{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"tokenised_bonds","evidenceReadAt":"2026-09-29","generatedAt":"2026-11-12","criteria":[{"id":"legal_claim_in_default","label":"If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?","weight":30},{"id":"who_may_buy_where","label":"Am I allowed to buy this at all - in my country, at my wealth level, today?","weight":25},{"id":"redemption_tested_not_promised","label":"What is the published exit route - and is there any dated evidence a holder used it?","weight":25},{"id":"all_in_cost_vs_direct_route","label":"What does the token route cost me over just buying the bond or the ETF?","weight":20}],"providers":{"bondblox_bonds_tok":{"legal_claim_in_default":{"s":9,"q":"This Information Memorandum is dated 1 September 2025. | BBXPL shall hold, inter alia, Deposited Bonds Property on a bare trust for the benefit of the Holders.","u":"https://content.bondblox.com/uploads/Bondblo_XIM_V8_010925_5026f6e1df.pdf","d":"2026-09-29"},"who_may_buy_where":{"s":6,"q":"The BondbloX Bond Exchange is licensed to deal with Expert, Professional and Accredited Investors (each term as defined in the Rulebook) directly. | There are selling restrictions that may apply depending on jurisdiction. For further details, please contact us to find out more.","u":"https://bondblox.com/trade-bonds/market-information/faq","d":"2026-09-29"},"redemption_tested_not_promised":{"s":7,"q":"Please be informed that HDFC 3.7% Perp bearing ISIN USY3119PFH74 has been fully called on 25th Aug 2026 | Please be informed that Issuer has redeemed the bond early ; AMERIGAS PARTNERS LP 5.75% 05/2027 bearing ISIN US030981AL88 | Please be informed that Issuer of bond PBF Holding Company LLC PBFENE…","u":"https://bondblox.com/trade-bonds/market-information/notices","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":9,"q":"Applicable Fees relevant to non-institutional members. | Accounts with AUM* from USD 0 - 5 million US and Singapore Treasuries: 0.05 % Corporate bonds and other bonds: 0.20 % Per Transaction | Capped at USD 100 per month, annualised fee of 0.2 % on bonds AUM | Transfer out - Bonds: 0.10% on…","u":"https://bondblox.com/trade-bonds/market-information","d":"2026-09-29"}},"twentyonex_bonds_tok":{"legal_claim_in_default":{"s":7,"q":"with a specific permission to operate a DLT-TSS under Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on Distributed Ledger Technology (DLT Pilot Regime) (\"DLTR\") | DLT Financial Instruments classified as…","u":"https://21x.eu/download/21x-ag-rulebook-august-2026/","d":"2026-09-29"},"who_may_buy_where":{"s":6,"q":"The client is not subject to taxation in the United States of America and is not a \"U.S. Person\" as defined in Rule 902 of Regulation S under the US Securities Act of 1933, as amended. | In case the client is a natural person it must at least be 18 years of age.","u":"https://21x.eu/download/21x-ag-rulebook-august-2026/","d":"2026-09-29"},"redemption_tested_not_promised":{"s":6,"q":"Date of this Notice: 10.07.2026 | As at the date of this Issuer Notice, no Notes remain outstanding (0 (nil) Notes). | The aggregate participation in the Series and the trading volume on the DLT Market Infrastructure on which the Notes are recorded, is insufficient to justify the continued…","u":"https://21x.eu/download/notice-of-early-redemption-and-termination-of-the-tokenized-mmf-compartment/","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":8,"q":"Standard trading fees are applicable for regular trading activity (per trade leg) in the following products: | Product Type Maker Fee (BP) Taker Fee (BP) Bonds 10 30 | One basis point (1 BP) equals 0.01% or 0.0001. | Date of last update: 08.05.2026","u":"https://21x.eu/download/21x-ag-fee-schedule-may-2026/","d":"2026-09-29"}},"obligate_bonds_tok":{"legal_claim_in_default":{"s":9,"q":"For eNotes on the Obligate platform, the instruments are structured as tokenized bonds in the form of ledger-based securities under Swiss law (art. 973d et seq. Swiss Code of Obligations).","u":"https://docs.obligate.com/legal/enote-legal-framework","d":"2026-09-29"},"who_may_buy_where":{"s":5,"q":"Effective as of September 5, 2026 | If the User intends to use the Services as an investor: The User qualifies as a professional, qualified, and/or an accredited investor, under the laws and regulations applicable to the User. | The User is not a U.S. person, nor an entity controlled by a U.S.","u":"https://cdn.prod.website-files.com/63a02e47caead88db4be659f/6a72e56777ebe0479fb8ec2f_Obligate_General%20Terms%20of%20Use_v3.0%20-%2020260805.pdf","d":"2026-09-29"},"redemption_tested_not_promised":{"s":5,"q":"On each scheduled payment date eNotes holders will receive payment redemption tokens that allow them to claim the repaid amount from the escrow. | Currently Obligate does not offer a secondary market for eNotes.","u":"https://docs.obligate.com/obligate-for-investors/investing","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":6,"q":"We charge fees based on the volume of securities (i.e total issuance amount) that are issued through our platform. | For the first year, a minimal fee of 50 USDC/EUROe is applicable. | 0 - 25 million 50.0 b.p. 45.0 b.p. 40.5 b.p. 36.5 b.p. 32.8 b.p.","u":"https://docs.obligate.com/obligate-for-investors/fees","d":"2026-09-29"}},"ondo_gm_bonds_tok":{"legal_claim_in_default":{"s":7,"q":"The Security Tokens are Ledger-Based Securities according to articles 973d et seqq. CO (Schweizer Obligationrecht). | The Security Agent is: Ankura Trust Company, LLC, New Hampshire limited liability company, 140 Sherman Street, 4th Floor, Fairfield, Connecticut 06824, United States.","u":"https://cdn.sanity.io/files/8k2tqa6n/production/ae1f1ca8ce2c2197a45b563e3e9add041924a249.pdf","d":"2026-09-29"},"who_may_buy_where":{"s":4,"q":"To buy or sell them directly from the platform, you must complete the Ondo Stocks know-your-customer (KYC) onboarding process. | Currently, onboarding is only open to institutional participants; onboarding for retail users and individuals is coming soon.","u":"https://docs.ondo.finance/ondo-stocks/overview","d":"2026-09-29"},"redemption_tested_not_promised":{"s":6,"q":"The redemption to USDon will always be instant; redemptions to USDC will be instant provided there is enough liquidity in the stablecoin swapper. | The minimum redemption amount to USDon or USDC is $1.00. | Redemptions to USD via bank wire are not currently supported.","u":"https://docs.ondo.finance/ondo-stocks/investing-and-redeeming","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":5,"q":"Purchaser Fees Fees owed by the Purchaser to the Issuer, in particular for the issuance and redemption of the Tokens, of up to 0,1% of the market price of the Underlying.","u":"https://cdn.sanity.io/files/8k2tqa6n/production/ae1f1ca8ce2c2197a45b563e3e9add041924a249.pdf","d":"2026-09-29"}},"etherfuse_bonds_tok":{"legal_claim_in_default":{"s":4,"q":"Each Stablebond token represents a proportional economic claim whose value is based on the net asset value (NAV) of a segregated pool of sovereign-debt assets held in regulated custody.","u":"https://app.etherfuse.com/legal/stablebonds-overview","d":"2026-09-29"},"who_may_buy_where":{"s":5,"q":"The Holder is not a U.S. Person as defined in Rule 902(k) of Regulation S | THE TOKENS MAY NOT BE OFFERED OR SOLD (INCLUDING OPENING A SHORT POSITION IN SUCH SECURITIES) IN THE UNITED STATES OR TO U.S. PERSONS AS DEFINED BY RULE 902(k) ADOPTED UNDER THE ACT","u":"https://api.etherfuse.com/legal/terms-and-conditions","d":"2026-09-29"},"redemption_tested_not_promised":{"s":5,"q":"2.6. Once the term of the last Epoch applicable to the corresponding Token has expired, the Customer may claim through the Platform the corresponding amount of the nominal value of the financial asset that has backed the Token (subtracting the Rewards that have been generated and paid previously)…","u":"https://api.etherfuse.com/legal/customer-agreement","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":6,"q":"The fee charged (f) ranges from 0.25% to 1.5%, based on the yield and risk level of the underlying asset as follows | A fixed commission of 0.25% is applied to products with a yield equal to or less than 4.5%. | Products with yields equal to or greater than 10% are subject to a fixed fee of 1.5%.","u":"https://app.etherfuse.com/legal/stablebonds-overview","d":"2026-09-29"}},"backed_btokens_bonds_tok":{"legal_claim_in_default":{"s":7,"q":"The Issuer and each holder of Products issued by the Issuer, i.e. any Investor, enter into a Registration Agreement (Registrierungsvereinbarung) according to article 973d CO | Under the Collateral Agreement, the Issuer creates a right of lien (reguläres Pfandrecht, Forderungspfandrecht) over the…","u":"https://assets.backed.fi/terms-of-service","d":"2026-09-29"},"who_may_buy_where":{"s":3,"q":"bTokens are no longer available for new issuance. Redemption is fully supported for existing holders. | Not for the distribution to any U.S. Person or any person or address in the United States.","u":"https://assets.backed.fi/products/bib01","d":"2026-09-29"},"redemption_tested_not_promised":{"s":5,"q":"Onboarded clients can swap bTokens for the corresponding xStocks directly with the issuer, or redeem bTokens to stablecoin using the standard redemption process. | bTokens will remain redeemable throughout the wind-down period.","u":"https://backed.fi/news-updates/the-future-is-xstocks-upgrading-btokens","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":3,"q":"Management Fee Issuance / Redemption Fee 0.5% for Issuance and Redemption","u":"https://assets.backed.fi/products/bib01","d":"2026-09-29"}},"opentrade_bonds_tok":{"legal_claim_in_default":{"s":2,"q":"Tokens represent units of ownership in secured loans issued through the Loan Vault. | 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…","u":"https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vault-tokens.md","d":"2026-09-29"},"who_may_buy_where":{"s":7,"q":"certified high net worth individuals within the meaning of article 48 of the FPO | (a) they have earned at least £100,000; or (b) held net assets to the value of at least £250,000","u":"https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md","d":"2026-09-29"},"redemption_tested_not_promised":{"s":7,"q":"After the Withdrawal Processing Time, the liquidity asset (e.g. USDC or EURC) will automatically be sent back to your wallet and the corresponding amount of tokens will be burned. | The current Withdrawal Processing Time is maximum of 2 business days.","u":"https://docs.opentrade.io/getting-started/how-to-make-a-withdrawal.md","d":"2026-09-29"},"all_in_cost_vs_direct_route":{"s":3,"q":"Fees are paid by Borrowers to the Platform Provider and Investment Advisor at a specific rate set for each vault. | For the Flexible Term Vaults, these fees currently total 0.50% p.a, accrued daily and paid by the Borrower monthly.","u":"https://www.opentrade.io/faq","d":"2026-09-29"}}}}