Eligibility file · Note

Tessera T-Tokens (loans to Panama issuers repaid from SpaceX, Kalshi, and OpenAI exposure)

What the client owns

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. The holder has no share, vote, or dividend, and no property interest in the exposure. Third-party synthetic: A note or swap that pays like the security and carries no rights in it.

Who may hold it

Not offered to US persons. First purchase minimum not stated. 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.” The terms state no accreditation test.

Who can freeze or claw back

Solana TSPACEX: can freeze a holder, mint. A single key can freeze a holder.

How a holder redeems

Redeem with the issuer in its window. Holders can redeem 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. During a 90-day window, holders burn tokens for a pro rata share of those proceeds in USDC or USDT, at the issuer’s choice. 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. Settles in USDC, USDT.

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The verdict is on the memo: Tessera T-Tokens (T-SpaceX, T-Kalshi, T-OpenAI) Not approved

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

Registration

Other

Official record

No transfer agent

Instruments

TSPACEX TKALSHI TOPENAI

Chains

Solana

Reviewed

2026-09-23

Next review

2026-12-23

Other programs tokenize the same security. Every version side by side: SPCX.

Eligibility

Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.

What the holder owns

“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.”

Tessera Terms and Conditions (last revised 28 August 2026) · Section 2.2(a)(iii), Redemption Amount · words found 2026-09-23

Who may hold it

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.

“the United States of America and its territories and possessions (collectively, the ”United States”)”

Tessera Terms and Conditions (last revised 28 August 2026) · Section 3.1(c)(i), Excluded Jurisdiction · words found 2026-09-23

First purchase minimum

The terms state no minimum; the site says a holder may start with $1.

“invest with as little as $1”

Tessera homepage · Homepage, $1 Minimum Investment · words found 2026-09-23

Who it may be transferred to

Tokens move freely on Solana, and each transfer or sale pays a 0.2% fee to Tessera’s treasury and the sender’s referrer.

“The standard fee rate is set at **0.20%** per transfer.”

Tessera docs: Transfer fees · Base Fee Rate · words found 2026-09-23

How a holder redeems

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.

“”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.”

Tessera Terms and Conditions (last revised 28 August 2026) · Section 2.2(b)(i) · words found 2026-09-23

Who keeps the official record

Tessera’s Disclosures page names the issuer of each loan series and the principal lent; Tessera publishes no share register or custodian statement. A monthly Chainlink feed attests the exposure as an asset count.

“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”

Tessera Disclosures (28 August 2026) · Introduction · words found 2026-09-23

What the issuer says it can freeze or take back

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.

“including blacklisting any blockchain address you may have used to access Tessera”

Tessera Terms and Conditions (last revised 28 August 2026) · Section 6.3, Termination · words found 2026-09-23

Fact	Answer
Who onboards the holder	No onboarding
Voting rights	None
Distributions	None
SIPC coverage of the wallet	No

Who controls it

Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.

Token	Chain	Freeze a holder	Pause	Claw back	Gate holders	Change the code	Keys held by
TSPACEX	Solana	Yes	No	No	No	No	A single key can freeze a holder.

Who holds the keys

Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.

Token	Chain	Key	What it can do	Held by	Address
TSPACEX	Solana	Mint authority	mint new tokens	a single key	EXvTtx…h7YW
TSPACEX	Solana	Freeze authority	freeze a holder	a single key	7n2PNc…Et8o

Solana TSPACEX: 6 contract reads, 0 functions in verified source, 2026-09-23

Read from the chain

mintAuthority=EXvTtxurWBUNNCtLojaN8ZBJFNJPZFSH3szoih9hh7YW
freezeAuthority=7n2PNcDXVDMK2m8dyV9cVPNY7p4jM4ZMHv7TzfibEt8o
mintAuthority=EXvTtxurWBUNNCtLojaN8ZBJFNJPZFSH3szoih9hh7YW
freezeAuthority=7n2PNcDXVDMK2m8dyV9cVPNY7p4jM4ZMHv7TzfibEt8o
mintAuthority=EXvTtxurWBUNNCtLojaN8ZBJFNJPZFSH3szoih9hh7YW
freezeAuthority=7n2PNcDXVDMK2m8dyV9cVPNY7p4jM4ZMHv7TzfibEt8o

Where it trades

Venue	Kind
Tessera token auctions (Meteora Alpha Vault, pro rata)	issuer primary
Meteora and other Solana DEXs via Jupiter	dex

Redemption

Route	Settlement	Settles in
Redeem with the issuer in its window	Holders can redeem 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. During a 90-day window, holders burn tokens for a pro rata share of those proceeds in USDC or USDT, at the issuer’s choice. 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.	USDC, USDT
Secondary market only; no issuer redemption	Holders 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.	USDC, SOL

Review triggers

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

Daily checks

Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.

File history

Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.

Date	Change
2026-09-23	Filed.

Sources

Tessera Terms and Conditions (last revised 28 August 2026) · primary · accessed 2026-09-23
Supports: Tessera Works Foundation (Panama) operates; issuers are Panama subsidiaries, loan participation, 1 stablecoin : 1 token at lending, limited recourse to Liquidity Event Proceeds; no proprietary interest, Liquidity Event means divestment of all interests, 90-day redemption window; unredeemed claims lapse, excluded jurisdictions and US persons, issuer may be substituted, blacklisting addresses, Singapore law, SIAC arbitration, class-action waiver
Tessera Disclosures (28 August 2026) · primary · accessed 2026-09-23
Supports: issuer per loan series and Panama folio numbers, T-SpaceX issuer novated from KLSH to SPX with effect from 1 August 2026, principal: T-SpaceX 500,990 USDC, T-Kalshi 552,500, T-OpenAI 518,171.45, T-SpaceX in redemption event cycle; no proceeds received
Tessera docs: How do T-Tokens Work? · primary · accessed 2026-09-23
Supports: dedicated issuer per token, Cayman SPC segregated portfolio per company, unsecured loan, not collateralised by the shares, non-security opinion under Singapore law, sale proceeds reinvested in new assets, Fireblocks mints and burns
Tessera docs: Redemption · primary · accessed 2026-09-23
Supports: redemption after liquidity event, lock-up, receipt of proceeds, announced start date, stablecoin chosen by Tessera, missed window means loss of funds
Tessera docs: On-Chain Programs · primary · accessed 2026-09-23
Supports: mint addresses for T-SpaceX, T-Kalshi, T-OpenAI, Token-2022 with transfer fee and metadata; no transfer hook, mint and fee authority: Fireblocks wallet EXvTtxur…, program upgrade authority moved from Squads to Fireblocks on 28 January 2026
Tessera docs: Proof-of-Reserve · primary · accessed 2026-09-23
Supports: Chainlink feeds publish asset counts, not dollar values, auditor attestation about monthly, exposure held in a Cayman SPC
Tessera docs: Transfer fees · primary · accessed 2026-09-23
Supports: 0.20% per transfer, fees split between referrer and treasury, fee rate can change
Tessera homepage · primary · accessed 2026-09-23
Supports: $1 minimum, no KYC, claims no geographic restrictions, contrary to the terms
T-SpaceX token metadata (Tessera CDN, linked from the Solana mint) · primary · accessed 2026-09-23
Supports: mint tied to Tessera, loan recipient: Tessera Issuer Inc or subsidiaries, exposure holder: Cayman SPC segregated portfolio

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