Provider at a glance
- Category
- Tokenised Bonds
- Entity
- Not verified
- Official website
- 21x.eu
Independent rankingchecked How it works
Details
Scored 60 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
21X
EU DLT trading and settlement system
Tokenised Bonds
#5 Overall
Ranked #5 of 7 tokenised bonds in the published ranking
60
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is 21X right for you?
Right for you if these matter most
- Open to you6/10; the category best is 7
- Exit tested6/10; the category best is 7
- Cost vs buying direct8/10; the category best is 9
Look elsewhere if these come first
- Paper you hold in default7/10 here; Obligate scores 9
Not yet tested for your country. Markets it lists: Europe. Restricted: United States.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best tokenised bond shows where it lands for you.
What will 21X cost you?
Not priced on this basis
- Your balance
- $10k
How safe is 21X?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to 21X
Compare all 4- 3Ondo Global Markets (bond ETF line)8 points above · weaker on cost vs buying direct (5 against 8)68
- 4OpenTrade (Fixed Income Yield Vaults)8 points above · stronger on open to you (7 against 6)68
- 6Obligate2 points below · stronger on paper you hold in default (9 against 7)58
For your setup
Find out if 21X fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where 21X lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best tokenised bondNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why 21X ranks #5
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (21.4 here) sit inside the score; availability, friction, trust record and measured data add the rest.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
307+6.727.09#3/7Loading evidence…
256+4.805.07#2/7Loading evidence…
256+4.806.07#3/7Loading evidence…
208+5.126.09#2/7Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−8behind OpenTrade (Fixed Income Yield Vaults), #4
RobustnessHoldsacross a one-point change to each of its 4 criterion scores, the re-run scores 58–61 and stays #5
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of 21X’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? 7 → 5 on its ladder · Obligate passes it−256#5 → #6
Am I allowed to buy this at all - in my country, at my wealth level, today? 6 → 4 on its ladder · Obligate passes it−256#5 → #6
What is the published exit route - and is there any dated evidence a holder used it? 6 → 4 on its ladder · Obligate passes it−256#5 → #6
Strengths
3 from the score dataWhere it leads
Best for readers who weight
- Am I allowed to buy this at all - in my country, at my wealth level, today? — 6/10, category best 7/10
- What is the published exit route - and is there any dated evidence a holder used it? — 6/10, category best 7/10
- What does the token route cost me over just buying the bond or the ETF? — 8/10, category best 9/10
Tradeoffs
1 from the score dataWhere it trails
Not for readers who put first
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? — 7/10 against a category best of 9/10
Record watch-outs
- You cannot buy a bond here. 21X is the best-regulated wrapper in this category and, on 19 August 2026, has never admitted a single DLT Bond: its complete listing history is two instruments, one of which - a limited-recourse Luxembourg compartment note over an MMF - was redeemed to '0 (nil) Notes' and delisted on 21.07.2026 because 'the aggregate participation in the Series and the trading volume ... is insufficient to justify the continued operation', leaving one money market fund, which this category deliberately does not score. A buyer who chose 21X for tokenised term debt would arrive at a licensed, correctly-priced, genuinely atomic venue with nothing on the board to buy.
Competitive position
Where 21X leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#5 / 76.0 of 20 · best 14.0
Published criteria#2 / 716.1 of 30 · best 18.6
Friction#1 / 72.7 of 10 · constant here
Trust record#1 / 73.2 of 8 · constant here
Measured data#1 / 78.3 of 18 · constant here
Where 21X leads
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?#3 / 7
- Am I allowed to buy this at all - in my country, at my wealth level, today?#2 / 7
- What is the published exit route - and is there any dated evidence a holder used it?#3 / 7
- What does the token route cost me over just buying the bond or the ETF?#2 / 7
Where it trailsNo criterion in the bottom third of its pool.
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
Obligate#6 of 7 · score 58 · 2.0 points behind
21X leads on
- Am I allowed to buy this at all - in my country, at my wealth level, today?6 vs 5
- What is the published exit route - and is there any dated evidence a holder used it?6 vs 5
- What does the token route cost me over just buying the bond or the ETF?8 vs 6
Obligate leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?9 vs 7
Largest single reason 21X is ahead: published criteria (+1.8 display points).Scenario cost: Obligate has no verified pricing for this scenario.
OpenTrade (Fixed Income Yield Vaults)#4 of 7 · score 68 · 8.0 points ahead
21X leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?7 vs 2
- What does the token route cost me over just buying the bond or the ETF?8 vs 3
OpenTrade (Fixed Income Yield Vaults) leads on
- Am I allowed to buy this at all - in my country, at my wealth level, today?7 vs 6
- What is the published exit route - and is there any dated evidence a holder used it?7 vs 6
Largest single reason OpenTrade (Fixed Income Yield Vaults) is ahead: availability (+20.8 display points).Scenario cost: OpenTrade (Fixed Income Yield Vaults) has no verified pricing for this scenario.
Ondo Global Markets (bond ETF line)#3 of 7 · score 68 · 8.0 points ahead
21X leads on
- Am I allowed to buy this at all - in my country, at my wealth level, today?6 vs 4
- What does the token route cost me over just buying the bond or the ETF?8 vs 5
Ondo Global Markets (bond ETF line) leads onNo scored criterion
Largest single reason Ondo Global Markets (bond ETF line) is ahead: availability (+15.6 display points).Scenario cost: Ondo Global Markets (bond ETF line) has no verified pricing for this scenario.
Against the leader
79 vs 60 · gap 19.0Why BondbloX Bond Exchange ranks above 21X
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 19.0 to within rounding.
DimensionThisBondbloX Bond ExchangeGap share
Availability · 23% weight6.011.0−13.0, worse
Published criteria · 35% weight16.118.6−6.5, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisBondbloX Bond ExchangePoints
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · w3079−1.92, worse
What is the published exit route - and is there any dated evidence a holder used it? · w2567−0.80, worse
What does the token route cost me over just buying the bond or the ETF? · w2089−0.64, worse
Net6079−19.0
Your scenario
21X is not priced for this scenario
The annual management fee on your balance. Excludes performance fees, spreads and any redemption charge. Change an input and every figure recomputes from the published rate; the published rank does not move.
your cost/yr · default scenario — set your own
Your balance · your input$10k
Rate read from the provider’s published pricing ↗ on 29 September 2026.
your cost/yrCost is stated as your cost/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory medianNot priced0 of 7 rows priced
Cheapest pricedNone pricedDifference not stated · availability not applied — set your country to filter
7 of 7 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
Evidence read 29 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessHoldsrank #5 across every one-point re-run
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 29 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?strength 7 · weight 30Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Am I allowed to buy this at all - in my country, at my wealth level, today?strength 6 · weight 25Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.What is the published exit route - and is there any dated evidence a holder used it?strength 6 · weight 25Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.What does the token route cost me over just buying the bond or the ETF?strength 8 · weight 20Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Insolvency failure (21X 7/10): the firm or issuer that owes you cannot pay.Scored by If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · 30%
- Regulatory failure (21X 6/10): no licence where you are, or a forced market exit.Scored by Am I allowed to buy this at all - in my country, at my wealth level, today? · 25%
- Exit failure (21X 6/10): you cannot get out at par, on time, or with what is yours.Scored by What is the published exit route - and is there any dated evidence a holder used it? · 25%
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: What does the token route cost me over just buying the bond or the ETF? (20%).
Facts
facts, not scoresWhat the record publishes
- Pricing
- 21X AG Fee Schedule PDF, https://
21x .eu /download /21x-ag-fee-schedule-may- 2026 / (fetched 29 September 2026; 14 pages, cover "May 2026", contents footer "Date of last update: 08.05.2026"; listed on https:// 21x .eu /regulatory /documents / as "Current Version (28 May 2026)"). Investor-borne: Section 5, "Standard trading fees are applicable for regular trading activity (per trade leg) in the following products:" - the table row reads "Product Type Maker Fee (BP) Taker Fee (BP) Bonds 10 30"; Section 2.1(e), "One basis point (1 BP) equals 0.01% or 0.0001." Worked example (arithmetic, not a quoted price): a bond round trip that takes liquidity on both legs costs 30 BP + 30 BP = 60 BP. Section 6 market-maker rate: "Product Type Maker Taker Bonds 10 10". Trade Participants pay no access fee: Section 3.1, "A one-time fee is charged for initial access to the 21X DLT-TSS:", and Section 3.2, "Ongoing access to the 21X DLT-TSS incurs recurring fees:", both list "Trade Participant NA". Issuer-borne bond items: admission "Bonds 3,500" (EUR, 4.1.1); tokenization "Bonds 12,500" (EUR, 4.1.2); issuance (creation) "Fee (BP) Bonds 30" (4.1.3); redemption "Fee (BP) Bonds 15" (4.1.4); product maintenance "Bonds 500" (EUR per year, 4.2); registry "10 bps on AuR to EUR 50,000,000" tiering to "2 bps on AuR from EUR 250,000,001", and "Registry services are subject to a minimum of EUR 20,000 per annum." (Section 7). General: "All fees are quoted exclusive of value-added tax (VAT), unless stated otherwise." and "Fees may be wholly or partially waived provided that all Participants and Issuers are treated equally." The file served on 29 September 2026 is byte-for-byte the size of the 19 August 2026 file (191,981 bytes), and no figure changed.21X — official pricing page ↗ · 29 September 2026 - Prices published in
- USD21X — official pricing page ↗ · 29 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- The wrapper architecture is the best available in this category and it is documented to statute, but no BOND has ever been admitted, so the buyer of term debt has no paper to hold here.
- Supported chains
- polygon, stellar
- Markets served
- europe
- Primary markets
- Not published
- Restricted markets
- United States
- Operating limits
- Not published
- Availability note
- TWO DISTINCT THINGS, and they must not be conflated. (1) A REAL MARKET RESTRICTION: Rulebook Rules 2.3.1(h) and 2.4.1(j), read on https://
21x .eu /download /21x-ag-rulebook-august- 2026 / , exclude the entire United States market by statute - '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.' That is a Reg S offshore-offer boundary, not boilerplate. (2) THE STANDARD SANCTIONS REPRESENTATION, which applies everywhere and is NOT a regional footprint: Rule 2.4.1(k), same URL - 'The client is not based in a country or territory which is listed on a sanctions list or subject to trade, economic or financial sanctions, laws, embargoes, or restrictive measures imposed, administered, or enforced from time to time by the United Nations, the European Union, the government of the United States of America and their governmental authorities.' There is NO published positive list of permitted jurisdictions. The Disclaimer at https:// 21x .eu /disclaimer / , read 19 August 2026, adds only a generic self-serving carve-out with no named country: 'The use of the retrievable content is at the user's own risk and is not intended for individuals in countries where the content is subject to legal, regulatory, or other restrictions. Users in such countries act on their own responsibility and duty to inform themselves about local restrictions and to observe them to the necessary extent.' Non-EU access is contemplated but unmapped: Rule 2.2.1(b) admits 'a third-country firm comparable to an investment firm, credit institution or management company'. Tagged 'europe' on the strength of the German investment-firm licence, the EU DLT Pilot Regime permission and the EUR/EMT settlement currency; 'global' would fabricate a footprint the vendor never claims, and the US exclusion alone rules it out.
No confirmed legal entity is on file for this record. Nothing is inferred from the brand name.
If something goes wrong with 21X: where to complain, and where to report a scam
Loading the routes for your country.
How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 29 September 2026Current verified snapshot · methodology 2026.10.18Score 60, #5 of 7. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.7Forty-one more products are offered only where their own quoted terms serve- fixed 141 country exclusions on 31 rows, each the name of a country the row's own quoted terms exclude: for example Mercuryo Hungary, China, Pakistan, Bangladesh, Chile, Colombia and Morocco; Gemini Custody the United Kingdom, Australia and the EU after its wind-down; Backed xStocks the US, Canada, the UK, Australia, Nigeria, the Philippines and Venezuela.
- changed Thirteen rows list the only countries their terms serve: Coins.ph the Philippines, Spritz bill pay, Brex, Unchained, WisdomTree, Franklin BENJI and AnchorWatch the United States (with its territories for AnchorWatch), PRYPCO Mint the UAE, N26 crypto seven EU countries, Gemini Tokenized Stocks the EU, XNET the US, Canada and the UK, Coldbit Steel and MetaMask Card the countries they list.
- changed Published (no-country) orders do not move. Country results change: in India six categories each lose one row (bill pay, cards, off-ramps, P2P, seed backup, tokenised real estate), and bill pay there has no row confirmed available, so it shows the published order marked as such; country pages list 23 fewer rows (24,357 to 24,334). The grounding test now matches full country names in any case, which shows seven earlier exclusions were quoted all along: the named debt of unquoted exclusions falls from 40 to 33 pairs.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
Methodology 2026.10.18, the same published run every visitor sees · receipt tokenised_bonds:twentyonex_bonds_tok:2026.10.18:1c8b9a74b30d
Are you 21X? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.