# Qualiq Index: tokenized NVIDIA stock compared

Source: https://qualiq.xyz/qualiq-index. Data as of Oct 7, 2026. Published by Qualiq.

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.

## Summary

| Program | Token | Chains | 30-day on-chain volume | Token value | Holders | Legal claim | Backing evidence | Redemption | Portability | Corporate actions | Track record |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Robinhood Stock Tokens | NVDA | Robinhood Chain | $865M | $17.0M | 189,326 | Secured note (2/3) | Report pending (1/3) | Single AP (1/3) | One chain (2/3) | ERC-8056 (3/3) | Under 6 months (1/3) |
| xStocks | NVDAx | 12 chains | $240M | $17.1M | 169,773 | Secured note (2/3) | Issuer data (1/3) | Holders after KYC (3/3) | 12 chains (3/3) | Rebasing (2/3) | Delivery failure, refunded (2/3) |
| Coinbase tokenized stocks | NVDAc | Base | $220M | $5.4M | n/a | Trust interest (3/3) | Issuer data (1/3) | Holders after KYC (3/3) | One chain (2/3) | ERC-8056 (3/3) | Under 6 months (1/3) |
| Binance bStocks | NVDAB | BNB Chain | $139M | $42.8M | 152,087 | Trust interest (3/3) | Issuer data (1/3) | Holders, in kind (3/3) | One chain (2/3) | ERC-8056 (3/3) | Under 6 months (1/3) |
| Ondo Global Markets | NVDAon | 3 chains | $10.1M | $40.5M | 61,181 | Secured note (2/3) | Daily, reviewed (3/3) | Eligible holders (2/3) | Three chains (3/3) | Price factor (2/3) | 12+ months (3/3) |
| Bitget Reality | rNVDA | Arbitrum and Morph | n/a | $2.4M | 46 | Stated only (1/3) | Independent, limited scope (2/3) | Platform only (1/3) | Two chains (3/3) | Partly documented (1/3) | Under 6 months (1/3) |
| Dinari dShares | NVDA.d | 6 EVM chains | n/a | $870K | 1,674 | Contract only (non-US) (1/3) | Claimed audit (1/3) | Via partners (1/3) | Several chains (3/3) | Cash and rebase (2/3) | Chain shutdown (2/3) |
| Crypto.com tokenized stocks | NVDA | Cronos EVM | n/a | n/a | n/a | Synthetic (0/3) | Internal (1/3) | Close-out only (1/3) | Cronos, non-EEA (2/3) | Discretionary (1/3) | Under 6 months (1/3) |
| Brokerage account (reference point) | NVDA | Street name, off chain | n/a | n/a | n/a | Entitlement (3/3) | Regulated (3/3) | Sell or move (3/3) | Off chain | Standard (3/3) | Decades (3/3) |
| Issuer-sponsored token (reference point) | GLXY | Superstate Opening Bell | n/a | n/a | n/a | The share (3/3) | Register | DRS transfer (3/3) | Allowlist (1/3) | Scaled UI (3/3) | 12+ months (3/3) |

## Robinhood Stock Tokens

Issuer: Robinhood Assets (Jersey) Ltd.

- **Legal form**: Tokenised debt security under Swiss law; EU base prospectus approved by the Liechtenstein FMA
- **Custody**: Alpaca; Security Agent Services AG holds security
- **NVDA token value**: $17.0M, 189,326 holders (rwa.xyz, Oct 7)
- **Program size**: $140M across 189 assets (rwa.xyz, Oct 7)
- **Redeem**: Bitstamp Global Ltd (BVI) is the only authorized participant
- **Chains**: Robinhood Chain only
- **Excluded**: US, Canada, UK, Switzerland
- **Live since**: July 2026
- **Exit cost, $100,000**: 0.21% below mid via Robinhood Chain routing
- **Volume note**: Volume is about 51 times token value over 30 days; the main NVDA/USDG pool turned over about 190 times its liquidity

**Legal claim: Secured note (2/3).** Secured, limited-recourse debt with no legal or beneficial right in the shares and cash settlement only. Security Agent Services AG holds security over the custody and paying accounts for each series. The final terms allow the shares to be lent to a prime borrower; none was appointed at issuance. Sources: [Base prospectus](https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf); [NVDA final terms](https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_nvidia.pdf).

**Backing evidence: Report pending (1/3).** The verification agent reports within three months of the financial year end; no report has been published yet. Sources: [Base prospectus](https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf).

**Redemption: Single AP (1/3).** Bitstamp Global Ltd (BVI) is the only authorized participant; Robinhood Europe UAB is named as an anticipated one. Other holders can redeem only if every authorized participant has failed or resigned, or the issuer publishes a notice allowing it. Sources: [Base prospectus](https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf).

**Portability: One chain (2/3).** Self-custody on Robinhood Chain with permissionless DEX trading. The prospectus allows freezing, pausing, seizure and ledger migration. Sources: [Robinhood docs](https://docs.robinhood.com/chain/building-with-stock-tokens/); [Base prospectus](https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf).

**Corporate actions: ERC-8056 (3/3).** ERC-8056 multiplier with dividends reinvested net of withholding; new orders pause on the effective date, about 02:00–15:30 CET. The oracle pause flag is advisory and is not enforced on chain. Sources: [Corporate actions](https://docs.robinhood.com/rhj/corporate-actions); [Oracles](https://docs.robinhood.com/chain/oracles-and-price-feeds).

**Track record: Under 6 months (1/3).** Live on Robinhood Chain since July 1, 2026. The chain stopped producing blocks for about 14 minutes on September 4, 2026. Sources: [crypto.news](https://crypto.news/robinhood-chain-suffers-14-minute-network-outage/).

Recorded events:
- Oct 7, 2026: A lookalike token (0xd060f448de7bccb6e54b0cb8d5bc871c8d339eec) launched a Uniswap v4 NVDA/USDG pool at 00:35 UTC reporting about $62M of 24-hour volume from 10 buyers and 1 seller. The issuer's NVDA contract is 0xd0601CE157Db5bdC3162BbaC2a2C8aF5320D9EEC. Sources: [Robinhood contracts](https://docs.robinhood.com/chain/contracts); [NVDA final terms](https://cdn.robinhood.com/assets/robinhood/legal/rhj_final_terms_for_tokenised_debt_securities_linked_to_nvidia.pdf).
- Sep 4, 2026: Robinhood Chain halted block production for about 14 minutes. Sources: [crypto.news](https://crypto.news/robinhood-chain-suffers-14-minute-network-outage/).
- Sep 4, 2026: AMC's chief executive asked Robinhood to stop issuing an AMC token; Robinhood declined. Sources: [CoinDesk](https://www.coindesk.com/business/2026/09/04/amc-ceo-tells-robinhood-to-stop-issuing-stock-token-as-industry-executives-weigh-in).

## xStocks

Issuer: Backed Assets (JE) Ltd, owned by Kraken (Payward).

- **Legal form**: Tracker certificate (debt) under Swiss law; EU base prospectus
- **Custody**: Alpaca (NVDA), plus InCore, Maerki Baumann, GTN
- **NVDA token value**: $17.1M distributed, 169,773 holders (rwa.xyz, Oct 7); about $45.7M outstanding per issuer
- **Program size**: $617M (rwa.xyz, Oct 7)
- **Redeem**: Any holder after KYC and wallet whitelisting; $1,000 to $5,000 minimum; up to 0.5% fee
- **Chains**: Solana, Ethereum, BNB, Arbitrum, Tron, TON, Mantle, HyperEVM, Ink, X Layer, Optimism, Monad
- **Excluded**: US, Canada, UK and Australia (retail); sanctioned jurisdictions
- **Live since**: June 2025
- **Exit cost, $100,000**: 0.04% below mid via Solana DEX routing

**Legal claim: Secured note (2/3).** A bearer tracker certificate with no shareholder rights. Collateral for each product is pledged to Security Agent Services AG for holders, with control agreements over the custody accounts. Recourse is limited to that product's collateral, and the prospectus allows the shares to be lent to Alpaca where a product's final terms permit. Sources: [Product legal overview](https://docs.xstocks.fi/docs/product-legal-overview); [Base prospectus](https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf).

**Backing evidence: Issuer data (1/3).** The issuer API reports 190,167 NVDA held against 190,107 tokens outstanding (Oct 7). Kraken describes weekly on-chain proof of reserves and quarterly ISAE 3000 assurance, but no assurance report was found in public. Sources: [Reserve API](https://api.xstocks.fi/api/v2/public/proof-of-reserves/NVDAx); [Kraken xStocks FAQ](https://support.kraken.com/articles/xstocks-faq).

**Redemption: Holders after KYC (3/3).** Subscription is limited to professional investors, but any holder can redeem after KYC and wallet whitelisting. Settlement in USDC, USDT, USDG or PYUSD depending on chain, 24/5. Sources: [Issuance and redemption](https://docs.xstocks.fi/docs/issuance-and-redemption); [NVDAx product page](https://assets.backed.fi/products/nvidia-xstock).

**Portability: 12 chains (3/3).** Permissionless transfers across twelve chains. The Ethereum contract is upgradeable with a pause and a sanctions-list check; the Solana token has freeze, pause and permanent-delegate authorities set. Sources: [Ethereum contract](https://eth.blockscout.com/address/0xc845b2894dbddd03858fd2d643b4ef725fe0849d).

**Corporate actions: Rebasing (2/3).** Dividends are reinvested net of withholding through a multiplier: rebasing balances on EVM chains, Token-2022 Scaled UI Amount on Solana. Sources: [Dividends and splits](https://docs.xstocks.fi/docs/dividends-and-stock-splits).

**Track record: Delivery failure, refunded (2/3).** Live since June 2025. At the SpaceX IPO in June 2026 the issuer could not deliver underlying shares for exchange campaigns, which were cancelled and refunded. Four products (EAx, AVBx, EQRx, WBSx) were terminated by notice in August and September 2026. Sources: [CoinDesk](https://www.coindesk.com/tech/2026/06/13/spacex-ipo-scramble-reveals-difference-between-tokenizing-a-stock-and-getting-one); [Notices](https://assets.backed.fi/legal-documentation/notices-to-investors).

Recorded events:
- Jun 12, 2026: SpaceX (SPCXx) campaigns on Bybit, Binance Wallet and Bitget Wallet cancelled and refunded after the issuer could not obtain shares. Sources: [CoinDesk](https://www.coindesk.com/tech/2026/06/13/spacex-ipo-scramble-reveals-difference-between-tokenizing-a-stock-and-getting-one).
- Aug–Sep 2026: EAx, AVBx, EQRx and WBSx terminated by notice to investors. Sources: [Notices](https://assets.backed.fi/legal-documentation/notices-to-investors).

## Coinbase tokenized stocks

Issuer: Coinbase Onchain SPV Ltd (ADGM).

- **Legal form**: Certificate over shares, held on bare trust; FSRA-approved prospectus
- **Custody**: Alpaca (segregated, no lending)
- **NVDA token value**: About $5.4M, 22,313 tokens (Coinbase API, Oct 6)
- **Program size**: About $27M across 39 issued tokens of 92 listed (Coinbase API, Oct 6)
- **Redeem**: Vested (KYC) holders, in kind or cash, 0.05%
- **Chains**: Base only
- **Excluded**: US persons
- **Live since**: August 2026
- **Exit cost, $100,000**: 0.05% below mid via Base DEX routing

**Legal claim: Trust interest (3/3).** Each token is a pro-rata beneficial interest in shares the issuer holds as bare trustee under a deed of trust, designed to sit outside its insolvency estate. Buyers through DeFi are unvested until they pass KYC. Sources: [NVDA prospectus](https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf).

**Backing evidence: Issuer data (1/3).** Intraday reconciliation against the legal register and a public API with supply, multiplier and NAV per token. No third-party attestation found. Sources: [Coinbase API](https://api.coinbase.com/v1/tokenized-stocks).

**Redemption: Holders after KYC (3/3).** Authorized participants create at 0.01%. Vested holders redeem in kind, in cash or in stablecoins for 0.05%; the issuer can suspend redemptions. Sources: [NVDA prospectus](https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf).

**Portability: One chain (2/3).** A B20 token on Base with allowlist, blocklist and pause controls built into the protocol. The prospectus allows holdings, including a vested holder's, to be frozen, cancelled or confiscated in defined cases. Sources: [Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks); [NVDA prospectus](https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf).

**Corporate actions: ERC-8056 (3/3).** ERC-8056 multiplier; dividends reinvested after 30% withholding and a 5% Coinbase distribution fee. The Chainlink feed freezes during corporate actions. Sources: [Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks); [NVDA prospectus](https://assets.ctfassets.net/o10es7wu5gm1/7N224uw3q8ouQcHhuzs9rx/c0326c67068da144f47db1c4b66a1ee5/Coinbase_Onchain_SPV_Ltd_-_Prospectus__NVDA__-_FSRA_VERSION.pdf); [Chainlink](https://docs.chain.link/data-feeds/tokenized-equity-feeds/coinbase).

**Track record: Under 6 months (1/3).** Launched August 24, 2026. No token-specific incidents found. Sources: [CoinDesk](https://www.coindesk.com/business/2026/08/24/coinbase-debuts-tokenized-stocks-on-base-network-joining-race-to-bring-equities-on-blockchain).

## Binance bStocks

Issuer: Btech Holdings Ltd (ADGM), owned by Binance.

- **Legal form**: Certificate over shares, held on trust; FSRA-approved prospectus
- **Custody**: Alpaca (segregated); Nest CSD keeps the title register
- **NVDA token value**: $42.8M (rwa.xyz, Oct 7); 152,087 holders
- **Program size**: $890M across 87 assets (rwa.xyz, Oct 7)
- **Redeem**: In kind through Binance or selected market makers; no issuer fee
- **Chains**: BNB Chain only
- **Excluded**: US, EU and EEA, UK, Hong Kong, Japan, Australia and others
- **Live since**: June 2026
- **Exit cost, $100,000**: 0.01% below mid via BNB Chain DEX routing

**Legal claim: Trust interest (3/3).** Each certificate is a one-for-one beneficial interest; the issuer holds the shares as trustee, outside its general estate, and holders have a right to redeem the corresponding shares. There is no voting right and no separate security trustee. From the NVIDIA bStocks prospectus approved by the FSRA on June 11, 2026. Sources: [NVIDIA bStocks prospectus](https://bin.bnbstatic.com/static/bstocks/prospectus/btech-holdings-prospectus-11-june-nvidia-bstocks.pdf).

**Backing evidence: Issuer data (1/3).** The prospectus requires weekly supply disclosure and intraday reconciliation against the Nest register. No third-party attestation was found, and the Binance proof-of-collateral page showed no data when checked. Sources: [Proof of collateral](https://www.binance.com/en/proof-of-collateral/bstocks).

**Redemption: Holders, in kind (3/3).** Holders redeem in kind to an Alpaca sub-account through Binance, with no issuer fee. Binance users can convert US-stock holdings into bStocks one for one with no fee. Sources: [NVIDIA bStocks prospectus](https://bin.bnbstatic.com/static/bstocks/prospectus/btech-holdings-prospectus-11-june-nvidia-bstocks.pdf).

**Portability: One chain (2/3).** Withdrawable to BNB Chain wallets, where transfers are permissionless. Deposits back to Binance are screened. The prospectus confirms blacklist, freeze, pause and upgrade powers. Sources: [NVDAB contract](https://sourcify.dev/server/v2/contract/56/0x02fca66c1d1afb4e2a7884261eb00f63598a7436).

**Corporate actions: ERC-8056 (3/3).** Dividends are reinvested net of 30% withholding through an ERC-8056 UI multiplier with an effective date, which BNB Chain documents as its standard for stock tokens. Sources: [NVDAB contract](https://sourcify.dev/server/v2/contract/56/0x02fca66c1d1afb4e2a7884261eb00f63598a7436).

**Track record: Under 6 months (1/3).** Launched June 11–12, 2026. No failed issuance or redemption found. Sources: [Launch](https://www.prnewswire.co.uk/news-releases/binance-exchange-launches-bstocks-tokenized-securities-11-backing-and-247-trading-302798918.html).

## Ondo Global Markets

Issuer: Ondo Global Markets (BVI) Ltd.

- **Legal form**: Structured note (debt) under Swiss-law terms
- **Custody**: US broker-dealers; Alpaca Securities named in the Ondo–Alpaca launch release
- **NVDA token value**: $40.5M, 61,181 holders (rwa.xyz, Oct 7)
- **Program size**: $932M across 408 assets (rwa.xyz, Oct 7)
- **Redeem**: KYC or KYB holders, $1 minimum, to USDon or USDC; no mint or burn fee (spread retained)
- **Chains**: Ethereum, BNB Chain, Solana; bridge to HyperEVM
- **Excluded**: US, Canada, sanctioned countries; professional only in UK, HK, SG, Brazil, Malaysia; EEA retail for many tokens
- **Live since**: September 2025
- **Exit cost, $100,000**: 1.69% below mid via Ethereum DEX routing; issuer minting is the main liquidity

**Legal claim: Secured note (2/3).** A debt note of a BVI special-purpose issuer. Ankura Trust is security agent with a first-priority perfected security interest in the shares, which are held in excess of tokens outstanding. Holders have no shareholder rights. Sources: [Ondo legal](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory); [Trust and transparency](https://docs.ondo.finance/ondo-stocks/trust-and-transparency).

**Backing evidence: Daily, reviewed (3/3).** Ondo publishes daily holdings reports on each asset page, reviewed by Ankura Trust as verification agent, with a monthly reconciliation and an annual audit promised. Sources: [Trust and transparency](https://docs.ondo.finance/ondo-stocks/trust-and-transparency).

**Redemption: Eligible holders (2/3).** Holders who pass KYC or KYB mint and redeem against USDon or USDC at a quoted price, with no separate fee. In-kind conversion through Alpaca is limited to approved institutions. Ondo pages disagree on whether retail redemption is open. Sources: [Ondo eligibility](https://docs.ondo.finance/ondo-stocks/eligibility); [In-kind conversion](https://www.prnewswire.com/news-releases/ondo-finance-launches-in-kind-conversion-letting-institutions-convert-underlying-shares-directly-into-tokenized-stocks-302884764.html).

**Portability: Three chains (3/3).** Holder-to-holder transfers need no allowlist on Ethereum, BNB Chain and Solana. The token contract checks a pause manager and a blocklist on every transfer, and an admin role can burn from any address. Sources: [GMToken.sol](https://github.com/ondoprotocol/rwa-contracts/blob/HEAD/contracts/globalMarkets/GMToken.sol); [Ondo addresses](https://docs.ondo.finance/addresses).

**Corporate actions: Price factor (2/3).** Total-return tracker: dividends are reinvested net of 30% withholding through a share multiplier (sValue). On Ethereum it lives in the price feed; on Solana and BNB Chain it is a display multiplier. Changes above 1% in 24 hours require a scheduled pause and manual confirmation. Sources: [Fees and taxes](https://docs.ondo.finance/ondo-stocks/fees-and-taxes); [Chainlink Ondo feeds](https://docs.chain.link/data-feeds/tokenized-equity-feeds/ondo).

**Track record: 12+ months (3/3).** Live since September 2025 with no failed issuance or redemption found. An SEC investigation opened in 2024 closed without charges in December 2025. Sources: [The Block](https://www.theblock.co/post/381716/sec-ends-biden-era-investigation-into-ondo-finance-without-charges).

Recorded events:
- Dec 8, 2025: SEC investigation closed with no charges. Sources: [The Block](https://www.theblock.co/post/381716/sec-ends-biden-era-investigation-into-ondo-finance-without-charges).

## Bitget Reality

Issuer: Reality (BG El Salvador, S.A. de C.V.).

- **Legal form**: Stated beneficial-rights claim; no terms document found
- **Custody**: Alpaca, through an unnamed SPV (issuer statement)
- **NVDA token value**: About $2.4M on Arbitrum, 46 holders, one holding about 95% (GoPlus, Oct 7)
- **Program size**: $143M, of which $141M in stocks (rwa.xyz, Oct 6)
- **Redeem**: Redemption into shares not documented
- **Chains**: Arbitrum, Morph
- **Excluded**: US persons (Reality); Bitget terms add Canada, Hong Kong, Singapore and others
- **Live since**: June 2026

**Legal claim: Stated only (1/3).** One Bitget FAQ describes a tokenized claim to beneficial rights in shares registered to an unnamed bankruptcy-remote SPV; another describes contractual exposure with no delivery of shares. No terms, trust or security document was found. Sources: [Bitget rToken FAQ](https://www.bitget.com/academy/bitget-rtoken-faq).

**Backing evidence: Independent, limited scope (2/3).** The Network Firm has run daily agreed-upon procedures on reserves since August 5, 2026. The reports state they are not an audit and give no conclusion that the tokens are fully backed. Sources: [Bitget announcement](https://www.bitget.com/blog/articles/reality-daily-proof-of-reserves-attestations); [Reality reserves](https://realityfinance.xyz/por).

**Redemption: Platform only (1/3).** Bitget users buy and sell through the platform; no redemption into shares was found. Sources: [Bitget rToken FAQ](https://www.bitget.com/academy/bitget-rtoken-faq).

**Portability: Two chains (3/3).** Withdrawable to Arbitrum and Morph, where holders can transfer freely. The Arbitrum contract is an upgradeable proxy whose admin controls were not verified; one address holds about 95% of supply. Sources: [Reality](https://realityfinance.xyz).

**Corporate actions: Partly documented (1/3).** Cash dividends net of 30% withholding are paid in USDT. Splits are described as automatically reflected, without a documented method. Sources: [Bitget rToken FAQ](https://www.bitget.com/academy/bitget-rtoken-faq).

**Track record: Under 6 months (1/3).** Live since June 2026. Bitget reported a hot-wallet hack on September 24, 2026, later revised to about $387.5M, and paused withdrawals until September 28 to October 2; rTokens were not among the listed affected assets. Sources: [Bitget support](https://www.bitget.com/support/articles/12560603896024).

Recorded events:
- Sep 24, 2026: Bitget exchange hot-wallet hack, revised to about $387.5M; withdrawals reopened in phases from September 28 to October 2. rTokens were not listed among affected assets. Sources: [Bitget support](https://www.bitget.com/support/articles/12560603896024).
- Sep 10, 2026: rFRT withdrawals on Arbitrum paused for wallet maintenance; resumed September 11. Sources: [Bitget support](https://www.bitget.com/support/articles/12560603894827).

## Dinari dShares

Issuer: Dinari, Inc. (Delaware).

- **Legal form**: Non-US: contractual sale under Delaware law; US: ledger of ownership via broker-dealer
- **Custody**: Alpaca (clearing firm)
- **NVDA token value**: $0.87M, 1,674 holders (rwa.xyz, Oct 7)
- **Program size**: $19.7M total, $13.7M in stocks (rwa.xyz, Oct 6)
- **Redeem**: Through Dinari or API partners; partner OTC execution from $25,000
- **Chains**: Ethereum, Arbitrum, Avalanche, Base, HyperEVM, Plume
- **Excluded**: US persons, Canada and 31 others for the non-US offering
- **Live since**: 2023

**Legal claim: Contract only (non-US) (1/3).** For non-US holders, the November 2024 terms are a Delaware-law sale by Dinari, Inc. with no trust or security interest for holders. A December 2025 revision is reported to add a repurchase right and a segregated-accounts holding structure; we have not yet reviewed it. US holders under the broker-dealer program hold ownership recorded on a secondary ledger, a different product. Sources: [dShares terms](https://assets.dinari.com/forms/Dinari_dShares_Terms_and_Conditions_20241124.pdf); [US program](https://docs.dinari.com/docs/us.md).

**Backing evidence: Claimed audit (1/3).** Dinari states reserves are audited by an unnamed large accounting firm. No public attestation found. Sources: [Transparency](https://app.dinari.com/transparency).

**Redemption: Via partners (1/3).** Tokens mint and burn on filled brokerage orders placed through Dinari or API partners; partners can execute OTC from $25,000. A holder repurchase right reported in the revised terms is under review. Sources: [Fees](https://docs.dinari.com/docs/fees.md).

**Portability: Several chains (3/3).** Non-US tokens move on several EVM chains. The contract is upgradeable with a blacklist role. US program tokens are not transferable. Sources: [Restrictions](https://docs.dinari.com/docs/restrictions.md).

**Corporate actions: Cash and rebase (2/3).** Cash dividends are paid in Dinari's USD+ token; splits are applied by rebasing after a trading halt. Sources: [Dinari docs](https://docs.dinari.com/docs/us.md).

**Track record: Chain shutdown (2/3).** Operating since 2023. Holders on the discontinued Kinto chain were told access is not guaranteed; Blast holdings were migrated. Sources: [Restrictions](https://docs.dinari.com/docs/restrictions.md).

## Crypto.com tokenized stocks

Issuer: Foris Capital MU Ltd (Mauritius) and Foris Capital CY Ltd (Cyprus).

- **Legal form**: Synthetic derivative contract with Foris
- **Custody**: Alpaca, as Foris's own hedge (Crypto.com launch release)
- **NVDA token value**: Not found
- **Program size**: Not found
- **Redeem**: Foris is the counterparty; EEA positions close only in the app
- **Chains**: Cronos EVM for non-EEA holders; EEA tokens cannot leave the app
- **Excluded**: Not found
- **Live since**: June 2026

**Legal claim: Synthetic (0/3).** The terms describe unsecured, synthetic instruments with no proprietary, beneficial, trust or security interest; holders rank as unsecured creditors. Marketing describes one-to-one collateral; the terms say this refers to Foris's internal hedge. Sources: [Terms (Mauritius)](https://crypto.com/document/fcmu-tokenised-equities-terms).

**Backing evidence: Internal (1/3).** Foris reconciles internally once per business day; no third-party attestation. Sources: [Terms (Mauritius)](https://crypto.com/document/fcmu-tokenised-equities-terms).

**Redemption: Close-out only (1/3).** Foris is the counterparty and can suspend closing. Under the Cyprus terms, EEA positions close only in the app; the Mauritius terms allow other channels. Sources: [Terms (Mauritius)](https://crypto.com/document/fcmu-tokenised-equities-terms); [Terms (Cyprus)](https://crypto.com/document/fccy-tokenised-equities-terms).

**Portability: Cronos, non-EEA (2/3).** Tokens issued to non-EEA holders by the Mauritius entity can be withdrawn to Cronos EVM; contract controls were not verified. The Cyprus terms bar EEA holders from transferring to external wallets. Sources: [Terms (Cyprus)](https://crypto.com/document/fccy-tokenised-equities-terms).

**Corporate actions: Discretionary (1/3).** Dividends are reinvested net of withholding through a multiplier; adjustments are at Foris's discretion. Sources: [Terms (Mauritius)](https://crypto.com/document/fcmu-tokenised-equities-terms).

**Track record: Under 6 months (1/3).** Launched June 2026 outside the EEA and August 2026 in the EEA. Sources: [EEA launch](https://crypto.com/en/product-news/tokenized-stocks-eea-launch).

## Brokerage account (reference point)

Issuer: Shares held for the investor by a US broker-dealer through the Depository Trust Company.

- **Legal form**: Security entitlement against the broker (UCC Article 8)
- **Registered holder**: Cede & Co., DTC's nominee, on the company's register
- **Protection**: SEC Rule 15c3-3 segregation; SIPC up to $500,000 including $250,000 cash
- **Rights**: Dividends paid in cash; proxy voting passed through the broker
- **Move it**: ACATS transfer to another broker, or DRS to the company's register
- **Trading hours**: Exchange sessions plus broker extended hours
- **Eligibility**: Account rules of each broker
- **Track record**: SIPC since 1970; DTC since 1973

The usual way people own stock. It is indirect: the investor holds an entitlement against the broker, which holds through DTC. The law treats those shares as the customers' property, held pro rata, and keeps them out of the broker's own estate. Every token issuer above also holds its shares this way, in its own brokerage account.

**Legal claim: Entitlement (3/3).** Shares a broker holds for customers are held for the entitlement holders and are not the broker's property; each customer has a pro rata property interest. Dividends and votes pass through. Sources: [UCC 8-503](https://www.law.cornell.edu/ucc/8/8-503).

**Backing evidence: Regulated (3/3).** The customer protection rule requires brokers to keep customer securities in their possession or control and to fund a reserve account for customer cash. SIPC restores missing customer assets up to $500,000 if a member firm fails. Sources: [SEC Rule 15c3-3](https://www.law.cornell.edu/cfr/text/17/240.15c3-3); [SIPC](https://www.sipc.org/for-investors/what-sipc-protects).

**Redemption: Sell or move (3/3).** The holding is the share position itself. It can be sold in any session, moved to another broker by ACATS, or moved into the investor's own name by direct registration. Sources: [Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-97).

**Portability: Off chain.** Transfers run through brokers and the depository, typically in one to several business days. There is no wallet-to-wallet transfer.

**Corporate actions: Standard (3/3).** Cash dividends, splits and other corporate actions are processed by DTC and credited by the broker.

**Track record: Decades (3/3).** SIPC has protected brokerage customers since 1970, and DTC has held shares in street name since 1973. Sources: [SIPC](https://www.sipc.org/for-investors/what-sipc-protects).

## Issuer-sponsored token (reference point)

Issuer: Superstate Services LLC, SEC-registered transfer agent.

- **Legal form**: The issuing company's own registered common stock, same CUSIP
- **Custody**: None needed: registered positions on the transfer agent's books
- **NVDA token value**: No NVDA token; shown for structure only
- **Program size**: FWDI about $68.7M; GLXY about $1M; all tokenized value on Solana
- **Redeem**: Holders move shares in and out by DRS transfer
- **Chains**: Solana; Ethereum and Linea deployed
- **Excluded**: US-sanctioned countries; KYC and allowlist
- **Live since**: September 2025

When the company itself issues the token, the token is the registered share: the holder is on the company's register, as with direct registration. Superstate's Opening Bell records shares this way for companies that opt in, such as Galaxy and Forward Industries. NVIDIA has not, so no NVDA token of this kind exists. Transfers are limited to allowlisted wallets.

**Legal claim: The share (3/3).** Tokens are the issuer's registered common stock with the same CUSIP, recorded by an SEC-registered transfer agent. No SPV or collateral is involved. Sources: [GLXY asset page](https://superstate.com/assets/glxy); [Galaxy 8-K](https://www.sec.gov/Archives/edgar/data/0001859392/000185939225000052/galaxyxsuperstateoblaunchf.htm).

**Backing evidence: Register.** Not applicable in the usual sense: the transfer agent's register is the record of ownership, and asset pages show the split between on-chain and book-entry holdings. Sources: [Opening Bell](https://superstate.com/opening-bell).

**Redemption: DRS transfer (3/3).** Holders move shares between a broker and the token by DRS transfer in two to three business days. Sources: [Superstate docs](https://docs.superstate.com/investors/tokenized-equities.md).

**Portability: Allowlist (1/3).** Transfers are limited to allowlisted wallets; Solana accounts are frozen by default until approved. Sources: [Superstate docs](https://docs.superstate.com/investors/tokenized-equities.md).

**Corporate actions: Scaled UI (3/3).** Token-2022 Scaled UI Amount on Solana; Superstate co-authored the draft ERC-8056. Voting is facilitated for some issuers. Sources: [Superstate docs](https://docs.superstate.com/investors/tokenized-equities.md).

**Track record: 12+ months (3/3).** Live since September 2025 with no incidents found. Sources: [Galaxy 8-K](https://www.sec.gov/Archives/edgar/data/0001859392/000185939225000052/galaxyxsuperstateoblaunchf.htm).

## 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.

### Legal claim
What does the holder legally own, and is it protected if the issuer fails?

- Level 3: The share itself, or a beneficial interest in shares held on trust for holders
- Level 2: Issuer debt secured by segregated shares through a security agent
- Level 1: A claim on shares is stated, but no trust, pledge or terms document was found
- Level 0: Synthetic contract or unsecured claim on the issuer

### Backing evidence
Can an outsider confirm that the shares exist?

- Level 3: An independent party verifies reserves daily or weekly, and the results are public
- Level 2: Independent verification at least quarterly, or daily independent procedures that give no opinion on full backing
- Level 1: Issuer-published data only, or an independent report promised but not yet public
- Level 0: Nothing found

### Redemption
Who can turn the token back into shares or cash at the issuer?

- Level 3: Any holder who completes KYC can redeem on published terms
- Level 2: Professional or institutional holders can redeem on published terms
- Level 1: One authorized participant, a platform close-out, or holder redemption only in contingencies
- Level 0: No documented redemption

### Portability
Can the token move between wallets and chains without permission?

- Level 3: Permissionless transfers on several chains
- Level 2: Permissionless transfers on one chain
- Level 1: Transfers limited to allowlisted wallets
- Level 0: Cannot leave the issuing platform

### Corporate actions
Are dividends and splits applied by a documented, standard method?

- Level 3: Standard on-chain multiplier (ERC-8056) with issuer documentation
- Level 2: Documented issuer-specific method (rebasing, price factor, cash payment)
- Level 1: Partly documented, discretionary, or inconsistent between documents
- Level 0: Undocumented

### Track record
How long has the program run, and has it failed holders?

- Level 3: More than twelve months live with no failure on record
- Level 2: Six to twelve months live, or a resolved operational failure
- Level 1: Under six months live, or an incident that affected holders
- Level 0: Unresolved failure to deliver or halted redemptions

## How usage is measured

- **30-day on-chain volume**: DEX trading volume over the 30 days to Oct 7, 2026, summed across the largest pools that trade the official contract against stablecoins, ETH or SOL. Pairs against memecoins and other tokens are excluded. High turnover can include arbitrage and bot activity; exchange order-book trading is not included. Source: [GeckoTerminal](https://www.geckoterminal.com/).
- **Token value**: Market value of the NVDA token outstanding, as reported by rwa.xyz on Oct 7, 2026, or computed from the issuer API where rwa.xyz has no page. Source: [rwa.xyz](https://app.rwa.xyz/stocks).
- **Holders**: Addresses holding the NVDA token, as reported by rwa.xyz or the chain explorer on Oct 7, 2026. One person can control many addresses, and exchanges hold for many people in one. Source: [rwa.xyz](https://app.rwa.xyz/stocks).

## 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.

## Changes
- Oct 7, 2026: Under review for addition: ST0x tokens on Base (S01 Issuer GmbH), Ondo's US product (IVV, MU) and Securitize issuer-sponsored shares.
- Oct 7, 2026: First publication: eight NVDA token programs and two reference points, six evidence dimensions and three usage measures.