Tokenized Assets

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

EUR CoinVertible is a MiCA electronic-money claim issued by SG-FORGE, not a governance token. Its €1 promise rests on segregated reserves and conditional EEA redemption while four ledgers expose different issuer controls: UUPS roles on Ethereum, permanent delegation on Solana, clawback on XRPL, and authorization/revocation on Stellar.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.