Real World Assets (RWA)

Figure Heloc (FIGR_HELOC) looks like a #9 coin because a market page treats the total unpaid principal across Figure-linked HELOCs as circulating supply. The Provenance scope is a changing portfolio counter, not a verified token contract, and it does not by itself grant redemption, interest, loan ownership, or lien priority.

Chainlink grew because Sergey Nazarov and Steve Ellis kept narrowing one awkward question: who tells a smart contract what happened outside its chain? A 2017 oracle paper became live feeds, verifiable randomness, offchain reporting, cross-chain messaging and a programmable runtime. LINK pays and backs selected services, but the token does not elect every operator, govern every contract or turn service revenue into a holder dividend.

Stellar began with a 100-billion-unit payment ledger and a nonprofit distribution promise, then replaced its Ripple-derived consensus after an early fork. SCP, anchors and Soroban now share one network but not one authority: validators choose trust and upgrades, issuers control issued assets, and XLM balances do not select validators or exercise those separate controls.

MGX announced a $2 billion Binance investment before USD1’s public reveal; WLF later named USD1 as the selected stablecoin. BitGo’s issuer documents explain who can turn that token back into dollars.

Circle USYC began as Hashnote's onchain share of a Cayman short-duration fund. Circle later bought Hashnote, but USYC still follows fund NAV, regulated onboarding and liquidity limits rather than a fixed $1 promise.

XAU₮ is a transferable interest in allocated Swiss-vaulted gold, issued by TG Commodities. One token maps to one fine troy ounce, while direct purchase, whole-bar redemption and contract controls remain permissioned.

BUIDL is a non-voting share in a private British Virgin Islands fund, recorded as a permissioned token across approved blockchains. BlackRock manages cash, short U.S. Treasury obligations and secured repos; BNY Mellon holds and administers fund assets; Securitize maintains the shareholder record and token controls. Eligible investors can request fund redemption under offering terms, while USDC, RLUSD and trading integrations are separate liquidity routes. The $1 objective and distributions do not make BUIDL an insured stablecoin.

PAXG turns a pro rata beneficial interest in allocated London gold into a transferable token, while Paxos retains the powers to allocate bars, gate redemption, freeze balances, wipe frozen tokens, and upgrade the contract.

USDY is a tokenized secured note whose issuer changed from a U.S. special-purpose vehicle to Ondo Global Markets (BVI) Limited on December 15, 2025. Its official product page still labels the issuer domicile as United States, so CoinYQ treats the current legal notes as controlling and preserves the conflict.

ONDO is the delegated-vote token of the Ondo DAO, whose documented powers center on Flux Finance and DAO-controlled treasury and administration. The token is separate from Ondo Finance's OUSG and USDY issuers: holding ONDO alone is not documented as a fund interest, Treasury claim, redemption right, equity stake, or product-revenue share.

eurSAFO is a tokenized registered share of a French UCITS sub-fund, not a stablecoin or bank deposit. Its return comes from a collateralized total return swap, while ownership, redemption, allowlisting and contract administration remain institutionally controlled.

BCAP is a non-voting security token connecting a Singapore issuer to a Cayman venture fund. The manager announced a $0.25 USDC distribution and moved settlement to ZKsync, but holders cannot demand redemption at NAV: a valuation is not a guaranteed exit price.

USTB is a permissioned share of an Invesco-managed Delaware private fund, priced by a rising continuous NAV and recorded either onchain or in book entry; Superstate still controls its transfer and token infrastructure.

EUTBL is the EUR share of a French UCITS short-term VNAV money-market sub-fund, recorded as permissioned tokens on public ledgers. Holders have proportional rights in the fund, while subscriptions, transfers and redemptions remain governed by the prospectus, allowlisting and fund operators.

JTRSY is a permissioned token record of a BVI professional-fund share, with Treasury portfolio decisions made by Janus Henderson and issuance, NAV, whitelist and settlement controls spanning Anemoy, the fund administrator and Centrifuge contracts.

Quant operates Overledger as access-controlled enterprise software connecting several ledgers. QNT can be used for services and planned staking, but holding it does not itself grant platform access, company governance, revenue or equity.

Silvio Micali’s team built Algorand around a new lottery for every block, then watched treasury, software and governance grow into separate centers of lasting power.

JAAA tokenizes a BVI professional-fund share in senior AAA CLO notes; the rating belongs to portfolio tranches, while Janus Henderson, Anemoy, Centrifuge and privileged contracts govern different parts of selection, ownership, NAV and transfer.

YLDS is a $0.01 face-amount certificate issued by Figure Certificate Company: an SEC-registered but unsecured 20-year debt security whose yield, surrender right and legal ownership depend on FCC, its reserve assets and a permissioned transfer-agent record.

XDC Network is an EVM-compatible Layer 1 whose native XDC coin succeeded the Ethereum crowd-sale token XDCE through a one-for-one migration. XDC pays gas and secures a KYC-gated validator set, but it is not a claim on the trade-finance assets the network is marketed to support.

HASH pays, stakes and votes on Provenance Blockchain; it does not represent the loans or securities recorded there. Governance burned 5 billion HASH in May 2026, leaving 95 billion on-chain, while published dynamic-inflation tokenomics remain distinct from the live zero-inflation parameters.

Injective embeds spot and derivative orderbooks in a Cosmos chain. Its weekly winner-take-all Burn Auction evolved into a monthly Community BuyBack in October 2025; committed INJ is burned, but validator issuance continues and holders do not automatically receive exchange revenue.

OUSG is a tokenized limited-partnership interest in Ondo I LP, not a Treasury coin. Qualified investors rely on daily NAV, controlled transfers, custodians, administrators and upgradeable contracts to subscribe, hold and redeem.

KAU is Kinesis Cayman’s native digital claim to one fine gram of allocated gold, held through a custody and legal-title arrangement rather than inside the token. Physical delivery requires Kinesis approval, identity checks, minimum lots, fees and removal of redeemed KAU from circulation through a designated account transfer; fee-sharing “yield” depends on platform activity and eligibility.

ONyc packages the NAV of a Bermuda segregated reinsurance account into a transferable Solana token. Premiums and collateral yield may lift NAV, claims may cut it, and legal participation, verified redemption and administrator keys remain separate from simple token possession.

Kinesis Silver (KAG) is a transferable claim to a proportional pool of allocated silver, not a claim to a chosen bar. One native unit maps to one troy ounce, while actual delivery starts at 200 KAG and passes through Kinesis approval, vault logistics and fees.

Figure used its own listed-company equity to launch OPEN. FGRS is its Series A Blockchain Common Stock, with shareholder rights and whole-share conversion into Nasdaq FIGR; the new register changes settlement and lending without removing transfer-agent approval.

PC0000031 is a permissioned zkSync record for a North American rent-financing private-credit deal, with 202.5 million units outstanding. Returns and repayment depend on offchain note documents, servicing and supplied funds. Tradable describes USDC contract payments for onchain investors and direct bank wires for offchain investors; a $1 token quote does not promise automatic redemption.

VBILL is a blockchain-recorded share of a private BVI fund holding short Treasury assets through institutional custody. It is a qualified-purchaser security with controlled transfers and redemption rails—not a stablecoin or direct title to a Treasury bill in a wallet.

Maple replaced MPL with SYRUP at 1:100, then closed conversion forever. SYRUP governs and may receive voted staking distributions; lenders instead own separate pool shares and bear loan losses.

USA₮ (USAT) is issued and redeemed by Anchorage Digital Bank, not Tether and not the U.S. government. Direct $1 redemption belongs only to bank Clients; other holders face secondary-market liquidity, while the bank controls supported chains and can freeze or burn tokens.

PC0000033 is a permissioned zkSync ledger for Tradable deal e2c78ce9…575b1, with 162.5 million units outstanding. Its own live metadata describes US BNPL senior secured term notes—not the catalog's APAC label—so the token cannot be understood without the private subscription and credit documents.

USTBL is a USD share in a French UCITS money-market fund whose shareholder register runs on public blockchains. Its daily NAV can resemble a yield token, but ownership, eligibility and redemption still pass through a regulated fund and permissioned operators.

ZBCN is a 100-billion-cap Solana token used around Zebec's payroll, card and SuperApp products. Its mint and freeze authorities are gone, yet staking upgrades, product fees, buybacks and corporate operations remain separate control surfaces—and the token carries no equity, dividend or redemption claim on Zebec entities.

STRCx is a Jersey-issued debt certificate that tracks Strategy’s STRC variable-rate perpetual preferred stock. The token can move onchain, but its holder owns a collateral-backed claim against Backed Assets—not Strategy shares, votes, cash dividends or an unconditional right to take delivery of STRC.

SAFO is Spiko Dollar, the USD share of the Spiko Amundi Overnight Swap Fund. Spiko added bank swaps to its Treasury-bill product range in March 2026, then extended the fund into euro collateral lending; dollar-share returns, fund votes and redemption timing remain distinct from that lending market.

PC0000097 is the managed zkSync record for an anonymized note for a lender serving consumers in Mexico. Its entire 176.19 million-unit mint history was burned by 2025-10-10; public sources do not prove repayment or disclose issuer, borrower, collateral, law, maturity or waterfall.

thBILL is Theo's non-rebasing wrapper for a changing basket of institutional cash and Treasury products, not a direct unit of Singapore's ULTRA fund. The current page shows ULTRA plus FILQ; only KYC-approved users may mint or redeem for USDC, and Theo says participants have no claim over underlying assets.

OriginTrail is a multi-chain Decentralized Knowledge Graph whose node software stores and serves structured knowledge while contracts anchor selected records and allocate TRAC publishing fees. The original 500 million-supply Ethereum TRAC is bridged to active DKG chains; NeuroWeb uses NEURO for gas, and current V10 documentation lists Base and Gnosis—not NeuroWeb—as selectable mainnets.

ALFW wraps a tranche of Bulgarian Stock Exchange warrants in a Base token. The warrant can subscribe one Alpha Bulgaria share at EUR 0.51 until 6 April 2027, but no public wrapper proves every token wallet is the registered warrant holder.

PC0000015 is a permissioned zkSync Era record for an anonymized private-credit deal described as North America Third Party Online Merchant Senior Secured Term Notes. Its live contract reports 105,971,759.52 units against a 350,000,000 total-size setting and a $1.000000 NAV last updated 15 March 2026. Those fields do not disclose the legal issuer, borrower, collateral package or servicer, and an old public directory maturity conflicts with later mint-and-burn activity.

STAC is a permissioned digital record of a participating, non-voting share in a private BVI fund whose portfolio holds AAA-rated CLO tranches. The wallet does not own a corporate loan or a BNY deposit, and redemption still depends on eligibility, NAV, portfolio liquidity and general-partner discretion.

CRCLon is a secured, limited-recourse note issued by a BVI SPV to track Circle’s NYSE-listed Class A stock. It carries redemption and collateral rights against the issuer structure, not Circle shares, votes, information rights, or delivery of the underlying stock.

PC0000085 is a permissioned ZKsync record of funded ownership in an anonymized $100 million delayed-draw senior secured loan. It is not direct debt of each Mexican business or Tradable equity. The originator controls admission, funding and early redemption; upgradeable contracts administer the record. The reviewed materials do not establish the legal issuer, named borrower, definitive collateral terms or payment waterfall.

PC0000077 is a permissioned zkSync record for Tradable deal 1bc9ad53-f369-4f7d-ac89-62e3a8f9522f, not a freely transferable coin. Its current metadata describes an unnamed Singapore fintech senior secured delayed-draw loan; on 5 September 2026 the contract showed zero supply and holders, so neither repayment nor remaining claims can be inferred without the private deal documents.

ACRED is a privately offered interest in a BVI feeder that invests substantially all assets in Apollo Diversified Credit Fund. Seven six-decimal chain records expose the position, but eligibility, transfers, valuation and redemption remain controlled fund operations rather than permissionless token rights.

GGBR prices one token as 1/1000 troy ounce, but its backing is described through unmined Happy 2 gold and leased ION.au assets rather than allocated bullion bars. Redemption is KYC/admin-gated, while privileged roles can freeze, force-transfer, mint and upgrade.

BSPx is a Jersey-issued tracker certificate for the now-public Bending Spoons ordinary share. It follows BSP economically through custody and rebasing, but a wallet holder owns a limited-recourse debt claim rather than the share, its vote or a direct dividend.

PGOLD is Pleasing International Limited’s ounce-denominated token: transferable on-chain, but physical exit passes through a 32.15-token minimum, identity checks, fees, operator keys and a Hong Kong pickup process.

PLUME is the gas and staking asset of Plume chain, but its biography cannot be reduced to “RWA token.” Ethereum PLUME, native PLUME and WPLUME are separate representations; the rollup, bridges, validator system, upgrade roles and legal issuer each control a different part of the promise.

PC0000101 records 76.72 million manager-controlled units and continued issuance in 2026. Contract-selected primary metadata describes 14 pre-settlement and four post-settlement matters and displayed yield targets; the obligor, enforceable rights, maturity and recovery terms remain unresolved.

PC0000019 is a permissioned zkSync record for an anonymized North American lease-to-own lender's senior secured term-note position. Its dated ledger is precise, but the accessible sources reviewed did not identify the legal obligor, collateral package or recovery waterfall.

PC0000023 is the permissioned zkSync ledger for a $150 million North America neobank loan maturing 2026-12-15. Its address fixes an identity blurred by a reused symbol and PC1000023 catalog label, while the borrower, collateral, waterfall and deal-specific redemption rights remain behind private documents.

IVVon is not an iShares share on a blockchain. It is a BVI-issued, IVV-collateralized structured note whose dividends are reinvested and whose redemption, voting rights and code controls differ from IVV.

CRCLB puts Circle’s stock exposure on BNB Chain through an ADGM certificate issued by BTech Holdings Limited. The token holder is not a Circle shareholder: votes stay with the custodied stock, dividends are reflected by rebasing, eligibility and blacklists constrain transfers, and a beacon owner can upgrade token logic.

XAUm is Matrix Mining Limited’s tokenized claim to one fine troy ounce of qualifying LBMA gold. The gold sits through Matrix entities and independent vault providers; changing fungible allocations, compliance-gated redemption and upgradeable operator-controlled contracts stand between a wallet balance and a delivered bar.

RSR is a fixed-supply Ethereum token whose consequential rights appear only in context: staking into one Yield DTF supplies first-loss capital and usually votes, while the RToken holder—not liquid RSR—owns that basket’s redemption path.

Ondo U.S. Dollar Token (USDon) is the settlement stablecoin used to buy and redeem Ondo Stocks. Ondo says each token is backed by one dollar of cash or equivalents in an Ondo Stocks brokerage account, while conversion to USDC depends on a permissioned, liquidity-limited smart-contract swapper.

nOPAL is the cross-chain share of Nest’s BlackOpal LiquidStone II vault, not a direct receivable or fund certificate. Its price follows operator-supplied, bounded NAV; exits depend on reserves or a queue, and contract authorities retain fee, pause, compliance and upgrade powers.

RE is the Ethereum governance token at 0x526526…f8143, distinct from the reUSD and reUSDe positions that fund insurance capital. It has a one-billion initial mint and no mint function, while a 48-hour timelock can upgrade the implementation; staking confers protocol participation, not underwriting profit or policyholder rights.

SPCXB is a limited-recourse certificate issued by ADGM SPV BTech Holdings, not a SpaceX-issued token. The June 2026 prospectus identifies its backing as listed SPCX shares in Alpaca custody, while an earlier Backed/xStocks campaign for a potential SpaceX IPO was cancelled. The wrapper passes economic exposure through a controlled BNB Chain token without shareholder votes.

mTBILL is a German-law blockchain debt certificate backed by pledged Treasury-eligible collateral; it accrues NAV but gives no direct title to bills or a fixed-dollar redemption right.

STAU is a fixed-supply Polygon utility token deployed on October 15, 2024. The project places it in a gold-commerce system, but the whitepaper assigns the one-gram gold peg to a separate CHOS asset and publishes no reserve, custody or redemption right for STAU itself.

Tesla xStock is Backed Assets (JE) Limited's tokenized tracker certificate for the economic value of Tesla common stock. Its collateral and redemption mechanics do not make TSLAx holders Tesla shareholders.

PC0000049 is a permissioned zkSync record linked by public marketing to a closed EU/LatAm point-of-sale financing loan. The ledger is precise; the reviewed accessible sources do not establish the issuer, borrower, maturity, collateral or recovery waterfall.

The Index is a one-billion-unit Robinhood Chain token whose 3% trading hook is advertised to buy 18 stock tokens and distribute them to wallets holding at least 10,000 INDEX. It is a fee-funded reward system, not a redeemable index-fund share: distributions are discretionary and the stock tokens confer no stated voting or dividend rights.

CHIP began as the vote attached to a GPU-credit system, but its controls are split across ledgers and institutions. Arbitrum holds the ten-billion canonical supply, governor, timelock and sCHIP vault; Ethereum and Base carry bridge-minted representations. Governance can set credit policy, while blacklisting, pausing and upgrades still depend on privileged roles.

PC0000081 is a permissioned zkSync deal token whose public label points to legal receivables. Its loan documents and IPFS metadata record are unavailable, while a secondary maturity date has passed and 57,132,381.03 tokens remain outstanding.

pmUSD is RAAC’s upgradeable Ethereum stable tranche at 0xc0c1…4ddf. RAAC links it to ION.au in-situ gold and xPM loss absorption, but holders do not receive documented title to particular gold. Treasury can mint or burn balances, the sUSDS PSM is reserve-limited, and the promised dealer redemption remained delayed in RAAC’s August 2026 report.

KTA began as a fixed one-billion ERC-20 on Base, then acquired a second life as Keeta mainnet's native consensus balance. Official metadata connects the two through an operated anchor. Base ownership is renounced, but representatives, anchor APIs, native network permissions and a changeable community license remain separate control points; KTA is not equity or a bank deposit.

Circle xStock (CRCLx) is a Swiss-law tracker certificate issued by a Jersey SPV and collateralized with Circle shares; its token holder is a creditor, not a Circle shareholder.

Pharos (PROS) is the native gas, staking and governance coin of Pharos Pacific Mainnet, EVM chain ID 1672. Its MiCAR disclosure records a 1,000,000,000-PROS genesis supply, future staking issuance, contractual vesting and Foundation Admin control over core system parameters; PROS does not confer equity, profit sharing or ownership of real-world assets.

mGLO is a limited-recourse tokenised note whose compartment holds exposure to Fasanara's short-duration receivables strategy. Transferable Base and Robinhood Chain tokens sit above monthly NAV, eligibility-gated issuance and redemption, finite liquidity and administrator-controlled contracts.

Velo’s biography follows the exact Stellar and BSC assets from the Digital Reserve System to the 2026 PayFi blueprint, testing supply, bridge accounting, governance, operator control and holder rights.

Casper Network is a proof-of-stake Layer 1 whose history turns upgradeability into a control question. CSPR pays execution costs and bonds validators; Highway gave way to Zug in 2025, while validator votes and staged node software—not token ownership alone—change protocol and issuance rules.

ACRDX records a share in an Anemoy BVI feeder that invests in Apollo Diversified Credit Fund. The token can move across supported chains, but the loans, NAV, investor eligibility and quarterly redemption remain inside the legal fund structure.

PC0016245 records a private-credit position tied to an unnamed US merchant-cash-advance company. Its zkSync ledger shows 50.6 million units and a manager-set one-dollar value, while repayment duties and collateral rights remain in private deal documents.

BRSRV is the onchain representation of RSVXX shares in a new BlackRock government money-market fund. Holders receive fund income and voting rights, while Securitize administers identity and wallet approval and controls transfers, minting, burning and recovery.

SPYx is a Jersey-law tracker certificate whose tokens follow SPDR S&P 500 ETF Trust, one legal layer removed from SPY and two from the S&P 500 companies. Collateral, rebase mechanics and creditor remedies matter as much as the familiar index name.

Centrifuge moved from Tinlake on Ethereum to a dedicated Substrate chain, then returned to EVM rails and consolidated two old CFG forms into one token. Its fund shares and CFG now represent different claims.

This project focuses on the tokenization of Fidelity International's Money Market Fund by Sygnum Bank, specifically the Fidelity Institutional Liquidity Fund (ILF) USD Fund Class G Acc. Sygnum Bank is the token issuer of the above mentioned.

MUon places the economic return of Micron’s Nasdaq-listed MU shares into an Ondo-issued blockchain note. Its holder follows Micron’s memory and HBM cycle but does not become a Micron shareholder or receive its vote.

PC0000027 records 47 million units of an anonymized Latin American BNPL note. Its public ledger grew after a secondary source’s listed maturity; the reviewed accessible sources leave issuer, borrower, collateral, amendments and enforcement rights unresolved.

Ravencoin launched without a token sale or founder reserve, then made named assets part of its own consensus rules. That choice simplified issuance but tied every RVN payment and issued asset to the same software. A 2020 inflation flaw and a separate 2026 chain split show how miners, node operators and maintainers repaired two different kinds of failure.

SPYon packages the economic return of State Street’s SPY ETF into a token issued by Ondo Global Markets (BVI) Limited. It can transfer on public chains and serve as Morpho collateral, but holders are creditors of the wrapper structure rather than shareholders recorded by SPY.

Fidelity and Sygnum launched FILQ-A to give digital-asset treasuries a dollar-liquidity fund share usable beyond traditional market hours. Orders may be submitted around the clock, while processing, liquidity and legal ownership still follow the fund’s operating rules and Apex’s blockchain-integrated register.

FDIT is the Ethereum record of Fidelity Treasury Digital Fund’s OnChain Class, which began selling shares on August 4, 2025. Its value and distributions come from a regulated money-market fund that holds cash and short-dated U.S. Treasuries; transfers remain subject to Fidelity’s shareholder records and compliance controls.

MSTRx is a tracker certificate issued by Backed Assets (JE) Limited and backed against Strategy shares. It follows MSTR economics but does not place its holder on Strategy’s shareholder register.

USDKG did not begin as a single Ethereum balance. A state-owned issuer launched 50 million tokens on TRON in November 2025 while a separate Ethereum contract carried 3 million at the review block. Its history is the gap between a public gold-reserve claim and the narrower institutional redemption door that token holders actually receive.

Creditcoin began as Gluwa’s single-purpose ledger for loan performance, then rebuilt on Substrate and again as an EVM chain. The market asset tracked here is still the separate Ethereum vesting token G-CRE, listed as CTC; its one-way Foundation swap pays CTC (EVM) on Creditcoin rather than staking-ready CTC (Native).

NVDAon is a token issued by Ondo Global Markets (BVI) Limited that tracks NVIDIA stock's total return. It is a claim under the issuer's structure, with after-tax dividends reinvested, not an NVIDIA share or a source of shareholder rights.

DUSK moved from Ethereum and BSC onto its own mainnet in January 2025. It pays gas and supports staking, but privacy depends on network operations: the Rusk 1.7 Boreas restart paused new Phoenix transactions while Moonlight stayed available. Published sources establish neither binding holder votes over upgrades nor claims on assets issued by network users.

REAL’s ASSET was minted on Ethereum on 24 April 2026, before the network meant to use it. A finite 75,000 USDC campaign is live, while testnet, mainnet and investor portals remain milestones. The reported 35,714,286-warrant pilot has no linked instrument-level documents.

SNDKB turns a beneficial interest in issuer-held SanDisk shares into a transferable BNB Chain certificate. BTECH controls issuance and contract enforcement, while conversion into a share remains a screened Binance process rather than a right any wallet can exercise.

RedStone began in 2021 after its founders found existing oracles too slow or costly for hackathon products. It now signs data packages off-chain and delivers them through pull or push paths; RED, launched in March 2025, stakes around that service but does not grant customers a claim on oracle revenue.

Polymesh grew from Polymath’s Ethereum security-token work, but the Swiss Polymesh Association—not Polymath itself—launched the POLYX mainnet in 2021. The chain embeds identity claims, issuer-set transfer rules and settlement. Those tools execute an issuer’s policy; they do not amount to regulatory approval or grant POLYX holders rights in the assets issued on it.

IBITon puts the economic performance of BlackRock’s IBIT ETF into a token issued by Ondo Global Markets (BVI) Limited. The holder owns the issuer’s limited-recourse instrument, not an iShares fund share or bitcoin.

In 2024, eight fiat accounts received all 114.5 million units recorded by PC0000023. Every unit was burned ten days after the loan's published 2026 maturity. The chain records closure; only the loan documents and payment records can show whether investors received the 15% cash interest, 5% warrant PIK and principal under the published terms.