How a tokenized asset is classified here

Two things on this site are ours: the underlying a token is filed under, and the exposure type.

More

This page is what they mean.

The rules every page on this site follows

  • Every figure on this site is an observation published by the source named beside it and read on the date shown; nothing here is our number.
  • Every right is the issuer's own sentence, quoted whole from the page and date named beside it, or an explicit record that the issuer does not state it or that the page could not be read.
  • The underlying and the exposure type are this directory's reading of those sentences and say so.
  • Prices are not stored.

The vocabulary, defined

Underlying: what the token represents

EU Treasuries
Euro-area short-term government bills
Gold
Physical gold
Money market
Government money market instruments
Protocol revenue
The protocol's own revenue
US equities
US-listed equities and equity index funds
US Treasuries
Short-term US Treasury bills and notes

Exposure type: how the holder's claim is shaped

Burn
The protocol burns tokens with revenue
Buyback
The protocol buys its own token back with revenue
Debt claim
The token is debt issued by an entity that holds the assets
Direct holding
The issuer holds the named security and the token is a claim on it
Fund share
The token is a share or unit of a fund
Physically backed
The token is a claim on a specific physical commodity
Revenue distribution
The protocol pays revenue to holders or stakers
Synthetic
The exposure is contractual, with no holding of the underlying
Unstated
The issuer states neither a legal structure nor a backing arrangement this directory could reduce

Every source this register was built from

Read on 2026-09-08. Each source is listed by the name it is cited under on the pages, and links to the exact document or endpoint that was read.

Every source this register was built from (17)
Source Where it was read
CoinGecko markets, category real-world-assets-rwa (open API, page 1 of 250) api.coingecko.com
DeFiLlama holders revenue (open API, fees overview, dataType=dailyHoldersRevenue) api.llama.fi
DeFiLlama protocol revenue (open API, fees overview, dataType=dailyRevenue) api.llama.fi
DeFiLlama protocols (open API, /protocols) api.llama.fi
Backed - legal documentation assets.backed.fi
Bags That Pay - methodology: how a tokenized asset is classified bagsthatpay.com
Dinari - dShares dinari.com
Backed - xStocks documentation, Introduction docs.backed.fi
Ondo Finance - OUSG product page ondo.finance
Ondo Finance - USDY product page ondo.finance
Paxos - Pax Gold (PAXG) paxos.com
Securitize - BlackRock USD Institutional Digital Liquidity Fund (BUIDL) securitize.io
Tether - Tether Gold tether.to
Circle - USYC www.circle.com
Franklin Templeton - Benji www.franklintempleton.com
Spiko - home www.spiko.io
WisdomTree - digital funds www.wisdomtree.com