street SPDR S&P 500 ETF Trust (SPY); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 6, JE00BX9H9C78)", "ticker": "SPY", "isin": "US78462F1030" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0x117cc2133c37b721f49de2a7a74833232b3b4c0c" } ] }, { "symbol": "NVDA", "underlying": { "name": "NVIDIA Corporation (NVDA); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 1, JE00BX9C6J83)", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0xd0601ce157db5bdc3162bbac2a2c8af5320d9eec" } ] }, { "symbol": "SPCX", "underlying": { "name": "Space Exploration Technologies Corporation Class A common stock (SPCX); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 20, JE00BX9H9T46)", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0x4a0e65a3eccec6dbe60ae065f2e7bb85fae35eea" } ] }, { "symbol": "META", "underlying": { "name": "Meta Platforms, Inc. (META); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 13, JE00BX9H9L69)", "ticker": "META", "isin": "US30303M1027" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0xc0d6457c16cc70d6790dd43521c899c87ce02f35" } ] }, { "symbol": "GOOGL", "underlying": { "name": "Alphabet Inc. Class A (GOOGL); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 15, JE00BX9H9N83)", "ticker": "GOOGL", "isin": "US02079K3059" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0x2e0847e8910a9732eb3fb1bb4b70a580adad4fe3" } ] }, { "symbol": "QQQ", "underlying": { "name": "Invesco QQQ Trust (QQQ); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 10, JE00BX9H9H24)", "ticker": "QQQ", "isin": "US46090E1038" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0xd5f3879160bc7c32ebb4dc785f8a4f505888de68" } ] }, { "symbol": "AAPL", "underlying": { "name": "Apple Inc. (AAPL); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 14, JE00BX9H9M76)", "ticker": "AAPL", "isin": "US0378331005" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0xaf3d76f1834a1d425780943c99ea8a608f8a93f9" } ] }, { "symbol": "TSLA", "underlying": { "name": "Tesla, Inc. (TSLA); the token is a Robinhood Assets (Jersey) tracker certificate on it (Series 3, JE00BX9H9838)", "ticker": "TSLA", "isin": "US88160R1014" }, "contracts": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "address": "0x322f0929c4625ed5bad873c95208d54e1c003b2d" } ] } ], "terms": [ { "question": "claim", "answer": "A tokenized debt security issued by Robinhood Assets (Jersey) Limited, with no legal or beneficial right in the share.", "quote": "Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to underlying securities but do not grant investors any legal or beneficial rights in, or against the issuer of, those underlying securities.", "source": "https://docs.robinhood.com/rhj/faq", "locator": "What are Robinhood Stock Tokens?" }, { "question": "record", "answer": "The token contract on Robinhood Chain is the securities ledger; entitlement comes only from it.", "quote": "The entitlement to the Products exclusively results from the Securities Ledger", "source": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf", "locator": "Terms and Conditions, Condition (3)(A) Registration Agreement, Establishment and effects" }, { "question": "who-may-hold", "answer": "Not available in the US or to US persons; restricted in Canada, the United Kingdom and Switzerland.", "quote": "Stock Tokens are not available in the US or to US persons and are subject to restrictions in other jurisdictions, including Canada, the United Kingdom, and Switzerland.", "source": "https://docs.robinhood.com/rhj/faq", "locator": "Who can purchase Stock Tokens?" }, { "question": "minimum", "answer": "No minimum investment.", "quote": "There is no Minimum Investment Amount.", "source": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_nvidia.pdf", "locator": "Part A, 1.1 Information Concerning the Products, Minimum Investment Amount" }, { "question": "transfer", "answer": "Freely transferable on the secondary market, wallet to wallet.", "quote": "The Products are retail-grade tokenised securities and are freely transferable on the secondary market.", "source": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf", "locator": "Frequently Asked Questions 3.7, Who is eligible to purchase the Products?" }, { "question": "redemption", "answer": "A holder may redeem with the issuer only if a Direct Investor Redemption Condition is met and the holder passes the issuer’s KYC/AML; otherwise the holder sells.", "quote": "Investors may only redeem the Products directly with the Issuer where (a) one or more of the Direct Investor Redemption Conditions have been met; and (b) the relevant Investor has successfully completed the Issuer’s KYC/AML processes.", "source": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf", "locator": "Frequently Asked Questions 3.4, How do I buy and sell the Products?" }, { "question": "freeze", "answer": "The contract may block, pause or freeze addresses, or seize tokens and transfer them to a competent authority.", "quote": "or may seize the Products and transfer them to a competent authority", "source": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf", "locator": "Terms and Conditions, Condition (3)(C) Transfer" } ], "controls": [ { "chain": "Robinhood Chain", "chainId": "eip155:4663", "contract": "0xd0601ce157db5bdc3162bbac2a2c8af5320d9eec", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xd6f8378f8e440c65f8382f5f2728c78dfd55b66d", "kind": "single-key" }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x2b94105fff37630f98e1f24811dad588fc5c3a87", "kind": "single-key" }, { "role": "BURNER_ROLE", "powers": [ "clawback" ], "address": "0x6e40b50a40c1db42a85a0e8fe8ff7d9cbfc2d8c1", "kind": "single-key" }, { "role": "ADMIN_BURNER_ROLE", "powers": [ "clawback", "admin" ], "address": "0x957b6de6525c63349f7619743ef1e0ad93cd74d4", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xe7bcb188254bc6ebbff63014dfed4cd4a024f22a", "kind": "single-key" }, { "role": "TOKEN_PAUSER_ROLE", "powers": [ "pause" ], "address": "0xfccf56b674113d9c4eb0f9b3370930ced9e6ab23", "kind": "single-key" }, { "role": "ORACLE_PAUSER_ROLE", "powers": [ "pause" ], "address": "0x7369d100c00f28e45d779ac9d4b1c7afa61e4abc", "kind": "single-key" }, { "role": "BEACON_UPGRADER_ROLE", "powers": [ "upgrade" ], "address": "0xcd8c6182e7c6ca3b5156d6a90a67719d7e2be094", "kind": "single-key" }, { "role": "FACTORY_UPGRADER_ROLE", "powers": [ "upgrade" ], "address": "0x697e774d60c1a3769f2ed0b919aacf17be0ae553", "kind": "single-key" }, { "role": "BLOCKER_ROLE", "powers": [ "freeze" ], "address": "0x913ca87347391218e5de2c17c5a0aeba8b0b28fd", "kind": "single-key" } ] } ], "redemption": [ { "via": "secondary-only", "settlement": "Holders sell on Robinhood Chain RFQ aggregators and AMM pools such as Uniswap (through Robinhood Wallet or directly) around the clock, or to the Authorised Participant under its KYC; the issuer expects ordinary holders to exit this way. Robinhood’s developer docs show NVDA quoted against USDG", "settlesIn": [ "USDG" ] }, { "via": "issuer-window", "settlement": "Direct redemption with the issuer only when every Authorised Participant is insolvent or gone with no replacement within 30 days, or when the issuer posts a notice allowing it; the holder must pass the issuer’s KYC/AML and sanctions checks; the issuer sells the underlying through Alpaca and pays cash in USD; no delivery of shares. Investor fee 0% for 90 days after each Final Terms, then 0.05%, capped at 2.50%", "feeBps": 5, "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "robinhood-assets-jersey", "name": "Robinhood Assets (Jersey) Limited, for Authorised Participants only (Bitstamp Global Ltd)" }, { "kind": "dex", "id": "robinhood-wallet", "name": "Robinhood Wallet swaps on Robinhood Chain DEXs (Uniswap, Rialto, Lighter, Arcus, 1inch)" } ], "sources": [ { "name": "Robinhood Assets (Jersey) Limited, Base Prospectus dated 25 June 2026 (FMA Liechtenstein approved), Tokenised Products Programme", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: NVIDIA Corporation (Series 1)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_nvidia.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: State Street SPDR S&P 500 ETF Trust (Series 6)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_spdr_s_p_500_etf_trust.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: Space Exploration Technologies Corp. (Series 20)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_space_exploration_technologies_corp.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: Meta Platforms (Series 13)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_meta_platforms.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: Alphabet Class A (Series 15)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_alphabet_class_a.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: Invesco QQQ Trust (Series 10)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_invesco_qqq.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: Apple (Series 14)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_apple.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Final Terms: Tesla (Series 3)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_tesla.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RHJ Notice of Proposed Amendments (21 September 2026)", "url": "https://cdn.robinhood.com/assets/robinhood/legal/rhj_notice_of_proposed_amendments.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood RHJ: Frequently Asked Questions", "url": "https://docs.robinhood.com/rhj/faq", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood RHJ: Product", "url": "https://docs.robinhood.com/rhj/product", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood RHJ: Service Provider Details", "url": "https://docs.robinhood.com/rhj/service-providers", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood RHJ: Restricted Jurisdictions", "url": "https://docs.robinhood.com/rhj/restricted-jurisdictions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood RHJ: About the issuer", "url": "https://docs.robinhood.com/rhj", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood Chain docs: Stock Tokens", "url": "https://docs.robinhood.com/chain/stock-tokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood Chain docs: Building with Stock Tokens", "url": "https://docs.robinhood.com/chain/building-with-stock-tokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood Chain docs: Connecting to Robinhood Chain", "url": "https://docs.robinhood.com/chain/connecting", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood RHJ assets API", "url": "https://api.robinhood.com/rhj/assets", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Sourcify: verified source of the Stock implementation (Robinhood Chain)", "url": "https://repo.sourcify.dev/4663/0xb35490d6f9163de4f80d88dc75c3516eb64c5ae2", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Sourcify: verified source of AccessControlsRegistry (beacon, roles, blocklist)", "url": "https://repo.sourcify.dev/4663/0xe10b6f6b275de231345c20d14ab812db62151b00", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Robinhood newsroom: Robinhood Chain mainnet and new Stock Tokens (July 2026)", "url": "https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading/", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Robinhood opens Stock Tokens to US persons, or moves the product to shares held of record for the holder", "Any of the ten role keys on AccessControlsRegistry 0xe10b6f6b275de231345c20d14ab812db62151b00 changes holder, or moves behind a multisig or timelock", "ADMIN_BURNER_ROLE burns a holder’s balance, BLOCKER_ROLE blocks an address, or the global or a token pause is used", "The beacon implementation changes from 0xb35490d6f9163de4f80d88dc75c3516eb64c5ae2", "The FMA-approved supplement for atomic settlement and USDG collateral (notice of 21 September 2026) is published", "The issuer allows direct investor redemption by notice, or the Authorised Participant changes from Bitstamp Global Ltd", "The custodian, broker, security agent or paying account provider changes, or securities lending of an underlying begins", "The issuer charges a management fee or raises the investor fee rate", "The base prospectus (valid to 24 June 2027) lapses or is replaced" ] }, { "id": "ondo-usdy", "url": "https://ketjuresearch.com/register/files/ondo-usdy/", "displayName": "Ondo U.S. Dollar Yield (USDY, rUSDY, mUSD)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "Ondo Global Markets (BVI) Limited (British Virgin Islands) since 2025-12-15; Ondo USDY LLC (Delaware) issued earlier notes; Ondo Finance Inc. provides tokenization services; Ankura Trust Company holds the security interest", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Minting and redeeming need onboarding with the issuer; holding does not. The docs set a $5,000 minimum on Sui, Aptos, Stellar, XRP, Noble and Tempo and state none for Ethereum or the web app. The UK, EEA, Switzerland, Singapore, Hong Kong, Malaysia and Brazil admit only professional or qualified investors; Canada and the US are barred." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "None named. Ondo calls USDY a bearer note; the public documents name no registrar, and the Sales Terms go only to onboarded investors.", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "USDY", "underlying": { "name": "Secured note of Ondo Global Markets (BVI) Limited (earlier issuance: Ondo USDY LLC), backed by short-term US Treasuries, iShares Short Treasury Bond ETF shares, or bank demand deposits depending on issuance date" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x96F6eF951840721AdBF46Ac996b59E0235CB985C" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x608593d17A2decBbc4399e4185bE4922F97eD32E" }, { "chain": "Mantle", "chainId": "eip155:5000", "address": "0x5bE26527e817998A7206475496fDE1E68957c5A6" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "A1KLoBrKBde8Ty9qtNQUtq3C2ortoC3u7twggz7sEto6" }, { "chain": "Sui", "chainId": "sui:mainnet", "address": "0x960b531667636f39e85867775f52f6b1f220a058c4de786905bdf761e06a56bb::usdy::USDY" }, { "chain": "Aptos", "chainId": "aptos:1", "address": "0xcfea864b32833f157f042618bd845145256b1bf4c0da34a7013b76e42daa53cc::usdy::USDY" }, { "chain": "Noble", "chainId": "cosmos:noble-1", "address": "ausdy" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x35e050d3C0eC2d29D269a8EcEa763a183bDF9A9D" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "USDY-GAJMPX5NBOG6TQFPQGRABJEEB2YE7RFRLUKJDZAZGAD5GFX4J7TADAZ6" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0xD2B65e851Be3d80D3c2ce795eB2E78f16cB088b2" }, { "chain": "Sei", "chainId": "eip155:1329", "address": "0x54cD901491AeF397084453F4372B93c33260e2A6" }, { "chain": "Tempo", "chainId": "eip155:4217", "address": "0x20c000000000000000000000D479B9f6eC0ceFf9" } ] }, { "symbol": "rUSDY", "underlying": { "name": "Rebasing wrapper over USDY locked in the rUSDY contract; price held at $1.00, yield paid as new tokens" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xaf37c1167910ebC994e266949387d2c7C326b879" } ] }, { "symbol": "mUSD", "underlying": { "name": "Mantle USD: rebasing wrapper over USDY on Mantle; same transfer restrictions as USDY" }, "contracts": [ { "chain": "Mantle", "chainId": "eip155:5000", "address": "0xab575258d37EaA5C8956EfABe71F4eE8F6397cF3" } ] } ], "terms": [ { "question": "who-may-hold", "answer": "Non-US persons only. US persons and orders placed from the US may not subscribe, acquire or redeem; some countries require professional status.", "quote": "Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are \"US persons\" or acting for the account or benefit of any \"US persons\" within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming USDY tokens.", "source": "https://docs.ondo.finance/general-access-products/usdy/eligibility", "locator": "Jurisdiction-Based Prohibitions, footnote to the United States entry" }, { "question": "minimum", "answer": "$5,000 to mint or redeem on Sui, Aptos, Stellar, XRP, Noble and Tempo. The docs state no minimum for Ethereum or the web app.", "quote": "To mint and redeem USDY on Sui, Aptos, Stellar, XRP, Noble, or Tempo, please contact support@ondo.finance. Please note that that there is a $5,000 minimum for minting and redeeming on these networks.", "source": "https://docs.ondo.finance/general-access-products/usdy/basics", "locator": "Minting and Redeeming on Other Networks" }, { "question": "account-types", "answer": "Non-US individuals and institutions.", "quote": "USDY is accessible to non-US individuals and institutional investors.", "source": "https://ondo.finance/usdy", "locator": "USDY In Detail" }, { "question": "transfer", "answer": "Any wallet can receive USDY without onboarding, except blocklisted addresses. Current docs state no holding period for new mints.", "quote": "Like stablecoins, USDY operates as a bearer asset that can be transferred to investors without their needing to be onboarded with the issuer, although onboarding is necessary for minting or redeeming.", "source": "https://docs.ondo.finance/general-access-products/usdy/comparison-stablecoins", "locator": "Opening paragraph" }, { "question": "redemption", "answer": "Onboarded non-US holders redeem to USDC through Ondo Global Markets, or to USD by wire only to a non-US bank.", "quote": "Note that to comply with applicable US laws and regulations, Ondo USDY LLC can only redeem USD via bank wire to non-US bank accounts.", "source": "https://docs.ondo.finance/general-access-products/usdy/basics", "locator": "How does it work? > Redeeming" }, { "question": "record", "answer": "A bearer note: holding the token is holding the note. Ondo names no registrar or transfer agent.", "quote": "USDY is a type of bearer note that is distributed to non-US investors in accordance with Regulation S under the US Securities Act of 1933, as amended.", "source": "https://ondo.finance/usdy", "locator": "FAQ: How can USDY be lower risk than stablecoins?" }, { "question": "claim", "answer": "A secured note of Ondo Global Markets (BVI) Limited. Holders have a security interest in the backing assets but no right to the Treasuries.", "quote": "USDY is not classified as a traditional stablecoin; instead, it is a tokenized secured note.", "source": "https://docs.ondo.finance/general-access-products/usdy/comparison-stablecoins", "locator": "Opening paragraph" }, { "question": "freeze", "answer": "Ondo keeps a blocklist contract on each EVM chain; a blocklisted address cannot hold, send or receive USDY.", "quote": "To hold, send, and receive USDY, users should not be on the blocklist.", "source": "https://docs.ondo.finance/developer-guides/mantle-integration-guidelines", "locator": "USDY & mUSD > USDY" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x96F6eF951840721AdBF46Ac996b59E0235CB985C", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x3ed61633057da0bc58f84b2b9002845e56f94c19", "kind": "contract", "controller": { "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7, "via": "owner()" } }, { "role": "blocklist owner", "powers": [ "freeze", "admin" ], "address": "0x99ca4f54f6bb1c36c662e7c404f517d150fd1173", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x2e55b738f5969eea10fb67e326bee5e2fa15a2cc", "kind": "multisig", "threshold": 1, "signers": 9 }, { "role": "LIST_CONFIGURER_ROLE", "powers": [ "allowlist", "freeze" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x25a103a1d6aec5967c1a4fe2039cdc514886b97e", "kind": "contract" }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xa6275720b3fb1efe3e6ef2b5bf2293148852307d", "kind": "contract", "controller": { "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7, "via": "owner()" } }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xa42613c243b67bf6194ac327795b926b4b491f15", "kind": "contract" } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x608593d17A2decBbc4399e4185bE4922F97eD32E", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x35e050d3C0eC2d29D269a8EcEa763a183bDF9A9D", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xb7bcc4af60fb5267946deff1fe373989995352b2", "kind": "contract", "controller": { "address": "0xc4ac5c2fa461901b4d91832d03a7018092edcb4d", "kind": "multisig", "threshold": 4, "signers": 7, "via": "owner()" } }, { "role": "blocklist owner", "powers": [ "freeze", "admin" ], "address": "0x99ca4f54f6bb1c36c662e7c404f517d150fd1173", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xc4ac5c2fa461901b4d91832d03a7018092edcb4d", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xc4ac5c2fa461901b4d91832d03a7018092edcb4d", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0xc4ac5c2fa461901b4d91832d03a7018092edcb4d", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "LIST_CONFIGURER_ROLE", "powers": [ "allowlist", "freeze" ], "address": "0xc4ac5c2fa461901b4d91832d03a7018092edcb4d", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x3ae96235c9f99abe9d36e60ff79f8d3c8844d196", "kind": "multisig", "threshold": 1, "signers": 9 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x0be393dc46248e4285dc5caca3084bc7e9bfbb41", "kind": "contract", "controller": { "address": "0xc4ac5c2fa461901b4d91832d03a7018092edcb4d", "kind": "multisig", "threshold": 4, "signers": 7, "via": "owner()" } } ] }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "contract": "0xD2B65e851Be3d80D3c2ce795eB2E78f16cB088b2", "allowlist": "unverified", "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbd452c59fa3c4c03de464500e94e8f3e6cf12167", "kind": "contract", "controller": { "address": "0x8df2b047e5d7c854fa2e96d558496b04362c03da", "kind": "multisig", "threshold": 3, "signers": 7, "via": "owner()" } }, { "role": "blocklist owner", "powers": [ "freeze", "admin" ], "address": "0xb2f60e7721263dd9637042aeadf9df0a92d5f9c3", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x8df2b047e5d7c854fa2e96d558496b04362c03da", "kind": "multisig", "threshold": 3, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x8df2b047e5d7c854fa2e96d558496b04362c03da", "kind": "multisig", "threshold": 3, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x7cb1b59a8d81edd86b1926c89052c5f5f3f8f35d", "kind": "multisig", "threshold": 1, "signers": 9 }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x8df2b047e5d7c854fa2e96d558496b04362c03da", "kind": "multisig", "threshold": 3, "signers": 7 }, { "role": "LIST_CONFIGURER_ROLE", "powers": [ "allowlist", "freeze" ], "address": "0x8df2b047e5d7c854fa2e96d558496b04362c03da", "kind": "multisig", "threshold": 3, "signers": 7 } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "A1KLoBrKBde8Ty9qtNQUtq3C2ortoC3u7twggz7sEto6", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "8n2uiRUd1A9NN78PKESkJe6k6zMqtKCZh3MrK1j9qkB1", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK", "kind": "program-account" } ] }, { "chain": "Stellar", "chainId": "stellar:pubnet", "contract": "USDY-GAJMPX5NBOG6TQFPQGRABJEEB2YE7RFRLUKJDZAZGAD5GFX4J7TADAZ6", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "issuer account", "powers": [ "mint", "freeze", "clawback" ], "address": "GAJMPX5NBOG6TQFPQGRABJEEB2YE7RFRLUKJDZAZGAD5GFX4J7TADAZ6", "kind": "single-key" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xaf37c1167910ebC994e266949387d2c7C326b879", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xd037a4c1c6b7368cad2537c67e0dc75369d252e9", "kind": "contract", "controller": { "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7, "via": "owner()" } }, { "role": "blocklist owner", "powers": [ "freeze", "admin" ], "address": "0x99ca4f54f6bb1c36c662e7c404f517d150fd1173", "kind": "multisig", "threshold": 1, "signers": 2 }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin", "pause" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "BURNER_ROLE", "powers": [ "clawback" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "LIST_CONFIGURER_ROLE", "powers": [ "allowlist", "freeze" ], "address": "0x1a694a09494e214a3be3652e4b343b7b81a73ad7", "kind": "multisig", "threshold": 4, "signers": 7 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x2e55b738f5969eea10fb67e326bee5e2fa15a2cc", "kind": "multisig", "threshold": 1, "signers": 9 } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Onboarded non-US holders redeem to USDC through Ondo Global Markets (BVI) Limited in the Ondo app, or on Ethereum through USDY_InstantManager from a wallet in the OndoIDRegistry, subject to per-user and global rate limits; Ondo advertises 24/7 minting and redemption. USD only by wire to a non-US bank. Current docs state no settlement time or fee.", "settlesIn": [ "USDC", "USD" ] }, { "via": "issuer-window", "settlement": "On Sui, Aptos, Stellar, XRP, Noble and Tempo, by request to support@ondo.finance through the chain redemption account.", "minimumUsd": 5000, "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "ondo", "name": "Ondo app (app.ondo.finance) and USDY_InstantManager" }, { "kind": "dex", "id": "peer-to-peer", "name": "Peer-to-peer and DEX pools on each issuing chain; Ondo says USDY trades there but names no pool" } ], "sources": [ { "name": "Ondo docs: USDY Basics", "url": "https://docs.ondo.finance/general-access-products/usdy/basics", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: USDY eligibility", "url": "https://docs.ondo.finance/general-access-products/usdy/eligibility", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: USDY important notes", "url": "https://docs.ondo.finance/general-access-products/usdy/important-notes", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: USDY comparison to stablecoins", "url": "https://docs.ondo.finance/general-access-products/usdy/comparison-stablecoins", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: smart contract addresses", "url": "https://docs.ondo.finance/addresses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: USDY on Mantle integration guidelines", "url": "https://docs.ondo.finance/developer-guides/mantle-integration-guidelines", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: USDY_InstantManager integration", "url": "https://docs.ondo.finance/developer-guides/usdy-instant-manager-integration", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo: USDY product page", "url": "https://ondo.finance/usdy", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: Trust & Security (Ondo USDY LLC)", "url": "https://docs.ondo.finance/trust-and-security", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo docs: Ondo Stocks legal and regulatory", "url": "https://docs.ondo.finance/ondo-stocks/legal-and-regulatory", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo FAQ: USDY investing and redeeming (Wayback capture 2026-03-01; live page now 404)", "url": "https://web.archive.org/web/20260301113727/https://docs.ondo.finance/general-access-products/usdy/faq/investing-and-redeeming", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Ondo FAQ: USDYc (Wayback capture 2024-08-04)", "url": "https://web.archive.org/web/20240804082126/https://docs.ondo.finance/general-access-products/usdy/faq/usdyc", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Blockscout: USDY, rUSDY, USDYc token records on Ethereum", "url": "https://eth.blockscout.com/token/0xe86845788d6e3e5c2393ade1a051ae617d974c09", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Ondo publishes the Ondo Global Markets Sales Terms or offering documents for USDY, or says whether USDY issued since 2025-12-15 is a secured note on Treasuries or a note tracking iShares Short Treasury Bond ETF shares; the claim model is then re-read", "ondo.finance/usdy still says \"Issuer Domicile United States\" while every legal notice names a British Virgin Islands issuer; the file is reopened when Ondo corrects either statement", "A holding period returns for new mints, or USDYc supply on Ethereum rises above zero (it read 0 on 2026-09-23)", "A blocklist contract, proxy admin, or implementation changes on any chain, or Solana freeze authority 51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK changes", "A missed redemption, an Event of Default notice from Ankura Trust, or a collateralization ratio below 100% on the ondo.finance/usdy portfolio table (106.49% on 2026-09-21)", "Ondo publishes an XRP Ledger USDY address (the basics page names XRP for minting but the address list has none), or adds or drops a chain on docs.ondo.finance/addresses" ] }, { "id": "backed-btokens", "url": "https://ketjuresearch.com/register/files/backed-btokens/", "displayName": "bTokens (tracker certificates by Backed Assets (JE) Limited, \"b\" tickers, winding down)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "mixed", "issuer": "Backed Assets (JE) Limited (Jersey; 100% owned by Backed Finance AG, a Payward (Kraken) company); first issued in 2023 by Backed Assets GmbH (Zug), merged into the Jersey company on 23 February 2024; Backed Finance AG as Tokenizer; Security Agent Services AG as security agent", "eligibility": { "floor": "non-us-only", "minimumUsd": 6076, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The issuer sells new certificates itself only to Qualified Professional Investors; retail investors subscribe only through an Authorized Participant. The minimum subscription is CHF 5,000 (USD 6,076 at the ECB rates of 23 September 2026), plus investor fees of up to 0.5% and at least CHF 100; there is no management fee. In Switzerland the certificates may go to professional investors only. US persons are barred. A holder who bought on a secondary market needs no onboarding to hold, but must pass the issuer’s KYC to redeem. The public offer was not carried into the 8 May 2026 base prospectus, and Backed is winding the line down by the end of 2026; onboarded clients may swap into the matching xStock or redeem for stablecoins." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "bCSPX", "underlying": { "name": "iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294237)", "ticker": "CSPX", "isin": "IE00B5BMR087" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Fantom", "chainId": "eip155:250", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Sonic", "chainId": "eip155:146", "address": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xc3ce78b037dda1b966d31ec7979d3f3a38571a8e" } ] }, { "symbol": "bIB01", "underlying": { "name": "iShares $ Treasury Bond 0-1yr UCITS ETF USD (Acc) (IB01); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294260)", "ticker": "IB01", "isin": "IE00BGSF1X88" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" }, { "chain": "Fantom", "chainId": "eip155:250", "address": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5" } ] }, { "symbol": "bC3M", "underlying": { "name": "Amundi Euro Government Bond 0-6M UCITS ETF (C3M); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294286)", "ticker": "C3M", "isin": "FR0010754200" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" }, { "chain": "Fantom", "chainId": "eip155:250", "address": "0x2f123cf3f37ce3328cc9b5b8415f9ec5109b45e7" } ] }, { "symbol": "bCOIN", "underlying": { "name": "Coinbase Global, Inc. Class A (COIN); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294245)", "ticker": "COIN", "isin": "US19260Q1076" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Fantom", "chainId": "eip155:250", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" }, { "chain": "Sonic", "chainId": "eip155:146", "address": "0xbbcb0356bb9e6b3faa5cbf9e5f36185d53403ac9" } ] }, { "symbol": "bIBTA", "underlying": { "name": "iShares $ Treasury Bond 1-3yr UCITS ETF (IBTA); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294229)", "ticker": "IBTA", "isin": "IE00BYXPSP02" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" }, { "chain": "Fantom", "chainId": "eip155:250", "address": "0x52d134c6db5889fad3542a09eaf7aa90c0fdf9e4" } ] }, { "symbol": "bNVDA", "underlying": { "name": "NVIDIA Corporation (NVDA); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294336)", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" }, { "chain": "Sonic", "chainId": "eip155:146", "address": "0xa34c5e0abe843e10461e2c9586ea03e55dbcc495" } ] }, { "symbol": "bTSLA", "underlying": { "name": "Tesla, Inc. (TSLA); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294203)", "ticker": "TSLA", "isin": "US88160R1014" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Sonic", "chainId": "eip155:146", "address": "0x14a5f2872396802c3cc8942a39ab3e4118ee5038" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "9JMgSynsVkKrDvKCf21npkAW5oacp7XcVYHigNBvmwT7" } ] }, { "symbol": "bHIGH", "underlying": { "name": "iShares € High Yield Corp Bond UCITS ETF (HIGH); the token is a Backed Assets (JE) tracker certificate on it (note ISIN CH1173294278)", "ticker": "HIGH", "isin": "IE00BF3N7094" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "Gnosis", "chainId": "eip155:100", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" }, { "chain": "Fantom", "chainId": "eip155:250", "address": "0x20c64dee8fda5269a78f2d5bdba861ca1d83df7a" } ] } ], "terms": [ { "question": "claim", "answer": "A debt certificate of Backed Assets (JE) Limited that tracks an ETF or share; the holder has a claim on the collateral set aside for that product, not on the ETF or share.", "quote": "The Investors have a sole claim to the Collateral allocated to the specific Product they are holding", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Terms and Conditions, III. Rights attached to Products (p. 14)" }, { "question": "record", "answer": "The certificates are Swiss ledger-based securities; the token ledger on chain is the record of entitlement.", "quote": "The entitlement to the securitized Securities exclusively results from the Securities Ledger.", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Terms and Conditions, Ledger-Based Securities (p. 11)" }, { "question": "who-may-hold", "answer": "Not for US persons; the issuer sells directly only to Qualified Professional Investors, and retail subscribes through an Authorized Participant.", "quote": "may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Summary, Restrictions on free transferability (p. 46)" }, { "question": "account-types", "answer": "The issuer itself deals only with Qualified Professional Investors; everyone else goes through an Authorized Participant.", "quote": "The Issuer will offer the Products by itself exclusively to Qualified Professional Investors.", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Offeror of the Products (p. 7)" }, { "question": "minimum", "answer": "CHF 5,000 per subscription, plus investor fees of up to 0.5% and at least CHF 100.", "quote": "The minimum subscription amount is CHF 5,000.", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Minimum/maximum subscription amount (p. 5)" }, { "question": "transfer", "answer": "Tokens move by any on-chain transfer, subject to the terms; the contract blocks sanctioned addresses.", "quote": "The ledger-based securities are transferable by (i) any action that technically transfers the direct or indirect power of disposal over the ledger-based securities from one natural or legal person to another", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Terms and Conditions, Transfer (Übertragung) (p. 12)" }, { "question": "redemption", "answer": "Backed is winding bTokens down by the end of 2026; onboarded clients swap into xStocks or redeem for stablecoins until then.", "quote": "Onboarded clients can swap bTokens for the corresponding xStocks directly with the issuer, or redeem bTokens to stablecoin using the standard redemption process.", "source": "https://backed.fi/news-updates/the-future-is-xstocks-upgrading-btokens", "locator": "How to Upgrade" }, { "question": "freeze", "answer": "The contract can block sanctioned addresses and pause all transfers; the terms limit burning to tokens the Tokenizer holds and allow a future upgrade to add a freeze.", "quote": "A future update of the smart contract functionality may introduce a freezing function and/or extend the burning function", "source": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "locator": "Terms and Conditions, Ledger-Based Securities (p. 13)" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x22f2dfe84a2eacfe5d3ca81d26e610cb94eb1603", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbbf5c3854a5a0e111d2b584211ceac925d140ae8", "kind": "contract", "controller": { "address": "0x22f2dfe84a2eacfe5d3ca81d26e610cb94eb1603", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0xdd276f57e40d745e09855ba5711613f5da0c4a71", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "pauser", "powers": [ "pause" ], "address": "0xdd276f57e40d745e09855ba5711613f5da0c4a71", "kind": "multisig", "threshold": 2, "signers": 3 } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x8127cca189ef4dd9b8da3dca4553edd8046b7a94", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbbf5c3854a5a0e111d2b584211ceac925d140ae8", "kind": "contract", "controller": { "address": "0x8127cca189ef4dd9b8da3dca4553edd8046b7a94", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbbf5c3854a5a0e111d2b584211ceac925d140ae8", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xbbf5c3854a5a0e111d2b584211ceac925d140ae8", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xdf900dc8991474ab9d69f2c3b9c900c055fb36cd", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "pauser", "powers": [ "pause" ], "address": "0x8768cda7a463dae1baa6b2500efb025ebd7ffc50", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x1e2c4fb7ede391d116e6b41cd0608260e8801d59", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xca30c93b02514f86d5c86a6e375e3a330b435fb5", "allowlist": true, "freeze": true, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "pause", "freeze", "allowlist" ], "address": "0xd1966bd72695789ec9c245f0bf5a8512b56c1d80", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xf2057bdff8439dbffce073e14a9854945d5e5644", "kind": "contract", "controller": { "address": "0x49754062e35f7591b93cc4f9915965be89643a65", "kind": "multisig", "threshold": 2, "signers": 3, "via": "owner()" } }, { "role": "sanctionsList owner", "powers": [ "freeze", "admin" ], "address": "0xe0769afdae719046fd2342403d77d1eaf0740596", "kind": "single-key" }, { "role": "minter", "powers": [ "mint" ], "address": "0x20eb617cc8e8bf3c9b53fc2cf2444cf026da704f", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "pauser", "powers": [ "pause" ], "address": "0x20eb617cc8e8bf3c9b53fc2cf2444cf026da704f", "kind": "multisig", "threshold": 3, "signers": 5 } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Redemption Order to the issuer at any time after KYC; the Tokenizer de-activates the tokens and the issuer pays the cash redemption amount, less investor fees of up to 0.5% (at least CHF 100), by the fifth business day (T+5). The issuer may call a product on 30 business days’ notice.", "feeBps": 50, "settlesIn": [ "CHF", "USD", "stablecoins" ] }, { "via": "issuer-window", "settlement": "Wind-down swap: onboarded clients swap bTokens for the matching xStock with the issuer (equities 1:1; bCSPX to SPYx; bC3M, bIB01, bIBTA and bHIGH to TBLLx at a ratio the issuer sets), until the end of 2026.", "settlesIn": [ "xStocks" ] }, { "via": "secondary-only", "settlement": "Holders without issuer onboarding sell on decentralized venues such as CoW Swap, or swap into xStocks there.", "settlesIn": [ "USDC", "xStocks" ] } ], "venues": [ { "kind": "issuer-primary", "id": "backed", "name": "Backed Assets (JE) Limited, directly and through Authorized Participants" }, { "kind": "dex", "id": "cow-protocol", "name": "CoW Swap and other decentralized venues" } ], "sources": [ { "name": "Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions", "url": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/68749fff5001139fbf820bf6_Backed%20Assets_Final%20Terms%20Nr%2005%20(bIB01)_20250709.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed Assets (JE) Limited, Final Terms Document No. 1 dated 23 July 2024, bCSPX (MFSA filing)", "url": "https://www.mfsa.mt/wp-content/uploads/2024/09/Backed-Assets-JE-Limited-Final-Terms-Document-No-1-dated-23-July-2024-bCSPX.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved)", "url": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed: The Future Is xStocks: Upgrading bTokens (March 2026)", "url": "https://backed.fi/news-updates/the-future-is-xstocks-upgrading-btokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed token API (token contracts per network and ISINs)", "url": "https://api.backed.fi/api/v1/token", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backed token implementation on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x28a0b491650fe761c8a66528422bc7ca24ecaeda", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Backed ends the wind-down: redemptions or swaps close, or the issuer calls a product", "Any bToken proxy points at a new implementation, or its owner multisig or proxy admin changes", "The sanctions list owner (a single key on Ethereum, Polygon and Arbitrum) blocks a holder, or an implementation adds a freeze or a wider burn", "The custodian, security agent, or Tokenizer changes", "A bToken appears in a new base prospectus or supplement, or the minimum or fees change", "Verified source appears for the Avalanche and BNB Chain implementation, or the reader gains Gnosis, Fantom, Sonic or Solana for these contracts" ] }, { "id": "coinbase-tokenized-stock", "url": "https://ketjuresearch.com/register/files/coinbase-tokenized-stock/", "displayName": "Coinbase Tokenized Stock (certificates by Coinbase Onchain SPV Ltd, ADGM, \"c\" tickers on Base)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-custodial", "registrationPath": "reg-s", "instrumentKind": "equity", "issuer": "Coinbase Onchain SPV Ltd (ADGM company 37941, incorporated 17 June 2026; owned by Onchain Marketplace Holdings Ltd, a wholly owned subsidiary of Coinbase Global, Inc.); Onchain Marketplace Ltd (ADGM, a Coinbase affiliate authorised as a central securities depository) keeps the Legal Register and runs the token controls; Alpaca Securities LLC holds and buys the shares", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "notes": "Only Authorised Participants, who must be Professional Clients or Market Counterparties, create new certificates; everyone else buys on chain, on Base. US persons may not acquire or hold the certificates, and sanctioned persons, embargoed countries and FATF call-for-action jurisdictions are also barred; no positive country list is published. A buyer on chain is an Unvested Holder: the SPV is the registered owner and holds for them as bare trustee, and they cannot redeem or instruct a vote until they pass the Tokenisation Entity’s compliance checks, prove control of the wallet and nominate a bank account. No retail minimum is stated; certificates trade in fractions." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Onchain Marketplace Ltd, ADGM central securities depository (keeps the Legal Register)", "secRegistered": false, "officialRecord": "custodian" }, "instruments": [ { "symbol": "NVDAc", "underlying": { "name": "NVIDIA Corporation (Nasdaq: NVDA); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb20000000000000000000078ee7ce2fe4908108c" } ] }, { "symbol": "GOOGLc", "underlying": { "name": "Alphabet Inc. Class A (Nasdaq: GOOGL); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "GOOGL", "isin": "US02079K3059" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb2000000000000000000002d0ba3164cc74f58b7" } ] }, { "symbol": "METAc", "underlying": { "name": "Meta Platforms, Inc. Class A (Nasdaq: META); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "META", "isin": "US30303M1027" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb2000000000000000000008bc8786b856e61707c" } ] }, { "symbol": "AAPLc", "underlying": { "name": "Apple Inc. (Nasdaq: AAPL); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "AAPL", "isin": "US0378331005" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb200000000000000000000c2e324d24d7eecd1fb" } ] }, { "symbol": "MSFTc", "underlying": { "name": "Microsoft Corporation (Nasdaq: MSFT); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "MSFT", "isin": "US5949181045" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb200000000000000000000ab99cfa739e253872b" } ] }, { "symbol": "AMZNc", "underlying": { "name": "Amazon.com, Inc. (Nasdaq: AMZN); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "AMZN", "isin": "US0231351067" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb200000000000000000000d9192b6b456483c2e8" } ] }, { "symbol": "SPCXc", "underlying": { "name": "Space Exploration Technologies Corp. Class A (Nasdaq: SPCX); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb2000000000000000000007b9fcbd005511acbd5" } ] }, { "symbol": "SNDKc", "underlying": { "name": "Sandisk Corporation (Nasdaq: SNDK); the token is a Coinbase Onchain SPV certificate over shares held in trust at Alpaca", "ticker": "SNDK", "isin": "US80004C2008" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xb200000000000000000000397293cb8cda9a10c5" } ] } ], "terms": [ { "question": "claim", "answer": "A pro rata beneficial interest in the shares the SPV holds on trust at Alpaca; not the share itself.", "quote": "Each Security represents a pro rata beneficial interest in the Deposited Property (as a whole) attributable to the Securities held by the Issuer on trust for Holders in accordance with the Terms and Conditions.", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Summary, Section C, Type (p. 14)" }, { "question": "record", "answer": "The Legal Register kept by Onchain Marketplace Ltd is the record of title and prevails over the chain; a buyer on chain is not on it until vested.", "quote": "The Legal Register constitutes the definitive and exclusive record of legal title to the Securities.", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Section 12.8(c), Legal Register and finality of title (p. 59)" }, { "question": "who-may-hold", "answer": "No US persons, and no one in the United States, may acquire or hold the certificates.", "quote": "THE SECURITIES MAY NOT BE ACQUIRED, HELD, OFFERED, SOLD, RESOLD, TRANSFERRED, DELIVERED, OR OTHERWISE MADE AVAILABLE, DIRECTLY OR INDIRECTLY, IN THE U.S.", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Section 14.1(a), General sales restrictions (p. 72)" }, { "question": "account-types", "answer": "Only Authorised Participants create certificates; everyone else buys on chain and must be vested to redeem.", "quote": "Persons other than Authorised Participants do not participate in the Offer and may not place creation orders for Securities with the Issuer.", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Summary, Section D (p. 17)" }, { "question": "minimum", "answer": "No minimum; creation orders have none and certificates are acquired in fractions.", "quote": "Securities may be created and acquired in fractional amounts.", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Summary, Section D (p. 18)" }, { "question": "transfer", "answer": "Tokens move on Base, but a transfer passes title only when the Legal Register records it.", "quote": "The transfer of tokens on a Blockchain Network does not by itself constitute a legally effective transfer of title to Securities unless and until the relevant transfer is reflected in the Legal Register", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Terms and Conditions, Condition 3.1 (PDF p. 82)" }, { "question": "redemption", "answer": "Only Vested Holders may redeem; a buyer on chain must first pass the Tokenisation Entity’s checks.", "quote": "Unvested Holders shall not be entitled to redeem Securities or withdraw Underlying.", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Terms and Conditions, Condition 5.1 (PDF p. 85)" }, { "question": "freeze", "answer": "The Tokenisation Entity can blacklist, freeze and pause without the holder, and may cancel certificates.", "quote": "The smart contract governing the Securities includes blacklist, freeze, and pause functions operable by the Tokenisation Entity in its capacity as CSD", "source": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "locator": "Section 4, Risk factors (p. 25)" } ], "controls": [ { "chain": "Base", "chainId": "eip155:8453", "contract": "0xb20000000000000000000078ee7ce2fe4908108c", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x38467be00970af18076fd08f6b4cf38ba91572b1", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "Vested Holders only: a Redemption Order to Onchain Marketplace Ltd, settled in shares delivered to a brokerage account, in US dollars, or in USDC; redemption fee 0.05%. Unvested Holders may not redeem.", "feeBps": 5, "settlesIn": [ "underlying shares", "USD", "USDC" ] }, { "via": "secondary-only", "settlement": "Sell on decentralized exchanges on Base; no onboarding is needed to trade, but the contract blocks sanctioned addresses.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "coinbase-onchain-spv", "name": "Coinbase Onchain SPV Ltd, through Authorised Participants (creation fee 0.01%)" }, { "kind": "dex", "id": "base-dex", "name": "Decentralized exchanges on Base" } ], "sources": [ { "name": "Coinbase Onchain SPV Ltd, Prospectus for NVIDIA certificates (FSRA approved 4 August 2026)", "url": "https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for Meta Platforms certificates (FSRA approved 4 August 2026)", "url": "https://assets.ctfassets.net/o10es7wu5gm1/2gDWS1KtCTyWQzb5z0skEH/e179f6168f80a54d1bfc036df2ad7e99/Coinbase_Onchain_SPV_Ltd_-_Prospectus__META__-_FSRA_VERSION.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for Alphabet certificates (FSRA approved 4 August 2026)", "url": "https://assets.ctfassets.net/o10es7wu5gm1/4Z7WbCZC0rQ6AkkEV6sBgX/b6ecb474929fa9b4802b258a7ef6e948/Coinbase_Onchain_SPV_Ltd_-_Prospectus__GOOGL__-_FSRA_VERSION.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for Apple certificates (FSRA approved 4 August 2026)", "url": "https://assets.ctfassets.net/o10es7wu5gm1/6t7LV7NUfghwRYjZpReFYH/6e08881544b683a4c886aaa809c2d51a/Coinbase_Onchain_SPV_Ltd_-_Prospectus__AAPL__-_FSRA_VERSION.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for Microsoft certificates (FSRA approved 3 September 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/coinbase-onchain-spv-ltd---prospectus-msftc---3sept2026.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for Amazon certificates (FSRA approved 3 September 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/coinbase-onchain-spv-ltd---prospectus-amznc---3sept2026_09_03_2026_15-22-16.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for SpaceX certificates (FSRA approved 3 September 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/coinbase-onchain-spv-ltd---prospectus-spcxc---3sept2026.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Coinbase Onchain SPV Ltd, Prospectus for Sandisk certificates (FSRA approved 3 September 2026)", "url": "https://www.adgm.com/globalassets/market-disclosure/content/prospectus/coinbase-onchain-spv-ltd---prospectus-sndkc---3sept2026.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Base: Stocks on Base (listing of tickers, prospectuses and contracts)", "url": "https://www.base.org/stocks", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Base: B20 Native Token Standard (Beryl specification)", "url": "https://docs.base.org/base-chain/specs/upgrades/beryl/b20", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Base: B20 Seize Surface and burnBlocked Deprecation (Cobalt)", "url": "https://docs.base.org/base-chain/specs/reference/b20/changelog/02-cobalt-b20-seize", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Base mainnet eth_call reads of name(), symbol(), totalSupply(), multiplier() and hasRole() on the listed contracts", "url": "https://docs.base.org/get-started/connect-to-base", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The admin 0x38467be00970af18076fd08f6b4cf38ba91572b1 grants PAUSE_ROLE or BURN_BLOCKED_ROLE, points a transfer policy at a blocklist or allowlist, or burns a blocked balance", "Base’s Cobalt upgrade (mainnet due 30 September 2026) adds seizeWithMemo and a SEIZE_ROLE; the file is re-read once it activates, and any holder of that role is a clawback key", "The Tokenisation Entity changes the Vesting Conditions, or freezes or cancels certificates", "Custody moves from Alpaca, or a trust challenge arises in an insolvency of the SPV", "A prospectus lapses (the first expire in August 2027) or a supplement changes the terms", "Coinbase opens the certificates to US persons, or lists them on a Coinbase exchange" ] }, { "id": "securitize-secz", "url": "https://ketjuresearch.com/register/files/securitize-secz/", "displayName": "Tokenized SECZ (Securitize Corp. common stock, issuer-tokenized on Avalanche and Solana)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-indirect", "registrationPath": "other", "instrumentKind": "equity", "issuer": "Securitize Corp. (Delaware; formerly Securitize Holdings, Inc.; common stock listed on the NYSE as SECZ since 2 July 2026 after the merger with Cantor Equity Partners II); Securitize runs the token contracts and Securitize Markets, LLC onboards holders", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "broker-dealer", "notes": "Only holders who pass the onboarding of Securitize Markets, LLC, an SEC-registered, FINRA-member broker-dealer, may hold the token form; Securitize’s launch release says it is available to eligible investors in the United States, subject to KYC and AML checks and jurisdictional eligibility, and names no excluded state and no accreditation test. No minimum and no account-type rule is published. Only wallets Securitize has screened may receive the token. Anyone may buy the ordinary shares on the NYSE." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Continental Stock Transfer & Trust Company (transfer agent for the common stock)", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "SECZ", "underlying": { "name": "Securitize Corp. common stock, par value $0.0001 (NYSE: SECZ); the token is the same stock in token form, not a separate class", "ticker": "SECZ", "cusip": "81517B101", "isin": "US81517B1017" }, "contracts": [ { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x5954ff4099ac47c4d6d098a9216f3278bb8c9506" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "5VzwKkvynPJzcgwhBe7ESEyNgqMbo15yBu7Sehssd9ED" } ] } ], "terms": [ { "question": "claim", "answer": "The token is Securitize Corp.’s common stock itself in token form, not a separate class and not a wrapper.", "quote": "On Closing Date, we enabled Tokenized SECZ, a natively tokenized version of our common stock. Tokenized SECZ is not a separate share class.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Risk Factors, \"The tokenization of our common stock may introduce risks\"" }, { "question": "record", "answer": "Continental Stock Transfer & Trust Company is the transfer agent for the common stock; the filings do not say the chain is the record.", "quote": "The Transfer Agent for the Securitize Common Stock is Continental Stock Transfer & Trust Company.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Description of Securities, Transfer Agent" }, { "question": "who-may-hold", "answer": "Only holders who pass the onboarding of Securitize Markets, a US broker-dealer; the launch release says eligible US investors.", "quote": "Access to Tokenized SECZ is restricted to holders who meet the onboarding requirements of Securities Markets, LLC, a SEC registered and FINRA member broker dealer.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Risk Factors, \"The tokenization of our common stock may introduce risks\"" }, { "question": "minimum", "answer": "No minimum is stated for the token form.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "https://www.prnewswire.com/news-releases/tokenizing-secz-securitize-brings-its-own-public-stock-onchain-at-listing-day-302816978.html" ] }, { "question": "account-types", "answer": "The filings and the launch release do not say which account types may hold the token form.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "https://www.prnewswire.com/news-releases/tokenizing-secz-securitize-brings-its-own-public-stock-onchain-at-listing-day-302816978.html" ] }, { "question": "transfer", "answer": "Only wallets Securitize has screened and approved may receive tokens; the contracts enforce it.", "quote": "Only customer wallets that have been subject to and approved by Securitize’s customer screening requirements are able to transfer assets to the Securitize platform or receive tokenized assets from the Securitize platform.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Risk Factors, Securitize platform security" }, { "question": "redemption", "answer": "There is no redemption; a holder switches the token back to ordinary shares and sells on the NYSE.", "quote": "While holders of SECZ may elect to switch between tokenized SECZ and nontokenized SECZ", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Risk Factors, \"The tokenization of our common stock may introduce risks\"" }, { "question": "freeze", "answer": "Securitize’s contracts can seize or burn tokens; on chain one key owns the Avalanche contract and one key can move any Solana balance.", "quote": "While Securitize’s smart contracts provide mechanisms to seize or burn tokens to remediate these situations", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Risk Factors, token issuance errors" } ], "controls": [ { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0x5954ff4099ac47c4d6d098a9216f3278bb8c9506", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "freeze", "allowlist", "admin" ], "address": "0xf3aae1168fbf3a5cf1cb4b57c5c8c5e9401627d9", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "5VzwKkvynPJzcgwhBe7ESEyNgqMbo15yBu7Sehssd9ED", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "8TwererfKZwiBfKQs2bQmVRrezqeFG3JvrVsbpGaPbQs", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "8TwererfKZwiBfKQs2bQmVRrezqeFG3JvrVsbpGaPbQs", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "D2kGPFTyGSeeTSCA1kEzKZNrdMvYKPLdZtrmAnnK6jCS", "kind": "single-key" }, { "role": "pause authority", "powers": [ "pause" ], "address": "D2kGPFTyGSeeTSCA1kEzKZNrdMvYKPLdZtrmAnnK6jCS", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "No redemption: the token is the share. A holder may switch between token form and ordinary form through Securitize and sell the ordinary shares on the NYSE; the filings give no steps, timing, or fee.", "settlesIn": [ "USD" ] }, { "via": "secondary-only", "settlement": "Onboarded holders trade the token through Securitize (USDC swap contracts listed in its catalog) and on Solana through on-chain liquidity providers; only screened wallets may receive it.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize Markets, LLC (onboarding and trading of the token form)" }, { "kind": "exchange", "id": "nyse", "name": "New York Stock Exchange (the ordinary shares)" }, { "kind": "dex", "id": "solana-dex", "name": "On-chain liquidity on Solana" } ], "sources": [ { "name": "Securitize Corp. (Securitize Holdings) prospectus, Form 424(b)(3), filed 7 August 2026 (Registration No. 333-297848)", "url": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize: Tokenizing SECZ, Securitize brings its own public stock onchain at listing day (PR Newswire, 2 July 2026)", "url": "https://www.prnewswire.com/news-releases/tokenizing-secz-securitize-brings-its-own-public-stock-onchain-at-listing-day-302816978.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize instant-trading stock catalog (JSON)", "url": "https://id.securitize.io/gw/instant-trading-gw/v2/stocks/catalog", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize token metadata for the Solana mint", "url": "https://metadata.securitize.io/secz.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize Corp. Schedule 13D (CUSIP)", "url": "https://www.sec.gov/Archives/edgar/data/2094496/000095010326010462/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DS token implementation on Avalanche (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/43114/0x18295407744efa5c3fed0318c1f37abe8a5e2d45", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The Avalanche owner 0x59c1eacec450c57dcb9b8725d0f96635c2b676ee or the Solana permanent delegate D2kGPFTyGSeeTSCA1kEzKZNrdMvYKPLdZtrmAnnK6jCS changes, or either seizes or burns a holder’s tokens", "The Avalanche proxy points at a new implementation, or a DS service (compliance, lock manager, registry) moves", "Securitize publishes access terms for the token form: a minimum, an account-type rule, or excluded states", "The transfer agent changes, or Securitize Transfer Agent becomes the record keeper for token-form shares", "Business-combination lock-ups on Avalanche expire and locked tokens move", "Tokenized SECZ launches on another chain" ] }, { "id": "currenc-curr", "url": "https://ketjuresearch.com/register/files/currenc-curr/", "displayName": "CURRENC Group ordinary shares in token form (Securitize, on Solana, Avalanche and Ethereum)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-indirect", "registrationPath": "other", "instrumentKind": "equity", "issuer": "CURRENC Group Inc. (Cayman Islands; foreign private issuer; ordinary shares listed on Nasdaq as CURR; offices in Singapore); Securitize Transfer Agent, LLC as secondary transfer agent runs the tokens", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "notes": "The company says only that the platform lets “eligible shareholders” hold their existing shares in wallet form, and no filing defines eligibility. Securitize’s CURRENC page asks a holder to move shares from a broker into direct registration at Continental, set up a Securitize ID, pass identity checks and register a wallet. No minimum, account-type rule or excluded state is published. Anyone may buy the ordinary shares on Nasdaq." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Continental Stock Transfer & Trust Company (primary transfer agent and US branch registrar); Securitize Transfer Agent, LLC (secondary transfer agent, moves the tokens)", "secRegistered": true, "officialRecord": "transfer-agent" }, "instruments": [ { "symbol": "CURR", "underlying": { "name": "CURRENC Group Inc. ordinary shares, par value US$0.0001 (Nasdaq: CURR); the token is the holder’s shares in token form", "ticker": "CURR", "cusip": "G47862100", "isin": "KYG478621009" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "Db7QEHL5keqhukiPFXo2zw6LXnkkyvToTBazge4aUZbG" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x787b8cad6f6539e90734780f370bfddf299713e1" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x0885f310222f3c8d237b36861d1a84e551cd4aa3" } ] } ], "terms": [ { "question": "claim", "answer": "The token is the holder’s CURRENC ordinary shares in token form, with the same ownership and voting rights.", "quote": "Holders of tokenized Ordinary Shares have the same ownership and voting rights as holders of non-tokenized Ordinary Shares.", "source": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226015819/form6-k.htm", "locator": "Tokenization of Currenc Ordinary Shares" }, { "question": "record", "answer": "Continental keeps the US branch register as primary transfer agent; Securitize is secondary transfer agent for the tokens.", "quote": "The primary transfer agent and branch registrar for our ordinary shares, which will maintain our branch register located in the United States, will be Continental Stock Transfer & Trust Company.", "source": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm", "locator": "Transfer Agent and Registrar (p. 9)" }, { "question": "who-may-hold", "answer": "“Eligible shareholders”; the company does not define eligibility.", "quote": "enabling eligible shareholders to hold their existing shares in digital wallet form", "source": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/form20-f.htm", "locator": "Notes to the financial statements, subsequent events (p. F-39)" }, { "question": "minimum", "answer": "No minimum is stated.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/1862935/000149315226015819/form6-k.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/form20-f.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm" ] }, { "question": "account-types", "answer": "The filings do not say which account types may hold shares in token form.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/1862935/000149315226015819/form6-k.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/form20-f.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm" ] }, { "question": "transfer", "answer": "Securitize Transfer Agent carries out permitted transfers of the tokenized interests.", "quote": "Securitize Transfer Agent, LLC will effectuate permitted transfers of such tokenized interests across both Ethereum and Solana", "source": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm", "locator": "Transfer Agent and Registrar (p. 9)" }, { "question": "redemption", "answer": "The filings do not describe how a holder leaves token form; there is no redemption because the token is the share.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/1862935/000149315226015819/form6-k.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/form20-f.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm" ] }, { "question": "freeze", "answer": "No CURRENC filing mentions freezing or seizing tokens; on chain Securitize can do both on every chain.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/1862935/000149315226015819/form6-k.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/form20-f.htm", "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x0885f310222f3c8d237b36861d1a84e551cd4aa3", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "freeze", "allowlist", "admin" ], "address": "0x28e39c2dc5fa249a53b7ea5247ccadb561cfb3fd", "kind": "single-key" } ] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0x787b8cad6f6539e90734780f370bfddf299713e1", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "admin" ], "address": "0x62c8b3df494eaf002721b7ae6a58f87e6c8250f3", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "Db7QEHL5keqhukiPFXo2zw6LXnkkyvToTBazge4aUZbG", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "2p8Vycz4kKB4GwEKAKSmtTUTpMQqEj7PNDHjQuKnC5eK", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2p8Vycz4kKB4GwEKAKSmtTUTpMQqEj7PNDHjQuKnC5eK", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "D2kGPFTyGSeeTSCA1kEzKZNrdMvYKPLdZtrmAnnK6jCS", "kind": "single-key" }, { "role": "pause authority", "powers": [ "pause" ], "address": "D2kGPFTyGSeeTSCA1kEzKZNrdMvYKPLdZtrmAnnK6jCS", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "No redemption: the token is the holder’s shares. To leave token form a holder goes back through Securitize and Continental to a broker and sells on Nasdaq; no filing gives the steps, timing, or fee. Securitize’s catalog lists a USDC swap and redeem contract for the Avalanche token.", "settlesIn": [ "USD", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize (tokenization, Securitize ID onboarding, USDC swap on Avalanche)" }, { "kind": "exchange", "id": "nasdaq", "name": "Nasdaq (the ordinary shares)" } ], "sources": [ { "name": "CURRENC Group Inc. Form 6-K, 9 April 2026 (tokenization of ordinary shares)", "url": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226015819/form6-k.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CURRENC Group Inc. Form 20-F for 2025, filed 30 April 2026", "url": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/form20-f.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CURRENC Group Inc. 20-F Exhibit 2.4, Description of Securities", "url": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226020709/ex2-4.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CURRENC Group Inc. Form 6-K, 21 September 2026 (Animoca Brands transaction suspended)", "url": "https://www.sec.gov/Archives/edgar/data/1862935/000149315226043583/form6-k.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize instant-trading stock catalog (JSON)", "url": "https://id.securitize.io/gw/instant-trading-gw/v2/stocks/catalog", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Securitize token metadata for the Solana mint", "url": "https://metadata.securitize.io/currenc.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DS token implementation on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x425b12d808d1a3ebeb35974d8bed554b2e6d3f76", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The owner 0x59c1eacec450c57dcb9b8725d0f96635c2b676ee or the Solana permanent delegate D2kGPFTyGSeeTSCA1kEzKZNrdMvYKPLdZtrmAnnK6jCS changes, or either seizes or burns a holder’s tokens", "Either EVM proxy points at a new implementation, or a DS service moves", "CURRENC defines who is an eligible shareholder, or publishes a minimum or account rule", "The Animoca Brands transaction resumes: a change of control, a rename, or a new share class would change what the token represents", "Continental or Securitize stops acting as transfer agent", "Supply appears on the Ethereum contract, or Securitize retires a chain" ] }, { "id": "aktionariat-daks", "url": "https://ketjuresearch.com/register/files/aktionariat-daks/", "displayName": "Draggable Aktionariat AG Shares (DAKS: the issuer’s own registered shares as Swiss ledger-based securities on Ethereum)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "equity", "issuer": "Aktionariat AG (Erlenbach, Switzerland; CHE-453.438.437); issues the shares, keeps its own share register, and runs the direct sale and the secondary order book", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "notes": "The terms set no transfer restriction and no investor test: anyone who can show control of the token may ask to be entered in the share register, and only registered holders may vote or take dividends. Aktionariat sells new shares directly at a fixed price (CHF 7.25 on 23 September 2026) as a Swiss primary offering under the Financial Services Act, without a prospectus below the legal thresholds; its terms bar anyone barred by the laws of their place of residence but name no country. Nothing in the documents addresses US securities law, so a US buyer relies on no stated exemption. No minimum is stated; one token is one share." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Aktionariat AG (keeps its own share register; the token contract is the ledger-based securities register)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "DAKS", "underlying": { "name": "Aktionariat AG registered shares (Namenaktien); each DAKS wraps one Aktionariat AG Shares token (AKS, 0xcb58ec733ab0d96216b048bf7c3209d6c184d7c3), the ledger-based share, under a drag-along agreement" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x6f38e0f1a73c96cb3f42598613ea3474f09cb200" } ] } ], "terms": [ { "question": "claim", "answer": "Each DAKS is one Aktionariat AG registered share token held under a drag-along agreement; not a derivative.", "quote": "Each Drag-Along Token represents a Base Token held under this Agreement. They are not a derivative or other financial instrument derived from the Base Token", "source": "https://storage.googleapis.com/aktionariat/public/77/43cab283-21cc-413a-83d0-3b9322b46702/Token%20Holder%20Agreement.pdf", "locator": "Section 2, Scope" }, { "question": "record", "answer": "The token contract is the ledger-based share register; the issuer keeps a separate share register, and only persons entered in it may vote or take dividends.", "quote": "Only the persons registered in the Share Register are entitled to the rights as a shareholder (such as voting and dividend rights).", "source": "https://storage.googleapis.com/aktionariat/public/77/233613e7-3462-4aa5-b9b2-93d6684305f5/Registration%20Agreement.pdf", "locator": "Section 3.1, Shareholder Registration" }, { "question": "who-may-hold", "answer": "The terms set no transfer restriction and name no excluded country or investor class.", "quote": "As of the date of this Registration Agreement, there are no transfer restrictions.", "source": "https://storage.googleapis.com/aktionariat/public/77/233613e7-3462-4aa5-b9b2-93d6684305f5/Registration%20Agreement.pdf", "locator": "Section 3.2, Transfer Restrictions (Vinkulierung)" }, { "question": "minimum", "answer": "No minimum is stated; one token is one share.", "notStated": true, "checked": [ "https://storage.googleapis.com/aktionariat/public/77/233613e7-3462-4aa5-b9b2-93d6684305f5/Registration%20Agreement.pdf", "https://storage.googleapis.com/aktionariat/public/77/43cab283-21cc-413a-83d0-3b9322b46702/Token%20Holder%20Agreement.pdf", "https://shares.aktionariat.com/" ] }, { "question": "transfer", "answer": "Holders may transfer DAKS freely on chain; the tokens cannot be unwrapped except on termination or migration.", "quote": "Each Drag-Along Token Holder is free to transfer the Drag-Along Tokens in accordance with technical functionalities of the Blockchain, the Registration Agreement and this Agreement.", "source": "https://storage.googleapis.com/aktionariat/public/77/43cab283-21cc-413a-83d0-3b9322b46702/Token%20Holder%20Agreement.pdf", "locator": "Section 2, Scope" }, { "question": "redemption", "answer": "No redemption; holders sell on the order book, or all holders are bought out if an acquirer reaches the 75% quorum.", "quote": "The Drag-Along Token Holders agree to sell their Drag-Along Tokens, and agree that such sale will be enforced automatically by the Drag-Along Smart Contract", "source": "https://storage.googleapis.com/aktionariat/public/77/43cab283-21cc-413a-83d0-3b9322b46702/Token%20Holder%20Agreement.pdf", "locator": "Section 3.1, Grant" }, { "question": "freeze", "answer": "No freeze, pause or issuer clawback; a claimant who posts collateral can recover tokens from an address inactive for the claim period unless the holder opted out, and the issuer may only cancel such a claim.", "quote": "As a further fallback to prevent abuse, the Issuer is given the power to cancel a pending token recovery, thereby preventing the recovery from completing.", "source": "https://storage.googleapis.com/aktionariat/public/77/233613e7-3462-4aa5-b9b2-93d6684305f5/Registration%20Agreement.pdf", "locator": "Section 7, Loss of Tokens" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x6f38e0f1a73c96cb3f42598613ea3474f09cb200", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "secondary-only", "settlement": "No redemption. Sell on Aktionariat’s on-chain order book against Frankencoin (ZCHF), settled atomically; on 23 September 2026 the best bid was CHF 4.50 and the best ask CHF 6.25, and 24-hour volume was CHF 10.75.", "settlesIn": [ "ZCHF" ] }, { "via": "none", "settlement": "A drag-along sale: a buyer who wins 75% of DAKS votes within 60 days can buy all DAKS at the offered price, and each holder then unwraps the proceeds.", "settlesIn": [ "offer currency" ] } ], "venues": [ { "kind": "issuer-primary", "id": "aktionariat", "name": "Aktionariat AG direct investment (bank transfer or crypto)" }, { "kind": "dex", "id": "aktionariat-trading", "name": "Aktionariat secondary order book (non-commercial trading facility, settled in ZCHF)" } ], "sources": [ { "name": "Aktionariat AG, Registration Agreement V1.0 (2021-02-01)", "url": "https://storage.googleapis.com/aktionariat/public/77/233613e7-3462-4aa5-b9b2-93d6684305f5/Registration%20Agreement.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Aktionariat AG, Token Holder Agreement with partially automated enforcement V1.0 (2021-02-01)", "url": "https://storage.googleapis.com/aktionariat/public/77/43cab283-21cc-413a-83d0-3b9322b46702/Token%20Holder%20Agreement.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Aktionariat AG investor page", "url": "https://shares.aktionariat.com/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Aktionariat: End User Terms and Conditions", "url": "https://www.aktionariat.com/terms-of-service", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DraggableShares contract on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x6f38e0f1a73c96cb3f42598613ea3474f09cb200", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Zurich commercial register extract, Aktionariat AG", "url": "https://zh.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-453.438.437", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Someone calls makeAcquisitionOffer on the DAKS contract, or 75% of holders vote to migrate or amend", "A recovery claim (declareLost) is filed against a DAKS or AKS address, or the issuer cancels one", "The AKS owner multisig 0x4fd9dba1d53b7e6cc933a2fdd12b1c012a0654f6 mints new share tokens, declares tokens invalid, or changes the claim period or collateral", "Aktionariat adds transfer restrictions (Vinkulierung) to its articles, publishes a prospectus, or restricts buyers by country", "The Registration Agreement or Token Holder Agreement is replaced" ] }, { "id": "backpack-securities", "url": "https://ketjuresearch.com/register/files/backpack-securities/", "displayName": "Backpack Securities stock tokens (trust receipts by Trek Nexus Markets Ltd, BVI, on Solana)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-custodial", "registrationPath": "reg-s", "instrumentKind": "mixed", "issuer": "Trek Nexus Markets Ltd (British Virgin Islands business company; unregulated) as issuer and bare trustee; Trek Forge Ltd (BVI, a Backpack affiliate) as the only recognised beneficiary; Backpack Securities Global Limited (New Zealand) introducing broker; Atomic Vault Securities, LLC and RQD Clearing, LLC (FINRA members) in the broker chain", "eligibility": { "floor": "non-us-only", "minimumUsd": 1, "kyc": "distributor", "notes": "Tokens are minted only when a Backpack Exchange user with completed KYC withdraws a stock position; Backpack Securities is not offered in the United States, the United Kingdom, the United Arab Emirates, Japan, or on Backpack EU, and the tokens may not go to US persons. Orders must be worth at least $1, and fractional shares trade down to 0.01 of a share in regular US hours. A wallet holder is not a recognised beneficiary: the issuer recognises only Trek Forge Ltd unless Backpack stops supporting the tokens, fails, or blocks redemptions for more than 90 days." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Trek Nexus Markets Ltd (internal register of beneficiaries; records only Trek Forge Ltd while Backpack supports the tokens)", "secRegistered": false, "officialRecord": "custodian" }, "instruments": [ { "symbol": "SPCX", "underlying": { "name": "Space Exploration Technologies Corp. Class A (Nasdaq: SPCX); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "SPCXxcqXj6e5dJDVNovHN8744zkbhM2bYudU45BimGb" } ] }, { "symbol": "MU", "underlying": { "name": "Micron Technology, Inc. (Nasdaq: MU); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "MU", "isin": "US5951121038" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "MUxEsUKSMACyw5fZf68wxf5FLnZVhtU9CwH8uNNGay1" } ] }, { "symbol": "SNDK", "underlying": { "name": "Sandisk Corporation (Nasdaq: SNDK); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "SNDK", "isin": "US80004C2008" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "SNDKbwMUQvZhnLnxLduradgLHG5KrPuKwpnrkkGRhfH" } ] }, { "symbol": "DRAM", "underlying": { "name": "Roundhill Memory ETF (Cboe BZX: DRAM); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "DRAM", "isin": "US77926X3200" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "DRAMjSWR7HRfJKjRkvQWYL2bcaejaVhuxEcjf4pAY4Cw" } ] }, { "symbol": "HOOD", "underlying": { "name": "Robinhood Markets, Inc. Class A (Nasdaq: HOOD); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "HOOD", "isin": "US7707001027" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "HooDYv5RewLRiMLnEVq3VJqdqxhuE6c5eYvqejMC3e9A" } ] }, { "symbol": "INTC", "underlying": { "name": "Intel Corporation (Nasdaq: INTC); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "INTC", "isin": "US4581401001" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "iNTCy1qTsUEZQe3DSocLz1ZXXai34Gdw8THQh5rxFaF" } ] }, { "symbol": "NKE", "underlying": { "name": "NIKE, Inc. Class B (NYSE: NKE); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "NKE", "isin": "US6541061031" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "NKEda5nHhNGgjrE9nDdMvaEmkmJ96qqxzBVZEcKmjSg" } ] }, { "symbol": "MSTR", "underlying": { "name": "Strategy Inc Class A (Nasdaq: MSTR); the token is a Trek Nexus Markets receipt for a pro rata share of a bare trust over the shares", "ticker": "MSTR", "isin": "US5949724083" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "MSTRdWXMeZxdE8osAQy3fA4rvTY5rgummDSMEx6U7Nz" } ] } ], "terms": [ { "question": "claim", "answer": "A digital receipt for a pro rata share of a bare trust over the pooled shares, “if any”; not the share.", "quote": "The Tokens are intended solely as digital receipts evidencing a pro rata beneficial entitlement (if any) under a bare trust declared by the Company", "source": "https://drive.google.com/uc?export=download&id=1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo", "locator": "Important Notice (p. 1)" }, { "question": "record", "answer": "While Backpack supports the tokens, the issuer’s register names only its affiliate Trek Forge as beneficiary, not the wallet holder.", "quote": "the Company shall record and recognise only Trek Forge (or its designated nominee or custodian) as the Tokenholder and sole beneficiary", "source": "https://drive.google.com/uc?export=download&id=1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo", "locator": "Section 1.18 (p. 5)" }, { "question": "who-may-hold", "answer": "Not for US residents or US persons; Backpack Securities is also closed in the UK, UAE, Japan and on Backpack EU.", "quote": "The Asset Tokenization Services are not available to residents of the United States", "source": "https://drive.google.com/uc?export=download&id=1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u", "locator": "Section E (p. 3)" }, { "question": "minimum", "answer": "Orders must be worth at least $1.", "quote": "Every order must be worth at least $1.", "source": "https://support.backpack.exchange/backpack-securities/faqs.md", "locator": "Is there a minimum amount to start?" }, { "question": "account-types", "answer": "Any verified Backpack Exchange user in an allowed country; no separate account.", "quote": "There is no separate stocks account to open or additional verification process to complete.", "source": "https://support.backpack.exchange/backpack-securities/eligibility-and-access.md", "locator": "Eligibility and access" }, { "question": "transfer", "answer": "Tokens move freely on Solana, but a transfer to a third party gives the recipient no standing with the issuer.", "quote": "any transfer or withdrawal of your Tokens to a third party shall be ineffective for purposes of recognition by the Issuer as registered Tokenholder or beneficiary", "source": "https://drive.google.com/uc?export=download&id=1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u", "locator": "Section 3.1 (p. 11)" }, { "question": "redemption", "answer": "On-chain holders cannot redeem; a token deposited back to a Backpack account is detokenized into the stock position.", "quote": "on-chain holders and holders of Exchange Account Entitlements have no entitlement to access Redemption or burning functionalities in the ordinary course", "source": "https://drive.google.com/uc?export=download&id=1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo", "locator": "Section 4.1(a)" }, { "question": "freeze", "answer": "The issuer may blacklist or freeze any token or address; on chain one authority can freeze, pause and move any balance.", "quote": "The Company reserves the right, in its sole discretion, to blacklist, freeze, or restrict the use, transfer, or redemption of any Tokens or any blockchain address", "source": "https://drive.google.com/uc?export=download&id=1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo", "locator": "Section 8.2 (p. 15)" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "SPCXxcqXj6e5dJDVNovHN8744zkbhM2bYudU45BimGb", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a", "kind": "program-account" }, { "role": "pause authority", "powers": [ "pause" ], "address": "2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a", "kind": "program-account" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "Deposit the token to a Backpack account in good standing; it is detokenized automatically and the account is credited with the pro rata share of the pooled stock, which can then be sold through Backpack Securities. On-chain holders have no redemption of their own.", "settlesIn": [ "underlying shares (brokerage position)" ] }, { "via": "secondary-only", "settlement": "Trade on Solana decentralized exchanges.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "backpack-exchange", "name": "Backpack Exchange (Backpack Securities stock positions, withdrawn as tokens)" }, { "kind": "dex", "id": "solana-dex", "name": "Solana decentralized exchanges" } ], "sources": [ { "name": "Backpack Securities: Issuer Terms and Conditions (Trek Nexus Markets Ltd)", "url": "https://drive.google.com/uc?export=download&id=1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backpack Securities: Tokenized Securities Asset Tokenization Terms of Service (10 June 2026)", "url": "https://drive.google.com/uc?export=download&id=1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backpack Securities FAQs", "url": "https://support.backpack.exchange/backpack-securities/faqs.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backpack Securities: Eligibility and access", "url": "https://support.backpack.exchange/backpack-securities/eligibility-and-access.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backpack: User agreements and legal documents", "url": "https://support.backpack.exchange/legal/general-legal/user-agreement.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Backpack Exchange assets API (Solana mint per stock)", "url": "https://api.backpack.exchange/api/v1/assets", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Trek Labs token metadata for SPCX", "url": "https://trek-labs.github.io/heart-metadata/stocks/spcx.us.json", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The freeze, pause and permanent-delegate authority 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a changes, freezes an account, or moves a holder’s tokens", "A transfer-hook program is set on any mint (today the hook extension has no program)", "A Direct Redemption Contingency occurs: Backpack stops supporting the tokens, fails, or blocks redemptions for more than 90 days", "The trust Instrument of 6 June 2026 is published, or the custodian of the pooled shares is named", "The restricted-country list changes or the tokens open to US persons" ] }, { "id": "onre-onyc", "url": "https://ketjuresearch.com/register/files/onre-onyc/", "displayName": "OnRe Tokenized Reinsurance (ONyc)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "mixed", "issuer": "On Re SAC Ltd. (Bermuda segregated accounts company, registration 55347; Bermuda Monetary Authority Class F digital asset business licence and Class IIGB insurer licence), for its ONyc segregated account; the Open Access interface is run by Latitude Technologies Corporation", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "notes": "Two routes. Open Access, run by Latitude Technologies Corporation, needs no onboarding and has no minimum, but OnRe lists the United States, the United Kingdom, and about 60 other places as excluded. Primary redemption is open only to holders who pass OnRe’s KYC and meet accredited-investor tests, and pays only to wallets verified at onboarding." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "None named; On Re SAC Ltd. holds the Participation Agreements and the onboarding records", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "ONyc", "underlying": { "name": "Share of the ONyc segregated account of On Re SAC Ltd., which posts collateral for short-duration insurance and reinsurance contracts and holds reserve assets (Treasury bills, stablecoins, sUSDe, syrupUSDC, USYC, and others)" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5" } ] } ], "terms": [ { "question": "claim", "answer": "OnRe says each token is a proportional share of a Bermuda segregated account that backs reinsurance; the tokens bought through Open Access carry no rights against On Re SAC Ltd.", "quote": "ONyc is an onchain yield-bearing asset that represents a proportional share of a regulated segregated account used for underwriting short-duration insurance and reinsurance contracts.", "source": "https://docs.onre.finance/introduction/onre-tokenized-reinsurance-onyc.md", "locator": "Opening paragraph" }, { "question": "who-may-hold", "answer": "Anyone outside the excluded places may buy through Open Access without onboarding; the United States and the United Kingdom are excluded.", "quote": "Open Access is the permissionless route for acquiring ONyc.", "source": "https://docs.onre.finance/for-capital-providers/open-access-vs-institutional-access.md", "locator": "Open Access (Permissionless Global Access)" }, { "question": "minimum", "answer": "No minimum through Open Access.", "quote": "Permissionless participation with no minimums or operational steps", "source": "https://docs.onre.finance/for-capital-providers/open-access-vs-institutional-access.md", "locator": "Open Access, Key benefits" }, { "question": "account-types", "answer": "DAOs, crypto funds, accredited and institutional investors, and other qualified allocators.", "quote": "Capital providers (yield seekers): DAOs, crypto-native funds, accredited investors, institutional investors, and other qualified allocators seeking stable, uncorrelated returns.", "source": "https://docs.onre.finance/technical-resources/frequently-asked-questions.md", "locator": "Who can access coverage through OnRe?" }, { "question": "transfer", "answer": "Once minted, ONyc moves freely on Solana.", "quote": "once minted, ONyc is fully transferable and can be used in liquidity pools, lending markets, structured products, and other DeFi applications.", "source": "https://docs.onre.finance/introduction/onre-tokenized-reinsurance-onyc.md", "locator": "Final paragraph" }, { "question": "redemption", "answer": "Only KYC’d holders who meet accredited-investor tests may redeem, against a monthly capacity target of 2.5% of NAV.", "quote": "Redemptions are available to verified ONyc holders who have completed OnRe’s KYC process and meet accredited investor requirements.", "source": "https://docs.onre.finance/for-capital-providers/redemptions.md", "locator": "FAQs, Who can redeem ONyc?" }, { "question": "record", "answer": "The holder’s rights come from a Participation Agreement with OnRe, not from the token; Open Access buyers have none.", "quote": "ONyc tokens accessed through this Interface do not confer any ownership, redemption, governance, or other legal or contractual rights against On Re SAC Ltd. or its affiliates.", "source": "https://docs.onre.finance/legal/open-access-interface-terms-of-use.md", "locator": "ONyc Tokens and the Interface" }, { "question": "freeze", "answer": "The documents read do not say; the mint’s freeze authority is the address OnRe’s docs call its Squads vault for collateral.", "notStated": true, "checked": [ "https://docs.onre.finance/introduction/onre-tokenized-reinsurance-onyc.md", "https://docs.onre.finance/technical-resources/token-configuration-and-reference.md", "https://docs.onre.finance/legal/open-access-interface-terms-of-use.md", "https://docs.onre.finance/legal/platform-terms-of-use.md", "https://docs.onre.finance/technical-resources/frequently-asked-questions.md" ] } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "AbpE5YLpdpxj2jRczG9P341Jicf67NvZsaZYrATbMnNX", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "An on-chain request moves ONyc into the redemption vault; a protocol worker fills it in one or more parts at the offer price on the day of each fill, only while the vault holds enough USDC or USDG. OnRe targets monthly capacity of up to 2.5% of the account’s NAV and calls that a target, not a promise", "feeBps": 20, "settlesIn": [ "USDC", "USDG" ] }, { "via": "secondary-only", "settlement": "RFQ swaps against the OnRe program’s redemption vault, priced with a haircut that grows with size and recent selling, and DEX pools on Orca, Raydium, and Jupiter", "settlesIn": [ "USDC", "USDG" ] } ], "venues": [ { "kind": "issuer-primary", "id": "onre", "name": "OnRe app (Open Access and Institutional Access)" }, { "kind": "dex", "id": "solana-dex", "name": "Orca, Raydium, and Jupiter on Solana" } ], "sources": [ { "name": "OnRe Docs: OnRe Tokenized Reinsurance (ONyc)", "url": "https://docs.onre.finance/introduction/onre-tokenized-reinsurance-onyc.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Open Access vs Institutional Access", "url": "https://docs.onre.finance/for-capital-providers/open-access-vs-institutional-access.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Redemptions", "url": "https://docs.onre.finance/for-capital-providers/redemptions.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: ONyc Primary Redemptions", "url": "https://docs.onre.finance/for-capital-providers/onyc-primary-redemptions.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: ONyc Excluded Jurisdictions", "url": "https://docs.onre.finance/legal/onyc-excluded-jurisdictions.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Open Access Interface Terms of Use (Latitude Technologies Corporation)", "url": "https://docs.onre.finance/legal/open-access-interface-terms-of-use.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Platform Terms of Use (On Re SAC Ltd.)", "url": "https://docs.onre.finance/legal/platform-terms-of-use.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: KYC and AML Policy", "url": "https://docs.onre.finance/legal/kyc-and-aml-policy.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Frequently Asked Questions", "url": "https://docs.onre.finance/technical-resources/frequently-asked-questions.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Token Configuration and Reference", "url": "https://docs.onre.finance/technical-resources/token-configuration-and-reference.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "OnRe Docs: Regulatory Framework", "url": "https://docs.onre.finance/for-insurers/regulatory-framework.md", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "OnRe publishes the Participation Agreement or an offering document for ONyc; the file is then re-read for the claim, the investor tests, and the record", "The mint or freeze authority on the ONyc mint changes, or the OnRe program upgrade authority FvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25f changes", "ONyc appears on a second chain", "The redemption vault stays short of pending requests for more than one month, or the global kill switch is used", "OnRe removes the United States or the United Kingdom from its excluded list", "The contract NAV falls, or OnRe lowers the annual rate stored in the contract" ] }, { "id": "theo-thbill", "url": "https://ketjuresearch.com/register/files/theo-thbill/", "displayName": "Theo Short Duration US Treasury Fund (thBILL)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "treasury-fund", "issuer": "Theo (no legal entity named in its docs or terms); the basket holds tULTRA, Theo’s wrapper for ULTRA, the Delta Wellington Ultra Short Treasury On-Chain Fund, a Singapore unit trust managed by FundBridge Capital with Wellington Management as investment manager, Standard Chartered as custodian, and Libeara as tokenization provider", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "notes": "Theo’s terms bar citizens and residents of the United States. Its docs say only users who pass KYC may mint or redeem. No document read states a minimum; the product page as archived on 2026-09-14 said “No minimums, no lockups, no paperwork,” and the page read on 2026-09-23 no longer says it." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "None named", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "thBILL", "underlying": { "name": "Share of a Theo basket vault that holds tULTRA, a Theo vault token counting shares of the ULTRA ultra-short US Treasury fund (Theo’s page also names Fidelity International’s FILQ, which the Ethereum vault did not list on 2026-09-23); Theo says holders have no claim over the underlying assets" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x5fa487bca6158c64046b2813623e20755091da0b" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a" }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "address": "0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a" } ] } ], "terms": [ { "question": "claim", "answer": "Theo says thBILL holders have no claim over the underlying assets; a redemption returns the value in USDC.", "quote": "Participants have no claims over underlying assets.", "source": "https://docs.theo.xyz/platform/thbill", "locator": "Minting and Redemption" }, { "question": "who-may-hold", "answer": "Not US citizens or residents, nor sanctioned persons; the token itself has no allowlist.", "quote": "citizens or residents of the United States or any jurisdiction subject to United States embargo or sanctions", "source": "https://docs.theo.xyz/legal/terms", "locator": "Eligibility and Restricted Users" }, { "question": "minimum", "answer": "The documents read do not state a minimum.", "notStated": true, "checked": [ "https://docs.theo.xyz/platform/thbill", "https://docs.theo.xyz/legal/terms", "https://theo.xyz/about_thbill", "https://theo.xyz/articles/thbill-is-live-theo-s-institutional-grade-tokenized-money-market-fund" ] }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://docs.theo.xyz/platform/thbill", "https://docs.theo.xyz/legal/terms", "https://theo.xyz/about_thbill", "https://theo.xyz/articles/thbill-is-live-theo-s-institutional-grade-tokenized-money-market-fund" ] }, { "question": "transfer", "answer": "Transfers are open on every chain; Theo markets the token for DEX trading and as collateral.", "quote": "Use thBILL as collateral, trade on secondary markets, or put it to work in any integrated DeFi protocol", "source": "https://theo.xyz/about_thbill", "locator": "How it works, step 04" }, { "question": "redemption", "answer": "Only users who pass Theo’s KYC may redeem, for USDC; the underlying settles within four business days.", "quote": "thBILL can only be minted and redeemed by users who have passed KYC.", "source": "https://docs.theo.xyz/platform/thbill", "locator": "Minting and Redemption" }, { "question": "record", "answer": "The documents read do not say who keeps the record of holders or which record governs.", "notStated": true, "checked": [ "https://docs.theo.xyz/platform/thbill", "https://docs.theo.xyz/platform/thbill/tultra", "https://docs.theo.xyz/platform/thbill/ttokens-and-itokens/ttokens", "https://docs.theo.xyz/legal/terms", "https://theo.xyz/about_thbill" ] }, { "question": "freeze", "answer": "The documents read do not say; the thBILL contract can pause every transfer but cannot freeze one holder.", "notStated": true, "checked": [ "https://docs.theo.xyz/platform/thbill", "https://docs.theo.xyz/platform/thbill/ttokens-and-itokens/ttokens", "https://docs.theo.xyz/legal/terms" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x5fa487bca6158c64046b2813623e20755091da0b", "allowlist": false, "freeze": false, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "EMERGENCY_ROLE", "powers": [ "pause" ], "address": "0x7afb1d3308d22639f1ce698a2985cbf22f96d94a", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x2bb4b7e6e83fa6b77d0143dad631843cb73dca02", "kind": "timelock", "delaySeconds": 172800 } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x94877640dd9e6f1e3cb56bf7b5665b7152601295", "kind": "multisig", "threshold": 3, "signers": 5 } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x94877640dd9e6f1e3cb56bf7b5665b7152601295", "kind": "multisig", "threshold": 3, "signers": 4 } ] }, { "chain": "Hyperliquid L1", "chainId": "eip155:999", "contract": "0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x94877640dd9e6f1e3cb56bf7b5665b7152601295", "kind": "multisig", "threshold": 3, "signers": 4 } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "KYC’d users redeem through Theo for USDC; Theo says the token side settles at once and the underlying within four business days. The holder receives USDC, not fund shares", "settlesIn": [ "USDC" ] }, { "via": "secondary-only", "settlement": "DEX pools and lending markets on Ethereum, Arbitrum, Base, and HyperEVM, with market making Theo says it arranges", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "theo", "name": "Theo app (KYC mint and redeem)" }, { "kind": "dex", "id": "evm-dex", "name": "Uniswap and other DEX pools on Ethereum, Arbitrum, Base, and HyperEVM" } ], "sources": [ { "name": "Theo Docs: thBILL (read from the Internet Archive copy of 2026-07-18)", "url": "https://docs.theo.xyz/platform/thbill", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Theo Docs: tULTRA (read from the Internet Archive copy of 2025-08-07)", "url": "https://docs.theo.xyz/platform/thbill/tultra", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Theo Docs: tTokens (read from the Internet Archive copy of 2025-08-07)", "url": "https://docs.theo.xyz/platform/thbill/ttokens-and-itokens/ttokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Theo Docs: Addresses (Markdown, read from the Internet Archive copy of 2026-07-18)", "url": "https://docs.theo.xyz/resources/addresses.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Theo Docs: Terms & Conditions (read from the Internet Archive copy of 2025-08-07)", "url": "https://docs.theo.xyz/legal/terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Theo: thBILL product page", "url": "https://theo.xyz/about_thbill", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Theo: thBILL is Live (2025-07-24)", "url": "https://theo.xyz/articles/thbill-is-live-theo-s-institutional-grade-tokenized-money-market-fund", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified thBILL implementation IToken.sol on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x325478a069b0dbbdfbee909fa3741f84259ba519", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Theo names the legal issuer of thBILL or publishes terms that give holders a claim; the file is then re-read for the claim, the investor floor, and the record", "The thBILL implementation, the DEFAULT_ADMIN_ROLE timelock, or the EMERGENCY_ROLE key on Ethereum changes, or an OFT owner on Arbitrum, Base, or HyperEVM changes", "tULTRA on Ethereum takes delivery of ULTRA shares, or its pending assets stop matching its total assets", "The Ethereum basket’s deposit list gains FILQ or another asset, as Theo’s product page already claims, or drops tULTRA", "Theo publishes thBILL on another chain" ] }, { "id": "anemoy-acrdx", "url": "https://ketjuresearch.com/register/files/anemoy-acrdx/", "displayName": "Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "credit-fund", "issuer": "Anemoy Capital SPC Limited (BVI professional fund licensed by the BVI Financial Services Commission), for its Anemoy Tokenized Apollo Diversified Credit Fund segregated portfolio; Anemoy Asset Management Limited as investment manager; Trident Trust (Cayman) as administrator; J.P. Morgan as custodian", "eligibility": { "floor": "non-us-only", "minimumUsd": 500000, "kyc": "issuer", "notes": "The fact sheet states the minimum as 500,000 USDC and admits non-US professional investors only." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Anemoy Capital SPC Limited (share register kept on Centrifuge)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "ACRDX", "underlying": { "name": "Share of a BVI segregated portfolio that holds shares of Apollo Diversified Credit Fund, a US closed-end interval fund lending to companies and against assets" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x9477724bb54ad5417de8baff29e59df3fb4da74f" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x9477724bb54ad5417de8baff29e59df3fb4da74f" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x9477724bb54ad5417de8baff29e59df3fb4da74f" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x2fabf1c784b8583d63c00c5c9c0377d8cf1a3245" }, { "chain": "OP Mainnet", "chainId": "eip155:10", "address": "0x2fabf1c784b8583d63c00c5c9c0377d8cf1a3245" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "ACDR3LGFrMuDZSDRyJjncFCzo5c8xkQxhWx4im4Vmq8G" } ] } ], "terms": [ { "question": "claim", "answer": "A share of Anemoy’s BVI fund, which holds Apollo Diversified Credit Fund shares directly.", "quote": "The shares of the Apollo Diversified Credit Fund are held directly by the Fund", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "locator": "Overview" }, { "question": "who-may-hold", "answer": "Non-US professional investors whose wallets Anemoy adds as members.", "quote": "Non-US Professional Investors", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "locator": "Key facts, Eligibility" }, { "question": "minimum", "answer": "500,000 USDC.", "quote": "500,000 USDC", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "locator": "Key facts, Min. investment" }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "https://ipfs.centrifuge.io/ipfs/bafkreigpp4zkwecojcuipjnzyclrfgzaqe6tu5vedvujw6u73c3xfwbx5m", "https://docs.centrifuge.io/llms-full.txt" ] }, { "question": "transfer", "answer": "The documents read do not say; the token’s hook lets only member wallets receive it.", "notStated": true, "checked": [ "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "https://ipfs.centrifuge.io/ipfs/bafkreigpp4zkwecojcuipjnzyclrfgzaqe6tu5vedvujw6u73c3xfwbx5m", "https://docs.centrifuge.io/llms-full.txt" ] }, { "question": "redemption", "answer": "Daily subscriptions; redemptions follow Apollo’s quarterly repurchase offers.", "quote": "Daily subscriptions; quarterly repurchases, subject to the timing of repurchases offered by the underlying Apollo Diversified Credit Fund.", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "locator": "Key facts, Liquidity tooltip" }, { "question": "record", "answer": "The fund issues its shares as the ACRDX token.", "quote": "The fund issues its shares as the ACRDX token to investors.", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "locator": "Overview" }, { "question": "freeze", "answer": "The Centrifuge platform, not Anemoy, states that frozen addresses cannot send or receive tokens.", "quote": "Account freezing - frozen addresses cannot send or receive tokens", "source": "https://docs.centrifuge.io/llms-full.txt", "locator": "Token compliance, Architecture" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x9477724bb54ad5417de8baff29e59df3fb4da74f", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "contract": "0x9477724bb54ad5417de8baff29e59df3fb4da74f", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x9477724bb54ad5417de8baff29e59df3fb4da74f", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "OP Mainnet", "chainId": "eip155:10", "contract": "0x2fabf1c784b8583d63c00c5c9c0377d8cf1a3245", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xdc9456e7e20f15029c8231ec433a20f404b7235e", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xdc9456e7e20f15029c8231ec433a20f404b7235e", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "ACDR3LGFrMuDZSDRyJjncFCzo5c8xkQxhWx4im4Vmq8G", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "3JiU6sJt94WcD6r7EFTUnJo6By9DJ9WJxovRGfY9oseb", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "3JiU6sJt94WcD6r7EFTUnJo6By9DJ9WJxovRGfY9oseb", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "3JiU6sJt94WcD6r7EFTUnJo6By9DJ9WJxovRGfY9oseb", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Daily subscriptions; redemptions only as the underlying Apollo Diversified Credit Fund makes its quarterly repurchase offers, paid in USDC through the Centrifuge vault", "feeBps": 0, "settlesIn": [ "USDC", "USDS", "AUSD", "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "centrifuge", "name": "Centrifuge (Anemoy pool 281474976710664)" } ], "sources": [ { "name": "Centrifuge pool metadata for the Anemoy Tokenized Apollo Diversified Credit Fund (pool 281474976710664), pinned by the pool on chain", "url": "https://ipfs.centrifuge.io/ipfs/bafkreiczixlhimgsqqffkt7g7aizcxciz5u5sezkwmu7rj6cll4qiiap54", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anemoy Capital SPC Limited, ACRDX fact sheet, June 2026 (linked from the pool metadata)", "url": "https://ipfs.centrifuge.io/ipfs/bafkreigpp4zkwecojcuipjnzyclrfgzaqe6tu5vedvujw6u73c3xfwbx5m", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge Docs, full-text export (deployments and token compliance)", "url": "https://docs.centrifuge.io/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Apollo Diversified Credit Fund prospectus", "url": "https://www.apollo.com/content/dam/apolloaem/documents/fund-documents/adcf-prospectus.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified FullRestrictions hook on Ethereum (Blockscout)", "url": "https://eth.blockscout.com/api/v2/smart-contracts/0x423322445818be56f8a317adeba0bdb487b71608", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Anemoy publishes the ACRDX offering memorandum; the file is then re-read for the investor class, the gates, and the record", "The FullRestrictions hook is replaced through file(), a freeze or authTransferFrom is used against a holder, or the Root delay changes", "Apollo Diversified Credit Fund cuts a quarterly repurchase offer, prorates tenders, or suspends repurchases", "The reader gains a verified ABI for ACRDX on Monad; that chain is then added", "ACRDX holdings of Apollo Diversified Credit Fund shares fall below 90% of NAV" ] }, { "id": "open-market-factory-dejaaa", "url": "https://ketjuresearch.com/register/files/open-market-factory-dejaaa/", "displayName": "deJAAA (Open Market Factory notes linked to JAAA)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "note", "issuer": "Open Market Factory Limited, issuer of the OMF Series 2 20-Year Variable Rate Tokenized Notes (domicile and offering document not published); issued through Centrifuge’s deRWA program; not Janus Henderson and not Anemoy", "eligibility": { "floor": "non-us-only", "minimumUsd": 10000, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The pool sheet names “Non-US Persons and Entities” and a 10,000 USD minimum for subscribing through the Centrifuge vault, where the wallet must first be made a member (KYC through dekyc@centrifuge.io). Holding and transfer need no membership: the token’s hook lets any wallet that is not frozen receive it, so a US person can buy it on a DEX even though the sheet does not admit US investors." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "deJAAA", "underlying": { "name": "Variable-rate note of Open Market Factory Limited whose value tracks JAAA tokens, the shares of the Janus Henderson Anemoy AAA CLO Fund, which the note pool holds" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x5f8a1c74c112865bd05dbe4752c7608332719062" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "AAASV2sCaykNGdEQzJ1mMVNfJMsgEtR7PJaqrCuk4bq6" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "CC64WBDGS6QQP22QTTIACYIXT3WF7BBQEYOQPLTP7GTKYY7PZ74QYGSL" } ] } ], "terms": [ { "question": "claim", "answer": "A note of Open Market Factory Limited that gives exposure to JAAA tokens; not a JAAA share and not a claim on Janus Henderson or Anemoy.", "quote": "The OMF Series 2 20-Year Variable Rate Tokenized Notes offer exposure to the underlying JAAA Tokens", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "locator": "pool.issuer.description" }, { "question": "who-may-hold", "answer": "The pool sheet admits non-US persons and entities; the token itself lets any unfrozen wallet hold it.", "quote": "Non-US Persons and Entities", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "locator": "Key facts, Eligibility" }, { "question": "minimum", "answer": "10,000 USD to subscribe through the vault; none to buy on a DEX.", "quote": "10,000 USD", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "locator": "Key facts, Min. investment" }, { "question": "account-types", "answer": "Individuals and entities outside the United States.", "quote": "Non-US Persons and Entities", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "locator": "pool.investorType" }, { "question": "transfer", "answer": "Freely transferable to any wallet that is not frozen.", "quote": "a freely transferable, fully onchain instrument linked to JAAA", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "locator": "Overview" }, { "question": "redemption", "answer": "Daily through the Centrifuge vault for members; any time on DEXes for everyone else.", "quote": "Daily via vault; tradable 24/7 on DEXes", "source": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "locator": "Key facts, Liquidity" }, { "question": "record", "answer": "The documents read do not say which record governs the notes or who keeps it.", "notStated": true, "checked": [ "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "https://docs.centrifuge.io/llms-full.txt", "https://centrifuge.io/derwa-tokens", "https://centrifuge.io/blog/centrifuge-brings-derwa-to-millions-on-evm" ] }, { "question": "freeze", "answer": "The Centrifuge platform, not the note issuer, states that frozen addresses cannot send or receive tokens.", "quote": "Account freezing - frozen addresses cannot send or receive tokens", "source": "https://docs.centrifuge.io/llms-full.txt", "locator": "Token compliance, Architecture" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" }, { "role": "ward", "powers": [ "admin", "clawback", "mint", "upgrade", "allowlist" ], "address": "0x12a110ce5f0fc871cc72bc7ecaf35cf39dd0f43e", "kind": "contract" }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0x7ed48c31f2fdc40d37407cbabf0870b2b688368f", "kind": "timelock", "delaySeconds": 172800 }, { "role": "hook ward", "powers": [ "admin", "freeze", "clawback" ], "address": "0xec3582fcdc34078a4b7a8c75a5a3ae46f48525ab", "kind": "contract" } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0xaaa0008c8cf3a7dca931adaf04336a5d808c82cc", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "AAASV2sCaykNGdEQzJ1mMVNfJMsgEtR7PJaqrCuk4bq6", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "FBH7oWjXHXyUaj1wQFCvivbo95BMEXc3QuUaYzayZ66s", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "FkPfY4i1zxHV5hepumE1c7GPXhpWhv3uYNgX2XRhE15d", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Members redeem through the Centrifuge vault, daily, for USDC or USDT at the published price; the vault also takes JAAA in", "settlesIn": [ "USDC", "USDT" ] }, { "via": "secondary-only", "settlement": "DEX pools (Aerodrome on Base among them) and Morpho lending markets, open to any wallet that is not frozen", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "centrifuge", "name": "Centrifuge deRWA vault (pool 281474976710659)" }, { "kind": "dex", "id": "aerodrome", "name": "Aerodrome and other DEX pools" } ], "sources": [ { "name": "Centrifuge pool metadata for “JAAA deRWA” (pool 281474976710659), pinned by the pool on chain", "url": "https://ipfs.centrifuge.io/ipfs/bafkreiaigqvtbdzxnm73vqi7pinldj64amu5fsfdwo6ssrgqurnxvjekyy", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge pool metadata for the Janus Henderson AAA CLO Fund (pool 281474976710663)", "url": "https://ipfs.centrifuge.io/ipfs/bafkreieacyfylqowpzptokub5tmbnqbj5jb7lewwvwsc75i6suk5vsoeg4", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge Docs, full-text export (deployments and transfer hooks)", "url": "https://docs.centrifuge.io/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge: deRWA Tokens (read from the Internet Archive copy of 2026-05-11)", "url": "https://centrifuge.io/derwa-tokens", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Centrifuge: Centrifuge Brings deRWA to Millions on EVM (2025-08-20, read from the Internet Archive copy)", "url": "https://centrifuge.io/blog/centrifuge-brings-derwa-to-millions-on-evm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified FreelyTransferable hook on Ethereum (Blockscout)", "url": "https://eth.blockscout.com/api/v2/smart-contracts/0x9aab592cae455afb6fc78c922f9212bc2a4f1147", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Open Market Factory Limited publishes the note terms or an offering document; the file is then re-read for the claim, the holder floor, the domicile, and the record", "The deJAAA hook changes from FreelyTransferable, or a freeze or authTransferFrom is used against a holder", "The note pool’s JAAA holdings, as shown by the Chronicle proof of asset, fall below the value of deJAAA outstanding", "The reader gains verified ABIs for Avalanche or Monad, or a Stellar Soroban reader lands; those chains are then added", "JAAA itself changes its redemption terms, gates, or portfolio rules" ] }, { "id": "neuberger-hinc", "url": "https://ketjuresearch.com/register/files/neuberger-hinc/", "displayName": "Neuberger Securitize High Income Tokenized Fund (HINC)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "credit-fund", "issuer": "Neuberger Securitize High Income Tokenized Fund Ltd. (British Virgin Islands company, SEC CIK 2149525); Neuberger Berman Investment Advisers LLC as subadviser; Securitize Markets as placement agent; the documents read name no transfer agent", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 100000, "kyc": "broker-dealer", "entityTypes": [ "entity" ], "notes": "Securitize’s page says “Investor Qualification: AI and QP” and “Not available to US individuals, trusts, and estates at this time.” The August 2026 Form D claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, which admits only qualified purchasers, so the file takes that stricter reading. The Form D reports two investors and $5.1 million sold." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Not named in the documents read; Securitize runs the DS-protocol contracts and is transfer agent for its other funds", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "HINC", "underlying": { "name": "Share of a BVI fund holding mostly US high yield bonds, with CLOs and bank loans, managed without leverage" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x015c477a4e2881c4b3bb8999f59ee4a04e812344" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xf5fa39a16449b1ee07aa52ae79c6b00567c59f83" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "EuTtCw35R3BJnTmXCREctjCU9XTkZXsQjqnoNg7NwdnZ" } ] } ], "terms": [ { "question": "claim", "answer": "A share of a BVI fund that holds high yield bonds and CLOs chosen by Neuberger Berman.", "quote": "This Fund provides tokenized exposure to a diversified portfolio of U.S. high yield bonds and CLOs, with Neuberger Berman fully responsible for sourcing, underwriting, and selecting all portfolio investments.", "source": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Overview" }, { "question": "who-may-hold", "answer": "Accredited investors and qualified purchasers per the page; the Form D’s 3(c)(7) claim means qualified purchasers.", "quote": "Investor Qualification: AI and QP", "source": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Details, Subscription" }, { "question": "minimum", "answer": "$100,000.", "quote": "$100,000", "source": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Minimum investment tile" }, { "question": "account-types", "answer": "Not US individuals, trusts, or estates; US entities and non-US investors.", "quote": "Not available to US individuals, trusts, and estates at this time.", "source": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Footnote (5)" }, { "question": "transfer", "answer": "Only to other whitelisted holders, one day after issuance.", "quote": "Tokens can be transferred to other whitelisted holders one day after issuance.", "source": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Footnote (6)" }, { "question": "redemption", "answer": "Any business day before the 2:00 p.m. ET cutoff, targeting T+1 with no promise.", "quote": "Redemption requests may be made on any Business Day, subject to the same 2:00 p.m. ET Cut-Off.", "source": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Footnote 8" }, { "question": "record", "answer": "The documents read do not name the record keeper; Securitize is the transfer agent for its other DS-protocol funds.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/2149525/000214952526000001/xslFormDX01/primary_doc.xml", "https://metadata.securitize.io/hinc.json" ] }, { "question": "freeze", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/2149525/000214952526000001/xslFormDX01/primary_doc.xml" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x015c477a4e2881c4b3bb8999f59ee4a04e812344", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "freeze", "allowlist", "admin" ], "address": "0x62c8b3df494eaf002721b7ae6a58f87e6c8250f3", "kind": "single-key" } ] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0xf5fa39a16449b1ee07aa52ae79c6b00567c59f83", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "freeze", "allowlist", "admin" ], "address": "0x28e39c2dc5fa249a53b7ea5247ccadb561cfb3fd", "kind": "single-key" } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "EuTtCw35R3BJnTmXCREctjCU9XTkZXsQjqnoNg7NwdnZ", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "5GkT3Ta9TosRiKv9g2aJvjx3dfqftmYXsyHckQQMBk3f", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "5GkT3Ta9TosRiKv9g2aJvjx3dfqftmYXsyHckQQMBk3f", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "5GkT3Ta9TosRiKv9g2aJvjx3dfqftmYXsyHckQQMBk3f", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "5GkT3Ta9TosRiKv9g2aJvjx3dfqftmYXsyHckQQMBk3f", "kind": "program-account" }, { "role": "hook program upgrade authority", "powers": [ "upgrade" ], "address": "8d36iv2YUD8yDChuVZchx1NqE4qkDWCAEgsUEEUqzbB6", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "cutoff": "2:00 p.m. Eastern", "settlement": "Redemption requests any business day before the cutoff, after a 24-hour lock-up; the fund targets T+1 but says settlement may take T+2, T+3, or longer with the liquidity of its bonds and loans", "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "2149525", "entity": "Neuberger Securitize High Income Tokenized Fund LTD", "filings": [ { "filedAt": "2026-08-18", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2149525/000214952526000001/0002149525-26-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 5100000, "investors": 2, "firstSale": "2026-08-18" } ] }, "sources": [ { "name": "Securitize, HINC page content (Builder.io content API behind securitize.io/hinc)", "url": "https://cdn.builder.io/api/v3/content/page/32917c960997446ba68c2718ebed8901?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Neuberger Securitize High Income Tokenized Fund Ltd, Form D filed August 18, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2149525/000214952526000001/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "HINC Solana mint metadata (points at metadata.securitize.io)", "url": "https://metadata.securitize.io/hinc.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified HINC implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xcd9a905d51662353859c8ad1e49b9790c53f6684", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Securitize publishes the HINC private placement memorandum; the file is then re-read for the investor class, gates, and redemption terms", "The owner key, compliance service, lock manager, wallet registrar, or proxy target on Ethereum changes, or the Solana mint, freeze, permanent-delegate, or hook authority changes", "The reader gains a verified ABI for HINC on Avalanche, or reads Sui; those chains are then completed or added", "The fund delays a redemption past T+3 or gates redemptions", "The fund leaves the 3(c)(7) exclusion or opens to US individuals" ] }, { "id": "obligate-otfy", "url": "https://ketjuresearch.com/register/files/obligate-otfy/", "displayName": "Obligate Trade Finance Yield (oTFY)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "Verified SV S.à r.l. (Luxembourg unregulated securitization company, RCS B282302), acting for its Compartment x10 Issuance; Obligate AG (Zurich) as product sponsor and tokenization platform; Verified Assets Limited as investment adviser and calculation agent, sub-adviser to Amicorp Global Markets (UK) Limited", "eligibility": { "floor": "non-us-only", "minimumUsd": 100000, "kyc": "issuer", "notes": "Obligate’s page states a USD 100,000 minimum for subscribing with the issuer. The memorandum restricts the certificate to professional clients and qualified investors under the EU Prospectus Regulation, offers it under Regulation S, and says the issuer will not recognize any holder it has not verified, so a DEX buyer holds a token that carries no payment right until onboarding." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Verified SV S.à r.l. (Compartment x10 Issuance); the Solana ledger is the securities ledger under art. 973d of the Swiss Code of Obligations", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "oTFY", "underlying": { "name": "Swiss-law tracker certificate (ledger-based security) on a Luxembourg securitization compartment that holds short trade-finance eNotes of Cayman Emerging Manager Platform SPC’s USD and EUR Trade Flow Fund segregated portfolios" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h" } ] } ], "terms": [ { "question": "claim", "answer": "A tracker certificate of a Luxembourg securitization compartment that follows the value of its trade-finance notes; the holder bears the issuer’s risk.", "quote": "The Tracker Certificate (the “eTracker”) replicates the price movements in the Underlying Assets (less any fees, expenses, and taxes, as further specified herein)", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Important Notices, Issuer Information" }, { "question": "who-may-hold", "answer": "Non-US persons outside the United States, under Regulation S.", "quote": "The eTracker is being offered only to non-US persons outside the United States in transactions exempt under the registration requirements of the US Securities Act in reliance on Regulation S.", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Important Notices, US selling restrictions" }, { "question": "minimum", "answer": "USD 100,000 to subscribe with the issuer.", "quote": "USD 100,000", "source": "https://www.obligate.com/otfy", "locator": "oTFY Primary Market" }, { "question": "account-types", "answer": "Sophisticated and qualified investors.", "quote": "It is aimed at sophisticated and/or qualified investors.", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Important Notices, Issuer Information" }, { "question": "transfer", "answer": "Transferable on the ledger; the issuer recognizes a holder only after its KYC.", "quote": "The eTrackers are transferable. A transfer of an eTracker is only valid if it is effected by transferring the eTracker on the pertinent Securities Ledger to another person, or wallet address, respectively.", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Section 15, Transfer" }, { "question": "redemption", "answer": "Weekly, on seven days’ notice, with possible pro rata scale-back and deferral.", "quote": "Eligible Redemption Valuation Dates shall be weekly, starting seven (7) calendar days after the First Issuance Date and at weekly intervals thereafter.", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Section 9.3, Redemptions Upon Request of Holders" }, { "question": "record", "answer": "The wallet addresses in the on-chain securities ledger are the holders.", "quote": "Investors indicated by way of their wallet address in the Securities Ledger are the holders (the “Holders”) of the eTracker tokens (the “Tokens”).", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Important Notices, Binding Agreement" }, { "question": "freeze", "answer": "The memorandum says the ledger gives holders, not the issuer, power over their rights; the mint’s freeze authority is nonetheless one key.", "quote": "It uses technological processes to give the creditors, but not the obligor, power of disposal over their rights;", "source": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "locator": "Section 11, Choice and Functioning of Securities Ledger" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Written notice seven calendar days before a weekly valuation date; paid in stablecoins within two business days after it. The issuer may scale requests back pro rata, aims to meet at least 1/12 of NAV under normal conditions, defers the rest, and may suspend", "settlesIn": [ "USDC", "USDT" ] }, { "via": "secondary-only", "settlement": "Kamino swap and lending markets and Morpho on Solana, at market price", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "obligate", "name": "Obligate platform (issuer subscriptions and redemptions)" }, { "kind": "dex", "id": "kamino", "name": "Kamino swap on Solana" } ], "sources": [ { "name": "oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata)", "url": "https://dwbewdikbt7cmt5fhorm5u7bi5ejtdfd4upadxnxchkub2qynh2q.arweave.net/HYJLDQoM_iZPpTuiztPhR0iZjKPlHgHdtxHVQOoYafU", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Obligate: oTFY product page", "url": "https://www.obligate.com/otfy", "kind": "primary", "accessed": "2026-09-23" }, { "name": "oTFY token metadata served by Obligate (named in the Solana mint’s metadata account)", "url": "https://app.obligate.com/api/etrackers/otfy/metadata", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Obligate eTracker page for oTFY", "url": "https://app.obligate.com/etracker/3cef0789-88b8-4374-b818-73f9fed942af", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Obligate AG disclaimer and regulatory information", "url": "https://pokheoog4noedtlwsqzzo43w5le7xsj5hxoakxku56k3b5yfycgq.arweave.net/e5RyOcbjXEHNdpQzl3N26sn7yT093AVdVO-VsPcFwI0", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The oTFY mint or freeze authority changes, or oTFY appears on Base, Ethereum, or another ledger the memorandum names", "The issuer scales back, defers, or suspends redemptions", "A new eNote issuer is added, or one eNote exceeds 35% of NAV", "Obligate publishes an updated memorandum or the compartment’s audited accounts", "NAV per token falls, or the performance fee accrues above the SOFR hurdle for a quarter" ] }, { "id": "uranium-xu3o8", "url": "https://ketjuresearch.com/register/files/uranium-xu3o8/", "displayName": "xU3O8 (uranium.io)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "Trilitech Design Limited (British Virgin Islands, company no. 2097651), the offeror under the MiCAR white paper; Archax Ltd (London, company no. 11302455, FCA-regulated) holds the uranium as bare trustee and keeps the register", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "entityTypes": [ "individual", "entity" ], "notes": "uranium.io says the only access limits are AML and sanctions screening; it screens each wallet through Provenance Ltd on first use and publishes no list of excluded countries or US states. Card purchases go through Transak, which runs its own KYC. There is no minimum purchase. Only a holder regulated by a national nuclear regulator, with an account at a licensed facility, can take uranium out." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "xU3O8", "underlying": { "name": "A beneficial co-ownership share in a pool of uranium oxide concentrate (U3O8) that Archax Ltd holds on trust in a storage account at Cameco’s Canadian conversion facility; 38,464.626 kgU on the Cameco statement for 31 July 2026 against 1,600,000 tokens, about one troy ounce of U3O8 per token", "ticker": "U3O8" }, "contracts": [ { "chain": "Etherlink", "chainId": "eip155:42793", "address": "0x79052Ab3C166D4899a1e0DD033aC3b379AF0B1fD" } ] } ], "terms": [ { "question": "claim", "answer": "A unit of beneficial ownership in a pool of U3O8 that Archax Ltd holds on trust for token holders.", "quote": "Each xU3O8 represents a unit of ownership of U3O8 held by Archax as a custodian for investors.", "source": "https://help.uranium.io/en/articles/10110492-what-is-xu3o8", "locator": "What is xU3O8?" }, { "question": "who-may-hold", "answer": "Anyone who passes wallet screening for sanctions and illicit activity; uranium.io lists no excluded countries or US states.", "quote": "Being a spot commodity, there are no geographical access limits other than based on AML/CFT and/or sanctions screening.", "source": "https://help.uranium.io/en/articles/10222892-are-there-regional-limitations-on-buying-and-trading-u3o8", "locator": "Are there regional limitations on buying and trading U3O8?" }, { "question": "minimum", "answer": "None.", "quote": "There is no minimum purchase amount for U3O8.", "source": "https://help.uranium.io/en/articles/10222862-what-is-the-minimum-u3o8-purchase-allowed", "locator": "What is the minimum U3O8 purchase allowed?" }, { "question": "transfer", "answer": "The white paper says only wallets of approved venues or wallets whitelisted in the uranium.io app can acquire the token. On 2026-09-23 the contract’s KYC switch was off, so any wallet not on the blacklist could receive it.", "quote": "Only wallets of approved trading venues (CEX) or whitelisted for use in the dApp can be used to acquire xU3O8.", "source": "https://uranium.io/whitepaper.pdf", "locator": "Section 03, xU3O8 Smart Contract Design" }, { "question": "redemption", "answer": "Only a holder regulated by a national nuclear regulator, with an account at a licensed facility, can take the uranium, by book-entry transfer; everyone else sells.", "quote": "Unless you are a regulated person, you cannot request physical delivery of U3O8.", "source": "https://help.uranium.io/en/articles/10222871-can-i-redeem-physical-uranium", "locator": "Can I redeem physical uranium?" }, { "question": "record", "answer": "The token contract is the register of beneficial ownership; Archax, as registrar, also keeps an off-chain mirror and holds keys that can amend the on-chain entries.", "quote": "The beneficial ownership records are maintained by way of a Tezos based smart contract (named: xU3O8).", "source": "https://uranium.io/whitepaper.pdf", "locator": "Section 01, Introduction" }, { "question": "freeze", "answer": "A wallet that screening flags is frozen until the holder clears enhanced due diligence, and stays frozen if it fails. On chain, one address can blacklist, pause, and burn any balance.", "quote": "If a Redlight status applies to a Wallet it shall become the subject of a compliance freeze", "source": "https://uranium.io/en/terms", "locator": "Section 3, Due Diligence, Compliance Freeze" } ], "controls": [ { "chain": "Etherlink", "chainId": "eip155:42793", "contract": "0x79052Ab3C166D4899a1e0DD033aC3b379AF0B1fD", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0x8f6dcd0db53029d1116e86da6d38bf047f504e08", "kind": "single-key" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0x7d1128e95a47e207909afeb4378c8170e7b59de2", "kind": "single-key" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0xa0fc58e4ee3a3e183dfa492147c97e81d42f5c86", "kind": "single-key" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0x7945d116287d7541be44423fa5ebe8fa833fa076", "kind": "contract", "controller": { "address": "0x5aff0328b239f8a373e83232e296e88a5682978b", "kind": "single-key", "via": "owner()" } }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0xa07c61790eb49e7d273a728716d9bc91c6545a92", "kind": "contract" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0x932089b4ec5741a15c7d4338292a3a29daaa5902", "kind": "contract", "controller": { "address": "0x5aff0328b239f8a373e83232e296e88a5682978b", "kind": "single-key", "via": "owner()" } }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0xba3033e38dc707235745b35d2b151ca858fdc190", "kind": "contract" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0xb387d0a73619791420de4a1e5e710023cb0f49c0", "kind": "contract" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": "0xc287aa8998ba0e8bce7384153d4a659238a11d25", "kind": "single-key" }, { "role": "KYC_ROLE", "powers": [ "allowlist" ], "address": 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[ "freeze" ], "address": "0xf1c4c44d2dcbcfa704349e3b57628dbd8404e597", "kind": "single-key" }, { "role": "BLACKLISTED_ROLE", "powers": [ "freeze" ], "address": "0x1b8579cf6ab12ea6b74ac5fa41f3829a3cb61e6e", "kind": "single-key" }, { "role": "BLACKLISTED_ROLE", "powers": [ "freeze" ], "address": "0xeb507efa9ee692a4c774ad1de9f3cb26fc459da3", "kind": "single-key" }, { "role": "BLACKLISTED_ROLE", "powers": [ "freeze" ], "address": "0xef85a6fafa5942a964dc618e94e230881d29ce2a", "kind": "single-key" }, { "role": "BLACKLISTED_ROLE", "powers": [ "freeze" ], "address": "0x1111110f0f73c0b2ef09ec012eae758b3e03a902", "kind": "single-key" }, { "role": "BLACKLISTED_ROLE", "powers": [ "freeze" ], "address": "0xe426624783a5d43931990f322b9b0aba01b29f76", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A holder with an account at a regulated uranium conversion or storage facility may ask for a book-entry transfer of the U3O8 behind its tokens to that account. uranium.io says physical delivery to anyone else is not feasible, and the white paper makes redemption conditional on access to a compliant facility and the ability to transport the material. No minimum, fee, or timetable is published.", "settlesIn": [ "U3O8 (book-entry transfer between licensed facility accounts)" ] }, { "via": "secondary-only", "settlement": "Everyone else exits by selling: on the uranium.io exchange interface against USDC on Etherlink, or on a centralized exchange that lists the token (the MiCAR white paper names Kraken). There is no peg to the spot price and no issuer buyback.", "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "dex", "id": "uranium-io", "name": "uranium.io exchange interface on Etherlink (USDC pair), with wallet screening by Provenance Ltd" }, { "kind": "exchange", "id": "kraken", "name": "Kraken (Payward Global Solutions Limited), named in the MiCAR white paper" } ], "sources": [ { "name": "uranium.io Help Center: What is xU3O8?", "url": "https://help.uranium.io/en/articles/10110492-what-is-xu3o8", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io Help Center: Where is the physical uranium ore concentrate (U3O8) stored?", "url": "https://help.uranium.io/en/articles/10711639-where-is-the-physical-uranium-ore-concentrate-u3o8-stored", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io Help Center: What is the minimum U3O8 purchase allowed?", "url": "https://help.uranium.io/en/articles/10222862-what-is-the-minimum-u3o8-purchase-allowed", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io Help Center: Can I redeem physical uranium?", "url": "https://help.uranium.io/en/articles/10222871-can-i-redeem-physical-uranium", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io Help Center: Are there regional limitations on buying and trading U3O8?", "url": "https://help.uranium.io/en/articles/10222892-are-there-regional-limitations-on-buying-and-trading-u3o8", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io Help Center: What is the contract address?", "url": "https://help.uranium.io/en/articles/10222923-what-is-the-contract-address", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io Help Center: What are the fees associated with xU3O8 based trading?", "url": "https://help.uranium.io/en/articles/10222870-what-are-the-fees-associated-with-xu3o8-based-trading", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io: Site Terms (updated 5 September 2025)", "url": "https://uranium.io/en/terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io: xU3O8 white paper", "url": "https://uranium.io/whitepaper.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io: MiCAR crypto-asset white paper for xU3O8", "url": "https://uranium.io/MiCAR-whitepaper.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "uranium.io: Proof of Reserves (Cameco contract balance statement, 31 July 2026)", "url": "https://storage.googleapis.com/rwa-prod-2379-pdfs/proof-of-reserves/proof-of-reserves.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherlink explorer: xU3O8 proxy and ERC20PoolToken implementation (verified source)", "url": "https://explorer.etherlink.com/address/0x79052Ab3C166D4899a1e0DD033aC3b379AF0B1fD", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The implementation behind the Etherlink proxy changes, or the admin, minter, pauser, wiper, or upgrader role leaves or joins 0x04009bc730862953bf06bf445f24b2f8bbe5c807", "The KYC switch on the token is turned on, which would limit every transfer to approved wallets", "A wipe burns a holder’s tokens, or the blacklist grows sharply beyond the 159 addresses listed on 2026-09-23", "Total supply moves from 1,600,000 without a matching change in the Cameco statement, or the administration fee is first collected by minting to the treasury", "A monthly Cameco statement is missed, shows less uranium, or the storage account changes hands", "Archax resigns as trustee, the deed of trust is published or amended, or uranium.io completes its move to Metals.io under new terms" ] }, { "id": "goldzip-xgz", "url": "https://ketjuresearch.com/register/files/goldzip-xgz/", "displayName": "GoldZip (XGZ)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "GoldZip Digital Pte Ltd (Singapore, UEN 202119588Z), a wholly owned member of the Hong Kong Gold Exchange Limited group, acting as Administrator", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "entityTypes": [ "individual", "entity" ], "notes": "Anyone may hold XGZ on chain except citizens and residents of Hong Kong, whom the terms exclude; the terms name no other excluded country. Minting from GoldZip requires KYB, so it is open to companies only. Redeeming requires onboarding with KYC and AML checks and at least 1,000 XGZ (one 1 kg bar, about $135,000 on 2026-09-23). The smallest amount that can be held or sent is 0.00000001 XGZ." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "XGZ", "underlying": { "name": "A contractual right to exchange 1,000 XGZ for one 1 kg bar of 999.9 gold from GoldZip Digital; the terms deny the holder any proprietary interest in the bars the Administrator holds", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x69af64f409c08E9076bF7f3ed9Db3a7409717161" } ] } ], "terms": [ { "question": "claim", "answer": "A right to redeem whole bars from GoldZip on its terms; the holder owns no gold and has no claim to the value of the bars GoldZip holds.", "quote": "No person, including any User, shall have a proprietary interest in any of the Good Delivery Bar(s) held by the Administrator or any of the Administrator Associates", "source": "https://goldzip.info/_next/static/chunks/91ff74ab739a9196.js", "locator": "Terms and Conditions, Clause 4.2, User’s Right to Redeem" }, { "question": "claim", "answer": "If GoldZip winds down, every token loses its legal effect, whether or not a redemption is under way.", "quote": "any GoldZip token(s) held by a User shall be deemed perfunctory and without legal effect", "source": "https://goldzip.info/_next/static/chunks/91ff74ab739a9196.js", "locator": "Terms and Conditions, Clause 5, Suspension, Winding Down of the Administrator’s Operations" }, { "question": "who-may-hold", "answer": "Anyone except citizens and residents of Hong Kong; no other country is named.", "quote": "That such User is not a citizen or resident of Hong Kong.", "source": "https://goldzip.info/_next/static/chunks/91ff74ab739a9196.js", "locator": "Terms and Conditions, Clause 6, General Use of GoldZip Tokens" }, { "question": "minimum", "answer": "No minimum to hold; 0.00000001 XGZ can be held or sent. Minting takes KYB and redemption takes 1,000 XGZ.", "quote": "You can own or transfer amounts as small as 0.00000001 grams of gold", "source": "https://goldzip-1.gitbook.io/goldzip/llms-full.txt", "locator": "Features, Ease of Divisibility" }, { "question": "account-types", "answer": "Only companies can mint, because minting takes KYB; individuals can buy on exchanges and redeem after KYC.", "quote": "In order to mint $XGZ, you will need to pass KYB requirement.", "source": "https://goldzip-1.gitbook.io/goldzip/llms-full.txt", "locator": "Get Your $XGZ" }, { "question": "transfer", "answer": "Freely, as an ERC-20 token, less a 0.01% fee the sender pays, unless GoldZip has frozen the address or paused the token.", "quote": "Transfer: Standard ERC-20 transfers with 0.01% sender fee.", "source": "https://goldzip-1.gitbook.io/goldzip/llms-full.txt", "locator": "Mint, Burn & Transfer" }, { "question": "redemption", "answer": "Whole 1 kg bars only, 1,000 XGZ each plus a fee, collected at Brink’s Singapore after onboarding.", "quote": "The minimum redemption amount shall be one (1) Good Delivery Bar.", "source": "https://goldzip.info/_next/static/chunks/ed398e412b9e18d8.js", "locator": "Rules, Rule 3, Redemption Terms and Process" }, { "question": "freeze", "answer": "GoldZip may render any Prohibited User’s tokens ineffectual without notice. On chain, the owner can freeze any address and then burn its balance with forceBurn.", "quote": "take any action necessary to ensure that (i) such User is ceased from the platform; and (ii) GoldZip tokens held by such User are rendered ineffectual", "source": "https://goldzip.info/_next/static/chunks/91ff74ab739a9196.js", "locator": "Terms and Conditions, Clause 8.1.2" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x69af64f409c08E9076bF7f3ed9Db3a7409717161", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "pause" ], "address": "0xd173e69192b9ff22069aa913ef6e6e94b19f0778", "kind": "contract" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "An onboarded user opens a redemption ticket in the GoldZip portal, deposits 1,000 XGZ per 1 kg bar plus a non-refundable redemption fee within 72 hours, signs a waiver of all claims against GoldZip, and collects the bar in person or by agent at Brink’s Singapore (Kaki Bukit Road) on a booked weekday. Title passes only on collection. A missed collection costs a late fee; two misses within 30 days void the redemption and a failed-collection fee comes out of the deposited tokens.", "settlesIn": [ "XAU (1 kg bars of 999.9 gold, collected in Singapore)" ] }, { "via": "secondary-only", "settlement": "Holders below 1,000 XGZ, or who are not onboarded, exit by selling on MEXC (XGZ/USDT) or in the Uniswap pools GoldZip lists (XGZ/USDT and XGZ/PAXG). HKGX member traders act as market makers.", "settlesIn": [ "USDT", "PAXG" ] } ], "venues": [ { "kind": "issuer-primary", "id": "goldzip-portal", "name": "GoldZip portal (portal.goldzip.app): minting for KYB-verified companies and redemption" }, { "kind": "exchange", "id": "mexc", "name": "MEXC (XGZ/USDT)" }, { "kind": "dex", "id": "uniswap-ethereum", "name": "Uniswap on Ethereum (XGZ/USDT and XGZ/PAXG pools)" } ], "sources": [ { "name": "GoldZip: Terms and Conditions (site script that renders goldzip.info/terms-conditions)", "url": "https://goldzip.info/_next/static/chunks/91ff74ab739a9196.js", "kind": "primary", "accessed": "2026-09-23" }, { "name": "GoldZip: Rules relating to GoldZip tokens (site script that renders goldzip.info/goldzip-rules)", "url": "https://goldzip.info/_next/static/chunks/ed398e412b9e18d8.js", "kind": "primary", "accessed": "2026-09-23" }, { "name": "GoldZip Docs (GitBook, full text)", "url": "https://goldzip-1.gitbook.io/goldzip/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "GoldZip: goldzip.info home page", "url": "https://goldzip.info/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "XGZ implementation on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x29ed41cb1013a4df63d87b82346b384847db7511", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The implementation behind 0x69af64f409c08E9076bF7f3ed9Db3a7409717161 changes, or the owner contract 0xd173e69192b9ff22069aa913ef6e6e94b19f0778 changes", "The transfer fee is raised from 0.01%; the contract lets the fee controller set it as high as 100%", "GoldZip freezes or force-burns an address, or pauses the token", "GoldZip publishes an attestation of the bars behind XGZ, names a vault other than Brink’s Singapore, or changes the 1,000 XGZ per bar rate", "GoldZip publishes notice of suspension or wind-down, after which its terms say the tokens carry no claim", "The Terms and Conditions or Rules change, above all the clause that denies holders a proprietary interest in the bars" ] }, { "id": "dominion-silv", "url": "https://ketjuresearch.com/register/files/dominion-silv/", "displayName": "Dominion Silver (SILV)", "reviewed": "2026-09-23", "nextReview": "2027-03-22", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Dominion Market LLC (Próspera ZEDE, Roatán, Honduras, registration no. 81033832592314); the reserve documents also name a Wyoming Reserve LLC", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Direct minting from Dominion is closed to persons in the United States, the United Kingdom, the EU and EEA, and Canada, and involves KYC. The token itself is permissionless on Solana: Dominion says anyone with a wallet can hold or trade it on a DEX. Physical redemption, once open, starts at 5,000 troy ounces." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "SILV", "underlying": { "name": "Economic exposure to one troy ounce of silver per token, against a reserve Dominion describes as 150 allocated bars (150,000 fine oz) at a Fort Worth, Texas vault held under a silver lease; the holder has no title to any bar", "ticker": "XAG" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "SiLVFMgD3eD2rgK628NbTBq9MnuJF5FW2CRaVyTB35L" } ] } ], "terms": [ { "question": "claim", "answer": "Economic exposure to the silver price, backed by a reserve Dominion controls; the holder owns no bar and no ounce.", "quote": "It does not grant legal title to, or ownership of, any specific bar or individually identified ounce of silver.", "source": "https://dominion.market/whitepaper.html", "locator": "04 / Backing & reserves, Important: what you hold" }, { "question": "claim", "answer": "The reserve silver is held under a lease whose lessor and terms are withheld.", "quote": "Silver Lease Agreement dated 25 June 2026.", "source": "https://dominion.market/assets/index-DfwwAWJx.js", "locator": "Reserve page, sources line" }, { "question": "who-may-hold", "answer": "Anyone may hold SILV on chain, but Dominion does not sell it directly to persons in the United States, the UK, the EU and EEA, or Canada.", "quote": "SILV is not offered for direct public minting to persons in the United States, United Kingdom, European Union and EEA, or Canada.", "source": "https://dominion.market/whitepaper.html", "locator": "Disclaimer" }, { "question": "minimum", "answer": "Dominion states no minimum to mint or hold; physical redemption, once open, starts at 5,000 troy ounces.", "notStated": true, "checked": [ "https://dominion.market/whitepaper.html", "https://dominion.market/assets/index-DfwwAWJx.js" ] }, { "question": "transfer", "answer": "Freely, as a Solana token, unless Dominion freezes the account or moves the tokens with its permanent delegate.", "quote": "A standard Solana token, held in any compatible wallet and sent like any other token", "source": "https://dominion.market/whitepaper.html", "locator": "03 / How SILV works, Transferability" }, { "question": "redemption", "answer": "Cash at spot less 1.5%, paid in stablecoin; physical redemption is promised but not yet open.", "quote": "SILV can be redeemed for its cash value at the prevailing silver price, subject to a 1.5% cash redemption fee.", "source": "https://dominion.market/whitepaper.html", "locator": "06 / Redemption" }, { "question": "freeze", "answer": "Dominion’s compliance keys can freeze any SILV account and move or burn SILV from it without the holder’s consent.", "quote": "Dominion holds the freeze authority and a Token-2022 permanent delegate on the SILV mint.", "source": "https://dominion.market/assets/index-DfwwAWJx.js", "locator": "Reserve library, Token controls and holder risks" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "SiLVFMgD3eD2rgK628NbTBq9MnuJF5FW2CRaVyTB35L", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "6FtT3CBaXVArhd2C4egCsQb1f1NF3FAfA6xhXJXD8chR", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "FqFNXCMeEYUD64tLPhvVzBAnovfYBAGsU8d6qdLnvzZ3", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "FqFNXCMeEYUD64tLPhvVzBAnovfYBAGsU8d6qdLnvzZ3", "kind": "program-account" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "A holder redeems SILV with Dominion for its cash value at the silver spot price less a 1.5% fee and is paid in stablecoin in a single transaction. The terms allow redemption to be delayed, suspended, or made conditional on identity checks.", "feeBps": 150, "settlesIn": [ "USDC" ] }, { "via": "in-kind", "settlement": "Not yet open. Dominion says physical redemption opens three to six months after launch, with a minimum of 5,000 troy ounces, through a process and fee it has not published.", "settlesIn": [ "XAG (bars, when opened)" ] }, { "via": "secondary-only", "settlement": "Holders sell on Solana DEXs Dominion lists, among them Orca, Raydium, and Sunrise.", "settlesIn": [ "USDC", "SOL" ] } ], "venues": [ { "kind": "issuer-primary", "id": "dominion-market", "name": "Dominion (dominion.market): minting outside restricted jurisdictions, and cash redemption" }, { "kind": "dex", "id": "silv-solana-dex", "name": "Solana DEXs Dominion lists: Orca, Raydium, and Sunrise" } ], "sources": [ { "name": "Dominion: SILV Whitepaper v1.0", "url": "https://dominion.market/whitepaper.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dominion: dominion.market site script (terms of service, reserve library, governance statement)", "url": "https://dominion.market/assets/index-DfwwAWJx.js", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Dominion: llms.txt summary", "url": "https://dominion.market/llms.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Solscan: SILV mint", "url": "https://solscan.io/token/SiLVFMgD3eD2rgK628NbTBq9MnuJF5FW2CRaVyTB35L", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The freeze authority and permanent delegate FqFNXCMeEYUD64tLPhvVzBAnovfYBAGsU8d6qdLnvzZ3 or the mint authority 6FtT3CBaXVArhd2C4egCsQb1f1NF3FAfA6xhXJXD8chR changes, or a transfer hook or default-frozen state is added to the mint", "Dominion freezes, moves, or burns SILV from a holder’s account with the permanent delegate", "Supply passes the 150,000 fine ounces on the 4 August 2026 bar list without a new signed bar list", "Dominion publishes the on-chain reserve attestation, the first quarterly attestation (promised for Q4 2026), the lease terms, or the Token Control Policy", "Physical redemption opens, or its 5,000 oz minimum or the 1.5% cash redemption fee changes", "Dominion moves the upgrade authority off the signer set that holds the operations vault, as its governance statement says it will" ] }, { "id": "st0x", "url": "https://ketjuresearch.com/register/files/st0x/", "displayName": "ST0x tokenized stocks and ETFs (S01 Issuer GmbH debt tokens on Base; traded as wt- vault shares)", "reviewed": "2026-09-23", "nextReview": "2027-01-15", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "mixed", "issuer": "S01 Issuer GmbH (Berlin, HRB 270925 B; LEI 2549007E71R1GHH0R131; share capital EUR 25,000; wholly owned by $ Zero X Ltd, London); not licensed or supervised; holds its hedge in shares with US broker-dealers for its own account. SARK X (BVI) Ltd runs the st0x.io interface.", "eligibility": { "floor": "non-us-only", "minimumUsd": 1, "kyc": "none", "entityTypes": [ "individual", "entity" ], "notes": "Not for US persons or any US address; publicly offered under the prospectus in Liechtenstein, Germany, Luxembourg, France, Spain and Italy to retail and professional investors, and elsewhere only under a prospectus exemption. No one onboards a holder: wt-tokens trade on public Raindex order books on Base, and the st0x.io site advertises its SGOV product with no KYC. Minting and redeeming run only through the issuer’s interface and need an account at a broker the issuer names; that broker applies its own KYC. The terms set the smallest mint at shares worth US $1.00 and the smallest redemption at tokens worth US $10.00. Holders warrant they are not sanctioned or resident in a comprehensively sanctioned country." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "wtSPYM", "underlying": { "name": "State Street SPDR Portfolio S&P 500 ETF (SPYM); wtSPYM is an ERC-4626 vault share over tSPYM, an S01 Issuer debt token with a contractual right to delivery of one share", "ticker": "SPYM" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x31c2c14134e6e3b7ef9478297f199331133fc2d8" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x8fdf41116f755771bfe0747d5f8c3711d5debfbb" } ] }, { "symbol": "wtCOIN", "underlying": { "name": "Coinbase Global, Inc. Class A (COIN); vault share over the S01 Issuer debt token tCOIN", "ticker": "COIN" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x5cda0e1ca4ce2af96315f7f8963c85399c172204" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x626757e6f50675d17fcad312e82f989ae7a23d38" } ] }, { "symbol": "wtSGOV", "underlying": { "name": "iShares 0-3 Month Treasury Bond ETF (SGOV); vault share over the S01 Issuer debt token tSGOV", "ticker": "SGOV" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x78c31580c97101694c70022c83d570150c11e935" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xc941c1506b7555ba8c506fb6c9b9cc259902d612" } ] }, { "symbol": "wtFGI", "underlying": { "name": "FGI Industries Ltd. (FGI); vault share over the S01 Issuer debt token tFGI", "ticker": "FGI" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x6aed8b1acfb04f4e0e6db580f12ff41438a394e5" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x785bd77b8e92866f87e01416d1022d729975d529" } ] }, { "symbol": "wtNKE", "underlying": { "name": "NIKE, Inc. Class B (NKE); vault share over the S01 Issuer debt token tNKE", "ticker": "NKE" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x0883f32d23ed5535057a4b5e3eb1970fe08606af" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x88c3f4e2e0a977fed97ed246c70bfd7a01070246" } ] }, { "symbol": "wtGRND", "underlying": { "name": "Grindr Inc. (GRND); vault share over the S01 Issuer debt token tGRND", "ticker": "GRND" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x1197e6fa778c4d13e47875bd1761c68c22c928e0" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xa4178410216f5f00c718be88c2ff8ac24de192bc" } ] }, { "symbol": "wtWEN", "underlying": { "name": "The Wendy’s Company (WEN); vault share over the S01 Issuer debt token tWEN", "ticker": "WEN" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0x31fa821f8b1bdea7db357ec9622d1a2f6afe903d" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xeda4df511dea07b6529db2196998b30e03791d87" } ] }, { "symbol": "wtNVDA", "underlying": { "name": "NVIDIA Corporation (NVDA); vault share over the S01 Issuer debt token tNVDA", "ticker": "NVDA" }, "contracts": [ { "chain": "Base", "chainId": "eip155:8453", "address": "0xfb5b41acdba20a3230f84be995173cfb98b8d6e7" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x7271a3c91bb6070ed09333b84a815949d4f16d14" } ] } ], "terms": [ { "question": "claim", "answer": "A holder is an unsecured creditor of S01 Issuer GmbH with a contractual right to one share per token; the shares the issuer holds are its own hedge, not the holder’s.", "quote": "Holders are unsecured contractual creditors of the Issuer.", "source": "https://www.st0x.io/faqs", "locator": "What do I own when I hold a token?" }, { "question": "record", "answer": "No register is named; whoever controls a token on chain holds its rights against the issuer.", "quote": "the transferring Party shall be deemed to have transferred all rights and obligations against the Issuer", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "General Terms and Conditions, clause 4.4 Crypto Token Transfers" }, { "question": "who-may-hold", "answer": "Anyone outside the United States who is not sanctioned; no onboarding to hold or trade.", "quote": "THE PRODUCTS ARE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON OR ADDRESS", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "Important Information, General Sales Restrictions (p. 2)" }, { "question": "minimum", "answer": "Minting takes shares worth at least US $1.00; redeeming takes tokens worth at least US $10.00; trading has no minimum.", "quote": "The minimum Exchange Transaction size for the Issuer to convert Shares to Tokens is a quantity of Shares with an aggregate value of at least US $1.00", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "General Terms and Conditions, clause 4.7(d)" }, { "question": "account-types", "answer": "Redemption needs an account at a broker the issuer designates; if the holder cannot pass that broker’s KYC, the issuer owes no other way out.", "quote": "Should an Investor be unable to maintain or open an Account with any Eligible Broker due to circumstances within the Investor’s control", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "General Terms and Conditions, clause 10.2(c)" }, { "question": "transfer", "answer": "The terms put no restriction on transfer; the contracts can still freeze the whole token and confiscate balances.", "quote": "There are no restrictions on the free transferability of the Products.", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "Summary, What are the Products? (p. 10)" }, { "question": "redemption", "answer": "A holder may ask at any time for delivery of the share through the issuer’s interface to an eligible broker account; there is no cash redemption unless the issuer suspends exchange and sells the shares.", "quote": "Investors are entitled to demand delivery of the Underlying from at any time.", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "Summary, Rights attached to the Products (p. 10)" }, { "question": "freeze", "answer": "The issuer may confiscate tokens from any holder on a legal order and block transfers; on a security event it may freeze every transfer and reissue tokens.", "quote": "The Tokens include a confiscation functionality enabling the transfer of Tokens from any Investor to a designated", "source": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "locator": "Risk Factors, Transfer modality risks (p. 23)" } ], "controls": [ { "chain": "Base", "chainId": "eip155:8453", "contract": "0x31c2c14134e6e3b7ef9478297f199331133fc2d8", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0xe70d821f3462a074e63b42d0aac6523faae1d611", "kind": "multisig", "threshold": 3, "signers": 6 } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x8fdf41116f755771bfe0747d5f8c3711d5debfbb", "allowlist": false, "freeze": false, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "pause" ], "address": "0xe70d821f3462a074e63b42d0aac6523faae1d611", "kind": "multisig", "threshold": 3, "signers": 6 }, { "role": "beacon owner", "powers": [ "upgrade" ], "address": "0xe70d821f3462a074e63b42d0aac6523faae1d611", "kind": "multisig", "threshold": 3, "signers": 6 } ] } ], "redemption": [ { "via": "secondary-only", "settlement": "Sell the wt-token on Rain order books on Base (through st0x.io or any other interface) against USDC; liquidity comes from arbitrageurs who mint and redeem with the issuer.", "settlesIn": [ "USDC" ] }, { "via": "in-kind", "settlement": "Unwrap the wt-token into t-tokens, send them to the issuer’s wallet through its interface, and name an account at a broker the issuer designates; the issuer transfers the shares through a broker transfer system and then burns the tokens. It can take hours to weeks; the issuer may suspend exchanges on broker failure, trading halts, corporate actions or regulation, and may then sell the shares and pay stablecoins instead. Redemption fee per the Final Terms, which the issuer has not published.", "minimumUsd": 10, "settlesIn": [ "shares at the holder’s broker" ] } ], "venues": [ { "kind": "issuer-primary", "id": "s01-issuer-core-bridge", "name": "S01 Issuer GmbH Core Bridge interface (mint and redeem against shares at an eligible broker)" }, { "kind": "dex", "id": "st0x-raindex", "name": "Raindex order books on Base, via st0x.io (SARK X (BVI) Ltd) or other interfaces" } ], "sources": [ { "name": "S01 Issuer GmbH, Base Prospectus, Program on the Issuance and Offer of Token (30 March 2026, approved by the FMA Liechtenstein, valid to 29 March 2027)", "url": "https://www.s01issuer.com/docs/s01-issuer-gmbh-st0x-token-programme-prospectus.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "S01 Issuer GmbH, Prospectus page", "url": "https://www.s01issuer.com/prospectus.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "S01 Issuer GmbH, Imprint", "url": "https://www.s01issuer.com/imprint.html", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ST0x FAQs", "url": "https://www.st0x.io/faqs", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ST0x home page", "url": "https://www.st0x.io/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ST0x markets page and the token list it serves (wrapped address, unwrapped address per stock)", "url": "https://www.st0x.io/markets", "kind": "primary", "accessed": "2026-09-23" }, { "name": "ESMA prospectus register entry for the S01 Issuer base prospectus", "url": "https://registers.esma.europa.eu/publication/details?core=esma_registers_priii_documents&docId=42652562", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "StoxReceiptVault implementation on Base (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/8453/0x52174538a83b18462c5cf898016539b086c920c7", "kind": "primary", "accessed": "2026-09-23" }, { "name": "StoxWrappedTokenVault implementation on Base (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/8453/0x0d99e0174dbf885ced6ae8deb939b0f890450099", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The t-token owner Safe 0xe70d821f3462a074e63b42d0aac6523faae1d611 calls ownerFreezeUntil, setAuthorizer, or upgrades either beacon (0xea084c8f4331cdf3328e772781b59f8a24f28f1a for t-tokens, 0x4c2d2d3bf1232bf0d3fb7123007a9b8444637bc8 for wt-tokens)", "Any address is granted CONFISCATE_SHARES or CONFISCATE_RECEIPT on authorizer 0x315b16faa6ee413fabca877d3851b3818369f0cd, or a ConfiscateShares event appears on any t-token", "A certifier lets certification lapse or forces it backwards (Certify with forceUntil), halting holder transfers", "S01 Issuer publishes Final Terms for a filed token, a supplement to the base prospectus, or a new prospectus after 29 March 2027", "The issuer exercises the Issuer Call Option, suspends exchanges, or announces a Security Event and replacement tokens", "ST0x migrates tokens again (its interface already lists a legacy address for older t-tokens)" ] }, { "id": "anchored-astocks", "url": "https://ketjuresearch.com/register/files/anchored-astocks/", "displayName": "Anchored aStocks (trust receipts by Anchored Capital Ltd, BVI, over Anchored Finance SPC fund shares; \"a\" tickers)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-custodial", "registrationPath": "reg-s", "instrumentKind": "mixed", "issuer": "Anchored Capital Ltd (British Virgin Islands) as token issuer and dApp operator; Anchored Finance SPC (Cayman Islands segregated portfolio company, CIMA-registered fund) holds the underlying shares through an unnamed US broker-dealer; Anchored Labs Ltd (technology); Anchored Advisors Ltd (BVI FSC Approved Manager)", "eligibility": { "floor": "non-us-only", "minimumUsd": 100000, "kyc": "issuer", "entityTypes": [ "individual professional investors", "entities (institutions, corporations, trusts)" ], "notes": "For professional and qualified investors outside the United States and mainland China, after KYC or KYB by Anchored; Reg S US persons, and residents of Canada, Russia, Belarus, Ukraine’s occupied regions, Morocco, Algeria, Nepal and the sanctioned countries on Anchored’s list, may not acquire or redeem. Anchored’s documents give two minimums: the investment page says a first direct mint must be at least $100,000 in USDC with no minimum after that, while the fee schedule says USD 90 directly with Anchored and USD 1 through integration partners. The file carries the stricter figure." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Anchored Capital Ltd (issuer and bare trustee; no register of beneficial entitlements is published, and the token terms sit inside the gated app)", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "aBIL", "underlying": { "name": "SPDR Bloomberg 1-3 Month T-Bill ETF (NYSE Arca: BIL); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "BIL", "isin": "US78468R6633" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f" } ] }, { "symbol": "aHOOD", "underlying": { "name": "Robinhood Markets, Inc. Class A (Nasdaq: HOOD); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "HOOD", "isin": "US7707001027" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x5a4860addcc094fce026384caeecb1e634dd9af4" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x5a4860addcc094fce026384caeecb1e634dd9af4" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x5a4860addcc094fce026384caeecb1e634dd9af4" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x5a4860addcc094fce026384caeecb1e634dd9af4" } ] }, { "symbol": "aAAPL", "underlying": { "name": "Apple Inc. (Nasdaq: AAPL); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "AAPL", "isin": "US0378331005" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x17683e492d0c8910f7c0157d04af31cb7a23ad71" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x17683e492d0c8910f7c0157d04af31cb7a23ad71" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x17683e492d0c8910f7c0157d04af31cb7a23ad71" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x17683e492d0c8910f7c0157d04af31cb7a23ad71" } ] }, { "symbol": "aNVDA", "underlying": { "name": "NVIDIA Corporation (Nasdaq: NVDA); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "NVDA", "isin": "US67066G1040" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x701193374879131f923532987c7ef363a91a80eb" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x701193374879131f923532987c7ef363a91a80eb" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x701193374879131f923532987c7ef363a91a80eb" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x701193374879131f923532987c7ef363a91a80eb" } ] }, { "symbol": "aMSFT", "underlying": { "name": "Microsoft Corporation (Nasdaq: MSFT); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "MSFT", "isin": "US5949181045" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x73e9eb2c7a4b4e8c68232b31ea0f1246963d0375" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x73e9eb2c7a4b4e8c68232b31ea0f1246963d0375" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x73e9eb2c7a4b4e8c68232b31ea0f1246963d0375" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x73e9eb2c7a4b4e8c68232b31ea0f1246963d0375" } ] }, { "symbol": "aGOOGL", "underlying": { "name": "Alphabet Inc. Class A (Nasdaq: GOOGL); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "GOOGL", "isin": "US02079K3059" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xbde676cdf5564ef64ccd8555aa9b56867d8d1ad5" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xbde676cdf5564ef64ccd8555aa9b56867d8d1ad5" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xbde676cdf5564ef64ccd8555aa9b56867d8d1ad5" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0xbde676cdf5564ef64ccd8555aa9b56867d8d1ad5" } ] }, { "symbol": "aMETA", "underlying": { "name": "Meta Platforms, Inc. Class A (Nasdaq: META); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "META", "isin": "US30303M1027" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xa1847139cbd660abc2f7b889d7cbcf18c56407fb" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xa1847139cbd660abc2f7b889d7cbcf18c56407fb" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xa1847139cbd660abc2f7b889d7cbcf18c56407fb" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0xa1847139cbd660abc2f7b889d7cbcf18c56407fb" } ] }, { "symbol": "aASML", "underlying": { "name": "ASML Holding N.V. New York registry shares (Nasdaq: ASML); the token is an Anchored Capital receipt for a beneficial entitlement, under a bare trust, to Anchored Finance SPC fund shares that hold it", "ticker": "ASML", "isin": "USN070592100" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xfae6ba6d36a6388c5a944a9366e55b6597e4f8af" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xfae6ba6d36a6388c5a944a9366e55b6597e4f8af" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xfae6ba6d36a6388c5a944a9366e55b6597e4f8af" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0xfae6ba6d36a6388c5a944a9366e55b6597e4f8af" } ] } ], "terms": [ { "question": "claim", "answer": "A token from Anchored Capital that stands for a beneficial entitlement, under a bare trust, to fund shares that hold the stock or ETF; not the share.", "quote": "A holder owns a token issued by Anchored Capital Ltd representing a beneficial entitlement, under a bare trust, to underlying fund shares, which in turn provide economic exposure to the corresponding underlying stock or ETF.", "source": "https://docs.anchored.finance/general/faqs.md", "locator": "Tokenized stocks: What do I own when I hold an Anchored tokenized stock?" }, { "question": "record", "answer": "No published document says who keeps the register of entitlements or whether a transferee is recognised; the token terms are only inside the gated app.", "notStated": true, "checked": [ "https://docs.anchored.finance/general/faqs.md", "https://docs.anchored.finance/getting-started/anchored-tokens.md", "https://docs.anchored.finance/getting-started/quickstart.md", "https://anchored.finance/terms" ] }, { "question": "who-may-hold", "answer": "Professional and qualified investors outside the United States and mainland China, after KYC or KYB; US persons may not acquire or redeem.", "quote": "Persons located in, transacting from, or classified as \"U.S. persons\" (as defined under Regulation S of the U.S. Securities Act), or acting for the benefit of a U.S. person, are prohibited from acquiring or redeeming Anchored tokens.", "source": "https://docs.anchored.finance/getting-started/eligibility.md", "locator": "Additional U.S.-related restriction" }, { "question": "minimum", "answer": "A first direct mint must be at least $100,000 in USDC; the fee schedule gives USD 90 directly and USD 1 through partners.", "quote": "The minimum amount to mint tokenized stocks is $100,000 USDC. After the first mint, there is no consequent minimum minting amount.", "source": "https://docs.anchored.finance/getting-started/investment-and-redemption.md", "locator": "What is the minimum investment amount?" }, { "question": "account-types", "answer": "Individual accounts for professional investors, and entity accounts for institutions, companies and trusts.", "quote": "For professional investors acting in their personal capacity", "source": "https://docs.anchored.finance/getting-started/how-to-onboard.md", "locator": "Step 3, Choose Your Account Type" }, { "question": "transfer", "answer": "Freely transferable on chain, but administrators can pause transfers, mints and redemptions.", "quote": "Anchored tokenized stocks and fund shares are freely transferable on their deployed chains. Administrators can pause transfers during emergencies.", "source": "https://docs.anchored.finance/getting-started/anchored-tokens.md", "locator": "Are Anchored tokenized stocks transferable?" }, { "question": "redemption", "answer": "Anchored burns the token, sells the stock and pays net proceeds in USDC, during market hours and subject to checks.", "quote": "the corresponding underlying stock is sold, and net proceeds are returned to the user in the supported payout currency, subject to fees, liquidity, market hours, partner rules and compliance checks.", "source": "https://docs.anchored.finance/general/faqs.md", "locator": "How does redemption of tokenized stocks work?" }, { "question": "freeze", "answer": "Anchored may restrict transfers, pause activity and freeze addresses; on chain a compliance contract with a denylist sits in the transfer path.", "quote": "Certain Anchored tokenized products may include compliance controls that restrict transfers, pause activity, freeze addresses or block prohibited transactions", "source": "https://docs.anchored.finance/general/faqs.md", "locator": "Can Anchored restrict transfers?" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] }, { "chain": "Monad", "chainId": "eip155:143", "contract": "0x4fc5b9f8933597d3ecf84d0611687e1dc8dd576f", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "issuer-window", "settlement": "An onboarded holder redeems in the Anchored app: Anchored burns the token, sells the underlying stock through its broker and pays net proceeds in USDC. Redemption follows US market hours (the docs say 24/5 for trading), is subject to fees, liquidity, partner rules and compliance checks, and is not always instant. The investment page gives a $10 minimum; the fee schedule gives USD 90 directly and USD 1 through partners.", "settlesIn": [ "USDC" ] }, { "via": "secondary-only", "settlement": "A holder without an Anchored account can only sell the token to someone else, on a partner exchange (unnamed in the docs) or on chain.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "anchored-app", "name": "Anchored dApp (app.anchored.finance), operated by Anchored Capital Ltd" }, { "kind": "exchange", "id": "anchored-partners", "name": "Partner exchanges and wallets integrated through the Anchored API (not named in the docs)" } ], "sources": [ { "name": "Anchored docs: Anchored Tokens (contract list)", "url": "https://docs.anchored.finance/getting-started/anchored-tokens.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: FAQs", "url": "https://docs.anchored.finance/general/faqs.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: Overview", "url": "https://docs.anchored.finance/getting-started/quickstart.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: Eligibility", "url": "https://docs.anchored.finance/getting-started/eligibility.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: How to Onboard", "url": "https://docs.anchored.finance/getting-started/how-to-onboard.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: Investment & Redemption", "url": "https://docs.anchored.finance/getting-started/investment-and-redemption.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: Fees & Taxes", "url": "https://docs.anchored.finance/getting-started/fees-and-taxes.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: Corporate Actions", "url": "https://docs.anchored.finance/getting-started/corporate-actions.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored docs: Trust & Transparency", "url": "https://docs.anchored.finance/general/trust-and-transparency.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Anchored Labs Ltd: Terms of Use (August 2026)", "url": "https://anchored.finance/terms", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The beacon 0xfe296a422b74cb22bb3c507311f0663fd0d95dd8 points to a new implementation on any chain (its owner, 0x0cb7d20d…, answers to the single key 0xcb438964…)", "Anchored publishes the Terms of Service, token terms or offering memorandum, or verifies the token, factory or compliance contract source", "An address is added to the compliance contract’s denylist, or the factory pauses a token", "Anchored names the US broker-dealer and custodian, or the proof-of-reserves report shows fewer shares than tokens", "The minimum or the list of prohibited jurisdictions changes, or the tokens open to US persons" ] }, { "id": "etherfuse-stablebonds", "url": "https://ketjuresearch.com/register/files/etherfuse-stablebonds/", "displayName": "Etherfuse Stablebonds (credit claims on sovereign bonds bought through Mexican brokers: CETES, USTRY, TESOURO, KTB, GILTS, EUROB)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "Etherfuse Liquid MX, S.A.P.I. de C.V. (Mexico City; RFC ELM221209MY6) issues the tokens as Swiss ledger-based securities; Etherfuse MX, S.A. de C.V. (Mexico City) buys and holds the bonds through Mexican brokers, owes the holder’s credit claim, and administers the securities ledger; neither is supervised by the CNBV", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "notes": "The holder terms bar US persons under Regulation S, and the customer agreement bars use from countries on the FATF grey and black lists. Etherfuse verifies each customer before it opens an account, and only a verified customer may buy from Etherfuse, take the yield, or claim the bond’s value; a wallet that bought on a secondary market holds the token but must pass the same check to claim. No purchase minimum is stated. On Base, Etherfuse’s own guide tells integrators to sell at least about 50 CETES at a time, because the fee may not exceed half the order." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Etherfuse MX, S.A. de C.V. (administrator of the securities ledger; the registration agreement names each bond’s Solana mint as the ledger)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "CETES", "underlying": { "name": "Mexican federal treasury certificates (CETES), bought by Etherfuse MX through Mexican brokers; the token is a credit claim on their nominal value, priced in pesos" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "CETES7CKqqKQizuSN6iWQwmTeFRjbJR6Vw2XRKfEDR8f" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "CETES-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x834df4c1d8f51be24322e39e4766697be015512f" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x834df4c1d8f51be24322e39e4766697be015512f" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x834df4c1d8f51be24322e39e4766697be015512f" } ] }, { "symbol": "USTRY", "underlying": { "name": "US Treasury notes, bought by Etherfuse MX; the token is a credit claim on their nominal value, priced in dollars" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "USTRYnGgcHAhdWsanv8BG6vHGd4p7UGgoB9NRd8ei7j" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "USTRY-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xc2c1f8eb98c0468be0232dd4166705d0dea3fe31" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xc2c1f8eb98c0468be0232dd4166705d0dea3fe31" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x7cee47e7b7cd04cf984e8dd86c42595b5771a9b2" } ] }, { "symbol": "TESOURO", "underlying": { "name": "Brazilian federal treasury bonds (Tesouro), bought by Etherfuse MX; the token is a credit claim on their nominal value, priced in reais" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "BRNTNaZeTJANz9PeuD8drNbBHwGgg7ZTjiQYrFgWQ48p" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "TESOURO-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x7cee47e7b7cd04cf984e8dd86c42595b5771a9b2" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xd574b191b5a00262ff19953d3ce25543ab7c8098" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x7a9990ffe3057edc18558ca4c8804430fe917456" } ] }, { "symbol": "KTB", "underlying": { "name": "Korea Treasury Bonds (KTB), bought by Etherfuse MX; the token is a credit claim on their nominal value, priced in won" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "KTBeXe7VMPMLxBsqDQu4KA9PdSajF3Hkw1y9qRsKqfL" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "KTB-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x0f9b0468391cfa83160dae6b693df87df379bd06" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xe56cee16b76903b3c8eb4af3c06d1d2fab320f95" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0xe9c082921dc3564e10196c5cc15db1250ac7d5c6" } ] }, { "symbol": "GILTS", "underlying": { "name": "UK government gilts, bought by Etherfuse MX; the token is a credit claim on their nominal value, priced in sterling" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "GiLTSeSFnNse7xQVYeKdMyckGw66AoRmyggGg1NNd4yr" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "GILTS-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x0ff2cbafccae23a704d954b43910e864291fd03a" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x46080f31351a6568f44575e3effde7f0c86867f9" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0x46080f31351a6568f44575e3effde7f0c86867f9" } ] }, { "symbol": "EUROB", "underlying": { "name": "Euro-denominated government bonds (the token metadata names the European Commission as issuer), bought by Etherfuse MX; the token is a credit claim on their nominal value, priced in euros" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "EuroszHk1AL7fHBBsxgeGHsamUqwBpb26oEyt9BcfZ6G" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "EUROB-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xc6221856e45ed806f8325a084bed3d69d32c526d" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xc6221856e45ed806f8325a084bed3d69d32c526d" }, { "chain": "Monad", "chainId": "eip155:143", "address": "0xc6221856e45ed806f8325a084bed3d69d32c526d" } ] } ], "terms": [ { "question": "claim", "answer": "A credit claim against Etherfuse MX on the nominal value of the bonds it bought with the holder’s money, paid out as yield and as the bond’s value at maturity; not ownership of the bonds.", "quote": "grants the Customer the individual credit right on nominal value of the Securities that are acquired in the context of the preceding clause", "source": "https://api.etherfuse.com/legal/customer-agreement/plaintext", "locator": "Clause Four, 4.5" }, { "question": "record", "answer": "Each bond’s Solana mint is the Swiss securities ledger, and the holder’s entitlement comes only from it; the registration agreement does not name the Stellar or EVM copies.", "quote": "The entitlement to the securitized Instruments exclusively results from the Securities Ledger.", "source": "https://stablebonds.s3.us-west-2.amazonaws.com/swiss/Etherfuse+(CETES)+-+Registration+Agreement+-+MME.txt", "locator": "Establishment (Errichtung) und effects (Wirkung)" }, { "question": "who-may-hold", "answer": "Non-US persons only, after Etherfuse’s own identity check; residents of FATF grey- and black-list countries are excluded.", "quote": "The Holder is not a U.S. Person as defined in Rule 902(k) of Regulation S", "source": "https://api.etherfuse.com/legal/terms-and-conditions", "locator": "Non-US." }, { "question": "minimum", "answer": "No purchase minimum is stated; Etherfuse’s Base guide advises selling at least about 50 CETES at a time.", "notStated": true, "checked": [ "https://api.etherfuse.com/legal/customer-agreement/plaintext", "https://api.etherfuse.com/legal/terms-and-conditions", "https://etherfuse.com/products/stablebonds", "https://docs.etherfuse.com/guides/chains/base.md" ] }, { "question": "transfer", "answer": "Tokens move freely on chain, but only a new owner who has a contract with Etherfuse may claim the yield or the bond’s value.", "quote": "may be exercised solely and exclusively by the new owner of the Token who complies with the terms and conditions for maintaining a contractual relationship with Etherfuse® Liquid and Etherfuse®", "source": "https://api.etherfuse.com/legal/customer-agreement/plaintext", "locator": "Clause Two, 2.4" }, { "question": "redemption", "answer": "Verified customers sell back to Etherfuse at NAV on any business day, paid in pesos or swapped for USDC.", "quote": "Stablebonds can be redeemed for fiat at NAV any business day. No lock-ups, no gates.", "source": "https://etherfuse.com/products/stablebonds", "locator": "Institutional-grade custody: Redemption" }, { "question": "freeze", "answer": "No freeze or clawback on Solana or Stellar; the ledger administrator may pause all transactions during a technological change, and on the EVM copies a 3-of-5 Safe can upgrade the contract and pause bridge routes.", "quote": "The administrator of the Securities Ledger may pause all transactions related to the ledger-based securities in case of any technological change to ensure the functionality of the Securities Ledger", "source": "https://stablebonds.s3.us-west-2.amazonaws.com/swiss/Etherfuse+(CETES)+-+Registration+Agreement+-+MME.txt", "locator": "Miscellaneous" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "CETES7CKqqKQizuSN6iWQwmTeFRjbJR6Vw2XRKfEDR8f", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "A6nFyQb2ywFZe23yEC4JQtLLe9aLXtt7EUAD8MFftHYP", "kind": "multisig", "threshold": 1, "signers": 2 } ] }, { "chain": "Stellar", "chainId": "stellar:pubnet", "contract": "CETES-GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "issuer account", "powers": [ "mint" ], "address": "GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC", "kind": "single-key" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x834df4c1d8f51be24322e39e4766697be015512f", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "pause" ], "address": "0x14b928243340033db1abad1adab4727c11d027d7", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x322922f0e1675a8e7be2a38b0636a7c184082ca8", "kind": "contract", "controller": { "address": "0x14b928243340033db1abad1adab4727c11d027d7", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x834df4c1d8f51be24322e39e4766697be015512f", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "pause" ], "address": "0x14b928243340033db1abad1adab4727c11d027d7", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x322922f0e1675a8e7be2a38b0636a7c184082ca8", "kind": "contract", "controller": { "address": "0x14b928243340033db1abad1adab4727c11d027d7", "kind": "multisig", "threshold": 3, "signers": 5, "via": "owner()" } } ] }, { "chain": "Monad", "chainId": "eip155:143", "contract": "0x834df4c1d8f51be24322e39e4766697be015512f", "allowlist": "unverified", "freeze": "unverified", "pause": "unverified", "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "nav-cutoff", "settlement": "A verified customer sells the token back to Etherfuse at NAV through its app or ramp API and is paid in pesos to a registered Mexican bank account (CLABE); Mexico is the only live fiat rail, with Brazil, Korea and Argentina listed as coming. Tokens held on Base, Polygon or Monad are bridged back as part of the sale.", "feeBps": 20, "settlesIn": [ "MXN" ] }, { "via": "issuer-window", "settlement": "A verified customer swaps the token for USDC through Etherfuse’s swap service at a quoted rate.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "etherfuse", "name": "Etherfuse app and ramp API (verified customers only; bought with pesos or USDC)" } ], "sources": [ { "name": "Etherfuse (CETES) Registration Agreement, prepared by MME Legal (plain text linked from the token metadata)", "url": "https://stablebonds.s3.us-west-2.amazonaws.com/swiss/Etherfuse+(CETES)+-+Registration+Agreement+-+MME.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse, Agreement for the Provision of Services and Commercialization of Tokens (plain text)", "url": "https://api.etherfuse.com/legal/customer-agreement/plaintext", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse, Terms & Conditions: U.S. Securities Law Regulations, Representations and Restrictions", "url": "https://api.etherfuse.com/legal/terms-and-conditions", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse legal overview: Asset Security", "url": "https://app.etherfuse.com/legal/asset-security", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse legal overview: Legal FAQs", "url": "https://app.etherfuse.com/legal/legal-qa", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse legal overview: Stablebonds Overview", "url": "https://app.etherfuse.com/legal/stablebonds-overview", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse: Stablebonds product page", "url": "https://etherfuse.com/products/stablebonds", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse public API: GET /lookup/stablebonds", "url": "https://api.etherfuse.com/lookup/stablebonds", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse developer docs: Base", "url": "https://docs.etherfuse.com/guides/chains/base.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Etherfuse CETES token metadata (linked from the Solana mint)", "url": "https://stablebonds.s3.us-west-2.amazonaws.com/stablebond/cetes.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Stablebond OFT implementation on Base (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/8453/0x39e85a42188060575b6ee77380fe1007c21b5988", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The owner Safe 0x14b928243340033db1abad1adab4727c11d027d7 upgrades an EVM Stablebond, changes a LayerZero peer, or pauses a bridge route", "The Stellar issuer GCRYUGD5NVARGXT56XEZI5CIFCQETYHAPQQTHO2O3IQZTHDH4LATMYWC sets auth_revocable or auth_clawback_enabled", "The upgrade authority of Etherfuse’s Solana stablebond program changes, or a mint gains a freeze authority or permanent delegate", "Etherfuse replaces the customer agreement or a registration agreement, or names a different issuer", "The CNBV revisits Resolution P090/2024, or Etherfuse obtains a licence in Mexico, Kazakhstan or elsewhere", "An attestation report shows reserves below the tokens in circulation, or attestations stop", "Etherfuse opens the Stablebonds to US persons" ] }, { "id": "tessera-pre-ipo", "url": "https://ketjuresearch.com/register/files/tessera-pre-ipo/", "displayName": "Tessera T-Tokens (loans to Panama issuers repaid from SpaceX, Kalshi, and OpenAI exposure)", "reviewed": "2026-09-23", "nextReview": "2026-12-23", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "note", "issuer": "One Panama issuing subsidiary of Tessera Works Foundation (Panama, folio 25063391) per token: SPX Tessera Issuer Inc. (T-SpaceX, folio 155779878; substituted for KLSH Tessera Issuer Inc. with effect from 1 August 2026), KLSH Tessera Issuer Inc. (T-Kalshi, folio 155774530), OPAI Tessera Issuer Inc. (T-OpenAI, folio 155785695); Tessera Works Foundation runs the platform; the docs say an unnamed Cayman Islands segregated portfolio company holds the exposure", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "none", "notes": "The terms bar US persons and anyone in the United States, China, Russia, Iran, North Korea and nine other named countries, any FATF-listed jurisdiction, and any place where Tessera would need a licence. The terms let the issuer ask for identity and sanctions information before it accepts a loan, but the docs and site say no KYC is required and tokens trade on Solana DEXs, where nothing checks the buyer. The terms state no minimum; the site says \"invest with as little as $1.\" No accreditation test is stated." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "TSPACEX", "underlying": { "name": "Space Exploration Technologies Corp. (Nasdaq: SPCX since 12 June 2026); the token is a limited-recourse loan to SPX Tessera Issuer Inc., repaid from what the issuer receives when it sells its SpaceX exposure; no share, vote, or dividend", "ticker": "SPCX", "isin": "US84615Q1031" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "TSPXcLV76s6V2zDiZQ18kBfcbnjaE2ZzNT3ga2Pd99v" } ] }, { "symbol": "TKALSHI", "underlying": { "name": "Kalshi Inc. (private company); the token is a limited-recourse loan to KLSH Tessera Issuer Inc., repaid from what the issuer receives when it sells its Kalshi exposure; no share, vote, or dividend" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "TKLSidmLVt3cqGaaodG8tyRzoANfQwoh67AccjmubeZ" } ] }, { "symbol": "TOPENAI", "underlying": { "name": "OpenAI Group PBC (private company); the token is a limited-recourse loan to OPAI Tessera Issuer Inc., repaid from what the issuer receives when it sells its OpenAI exposure; no share, vote, or dividend" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "oPAiAikWTaFj9RYoRFD35ccfwhnMcB3ThgBZRHSkjTZ" } ] } ], "terms": [ { "question": "claim", "answer": "The holder is a lender to the Panama issuer, with recourse only to the proceeds the issuer receives when it sells its private-company exposure; no share, vote, or dividend, and no property interest in the exposure.", "quote": "The obligations of that Issuer in respect of that Stablecoin Loan are limited to the Liquidity Event Proceeds actually received by it, and the holder of those Stablecoin Loan Tokens shall have recourse in respect of those obligations only to those Liquidity Event Proceeds.", "source": "https://terms.tessera.pe/", "locator": "Section 2.2(a)(iii), Redemption Amount" }, { "question": "who-may-hold", "answer": "Nobody in the United States or who is a US person, and nobody in thirteen other named countries, FATF-listed jurisdictions, or any place where Tessera would need a licence.", "quote": "the United States of America and its territories and possessions (collectively, the \"United States\")", "source": "https://terms.tessera.pe/", "locator": "Section 3.1(c)(i), Excluded Jurisdiction" }, { "question": "minimum", "answer": "The terms state no minimum; the site says a holder may start with $1.", "quote": "invest with as little as $1", "source": "https://www.tessera.pe/", "locator": "Homepage, $1 Minimum Investment" }, { "question": "transfer", "answer": "Tokens move freely on Solana, and each transfer or sale pays a 0.2% fee to Tessera’s treasury and the sender’s referrer.", "quote": "The standard fee rate is set at **0.20%** per transfer.", "source": "https://docs.tessera.pe/features/token-system-and-fees/transfer", "locator": "Base Fee Rate" }, { "question": "redemption", "answer": "Redemption opens only after the issuer has sold all of its interest and received the proceeds, runs for 90 days, and any token not redeemed in that window loses its claim.", "quote": "\"Liquidity Event\" in respect of a PE Investment of an Issuer, means divestment by that Issuer of all interests in that PE Investment for cash or stablecoins or equivalent thereof.", "source": "https://terms.tessera.pe/", "locator": "Section 2.2(b)(i)" }, { "question": "record", "answer": "Tessera’s Disclosures page names the issuer of each loan series and the principal lent; no share register or custodian statement is published, and the exposure is attested monthly as an asset count through Chainlink.", "quote": "They are maintained so that a holder of Stablecoin Loan Tokens can establish, at any time, which Issuer is the Issuer for a Loan Series", "source": "https://terms.tessera.pe/disclosures", "locator": "Introduction" }, { "question": "freeze", "answer": "The docs list no freeze authority, but on chain a single key (7n2PNcDX…) outside the documented Fireblocks wallet can freeze any holder’s account on all three mints; the terms reserve blacklisting addresses.", "quote": "including blacklisting any blockchain address you may have used to access Tessera", "source": "https://terms.tessera.pe/", "locator": "Section 6.3, Termination" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "TSPXcLV76s6V2zDiZQ18kBfcbnjaE2ZzNT3ga2Pd99v", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "EXvTtxurWBUNNCtLojaN8ZBJFNJPZFSH3szoih9hh7YW", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "7n2PNcDXVDMK2m8dyV9cVPNY7p4jM4ZMHv7TzfibEt8o", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Only after the issuer has sold all of its interest in the company for cash or stablecoins and received the proceeds; Tessera then announces a Redemption Start Date no more than 90 days later, and holders burn tokens for a pro rata share of those proceeds in USDC or USDT, at the issuer’s choice, during a 90-day window. Unredeemed tokens lose their claim when the window closes. There is no maturity date: if the company never lists or is never sold, no redemption occurs.", "settlesIn": [ "USDC", "USDT" ] }, { "via": "secondary-only", "settlement": "Sell on Solana DEXs; Tessera runs no exchange and names Meteora as the main pool. Every transfer or sale pays a 0.2% Token-2022 transfer fee, which the fee authority may change.", "settlesIn": [ "USDC", "SOL" ] } ], "venues": [ { "kind": "issuer-primary", "id": "tessera-alpha-vault", "name": "Tessera token auctions (Meteora Alpha Vault, pro rata)" }, { "kind": "dex", "id": "meteora", "name": "Meteora and other Solana DEXs via Jupiter" } ], "sources": [ { "name": "Tessera Terms and Conditions (last revised 28 August 2026)", "url": "https://terms.tessera.pe/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera Disclosures (28 August 2026)", "url": "https://terms.tessera.pe/disclosures", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera docs: How do T-Tokens Work?", "url": "https://docs.tessera.pe/overview/how-do-tessera-token-work", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera docs: Redemption", "url": "https://docs.tessera.pe/features/redemption", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera docs: On-Chain Programs", "url": "https://docs.tessera.pe/technicals/on-chain-programs", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera docs: Proof-of-Reserve", "url": "https://docs.tessera.pe/technicals/proof-of-reserve-por", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera docs: Transfer fees", "url": "https://docs.tessera.pe/features/token-system-and-fees/transfer", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tessera homepage", "url": "https://www.tessera.pe/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "T-SpaceX token metadata (Tessera CDN, linked from the Solana mint)", "url": "https://cdn.tesseralab.co/tessera/t-spacex.json", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The freeze authority 7n2PNcDXVDMK2m8dyV9cVPNY7p4jM4ZMHv7TzfibEt8o freezes a holder’s account on any T-Token mint, or the freeze authority moves", "The mint or fee authority EXvTtxurWBUNNCtLojaN8ZBJFNJPZFSH3szoih9hh7YW mints beyond the supply the Chainlink asset-count feed reports, or raises the 0.2% transfer fee", "Tessera announces a Redemption Start Date for T-SpaceX, or states that SPX Tessera Issuer Inc. has received SpaceX liquidity event proceeds", "The Disclosures page records another substitution of issuer for any loan series", "Kalshi or OpenAI completes an IPO or sale, or says that a Tessera structure holds no interest recognised by the company", "Tessera publishes the Cayman SPC’s name, its audited statements, or the Singapore legal opinion", "Tessera lists a new T-Token or changes the excluded jurisdictions in its terms" ] }, { "id": "usdm1", "url": "https://ketjuresearch.com/register/files/usdm1/", "displayName": "USDM1 (Republic of the Marshall Islands tokenized secured bonds, redeemable at one US dollar)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-s", "instrumentKind": "note", "issuer": "The Republic of the Marshall Islands (Ministry of Finance, Banking & Postal Services), as sovereign issuer under a New York law indenture; Surus Trust Company (North Carolina) as trustee, collateral agent and custodian; M1X Global as the Republic’s exclusive services provider", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "qualified institutional counterparties", "Marshallese citizens receiving ENRA basic income through the Lomalo wallet" ], "notes": "Sold in continuous Reg S offerings; the Republic has not registered USDM1 under the US Securities Act, and its site says USDM1 may not be offered, sold, pledged or transferred in the United States or to US investors unless registered or exempt. Outside the Marshall Islands the Republic gives “controlled access” to qualified institutional counterparties, on request through M1X Global. No minimum is published." }, "rights": { "voting": false, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "None named. The bonds exist only in book-entry form recorded from token holdings; Surus Trust Company is trustee under the indenture", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "USDM1", "underlying": { "name": "Republic of the Marshall Islands tokenized perpetual adjustable-rate secured bonds, par one US dollar, secured by short-dated US Treasuries pledged to the collateral agent" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x90a1717e0dabe37693f79afe43ae236dc3b65957" } ] } ], "terms": [ { "question": "claim", "answer": "Each unit is a par-value bond of the Republic with a secured claim on the pledged US Treasuries.", "quote": "each unit of USDM1 represents a par-value sovereign obligation with enforceable rights against the sovereign, alongside a secured claim on the U.S. Treasury collateral.", "source": "https://mof.gov.mh/wp-content/uploads/2025/12/Financial-Access-and-the-Path-to-USDM1-Link.pdf", "locator": "Part 6, The Instrument" }, { "question": "record", "answer": "The bonds exist only as book entries recorded from token holdings on the chain.", "quote": "the bonds are issued in dematerialized (electronic) and uncertificated form only, recorded in book-entry form based on the holdings of tokens issued on a blockchain network.", "source": "https://www.clearygottlieb.com/news-and-insights/news-listing/marshall-islands-establishes-tokenized-bond-program-for-universal-basic-income", "locator": "Announcement, second paragraph" }, { "question": "who-may-hold", "answer": "Non-US holders under Regulation S; outside the Marshall Islands, qualified institutional counterparties the Republic admits.", "quote": "the RMI is enabling controlled access to USDM1 for qualified institutional counterparties", "source": "https://mof.gov.mh/wp-content/uploads/2025/12/Financial-Access-and-the-Path-to-USDM1-Link.pdf", "locator": "Part 6, International Inquiries" }, { "question": "minimum", "answer": "No minimum is published.", "notStated": true, "checked": [ "https://usdm1.com/", "https://usdm1.com/legal/disclosures", "https://mof.gov.mh/wp-content/uploads/2025/12/Financial-Access-and-the-Path-to-USDM1-Link.pdf", "https://www.clearygottlieb.com/news-and-insights/news-listing/marshall-islands-establishes-tokenized-bond-program-for-universal-basic-income" ] }, { "question": "transfer", "answer": "Tokens move freely on chain, but the bonds may not be offered, sold, pledged or transferred in the United States or to US investors unless registered or exempt.", "quote": "USDM1 may not be offered, sold, pledged or otherwise transferred in the United States or to US investors, unless they are registered, or exempt from, or not subject to, registration under the US Securities Act.", "source": "https://usdm1.com/legal/disclosures", "locator": "Disclosures, first paragraph" }, { "question": "redemption", "answer": "A holder may redeem each bond at any time for one US dollar.", "quote": "holders will be able to redeem each of their bonds at any time for one U.S. dollar to liquidate their investments, similar to a stablecoin.", "source": "https://www.clearygottlieb.com/news-and-insights/news-listing/marshall-islands-establishes-tokenized-bond-program-for-universal-basic-income", "locator": "Announcement, second paragraph" }, { "question": "freeze", "answer": "The documents do not mention freezing; on Ethereum the owner key can freeze any address and grant the role that burns from any holder.", "notStated": true, "checked": [ "https://usdm1.com/", "https://usdm1.com/legal/disclosures", "https://mof.gov.mh/wp-content/uploads/2025/12/Financial-Access-and-the-Path-to-USDM1-Link.pdf", "https://www.clearygottlieb.com/news-and-insights/news-listing/marshall-islands-establishes-tokenized-bond-program-for-universal-basic-income" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x90a1717e0dabe37693f79afe43ae236dc3b65957", "allowlist": false, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint", "freeze" ], "address": "0xc8b6df21933cac084672d6af8cb859054d20ec99", "kind": "single-key" }, { "role": "MINTER_BURNER_ROLE", "powers": [ "clawback", "mint" ], "address": "0xcbd3835dc09052cc046f0e647d85b2112de8b7e7", "kind": "contract", "controller": { "address": "0xc8b6df21933cac084672d6af8cb859054d20ec99", "kind": "single-key", "via": "owner()" } }, { "role": "MINTER_BURNER_ROLE", "powers": [ "clawback", "mint" ], "address": "0x2385b8d76b0d375a01e2b6dcbdec0b1a03a0b64f", "kind": "contract", "controller": { "address": "0xc8b6df21933cac084672d6af8cb859054d20ec99", "kind": "single-key", "via": "owner()" } } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "A holder may redeem each bond at any time for one US dollar; the trustee administers par redemption from the Treasury collateral. No cutoff, settlement time or fee is published.", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "usdm1-institutional-access", "name": "Republic of the Marshall Islands through M1X Global (institutional access on request)" } ], "sources": [ { "name": "Cleary Gottlieb: Republic of the Marshall Islands establishes program for continuous offerings of tokenized bonds (2025-11-19)", "url": "https://www.clearygottlieb.com/news-and-insights/news-listing/marshall-islands-establishes-tokenized-bond-program-for-universal-basic-income", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RMI Ministry of Finance: Financial Access and the Path to USDM1 (2025-12-15)", "url": "https://mof.gov.mh/wp-content/uploads/2025/12/Financial-Access-and-the-Path-to-USDM1-Link.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "USDM1 disclosures", "url": "https://usdm1.com/legal/disclosures", "kind": "primary", "accessed": "2026-09-23" }, { "name": "USDM1 home page", "url": "https://usdm1.com/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Surus: trustee, custodian and collateral agent for USDM1 (2026-04-09)", "url": "https://surus.io/insights/blog/3vqKBZW28CHnGPcLUsRoCm", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "tZERO: sovereign digital bond collateral in broker-dealer custody (2026-06-04)", "url": "https://www.tzero.com/news/tzero-adds-sovereign-digital-bond-collateral-to-regulated-broker-dealer-custody", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "USDM_V3 implementation on Ethereum (Blockscout verified source)", "url": "https://eth.blockscout.com/address/0x304c5dc51fd7f31dad838be89d6a68b05723351c?tab=contract", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The Republic or M1X Global publishes the indenture, offering memorandum, a collateral report, or official contract addresses (the Stellar and Solana contracts would then join the file)", "The Ethereum owner 0xc8b6df21933cac084672d6af8cb859054d20ec99 freezes an address, grants MINTER_BURNER_ROLE to a new address, burns from a holder, or upgrades the implementation", "A redemption at par is refused or delayed, or Surus Trust Company is replaced as trustee or collateral agent", "The Republic registers USDM1 in the United States or names a US exemption for US holders", "The program grows past its initial $100 million limit or the Republic changes the share of collateral yield it keeps" ] }, { "id": "aktionariat-switzerlend", "url": "https://ketjuresearch.com/register/files/aktionariat-switzerlend/", "displayName": "Switzerlend AG C1 Shares SHA (LENDS: preferred shares of the lend.ch lending platform as Swiss ledger-based securities, locked in a drag-along contract)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "equity", "issuer": "Switzerlend AG (Zurich, Switzerland; CHE-456.445.646), which runs the lend.ch peer-to-peer lending platform; Aktionariat AG supplies the share contracts and keeps the share register for it", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "notes": "The registration agreement (a scanned PDF) describes the C1 shares as “without transfer restrictions” and lists transfer restrictions as “Not appliable”; anyone who can show control of the token may ask to be entered in the share register, and only registered holders exercise shareholder rights. Switzerlend sells new tokens directly at a fixed price (CHF 68.002 on 23 September 2026) as a Swiss primary offering under the Financial Services Act. No document addresses US securities law or names an excluded country. No minimum is stated; one token is one share." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Aktionariat AG (keeps the share register for Switzerlend; the LEND token contract is the ledger-based securities register)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "LENDS", "underlying": { "name": "Switzerlend AG preferred C1 shares (Vorzugsaktien, nominal CHF 1.00, liquidation preference CHF 53.72); each LENDS wraps one LEND share token (0x0618d80830f4adb887032d23eafd5b99eb276771), the ledger-based share, under the Token Shareholder Agreement" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x343324f53cbeee3ee6d171f2a20f005964c98047" } ] } ], "terms": [ { "question": "claim", "answer": "Each token is one preferred C1 share of Switzerlend AG, issued as a ledger-based security and held in the drag-along contract.", "quote": "All Share Tokens are issued as preferred C1 shares with a nominal value of CHF 1.00 and which have the Liquidation Preferences as described in Section 2", "source": "https://storage.googleapis.com/aktionariat/public/40880/100926f2-49f5-4958-ace3-ecaabeef4526/LENDS_TOKEN_Agreement.pdf", "locator": "Section A, Key terms (Share Token)" }, { "question": "record", "answer": "The token contract is the securities register; Aktionariat keeps the off-chain share register in which a holder must be entered to vote or take dividends.", "quote": "All shareholder registration data is stored and processed in Switzerland by Aktionariat, which maintains the shareholder registry for Switzerlend.", "source": "https://shares.lend.ch/", "locator": "Terms of Use, footer" }, { "question": "who-may-hold", "answer": "The issuer sells directly as a Swiss primary offering; no investor test, excluded country, or US exemption is named.", "quote": "Such offers constitute a primary offering by the issuer and are governed by the Financial Services Act in Switzerland, or equivalent laws for visitors of other countries.", "source": "https://shares.lend.ch/", "locator": "Terms of Use, Direct Investment" }, { "question": "minimum", "answer": "No minimum is stated; one token is one share.", "notStated": true, "checked": [ "https://storage.googleapis.com/aktionariat/public/40880/869c7faa-0f1c-4d52-a5ae-b4f4c129d1a4/Registration_Agreement_Lend_signed.pdf", "https://storage.googleapis.com/aktionariat/public/40880/100926f2-49f5-4958-ace3-ecaabeef4526/LENDS_TOKEN_Agreement.pdf", "https://shares.lend.ch/" ] }, { "question": "transfer", "answer": "Holders move their shares only by moving LENDS; the wrapper cannot be undone except on termination or migration.", "quote": "Token Holders can only transfer ownership of Share Tokens indirectly by transferring SHA Tokens.", "source": "https://storage.googleapis.com/aktionariat/public/40880/100926f2-49f5-4958-ace3-ecaabeef4526/LENDS_TOKEN_Agreement.pdf", "locator": "Section B, 1.2 Relation to Share Tokens and Registration Agreement" }, { "question": "redemption", "answer": "No redemption; the issuer may buy or sell tokens but has no duty to, so holders sell on the order book or in a drag-along sale.", "quote": "Issuer is under no obligation to offer or repurchase", "source": "https://storage.googleapis.com/aktionariat/public/40880/100926f2-49f5-4958-ace3-ecaabeef4526/LENDS_TOKEN_Agreement.pdf", "locator": "Section B, 1.4 Open Trading & issuance of new Share Tokens" }, { "question": "freeze", "answer": "No freeze, pause or clawback in the contract; the issuer reserves the recovery function and token annulment to enforce the agreement’s intent where the code departs from it.", "quote": "the Issuer has the right, but no obligation whatsoever, to use the tools", "source": "https://storage.googleapis.com/aktionariat/public/40880/100926f2-49f5-4958-ace3-ecaabeef4526/LENDS_TOKEN_Agreement.pdf", "locator": "Section B, 1.3 SHA Smart Contract" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x343324f53cbeee3ee6d171f2a20f005964c98047", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [] } ], "redemption": [ { "via": "secondary-only", "settlement": "No redemption. Sell on Switzerlend’s on-chain order book against Frankencoin (ZCHF), settled atomically; on 23 September 2026 the best bid was CHF 60.00 and the best ask CHF 67.90 (an 11.63% spread), and 24-hour volume was zero. The issuer may also buy back tokens but has no duty to.", "settlesIn": [ "ZCHF" ] }, { "via": "none", "settlement": "A drag-along sale: once an acquirer’s offer reaches the quorum, the contract hands every wrapped share to the buyer and each holder unwraps the price. A holder who leaves the agreement may be bought out by the issuer, then the other parties, at 80% of fair market value.", "settlesIn": [ "offer currency" ] } ], "venues": [ { "kind": "issuer-primary", "id": "switzerlend", "name": "Switzerlend AG direct investment (bank transfer or crypto)" }, { "kind": "dex", "id": "switzerlend-trading", "name": "Switzerlend secondary order book (non-commercial trading facility on Aktionariat technology, settled in ZCHF)" } ], "sources": [ { "name": "Switzerlend AG, Registration Agreement (board resolution signed May 2024; scanned PDF, read by OCR)", "url": "https://storage.googleapis.com/aktionariat/public/40880/869c7faa-0f1c-4d52-a5ae-b4f4c129d1a4/Registration_Agreement_Lend_signed.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Switzerlend AG, Token Shareholder Agreement (TOKEN SHA)", "url": "https://storage.googleapis.com/aktionariat/public/40880/100926f2-49f5-4958-ace3-ecaabeef4526/LENDS_TOKEN_Agreement.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Switzerlend AG investor page", "url": "https://shares.lend.ch/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Switzerlend AG secondary trading page", "url": "https://shares.lend.ch/trade", "kind": "primary", "accessed": "2026-09-23" }, { "name": "DraggableShares contract on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x343324f53cbeee3ee6d171f2a20f005964c98047", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Zurich commercial register extract, Switzerlend AG", "url": "https://zh.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-456.445.646", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Someone calls makeAcquisitionOffer on the LENDS contract, or the oracle calls migrateWithExternalApproval", "The oracle 0x0af5512165975e76ee9425b0e3f3781bd17cad24 changes the terms URL, hands the oracle role to another address, or deletes a recovery claim", "The LEND owner (the same multisig) mints tokens toward the 31,066 C1 shares, raises totalShares, or declares tokens invalid", "Switzerlend lists its shares, converts the tokens into another form, or adds transfer restrictions to its articles", "The Registration Agreement or Token Shareholder Agreement is replaced, or the agreement is corrected to name the LENDS contract" ] }, { "id": "aktionariat-wemakeit", "url": "https://ketjuresearch.com/register/files/aktionariat-wemakeit/", "displayName": "wemakeit AG shares (WMKT: a Swiss crowdfunding platform’s registered shares as ledger-based securities on Ethereum)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "equity", "issuer": "wemakeit AG (Zürich, Switzerland; CHE-260.625.831); issues the shares and runs the secondary order book; Aktionariat AG supplies the token contract and keeps the share register on wemakeit’s behalf", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "notes": "The registration agreement sets no transfer restriction and no investor test: any person, legal or natural, who can show control of a token may ask to be entered in the share register, and only registered holders may vote or take dividends. wemakeit may refuse registration only under transfer restrictions in its articles, and the agreement lists none. The investor page calls any direct sale a Swiss primary offering under the Financial Services Act. Nothing in the documents addresses US securities law, so a US buyer relies on no stated exemption. No minimum is stated; one token is one share." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "wemakeit AG (keeps an off-chain share register, maintained by Aktionariat AG; the token contract is the ledger-based securities register)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "WMKT", "underlying": { "name": "wemakeit AG registered shares (Namenaktien) without transfer restrictions; one indivisible token per share" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xc95506540268b0447663efbfffd71b51fe92ea7f" } ] } ], "terms": [ { "question": "claim", "answer": "Each WMKT is one wemakeit AG registered share in ledger-based form; there are no transfer restrictions.", "quote": "Registered shares (Namenaktien) of the Issuer without transfer restrictions (Vinkulierung)", "source": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "locator": "Section 1, General Information: Instrument" }, { "question": "record", "answer": "The token contract is the ledger-based register; wemakeit keeps a separate share register, and only persons entered in it may vote or take dividends.", "quote": "Only persons registered in the Share Register are entitled to the rights as a shareholder (such as voting and dividend rights).", "source": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "locator": "Section 5, Shareholder Registration" }, { "question": "who-may-hold", "answer": "The terms name no excluded country or investor class; wemakeit may refuse registration only under transfer restrictions in its articles, and it has none.", "quote": "The Issuer may only refuse the registration in the Share Register in case of transfer restrictions set out in the articles of association (Vinkulierung), if any.", "source": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "locator": "Section 5, Shareholder Registration" }, { "question": "account-types", "answer": "Any person or company that controls a token may register.", "quote": "Any person, legal or natural, that can demonstrate the power to dispose over a Share Token, can request the registration in the Share Register", "source": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "locator": "Section 5, Shareholder Registration" }, { "question": "minimum", "answer": "No minimum is stated; one token is one share.", "notStated": true, "checked": [ "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "https://shares.wemakeit.com/" ] }, { "question": "transfer", "answer": "Holders transfer WMKT freely on chain; any transfer of control of the token transfers the share.", "quote": "Any action that technically transfers the direct or indirect power of disposal of the Share Token to the new Share Token Holder constitutes a transfer.", "source": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "locator": "Section 4, Transfer of Share Tokens" }, { "question": "redemption", "answer": "No redemption; holders sell on wemakeit’s own order book, which is not a supervised venue.", "quote": "The secondary trading facilitated herein is considered a non-commercial trading facility operated by wemakeit under the Financial Market Infrastructure Act and is therefore not subject to prudential supervision.", "source": "https://shares.wemakeit.com/", "locator": "Terms of Use: Secondary Trading" }, { "question": "freeze", "answer": "No freeze, pause or issuer clawback; a claimant who posts collateral can recover tokens from an address inactive for 180 days unless the holder opted out, and the issuer may only cancel such a claim.", "quote": "As a further fallback to prevent abuse, the Issuer is given the power to cancel a pending token recovery, thereby preventing the recovery from completing.", "source": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "locator": "Section 8, Loss of Tokens" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xc95506540268b0447663efbfffd71b51fe92ea7f", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint" ], "address": "0x6404a242e794afa894804fdbda19217a1fdf2dfe", "kind": "contract" } ] } ], "redemption": [ { "via": "secondary-only", "settlement": "No redemption. Sell on wemakeit’s on-chain order book against Frankencoin (ZCHF), settled atomically. On 23 September 2026 the lowest ask was ZCHF 0.85 and the highest bid ZCHF 0.10, a spread of 88%, while the investor page showed an issuer-defined price of CHF 8.38.", "settlesIn": [ "ZCHF" ] } ], "venues": [ { "kind": "dex", "id": "wemakeit-trading", "name": "wemakeit secondary order book (Aktionariat technology; non-commercial trading facility, settled in ZCHF)" } ], "sources": [ { "name": "wemakeit AG, Registration Agreement V2.2 (2022-03-29)", "url": "https://storage.googleapis.com/aktionariat/public/860/28a294fe-b4c3-4b06-9fdc-f7e395065ce3/Registration%20Agreement%20wemakeit%20AG.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "wemakeit AG investor page (Aktionariat technology)", "url": "https://shares.wemakeit.com/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "wemakeit AG secondary trading page", "url": "https://shares.wemakeit.com/trade", "kind": "primary", "accessed": "2026-09-23" }, { "name": "wemakeit AG shares contract on Ethereum (Sourcify exact match, Shares)", "url": "https://sourcify.dev/server/v2/contract/1/0xc95506540268b0447663efbfffd71b51fe92ea7f", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Zurich commercial register extract, wemakeit AG", "url": "https://zh.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-260.625.831", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The WMKT owner multisig 0x6404a242e794afa894804fdbda19217a1fdf2dfe mints new share tokens, changes totalShares, declares tokens invalid, or deletes a recovery claim", "A recovery claim is filed against a WMKT address", "wemakeit adds transfer restrictions (Vinkulierung) to its articles, moves the shares to an allowlist or drag-along contract, or publishes a prospectus", "The Registration Agreement is replaced", "The issuer-defined price and the order-book price converge, or the order book stops trading" ] }, { "id": "aktionariat-realunit", "url": "https://ketjuresearch.com/register/files/aktionariat-realunit/", "displayName": "RealUnit Shares (REALU: RealUnit Schweiz AG’s registered shares as Swiss ledger-based securities on Ethereum)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "equity", "issuer": "RealUnit Schweiz AG (Baar, Switzerland; CHE-153.894.905), a Swiss investment company whose bearer shares are listed on BX Swiss; it issues the tokens and is the counterparty on its Brokerbot; Aktionariat AG (Erlenbach) is technical partner and keeps the share register", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "none", "notes": "The company’s legal notice addresses its documents only to residents of Switzerland, Germany, Austria and Liechtenstein, bars the United States, Japan, Canada, New Zealand and Australia, and says the shares are not registered under the US Securities Act. A wallet can receive tokens without any check while the allowlist is off; the company sells through its app, and the Registration Agreement obliges every holder to register as a shareholder soon after acquiring tokens. No minimum is stated; one token is one share and tokens are not divisible. Trades above CHF 100,000 must be arranged with the company first." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "RealUnit Schweiz AG (share register kept by Aktionariat AG; the token contract is the ledger-based securities register)", "secRegistered": false, "officialRecord": "chain" }, "instruments": [ { "symbol": "REALU", "underlying": { "name": "RealUnit Schweiz AG registered shares (Namenaktien, CHF 1.00 nominal), one token per share; not the bearer shares listed on BX Swiss (ISIN CH1129911108), which trade as a separate class" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x553c7f9c780316fc1d34b8e14ac2465ab22a090b" } ] } ], "terms": [ { "question": "claim", "answer": "Each token is one RealUnit Schweiz AG registered share in the form of a Swiss ledger-based security.", "quote": "Form Ledger-based securities as defined in article 973d ss. of the Swiss Code of Obligations (\"CO\").", "source": "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "locator": "Section 1, General Information" }, { "question": "record", "answer": "The contract records who holds the share; the company keeps a separate share register, and only persons entered in it may vote or take dividends.", "quote": "Only persons registered in the Share Register are entitled to the rights as a shareholder, such as voting and dividend rights.", "source": "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "locator": "Section 6, Shareholder Registration" }, { "question": "who-may-hold", "answer": "The company addresses its documents only to residents of Switzerland, Germany, Austria and Liechtenstein, and bars the United States among other countries.", "quote": "Die Dokumente richten sich nur an Personen mit Wohnsitz in der Schweiz, Deutschland, Österreich und Liechtenstein.", "source": "https://realunit.ch/realunit-kaufen/", "locator": "Wichtige rechtliche Hinweise für Investoren (legal notice)" }, { "question": "account-types", "answer": "Every holder agrees to register with the company as a shareholder soon after acquiring tokens.", "quote": "Share Token Holders hereby acknowledge and agree to register with the Issuer as shareholders within a short period after acquiring, or receiving, their Share Tokens.", "source": "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "locator": "Section 6, Shareholder Registration" }, { "question": "minimum", "answer": "No minimum is stated; one token is one share, and trades above CHF 100,000 must be arranged with the company.", "notStated": true, "checked": [ "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "https://realunit.ch/loesung/aktientoken/", "https://realunit.ch/realunit-kaufen/", "https://tokeninfo.aktionariat.com/realunit" ] }, { "question": "transfer", "answer": "Transfers are free today, but the contract has an allowlist the company may switch on, and then transfers go only to addresses it has approved.", "quote": "the technical transfer of Share Tokens may be subject to the target address being allowlisted, thereby technically preventing transfers to addresses that have not been previously approved by the Issuer.", "source": "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "locator": "Section 4, Transfer of Share Tokens" }, { "question": "redemption", "answer": "No redemption; holders sell on the company’s trading page, where RealUnit Schweiz AG itself is the counterparty (in German: “The counterparty is RealUnit Schweiz AG”).", "quote": "Wer verkauft die RealUnit-Aktientoken auf dem Handelsplatz der Webseite? Die Gegenpartei ist die RealUnit Schweiz AG.", "source": "https://realunit.ch/loesung/aktientoken/", "locator": "FAQ, Fragen zum RealUnit-Token" }, { "question": "freeze", "answer": "The allowlist is off today; the owner key can switch it on and mark addresses forbidden, and can cancel a pending recovery claim.", "quote": "The allowlist function is deactivated at the time of adoption of this Agreement.", "source": "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "locator": "Section 1, Smart Contract" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x553c7f9c780316fc1d34b8e14ac2465ab22a090b", "allowlist": true, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint" ], "address": "0x66e17bb356d4f86da1feae8c449db0ded8ca0cd7", "kind": "contract" } ] } ], "redemption": [ { "via": "secondary-only", "settlement": "No redemption. Holders sell through the company’s Brokerbot (0xcb3a03c5ed8bbc8b7040da9ceb459a9736aea30d), where RealUnit Schweiz AG is the counterparty, settled in Frankencoin (ZCHF); on 23 September 2026 it quoted ZCHF 1.23 a share both ways against an indicative NAV of CHF 1.33, and held no REALU and no ZCHF of its own at block 26042814. The RealUnit app charges 1% on a sale. Tokens cannot be converted into the listed bearer shares.", "settlesIn": [ "ZCHF", "CHF" ] } ], "venues": [ { "kind": "issuer-primary", "id": "realunit-app", "name": "RealUnit app and Brokerbot (RealUnit Schweiz AG as counterparty; technology by Aktionariat)" } ], "sources": [ { "name": "RealUnit Schweiz AG, Registration Agreement, version 3 March 2026 (English; the German version prevails)", "url": "https://realunit.ch/wp-content/uploads/2026/03/260303_RegV_EN_RealUnit_Schweiz_AG_signiert.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RealUnit Schweiz AG, Articles of Association (Statuten), as of 10 April 2026", "url": "https://realunit.ch/wp-content/uploads/2026/08/260410_Statuten-RealUnit-Schweiz-AG.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RealUnit: Aktientoken page and FAQ", "url": "https://realunit.ch/loesung/aktientoken/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RealUnit: RealUnit kaufen (share versus token) and legal notice", "url": "https://realunit.ch/realunit-kaufen/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RealUnit: Aktie und Finanzdaten", "url": "https://realunit.ch/loesung/aktie-und-finanzdaten/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RealUnit Schweiz AG investor page (hosted by Aktionariat)", "url": "https://tokeninfo.aktionariat.com/realunit", "kind": "primary", "accessed": "2026-09-23" }, { "name": "RealUnit Schweiz AG, half-year report to 30 June 2026", "url": "https://realunit.ch/wp-content/uploads/2026/08/260826-Halbjahresabschluss-2026.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "AllowlistShares contract on Ethereum (Sourcify exact match)", "url": "https://sourcify.dev/server/v2/contract/1/0x553c7f9c780316fc1d34b8e14ac2465ab22a090b", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Zug commercial register, RealUnit Schweiz AG", "url": "https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-153.894.905", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The owner multisig 0x66e17bb356d4f86da1feae8c449db0ded8ca0cd7 calls setApplicable(true) or marks any address forbidden with setType", "The owner mints tokens, raises totalShares, or declares tokens invalid", "A recovery claim is filed or deleted against a REALU address", "RealUnit Schweiz AG replaces the Registration Agreement, changes its legal notice, or opens the offer to other countries", "The Brokerbot stops quoting, or its settings disable buying or selling" ] }, { "id": "blackrock-buidl", "url": "https://ketjuresearch.com/register/files/blackrock-buidl/", "displayName": "BlackRock USD Institutional Digital Liquidity Fund (BUIDL and the I Class, BUIDL-I)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "issuer-direct", "registrationPath": "reg-d-506c", "instrumentKind": "treasury-fund", "issuer": "BlackRock USD Institutional Digital Liquidity Fund Ltd. (BVI); BlackRock Financial Management as manager; Securitize as transfer agent and placement agent", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 5000000, "kyc": "broker-dealer", "entityTypes": [ "entity" ], "notes": "BlackRock’s 2024 launch release states a $5 million minimum; every Form D on EDGAR, through July 2026, states $100,000 for any outside investor. The file takes the higher figure until BlackRock or Securitize says which applies. The I Class (BUIDL-I) is a class of the same fund, sold under the same Form D, so the same qualified-purchaser test applies; no BlackRock or Securitize document read states the I Class minimum, fee, or intended investors." }, "rights": { "voting": false, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Securitize, LLC", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "BUIDL", "underlying": { "name": "Share of a British Virgin Islands private fund holding cash, U.S. Treasury bills, and repurchase agreements" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x7712c34205737192402172409a8f7ccef8aa2aec" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "GyWgeqpy5GueU2YbkE8xqUeVEokCMMCEeUrfbtMw6phr" } ] }, { "symbol": "BUIDL-I", "underlying": { "name": "I Class share of the same British Virgin Islands fund; one token is one share at a stable $1.00" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x6a9da2d710bb9b700acde7cb81f10f1ff8c89041" } ] } ], "terms": [ { "question": "claim", "answer": "Each token is a share of the fund, per Securitize, its transfer agent.", "quote": "The Company notes that each tokenized share of BUIDL and VBILL represents an ownership interest in the BlackRock USD Institutional Digital Liquidity Fund and VanEck Treasury Fund, Ltd., respectively", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Notes to the consolidated financial statements, \"Cash and Cash Equivalents\"" }, { "question": "who-may-hold", "answer": "Investors eligible for a Rule 506(c) private offering in a Section 3(c)(7) fund, which means qualified purchasers.", "quote": "The Fund will issue shares pursuant to Rule 506(c) under the Securities Act of 1933 and Section3(c)(7) of the Investment Company Act.", "source": "https://web.archive.org/web/20260616084939id_/https://www.businesswire.com/news/home/20240320771318/en/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network", "locator": "Press release, fifth paragraph from the end of the body" }, { "question": "minimum", "answer": "$100,000 per outside investor, per the July 2026 Form D. The 2024 launch release said $5 million.", "quote": "Minimum investment accepted from any outside investor $ 100,000 USD", "source": "https://www.sec.gov/Archives/edgar/data/2013810/000201381026000002/xslFormDX01/primary_doc.xml", "locator": "Item 11, Minimum Investment" }, { "question": "minimum", "answer": "The I Class minimum is not stated in any document read.", "notStated": true, "checked": [ "https://web.archive.org/web/20260616084939id_/https://www.businesswire.com/news/home/20240320771318/en/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network", "https://www.sec.gov/Archives/edgar/data/2013810/000201381026000002/xslFormDX01/primary_doc.xml", "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "https://www.sec.gov/Archives/edgar/data/2094496/000162828026056811/exhibit992securitizemdaq22.htm" ] }, { "question": "account-types", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://web.archive.org/web/20260616084939id_/https://www.businesswire.com/news/home/20240320771318/en/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network", "https://www.sec.gov/Archives/edgar/data/2013810/000201381026000002/xslFormDX01/primary_doc.xml", "https://www.sec.gov/Archives/edgar/data/2013810/0002014390-24-000001-index.htm", "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "https://www.sec.gov/Archives/edgar/data/2094496/000162828026056811/exhibit992securitizemdaq22.htm", "https://www.circle.com/pressroom/circle-announces-usdc-smart-contract-for-transfers-by-blackrocks-buidl-fund-investors", "https://metadata.securitize.io/buidl.json" ] }, { "question": "transfer", "answer": "Any time, but only to other pre-approved investors.", "quote": "Investors can transfer their tokens 24/7/365 to other pre-approved investors.", "source": "https://web.archive.org/web/20260616084939id_/https://www.businesswire.com/news/home/20240320771318/en/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network", "locator": "Press release body" }, { "question": "redemption", "answer": "At NAV, $1 per share, for cash. The transfer agent names no cutoff or settlement time.", "quote": "BUIDL and VBILL tokens can be redeemed at their net asset value which is $1 per share and are readily convertible to cash.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Notes to the consolidated financial statements, \"Cash and Cash Equivalents\"" }, { "question": "record", "answer": "Securitize, the SEC-registered transfer agent, uses a public blockchain as the master securityholder file for most clients. It does not name BUIDL here.", "quote": "As part of our Asset Servicing offering, we act as the official SEC-registered transfer agent for the majority of our customers. We use distributed ledger technology in the form of a public blockchain as the master securityholder file to provide recordkeeping, accounting, reporting, examination and other services.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Business, \"Securitize’s Role\"" }, { "question": "freeze", "answer": "Securitize says its smart contracts can seize or burn tokens to fix minting or allocation errors.", "quote": "While Securitize’s smart contracts provide mechanisms to seize or burn tokens to remediate these situations, such incidents could lead to temporary imbalances, customer disputes, or reputational harm.", "source": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "locator": "Risk Factors, token minting and allocation errors" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x7712c34205737192402172409a8f7ccef8aa2aec", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xe01605f6b6dc593b7d2917f4a0940db2a625b09e", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0xf3aae1168fbf3a5cf1cb4b57c5c8c5e9401627d9", "kind": "single-key" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x6a9da2d710bb9b700acde7cb81f10f1ff8c89041", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xe01605f6b6dc593b7d2917f4a0940db2a625b09e", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0xc5377f5530f25b246606d1a9c60b697f89bd9765", "kind": "contract", "controller": { "address": "0xd69fefe5df62373dcbde3e1f9625cf334a2dae78", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "GyWgeqpy5GueU2YbkE8xqUeVEokCMMCEeUrfbtMw6phr", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "APm3MWbXfMMKAWgsDVnxcAGbLjvRxubPu1A8a5SA2kbJ", "kind": "program-account" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "APm3MWbXfMMKAWgsDVnxcAGbLjvRxubPu1A8a5SA2kbJ", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "APm3MWbXfMMKAWgsDVnxcAGbLjvRxubPu1A8a5SA2kbJ", "kind": "program-account" }, { "role": "transfer-hook authority", "powers": [ "allowlist", "upgrade" ], "address": "APm3MWbXfMMKAWgsDVnxcAGbLjvRxubPu1A8a5SA2kbJ", "kind": "program-account" }, { "role": "hook program upgrade authority", "powers": [ "upgrade" ], "address": "8d36iv2YUD8yDChuVZchx1NqE4qkDWCAEgsUEEUqzbB6", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Daily redemption through Securitize in U.S. dollars at the stable $1.00 token value", "settlesIn": [ "USD" ] }, { "via": "issuer-window", "settlement": "Circle smart contract exchanges BUIDL for USDC on demand for approved holders", "settlesIn": [ "USDC" ] }, { "via": "issuer-window", "settlement": "I Class: on chain, holders send BUIDL-I to one address (0x8780…4200) and Securitize burns it there; 24,999,000 tokens sent on 21 September 2026 were burned on 22 September, and 250 million were burned on 17 September. No document read states the I Class cutoff or how the dollars are paid.", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "2013810", "entity": "BlackRock USD Institutional Digital Liquidity Fund Ltd.", "filings": [ { "filedAt": "2026-07-27", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2013810/000201381026000002/0002013810-26-000002-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 5135523412, "investors": 28, "firstSale": "2024-03-04" }, { "filedAt": "2025-07-18", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2013810/000200468725000001/0002004687-25-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 3251152228, "investors": 42, "firstSale": "2024-03-04" }, { "filedAt": "2024-03-18", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2013810/000201439024000001/0002014390-24-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "SEC EDGAR: BUIDL Form D filing", "url": "https://www.sec.gov/Archives/edgar/data/2013810/0002014390-24-000001-index.htm", "kind": "primary", "accessed": "2026-08-01" }, { "name": "BlackRock and Securitize: BUIDL launch terms", "url": "https://investors.securitize.io/news/news-details/2024/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network-03-20-2024/default.aspx", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Securitize: BUIDL Solana share class and seven networks", "url": "https://investors.securitize.io/news/news-details/2025/BlackRock-and-Securitize-Debut-New-BUIDL-Share-Class-on-Solana-Network-03-25-2025/default.aspx", "kind": "primary", "accessed": "2026-08-01" }, { "name": "Circle: BUIDL-to-USDC transfer contract", "url": "https://www.circle.com/pressroom/circle-announces-usdc-smart-contract-for-transfers-by-blackrocks-buidl-fund-investors", "kind": "primary", "accessed": "2026-08-01" }, { "name": "BUIDL Solana mint metadata (points at metadata.securitize.io)", "url": "https://metadata.securitize.io/buidl.json", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x603bb6909be14f83282e03632280d91be7fb83b2", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BlackRock and Securitize press release on Business Wire, March 20, 2024: BlackRock Launches Its First Tokenized Fund, BUIDL (Wayback Machine capture, June 16, 2026)", "url": "https://web.archive.org/web/20260616084939id_/https://www.businesswire.com/news/home/20240320771318/en/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: BlackRock USD Institutional Digital Liquidity Fund Ltd., Form D/A filed July 27, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2013810/000201381026000002/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Securitize Corp. (BUIDL transfer agent) prospectus, Form 424B3, filed August 7, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026054866/securitizeholdings-424b3.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Securitize Corp. Form 8-K/A, exhibit 99.2, management’s discussion of results for the quarter ended June 30, 2026 (filed August 13, 2026)", "url": "https://www.sec.gov/Archives/edgar/data/2094496/000162828026056811/exhibit992securitizemdaq22.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified BUIDL-I implementation on Ethereum (Sourcify, DSToken)", "url": "https://sourcify.dev/server/v2/contract/1/0x9e2693f54831f6f52b0bb952c2935d26919a3626", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Blockscout: BUIDL-I token on Ethereum (name, supply, holders, transfers)", "url": "https://eth.blockscout.com/token/0x6a9da2d710bb9b700acde7cb81f10f1ff8c89041", "kind": "secondary", "accessed": "2026-09-23" }, { "name": "CoinGecko: BlackRock USD Institutional Digital Liquidity Fund - I Class", "url": "https://www.coingecko.com/en/coins/blackrock-usd-institutional-digital-liquidity-fund-i-class", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The Securitize compliance service, lock manager, proxy target, or issuer role on either Ethereum contract (BUIDL or BUIDL-I) changes", "The Solana mint authority, freeze authority, permanent delegate, or transfer-hook program changes", "A share class opens to accredited investors or below the $5 million minimum", "A NAV break, missed redemption, or unauthorized mint or transfer", "BlackRock or Securitize publishes contract identities for the other five networks; those chains are then read and added", "BlackRock or Securitize states which minimum applies, the $5 million in the launch release or the $100,000 in every Form D", "BlackRock or Securitize publishes the I Class terms (minimum, fee, eligible investors, redemption), or the I Class appears on a chain other than Ethereum", "The two contracts that hold 97% of BUIDL-I (a verified contract named ALMProxy and a Safe multisig) leave, or the I Class holder count changes by more than a few wallets" ] }, { "id": "blackrock-bstbl", "url": "https://ketjuresearch.com/register/files/blackrock-bstbl/", "displayName": "BlackRock Select Treasury Based Liquidity Fund, OnChain Shares (DOLXX), BSTBL token", "reviewed": "2026-09-23", "nextReview": "2026-12-22", "claimModel": "issuer-direct", "registrationPath": "40-act-fund", "instrumentKind": "money-market-fund", "issuer": "BlackRock Select Treasury Based Liquidity Fund, a series of BlackRock Liquidity Funds (CIK 97098; 1940 Act file 811-2354); BlackRock Advisors, LLC as manager; BlackRock Investments, LLC as distributor; BNY Mellon Investment Servicing (US) Inc. as transfer agent", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": 3000000, "kyc": "issuer", "entityTypes": [ "institution" ], "notes": "The prospectus sets the first purchase at “$3 million for institutions,” which the fund’s officers may reduce or waive, and no minimum after that; it names no minimum for individuals and no investor test. The shares are registered for sale only in the United States and some territories, and the fund generally refuses non-U.S. residents. The transfer agent reviews an account application and whitelists each wallet, and may support only some custodian wallets. The fund may redeem an account below $100,000 on 60 days’ notice. No state list is published." }, "rights": { "voting": true, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "BNY Mellon Investment Servicing (US) Inc. (SEC-registered transfer agent, file 084-01761)", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "BSTBL", "underlying": { "name": "OnChain Share of BlackRock Select Treasury Based Liquidity Fund, a registered government money market fund holding only Treasuries of 93 days or less and overnight Treasury repo; one token is one share", "ticker": "DOLXX", "cusip": "09250C572" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x6a008e48d867e2a8963054f594833a0ab7d2147a" } ] } ], "terms": [ { "question": "claim", "answer": "The token is the fund share: the chain records, joined to BNY’s off-chain list of who owns each wallet, are the fund’s official register.", "quote": "Such blockchain records, together with an off‑chain register associating wallet addresses with shareholder personal identifying information, will constitute the official shareholder register of the Fund and, in the absence of a technical failure of either of those systems, conclusively govern the record ownership of the OnChain Shares.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "locator": "Prospectus, Fund Overview, “Use of the Blockchain”" }, { "question": "who-may-hold", "answer": "U.S. residents; the shares are registered for sale only in the United States and some territories.", "quote": "OnChain Shares of the Fund are only registered for sale in the United States and certain of its territories. Consequently, the Fund generally does not accept investments from non‑U.S. residents.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "locator": "Prospectus, Account Information, “Purchase of OnChain Shares”" }, { "question": "who-may-hold", "answer": "Only wallets the transfer agent has registered and verified may buy.", "quote": "OnChain Shares will be issued as permissioned ERC-20 Tokens on Ethereum, a public blockchain, and may be purchased only by investors whose blockchain wallet addresses have been registered with, and verified by, the Transfer Agent.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526329161/d886609d497k.htm", "locator": "Summary prospectus, “Purchase and Sale of OnChain Shares”" }, { "question": "minimum", "answer": "$3 million first purchase for institutions, which the fund’s officers may reduce or waive; no minimum after that.", "quote": "Minimum Initial Investment $3 million for institutions. Minimum Additional Investment No subsequent minimum.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526329161/d886609d497k.htm", "locator": "Summary prospectus, “Purchase and Sale of OnChain Shares”" }, { "question": "account-types", "answer": "The minimum names institutions; some record owners are expected to be accounts at crypto banks whose customers may be stablecoin issuers.", "quote": "certain record owners of OnChain Shares are expected to be trust or other accounts maintained by state or federally chartered crypto banks or other financial intermediaries in the crypto ecosystem", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526329161/d886609d497k.htm", "locator": "Summary prospectus, “Payments to Broker/Dealers and Other Financial Intermediaries”" }, { "question": "transfer", "answer": "Holder to holder at any hour, but only between wallets the transfer agent has whitelisted; newly minted tokens are locked until the next business day.", "quote": "Before transferring OnChain Shares, you (as the transferor) and the potential transferee must each have an active, permissioned (i.e., “whitelisted”) account registered with the Transfer Agent.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "locator": "Prospectus, Account Information, “Peer-to-Peer Transfers of OnChain Shares”" }, { "question": "redemption", "answer": "Tokens moved to the Redemption Wallet by 5:00 p.m. Eastern are burned that day, and the fund typically wires dollars the same day.", "quote": "Tokens will be burned from the Redemption Wallet on the same Business Day on which the redemption request is received in good order, and payment for redeemed OnChain Shares will typically be wired in federal funds on that same day, provided the Fund’s custodian is also open for business.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "locator": "Prospectus, Account Information, “Redemption of OnChain Shares”" }, { "question": "record", "answer": "BNY Mellon Investment Servicing keeps the official record of ownership on a public chain, through a permissioned system.", "quote": "The Fund’s transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), maintains the official record of ownership of OnChain Shares on a public blockchain that is used by the Fund’s investors.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "locator": "Prospectus, Fund Overview, “Use of the Blockchain”" }, { "question": "freeze", "answer": "The fund may freeze a holder’s wallet to comply with money laundering and sanctions law, and the transfer agent’s contracts can claw back tokens.", "quote": "The Fund also reserves the right to freeze shareholder wallets or otherwise restrict their ability to send or receive OnChain Shares from other wallets in order to comply with applicable money laundering, sanctions or other laws.", "source": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "locator": "Prospectus, General Information, “Anti-Money Laundering Requirements”" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x6a008e48d867e2a8963054f594833a0ab7d2147a", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "allowlist", "pause", "freeze", "mint", "clawback" ], "address": "0x0fc190f3e3b36530a67443663118195577285cea", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x628d3e5eb2d1a3fa294ccdc00a324b61836d3909", "kind": "contract", "controller": { "address": "0x0fc190f3e3b36530a67443663118195577285cea", "kind": "single-key", "via": "owner()" } } ] } ], "redemption": [ { "via": "nav-cutoff", "cutoff": "17:00 America/New_York", "settlement": "The holder moves the tokens to the fund’s Redemption Wallet by 5:00 p.m. Eastern on a business day, or calls the Liquidity Service Center if it cannot redeem on chain; the transfer agent burns the tokens that day and the fund typically wires federal funds the same day if its custodian is open, otherwise the next day it is.", "settlesIn": [ "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "blackrock-cachematrix", "name": "BlackRock Liquidity Service Center and the Cachematrix order portal" } ], "sources": [ { "name": "SEC EDGAR: BlackRock Liquidity Funds Form N-1A post-effective amendment (485BPOS), OnChain Shares prospectus for BlackRock Select Treasury Based Liquidity Fund, 31 July 2026", "url": "https://www.sec.gov/Archives/edgar/data/97098/000119312526327215/d45978d485bpos.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: OnChain Shares summary prospectus (497K), 3 August 2026", "url": "https://www.sec.gov/Archives/edgar/data/97098/000119312526329161/d886609d497k.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: BlackRock Liquidity Funds statement of additional information (497), 3 August 2026", "url": "https://www.sec.gov/Archives/edgar/data/97098/000119312526330700/d51165d497.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "BlackRock: BlackRock Select Treasury Based Liquidity Fund, OnChain Shares product page", "url": "https://www.blackrock.com/cash/en-us/products/351793/blackrock-select-treasury-based-liquidity-fund", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: BNY Mellon Investment Servicing (US) Inc., Form TA-1/A, 12 June 2026", "url": "https://www.sec.gov/Archives/edgar/data/849542/000084954226000008/0000849542-26-000008-index.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Verified BSTBL implementation on Ethereum (Sourcify, FundBNRV1)", "url": "https://sourcify.dev/server/v2/contract/1/0x308ce697ba00ba7ff016484399cbc802c1c9e215", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Blockscout: BSTBL token on Ethereum (name, supply, holders, mints)", "url": "https://eth.blockscout.com/token/0x6a008e48d867e2a8963054f594833a0ab7d2147a", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "BlackRock changes who may hold, the $3 million minimum, the 5:00 p.m. cutoff, or same-day payment", "The implementation, owner, or proxy admin of the Ethereum token changes, or the owner moves from a single key to a multisig or timelock", "The fund adds a chain other than Ethereum for OnChain Shares; that contract is then read", "The single holder is joined by others or leaves, or the fund breaks its dollar price, suspends redemptions, or limits peer-to-peer transfers", "Regulators issue GENIUS Act rules that exclude money market fund shares from stablecoin reserves or cap them" ] }, { "id": "figure-fgrs", "url": "https://ketjuresearch.com/register/files/figure-fgrs/", "displayName": "Figure Technology Solutions Series A Blockchain Common Stock (FGRS)", "reviewed": "2026-09-23", "nextReview": "2026-12-22", "claimModel": "issuer-direct", "registrationPath": "other", "instrumentKind": "equity", "issuer": "Figure Technology Solutions, Inc. (Nevada; CIK 2064124; Class A common stock listed on Nasdaq as FIGR); blockchain stock registered on Form S-1, No. 333-291591, and under Exchange Act section 12(g); Figure Equity Solutions, Inc. as transfer agent and registrar", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "The prospectus sets no investor test and no minimum: shares may be held in fractions to nine decimal places, and the February 2026 offering was sold to retail investors through Figure Markets and outside online brokers. Every holder must be a “permitted holder,” a Provenance wallet that has passed Figure’s KYC and anti-money-laundering onboarding; on chain the marker requires the account attribute figure.kyc.passport.pb. No document read lists the US states or foreign countries where holders are accepted." }, "rights": { "voting": true, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Figure Equity Solutions, Inc. (Figure subsidiary; SEC-registered transfer agent, file 084-06830)", "secRegistered": true, "officialRecord": "chain" }, "instruments": [ { "symbol": "FGRS", "underlying": { "name": "Series A Blockchain Common Stock of Figure Technology Solutions, Inc., par $0.0001: a separate class with its own CUSIP, one vote a share, dividend and liquidation rights equal to the Class A common stock, and convertible one for one into Class A (Nasdaq: FIGR) at the holder’s option. One FGRS on chain is 1,000,000,000 nfgrd.", "ticker": "FGRS" }, "contracts": [ { "chain": "Provenance", "chainId": "cosmos:pio-mainnet-1", "address": "nfgrd" } ] } ], "terms": [ { "question": "claim", "answer": "A separate class of Figure Technology Solutions common stock that converts one for one into the Nasdaq-listed Class A shares.", "quote": "The blockchain stock and the Class A common stock are separate classes of securities, and the blockchain stock has a separate CUSIP number.", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Description of Blockchain Stock, Beneficial Ownership Reporting Requirements (p. 246)" }, { "question": "who-may-hold", "answer": "Any holder whose Provenance wallet has passed Figure’s KYC and anti-money-laundering onboarding; the prospectus sets no accreditation test.", "quote": "Blockchain stock will be transferable only to wallets on the Provenance Blockchain that have gone through a KYC and anti-money laundering onboarding process, consistent with applicable U.S. federal and state financial regulatory requirements, which we refer to as “permitted holders.”", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Description of Blockchain Stock, Trading and Transfers (p. 241)" }, { "question": "minimum", "answer": "No minimum is stated; shares may be held in fractions to nine decimal places.", "quote": "shares of blockchain stock may be divisible and represented with precision of up to nine decimal places and may be held in fractional quantities within wallets compatible with the Provenance Blockchain", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Description of Blockchain Stock, Fractional Shares (p. 244)" }, { "question": "account-types", "answer": "Retail investors could buy in the offering through Figure Markets after identity checks; the documents do not list account types.", "quote": "We will also support a direct retail investment process conducted through the Figure Markets user interface, whereby eligible retail investors will be permitted to sign up for an account", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Plan of Distribution, Sales to Retail Investors (p. 258)" }, { "question": "transfer", "answer": "Peer to peer or on Figure ATS, only between permitted holders, and only on Provenance.", "quote": "The blockchain stock may be held only on the Provenance Blockchain.", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Description of Blockchain Stock, Trading and Transfers (p. 241)" }, { "question": "redemption", "answer": "Not redeemable; the exit is conversion into Class A shares or a sale on Figure ATS.", "quote": "Blockchain stock will not be redeemable, and will not be subject to sinking fund or similar provisions. However, holders of blockchain stock may convert their shares into shares of our Class A common stock on a one-for-one basis.", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Description of Blockchain Stock, Redemption and Sinking Fund (p. 242)" }, { "question": "record", "answer": "Balances and transfers sit on Provenance; Figure Equity Solutions keeps the master securityholder file that links them to holders’ identities.", "quote": "Figure Equity Solutions, Inc. maintains the Master Security Holder File and Control Book, which link the off-chain PII with the corresponding on-chain records.", "source": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "locator": "Description of Blockchain Stock, Recordkeeping (p. 246)" }, { "question": "freeze", "answer": "The prospectus names no freeze or clawback power. On chain, the marker allows forced transfer by two accounts, a Figure group and one single key, and a wallet without Figure’s KYC attribute cannot receive FGRS.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "https://www.sec.gov/Archives/edgar/data/2064124/000162828026057061/figr-20260630.htm", "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008784/figure-blockchain8xa.htm", "https://api.provenance.io/provenance/marker/v1/detail/nfgrd" ] } ], "controls": [], "redemption": [ { "via": "in-kind", "settlement": "No redemption. The holder may convert whole shares one for one into Class A common stock, delivered by DTC book entry to a brokerage account, or exchange them through Figure’s OPEN interface (UMB Financial settles from Figure’s treasury account, one to two or more business days), then sell FIGR on Nasdaq.", "settlesIn": [ "FIGR Class A common stock" ] }, { "via": "secondary-only", "settlement": "Sale on Figure ATS, run by Figure Securities, against YLDS at a limit price, settled on Provenance at execution; 0.03% fee from each side. YLDS may then be surrendered to Figure Certificate Company for dollars.", "settlesIn": [ "YLDS" ] } ], "venues": [ { "kind": "ats", "id": "figure-ats", "name": "Figure ATS (Figure Securities, Inc.), FGRS/YLDS order book" }, { "kind": "issuer-primary", "id": "figure-open", "name": "Figure OPEN interface (exchange to and from Class A shares)" } ], "sources": [ { "name": "SEC EDGAR: Figure Technology Solutions, Inc. prospectus for Series A Blockchain Common Stock, Form 424(b)(4), 18 February 2026 (Registration No. 333-291591)", "url": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Figure Technology Solutions, Inc. Form 10-Q for the quarter ended June 30, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026057061/figr-20260630.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Figure Technology Solutions, Inc. Form 8-A (section 12(g) registration of the blockchain stock), 18 February 2026", "url": "https://www.sec.gov/Archives/edgar/data/2064124/000162828026008784/figure-blockchain8xa.htm", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SEC EDGAR: Figure Equity Solutions, Inc. Form TA-1/A (September 3, 2025)", "url": "https://www.sec.gov/Archives/edgar/data/1905526/000190552625000004/primary_doc.xml", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Provenance REST: nfgrd marker detail", "url": "https://api.provenance.io/provenance/marker/v1/detail/nfgrd", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Provenance REST: nfgrd denom metadata", "url": "https://api.provenance.io/cosmos/bank/v1beta1/denoms_metadata/nfgrd", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Provenance REST: group policy for the nfgrd marker admin", "url": "https://api.provenance.io/cosmos/group/v1/group_policy_info/pb10r29n9w7ja6qt7l3dzls32x7alvmc9j9l9q8x79xwusy0fjf372s348dzu", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Provenance REST: nfgrd supply", "url": "https://api.provenance.io/cosmos/bank/v1beta1/supply/by_denom?denom=nfgrd", "kind": "primary", "accessed": "2026-09-23" }, { "name": "CoinGecko: FGRS (Figure Tokenized Stock)", "url": "https://www.coingecko.com/en/coins/fgrs-figure-tokenized-stock", "kind": "secondary", "accessed": "2026-09-23" } ], "reopenWhen": [ "Ketju’s control reader gains Provenance marker support; the Provenance row is then read and added (on 2026-09-23 the marker admin was group 722 at a 51% threshold, one single key held mint, burn, and forced-transfer rights, and two more single keys held transfer rights)", "The nfgrd marker’s access grants, required attribute, or forced-transfer setting change on Provenance", "Figure files a prospectus supplement, 8-K, or amended certificate of designation that changes who may hold, transfer, conversion, or exchange", "The blockchain stock becomes transferable to holders who are not permitted holders, trades on a venue other than Figure ATS, or moves to a chain other than Provenance", "Figure Equity Solutions files a TA-W or Figure names a different transfer agent for the blockchain stock", "Figure declares a dividend, or on-chain supply stops matching the blockchain shares Figure reports outstanding" ] }, { "id": "vnx-gold", "url": "https://ketjuresearch.com/register/files/vnx-gold/", "displayName": "VNX Gold (VNXAU)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "VNX Commodities AG (Liechtenstein, register FL0002.654.2718), registered with the FMA as a token generator and TT depositary under the Blockchain Act; its TT exchange service provider registration expired on 2026-07-02", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Anyone may hold VNXAU on chain, but the GitBook makes a holder the lawful owner of the gold only after registering, identifying, and passing AML checks with VNX, and a sender must give VNX the recipient’s name and email. Buying from, selling to, or redeeming with VNX takes a verified platform account and 1,000 VNXAU (a 1 kg bar, about $135,000 on 2026-09-23) or multiples. VNX names excluded countries only during account opening and excludes politically exposed persons; the documents do not mention US persons." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "VNXAU", "underlying": { "name": "Ownership, with other holders, of numbered bars of LBMA gold at one gram per token, pooled in a holders’ deposit that VNX Commodities keeps in its own name at Philoro Edelmetallhandel AG in Eschen, Liechtenstein; ownership depends on registering with VNX", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x6d57b2e05f26c26b549231c866bdd39779e4a488" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0xac3fe22294beaed9d1fd752323a6d06d12ff3098" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xC8bB8eDa94931cA2F20EF43eA7dBD58E68400400" }, { "chain": "Etherlink", "chainId": "eip155:42793", "address": "0x93F5475da60143C50e8bE3fED10c143B0CF8b9E9" }, { "chain": "Solana", "chainId": "solana:mainnet", "address": "9TPL8droGJ7jThsq4momaoz6uhTcvX2SeMqipoPmNa8R" }, { "chain": "Tezos", "chainId": "tezos:NetXdQprcVkpaWU", "address": "KT1LSH97386CURN9FgRNqdQJoHaHY6e1vxUv" }, { "chain": "Stellar", "chainId": "stellar:pubnet", "address": "VNXAU-GCKIYYQVIFBIFDRN7BNDNHL3UZSFHT5NHDAISG2N3MWCZY3WNXL3LXN3" } ] } ], "terms": [ { "question": "claim", "answer": "Ownership of specific gold bars held for the holder in a Liechtenstein vault; the Terms pool them in a holders’ deposit and let VNX return an equivalent bar.", "quote": "is a blockchain token that represents ownership of specific physical gold bars purchased and stored in the VNX Gold holder’s name in a highly secured professional vault in the Principality of Liechtenstein.", "source": "https://vnx.gitbook.io/vnx-platform/vnx-gold/executive-summary", "locator": "Executive Summary, first paragraph" }, { "question": "claim", "answer": "The holder is the lawful owner only after registering with VNX and passing its identity and AML checks.", "quote": "Each VNX Gold token holder is the only lawful owner of the gold subject to successful registration, identification, and passing anti-money laundering checks on the VNX Platform.", "source": "https://vnx.gitbook.io/vnx-platform/llms-full.txt", "locator": "Executive Summary, second paragraph" }, { "question": "claim", "answer": "The vault account is in VNX’s name, as holder for the token holders.", "quote": "stored in a specialized high-security storage facility in Liechtenstein in the name of VNX Commodities AG as the vicarious owner, registrar and depository for the VNXAU-token holders", "source": "https://web.archive.org/web/20260424130946id_/https://vnx.li/wp-content/uploads/2026/03/VNX_Examination_on_Management_Assertions_VNXAU_31_12_2025_signiert.pdf", "locator": "Page 3, Description of procedures" }, { "question": "who-may-hold", "answer": "VNX says which countries it excludes only during account opening; the documents do not mention US persons.", "quote": "The eligibility and criteria to use the Services also depend on the country of Your residence. You will be notified of any restrictions during the user account opening process on the Platform.", "source": "https://web.archive.org/web/20230331160551id_/https://vnx-terms.s3.eu-central-1.amazonaws.com/VNX-Commodity-Token-Terms.pdf", "locator": "Terms (2023), Section 1.1" }, { "question": "minimum", "answer": "1,000 VNXAU, one 1 kg bar, to buy from, sell to, or take delivery from VNX; no minimum to hold.", "quote": "Minimum limit: 1,000 VNX Gold representing ownership of 1 kg (1,000 grams) gold bar (and multiples thereof) for purposes of the purchase, sale and delivery transactions with VNX Commodities", "source": "https://web.archive.org/web/20230331160551id_/https://vnx-terms.s3.eu-central-1.amazonaws.com/VNX-Commodity-Token-Terms.pdf", "locator": "Terms (2023), Annex III" }, { "question": "account-types", "answer": "Individuals, through personal accounts, and companies or other organizations, through business accounts.", "quote": "The Platform allows to open personal (for individuals) and business user account(s) (for legal entities and/or unincorporated organizations (“Organization”)).", "source": "https://web.archive.org/web/20230331160551id_/https://vnx-terms.s3.eu-central-1.amazonaws.com/VNX-Commodity-Token-Terms.pdf", "locator": "Terms (2023), Section 1.3" }, { "question": "transfer", "answer": "Freely on chain without VNX’s consent, less a transfer fee, but the sender must give VNX the recipient’s name and email.", "quote": "VNX Commodities AG’s consent is not required for VNX Gold transfers. However, the token holder must notify and disclose the details (email and name) to VNX Commodities AG in case of a VNX Gold transfer.", "source": "https://vnx.gitbook.io/vnx-platform/vnx-gold/vnx-gold-transfers", "locator": "VNX Gold Transfers, first paragraph" }, { "question": "redemption", "answer": "Registered holders collect bars at the vault in Liechtenstein or have them delivered, from 1 kg.", "quote": "Physical collection and delivery of gold bars is possible in gold bars starting from 1 kg and multiples thereof.", "source": "https://vnx.gitbook.io/vnx-platform/vnx-gold/operations-with-vnx-gold-on-vnx-platform", "locator": "Operations with VNX Gold on VNX Platform" }, { "question": "record", "answer": "Both: title moves with the token on chain, and VNX keeps a Commodity Entitlements Register that its auditor calls the basis of the property right.", "quote": "This report does not express an opinion about the accuracy and completeness of the register of the single token holders which VNX Commodities AG is keeping and which is deemed to be the basis to assert a property right.", "source": "https://web.archive.org/web/20260424130946id_/https://vnx.li/wp-content/uploads/2026/03/VNX_Examination_on_Management_Assertions_VNXAU_31_12_2025_signiert.pdf", "locator": "Page 6" }, { "question": "freeze", "answer": "On a court or authority order VNX may block tokens, move them to its own wallet, or cancel them; on chain, each EVM token’s asset-protection key can freeze an address and then take its whole balance.", "quote": "enforcement may be in the form of blocking the relevant Commodity Tokens, transfer of the Commodity Tokens to the on-the-Platform custodial wallet controlled by VNX Commodities, cancellation of the Commodity Tokens", "source": "https://web.archive.org/web/20230331160551id_/https://vnx-terms.s3.eu-central-1.amazonaws.com/VNX-Commodity-Token-Terms.pdf", "locator": "Terms (2023), Section 14" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x6d57b2e05f26c26b549231c866bdd39779e4a488", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xcdb3867935247049e87c38ea270edd305d84c9ae", "kind": "contract", "controller": { "address": "0x7b0c15f39cd987a7d3f5d8d10b57ac6d633e9403", "kind": "single-key", "via": "owner()" } }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xc8bb8eda94931ca2f20ef43ea7dbd58e68400400", "kind": "contract", "controller": { "address": "0x7b0c15f39cd987a7d3f5d8d10b57ac6d633e9403", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0xac3fe22294beaed9d1fd752323a6d06d12ff3098", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xd63052e09af164cef57695d3b96043ea848b051f", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x35bb28feef0499d7580ed8e8ef1a19ab346b79e8", "kind": "contract", "controller": { "address": "0xd63052e09af164cef57695d3b96043ea848b051f", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0xc8bb8eda94931ca2f20ef43ea7dbd58e68400400", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xbbe070a5f848b532fd4c9ceee77f66867fb70172", "kind": "contract", "controller": { "address": "0x88f239d6629e98d6828fdba8f8f415d4b903af4a", "kind": "single-key", "via": "owner()" } }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0xed69422ba3813968371ce9a55a8b40965725a117", "kind": "contract", "controller": { "address": "0x88f239d6629e98d6828fdba8f8f415d4b903af4a", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Etherlink", "chainId": "eip155:42793", "contract": "0x93f5475da60143c50e8be3fed10c143b0cf8b9e9", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x21f5727b19051a0a483f05ce3c379202daa559c1", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x385ddca38c98743b5bc6e299371511066ea47a2b", "kind": "contract", "controller": { "address": "0x21f5727b19051a0a483f05ce3c379202daa559c1", "kind": "single-key", "via": "owner()" } } ] }, { "chain": "Solana", "chainId": "solana:mainnet", "contract": "9TPL8droGJ7jThsq4momaoz6uhTcvX2SeMqipoPmNa8R", "allowlist": false, "freeze": true, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "51b5UJs8hyyDunrZMWL6ACDXY8FQc1hLLA3M54UksxaY", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "51b5UJs8hyyDunrZMWL6ACDXY8FQc1hLLA3M54UksxaY", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A registered, KYC-verified holder moves VNXAU to a VNX platform wallet and redeems in 1 kg bars (1,000 VNXAU) and multiples: collected in person at the vault in Liechtenstein, or delivered at the holder’s cost and risk. The holder receives an equivalent bar, not the one first allocated. The 2023 Terms charge a termination fee of 1.5% falling to 0.5% with size, plus a one-time €150 onboarding fee.", "settlesIn": [ "XAU (1 kg LBMA bars, collected in Liechtenstein or delivered)" ] }, { "via": "issuer-window", "settlement": "A registered holder with at least 1,000 VNXAU in the platform wallet may have VNX sell the gold and pay out in fiat or crypto, usually within one business day. Smaller amounts may go through VNX’s exchange service, which VNX does not guarantee.", "settlesIn": [ "EUR", "CHF", "USD", "stablecoins" ] }, { "via": "secondary-only", "settlement": "Holders below 1 kg or without a VNX account exit on LBank, XT.com, Aerodrome (Base), Orca and Raydium (Solana), or Uniswap (Ethereum).", "settlesIn": [ "USDT", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "vnx-platform", "name": "VNX platform (verified accounts; 1 kg minimum for purchase, sale, and delivery)" }, { "kind": "exchange", "id": "lbank", "name": "LBank (VNXAU/USDT, Ethereum and Q)" }, { "kind": "exchange", "id": "xt", "name": "XT.com (Ethereum)" }, { "kind": "dex", "id": "aerodrome-base", "name": "Aerodrome VNXAU/USDC (Base)" }, { "kind": "dex", "id": "solana-orca-raydium", "name": "Orca and Raydium VNXAU/USDC (Solana)" }, { "kind": "dex", "id": "uniswap-v3-ethereum", "name": "Uniswap v3 VNXAU/USDC (Ethereum)" } ], "sources": [ { "name": "VNX Platform GitBook (full text, read live)", "url": "https://vnx.gitbook.io/vnx-platform/llms-full.txt", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VNX GitBook: VNX Gold executive summary", "url": "https://vnx.gitbook.io/vnx-platform/vnx-gold/executive-summary", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VNX GitBook: Token details", "url": "https://vnx.gitbook.io/vnx-platform/vnx-gold/token-details", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VNX GitBook: VNX Gold transfers", "url": "https://vnx.gitbook.io/vnx-platform/vnx-gold/vnx-gold-transfers", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VNX GitBook: Operations with VNX Gold on the VNX platform", "url": "https://vnx.gitbook.io/vnx-platform/vnx-gold/operations-with-vnx-gold-on-vnx-platform", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VNX Commodities AG: Commodity Token Terms (dated 2023-02-23; Wayback capture of 2023-03-31; the live copy returns 403)", "url": "https://web.archive.org/web/20230331160551id_/https://vnx-terms.s3.eu-central-1.amazonaws.com/VNX-Commodity-Token-Terms.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "AREVA General Auditing and Trust Company: agreed-upon procedures report on the VNXAU Gold Reserve Report as of 2025-12-31 (signed 2026-03-23; Wayback capture of 2026-04-24)", "url": "https://web.archive.org/web/20260424130946id_/https://vnx.li/wp-content/uploads/2026/03/VNX_Examination_on_Management_Assertions_VNXAU_31_12_2025_signiert.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "FMA Liechtenstein register: VNX Commodities AG", "url": "https://ws-api.llv.li/fire-wsapi/api/v1/intermediary/3961ba79-b992-eb11-8123-005056ab0b01", "kind": "primary", "accessed": "2026-09-23" }, { "name": "VNX Commodities AG: imprint", "url": "https://vnx.li/imprint.html", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The implementation behind any of the four EVM proxies changes, or the owner or proxy admin changes; on 2026-09-23 each chain’s admin rests with a single private key (Ethereum 0x7b0c15f3…9403, Base 0xd63052e0…051f, Polygon 0x88f239d6…af4a, Etherlink 0x21f5727b…59c1)", "On Solana, the mint and freeze authority 51b5UJs8hyyDunrZMWL6ACDXY8FQc1hLLA3M54UksxaY changes", "VNX freezes an address, reclaims a frozen balance, pauses a token, or raises the transfer fee", "VNX publishes a reserve report that covers Etherlink, where about 72% of supply sat on 2026-09-23 with no report covering it, or total supply across chains exceeds the last attested grams", "VNX republishes its Commodity Token Terms or its site, or the FMA records a MiCA authorization or a lapse of the token generator or TT depositary registration", "Tokens are issued on Tezos, Stellar, or a new chain" ] }, { "id": "tenbin-tgld", "url": "https://ketjuresearch.com/register/files/tenbin-tgld/", "displayName": "Tenbin Gold (tGLD)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "note", "issuer": "Tenbin AssetCo (BVI) SPC Ltd., a British Virgin Islands segregated portfolio company, for the account of its gold Issuer Portfolio; the terms of use are a contract with Tenbin Foundation (Cayman Islands)", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "US persons and residents of about 46 listed jurisdictions may not mint, redeem, trade, acquire, hold, or transfer tGLD. Only whitelisted, KYC- or KYB-screened Eligible Investors with approved wallets may mint or redeem, and the terms say the services are for professional, institutional, or otherwise eligible investors. No minimum is stated. The contract does not enforce any of this: anyone can receive tGLD on chain." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "tGLD", "underlying": { "name": "An unsecured note of the issuer’s gold portfolio, repayable on demand at the US dollar value of one troy ounce of gold at the LBMA spot price, paid in a stablecoin the issuer picks; no title to gold and no interest in the futures hedge", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x6a547b25534234bb79CE6961a23Db13DE154b6F4" } ] } ], "terms": [ { "question": "claim", "answer": "An unsecured debt of the issuer’s gold portfolio, repayable on demand at the spot price of one ounce of gold; the holder owns no gold.", "quote": "Each Token represents a direct, unconditional, unsubordinated, and unsecured obligation of the relevant Issuer Portfolio.", "source": "https://www.tenbinlabs.xyz/terms-of-use", "locator": "Section 2, Services" }, { "question": "claim", "answer": "The holder has no interest in the futures that hedge the issuer’s gold exposure.", "quote": "Asset holders have no exposure to, interest in, or ownership of the underlying hedge positions.", "source": "https://docs.tenbinlabs.xyz/solution-overview/key-trust-assumptions", "locator": "Hedging and Execution" }, { "question": "who-may-hold", "answer": "Nobody who is a US person or in a prohibited jurisdiction may hold tGLD at all, not only mint or redeem it.", "quote": "U.S. Persons and persons or entities located, resident, or organized in any Prohibited Jurisdiction are strictly prohibited from minting, redeeming, trading, acquiring, holding, or transferring any Tokens", "source": "https://www.tenbinlabs.xyz/terms-of-use", "locator": "Section 3.1" }, { "question": "minimum", "answer": "Not stated.", "notStated": true, "checked": [ "https://www.tenbinlabs.xyz/terms-of-use", "https://docs.tenbinlabs.xyz/solution-overview/minting-and-redemption", "https://docs.tenbinlabs.xyz/llms-full.txt" ] }, { "question": "account-types", "answer": "Professional, institutional, or otherwise eligible investors, individuals or entities, after KYC or KYB.", "quote": "The Services are intended solely for use by professional, institutional, or otherwise Eligible Investors.", "source": "https://www.tenbinlabs.xyz/terms-of-use", "locator": "Section 20" }, { "question": "transfer", "answer": "Only as Tenbin permits; the terms bar resale and secondary trading otherwise, though the contract itself lets any address send tGLD.", "quote": "Engage in any resale, secondary trading, or other transfer of Tokens except as expressly permitted by Tenbin.", "source": "https://www.tenbinlabs.xyz/terms-of-use", "locator": "Section 7, Prohibited Uses" }, { "question": "redemption", "answer": "Eligible Investors redeem on demand for stablecoin or fiat at gold spot; no gold is delivered.", "quote": "Redemption proceeds will be paid in specified settlement assets (such as approved stablecoins or fiat rails), as determined by Tenbin and disclosed in the applicable token-specific terms.", "source": "https://www.tenbinlabs.xyz/terms-of-use", "locator": "Section 3.2, Redemption" }, { "question": "record", "answer": "The chain: whoever controls the token owns the note, and Tenbin keeps no separate register.", "quote": "Token Control of the Token by a Holder is conclusive evidence of the ownership of the Note and the right to payment made hereunder. No separate register of holders shall be maintained", "source": "https://eth.blockscout.com/api/v2/smart-contracts/0x6a547b25534234bb79ce6961a23db13de154b6f4", "locator": "TOKEN_NOTE, Section 7(b)" }, { "question": "freeze", "answer": "The terms let Tenbin blacklist wallets and cancel or force-redeem tokens held by ineligible persons; the deployed contract has no such function, so today only minting and redemption can be blocked.", "quote": "Tenbin and/or the protocol may implement technical controls, including but not limited to protocol-level blocks, wallet blacklisting, and/or force-redemption or cancellation of Tokens held by ineligible persons or wallets, to enforce these restrictions.", "source": "https://www.tenbinlabs.xyz/terms-of-use", "locator": "Section 3.1" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x6a547b25534234bb79ce6961a23db13de154b6f4", "allowlist": false, "freeze": false, "pause": false, "clawback": false, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "mint" ], "address": "0x698c6d3726846c4ad4dc9331862b92cd80d2fb99", "kind": "multisig", "threshold": 3, "signers": 5 }, { "role": "minter", "powers": [ "mint" ], "address": "0x5e631388b24ec493619daeeaef6fc34b33d97dcd", "kind": "contract" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "An Eligible Investor with a whitelisted wallet redeems tGLD through the Tenbin Controller on demand and is paid the spot value of one ounce per token in an approved stablecoin or by fiat. Tenbin charges no mint or redemption fee by default; the investor pays execution costs, and a fee applies outside market hours. Physical gold is not delivered unless the token terms offer it; they do not. Tenbin may suspend or limit redemption without notice.", "settlesIn": [ "USDC", "USD" ] }, { "via": "secondary-only", "settlement": "A holder who is not an Eligible Investor has no redemption right in practice and can only sell, in the Uniswap v4 pool on Ethereum. The terms bar resale except as Tenbin permits and make transfers to ineligible wallets voidable.", "settlesIn": [ "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "tenbin-app", "name": "Tenbin app (app.tenbinlabs.xyz): mint and redeem for whitelisted Eligible Investors" }, { "kind": "dex", "id": "uniswap-v4-ethereum", "name": "Uniswap v4 on Ethereum (tGLD/USDC); Tenbin does not list it" } ], "sources": [ { "name": "Tenbin Foundation: Terms of Use (last updated July 13th, 2026)", "url": "https://www.tenbinlabs.xyz/terms-of-use", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tenbin docs: Legal and Regulatory", "url": "https://docs.tenbinlabs.xyz/legal-and-transparency/legal-and-regulatory", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tenbin docs: Minting and Redemption", "url": "https://docs.tenbinlabs.xyz/solution-overview/minting-and-redemption", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tenbin docs: Core Addresses", "url": "https://docs.tenbinlabs.xyz/solution-overview/core-addresses", "kind": "primary", "accessed": "2026-09-23" }, { "name": "tGLD contract on Ethereum (Blockscout verified source, with the TOKEN_NOTE text)", "url": "https://eth.blockscout.com/api/v2/smart-contracts/0x6a547b25534234bb79ce6961a23db13de154b6f4", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tenbin docs: Proof of Reserves", "url": "https://docs.tenbinlabs.xyz/hedging-and-risk/proof-of-reserves", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Tenbin docs: Key Trust Assumptions", "url": "https://docs.tenbinlabs.xyz/solution-overview/key-trust-assumptions", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The owner of 0x6a547b25534234bb79CE6961a23Db13DE154b6F4 (a 3-of-5 multisig on 2026-09-23) changes, or it points the minter away from the Tenbin Controller 0x5e631388b24ec493619DAEEAef6fc34B33d97Dcd", "Tenbin deploys a new tGLD contract with a blocklist, allowlist, or forced burn, which its terms already reserve", "Tenbin publishes a proof of reserves or an audit of the gold portfolio, or names a custodian other than Ripple Prime", "Tenbin revises the Terms of Use (last updated July 13th, 2026), above all the US-person bar, the redemption terms, or the settlement assets", "Tenbin suspends minting or redemption, or the tGLD price leaves gold spot by more than the hedge cost for more than a day" ] }, { "id": "silvertimes-stt", "url": "https://ketjuresearch.com/register/files/silvertimes-stt/", "displayName": "SilverTimes Token (STT)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Not named in the white paper or docs; SilverTimes’ transparency reports label STT Assets Limited (Hong Kong) as issuer, the site terms are those of Silver Times Global Inc., and the white paper says Alexis Investment Limited, a GobiMin Inc. subsidiary, supports the program", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "notes": "Minting takes KYC at designated facilities, and the docs put the minting minimum at one ton of silver. Anyone may hold or trade STT on chain. The documents name no excluded countries, say nothing about US persons, and do not say whether individuals or only companies may mint or redeem. Redemption is for Good Delivery bars, subject to minimums the documents do not state." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "STT", "underlying": { "name": "One troy ounce of silver per token, described in the white paper as a beneficial interest in silver held in an orphan trust whose trustee is not named; Brink’s Hong Kong holds the bars for the account of a company, not of holders", "ticker": "XAG" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x9f13a262ac5be07a8e6eac09d01daf00be5e0fce" } ] } ], "terms": [ { "question": "claim", "answer": "The white paper says holders own the silver beneficially through an orphan trust; no trust deed or trustee is published.", "quote": "All underlying silver assets have been placed in an Orphan Trust structure, protecting the interests of STT token holders. The beneficiary ownership of silver belongs to STT token holders.", "source": "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "locator": "Page 12, Minting and Redemption" }, { "question": "claim", "answer": "Later in the same paper the trust is only an intention.", "quote": "SilverTimes intends to use a trustee company structure to custody silver reserves", "source": "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "locator": "Page 19, Security and Compliance" }, { "question": "who-may-hold", "answer": "Minting takes KYC; the documents name no excluded countries and say nothing about US persons.", "quote": "To mint STT, users must complete the required KYC verification and meet applicable onboarding requirements before token issuance.", "source": "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "locator": "Page 12, Minting and Redemption" }, { "question": "minimum", "answer": "One ton of silver to mint; no minimum to hold.", "quote": "1 ton of silver for minting.", "source": "https://silvertimes.gitbook.io/silvertimes-docs/faq/faq.md", "locator": "FAQ, How do I mint $STT" }, { "question": "account-types", "answer": "Not stated.", "notStated": true, "checked": [ "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "https://silvertimes.gitbook.io/silvertimes-docs/faq/faq.md", "https://www.silvertimes.io/assets/index-CBOuHYJF.js", "https://www.silvertimes.io/docs/SilverTimes_Transparency_Report_STT-TR-2026-JUL.pdf" ] }, { "question": "transfer", "answer": "Free trading on chain, with whitelisting “where applicable”; the contract can block addresses, pause, and charge a transfer fee.", "quote": "Trading is free of charge, minting is subject to a 1% fee, while redemption is subject to a 0.35% fee", "source": "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "locator": "Page 15" }, { "question": "redemption", "answer": "Verified holders redeem for physical silver through designated channels, subject to minimums and fees the paper does not set out.", "quote": "Holders of STT tokens may redeem eligible token holdings for physical silver through designated redemption channels, subject to minimum redemption amounts, processing procedures, fees, and applicable regulations.", "source": "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "locator": "Page 12, Minting and Redemption" }, { "question": "record", "answer": "Not stated which record governs; Brink’s holds the bars for the account of a company, STT Assets Limited in the transparency reports and Best Power Development Limited in the standalone certificate.", "quote": "holds secure physical silver bars with a net weight of 1,019.32330 kg for the exclusive account of STT Assets Limited.", "source": "https://www.silvertimes.io/docs/SilverTimes_Transparency_Report_STT-TR-2026-JUL.pdf", "locator": "Section I" }, { "question": "freeze", "answer": "The documents give holders no freeze terms; the contract lets a blocklist manager block any address and an enforcer multisig force-transfer any balance past the pause and the blocklist.", "quote": "ENFORCER_ROLE for force transfers that bypass pause and blocklist checks, PAUSER_ROLE for pausing/unpausing all operations, BLOCKLIST_MANAGER_ROLE for adding/removing addresses from a blocklist", "source": "https://www.silvertimes.io/docs/Beosin_Audit_Report_SilverTimes_Post_TGE_20260716.pdf", "locator": "Page 3, Project Description" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x9f13a262ac5be07a8e6eac09d01daf00be5e0fce", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x2ce3520a523c5492ae3646c9a50b94d33509731d", "kind": "contract", "controller": { "address": "0x685401a541bdcb65b1b3bdfef1e074e3c02c1ed3", "kind": "multisig", "threshold": 4, "signers": 6, "via": "owner()" } }, { "role": "MINTER_ROLE", "powers": [ "mint" ], "address": "0x46b02aa0fcf6f130edb816a2098473b522a65bed", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x91ee0f5ad33a6ffddf2e6eae5b4844123bdbd71e", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "ENFORCER_ROLE", "powers": [ "clawback" ], "address": "0x685401a541bdcb65b1b3bdfef1e074e3c02c1ed3", "kind": "multisig", "threshold": 4, "signers": 6 }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0x579173cf3e901d89ea1bc65b9a3bec8d08e6eef1", "kind": "single-key" }, { "role": "BURNER_ROLE", "powers": [ "clawback" ], "address": "0x46b02aa0fcf6f130edb816a2098473b522a65bed", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "BLOCKLIST_MANAGER_ROLE", "powers": [ "freeze" ], "address": "0xa0e3b87c8a622c8757a0edfd3f608518be5aafa4", "kind": "single-key" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A verified holder redeems for LBMA Good Delivery silver bars through SilverTimes’ designated channels, at a 0.35% fee plus delivery costs; the docs say it takes 3 to 5 business days. The minimum is not stated. The docs place the silver at Brink’s London; the custody letters place it at Brink’s Hong Kong.", "feeBps": 35, "settlesIn": [ "XAG (LBMA Good Delivery bars)" ] }, { "via": "secondary-only", "settlement": "Holders who do not redeem sell on Coinstore (STT/USDT) or in the Uniswap v4 pool on Ethereum.", "settlesIn": [ "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "silvertimes", "name": "SilverTimes (silvertimes.io): minting after KYC, from one ton of silver" }, { "kind": "exchange", "id": "coinstore", "name": "Coinstore (STT/USDT)" }, { "kind": "dex", "id": "uniswap-v4-ethereum", "name": "Uniswap v4 on Ethereum (STT/USDT)" } ], "sources": [ { "name": "SilverTimes Token white paper v9.2 (July 2026)", "url": "https://www.silvertimes.io/docs/SilverTimes_Token_whitepaper_v9.2.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SilverTimes Transparency Report STT-TR-2026-JUL (issued 20 August 2026)", "url": "https://www.silvertimes.io/docs/SilverTimes_Transparency_Report_STT-TR-2026-JUL.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Brink’s Hong Kong holding certificate, 15 May 2026, ref AG42840 (standalone PDF on silvertimes.io)", "url": "https://www.silvertimes.io/docs/Brinks_SilverTimes_Holding_Certificate_STT_Assets_Limited_1019.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SilverTimes docs: FAQ", "url": "https://silvertimes.gitbook.io/silvertimes-docs/faq/faq.md", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Beosin: SilverTimes smart contract audit (16 July 2026)", "url": "https://www.silvertimes.io/docs/Beosin_Audit_Report_SilverTimes_Post_TGE_20260716.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "SilverTimes site script (renders silvertimes.io, including its terms)", "url": "https://www.silvertimes.io/assets/index-CBOuHYJF.js", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The implementation behind 0x9f13a262ac5be07a8e6eac09d01daf00be5e0fce changes, or its proxy admin (owned by a 4-of-6 multisig) changes", "The single-key PAUSER_ROLE holder 0x579173cf3e901d89ea1bc65b9a3bec8d08e6eef1 or BLOCKLIST_MANAGER_ROLE holder 0xa0e3b87c8a622c8757a0edfd3f608518be5aafa4 changes, or the 4-of-6 ENFORCER_ROLE multisig force-transfers a balance", "A transfer fee above zero is set, or STT is issued on HashKey Chain or another chain", "SilverTimes publishes a trust deed, names the trustee or the issuer in its terms, or explains why two versions of the 15 May 2026 Brink’s certificate name different account holders", "A transparency report is missed, the silver held falls below supply, or an independent auditor reports on the reserve" ] }, { "id": "herculis-xauh", "url": "https://ketjuresearch.com/register/files/herculis-xauh/", "displayName": "Herculis Gold Coin (XAUH)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Herculis Tokens SA (Panama), per the white paper; herculis.gold names Herculis Trading SPC (Oman) as issuer. Neither names a licence beyond anti-money-laundering reporting", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "notes": "Anyone may hold XAUH on chain. Buying from and redeeming with Herculis takes its KYC. The white paper excludes residents of places where the offer is prohibited and says the token is for people with enough knowledge of digital assets; it does not mention US persons. The FAQ says purchases generally start at 1 XAUH. Redemption starts at 500 XAUH (500 grams, about $67,500 on 2026-09-23)." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "XAUH", "underlying": { "name": "One gram of Swiss LBMA 999.9 gold per token, described in a white paper that says it is not legally binding as a claim on allocated gold held for holders; KPMG records the gold as owned by a Herculis group company", "ticker": "XAU" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xa9b17f572341219703bc951725bdb3ca756b1a65" }, { "chain": "TON", "chainId": "ton:-239", "address": "EQCMk4_OujCnk46jApHnIRbmTtYTkSmfujV9X8Ye0qvsHVKh" } ] } ], "terms": [ { "question": "claim", "answer": "A claim to one gram of allocated gold per token, in a white paper that says it is not legally binding; no binding terms are published.", "quote": "Each outstanding XAUH token shall continue to represent a claim to 1 gram of the fully allocated physical gold held in custody.", "source": "https://xauh.gold/whitepaper.pdf", "locator": "Section 7.1" }, { "question": "claim", "answer": "KPMG found the gold owned by a Herculis group company, not by holders.", "quote": "We have obtained justification for the ownership of 15.49845 KG of gold by one entity of the group", "source": "https://xauh.gold/audit-reports/08-28-2026.pdf", "locator": "Item 4" }, { "question": "who-may-hold", "answer": "Anyone except residents of places where the offer is prohibited; buying from Herculis and redeeming take its KYC. US persons are not mentioned.", "quote": "does not constitute an offer to sell, or a solicitation of an offer to buy, to residents in countries or regions where such offers or solicitations are prohibited by law.", "source": "https://xauh.gold/whitepaper.pdf", "locator": "Important Notice, Restricted Persons" }, { "question": "minimum", "answer": "Purchases generally start at 1 XAUH, depending on the platform; redemption starts at 500 XAUH.", "quote": "The minimum investment amount varies by platform but generally starts at", "source": "https://xauh.gold/_next/static/chunks/app/(frontend)/page-408f5a05a1084d96.js", "locator": "FAQ, minimum purchase" }, { "question": "account-types", "answer": "Not stated beyond KYC-verified customers.", "notStated": true, "checked": [ "https://xauh.gold/whitepaper.pdf", "https://xauh.gold/", "https://xauh.gold/_next/static/chunks/app/(frontend)/page-408f5a05a1084d96.js", "https://herculis.gold/" ] }, { "question": "transfer", "answer": "Freely on chain, less a 0.02% fee, unless the owner has frozen the address or paused the token.", "quote": "The fees for transferring Herculis Gold Coins on the JAMTON protocol are minimal as 0,02%", "source": "https://xauh.gold/whitepaper.pdf", "locator": "Section 5.4" }, { "question": "redemption", "answer": "Bars from 500 grams, delivered anywhere, at 3% for 500 grams and 1% from 1 kg.", "quote": "The redemption of physical gold can be requested from 500 token (i.e. 500g of gold) and in multiples thereof. A redemption fee of 1% applies for redemptions of 1kg or more, and a 3% fee applies for redemptions of 500gr.", "source": "https://xauh.gold/whitepaper.pdf", "locator": "Section 5.4" }, { "question": "record", "answer": "Not stated which record governs; the white paper only says transactions are recorded on chain.", "quote": "All transactions are recorded on the blockchain, ensuring immutability, transparency, and full traceability at every stage.", "source": "https://xauh.gold/whitepaper.pdf", "locator": "Section 4.2" }, { "question": "freeze", "answer": "The documents are silent; on Ethereum the owner multisig can freeze any address, wipe a frozen balance, and pause the token.", "notStated": true, "checked": [ "https://xauh.gold/whitepaper.pdf", "https://xauh.gold/", "https://xauh.gold/_next/static/chunks/app/(frontend)/page-408f5a05a1084d96.js", "https://herculis.gold/" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xa9b17f572341219703bc951725bdb3ca756b1a65", "allowlist": false, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "pause" ], "address": "0xcfdb103596d55a9c896093ea5c49280c2e3e123b", "kind": "multisig", "threshold": 3, "signers": 4 } ] } ], "redemption": [ { "via": "in-kind", "settlement": "A KYC-verified customer redeems through xauh.gold from 500 XAUH and in multiples, for Swiss-refined bars delivered to any address at the customer’s cost. The fee is 3% at 500 grams and 1% from 1 kg. Timing is not stated.", "settlesIn": [ "XAU (Swiss-refined bars, delivered)" ] }, { "via": "secondary-only", "settlement": "Holders below 500 XAUH exit on BTSE, Biconomy, Uniswap (Ethereum), or STON.fi and Capital DEX (TON).", "settlesIn": [ "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "xauh-gold", "name": "xauh.gold: purchase and redemption after KYC" }, { "kind": "exchange", "id": "btse", "name": "BTSE (XAUH/USDT)" }, { "kind": "exchange", "id": "biconomy", "name": "Biconomy.com (XAUH/USDT)" }, { "kind": "dex", "id": "uniswap-ethereum", "name": "Uniswap on Ethereum (XAUH/USDT)" }, { "kind": "dex", "id": "stonfi-ton", "name": "STON.fi on TON" } ], "sources": [ { "name": "Herculis Gold Coin white paper v4.0 (2026-05-21)", "url": "https://xauh.gold/whitepaper.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xauh.gold home page", "url": "https://xauh.gold/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "xauh.gold site script (FAQ)", "url": "https://xauh.gold/_next/static/chunks/app/(frontend)/page-408f5a05a1084d96.js", "kind": "primary", "accessed": "2026-09-23" }, { "name": "KPMG SA: report of factual findings on the XAUH gold reserve (28 August 2026)", "url": "https://xauh.gold/audit-reports/08-28-2026.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Herculis Group: herculis.gold", "url": "https://herculis.gold/", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The implementation behind 0xa9b17f572341219703bc951725bdb3ca756b1a65 changes, or its owner, a 3-of-4 multisig 0xcfdb103596d55a9c896093ea5c49280c2e3e123b on 2026-09-23, changes", "Herculis freezes an address, wipes a frozen balance, or pauses the token", "Herculis publishes binding token terms, or settles which company issues XAUH", "A KPMG report is missed, or supply across Ethereum, TON, and Tron (about 10,500 XAUH on 2026-09-23) exceeds the grams last counted (15,498 on 2026-08-26)", "Herculis publishes the Tron address or issues on another chain" ] }, { "id": "finest-fgld", "url": "https://ketjuresearch.com/register/files/finest-fgld/", "displayName": "Finest fGLD", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "third-party-synthetic", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "FI finest Investments GmbH (Düsseldorf, Germany; Commercial Register HRB 104198, Amtsgericht Düsseldorf)", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "Private and institutional holders aged 18 and over, after KYC, except residents of 32 excluded countries; the United States is not among them, but the issuer ships gold only within Germany and the EU. The minimum purchase is one token (one gram), priced at spot plus €9 per gram with five years of storage paid in advance. Holders may pass tokens to others only without the intention of making a profit." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "fGLD", "underlying": { "name": "A contract right against FI finest Investments GmbH to take delivery of one gram of 999.9 gold per token; the gold sits in the issuer’s own depot at pro aurum GmbH, Munich", "ticker": "XAU" }, "contracts": [ { "chain": "Cardano", "chainId": "cardano:mainnet", "address": "ee8e065fe8d4f77d1f454709a535f284e902365ac0a1ff08ad19f9e866474c44" } ] } ], "terms": [ { "question": "claim", "answer": "A right to buy one gram of gold per token from the issuer, not ownership of bars.", "quote": "The finest GoldToken represents one right to purchase goods for 1g of gold per token", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Section A, Product, page 6" }, { "question": "claim", "answer": "Holding a token does not by itself entitle the holder to delivery.", "quote": "The possession of a token does not grant an automatic entitlement to the physical delivery of gold.", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Gold delivery claim, page 8" }, { "question": "who-may-hold", "answer": "Anyone 18 or over after KYC, except residents of 32 listed countries; the US is not on the list.", "quote": "Persons from the following countries are excluded from participation:", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Section A.2, Excluded countries, page 4" }, { "question": "minimum", "answer": "One token, one gram.", "quote": "b. Minimum purchase quantity: 1 token.", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Price list, 1b, page 9" }, { "question": "account-types", "answer": "Private and institutional holders.", "quote": "Our gold token is aimed at private and institutional holders who wish to digitally represent their ownership of physical gold", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Target group, page 7" }, { "question": "transfer", "answer": "Peer to peer on Cardano, but the terms allow it only without the intention of making a profit.", "quote": "The token can be transferred in peer-to-peer transactions between individuals, but only without the intention of making a profit.", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Tradability, page 9" }, { "question": "redemption", "answer": "Verified holders redeem from one token for physical gold, shipped in Germany and the EU or collected.", "quote": "Only verified users who have gone through the identification process are authorized to redeem GoldTokens. Redemption is made in physical gold.", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Gold delivery claim" }, { "question": "record", "answer": "The chain: the buyer owns the token once payment arrives; no other register is named.", "quote": "Once payment has been received, the buyer becomes the owner of the purchased GoldToken.", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Appendix 17, Section 4" }, { "question": "freeze", "answer": "The issuer may block accounts and confiscate funds of users who break its rules, without notice; Cardano itself gives it no way to freeze a token.", "quote": "Finest GoldToken may, at its sole discretion, take action, including blocking accounts, confiscating funds or reporting to appropriate authorities, without prior notice to the user.", "source": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "locator": "Section A.2, Consequences of violations" } ], "controls": [], "redemption": [ { "via": "in-kind", "settlement": "A verified holder emails a redemption request for at least one token and receives gold, shipped within Germany (€19 to €49) or the EU (€89), or collected at a pro aurum branch in Germany or Zurich. Redemption itself is free and takes several working days. No shipping to the US. After five years, unpaid storage fees let the issuer sell the holder’s gold, and the tokens expire.", "settlesIn": [ "XAU (gold bars, shipped in Germany and the EU or collected)" ] }, { "via": "secondary-only", "settlement": "Holders may sell on NBX or in Cardano DEX pools; the terms allow peer-to-peer transfers only without a profit motive.", "settlesIn": [ "ADA", "EUR" ] } ], "venues": [ { "kind": "issuer-primary", "id": "finest-app", "name": "Finest app (app.finest.investments): purchase after KYC" }, { "kind": "exchange", "id": "nbx", "name": "NBX (fGLD)" }, { "kind": "dex", "id": "minswap", "name": "Minswap on Cardano" } ], "sources": [ { "name": "FI finest Investments: Information and Terms for the finest GoldToken v1.02, English (2024-10-02)", "url": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa853d81c0b7b1cc7b38_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02%20english.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "FI finest Investments: Informationen GoldToken v1.02, German original (2024-10-02)", "url": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaa88813ce43aeda3c56d_20241002%20Informationen%20GoldToken%20FI%20finest%20v-1-02.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Finest app API: fGLD project record", "url": "https://api.finest.investments/project/66fbe3b2380f2ff928caafbd", "kind": "primary", "accessed": "2026-09-23" }, { "name": "pro aurum GmbH: balance confirmation for FI Investments GmbH (2024-10-02)", "url": "https://cdn.prod.website-files.com/65e9f9afacfbac085f7e0195/66ffaaaf5dd51a49c1087bb7_Balance%20Confirmation.pdf", "kind": "primary", "accessed": "2026-09-23" }, { "name": "NBX: fGLD page", "url": "https://nbx.com/en/fgld", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "A token is minted by a policy other than ee8e065fe8d4f77d1f454709a535f284e902365ac0a1ff08ad19f9e8, or supply grows further without a new balance confirmation (1,542 fGLD on chain against 300 g last confirmed)", "FI finest Investments publishes a new custody confirmation, attestation, or audit", "FI finest Investments revises the GoldToken terms (v1.02 of 2024-10-02), above all the right-to-purchase clause, the excluded countries, or the storage-fee lien", "The issuer refuses a redemption, blocks an account, or sells gold for unpaid storage" ] }, { "id": "token-teknoloji-gram", "url": "https://ketjuresearch.com/register/files/token-teknoloji-gram/", "displayName": "Token Teknoloji Gram Gold and Gram Silver (GRAMG, GRAMS)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "commodity", "issuer": "Token Teknoloji Anonim Şirketi (Istanbul, Turkey); no registration number or licence is published", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual" ], "notes": "The user agreement defines a user as a natural person aged 18 or over who documents identity for every transaction. It names no excluded countries and does not mention US persons. The product pages give no minimum beyond a comparison table that says trading starts at 1 TL. In practice the tokens are bought and sold only inside Bitlo, a Turkish exchange; on chain they sit in a handful of issuer and exchange wallets." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "GRAMG", "underlying": { "name": "One gram of gold per token, which the issuer says it holds as collateral, mostly at the Central Bank of the Republic of Turkey; no document gives holders a claim on it", "ticker": "XAU" }, "contracts": [ { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9" } ] }, { "symbol": "GRAMS", "underlying": { "name": "One gram of silver per token, which the issuer says it adds to its own vault or bank accounts for each token made; no document gives holders a claim on it", "ticker": "XAG" }, "contracts": [ { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x97Cf07B5401B76D69bf48A4F6FDf63684E0748E0" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x97Cf07B5401B76D69bf48A4F6FDf63684E0748E0" }, { "chain": "Polygon", "chainId": "eip155:137", "address": "0x97Cf07B5401B76D69bf48A4F6FDf63684E0748E0" } ] } ], "terms": [ { "question": "claim", "answer": "The product page says a gram of gold is held as collateral for each token; no agreement says whose it is or what the holder may claim.", "quote": "Üretilen her GRAMG karşılığında 1 gram fiziki altın teminat olarak tutulmaktadır.", "source": "https://www.token.com.tr/rezerv-tokenlar/gram-gold-gramg/", "locator": "Gram Altının Kripto Para Hali (translation: for each GRAMG produced, 1 gram of physical gold is held as collateral)" }, { "question": "claim", "answer": "The silver page says the token gives ownership directly to the holder; the published bank letters show the silver in the company’s own accounts.", "quote": "GRAMS, mülkiyet sahipliğini doğrudan kişiye vermektedir.", "source": "https://www.token.com.tr/rezerv-tokenlar/gram-silver-grams/", "locator": "FAQ, GRAMS Neler Sunuyor? (translation: GRAMS gives ownership directly to the person)" }, { "question": "who-may-hold", "answer": "Users who declare they are over 18 and document their identity for every transaction; no countries are named.", "quote": "Kullanıcı, gerçekleştireceği tüm işlemler için kimlik ve gerekirse adres bilgilerini belgelemek zorundadır.", "source": "https://www.token.com.tr/kullanici-sozlesmesi/", "locator": "Section 4.14 (translation: the user must document identity, and address if needed, for all transactions)" }, { "question": "minimum", "answer": "Not stated in any agreement.", "notStated": true, "checked": [ "https://www.token.com.tr/rezerv-tokenlar/gram-gold-gramg/", "https://www.token.com.tr/rezerv-tokenlar/gram-silver-grams/", "https://www.token.com.tr/kullanici-sozlesmesi/", "https://www.token.com.tr/kullanim-kosullari/" ] }, { "question": "account-types", "answer": "Natural persons only, by the user agreement’s definition of a user.", "quote": "Sözleşme’de bulunan hususları kabul eden gerçek kişiyi ifade eder.", "source": "https://www.token.com.tr/kullanici-sozlesmesi/", "locator": "Section 2, definition of Kullanıcı (translation: means the natural person who accepts the terms of the Agreement)" }, { "question": "transfer", "answer": "Not stated; on chain the tokens move freely unless an address is frozen or the token is paused.", "notStated": true, "checked": [ "https://www.token.com.tr/rezerv-tokenlar/gram-gold-gramg/", "https://www.token.com.tr/rezerv-tokenlar/gram-silver-grams/", "https://www.token.com.tr/kullanici-sozlesmesi/", "https://www.token.com.tr/kullanim-kosullari/" ] }, { "question": "redemption", "answer": "Only by converting to Turkish lira on Bitlo; no metal redemption is offered.", "quote": "GRAMG sahibi yatırımcılar varlıklarını kripto para alım satım platformu bitlo.com üzerinden Türk lirasına çevirebilir.", "source": "https://www.token.com.tr/rezerv-tokenlar/gram-gold-gramg/", "locator": "Türk Lirasına Çevirilebilir (translation: GRAMG holders can convert their holdings to Turkish lira on bitlo.com)" }, { "question": "record", "answer": "Not stated.", "notStated": true, "checked": [ "https://www.token.com.tr/rezerv-tokenlar/gram-gold-gramg/", "https://www.token.com.tr/rezerv-tokenlar/gram-silver-grams/", "https://www.token.com.tr/kullanici-sozlesmesi/", "https://www.token.com.tr/kullanim-kosullari/", "https://web.archive.org/web/20260415073530id_/https://www.token.com.tr/rezerv-kanitlari/" ] }, { "question": "freeze", "answer": "The agreement lets the company cancel or suspend accounts without notice; on chain one key can freeze and pause and another can wipe any balance.", "quote": "Hesabı’nı/Hesapları’nı hiçbir bildirimde bulunmaksızın iptal etme, durdurma veya askıya alma hakkına sahiptir.", "source": "https://www.token.com.tr/kullanici-sozlesmesi/", "locator": "Section 4.15 (translation: has the right to cancel, stop or suspend the account(s) without any notice)" } ], "controls": [ { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9", "allowlist": "unverified", "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "allowlist" ], "address": "0xff80b391b286887d446b1124820f87d5b049b4fb", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xd61c0129f6c35a675db6e2a067b31e75b2573077", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xff80b391b286887d446b1124820f87d5b049b4fb", "kind": "single-key" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9", "allowlist": "unverified", "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "allowlist" ], "address": "0xff80b391b286887d446b1124820f87d5b049b4fb", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xd61c0129f6c35a675db6e2a067b31e75b2573077", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xff80b391b286887d446b1124820f87d5b049b4fb", "kind": "single-key" } ] }, { "chain": "Polygon", "chainId": "eip155:137", "contract": "0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9", "allowlist": "unverified", "freeze": true, "pause": true, "clawback": true, "upgradeable": false, "readAt": "2026-09-23", "keys": [ { "role": "owner", "powers": [ "admin", "allowlist" ], "address": "0xd61c0129f6c35a675db6e2a067b31e75b2573077", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "The only exit the issuer offers is converting GRAMG or GRAMS to Turkish lira on bitlo.com. No document offers delivery of metal, and none states a minimum, fee, or timetable.", "settlesIn": [ "TRY" ] } ], "venues": [ { "kind": "exchange", "id": "bitlo", "name": "Bitlo (GRAMG-TRY, GRAMS-TRY and USDT pairs, custodial)" } ], "sources": [ { "name": "Token Teknoloji: Gram Gold (GRAMG) product page", "url": "https://www.token.com.tr/rezerv-tokenlar/gram-gold-gramg/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Token Teknoloji: Gram Silver (GRAMS) product page", "url": "https://www.token.com.tr/rezerv-tokenlar/gram-silver-grams/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Token Teknoloji: Kullanıcı Sözleşmesi (user agreement)", "url": "https://www.token.com.tr/kullanici-sozlesmesi/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Token Teknoloji: Kullanım Koşulları (usage conditions)", "url": "https://www.token.com.tr/kullanim-kosullari/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "Token Teknoloji: Rezerv Kanıtları (reserve proofs), Wayback capture of 2026-04-15; the live page returns 404", "url": "https://web.archive.org/web/20260415073530id_/https://www.token.com.tr/rezerv-kanitlari/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "GRAMG contract on Avalanche (Routescan verified source)", "url": "https://api.routescan.io/v2/network/mainnet/evm/43114/etherscan/api?module=contract&action=getsourcecode&address=0xaE55ab6A966863cb4c774Ba8E6C0A37CFBeA01f9", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "The supply manager 0xff80b391b286887d446b1124820f87d5b049b4fb or compliance manager 0xd61c0129f6c35a675db6e2a067b31e75b2573077 (both single keys) changes, or a new contract replaces GRAMG or GRAMS", "Token Teknoloji freezes or wipes an address, pauses a token, or turns on KYC gating in a new deployment", "Supply appears on Ethereum or Polygon, where the same contracts held none on 2026-09-23", "Token Teknoloji publishes token terms, a redemption process for metal, or a current reserve letter or audit (the last letters are from May and August 2024 and the reserve page returns 404)" ] }, { "id": "strato-goldst-silvst", "url": "https://ketjuresearch.com/register/files/strato-goldst-silvst/", "displayName": "STRATO Gold and Silver (GOLDST, SILVST)", "reviewed": "2026-09-23", "nextReview": "2027-03-23", "claimModel": "commodity-receipt", "registrationPath": "not-a-security", "instrumentKind": "commodity", "issuer": "STRATO, Inc. (British Virgin Islands, company 2179057) under the tokenization terms; the platform terms name STRATO Nexus, Inc. (BVI, 2210755), and the vault letters are addressed to BlockApps, Inc. (Brooklyn, New York)", "eligibility": { "floor": "us-retail", "states": "unconfirmed", "minimumUsd": null, "kyc": "none", "entityTypes": [ "individual", "entity" ], "notes": "The platform terms admit anyone 18 or over, or of age where they live, and entities, unless US law or local law bars them; US persons are not excluded. The documents require KYC only at physical redemption, where the person collecting must match the KYC data of the wallet. Tokens can be bought in fractions of an ounce. Redemption takes 100-ounce silver bars or two 1-ounce gold coins, collected in person in New York; Ethereum holders must bridge back to STRATO first." }, "rights": { "voting": false, "dividends": "none", "sipc": false }, "officialRecord": null, "instruments": [ { "symbol": "GOLDST", "underlying": { "name": "Title to and beneficial ownership of gold held under a bailment by BA Gold Enterprises Inc. in New York, one troy ounce per token on STRATO’s treasury page (the tokenization terms say one gram)", "ticker": "XAU" }, "contracts": [ { "chain": "STRATO", "chainId": "strato:mainnet", "address": "cdc93d30182125e05eec985b631c7c61b3f63ff0" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xF6C8a66788FddEa78Eb4654a8B5674B2fe1857cb" } ] }, { "symbol": "SILVST", "underlying": { "name": "Title to and beneficial ownership of one troy ounce of 999 fine silver per token, held under a bailment by BA Gold Enterprises Inc. in New York", "ticker": "XAG" }, "contracts": [ { "chain": "STRATO", "chainId": "strato:mainnet", "address": "2c59ef92d08efde71fe1a1cb5b45f4f6d48fcc94" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x5925525658c86d2c3117f79c0c88203cbec812c1" } ] } ], "terms": [ { "question": "claim", "answer": "The holder keeps title to and beneficial ownership of the metal, which the custodian holds under a bailment.", "quote": "Title to and beneficial ownership of the Precious Metals remain at all times with the Customer or lawful token holder.", "source": "https://strato.nexus/tokenization-terms", "locator": "Section 5" }, { "question": "claim", "answer": "The same terms also say the metal is allocated but not segregated, which Section 5 contradicts.", "quote": "The silver and gold behind each token are held in approved vaults on an allocated, not segregated, basis.", "source": "https://strato.nexus/tokenization-terms", "locator": "Section 2" }, { "question": "who-may-hold", "answer": "Anyone whose own law and US law do not bar them; US persons are not excluded.", "quote": "You can only use our Products to the extent the laws of your jurisdiction or the United States do not bar you from doing so.", "source": "https://strato.nexus/terms", "locator": "Eligibility" }, { "question": "minimum", "answer": "No minimum to buy or hold; redemption takes 100 ounces of silver or two 1-ounce gold coins.", "quote": "physical redemptions to the current token holder are available only in standardized 100-ounce bars (in the case of SILVST) and two 1-ounce coins (in the case of GOLDST).", "source": "https://strato.nexus/tokenization-terms", "locator": "Section 8.2" }, { "question": "account-types", "answer": "Individuals of age and entities.", "quote": "you represent that you are at least 18 years old or at the age of majority in your jurisdiction", "source": "https://strato.nexus/terms", "locator": "Eligibility" }, { "question": "transfer", "answer": "Freely on STRATO unless the owner pauses the token; to Ethereum by locking the native token and minting a representation.", "quote": "Bridging out locks the token in a STRATO custody vault. A representation token is then minted on the external chain after an attestation.", "source": "https://docs.strato.nexus/guides/bridge/", "locator": "Native STRATO Tokens" }, { "question": "redemption", "answer": "In person at the New York vault only, with ID matching the wallet’s KYC data.", "quote": "STRATO requires all physical redemptions to be completed in person at our designated vaulting facility.", "source": "https://strato.nexus/tokenization-terms", "locator": "Section 8.3" }, { "question": "record", "answer": "The STRATO chain: redemption rights follow current, verified ownership of the tokens on STRATO, so Ethereum holders must bridge back.", "quote": "The right to physical redemption is strictly tied to current and verified ownership of the Precious Metals or metal tokens on the STRATO platform", "source": "https://strato.nexus/tokenization-terms", "locator": "Section 8" }, { "question": "freeze", "answer": "The terms are silent; the STRATO token code lets its owner burn any holder’s balance, and on Ethereum a 2-of-3 Safe can switch off transfers.", "notStated": true, "checked": [ "https://strato.nexus/tokenization-terms", "https://strato.nexus/terms", "https://strato.nexus/treasury", "https://docs.strato.nexus/guides/bridge/" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xf6c8a66788fddea78eb4654a8b5674b2fe1857cb", "allowlist": true, "freeze": false, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-23", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x95b47c329286128d9ee628770b13dd4d795cbf55", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "UPGRADER_ROLE", "powers": [ "upgrade" ], "address": "0x95b47c329286128d9ee628770b13dd4d795cbf55", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "TRANSFER_ADMIN_ROLE", "powers": [ "admin", "pause", "allowlist" ], "address": "0x95b47c329286128d9ee628770b13dd4d795cbf55", "kind": "multisig", "threshold": 2, "signers": 3 }, { "role": "BRIDGE_ROLE", "powers": [ "mint" ], "address": "0x991513a7fb8793fc75955821bbef488f0aa0712f", "kind": "contract" } ] } ], "redemption": [ { "via": "in-kind", "settlement": "The current, verified holder of the tokens on STRATO books an appointment at least five business days ahead and collects the metal in person at the New York vault, showing ID that matches the wallet’s KYC data: SILVST in 100-ounce bars, GOLDST as two 1-ounce coins at a time. There is no shipping. The holder pays the vault’s redemption fees and taxes, which the terms do not quantify. STRATO may suspend redemption for regulatory, security, or force majeure reasons.", "settlesIn": [ "XAG (100-ounce bars, New York)", "XAU (1-ounce coins, New York)" ] }, { "via": "secondary-only", "settlement": "Holders who do not redeem sell in the STRATO pools against USDST, on Coinstore (GOLDST/USDT), or in Uniswap pools on Ethereum after bridging.", "settlesIn": [ "USDST", "USDT", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "strato-app", "name": "STRATO app (app.strato.nexus): purchase and pools on the STRATO chain" }, { "kind": "exchange", "id": "coinstore", "name": "Coinstore (GOLDST/USDT)" }, { "kind": "dex", "id": "uniswap-v4-ethereum", "name": "Uniswap v4 on Ethereum (SILVST/USDC; GOLDST against USDT and XAUT)" } ], "sources": [ { "name": "STRATO: Asset Deposit and Tokenization Terms (updated 2026-04-22)", "url": "https://strato.nexus/tokenization-terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "STRATO: Terms of Service (updated 2026-06-24)", "url": "https://strato.nexus/terms", "kind": "primary", "accessed": "2026-09-23" }, { "name": "STRATO: Treasury and Audits", "url": "https://strato.nexus/treasury", "kind": "primary", "accessed": "2026-09-23" }, { "name": "STRATO docs: Bridge guide", "url": "https://docs.strato.nexus/guides/bridge/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "STRATO blog: SILVST is now on Ethereum (2026-09-10)", "url": "https://strato.nexus/blog/silvst-on-ethereum", "kind": "primary", "accessed": "2026-09-23" }, { "name": "STRATO docs: Contract addresses", "url": "https://docs.strato.nexus/build-apps/contract-addresses/", "kind": "primary", "accessed": "2026-09-23" }, { "name": "strato-net/strato-platform: Token.sol (develop branch)", "url": "https://raw.githubusercontent.com/strato-net/strato-platform/develop/app/contracts/concrete/Tokens/Token.sol", "kind": "primary", "accessed": "2026-09-23" } ], "reopenWhen": [ "On Ethereum, the implementation behind the GOLDST or SILVST proxy changes, the 2-of-3 Safe 0x95b47c329286128d9ee628770b13dd4d795cbf55 changes, the bridge 0x991513a7fb8793fc75955821bbef488f0aa0712f changes, or transfers are switched off", "On STRATO, the owner burns a holder’s balance or pauses a token", "STRATO publishes no vault letter after 2026-06-25 by the end of the next quarter, or native SILVST supply (59,790 on 2026-09-23) stays above the silver last confirmed (59,536 oz)", "STRATO revises the tokenization terms, above all the ownership, segregation, or GOLDST unit clauses, or names a different custodian or issuer", "The Ketju reader gains a STRATO reader, and the native contracts can be read directly" ] }, { "id": "opentrade-loan-vaults", "url": "https://ketjuresearch.com/register/files/opentrade-loan-vaults/", "displayName": "OpenTrade Loan Vaults (XMMF, XTBT, XEVT, XFTB, XHYC)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "issuer-indirect", "registrationPath": "other", "instrumentKind": "note", "issuer": "OpenTrade SPC, a Cayman segregated portfolio company, borrows every loan through its Treasury Management Segregated Portfolio 1; Open Trade Technology Ltd (England, company 14583521) runs the platform and is vault admin; Five Sigma Finance Ltd advises the SPC; Mulvaney Trustees (UK) Ltd, trading as Vantru, is security trustee; no SEC filing found", "eligibility": { "floor": "us-accredited", "minimumUsd": null, "kyc": "issuer", "entityTypes": [ "individual", "entity" ], "notes": "OpenTrade takes high net worth individuals, companies, professional clients, and sophisticated or accredited investors, or the local equivalent, and turns away retail. The platform terms list the UK financial promotion categories. No document read bars US persons, and EDGAR shows no OpenTrade filer or Form D, so the file takes accredited, the only US status the documents name, as the floor. Kroll runs the KYC checks; the lender then signs the Master Lending Agreement with OpenTrade SPC by DocuSign, and OpenTrade whitelists its wallet. No minimum is stated for these vaults; the separate Figment staking vault states 1,000 USDC." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "None. Each loan is set out in a Loan Confirmation emailed to the lender under the Master Lending Agreement; the documents do not say who keeps the register of lenders", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "XMMF", "underlying": { "name": "Share of an open-ended USD loan to OpenTrade SPC, backed by the Fidelity Institutional Liquidity USD Fund, USD, and USDC (the address page lists Treasury bills and Treasury money market funds as collateral for the Avalanche vault)" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x1e571c87556F216662fa8D25143b1b0618512Ef6" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x09Ca60Ca323a6313aE144778c3EbDfCCFBB5e5D2" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x6688aA2eB549e325C21a16c942827C9c99F40dd9" } ] }, { "symbol": "XMMF-USDT", "underlying": { "name": "Share of the same USD loan, lent and repaid in USDT, backed by Fidelity USD money market funds, USD, and USDC" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xD06f235DF80D4981816F7fB0936973155CDe1f4C" } ] }, { "symbol": "XTBT", "underlying": { "name": "Share of an open-ended USDC loan to OpenTrade SPC in the Flexible Term USDC Vault, backed by Treasury bills, USD, USDC, and Treasury money market funds; OpenTrade’s Fidelity V5 vault page also gives XTBT as its symbol" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x0f8CbdC544dC1D4Bd1bDafE0039Be07B825aF82A" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xad6605F4987031fd2d6d6816bE53Eb7C5b764bf7" } ] }, { "symbol": "XEVT", "underlying": { "name": "Share of an open-ended EURC loan to OpenTrade SPC, backed by the Fidelity Institutional Liquidity EUR Fund, EUR, and EURC" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x3Ee320c9F73a84D1717557af00695A34b26d1F1d" }, { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0xBFdEf5e389bB403426337081eCD1D05bC5193203" } ] }, { "symbol": "XFTB", "underlying": { "name": "Share of a USDC loan to OpenTrade SPC backed by the Franklin Templeton Benji money market fund" }, "contracts": [ { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x061329361E0f163125225bf71a1E5AF954b46869" } ] }, { "symbol": "XHYC", "underlying": { "name": "Share of a USDC loan to OpenTrade SPC backed by the iShares 0-5 Year High Yield Corporate Bond ETF", "ticker": "SHYG" }, "contracts": [ { "chain": "Avalanche", "chainId": "eip155:43114", "address": "0x1D7E71d0CB499C31349DF3E9205A4b16bcCF2536" } ] }, { "symbol": "XHYCB", "underlying": { "name": "Share of a USDC.e loan to OpenTrade SPC backed by the iShares 0-5 Year High Yield Corporate Bond ETF", "ticker": "SHYG" }, "contracts": [ { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0xf19d819F23b05C231C0de1dde97289476A0Bcf30" } ] } ], "terms": [ { "question": "claim", "answer": "A lender makes a secured loan to OpenTrade SPC, a Cayman segregated portfolio company, not a purchase of fund shares.", "quote": "The legal structure for OpenTrade’s Stablecoin Yield products is secured lending to a bankruptcy remote Cayman Segregated Portfolio Company (SPC), OpenTrade SPC, which is operated by an independent board of directors and an FCA regulated investment firm.", "source": "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal", "locator": "Summary" }, { "question": "who-may-hold", "answer": "High net worth individuals, companies, professional clients, and sophisticated or accredited investors, or the local equivalent; no retail.", "quote": "OpenTrade clients must be high-net worth individuals, companies, professional clients, sophisticated investors, accredited investors, or the equivalent in the jurisdiction in which they reside and/or operate.", "source": "https://docs.opentrade.io/getting-started/onboarding/eligibility-requirements", "locator": "No Retail Users" }, { "question": "minimum", "answer": "The documents read do not state a minimum for these vaults.", "notStated": true, "checked": [ "https://docs.opentrade.io/getting-started/onboarding/eligibility-requirements", "https://docs.opentrade.io/getting-started/onboarding", "https://docs.opentrade.io/getting-started/how-to-invest-in-a-vault", "https://docs.opentrade.io/stablecoin-yield-vaults/stablecoin-yield-vaults/usdc-money-market-fund-fidelity-v5-vault", "https://docs.opentrade.io/stablecoin-yield-vaults/stablecoin-yield-vaults/eurc-money-market-fund-fidelity-v4-vault", "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/master-lending-agreement", "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service" ] }, { "question": "account-types", "answer": "Institutions, businesses, and high net worth individuals.", "quote": "Lenders are KYC’d Web3 institutions, businesses, and HNWI.", "source": "https://docs.opentrade.io/developers/blockchain-protocol", "locator": "Protocol Roles, Lenders" }, { "question": "transfer", "answer": "OpenTrade says the tokens cannot be transferred; the contracts let one allowlisted wallet send to another and refuse every other wallet.", "quote": "Vault tokens are currently non-transferable and can only be issued to and redeemed by white-listed wallets that have undergone onboarding.", "source": "https://docs.opentrade.io/getting-started/how-to-invest-in-a-vault", "locator": "Note under the opening paragraphs" }, { "question": "redemption", "answer": "Withdraw any time from a whitelisted wallet; most are paid the same day and all within two business days of the 6pm GMT cutoff.", "quote": "Most withdrawals are processed within same day. Instant liquidity facilities are available on request for customers that meet certain eligibility criteria. The current Withdrawal Processing Time is maximum of 2 business days.", "source": "https://docs.opentrade.io/getting-started/how-to-make-a-withdrawal", "locator": "Withdrawal Processing Time" }, { "question": "record", "answer": "The token is not the record: the Master Lending Agreement and each Loan Confirmation set the lender’s rights.", "quote": "Tokens confer no legal rights or obligations on either the holder or issuer and are used only as a means of automating the accounting, authentication, and settlement process in a way that is interoperable and composable with Web3 tooling and infrastructure.", "source": "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vault-tokens", "locator": "Vault Tokens, note" }, { "question": "freeze", "answer": "The terms let OpenTrade suspend a lender’s platform access; they do not mention freezing tokens, but a wallet taken off a vault’s allowlist can no longer send or redeem.", "quote": "We may suspend your access to the Platform if: (i) you cease to meet the Eligibility Requirements", "source": "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service", "locator": "Section 6.6, Account suspension and closure" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x0f8CbdC544dC1D4Bd1bDafE0039Be07B825aF82A", "allowlist": true, "freeze": false, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-24", "keys": [] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x1e571c87556F216662fa8D25143b1b0618512Ef6", "allowlist": true, "freeze": false, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "POOL_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xbd0ca95c5a104e14e60d0868667af174d146c9fd", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xad795e380725d85e0c62da50b91126a12043922a", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xad795e380725d85e0c62da50b91126a12043922a", "kind": "single-key" } ] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0xad6605F4987031fd2d6d6816bE53Eb7C5b764bf7", "allowlist": true, "freeze": false, "pause": false, "clawback": false, "upgradeable": true, "readAt": "2026-09-24", "keys": [] }, { "chain": "Avalanche", "chainId": "eip155:43114", "contract": "0x09Ca60Ca323a6313aE144778c3EbDfCCFBB5e5D2", "allowlist": true, "freeze": false, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "POOL_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xbd0ca95c5a104e14e60d0868667af174d146c9fd", "kind": "single-key" }, { "role": "POOL_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xc18496783ddb433e5972e889f8ef13b269d514c7", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xad795e380725d85e0c62da50b91126a12043922a", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xad795e380725d85e0c62da50b91126a12043922a", "kind": "single-key" } ] }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "contract": "0x6688aA2eB549e325C21a16c942827C9c99F40dd9", "allowlist": true, "freeze": false, "pause": true, "clawback": false, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "POOL_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xbd0ca95c5a104e14e60d0868667af174d146c9fd", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0xad795e380725d85e0c62da50b91126a12043922a", "kind": "single-key" }, { "role": "PAUSER_ROLE", "powers": [ "pause" ], "address": "0xad795e380725d85e0c62da50b91126a12043922a", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "cutoff": "18:00 GMT", "settlement": "The lender asks to withdraw from its whitelisted wallet at any time; OpenTrade repays USDC, USDT, or EURC to that wallet and burns the tokens, most the same day and at most two business days after the cutoff. In the XMMF contract the pool admin accepts each request and sends the cash; the full request is burned whatever cash is sent, and a code comment says the payment can be partial", "settlesIn": [ "USDC", "USDT", "EURC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "opentrade", "name": "OpenTrade app and API (whitelisted wallets only)" } ], "sources": [ { "name": "OpenTrade Docs: Eligibility Requirements", "url": "https://docs.opentrade.io/getting-started/onboarding/eligibility-requirements", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Onboarding", "url": "https://docs.opentrade.io/getting-started/onboarding", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: How to Invest in a Vault", "url": "https://docs.opentrade.io/getting-started/how-to-invest-in-a-vault", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: How to Make a Withdrawal", "url": "https://docs.opentrade.io/getting-started/how-to-make-a-withdrawal", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Vault Tokens", "url": "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vault-tokens", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Legal", "url": "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Master Lending Agreement", "url": "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/master-lending-agreement", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Key Parties", "url": "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/key-parties", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Blockchain Protocol", "url": "https://docs.opentrade.io/developers/blockchain-protocol", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: Contract Addresses", "url": "https://docs.opentrade.io/developers/contract-addresses", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Platform Terms of Service", "url": "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: USDC Money Market Fund Fidelity (V5) Vault", "url": "https://docs.opentrade.io/stablecoin-yield-vaults/stablecoin-yield-vaults/usdc-money-market-fund-fidelity-v5-vault", "kind": "primary", "accessed": "2026-09-24" }, { "name": "OpenTrade Docs: EURC Money Market Fund Fidelity (V4) Vault", "url": "https://docs.opentrade.io/stablecoin-yield-vaults/stablecoin-yield-vaults/eurc-money-market-fund-fidelity-v4-vault", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified PoolFlex implementation (XTBT, XEVT) on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xf6e658a3c792dd1a71aec72ea766d8a08bb402e9", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified PoolDynamic implementation (XMMF) on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x6d11b6d8e71e92d497ac7593277453df55c89af1", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified ServiceConfigurationV6 on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x1048f27729ed8cf70bff2cfd11a979d09dbdb6d8", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified PoolFactoryFlex beacon on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0x61424410c0bb1c580ed6363fe9405d9e84fa0578", "kind": "primary", "accessed": "2026-09-24" }, { "name": "SEC EDGAR company search for OpenTrade (no filer found)", "url": "https://www.sec.gov/cgi-bin/browse-edgar?company=opentrade&type=&dateb=&owner=include&count=40&action=getcompany", "kind": "primary", "accessed": "2026-09-24" } ], "reopenWhen": [ "OpenTrade files a Form D or other SEC filing, bars US persons, or states a minimum for these vaults", "DEFAULT_ADMIN_ROLE, DEPLOYER_ROLE, or PAUSER_ROLE on any chain moves from 0xad795e380725d85e0c62da50b91126a12043922a, the protocol pause is set, or a beacon implementation changes", "The pool admin 0xbd0ca95c5a104e14e60d0868667af174d146c9fd or a vault’s access-control contract changes", "OpenTrade publishes addresses for Prime+, the EURC CLO vault, Sierra LP, or the Figment staking vault, or drops a vault from its address page", "OpenTrade settles which vault XTBT names: its address page says the Flexible Term USDC Vault, its Fidelity V5 vault page says the Fidelity money market vault" ] }, { "id": "digift-security-tokens", "url": "https://ketjuresearch.com/register/files/digift-security-tokens/", "displayName": "DigiFT security tokens (iSNR, bEQTY, pEAK, CMBMINT and others)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "other", "instrumentKind": "mixed", "issuer": "DigiFT, a Singapore exchange that MAS licenses as a Recognised Market Operator and Capital Markets Services holder, mints and administers every token; the legal issuer of each token, and the partner manager behind it (Invesco, BNY, CMB International, Lion Global, SBI and others), are named only in offering papers behind DigiFT’s login", "eligibility": { "floor": "non-us-only", "minimumUsd": null, "kyc": "distributor", "entityTypes": [ "individual", "corporate" ], "notes": "DigiFT’s help centre says an investor must be “a non-US accredited investor or institutional investor”, so no US person may hold. DigiFT’s releases add professional investors, the Hong Kong class. DigiFT publishes each token’s minimum, fees, and cutoff only on its Offering page behind a login; Cointelegraph reported a $10,000 minimum for iSNR, citing DigiFT, and no DigiFT page read states it. Each account may place one subscription per offering. Whether a token pays out or reinvests income is set per token and not published; the rights field says reinvested because no DigiFT document read describes a cash payout." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Not named in any published document; DigiFT’s Management contract keeps the whitelist and blocklist on each chain", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "iSNR", "underlying": { "name": "DigiFT token, described by the press as a structured note, that invests in Invesco’s US senior secured loan strategy" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xcf2a456628e1361183aabe50396b00672bca3a42" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0x37ec21365dc39b0b74ea7b6fabffbcb277568ac4" } ] }, { "symbol": "bEQTY", "underlying": { "name": "DigiFT U.S. Equity Income Fund, a US equity income strategy with BNY as investment manager of the underlying strategy" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xeafd6d38f41f882bcfd5feaabcccc714b983b701" } ] }, { "symbol": "pEAK", "underlying": { "name": "DigiFT Peakwater Volatility Alpha Fund, a volatility strategy launched with Pilgrim Partners; later series trade as pEAK0726, pEAK0826, pEAK0926" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x725d35740656c77f27221ae580e5f8cf43da1af9" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x9c5757d31f39ccef3eb31ee01d3e61bae4b2fc77" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x1c6836f2a2a5fa5a03991ef4530dc1c56b37f862" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x55e372624d6a50274166a9d75caa3eae07b6e012" } ] }, { "symbol": "pEAK.BTC1025", "underlying": { "name": "DigiFT Peakwater BTC Enhance Fund Series 2025-10" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xa21519c18a8c97988a6156c8a04e314b4b845b4d" } ] }, { "symbol": "pSPAX", "underlying": { "name": "DigiFT PrimeX SpaceX Private Equity Token" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xff684ad06ccd3aef331fdd8e6bfb9b272011f7d4" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xdcc0e8795bec3e7a32c1437c15d1d4a2f6127766" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x16680c0975a32fadff70e74b7981b2e0156d8497" } ] }, { "symbol": "hBNB", "underlying": { "name": "DigiFT Hash Global BNB Yield Fund" }, "contracts": [ { "chain": "BSC", "chainId": "eip155:56", "address": "0xa1ecef1e53410202e9eea1f8fe4e7b1c0081f770" } ] }, { "symbol": "DYNA", "underlying": { "name": "DigiFT Dynamic Income Token" }, "contracts": [ { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x57fa6d0931d9a23c0a9f9f3ad52c74593b641dd8" } ] }, { "symbol": "DMMF01", "underlying": { "name": "DigiFT money market fund token; DigiFT has published no fund name" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xedd7370610935ebab8c0771b6ba94fdfa4a4f711" } ] }, { "symbol": "FLOWC0526", "underlying": { "name": "Flow Credit Fund Token, an Asia-Pacific credit fund" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x0755194f06b8ac7c459ee07df9812cc369e48567" } ] }, { "symbol": "JX", "underlying": { "name": "SBI Japan High Dividend Equity Strategy Token" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x7b3a5a10a32565dddd138c3fef03752b5a40028d" } ] }, { "symbol": "CMBMINT", "underlying": { "name": "CMBI USD Money Market Fund Token, on the CMB International USD Money Market Fund" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xc9a71c8fa0f505e690cbab1012d4a4a518e03231" } ] }, { "symbol": "CMBBOND", "underlying": { "name": "CMBI Investment Grade Bond Fund Token" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xbd4a710ce236ca59925581db087b6f5a98fced3a" }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "address": "0x91a94eb2dac54675a911ce749084b86e26c73a16" } ] }, { "symbol": "GOLDX", "underlying": { "name": "OCBC-LionGlobal Physical Gold Fund Token, a Lion Global Investors fund holding physical gold" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x591b64e554191873c148eadfb5b748b2b56bf4e7" } ] } ], "terms": [ { "question": "claim", "answer": "DigiFT says a security token is a claim to a financial asset of its issuer, which DigiFT tokenizes.", "quote": "Security Token represents an entitlement to ownership of a financial asset of the issuer.", "source": "https://support.digift.io/api/v2/help_center/en-us/articles/4905293876111.json", "locator": "Help centre: What is a Security Token?" }, { "question": "claim", "answer": "iSNR is a DigiFT token that invests in Invesco’s strategy, not a share of an Invesco fund.", "quote": "the platform will offer a DigiFT token which will invest in Invesco's private credit strategies.", "source": "https://www.prnewswire.com/news-releases/digift-collaborates-with-invesco-on-tokenized-solution-302379704.html", "locator": "Release, first paragraph" }, { "question": "who-may-hold", "answer": "Non-US accredited or institutional investors only.", "quote": "you need to be a non-US accredited investor or institutional investor", "source": "https://support.digift.io/api/v2/help_center/en-us/articles/4905309249551.json", "locator": "Help centre: Who is eligible to open an investor account?" }, { "question": "who-may-hold", "answer": "DigiFT’s releases also admit professional investors, through regulated intermediaries.", "quote": "The above-mentioned product/service is only available to Accredited Investors, Professional Investors, and Institutional Investors through authorised regulated intermediaries.", "source": "https://www.prnewswire.com/news-releases/digift-introduces-first-actively-managed-tokenized-equity-fund-with-bny-as-investment-management-services-provider-302669662.html", "locator": "Disclaimers" }, { "question": "minimum", "answer": "No public DigiFT document states a minimum; DigiFT shows each token’s terms only after login. Cointelegraph reported $10,000 for iSNR, citing DigiFT.", "notStated": true, "checked": [ "https://support.digift.io/api/v2/help_center/en-us/articles/6700456662287.json", "https://support.digift.io/api/v2/help_center/en-us/articles/5089391567887.json", "https://support.digift.io/api/v2/help_center/en-us/articles/4905309249551.json", "https://www.prnewswire.com/news-releases/digift-collaborates-with-invesco-on-tokenized-solution-302379704.html", "https://www.prnewswire.com/news-releases/digift-introduces-first-actively-managed-tokenized-equity-fund-with-bny-as-investment-management-services-provider-302669662.html" ] }, { "question": "account-types", "answer": "Individual and corporate accounts.", "quote": "Click here to open a Corporate account.", "source": "https://support.digift.io/api/v2/help_center/en-us/articles/4905309249551.json", "locator": "Help centre: Who is eligible to open an investor account?" }, { "question": "transfer", "answer": "With the transfer flag set, as it is on every token sampled, the contract refuses a transfer to a wallet DigiFT has not whitelisted.", "quote": "(IManagement(management).isWhiteInvestor(to) || IManagement(management).isRestrictInvestor(to)),'Forbid transfer');", "source": "https://eth.blockscout.com/api/v2/smart-contracts/0xcf2a456628e1361183aabe50396b00672bca3a42", "locator": "SecurityToken.sol, transfer()" }, { "question": "redemption", "answer": "DigiFT takes redemptions in USD, USDC, and USDT.", "quote": "accepts subscriptions and redemptions in fiat currencies like USD, and stablecoins like USDC and USDT.", "source": "https://www.prnewswire.com/news-releases/digift-collaborates-with-invesco-on-tokenized-solution-302379704.html", "locator": "Release, second paragraph" }, { "question": "redemption", "answer": "If DigiFT stops operating, the issuer of each token owes a buy-back at a price it sets in good faith.", "quote": "would be subject to a token buy-back offer from the Issuer of the respective Security Token", "source": "https://support.digift.io/api/v2/help_center/en-us/articles/7526348160143.json", "locator": "Help centre: What happens if DigiFT ceases operation?" }, { "question": "record", "answer": "The published documents do not say who keeps each token’s register or whether the chain governs. The contract manager can call upgrade(address), after which every transfer, balance, and supply call goes to a new contract, so the address that holds the balances can change.", "notStated": true, "checked": [ "https://support.digift.io/api/v2/help_center/en-us/articles/4905293876111.json", "https://support.digift.io/api/v2/help_center/en-us/articles/7526348160143.json", "https://www.prnewswire.com/news-releases/digift-collaborates-with-invesco-on-tokenized-solution-302379704.html", "https://www.prnewswire.com/news-releases/digift-introduces-first-actively-managed-tokenized-equity-fund-with-bny-as-investment-management-services-provider-302669662.html", "https://eth.blockscout.com/api/v2/smart-contracts/0xcf2a456628e1361183aabe50396b00672bca3a42" ] }, { "question": "freeze", "answer": "DigiFT can put a wallet on a blocklist, and a blocked holder cannot send.", "quote": "require(!IManagement(management).isBlockInvestor(msg.sender),'Block');", "source": "https://eth.blockscout.com/api/v2/smart-contracts/0xcf2a456628e1361183aabe50396b00672bca3a42", "locator": "SecurityToken.sol, transfer()" }, { "question": "freeze", "answer": "The contract manager can burn any holder’s tokens without the holder signing.", "quote": "function redeem( address investor, uint256 value ) external onlyContractManager { _burn(investor,value);", "source": "https://eth.blockscout.com/api/v2/smart-contracts/0xcf2a456628e1361183aabe50396b00672bca3a42", "locator": "SecurityToken.sol, redeem()" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xcf2a456628e1361183aabe50396b00672bca3a42", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": "unverified", "readAt": "2026-09-24", "keys": [] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0x37ec21365dc39b0b74ea7b6fabffbcb277568ac4", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": true, "upgradeable": "unverified", "readAt": "2026-09-24", "keys": [] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0xa1ecef1e53410202e9eea1f8fe4e7b1c0081f770", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": "unverified", "upgradeable": "unverified", "readAt": "2026-09-24", "keys": [] }, { "chain": "Plume Mainnet", "chainId": "eip155:98866", "contract": "0x57fa6d0931d9a23c0a9f9f3ad52c74593b641dd8", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": "unverified", "readAt": "2026-09-24", "keys": [] } ], "redemption": [ { "via": "issuer-window", "settlement": "Through DigiFT, which accepts redemptions in USD, USDC, and USDT. Each token’s dealing days, cutoff, and settlement period sit on DigiFT’s Offering page behind a login. If DigiFT stops operating, tokens count as delisted and may be burned, and each issuer makes its own buy-back offer.", "settlesIn": [ "USD", "USDC", "USDT" ] } ], "venues": [ { "kind": "issuer-primary", "id": "digift", "name": "DigiFT" } ], "sources": [ { "name": "DigiFT help centre: Who is eligible to open an investor account? (Zendesk API; support.digift.io pages refuse automated reads)", "url": "https://support.digift.io/api/v2/help_center/en-us/articles/4905309249551.json", "kind": "primary", "accessed": "2026-09-24" }, { "name": "DigiFT help centre: What is a Security Token? (Zendesk API)", "url": "https://support.digift.io/api/v2/help_center/en-us/articles/4905293876111.json", "kind": "primary", "accessed": "2026-09-24" }, { "name": "DigiFT help centre: What happens if DigiFT ceases operation? (Zendesk API)", "url": "https://support.digift.io/api/v2/help_center/en-us/articles/7526348160143.json", "kind": "primary", "accessed": "2026-09-24" }, { "name": "DigiFT help centre: Is DigiFT regulated? (Zendesk API)", "url": "https://support.digift.io/api/v2/help_center/en-us/articles/4905274491279.json", "kind": "primary", "accessed": "2026-09-24" }, { "name": "DigiFT help centre: Fees and Charges (Zendesk API)", "url": "https://support.digift.io/api/v2/help_center/en-us/articles/6700456662287.json", "kind": "primary", "accessed": "2026-09-24" }, { "name": "DigiFT help centre: Can I place more than one subscription for a Security Token Offering? (Zendesk API)", "url": "https://support.digift.io/api/v2/help_center/en-us/articles/5089391567887.json", "kind": "primary", "accessed": "2026-09-24" }, { "name": "PR Newswire: DigiFT collaborates with Invesco on tokenized solution, 18 February 2025", "url": "https://www.prnewswire.com/news-releases/digift-collaborates-with-invesco-on-tokenized-solution-302379704.html", "kind": "primary", "accessed": "2026-09-24" }, { "name": "PR Newswire: DigiFT introduces first actively managed tokenized equity fund with BNY, 25 January 2026", "url": "https://www.prnewswire.com/news-releases/digift-introduces-first-actively-managed-tokenized-equity-fund-with-bny-as-investment-management-services-provider-302669662.html", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Blockscout: verified SecurityToken source (iSNR on Ethereum)", "url": "https://eth.blockscout.com/api/v2/smart-contracts/0xcf2a456628e1361183aabe50396b00672bca3a42", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Blockscout: verified Management source (Ethereum)", "url": "https://eth.blockscout.com/api/v2/smart-contracts/0x96abd1c04882bce372203d43649be525f8ae87ba", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Blockscout: DigiFT token registry on Polygon (getAllTokenRecords)", "url": "https://polygon.blockscout.com/address/0x7d4d68f18d1be3410ab8d827fb7ebc690f938d2d", "kind": "primary", "accessed": "2026-09-24" }, { "name": "DefiLlama adapter for DigiFT (reads the Polygon registry)", "url": "https://github.com/DefiLlama/DefiLlama-Adapters/blob/main/projects/DigiFT/index.js", "kind": "secondary", "accessed": "2026-09-24" }, { "name": "Cointelegraph: DigiFT launches Invesco private credit token on Arbitrum, March 2025", "url": "https://cointelegraph.com/news/digift-invesco-private-credit-token-arbitrum", "kind": "secondary", "accessed": "2026-09-24" } ], "reopenWhen": [ "DigiFT publishes platform terms, an offering memorandum, or a product page that states a minimum, a cutoff, the issuer of a token, or who keeps the register", "The Management contract, its contract manager, or a token’s management pointer changes on any chain, or a token calls upgrade() to move to a new address", "A token’s transferFlag changes to 0, which drops the whitelist and leaves only the blocklist", "The reader learns to count SecurityToken’s upgrade(address) path, or the Arbitrum or BSC Management source is verified; those readings are then re-taken", "DigiFT adds a token to its Polygon registry with supply, or a listed token’s supply reaches zero", "DigiFT opens accounts to US persons, or MAS or the SFC acts against DigiFT" ] }, { "id": "delta-wellington-ultra", "url": "https://ketjuresearch.com/register/files/delta-wellington-ultra/", "displayName": "Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "treasury-fund", "issuer": "Delta Wellington Ultra Short Treasury On-Chain Fund, a sub-fund of the Delta Master Trust (Singapore unit trust, SEC CIK 2043109); FundBridge Capital Pte. Ltd. as manager; Wellington Management Singapore Pte. Ltd. as sub-manager; Perpetual (Asia) Limited as trustee; Standard Chartered Bank (Singapore) Limited as custodian; Vistra Alternative Investments (Singapore) Pte. Ltd. as administrator; Libeara (Singapore) Pte. Ltd. as tokenization provider", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 200000, "kyc": "issuer", "notes": "Libeara’s funds site directs the Delta Master Trust at accredited and institutional investors as Singapore’s Securities and Futures Act defines them. The Form D amended on 3 November 2025 claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, which admits only qualified purchasers, so a US holder must be one; the file takes that stricter reading. The Form D and FundBridge’s STEP 2 application both state a $200,000 minimum. The Form D reports $135,341,364 sold to seven investors." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "None named; Vistra, the administrator, keeps an off-chain copy of the unitholder register", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "ULTRA", "underlying": { "name": "Unit of a Singapore unit trust sub-fund holding US Treasury securities under one year, repos, and cash; the NAV accrues, about $1.057 a unit on 2026-09-24" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x50293dd8889b931eb3441d2664dce8396640b419" }, { "chain": "Arbitrum", "chainId": "eip155:42161", "address": "0xc26af85ede9cc25d449bcebef866bb85afd5d346" } ] } ], "terms": [ { "question": "claim", "answer": "A unit of the ULTRA sub-fund, with the rights the Delta Master Trust deed gives unitholders.", "quote": "Investors are unitholders of ULTRA and are entitled to the rights set out in the trust deed", "source": "https://web.archive.org/web/20250322160512/https://forum.arbitrum.foundation/t/delta-wellington-ultra-short-treasury-on-chain-fund-ultra-by-fundbridge-capital-step-2-application/28765", "locator": "Question 13" }, { "question": "who-may-hold", "answer": "Accredited and institutional investors under Singapore law; the Form D’s 3(c)(7) claim means a US holder must be a qualified purchaser.", "quote": "directed exclusively at accredited investors and institutional investors as defined under the Securities and Futures Act 2001 of Singapore", "source": "https://funds-microsite.libeara.com/", "locator": "Footer notice" }, { "question": "minimum", "answer": "$200,000, per the Form D and FundBridge’s application.", "quote": "Minimum investment accepted from any outside investor $ 200,000 USD", "source": "https://www.sec.gov/Archives/edgar/data/2043109/000204310925000003/xslFormDX01/primary_doc.xml", "locator": "Item 11, Minimum Investment" }, { "question": "transfer", "answer": "Only between whitelisted, onboarded holders, and subject to the manager’s approval.", "quote": "ULTRA is an open-ended fund with tokenised units capable of being transferred peer-to-peer (P2P) between eligible parties on the Libeara platform", "source": "https://web.archive.org/web/20250322160512/https://forum.arbitrum.foundation/t/delta-wellington-ultra-short-treasury-on-chain-fund-ultra-by-fundbridge-capital-step-2-application/28765", "locator": "Question 20" }, { "question": "redemption", "answer": "Daily on trading days, settled in one to two business days.", "quote": "The Manager offers daily redemptions on trading days, with settlement processed within 1-2 business days.", "source": "https://web.archive.org/web/20250322160512/https://forum.arbitrum.foundation/t/delta-wellington-ultra-short-treasury-on-chain-fund-ultra-by-fundbridge-capital-step-2-application/28765", "locator": "Question 20" }, { "question": "record", "answer": "Vistra keeps an off-chain copy of the unitholder register to rebuild holdings; the documents read do not say which record governs if the two differ.", "quote": "The Administrator, Vistra, maintains an off-chain copy of the Fund unitholder register", "source": "https://web.archive.org/web/20250322160512/https://forum.arbitrum.foundation/t/delta-wellington-ultra-short-treasury-on-chain-fund-ultra-by-fundbridge-capital-step-2-application/28765", "locator": "Question 23" }, { "question": "freeze", "answer": "The administrator can blacklist a holder with the manager’s approval; the contract has a clawback but no freeze function.", "quote": "The Administrator can blacklist investors at any time, subject to the Manager’s approval.", "source": "https://web.archive.org/web/20250322160512/https://forum.arbitrum.foundation/t/delta-wellington-ultra-short-treasury-on-chain-fund-ultra-by-fundbridge-capital-step-2-application/28765", "locator": "Question 35" } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x50293dd8889b931eb3441d2664dce8396640b419", "allowlist": true, "freeze": false, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin", "allowlist" ], "address": "0x3d5d2bb4b152c9574291513b7c143ebe197335bc", "kind": "single-key" } ] }, { "chain": "Arbitrum", "chainId": "eip155:42161", "contract": "0xc26af85ede9cc25d449bcebef866bb85afd5d346", "allowlist": true, "freeze": false, "pause": false, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin", "allowlist" ], "address": "0x3d5d2bb4b152c9574291513b7c143ebe197335bc", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Daily redemptions to the manager on trading days, settled in one to two business days; the holder sends units to the fund’s contract and receives USDC through the fund’s on- and off-ramp provider or US dollars by wire", "settlesIn": [ "USDC", "USD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "libeara-delta", "name": "Libeara Delta platform (FundBridge onboarding)" } ], "formD": { "filed": true, "cik": "2043109", "entity": "Delta Wellington Ultra Short Treasury On-Chain Fund, a sub-fund of the Delta Master Trust", "filings": [ { "filedAt": "2025-11-03", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/2043109/000204310925000003/0002043109-25-000003-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 200000, "soldUsd": 135341364, "investors": 7, "firstSale": "2025-02-19" }, { "filedAt": "2024-11-06", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2043109/000204310924000001/0002043109-24-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 200000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "SEC EDGAR: Delta Wellington Ultra Short Treasury On-Chain Fund, Form D/A filed November 3, 2025", "url": "https://www.sec.gov/Archives/edgar/data/2043109/000204310925000003/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "FundBridge Capital, ULTRA STEP 2 application to the Arbitrum DAO (Internet Archive copy of 2025-03-22)", "url": "https://web.archive.org/web/20250322160512/https://forum.arbitrum.foundation/t/delta-wellington-ultra-short-treasury-on-chain-fund-ultra-by-fundbridge-capital-step-2-application/28765", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Libeara funds microsite: Delta Master Trust landing page", "url": "https://funds-microsite.libeara.com/", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Libeara: FundBridge and Libeara Launch Regulated Tokenised Treasury Fund on Avalanche (2025-08-28)", "url": "https://libeara.com/fundbridge-and-libeara-launch-regulated-tokenised-treasury-fund-on-avalanche/", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Libeara: ULTRA and MG999 on Solana (2025-12-11)", "url": "https://libeara.com/libeara-expands-support-of-fundbridge-issued-ultra-and-mg-999-to-solana-with-theo-to-allocate-on-solana/", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified ULTRA implementation Ultra.sol on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xbf9c9fcb5915d835220a9454ec146a39cd0d8d8f", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Theo Docs: tULTRA (Internet Archive copy of 2025-08-07), whose vault’s asset() is the Ethereum ULTRA contract", "url": "https://docs.theo.xyz/platform/thbill/tultra", "kind": "primary", "accessed": "2026-09-24" } ], "reopenWhen": [ "FundBridge or Libeara publishes the information memorandum, trust deed, or contract addresses; the file is then re-read for the record, the investor class, and the Solana and Avalanche contracts", "The DEFAULT_ADMIN_ROLE, SUPER_ADMIN, or OPERATOR_ADMIN holder or the implementation of ULTRA on Ethereum or Arbitrum changes, or the transfer limit rises above zero", "The Solana mint, which rwa.xyz shows holding most units, is identified from an issuer source; it is then read and added", "A new Form D or amendment for CIK 2043109 changes the exemption, the exclusion, or the minimum", "The fund suspends or delays a redemption past two business days" ] }, { "id": "franklin-onchain-institutional", "url": "https://ketjuresearch.com/register/files/franklin-onchain-institutional/", "displayName": "Franklin OnChain Institutional Liquidity Fund (iBENJI)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506b", "instrumentKind": "money-market-fund", "issuer": "Franklin Onchain Institutional Liquidity Fund Ltd. (SEC CIK 2068319; Rule 506(b) private fund under section 3(c)(7); its Form D gives Delaware as the jurisdiction, rwa.xyz gives the British Virgin Islands); Franklin Advisers, Inc. as investment manager; Franklin Distributors, LLC as placement agent", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 5000000, "kyc": "issuer", "notes": "The only signed statement of terms is the Form D filed on 29 May 2025: Rule 506(b), the Investment Company Act section 3(c)(7) exclusion, which admits only qualified purchasers, and a $5,000,000 minimum; the file follows it. rwa.xyz lists non-US institutional investors and US qualified institutional buyers, a $5,000,000 first investment, and $100,000 after. The Form D reports no sales and no investors and has not been amended, while 1.72 billion iBENJI were outstanding on 2026-09-24." }, "rights": { "voting": false, "dividends": "new-tokens", "sipc": false }, "officialRecord": { "name": "Not named in any public document; the token has a Transfer Agent module, as BENJI does, whose transfer agent is Franklin Templeton Investor Services", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "iBENJI", "underlying": { "name": "Share of a private Franklin money fund that rwa.xyz describes as holding government securities, cash, and repos at a $1.00 NAV; no fund document is public" }, "contracts": [ { "chain": "Ethereum", "chainId": "eip155:1", "address": "0x90276e9d4a023b5229e0c2e9d4b2a83fe3a2b48c" }, { "chain": "BSC", "chainId": "eip155:56", "address": "0x3d0a2a3a30a43a2c1c4b92033609245e819ae6a6" } ] } ], "terms": [ { "question": "claim", "answer": "No public document says what an iBENJI token represents; rwa.xyz calls it one share of the fund.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "https://www.nasdaq.com/press-release/franklin-templeton-and-binance-advance-strategic-collaboration-institutional-exchange" ] }, { "question": "who-may-hold", "answer": "Qualified purchasers, per the Form D’s section 3(c)(7) claim; no offering document is public.", "quote": "X Section 3(c)(7)", "source": "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "locator": "Item 6, Federal Exemption(s) and Exclusion(s) Claimed" }, { "question": "minimum", "answer": "$5,000,000, per the Form D.", "quote": "Minimum investment accepted from any outside investor $ 5,000,000 USD", "source": "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "locator": "Item 11, Minimum Investment" }, { "question": "transfer", "answer": "No public document says; the contract lets only authorized wallets hold and lets Franklin switch transfers off.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "https://www.nasdaq.com/press-release/franklin-templeton-and-binance-advance-strategic-collaboration-institutional-exchange" ] }, { "question": "redemption", "answer": "No public document states the redemption terms.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "https://www.nasdaq.com/press-release/franklin-templeton-and-binance-advance-strategic-collaboration-institutional-exchange" ] }, { "question": "record", "answer": "No public document says who keeps the record of holders or which record governs.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "https://www.nasdaq.com/press-release/franklin-templeton-and-binance-advance-strategic-collaboration-institutional-exchange" ] }, { "question": "freeze", "answer": "No public document says; the contract can freeze a wallet and burn a balance.", "notStated": true, "checked": [ "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "https://www.nasdaq.com/press-release/franklin-templeton-and-binance-advance-strategic-collaboration-institutional-exchange" ] } ], "controls": [ { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0x90276e9d4a023b5229e0c2e9d4b2a83fe3a2b48c", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_TOKEN_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "ROLE_AUTHORIZATION_ADMIN", "powers": [ "allowlist", "freeze" ], "address": "0xe9cac1be0dfcaf655e0193385800b9daf9b723e2", "kind": "contract" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" }, { "role": "DEFAULT_ADMIN_ROLE", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x27d7b391e493bcc7fd81d317b0ac2e013f0b1ad6", "kind": "contract" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x42cc1586f9013a4b33e8f2f521bb890183d4a2d6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0x64d465f21a255612e648ed5197d07193953523e6", "kind": "single-key" }, { "role": "ROLE_MODULE_OWNER", "powers": [ "admin" ], "address": "0xb671dd4908eee20ebc8e76c535505c09e2c0b24f", "kind": "single-key" } ] }, { "chain": "BSC", "chainId": "eip155:56", "contract": "0x3d0a2a3a30a43a2c1c4b92033609245e819ae6a6", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "moduleRegistry owner", "powers": [ "admin" ], "address": "0xf2f79cfb9595d0db36ec1b56fd39b7e847b618b1", "kind": "contract" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "No public document states the redemption terms; rwa.xyz lists daily subscriptions and redemptions with no fee", "settlesIn": [] } ], "venues": [ { "kind": "issuer-primary", "id": "benji-institutional", "name": "Franklin Templeton Benji platform (institutional onboarding)" } ], "formD": { "filed": true, "cik": "2068319", "entity": "Franklin Onchain Institutional Liquidity Fund Ltd.", "filings": [ { "filedAt": "2025-05-29", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/0002068319-25-000001-index.htm", "exemptions": [ "Rule 506(b)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 5000000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "SEC EDGAR: Franklin Onchain Institutional Liquidity Fund Ltd., Form D filed May 29, 2025", "url": "https://www.sec.gov/Archives/edgar/data/2068319/000206831925000001/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Franklin Templeton Benji DevHub: contract addresses", "url": "https://digitalassets.franklintempleton.com/benji/benji-contracts/", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Franklin Templeton and Binance, Institutional Off-Exchange Collateral Program (2026-02-11, Nasdaq copy of the Business Wire release)", "url": "https://www.nasdaq.com/press-release/franklin-templeton-and-binance-advance-strategic-collaboration-institutional-exchange", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified iBENJI implementation MoneyMarketFund on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xa74372dfde0df8a08a3ac7b60c5379f90ac9c7dd", "kind": "primary", "accessed": "2026-09-24" }, { "name": "rwa.xyz: iBENJI", "url": "https://app.rwa.xyz/assets/iBENJI", "kind": "secondary", "accessed": "2026-09-24" } ], "reopenWhen": [ "Franklin publishes an offering memorandum, fact sheet, or terms page for the fund; the file is then re-read for the claim, the record, transfer, and redemption", "A new Form D or amendment for CIK 2068319 changes the exemption, the exclusion, the minimum, or the sales reported", "The ROLE_TOKEN_OWNER holders, the authorization admin, or the implementation of iBENJI on Ethereum or BSC changes", "The reader reads the BSC module role holders; the BSC controls are then completed", "Franklin issues iBENJI on another chain" ] }, { "id": "hamilton-lane-scope", "url": "https://ketjuresearch.com/register/files/hamilton-lane-scope/", "displayName": "Hamilton Lane Senior Credit Opportunities Securitize Fund (HLSCOPE)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "credit-fund", "issuer": "Hamilton Lane SCOPE Securitize Tokenized Feeder, LP (Delaware limited partnership, SEC CIK 1976710); Securitize Capital, LLC as general partner; feeds Hamilton Lane Senior Credit Opportunities Fund S.A. SICAV RAIF; Securitize Markets as placement agent; the documents read name no transfer agent", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 10000, "kyc": "broker-dealer", "notes": "Securitize’s page says “Investor Type: Qualified Purchaser” and shows a $10,000 minimum. The Form D amendment filed 1 August 2025 claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion and states the same $10,000 minimum; it reports $9,707,446 sold to 64 investors since the first sale on 4 May 2023. Hamilton Lane’s 2023 release says the direct SCOPE minimum is $2 million." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Not named in the documents read; Securitize runs the DS-protocol contracts and is transfer agent for its other funds", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "HLSCOPE", "underlying": { "name": "Limited partnership unit of a Delaware feeder into Hamilton Lane’s Luxembourg senior private credit fund, which holds senior secured loans to borrowers in North America and Europe" }, "contracts": [ { "chain": "Polygon", "chainId": "eip155:137", "address": "0x4c5ca366e26409845624e29b62c388a06961a792" }, { "chain": "Ethereum", "chainId": "eip155:1", "address": "0xda2ffa104356688e74d9340519b8c17f00d7752e" } ] } ], "terms": [ { "question": "claim", "answer": "A unit of a Delaware feeder into Hamilton Lane’s senior private credit fund.", "quote": "This Fund invests in senior secured loans made to top-tier borrowers in North America and Europe, targeting both stability and reliable returns.", "source": "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Overview" }, { "question": "who-may-hold", "answer": "Qualified purchasers.", "quote": "Investor Type: Qualified Purchaser", "source": "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Overview" }, { "question": "minimum", "answer": "$10,000.", "quote": "$10,000", "source": "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Minimum Investment tile" }, { "question": "transfer", "answer": "Only to other whitelisted holders.", "quote": "Tokens can be transferred to other whitelisted holders after issuance.", "source": "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Footnote (8)" }, { "question": "redemption", "answer": "A monthly window against the master fund, paid in USD or USDC, plus an RLUSD pool at the general partner’s discretion.", "quote": "The fund opens a monthly redemption window where the investor redeems with the underlying master fund for USD or USDC.", "source": "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Redemptions, Two Ways To Redeem" }, { "question": "record", "answer": "The documents read do not name the record keeper.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1976710/000197671025000002/xslFormDX01/primary_doc.xml", "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize" ] }, { "question": "freeze", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1976710/000197671025000002/xslFormDX01/primary_doc.xml", "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize" ] } ], "controls": [ { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x4c5ca366e26409845624e29b62c388a06961a792", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0x3ee611d581d2c6a81459fff8c6c8d197b0ad1a3e", "kind": "single-key" } ] }, { "chain": "Ethereum", "chainId": "eip155:1", "contract": "0xda2ffa104356688e74d9340519b8c17f00d7752e", "allowlist": true, "freeze": true, "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0x59c1eacec450c57dcb9b8725d0f96635c2b676ee", "kind": "single-key" }, { "role": "getDSService(WALLET_REGISTRAR) owner", "powers": [ "allowlist", "admin" ], "address": "0xf3aae1168fbf3a5cf1cb4b57c5c8c5e9401627d9", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "A monthly window: notice by the redemption deadline, redeemed with the Luxembourg master fund after it releases the new NAV, paid once the master fund pays; Securitize says full redemptions are not guaranteed", "settlesIn": [ "USD", "USDC" ] }, { "via": "issuer-window", "settlement": "An instant swap of HLSCOPE for RLUSD on Ethereum against a pool of up to 5% of the fund’s assets, open at the general partner’s discretion and closable for any reason", "settlesIn": [ "RLUSD" ] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "1976710", "entity": "Hamilton Lane SCOPE Securitize Tokenized Feeder, LP", "filings": [ { "filedAt": "2025-08-01", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1976710/000197671025000002/0001976710-25-000002-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 10000, "soldUsd": 9707446, "investors": 64, "firstSale": "2023-05-04" }, { "filedAt": "2023-05-16", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/1976710/000197671023000001/0001976710-23-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 10000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "Securitize, HLSCOPE page content (Builder.io content API behind securitize.io/primary-market/hl-scope)", "url": "https://cdn.builder.io/api/v3/content/page/7e6ae67267e14ef093dc563c682e85eb?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-24" }, { "name": "SEC EDGAR: Hamilton Lane SCOPE Securitize Tokenized Feeder, LP, Form D/A filed August 1, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1976710/000197671025000002/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Hamilton Lane: Securitize Expands Access to Hamilton Lane’s Senior Credit Opportunities Fund via Polygon (May 4, 2023)", "url": "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified HLSCOPE implementation on Polygon (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/137/0x5e98857d4bd2b3569a87c0f226e2c961aae02e0b", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Verified HLSCOPE implementation on Ethereum (Sourcify)", "url": "https://sourcify.dev/server/v2/contract/1/0xa2f6ef3144753f31fcd728910b96a92bbbb462c9", "kind": "primary", "accessed": "2026-09-24" } ], "reopenWhen": [ "Securitize publishes the HLSCOPE private placement memorandum; the file is then re-read for the investor class, gates, and redemption terms", "The owner key, compliance service, lock manager, wallet registrar, or proxy target of either contract changes", "Securitize closes the RLUSD pool or the fund pays a monthly redemption late or in part", "A new Form D amendment changes the minimum, the exemption, or the investor count" ] }, { "id": "hamilton-lane-sf6", "url": "https://ketjuresearch.com/register/files/hamilton-lane-sf6/", "displayName": "Hamilton Lane Secondary VI Securitize Fund (HLSF6)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "mixed", "issuer": "Hamilton Lane SF6 - Securitize Tokenized Feeder Fund, Ltd (British Virgin Islands business company, SEC CIK 1993132), feeding Hamilton Lane’s sixth secondary fund; Securitize Markets as placement agent; the documents read name no transfer agent", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 20000, "kyc": "broker-dealer", "notes": "Securitize’s page says “Investor Type: Qualified Purchaser” and gives no minimum; the minimum is the Form D’s. The Form D amendment filed 13 February 2026 claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, states a $20,000 minimum, and reports $6,500,000 sold to 15 investors since the first sale on 1 December 2023. The Polygon contract held 6,500 tokens on 2026-09-24." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Not named in the documents read; Securitize runs the DS-protocol contract and is transfer agent for its other funds", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "HLSF6", "underlying": { "name": "Share of a BVI feeder into a Hamilton Lane secondary fund that buys existing private equity fund interests" }, "contracts": [ { "chain": "Polygon", "chainId": "eip155:137", "address": "0x37e87542d1f90ca1fc9ae6c32826563167aee05b" } ] } ], "terms": [ { "question": "claim", "answer": "A share of a BVI feeder into a Hamilton Lane secondary private equity fund.", "quote": "Access stability and quicker returns with a secondary fund that acquires mature private equity investments, often at prices below market value.", "source": "https://cdn.builder.io/api/v3/content/page/a2cd1d258ba7451cbfa670e3376aea8c?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Page header" }, { "question": "who-may-hold", "answer": "Qualified purchasers.", "quote": "Investor Type: Qualified Purchaser", "source": "https://cdn.builder.io/api/v3/content/page/a2cd1d258ba7451cbfa670e3376aea8c?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Details, Structure" }, { "question": "minimum", "answer": "$20,000, per the Form D; the Securitize page states none.", "quote": "Minimum investment accepted from any outside investor $ 20,000 USD", "source": "https://www.sec.gov/Archives/edgar/data/1993132/000199313226000003/xslFormDX01/primary_doc.xml", "locator": "Item 11, Minimum Investment" }, { "question": "transfer", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/a2cd1d258ba7451cbfa670e3376aea8c?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1993132/000199313226000003/xslFormDX01/primary_doc.xml" ] }, { "question": "redemption", "answer": "The documents read state no redemption right.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/a2cd1d258ba7451cbfa670e3376aea8c?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1993132/000199313226000003/xslFormDX01/primary_doc.xml" ] }, { "question": "record", "answer": "The documents read do not name the record keeper.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/a2cd1d258ba7451cbfa670e3376aea8c?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1993132/000199313226000003/xslFormDX01/primary_doc.xml" ] } ], "controls": [ { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x37e87542d1f90ca1fc9ae6c32826563167aee05b", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-24", "keys": [] } ], "redemption": [ { "via": "none", "settlement": "The documents read state no redemption right; Securitize lists the subscription as one-time", "settlesIn": [] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "1993132", "entity": "Hamilton Lane SF6 - Securitize Tokenized Feeder Fund, Ltd", "filings": [ { "filedAt": "2026-02-13", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1993132/000199313226000003/0001993132-26-000003-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 20000, "soldUsd": 6500000, "investors": 15, "firstSale": "2023-12-01" }, { "filedAt": "2024-06-24", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1993132/000199313224000003/0001993132-24-000003-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 20000, "soldUsd": 6245000, "investors": 6, "firstSale": "2023-12-01" }, { "filedAt": "2023-09-19", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/1993132/000199313223000001/0001993132-23-000001-index.htm", "exemptions": [ "Rule 506(b)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 20000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "Securitize, HLSF6 page content (Builder.io content API behind securitize.io/primary-market/hl-secondary-VI)", "url": "https://cdn.builder.io/api/v3/content/page/a2cd1d258ba7451cbfa670e3376aea8c?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-24" }, { "name": "SEC EDGAR: Hamilton Lane SF6 - Securitize Tokenized Feeder Fund, Ltd, Form D/A filed February 13, 2026", "url": "https://www.sec.gov/Archives/edgar/data/1993132/000199313226000003/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "HLSF6 implementation on Polygon (Blockscout verified source)", "url": "https://polygon.blockscout.com/api/v2/smart-contracts/0x1e25ca5c2658a44aafbcf595edc48280dbb35144", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Hamilton Lane: Securitize Expands Access to Hamilton Lane’s Senior Credit Opportunities Fund via Polygon (May 4, 2023)", "url": "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize", "kind": "primary", "accessed": "2026-09-24" } ], "reopenWhen": [ "Securitize publishes the HLSF6 memorandum or adds redemption or transfer terms to its page", "The owner key or proxy target of the Polygon contract changes, or the reader gains a verified ABI that settles the allowlist, freeze, and clawback powers", "A new Form D amendment changes the minimum, the exemption, or the investor count" ] }, { "id": "hamilton-lane-eov", "url": "https://ketjuresearch.com/register/files/hamilton-lane-eov/", "displayName": "Hamilton Lane Equity Opportunities Securitize Fund V (HLEOVUS)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "mixed", "issuer": "Hamilton Lane Equity Opportunity Fund V Securitize Feeder US, LP (Delaware limited partnership, SEC CIK 1965971, formerly Securitize Capital Hamilton Lane EOV Tokenized Fund, LP); Securitize Capital, LLC as general partner; Securitize Markets as placement agent; the documents read name no transfer agent", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 20000, "kyc": "broker-dealer", "notes": "Securitize’s page says “Investor Type: Qualified Purchaser” and gives no minimum; the minimum is the Form D’s. The Form D amendment filed 1 August 2025 claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, states a $20,000 minimum, and reports $5,521,250 sold to 12 investors since the first sale on 16 February 2023. A second token, HLEOVWW, is the worldwide feeder; it has no Form D and is not part of this file." }, "rights": { "voting": false, "dividends": "cash", "sipc": false }, "officialRecord": { "name": "Not named in the documents read; Securitize runs the DS-protocol contract and is transfer agent for its other funds", "secRegistered": false, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "HLEOVUS", "underlying": { "name": "Limited partnership unit of a Delaware feeder into Hamilton Lane Equity Opportunities Fund V, which co-invests in private companies alongside buyout managers" }, "contracts": [ { "chain": "Polygon", "chainId": "eip155:137", "address": "0x2b5802f1492369c93650fb8c7ec1d8573d40cbdb" } ] } ], "terms": [ { "question": "claim", "answer": "A unit of a Delaware feeder into a Hamilton Lane private equity co-investment fund.", "quote": "Capture long-term growth with a fund that invests in diverse private equity opportunities.", "source": "https://cdn.builder.io/api/v3/content/page/ca7ecf4ef80c49ccae6b68796f8973c6?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Page header" }, { "question": "who-may-hold", "answer": "Qualified purchasers.", "quote": "Investor Type: Qualified Purchaser", "source": "https://cdn.builder.io/api/v3/content/page/ca7ecf4ef80c49ccae6b68796f8973c6?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "locator": "Fund Details, Structure" }, { "question": "minimum", "answer": "$20,000, per the Form D; the Securitize page states none.", "quote": "Minimum investment accepted from any outside investor $ 20,000 USD", "source": "https://www.sec.gov/Archives/edgar/data/1965971/000196597125000002/xslFormDX01/primary_doc.xml", "locator": "Item 11, Minimum Investment" }, { "question": "transfer", "answer": "The documents read do not say.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/ca7ecf4ef80c49ccae6b68796f8973c6?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1965971/000196597125000002/xslFormDX01/primary_doc.xml" ] }, { "question": "redemption", "answer": "The documents read state no redemption right.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/ca7ecf4ef80c49ccae6b68796f8973c6?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1965971/000196597125000002/xslFormDX01/primary_doc.xml" ] }, { "question": "record", "answer": "The documents read do not name the record keeper.", "notStated": true, "checked": [ "https://cdn.builder.io/api/v3/content/page/ca7ecf4ef80c49ccae6b68796f8973c6?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "https://www.sec.gov/Archives/edgar/data/1965971/000196597125000002/xslFormDX01/primary_doc.xml" ] } ], "controls": [ { "chain": "Polygon", "chainId": "eip155:137", "contract": "0x2b5802f1492369c93650fb8c7ec1d8573d40cbdb", "allowlist": "unverified", "freeze": "unverified", "pause": true, "clawback": "unverified", "upgradeable": true, "readAt": "2026-09-24", "keys": [] } ], "redemption": [ { "via": "none", "settlement": "The documents read state no redemption right; Securitize lists the subscription as one-time", "settlesIn": [] } ], "venues": [ { "kind": "issuer-primary", "id": "securitize", "name": "Securitize primary market" } ], "formD": { "filed": true, "cik": "1965971", "entity": "Hamilton Lane Equity Opportunity Fund V Securitize Feeder US, LP", "filings": [ { "filedAt": "2025-08-01", "form": "D/A", "url": "https://www.sec.gov/Archives/edgar/data/1965971/000196597125000002/0001965971-25-000002-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 20000, "soldUsd": 5521250, "investors": 12, "firstSale": "2023-02-16" }, { "filedAt": "2023-02-15", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/1965971/000196597123000001/0001965971-23-000001-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 20000, "soldUsd": 0, "investors": 0, "firstSale": null } ] }, "sources": [ { "name": "Securitize, HL EOV page content (Builder.io content API behind securitize.io/primary-market/hl-eov)", "url": "https://cdn.builder.io/api/v3/content/page/ca7ecf4ef80c49ccae6b68796f8973c6?apiKey=d39b51a544e84e2fbb2445f58c6c6f2c", "kind": "primary", "accessed": "2026-09-24" }, { "name": "SEC EDGAR: Hamilton Lane Equity Opportunity Fund V Securitize Feeder US, LP, Form D/A filed August 1, 2025", "url": "https://www.sec.gov/Archives/edgar/data/1965971/000196597125000002/xslFormDX01/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Blockscout: HLEOVUS token record on Polygon", "url": "https://polygon.blockscout.com/api/v2/tokens/0x2b5802f1492369c93650fb8c7ec1d8573d40cbdb", "kind": "secondary", "accessed": "2026-09-24" }, { "name": "Hamilton Lane: Securitize Expands Access to Hamilton Lane’s Senior Credit Opportunities Fund via Polygon (May 4, 2023)", "url": "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize", "kind": "primary", "accessed": "2026-09-24" } ], "reopenWhen": [ "Securitize publishes the EOV memorandum or adds redemption or transfer terms to its page", "The owner key or proxy target of the Polygon contract changes, or the reader gains a verified ABI that settles the allowlist, freeze, and clawback powers", "A new Form D amendment changes the minimum, the exemption, or the investor count" ] }, { "id": "coinbase-cushy", "url": "https://ketjuresearch.com/register/files/coinbase-cushy/", "displayName": "Coinbase USD Stablecoin Yield Fund (CUSHY)", "reviewed": "2026-09-24", "nextReview": "2027-03-24", "claimModel": "not-stated", "registrationPath": "reg-d-506c", "instrumentKind": "credit-fund", "issuer": "Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd (Cayman Islands exempted company, SEC CIK 2138534); Coinbase Asset Management, LLC as investment manager; Northern Trust Global Fund Services Cayman Limited as administrator; Superstate Services LLC as transfer agent; Coinbase Custody Trust Company as custodian", "eligibility": { "floor": "us-qualified-purchaser", "minimumUsd": 100000, "kyc": "issuer", "notes": "Superstate’s fund page lists eligible investors as “US UBO, Qualified Purchasers, Non-US UBOs qualified per their jurisdiction” and the structure as an open-ended 506(c) fund. The Form D filed 23 June 2026 claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, which admits only qualified purchasers, so the file takes that reading. The Form D states the same $100,000 minimum and says the manager may raise, lower, or waive it; it reports $25,000,000 sold to 2 investors since the first sale on 11 June 2026. Investors onboard with Superstate, Northern Trust, and Coinbase Asset Management." }, "rights": { "voting": false, "dividends": "reinvested", "sipc": false }, "officialRecord": { "name": "Superstate Services LLC (SEC-registered transfer agent, named on Superstate’s fund page); Northern Trust handles subscriptions and redemptions as administrator. The documents read do not say whether the transfer agent’s books or the chain govern.", "secRegistered": true, "officialRecord": "not-stated" }, "instruments": [ { "symbol": "CUSHY", "underlying": { "name": "Share of a Cayman feeder whose manager lends stablecoins and buys credit, targeting SOFR plus 4 to 7 percentage points" }, "contracts": [ { "chain": "Solana", "chainId": "solana:mainnet", "address": "HSWt2izBvgNnxG982DcsysGikDnrgSq3EAWMYCSMGziP" }, { "chain": "Base", "chainId": "eip155:8453", "address": "0x140c50f6db6932dc5758937c05122b7881c57f8c" } ] } ], "terms": [ { "question": "claim", "answer": "A share of a Cayman fund that earns yield from stablecoin lending and credit.", "quote": "CUSHY seeks to generate yield from high-quality stablecoin private credit, direct lending, and tokenized credit opportunities.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/coinbase-cushy", "locator": "Fund information" }, { "question": "who-may-hold", "answer": "Qualified purchasers, and non-US owners qualified where they live; the Form D’s 3(c)(7) claim means qualified purchasers.", "quote": "US UBO, Qualified Purchasers, Non-US UBOs qualified per their jurisdiction", "source": "https://superstate.com/assets/cushy", "locator": "Details, Eligible investors" }, { "question": "minimum", "answer": "$100,000.", "quote": "The minimum initial investment is $100,000.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/coinbase-cushy", "locator": "Subscribing" }, { "question": "transfer", "answer": "Only between allowlisted wallets.", "quote": "CUSHY is freely transferable between wallet addresses on the Allowlist.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/coinbase-cushy", "locator": "Introduction" }, { "question": "redemption", "answer": "Quarterly, paid on the dealing day after the quarter in which the request arrives.", "quote": "Proceeds are delivered on the Redemption Dealing Day for requests received in the previous calendar quarter.", "source": "https://docs.superstate.com/investors/tokenized-funds/available-funds/coinbase-cushy", "locator": "Redeeming" }, { "question": "record", "answer": "Superstate Services LLC is the transfer agent; the documents read do not say whether its books or the chain govern.", "quote": "Superstate Services LLC", "source": "https://superstate.com/assets/cushy", "locator": "Service providers, Transfer agent" }, { "question": "freeze", "answer": "Superstate’s admin key can add and remove wallets from the allowlist and burn a holder’s tokens.", "quote": "This includes all minting, adding or removing users from the allowlist, and forcibly burning an investor’s tokens (if required by exogenous legal circumstances, for example).", "source": "https://docs.superstate.com/investors/smart-contracts", "locator": "EVM contracts" } ], "controls": [ { "chain": "Solana", "chainId": "solana:mainnet", "contract": "HSWt2izBvgNnxG982DcsysGikDnrgSq3EAWMYCSMGziP", "allowlist": true, "freeze": true, "pause": false, "clawback": true, "upgradeable": false, "readAt": "2026-09-24", "keys": [ { "role": "mint authority", "powers": [ "mint" ], "address": "7gF8fi4zEebLNGME2Qb5BM5AVasUJ5FeXrMho9DvxAHF", "kind": "single-key" }, { "role": "freeze authority", "powers": [ "freeze" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" }, { "role": "permanent delegate", "powers": [ "clawback" ], "address": "2Yq4T3mPNfjtEyTxSbRjRKqLf1pwbTasuCQrWe6QpM7x", "kind": "program-account" } ] }, { "chain": "Base", "chainId": "eip155:8453", "contract": "0x140c50f6db6932dc5758937c05122b7881c57f8c", "allowlist": true, "freeze": "unverified", "pause": true, "clawback": true, "upgradeable": true, "readAt": "2026-09-24", "keys": [ { "role": "owner", "powers": [ "admin" ], "address": "0xb6c711108929efd444c54472fe6abd1db08b1731", "kind": "single-key" }, { "role": "proxy admin", "powers": [ "upgrade" ], "address": "0x9c3a0bea94c1246cafe93456fb735406bfbe30db", "kind": "contract", "controller": { "address": "0xb6c711108929efd444c54472fe6abd1db08b1731", "kind": "single-key", "via": "owner()" } }, { "role": "allowlist owner", "powers": [ "allowlist", "admin" ], "address": "0x7747940adbc7191f877a9b90596e0da4f8deb2fe", "kind": "single-key" } ] } ], "redemption": [ { "via": "issuer-window", "settlement": "Quarterly: proceeds are paid on the Redemption Dealing Day for requests received in the previous calendar quarter, through Northern Trust as administrator. One sentence of Superstate’s documentation also says liquidity is offered at month end; its fund page and redemption section say quarterly, and the file follows them", "settlesIn": [ "USD", "USDC" ] } ], "venues": [ { "kind": "issuer-primary", "id": "superstate", "name": "Superstate" } ], "formD": { "filed": true, "cik": "2138534", "entity": "Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd", "filings": [ { "filedAt": "2026-06-23", "form": "D", "url": "https://www.sec.gov/Archives/edgar/data/2138534/000094562126000841/0000945621-26-000841-index.htm", "exemptions": [ "Rule 506(c)", "Investment Company Act section 3(c)(7)" ], "minimumUsd": 100000, "soldUsd": 25000000, "investors": 2, "firstSale": "2026-06-11" } ] }, "sources": [ { "name": "Superstate: CUSHY, Coinbase USD Stablecoin Yield Fund (fund page)", "url": "https://superstate.com/assets/cushy", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Superstate docs: Coinbase CUSHY", "url": "https://docs.superstate.com/investors/tokenized-funds/available-funds/coinbase-cushy", "kind": "primary", "accessed": "2026-09-24" }, { "name": "Superstate docs: Smart contracts", "url": "https://docs.superstate.com/investors/smart-contracts", "kind": "primary", "accessed": "2026-09-24" }, { "name": "SEC EDGAR: Coinbase Tokenized Stablecoin Yield Feeder Fund Ltd, Form D filed June 23, 2026", "url": "https://www.sec.gov/Archives/edgar/data/2138534/000094562126000841/xslFormDX08/primary_doc.xml", "kind": "primary", "accessed": "2026-09-24" }, { "name": "CUSHY Solana token metadata (api.superstate.com)", "url": "https://api.superstate.com/v1/instruments/13/solana/token-metadata", "kind": "primary", "accessed": "2026-09-24" }, { "name": "CUSHY implementation on Base (Blockscout verified source, FundTokenV1_3_0)", "url": "https://base.blockscout.com/api/v2/smart-contracts/0xaa9f823300e38ef419e3d66d6fb195d6444346d1", "kind": "primary", "accessed": "2026-09-24" } ], "reopenWhen": [ "Coinbase Asset Management or Superstate publishes the offering memorandum; the file is then re-read for the investor class, gates, and redemption terms", "The Solana mint, freeze, or permanent-delegate authority changes, or the Base owner, proxy admin, or implementation changes", "Superstate settles whether redemptions are monthly or quarterly, or the fund gates or delays a redemption", "A Form D amendment changes the minimum, the exemption, or the investor count" ] } ] }