The Qualiq Index
At least eight companies issue a token that tracks NVIDIA stock. The tokens look alike in a wallet, but each is a different legal claim, with its own custodian, redemption rules and treatment of dividends. The Qualiq Index sets them side by side, with a public source for every entry.
How the levels are set
Each column answers one question from documents anyone can check: issuer terms and prospectuses, token contracts, attestation reports and regulator registers. A level changes only when the evidence changes. Prices and opinions about issuers play no part.
How usage is measured
Why the two reference points
Most investors hold shares in a brokerage account. That is already indirect: the company's register shows the depository's nominee, and the investor holds a legal entitlement against the broker. That entitlement is protected by segregation rules and SIPC coverage, and it carries dividends and votes. Direct registration puts the investor's own name on the company's register. A token issued by the company itself, such as those recorded through Superstate's Opening Bell, is the share in that registered form.
Every NVDA token above is a further step from either. The issuer, or a vehicle it controls, holds shares in its own brokerage account, most often at Alpaca, which says it custodies 94% of US-listed tokenized stocks, and gives token holders a trust interest, a secured note or a contract over them. No issuer-sponsored NVDA token exists, because NVIDIA has not issued one.
Scope and limits
This is a structural comparison of public documents and on-chain data. It is not a credit rating, an opinion on any issuer's ability to pay, or investment advice, and it does not consider whether a given investor may hold a given token. Issuer terms change; every entry carries the date it was checked. Qualiq is not affiliated with any issuer listed here.
Issuers and readers can send corrections with a supporting document to hello@qualiq.xyz. Accepted changes are listed below.