What the record has found
Each finding is dated, quoted from a primary source, and states no one's intent. Where marketing and contract disagree, both are quoted and no conclusion is drawn.
How many of these tokens have a market at all
Of 7,972 tokenised stock instruments in the record, 252 had a decentralised exchange pool of any kind, and 139 had traded $1,000 or more in the prior day. That is 3.2% with a venue and under 2% with a live one. The other 7,700 can be held, and that is all: no pool, no listed pair, no exit except whatever the issuer's own platform offers. One issuer's 786 instruments had no on-chain market anywhere. The full picture, every figure and its method, is drawn on the venue map.
Every instrument checked against DEX pool indexes, 2 September 2026, 10:50 to 11:30 UTC. Two chains not covered by the index were spot-checked separately; the busiest names there showed pools holding zero volume.
The premium is the structure, priced
Where a wrapper has a working creation and redemption path, its tokens track the share: xStocks pools on Solana sat a median 0.30% from the 1 September close, bStocks 0.31%, Ondo 0.75%. On Robinhood Chain, where the wrapper is a derivative with no redemption and no way to short, 30 of the 104 actively traded tokens stood more than 5% above the listed share price and 16 stood more than 10% above it. The widest was WhiteFiber at 83.9% over, on $6.8m of daily volume. The legal structure a holder rarely reads is the same thing the market prices.
Pool prices read 2 September 2026, 10:50 to 11:30 UTC, against 1 September 2026 closing prices. Pools under $1,000 of daily volume excluded. Robinhood Chain prices corrected by each token's on-chain multiplier, which is how that chain applies corporate actions; nine tokens carried a multiplier other than 1.0.
Five venues, one SpaceX price
SpaceX listed on Nasdaq and closed at $142.23 on 1 September. Its tokenised versions, issued by five different wrappers on four different chains, read $142.39, $142.14, $141.60, $141.55 and $142.62 the following morning: every venue within 1.1% of the listed price, none of them connected to each other. Where a public reference exists, the market finds it.
Pool prices read 2 September 2026; Nasdaq close of 1 September 2026.
The same share at two prices, with no way between them
At the same moment on 2 September, tokenised Broadcom traded 7.29% above the listed share price on Robinhood Chain and 0.19% above it on Solana. Both tokens reference the same share. Neither can reach the other's venue: tokens cannot move between the two ecosystems, so the gap cannot be closed by anyone, and a holder on the expensive side has no way of seeing the cheap one.
Both pools read 2 September 2026, 10:50 to 11:30 UTC, against the 1 September close.
Nothing stopped the transfer
We simulated token transfers from real holders' addresses to an address nobody controls, on seven tokens across five wrappers: Robinhood Chain's NVIDIA, Tesla and Apple, an xStock on Ethereum, an Ondo token on Ethereum, a dShare on Arbitrum and a bStock on BNB Chain. Every one succeeded. No wrapper we tested refuses a transfer to an arbitrary address; the controls their documents describe operate as lists of blocked addresses, not lists of permitted ones. A token sent to the wrong address arrives there, and nothing warns the sender first. Robinhood's European documents state the tokens are "non-transferable and non-assignable"; the chain accepted a transfer from a real holder to an address nobody controls.
Read-only transfer simulations against each chain's live state, 2 September 2026. A simulation executes the token's real transfer code without moving anything.
The machinery is armed
The Solana versions of tokenised NVIDIA carry, in the token programme itself: an authority that can freeze any holder's account, a pause switch for the whole token, and a slot for a programme that can gate every transfer. The xStock version also carries a permanent delegate, an authority entitled to move or burn any holder's balance without the holder's involvement. As read, nothing was frozen, paused or gated, and no delegate had acted. The capabilities exist whether or not they are used, and none of them appears on a price page.
Both token mints read directly from Solana, 2 September 2026.
The address that never issued
The issuer-published Ethereum contract for one tokenised registered share reads a total supply of zero: the address is real, the token has never been issued on that chain. A record that listed the address without reading the chain would count a market that does not exist.
Superstate's SBET contract on Ethereum, read 2 September 2026. The same share is also issued on other chains.
A day in a small stock
Vida Global closed at $2.57 on NYSE American on 1 September, on its heaviest trading day of the week, roughly $1.6m of stock changing hands. Its tokenised version's five Solana pools, all created that same day, traded about $4.7m, nearly three times the real stock's volume, and ended the day between 16% and 21% below the exchange close. On a $2.57 stock, the mechanism that normally holds a tokenised price to the real one did not keep up while the flow lasted.
Pool creation dates, volumes and prices read 2 September 2026; NYSE American close and volume of 1 September 2026.
How value leaves a closed chain
A stock token on Robinhood Chain cannot be bridged to another chain. A live routing quote on 2 September showed the working exit: the token is sold into a dollar stablecoin on the chain itself, and the dollars bridge out, $217.51 of token becoming $216.19 of USDC elsewhere, about 0.6% in costs. The token leaves as money, at whatever premium or discount the chain's own pools are carrying that day, or it does not leave at all.
Routing quote read 2 September 2026 for the chain's NVIDIA token to USDC on Arbitrum.
The claim that can lapse
The prospectus behind the 737 xStocks states, twice, that if a holder does not answer an information request within a timeline set by the paying account provider or security agent, "the claim of the Investor lapses". A holder who misses a deadline they may never have seen can lose the claim their token represents.
Backed Assets (JE) Limited base prospectus, dated 8 May 2026, read 26 August 2026. See the issuer record.
Not all stocks are stocks
691 of the 737 xStocks track a single share and charge no ongoing fee. The other 46 track a fund and pass through that fund's costs, stated at 0.03% to 2.38% a year, the highest being a 2x leveraged bitcoin strategy fund. All 737 sit in the same product database, presented the same way.
All 737 product pages read 26 August 2026, zero failures, fee texts quoted per product.
Two queues, not one
Under the same prospectus, investors are paid fourth on ordinary redemption and rank third on insolvency, behind the security agent, custodian and paying account providers together, after realisation costs. Both orders are stated in the same document.
Backed base prospectus, clauses XXI and XXII ii, read 26 August 2026.
The prospectus that does not say what backs the product
One prospectus covers all 737 xStocks, and it does not state what backs any individual one of them: the collateral, its custodian and the governing law of the pledge are blank templates, completed per product by Final Terms. The structure is shared. The backing is not.
Backed base prospectus, read 26 August 2026.
Both statements are true at once
The issuer behind xStocks is registered in Jersey with the JFSC for anti-money-laundering purposes only, and states that it "will operate without supervision by any authority in any jurisdiction". Its prospectus is approved in Liechtenstein by the FMA and passported into 29 EEA states. Where a product is approved and where its issuer sits are different facts, and this record states them together.
Backed base prospectus and registry entries, read 26 August 2026.
The product that left
On 26 August 2026, Backed's product database listed 737 products. On 31 August it listed 736. The product no longer listed is AvalonBay Communities. A record that only reads today's page would never know; this one keeps what was there and when it changed.
Our readings of 26 and 31 August 2026, both archived with content hashes.
One address, two products
On 31 August 2026, the issuer's own product page for its SUI Group token listed the same Ethereum and Solana contract addresses as its page for its Tron Inc. token. The chain answers "TRONx, Tron xStock" at both addresses. The record attributes both to the Tron product on that chain evidence, and records SUI Group's coverage on those two chains as a gap until the issuer's page changes.
Product pages and chain reads of 31 August 2026, archived. See the SUI Group page.
The unnamed agent
Ondo Global Markets states its structure is bankruptcy remote, with a first-priority security interest held by a third-party security agent. No document we could find names the agent or states what a holder recovers on insolvency. The record says "not disclosed", because that is the answer the documents leave a holder with.
Ondo Global Markets documents, read 24 August 2026. See the issuer record.
Corrections
If anything here is wrong, say so through the contact form. Corrections are dated and the original stays visible. Anyone named has a right of reply, published in their own words.
31 August 2026. Pages for Ondo Global Markets instruments previously said "On insolvency, holders are paid first". The source states a first-priority security interest held by a third-party security agent, which ranks the security, not the holders, and no Ondo document we have read states where holders rank or what they recover. The pages now say that ranking is not disclosed. The corrected reading is recorded in the corpus alongside the original, which stays visible.