About Bags That Pay
Bags That Pay is made by Joseph Ellul. It exists because the question that decides whether two similar-looking tokens are the same thing: what is this actually a claim on, and who says so: is answered on pages that are hard to find, easy to misread and quick to change. This register reads those pages, quotes them whole rather than summarising them, and records the date. It holds no opinion about any token and sells nothing to anyone who holds one.
Why this site exists
This site exists because the sentence that decides everything: what is this token actually a claim on: is published once, on the issuer's own page, in wording that changes without notice, and is then repeated everywhere else in paraphrase. A paraphrase of a redemption right is not a redemption right. So the register stores the sentence itself, with the page it was cut from, the day it was read and a hash of the bytes, and records just as plainly the rights an issuer publishes nothing about. Four of the ten issuers read on the day it was built could not be read at all from here, and that is on the record too, because a register that quietly omits what it could not reach is worse than no register.
Who it is for
Someone choosing between two tokens over what looks like the same underlying, who needs to see the redemption, eligibility and transfer terms side by side in the issuers' own words.
A treasurer or an allocator who has to hand somebody else a source rather than a summary.
A protocol team choosing collateral, who needs to know what happens to the claim when the issuer is the one under pressure.
What it does not do
- It does not rate, rank or recommend any token, and it publishes no price data.
- It computes no figures. Market capitalisation and supply are CoinGecko's, holder and protocol revenue are DeFiLlama's, and each figure carries their name and the day it was read.
- It does not paraphrase an issuer's terms. A right is the issuer's own sentence, quoted whole, or it is recorded as unpublished: never a summary in our words.
- It never records a page it could not read as a page that publishes nothing: those are different claims about a real business and they are stored differently.
- It gives no tax, legal or investment advice and is not an invitation or inducement to acquire any asset.
What is on this site
1 guides, each with its sources on the page , and the directory.
- Tokenized treasury bills: A tokenized treasury bill is a token whose issuer says it represents short-term US government debt.
Where the figures come from
CoinGecko markets, category real-world-assets-rwa (open API, page 1 of 250); DeFiLlama holders revenue (open API, fees overview, dataType=dailyHoldersRevenue); DeFiLlama protocol revenue (open API, fees overview, dataType=dailyRevenue); DeFiLlama protocols (open API, /protocols); Backed - legal documentation; Bags That Pay - methodology: how a tokenized asset is classified; Dinari - dShares; Backed - xStocks documentation, Introduction; Ondo Finance - OUSG product page; Ondo Finance - USDY product page; Paxos - Pax Gold (PAXG); Securitize - BlackRock USD Institutional Digital Liquidity Fund (BUIDL); Tether - Tether Gold; Circle - USYC; Franklin Templeton - Benji; Spiko - home; WisdomTree - digital funds
Who answers for it
Joseph Ellul, maintainer; reads the issuer pages and writes the declarations behind every quote.
Reach us
Contact for a question about the site, or hello@bagsthatpay.com. The legal terms are on Terms and Privacy.