Provider at a glance
- Category
- Tokenised Bonds
- Entity
- All 2 Obligate products
- Official website
- obligate.com
Independent rankingchecked How it works
Details
Scored 58 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
Obligate
Swiss tokenised bond issuance venue
Tokenised Bonds
#6 Overall
Ranked #6 of 7 tokenised bonds in the published ranking
58
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is Obligate right for you?
Right for you if these matter most
- Paper you hold in default9/10, the category best
Look elsewhere if these come first
- Open to you5/10 here; OpenTrade (Fixed Income Yield Vaults) scores 7
- Exit tested5/10 here; OpenTrade (Fixed Income Yield Vaults) scores 7
- Cost vs buying direct6/10 here; 21X scores 8
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 Obligate cost you?
Not priced on this basis
- Your balance
- $10k
How safe is Obligate?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to Obligate
Compare all 4- 3Ondo Global Markets (bond ETF line)10 points above · stronger on exit tested (6 against 5)68
- 4OpenTrade (Fixed Income Yield Vaults)10 points above · stronger on open to you (7 against 5)68
- 521X2 points above · stronger on cost vs buying direct (8 against 6)60
For your setup
Find out if Obligate fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Obligate 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
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- 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 Obligate ranks #6
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (20.5 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in this ranking on 1 of 4.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
309+8.647.09#1/7Loading evidence…
255+4.005.07#4/7Loading evidence…
255+4.006.07#5/7Loading evidence…
206+3.846.09#3/7Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−2behind 21X, #5
RobustnessHoldsacross a one-point change to each of its 4 criterion scores, the re-run scores 56–60 and stays #6
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 Obligate’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.
Am I allowed to buy this at all - in my country, at my wealth level, today? 5 → 7 on its ladder · passes 21X+261#6 → #5
What is the published exit route - and is there any dated evidence a holder used it? 5 → 7 on its ladder · passes 21X+261#6 → #5
What does the token route cost me over just buying the bond or the ETF? 6 → 8 on its ladder · passes 21X+260#6 → #5
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? 9 → 3 on its ladder · Backed bTokens fixed income (wind-down) passes it−646#6 → #7
Smallest climb: “Am I allowed to buy this at all - in my country, at my wealth level, today?” 5 → 7 passes 21X, #5.
Strengths
1 from the score dataWhere it leads
Best for readers who weight
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? — 9/10, the category best
Tradeoffs
3 from the score dataWhere it trails
Not for readers who put first
- Am I allowed to buy this at all - in my country, at my wealth level, today? — 5/10 against a category best of 7/10
- What is the published exit route - and is there any dated evidence a holder used it? — 5/10 against a category best of 7/10
- What does the token route cost me over just buying the bond or the ETF? — 6/10 against a category best of 9/10
Record watch-outs
- You are locked in for the full tenor. 'Currently Obligate does not offer a secondary market for eNotes' - so a Lynxcap eNote at '12 - 48 months' or a MikroKapital at '12 - 36 months' has no exit at all short of finding a private buyer yourself and hoping the issuer has not restricted transfers, and you are locked into a SINGLE-NAME credit rated by nobody the page will name, whose prospectus, ISIN and issuer register number you cannot read before you onboard. The legal wrapper is genuinely best-in-class; the disclosure around it is not.
Competitive position
Where Obligate 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#3 / 715.4 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 Obligate leads
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?#1 / 7
- What does the token route cost me over just buying the bond or the ETF?#3 / 7
Where it trails
- What is the published exit route - and is there any dated evidence a holder used it?#5 / 7
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.
21X#5 of 7 · score 60 · 2.0 points ahead
Obligate leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?9 vs 7
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
Largest single reason 21X is ahead: published criteria (+1.8 display points).Scenario cost: 21X has no verified pricing for this scenario.
OpenTrade (Fixed Income Yield Vaults)#4 of 7 · score 68 · 10.0 points ahead
Obligate leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?9 vs 2
- What does the token route cost me over just buying the bond or the ETF?6 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 5
- What is the published exit route - and is there any dated evidence a holder used it?7 vs 5
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 · 10.0 points ahead
Obligate leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?9 vs 7
- Am I allowed to buy this at all - in my country, at my wealth level, today?5 vs 4
- What does the token route cost me over just buying the bond or the ETF?6 vs 5
Ondo Global Markets (bond ETF line) leads on
- What is the published exit route - and is there any dated evidence a holder used it?6 vs 5
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 58 · gap 21.0Why BondbloX Bond Exchange ranks above Obligate
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 21.0 to within rounding.
DimensionThisBondbloX Bond ExchangeGap share
Availability · 23% weight6.011.0−13.0, worse
Published criteria · 35% weight15.418.6−8.3, 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
Am I allowed to buy this at all - in my country, at my wealth level, today? · w2556−0.80, worse
What is the published exit route - and is there any dated evidence a holder used it? · w2557−1.60, worse
What does the token route cost me over just buying the bond or the ETF? · w2069−1.92, worse
Net5879−21.0
Your scenario
Obligate 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 #6 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 9 · 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 5 · 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 5 · 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 6 · 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 (Obligate 9/10): 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 (Obligate 5/10): 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 (Obligate 5/10): 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
- Obligate docs, Fees page for investors (https://
docs .obligate .com /obligate-for-investors /fees, fetched 29 September 2026): "We charge fees based on the volume of securities (i.e total issuance amount) that are issued through our platform. Our fees are structured on a sliding scale (see the table below), with the rate decreasing as the volume of securities increases. The fee rate is annualized." "For the first year, a minimal fee of 50 USDC/EUROe is applicable." Table, 1st to 5th year fee (p.a.) by issuance size: "0 - 25 million" "50.0 b.p." "45.0 b.p." "40.5 b.p." "36.5 b.p." "32.8 b.p."; "25 - 50 million" "40.0 b.p." "36.0 b.p." "32.4 b.p." "29.2 b.p." "26.2 b.p."; "50 - 75 million" "30.0 b.p." "27.0 b.p." "24.3 b.p." "21.9 b.p." "19.7 b.p."; "75 - 100 million" "20.0 b.p." "18.0 b.p." "16.2 b.p." "14.6 b.p." "13.1 b.p."; "100+ million" "10.0 b.p." "9.0 b.p." "8.1 b.p." "7.3 b.p." "6.6 b.p."; "Min fee" "50 USDC/EUROe". "Fees start accruing upon successful delivery of eNotes to the investor's wallet. Accrued fees are invoiced quarterly, covering all issuances you participated in during that period." "Please note that fee payments must be made via traditional bank transfer - web3 / on-chain transfers are not accepted." "There are no fees incurred for unsuccessful book-building programs." The page carries no version or effective date. Per-eNote costs are deferred to documentation behind the Platform login: the Disclaimer & Regulatory Notice v2.0 says "For the specific costs and fees applicable to the individual eNotes and eTrackers, customers should refer to the respective product documentation provided on the Platform." Every figure is unchanged from the 19 August 2026 read.Obligate — official pricing page ↗ · 29 September 2026 - Prices published in
- USDObligate — official pricing page ↗ · 29 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- READ ON https://
docs .obligate .com /legal /enote-legal-framework (and its .md mirror https:// docs .obligate .com /legal /enote-legal-framework .md), 19 August 2026, HTTP 200: '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).' - Supported chains
- polygon, ethereum, solana
- Markets served
- europe
- Primary markets
- Not published
- Restricted markets
- United States
- Operating limits
- Not published
- Availability note
- TWO DIFFERENT THINGS ARE PRESENT AND MUST NOT BE CONFLATED. (1) A GENUINE MARKET RESTRICTION: General Terms of Use v3.0 (5 Aug 2026), s.8 item 12 - 'The User is not a U.S. person, nor an entity controlled by a U.S. person, as defined under any applicable state or federal securities laws of the United States of America.' - together with item 11 requiring 'full compliance with Regulation S under the U.S. Securities Act'. That is a securities-law offering restriction: US persons are excluded from the product, everywhere. A second genuine restriction is referenced but NOT published: docs.obligate.com/legal/enote-legal-framework says 'In addition, certain countries and nationals are excluded from using Obligate.com and/or eNotes' and no list of those countries or nationals appears on any page of the site or docs. (2) THE STANDARD SANCTIONS REPRESENTATION, which is NOT a regional footprint: s.8 item 13 - 'The User is neither incorporated, nor based, nor operating from a territory that is subject to sanctions imposed by Switzerland, the European Union, or the United States of America, nor is the User on any of the U.S. Treasury Department's Office of Foreign Asset Control's sanctions lists...' - this is the ordinary OFAC/EU/UN screening clause that applies globally and tells you nothing about where the product is sold. NO POSITIVE JURISDICTION MAP IS PUBLISHED ANYWHERE. supportedRegions is therefore set to ['europe'] on the only evidence that exists - a Zurich operator registered at the Commercial Registry of Zürich, a German arm (FQX (Germany) GmbH under CM-Equity AG's liability umbrella), and named EU/UK issuance jurisdictions ('across the UK, Germany, Spain and Ireland', obligate.com homepage) - and NOT 'global', because Reg S bites and the excluded-country list is withheld. The homepage's 'Operating worldwide, delivering reliable solutions across global markets' is marketing, not an eligibility map, and was not used.
Legal entity on file: Obligate, placed in 2 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Obligate: where to complain, and where to report a scam
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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 58, #6 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:obligate_bonds_tok:2026.10.18:1c8b9a74b30d
Are you Obligate? 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.