{
  "@context": "https://schema.org",
  "@type": "Dataset",
  "name": "RWA Crypto Watch project directory",
  "description": "A source-linked directory of 22 real-world-asset projects: product structure, redemption rules, backing arrangements, on-chain contract addresses and documented shutdowns.",
  "url": "https://rwacryptowatch.com/rwa/",
  "sameAs": [
    "https://rwacryptowatch.com/rwa/"
  ],
  "license": "CC BY 4.0",
  "creator": {
    "@type": "Organization",
    "name": "RWA Crypto Watch",
    "url": "https://rwacryptowatch.com"
  },
  "isAccessibleForFree": true,
  "dateModified": "2026-10-07",
  "variableMeasured": [
    {
      "@type": "PropertyValue",
      "name": "Tokenized treasuries & MMF",
      "value": 6
    },
    {
      "@type": "PropertyValue",
      "name": "Tokenized equities",
      "value": 2
    },
    {
      "@type": "PropertyValue",
      "name": "Private credit",
      "value": 3
    },
    {
      "@type": "PropertyValue",
      "name": "Tokenized commodities",
      "value": 5
    },
    {
      "@type": "PropertyValue",
      "name": "Settlement stablecoins",
      "value": 3
    },
    {
      "@type": "PropertyValue",
      "name": "Infrastructure & data",
      "value": 3
    }
  ],
  "distribution": [
    {
      "@type": "DataDownload",
      "contentUrl": "https://rwacryptowatch.com/rwa/directory.json",
      "encodingFormat": "application/json"
    },
    {
      "@type": "DataDownload",
      "contentUrl": "https://rwacryptowatch.com/rwa/directory.csv",
      "encodingFormat": "text/csv"
    }
  ],
  "coverageNotes": [
    "Every product description, redemption rule and backing claim in this directory comes from the project's own documentation. Where a primary source does not state something, the field says so rather than filling it from memory or a third-party aggregator.",
    "Contract addresses were checked with public JSON-RPC endpoints (eth_getCode) on the chain each token is actually deployed on. An address returning 0x on Ethereum mainnet is normal for an L2 deployment and is not treated as invalid.",
    "Three entries are recorded as wound-down and one as unknown. Those are documented outcomes with primary-source evidence, not gaps in our research: a reader weighing a tokenised RWA should know which ones failed and why.",
    "This directory deliberately does NOT republish aggregated protocol tables or AUM figures from third-party data services. Several such services restrict redistribution in their terms of service, and a figure lifted from them would carry a licence encumbrance we cannot clear. Chain-derived supply figures can be read directly from the public RPC endpoints instead.",
    "Coverage is a snapshot, not a live feed. Each entry carries the date it was verified against primary sources."
  ],
  "qualityProfile": {
    "total": 22,
    "operating": 18,
    "woundDown": 3,
    "unknown": 1,
    "withAddresses": 17,
    "withoutAddresses": 5,
    "contractsVerified": 56,
    "byCategory": [
      {
        "category": "Tokenized treasuries & MMF",
        "count": 6
      },
      {
        "category": "Tokenized equities",
        "count": 2
      },
      {
        "category": "Private credit",
        "count": 3
      },
      {
        "category": "Tokenized commodities",
        "count": 5
      },
      {
        "category": "Settlement stablecoins",
        "count": 3
      },
      {
        "category": "Infrastructure & data",
        "count": 3
      }
    ],
    "note": "status=wound-down and status=unknown are documented outcomes with primary-source evidence, not missing rows. Projects whose issuer does not publish contract addresses carry an empty contracts array rather than an address copied from a third-party aggregator."
  },
  "data": [
    {
      "slug": "franklin-templeton-benji",
      "name": "Franklin Templeton BENJI (FOBXX)",
      "category": "Tokenized treasuries & MMF",
      "status": "operating",
      "whatItDoes": "1940 Act 注册的美国政府货币市场基金，1 份 FOBXX 份额对应 1 个 BENJI 代币。基金的过户代理用自建 Benji 平台，把区块链作为份额所有权的官方记录系统。基金至少 99.5% 投于政府证券、现金及政府证券全额抵押回购，目标 NAV 稳定在 $1.00。收益按日以新铸代币空投分配，转让时按秒计提。",
      "tokenSymbols": [
        "BENJI",
        "iBENJI"
      ],
      "chains": [
        "Ethereum",
        "Polygon",
        "Arbitrum",
        "Avalanche",
        "Base",
        "BNB Smart Chain",
        "Stellar",
        "Solana",
        "Aptos"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x3DDc84940Ab509C11B20B76B466933f40b750dc9",
          "onChainSymbol": "BENJI",
          "hasCode": true
        },
        {
          "chain": "Polygon",
          "address": "0x408A634B8a8f0dE729B48574a3a7Ec3fE820B00A",
          "onChainSymbol": "BENJI",
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0xB9e4765BCE2609bC1949592059B17Ea72fEe6C6A",
          "onChainSymbol": "BENJI",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0x60CfC2b186a4CF647486e42c42B11cC6D571d1E4",
          "onChainSymbol": "BENJI",
          "hasCode": true
        },
        {
          "chain": "Avalanche",
          "address": "0xE08b4c1005603427420e64252a8b120cacE4D122",
          "onChainSymbol": "BENJI",
          "hasCode": true
        }
      ],
      "contractCount": 5,
      "redemption": "只能通过 Benji App 或机构网页门户申购/赎回，仅在正常营业时间的工作日处理，开户前需完成 AML/KYC。初始申购门槛多数账户 $20。机构持有人可用 USDC 申购，卖出收益可换成 USDC。官方页面未写明赎回到账时点。",
      "backingOrAudit": "1940 Act 注册基金，须满足 Rule 2a-7。托管方 J.P. Morgan，审计方 PricewaterhouseCoopers（均见 SEC EDGAR 归档文件）。官网称与第三方安全机构合作做智能合约审计，但未点名机构。",
      "docsUrl": "https://digitalassets.franklintempleton.com/benji/",
      "sources": [
        "https://digitalassets.franklintempleton.com/benji/",
        "https://digitalassets.franklintempleton.com/benji/benji-contracts/",
        "https://www.sec.gov/Archives/edgar/data/1786958/000174177324004403/c485apos.htm",
        "https://www.sec.gov/Archives/edgar/data/1786958/000137949121001169/pwc-consent_onchain.htm"
      ],
      "confidence": "high",
      "caveats": [
        "它是 1940 Act **注册**基金，不是 SEC「批准」的产品 —— 常见混淆点。",
        "Polygon 起的部署官方标注为 Institutional only。",
        "Franklin 官网页脚链到第三方数据站（RWA.xyz），引用其规模数字不构成独立信源，本目录未采用。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "blackrock-buidl",
      "name": "BlackRock BUIDL",
      "category": "Tokenized treasuries & MMF",
      "status": "operating",
      "whatItDoes": "BlackRock 发行的代币化货币市场基金，不注册于 1940 Act，而是依《投资公司法》第 3(c)(7) 条豁免、按 Rule 506(c) 以私募方式发行份额。底层为现金、美国国债与回购协议，以隔夜回购和 3 个月期国债为主。BlackRock Financial Management 任投资管理人，Securitize 任过户代理，Bank of New York Mellon 同时任资产托管人与基金行政管理人。基金寻求维持 $1.00/份稳定 NAV，收益按日以新铸代币分配。",
      "tokenSymbols": [
        "BUIDL"
      ],
      "chains": [
        "Ethereum",
        "BNB Smart Chain",
        "Polygon",
        "Optimism",
        "Arbitrum",
        "Avalanche",
        "Tempo",
        "Solana",
        "Aptos"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x7712c34205737192402172409a8F7ccef8aA2AEc",
          "onChainSymbol": "BUIDL",
          "hasCode": true
        },
        {
          "chain": "BNB Smart Chain",
          "address": "0x2D5BdC96D9C8AabBDB38c9A27398513e7E5ef84F",
          "onChainSymbol": "BUIDL",
          "hasCode": true
        },
        {
          "chain": "Polygon",
          "address": "0x2893Ef551B6dD69F661Ac00F11D93E5Dc5Dc0e99",
          "onChainSymbol": "BUIDL",
          "hasCode": true
        },
        {
          "chain": "Optimism",
          "address": "0xa1CDAb15bBA75a80dF4089CaFbA013e376957cF5",
          "onChainSymbol": "BUIDL",
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0xA6525Ae43eDCd03dC08E775774dCabd3bb925872",
          "onChainSymbol": "BUIDL",
          "hasCode": true
        },
        {
          "chain": "Avalanche",
          "address": "0x53FC82f14F009009b440a706e31c9021E1196A2F",
          "onChainSymbol": "BUIDL",
          "hasCode": true
        }
      ],
      "contractCount": 6,
      "redemption": "仅白名单投资者可赎回，须完成 KYC/AML 且身份为合格购买者（Qualified Purchaser）。初次申购最低 $5,000,000，后续申购最低 $250,000，部分链档位低至 $100k。每个工作日可赎回，指令须在赎回日 ET 8:00 AM–3:00 PM 之间以 good order 送达。基金层无赎回费，但赎回的链上 gas 由投资者自付。仅以太坊部署了 OffRamp 合约可原子换回稳定币，其余链走线下处理、到账无保证时限。",
      "backingOrAudit": "Bank of New York Mellon 同时任现金与证券托管人及基金行政管理人；审计师 PricewaterhouseCoopers。基金为独立于 Securitize 与 BlackRock 的破产隔离实体（开曼），份额以「一 token = 一 share」登记在过户代理名册。官方明确否认 FDIC/政府保险，且发起人无义务提供财务支持。",
      "docsUrl": "https://securitize.io/blackrock/buidl",
      "sources": [
        "https://securitize.io/blackrock/buidl",
        "https://public-feed.securitize.io/asset-info?symbol=BUIDL",
        "https://investors.securitize.io/news/news-details/2024/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network-03-20-2024/default.aspx",
        "https://data.sec.gov/submissions/CIK0002013810.json"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ 不是 1940 Act / 2a-7 基金，是 3(c)(7) 私募基金（SEC EDGAR items: 06c, 3C, 3C.7）。中文资料普遍写错。",
        "⛔ Securitize 产品页上那个「$334B+ AUM」是 BlackRock 公司层面总规模、且来源标注为 RWA.xyz，不是 BUIDL 规模。本目录未采用。",
        "官方源里**没有 Base**；第三方站点常把 Base 列入 BUIDL，属错误信息。",
        "收益分配频率已变更：首发为按日计提、按月发放，2025 年起改为每日分配。",
        "分红以铸新代币形式支付，代币数量增长而 NAV 不变 —— 估算规模须用 totalSupply，不能用价格×数量。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "wisdomtree-wtgxx",
      "name": "WisdomTree Treasury Money Market Digital Fund (WTGXX)",
      "category": "Tokenized treasuries & MMF",
      "status": "operating",
      "whatItDoes": "WisdomTree Digital Trust（特拉华州法定信托）旗下 1940 Act 注册代币化基金，份额的链上记录由 WisdomTree Transfers, Inc. 维护，账面记录与链上记录每日对账。WTGXX 为政府货币市场基金，Rule 2a-7 管理，NAV $1.00，最低申购 $1。2026-02 获 SEC 豁免令，WisdomTree Securities 以自营商身份提供 24/7 交易与即时链上结算。",
      "tokenSymbols": [
        "WTGXX",
        "CRDYX",
        "SPXUX",
        "TECHX",
        "WTPIX",
        "EQTYX"
      ],
      "chains": [
        "Ethereum",
        "Arbitrum",
        "Base",
        "Optimism",
        "Avalanche",
        "Solana",
        "Stellar",
        "Plume"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x1feCF3d9d4Fee7f2c02917A66028a48C6706c179",
          "onChainSymbol": "WTGXX",
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0xfeb26f0943c3885b2cb85a9f933975356c81c33d",
          "onChainSymbol": "WTGXX",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0x5096b85Ed11798fDdCB8b5CB27C399c04689c435",
          "onChainSymbol": "WTGXX",
          "hasCode": true
        },
        {
          "chain": "Optimism",
          "address": "0x870FD36B3bf7f5abeEEa2C8D4abdF1dc4E33109d",
          "onChainSymbol": "WTGXX",
          "hasCode": true
        },
        {
          "chain": "Avalanche",
          "address": "0x870FD36B3bf7f5abeEEa2C8D4abdF1dc4E33109d",
          "onChainSymbol": "WTGXX",
          "hasCode": true
        }
      ],
      "contractCount": 5,
      "redemption": "通过 Fedwire 与 RTP，或通过 USDC 等稳定币的兑换服务申购与赎回；以 USDC 申购/赎回不收兑换、交易或销毁费。SEC 豁免令下由 WisdomTree Securities 作为自营商提供 24/7 卖回 USDC 的次级流动性（不与基金直接交易）。",
      "backingOrAudit": "1940 Act 注册 + Rule 2a-7。投顾 WisdomTree Digital Management，投资子顾问 Voya Investment Management，转账代理 WisdomTree Transfers，分销 WisdomTree Securities（FINRA 会员），信托为 WisdomTree Digital Trust。官网明确列出 OpenZeppelin 的三份智能合约审计报告。",
      "docsUrl": "https://www.wisdomtree.com/onchain/tokenized-funds/wtgxx",
      "sources": [
        "https://www.wisdomtree.com/onchain/tokenized-funds/wtgxx",
        "https://www.wisdomtree.com/onchain/tokenized-funds",
        "https://docs.wisdomtreeconnect.com/smart-contracts/security",
        "https://www.sec.gov/Archives/edgar/data/1859001/000121465923014655/p1106230497.htm"
      ],
      "confidence": "high",
      "caveats": [
        "代币本身不构成独立证券 —— 份额的法律权利来自 WisdomTree Digital Trust。",
        "Optimism 与 Avalanche 为同一 CREATE2 部署、地址相同，这是官方如此，不是错误。",
        "Plume 部署的合约未能完成链上验证（公共 RPC 无响应），本目录只收已验证的 5 条 EVM 地址。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "ondo-usdy-ousg",
      "name": "Ondo Finance (USDY / OUSG)",
      "category": "Tokenized treasuries & MMF",
      "status": "operating",
      "whatItDoes": "两条产品线。USDY 是可自由转让的收益代币，由 Ondo Global Markets (BVI) Limited 发行，底层为银行定期存款与短期美国国债，分累进版（价格递增）与每日 rebase 的 rUSDY 两型，按 Reg S 持续发行。OUSG 是有限合伙权益（3(c)(7) 基金），按 Reg D Rule 506(c) 发行，底层为 BlackRock BUIDL、Franklin BENJI、Fidelity FYOXX、State Street SWEEP 等基金与银行存款，1:1 锚定美元。",
      "tokenSymbols": [
        "USDY",
        "rUSDY",
        "OUSG"
      ],
      "chains": [
        "Ethereum",
        "BNB Chain",
        "Mantle",
        "Solana",
        "Sui",
        "Aptos",
        "Arbitrum",
        "Stellar",
        "Polygon",
        "XRPL"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x96F6eF951840721AdBF46Ac996b59E0235CB985C",
          "onChainSymbol": "USDY",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0xaf37c1167910ebC994e266949387d2c7C326b879",
          "onChainSymbol": "rUSDY",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x1B19C19393e2d034D8Ff31ff34c81252FcBbee92",
          "onChainSymbol": "OUSG",
          "hasCode": true
        },
        {
          "chain": "Polygon",
          "address": "0xbA11C5effA33c4D6F8f593CFA394241CfE925811",
          "onChainSymbol": "OUSG",
          "hasCode": true
        }
      ],
      "contractCount": 4,
      "redemption": "USDY：非美国个人与机构可持，铸造/赎回 24/7 含周末与美国假日，按 Reg S 禁止美国及受限司法辖区。OUSG：需完成 KYC 的合格投资者，即时赎回为原子交易，USDC 路径最低 $5,000、非即时路径最低 $50,000；非即时赎回 4pm ET 前提交则次一 Business Day 到账。管理费 0.15%（2027-01-01 前豁免）。",
      "backingOrAudit": "USDY 超额抵押，第三方每日发布储备证明，第三方托管 + 破产隔离实体发行。OUSG 由第三方行政管理人每日编制完整财务报告。",
      "docsUrl": "https://docs.ondo.finance/addresses",
      "sources": [
        "https://docs.ondo.finance/addresses",
        "https://docs.ondo.finance/qualified-access-products/ousg/overview",
        "https://docs.ondo.finance/qualified-access-products/ousg/redeeming",
        "https://docs.ondo.finance/general-access-products/usdy/eligibility"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ USDY 与 OUSG 的投资者资格完全不同：USDY 禁止美国居民，OUSG 需要 KYC 且仅合格投资者。把两者当同一产品写是常见错误。",
        "Ondo 生态页把 RWA.xyz 列为官方合作伙伴 —— 引用 Ondo 页面文案会间接指向该数据站，本目录只取结构描述、不引其数据。",
        "USDY 官方未在 Base 部署（Base 链上读 symbol() 返回 0x）。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "mountain-protocol-usdm",
      "name": "Mountain Protocol (USDM)",
      "category": "Tokenized treasuries & MMF",
      "status": "operating",
      "whatItDoes": "USDM 是 rebasing ERC20，按份额记账而非按余额：balanceOf = shares × rewardMultiplier，每日约 12:00 UTC 计入收益。底层为平均久期 ≤60 天的短期美国国债，含货币基金、国债 ETF 及国债回购。赎回价值对 primary users 锚定 1:1 USD；另提供 ERC-4626 包装的 wUSDM 解决 rebasing 代币的 DeFi 兼容问题。",
      "tokenSymbols": [
        "USDM",
        "wUSDM"
      ],
      "chains": [
        "Ethereum",
        "Arbitrum",
        "Base",
        "Optimism",
        "Polygon",
        "Avalanche",
        "Celo",
        "zkSync Era"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x59D9356E565Ab3A36dD77763Fc0d87fEaf85508C",
          "onChainSymbol": "USDM",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0x59D9356E565Ab3A36dD77763Fc0d87fEaf85508C",
          "onChainSymbol": "USDM",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x57F5E098CaD7A3D1Eed53991D4d66C45C9AF7812",
          "onChainSymbol": "wUSDM",
          "hasCode": true
        }
      ],
      "contractCount": 3,
      "redemption": "仅 primary users 可 1:1 赎回，secondary market 的 1:1 价格靠套利维持、不是兑付承诺。通过 Mountain Protocol Platform 申赎，初期仅支持 USDC。官方文档未给出具体赎回费用与结算时效。",
      "backingOrAudit": "储备由持牌金融机构托管于破产隔离账户，与公司运营账户分离，为用户利益持有；始终超额抵押。不持有 USDC 或银行现金作赎回流动性，而是以储备作抵押获取多条 USDC 承兑信用额度。由持牌会计师事务所按月出具储备证明。Mountain Protocol 持 BMA 牌照（#202302512），可在监管机构网站查证。",
      "docsUrl": "https://docs.mountainprotocol.com/legacy-docs/usdm-token",
      "sources": [
        "https://docs.mountainprotocol.com/legacy-docs/usdm-token",
        "https://docs.mountainprotocol.com/legacy-docs/usdm-reserves",
        "https://docs.mountainprotocol.com/"
      ],
      "confidence": "high",
      "caveats": [
        "USDM 是 rebasing 代币，直接放进不支持 share 记账的 DeFi 池会算错余额 —— 官方为此专门提供 ERC-4626 的 wUSDM。",
        "「1:1 锚定」只对 primary users 成立，二级市场价格是套利结果，不是承诺。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "securitize",
      "name": "Securitize",
      "category": "Infrastructure & data",
      "status": "operating",
      "whatItDoes": "Securitize 不发行单一产品，而是提供端到端代币化平台：通过子公司 Securitize Markets（SEC 注册经纪商 + FINRA/SIPC）、Securitize Transfer Agent（SEC 注册转让代理）、Securitize Capital（豁免投资顾问）、Securitize Fund Services（基金行政管理）承载第三方资管产品上链。代表产品为 VBILL（VanEck 短债）、ACRED（Apollo 多元化信贷）、BUIDL（BlackRock 短债）、STAC（AAA CLO）、HINC（高收益信用）。凭证为 DS Protocol 的 ERC-20，转让经链上白名单与合规服务校验。",
      "tokenSymbols": [
        "VBILL",
        "ACRED",
        "STAC",
        "HINC",
        "BUIDL",
        "SECZ"
      ],
      "chains": [
        "Ethereum",
        "Avalanche",
        "BNB Chain",
        "Solana",
        "Polygon",
        "Arbitrum",
        "Aptos",
        "Optimism"
      ],
      "contracts": [],
      "contractCount": 0,
      "redemption": "产品级差异极大：VBILL 即时赎回、管理费 0.5%，但发行后 72 小时锁定不可转让或赎回，申购截止 1:30pm ET、赎回截止 2:00pm ET，Ethereum 份额类最低 $100 万、其他链 $10 万。ACRED 为季度赎回窗口，赎回费 $0，最低 $5 万。",
      "backingOrAudit": "BUIDL 由 Bank of New York Mellon 担任现金与证券托管人；ACRED 审计方为 WithumSmith+Brown, PC。破产隔离 / SPV 结构的官方表述未在公开文档中取得。",
      "docsUrl": "https://securitize.io/primary-market/vaneck-vbill",
      "sources": [
        "https://securitize.io/",
        "https://securitize.io/primary-market/vaneck-vbill",
        "https://securitize.io/primary-market/apollo-diversified-credit-securitize-fund"
      ],
      "confidence": "low",
      "caveats": [
        "⛔ 官网**完全不公开任何代币合约地址**，docs.securitize.io 返回 404。本目录因此不列地址，不从第三方站抄。",
        "它是发行/转让基础设施方，不是单一代币发行方 —— 与本目录其他条目的类型不同。",
        "赎回条款按产品差异极大，把 VBILL 的规则套到 ACRED 上是错的。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "xstocks",
      "name": "xStocks (Backed Assets)",
      "category": "Tokenized equities",
      "status": "operating",
      "whatItDoes": "由泽西岛 SPV「Backed Assets (JE) Limited」发行的 tracker certificate，1:1 全额抵押于底层股票/ETF，抵押品存放于受监管托管人的独立隔离账户中，逐产品隔离、绝不混同。凭证为无记名债务工具，仅提供标的经济敞口，不含股东投票权。红利与拆股通过链上 rebase 机制实现，持有者无需操作。",
      "tokenSymbols": [
        "NVDAx",
        "AAPLx",
        "TSLAx",
        "MSFTx",
        "SPYx",
        "COINx"
      ],
      "chains": [
        "Ethereum",
        "Solana",
        "Arbitrum",
        "BNB Chain",
        "Optimism",
        "Mantle",
        "Ink",
        "Monad",
        "Tron"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d",
          "onChainSymbol": "NVDAx",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x9d275685dc284c8eb1c79f6aba7a63dc75ec890a",
          "onChainSymbol": "AAPLx",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0",
          "onChainSymbol": "TSLAx",
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0xc845b2894dbddd03858fd2d643b4ef725fe0849d",
          "onChainSymbol": "NVDAx",
          "hasCode": true
        }
      ],
      "contractCount": 4,
      "redemption": "一级市场申赎需完成 KYC/AML 并将钱包加入白名单，仅白名单地址可操作。最低 $5,000，费用现为 0，24/5 对齐美股交易时段，$200k 以下约 30 秒成交、以上约 2 分钟。另有 xChange 原子 RFQ 结算与 xPort 实物申赎。券商侧申购赎回费最高 0.50%。",
      "backingOrAudit": "破产隔离发行 SPV + 逐资产 1:1 抵押 + 独立隔离托管账户（三方账户控制协议）+ 独立 Security Agent（Security Agent Services AG）可在违约时接管并变现抵押品，另有公开可验证的 proof of reserves。托管/经纪方含 Alpaca Securities LLC、InCore Bank AG、Maerki Baumann & Co. AG。",
      "docsUrl": "https://docs.xstocks.fi/docs",
      "sources": [
        "https://docs.xstocks.fi/docs",
        "https://docs.xstocks.fi/docs/issuance-and-redemption",
        "https://docs.xstocks.fi/docs/product-legal-overview",
        "https://xstocks.fi/"
      ],
      "confidence": "high",
      "caveats": [
        "⚠️ 代币可自由转让 ≠ 可自由赎回。赎回必须 KYC 白名单 —— 这是目录里最容易被宣传口径掩盖的一点。",
        "Backed Finance 已改名 xStocks，法律文件仍在 assets.backed.fi 域名下。",
        "凭证是**无记名债务工具**，不含股东投票权 —— 与直接持股的法律后果不同。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "ondo-global-markets",
      "name": "Ondo Global Markets (OGM)",
      "category": "Tokenized equities",
      "status": "operating",
      "whatItDoes": "由 Ondo Global Markets (BVI) Limited（BVI 专属 SPV）发行的代币化票据，提供标的美股/ETF 的经济敞口含股息（扣除预提税）。官方明确：Ondo Stocks 本身不是股票、ETF 或 ADR，持有人无权持有或收到标的资产本身。发行时以所得款项买入标的证券，标的与额外抵押由独立 Security Agent Ankura Trust Company 持有第一顺位完善担保权益。",
      "tokenSymbols": [
        "AAPLon",
        "NVDAon",
        "TSLAon",
        "SPYon",
        "QQQon",
        "MSFTon"
      ],
      "chains": [
        "Ethereum",
        "BNB Smart Chain",
        "Solana"
      ],
      "contracts": [],
      "contractCount": 0,
      "redemption": "最低 1.00 美元。赎回至 USDon 始终即时；赎回至 USDC 在兑换池流动性充足时即时；不支持电汇赎回美元。铸造即时完成。USDon 为 Ondo 自有稳定币，由其经纪账户中的美元 1:1 支撑。",
      "backingOrAudit": "全额抵押并要求持续超额抵押。Ankura Trust Company 任验证代理与 Security Agent，每日验证标的证券存在性与数量；自 2025-10-01 起公开每日 attestation；次月 20 日前月度对账、年度独立审计。智能合约经 Spearbit 与 Cyfrin 审计。Ondo Foundation 通过 Flux Finance, Inc. 提供合同约定的保险基金额外担保。产品不受任何政府或监管机构担保。",
      "docsUrl": "https://docs.ondo.finance/ondo-global-markets/overview",
      "sources": [
        "https://docs.ondo.finance/ondo-global-markets/overview",
        "https://docs.ondo.finance/ondo-global-markets/important-notes",
        "https://docs.ondo.finance/ondo-global-markets/investing-and-redeeming",
        "https://docs.ondo.finance/ondo-global-markets/trust-and-transparency"
      ],
      "confidence": "medium",
      "caveats": [
        "⛔ 未从 Ondo 官方页面读到任何合约地址（官方只提供 app.ondo.finance 单资产页，无集中地址表）。第三方站给的地址一律不采信，故本条目不列地址。",
        "⚠️ 官方对资产数量口径自相矛盾：SEC 文件称 over 260 只，官方文档称 100+。",
        "持有人拿的是**票据的经济敞口**，不是标的资产本身，也不含投票权。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "maple-finance",
      "name": "Maple Finance (syrupUSDC)",
      "category": "Private credit",
      "status": "operating",
      "whatItDoes": "Maple 为机构借款人发放固定利率、超额抵押的短期链上贷款。syrupUSDC/USDT/USDG 是把机构贷款池开放给 DeFi 的收益凭证代币，官方为它们新建了独立池，确保 proceeds 与 risks 与 Maple 既有客户池隔离。赎回端正常为即时流动性，罕见情况约 24 小时，最长 30 天。",
      "tokenSymbols": [
        "syrupUSDC",
        "syrupUSDT",
        "syrupUSDG",
        "SYRUP"
      ],
      "chains": [
        "Ethereum",
        "Base",
        "Arbitrum",
        "Solana",
        "Monad",
        "Ink",
        "Plasma",
        "Mantle",
        "BNB Chain"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x80ac24aA929eaF5013f6436cdA2a7ba190f5Cc0b",
          "onChainSymbol": "syrupUSDC",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x643C4E15d7d62Ad0aBeC4a9BD4b001aA3Ef52d66",
          "onChainSymbol": "SYRUP",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0x660975730059246A68521a3e2FBD4740173100f5",
          "onChainSymbol": "syrupUSDC",
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0x41CA7586cC1311807B4605fBB748a3B8862b42b5",
          "onChainSymbol": "syrupUSDC",
          "hasCode": true
        }
      ],
      "contractCount": 4,
      "redemption": "存入 USDC/USDT/USDG 换取 syrup 系列代币；赎回走 WithdrawalManagerQueue。正常为即时流动性，罕见情况约 24 小时，最长 30 天。官方 Fees 页只披露贷款端费用（Origination / Service / Management）与 DeFi 策略绩效费，**未单列赎回费** —— 不要按 0 处理。",
      "backingOrAudit": "有官方第三方储备证明：2026-05-07 CEO 署名公告上线 Proof of Reserves，由 The Network Firm（AICPA 标准下的数字资产鉴证机构）执行，数据直接取自托管人，每期报告回答三问：贷款簿是否足额抵押 / 抵押品美元价值 / 抵押品是否在已披露的机构托管人处。储备证明 ≠ 审计，官方未提供破产隔离法律意见。",
      "docsUrl": "https://docs.maple.finance/",
      "sources": [
        "https://docs.maple.finance/",
        "https://docs.maple.finance/syrupusdc-usdt-usdg-for-lenders/faq",
        "https://docs.maple.finance/technical-resources/protocol-overview/fees",
        "https://maple.finance/insights/introducing-proof-of-reserves"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ syrupUSDC **本身不由 USDC 支持**，其价值来自 Maple 协议上发放的贷款资产。Circle 与 Maple 无任何关系。把 syrupUSDC 描述为「USDC 收益型稳定币」是错的。",
        "最长赎回 30 天 —— 与「稳定币」直觉相反的风险点。",
        "Maple 官方文档首页把 DeFiLlama / CoinGecko 列为外链，那是它自己的站外链，**不代表这些聚合表可被再发布**。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "centrifuge",
      "name": "Centrifuge",
      "category": "Infrastructure & data",
      "status": "operating",
      "whatItDoes": "机构级代币化基础设施，本身不是单一基金：一个 pool 内含一个或多个 vault，每个 vault 向投资者发行 share token（ERC-20 份额代币），代表其对 vault 中资产的份额所有权。结构是 hub-and-spoke：pool 在一条 hub 链统一做会计、NAV、定价与投资指令审批，vault 与 share token 部署在多条 spoke 链，跨链用 burn-and-mint 1:1 搬砖。",
      "tokenSymbols": [
        "CFG",
        "JTRSY",
        "JAAA",
        "HYB"
      ],
      "chains": [
        "Ethereum",
        "Base",
        "Arbitrum",
        "Avalanche",
        "BSC",
        "Optimism",
        "Solana",
        "Stellar"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94",
          "onChainSymbol": "CFG",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0xd9531AC47928c3386346f82d9A2478960bf2CA7B",
          "onChainSymbol": "ISSUER",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0xA4A7Bb3831958463b3FE3E27A6a160F764341953",
          "onChainSymbol": "ShareClassManager",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0x8c213ee79581ff4984583c6a801e5263418c4b86",
          "onChainSymbol": "JTRSY",
          "hasCode": true
        }
      ],
      "contractCount": 4,
      "redemption": "异步 vault（ERC-7540）存取都走 request/claim 异步流程，由 Hub 管理请求；同步 vault 存款按 ERC-4626 即时铸造份额，但赎回仍走 ERC-7540 异步排队。投资者赎回受 memberlist（按网络独立维护的准入名单）与 manager 的 freeze 权限约束。官方文档未给出具体费率与排队时长。",
      "backingOrAudit": "官方称已完成 38 次安全审计，v3.1.0 部署由 Sherlock 验证。储备证明 / 破产隔离 / 第三方托管的官方声明**未取得** —— Centrifuge 是协议层，资产持有与托管在池管理方与受托人处，协议文档不做此声明。",
      "docsUrl": "https://developer.centrifuge.io/",
      "sources": [
        "https://developer.centrifuge.io/developer/protocol/deployments/",
        "https://developer.centrifuge.io/developer/protocol/features/vaults/",
        "https://docs.centrifuge.io/getting-started/glossary",
        "https://developer.centrifuge.io/developer/security/audits"
      ],
      "confidence": "high",
      "caveats": [
        "资产层 share token **没有统一符号**，按池发行（jTRSY、jAAA、HYB 等）。用「CFG」当资产凭证是错的 —— CFG 是治理代币。",
        "赎回是**异步排队**的（ERC-7540），即使同步 vault 也不是即时到账。",
        "官方对链数量口径不一致：官网首页写 7 条链，开发者文档写 12 条。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "hamilton-lane",
      "name": "Hamilton Lane (tokenized feeder funds)",
      "category": "Private credit",
      "status": "operating",
      "whatItDoes": "Hamilton Lane（Nasdaq: HLNE）是私募市场资管机构，本身不是协议、也不发行自己的链上代币。其代币化路径是与 Securitize 合作：由 Securitize 发行受监管的 feeder fund，feeder 份额在 Polygon 上代币化，投资者间接持有 Hamilton Lane 旗下基金的敞口。已公告的产品包括 Equity Opportunities Fund V、Senior Credit Opportunities Fund (SCOPE) feeder、Secondary Fund VI feeder。",
      "tokenSymbols": [],
      "chains": [
        "Polygon"
      ],
      "contracts": [],
      "contractCount": 0,
      "redemption": "feeder 份额按上一季度的 NAV/份额赎回，通过全数字化流程完成且 Securitize 不收交易费（其他费用可能适用）。月度申购、按需赎回。SCOPE 在 2025-11 升级为赎回时用 RedStone 提供的链上 NAV 自动定价、原子化将 VBILL 头寸换成 RLUSD 实时交付。最低 $10,000；仅合格购买人可参与。",
      "backingOrAudit": "官方新闻稿只陈述基金层面事实：feeder 为独立于 SCOPE 本体的独立发行、由受 SEC 监管的 Securitize 实体体系管理、FINRA/SIPC 成员。**未见到官方储备证明报告、审计意见或第三方托管/破产隔离声明。**",
      "docsUrl": "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize",
      "sources": [
        "https://www.hamiltonlane.com/en-us/news/scope-available-via-securitize",
        "https://www.hamiltonlane.com/en-us/news/secondary-fund-securitize",
        "https://www.hamiltonlane.com/en-us/news/direct-equity-fund-now-available-on-securitize"
      ],
      "confidence": "medium",
      "caveats": [
        "⛔ 官方新闻稿**不含任何合约地址**，也无链上代币符号。这是发行方主动不披露，不是资料缺失 —— 本目录不编造地址。",
        "真正的协议方是 Securitize，Hamilton Lane 是传统资管 × 代币化的发起人。",
        "私募市场投资属投机、流动性受限，其官网 Disclosures 明确警示这一点。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "goldfinch",
      "name": "Goldfinch",
      "category": "Private credit",
      "status": "wound-down",
      "whatItDoes": "旧 V1 协议：借款人通过 Borrower Pool 融资，Backers 出资初级份额（first-loss），Senior Pool 按杠杆模型配置 senior 份额。Goldfinch Prime 阶段投资者以 USDC 认购拿到 GPRIME 代币，官方 FAQ 原文称投资者持有的是 Heron 实体签发的 payment-contingent promissory notes，由第三方机构私募信贷基金（BDC 类）持有的股权权益作支撑。⚠️ 官方治理 GIP-87 已通过：Prime 停止增长与新开发、现有 Prime 投资者全额赎回、Prime 应用关闭，遗留借款人池回收移交新设美国信托。",
      "tokenSymbols": [
        "GFI",
        "GPRIME",
        "FIDU"
      ],
      "chains": [
        "Ethereum",
        "Base"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0xdab396cCF3d84Cf2D07C4454e10C8A6F5b008D2b",
          "onChainSymbol": "GFI",
          "hasCode": true
        }
      ],
      "contractCount": 1,
      "redemption": "（停运前规则）无锁定期，可随时按季度 best-effort 申请赎回，官方不保证在季度内完成。费用为 0.5% 年化管理费 + 0.5% 提现费。参与门槛为通过 KYC 且非受限国家（受限含古巴、朝鲜、伊朗、苏丹、叙利亚、乌克兰、俄罗斯、英国、美国）。认购最低 100 USDC。现状：Prime 已全额赎回并关闭，V1 遗留贷款走信托回收，官方称需两年以上。",
      "backingOrAudit": "未找到针对 Goldfinch Prime 的储备证明、定期审计、破产隔离或第三方托管声明。官方仅说明基金层面的准入门槛（≥$1B AUM、>90% 高级担保贷款等）且明确「Heron 不做贷款承销与风险管理」。",
      "docsUrl": "https://docs.goldfinch.finance/goldfinch",
      "sources": [
        "https://docs.goldfinch.finance/goldfinch/faq",
        "https://gov.goldfinch.finance/t/gip-87-maintenance-mode-of-goldfinch-operations-and-wind-down-goldfinch-prime/2202/1",
        "https://dev.goldfinch.finance/docs/intro"
      ],
      "confidence": "medium",
      "caveats": [
        "⛔ 最重要的坑：docs 与官网至今仍以「可投资」口径展示，但 Prime 应用已关闭、prime.goldfinch.finance 返回部署暂停。当成在营项目收录会误导读者。",
        "官方 PPM 称 GPRIME 发行于 Base，但该地址在 Base 上 eth_getCode 返回 0x（以太坊上有代码）—— 官方表述与链上事实冲突，故不收录该地址。",
        "恢复期官方称「两年或更长」，对持有遗留贷款代币的人意味着极长锁定期。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "pax-gold",
      "name": "PAX Gold (PAXG)",
      "category": "Tokenized commodities",
      "status": "operating",
      "whatItDoes": "每枚 PAXG 对应 1 金衡盎司符合 LBMA Good Delivery 标准的实物黄金，存放于伦敦 LBMA 认可金库，由 Paxos Trust Company, N.A. 托管。官方明确「持有 PAXG 即持有底层实物黄金所有权」，并提供按钱包地址查询金条序列号、重量与金库信息的 Gold Allocation Lookup 工具。",
      "tokenSymbols": [
        "PAXG"
      ],
      "chains": [
        "Ethereum",
        "Solana"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x45804880De22913dAFE09f4980848ECE6EcbAf78",
          "onChainSymbol": "PAXG",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0xbe62dB8ed4838e10e1318593aC9e3eb9ccFb2dC7",
          "onChainSymbol": null,
          "hasCode": true
        }
      ],
      "contractCount": 2,
      "redemption": "三条路径：① 实物 LBMA Good Delivery 金条，最低 430 PAXG/条，交付至英国认可金库设施；② 非 allocated Loco London 黄金（需机构客户及对应账户）；③ 按实时金价兑为美元，最小交易 0.01 金衡盎司。EU 用户不可用。费用为分级销毁费 + 固定赎回费，具体费率未在官方页面取得。",
      "backingOrAudit": "实物黄金由 Paxos Trust Company, N.A. 保管于伦敦 LBMA 金库，与公司资产隔离（bankruptcy-remote）。KPMG LLP 每月出具鉴证报告，另有 Bureau Veritas 年度实物盘点（官方明确该盘点仅限现场实物核验，不构成所有权或整体资产支持的鉴证）。合约经 Zellic 审计。",
      "docsUrl": "https://docs.paxos.com/guides/stablecoin/paxg/mainnet",
      "sources": [
        "https://docs.paxos.com/guides/stablecoin/paxg/mainnet",
        "https://www.paxos.com/pax-gold",
        "https://www.paxos.com/paxg-transparency",
        "https://github.com/paxosglobal/paxos-gold-contract"
      ],
      "confidence": "high",
      "caveats": [
        "⚠️ BNB Chain 上存在一个 name() 为「PAX Gold」的合约，但**从未出现在任何 Paxos 官方页面** —— 判定为未经官方确认的同名合约，勿绑定。",
        "Bureau Veritas 的年度盘点不构成所有权或估值鉴证，官方自己就这么写。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "tether-gold",
      "name": "Tether Gold (XAUT)",
      "category": "Tokenized commodities",
      "status": "operating",
      "whatItDoes": "每枚 XAUT 对应 1 金衡盎司符合 LBMA Good Delivery 标准的实物黄金所有权，存放于瑞士金库，由 TG Commodities, S.A. de C.V. 发行。官方 FAQ 明确黄金是 allocated，持币人拥有对具体金条的 undivided ownership rights，可凭序列号、纯度、重量核对，并通过官网按以太坊地址查询金条归属。",
      "tokenSymbols": [
        "XAUt"
      ],
      "chains": [
        "Ethereum",
        "BNB Smart Chain"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x68749665FF8D2d112fa859aa293f07A622782f38",
          "onChainSymbol": "XAUt",
          "hasCode": true
        },
        {
          "chain": "BNB Smart Chain",
          "address": "0x21cAef8A43163Eea865baeE23b9C2E327696A3bf",
          "onChainSymbol": "XAUt",
          "hasCode": true
        }
      ],
      "contractCount": 2,
      "redemption": "只能按整条金条赎回。若代币已分配至整条金条，可赎回等于该金条盎司数；否则官方建议存入 430 XAUT 以确保够赎回一整条。赎回后二选一：由发行方安排安全运送至指定瑞士地址，或在瑞士黄金市场代为出售并以美元电汇。费用为瑞士金价 25 个基点，实物交付另加运费，无保管费。最低购买 50 XAUT。⛔ 美国人士禁止购买或赎回。",
      "backingOrAudit": "实物黄金存于瑞士金库、allocated 分配、可按地址查询验证。储备证明由 BDO Advisory Services S.r.l. 出具，具体频率与最新报告期未从官方透明度页直接读到。",
      "docsUrl": "https://gold.tether.to/faq",
      "sources": [
        "https://gold.tether.to/",
        "https://gold.tether.to/faq",
        "https://tether.to/"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ 只能整条赎回 —— 零散的 XAUT 想变现必须先凑够一条，这个限制很少被写清楚。",
        "⛔ 美国人士禁止买入或赎回。",
        "发行主体已变更为 TG Commodities, S.A. de C.V.（萨尔瓦多实体），早期文档提及的 TG Commodities Limited 不是同一主体。",
        "第三方页面称有 TRON 版本，但官方 FAQ 只列 Ethereum 与 BNB Chain，TronGrid 查该地址返回空。",
        "⚠️ 品牌写法与链上写法不一致：官网与交易所标 **XAUT**（全大写），但代币合约 `symbol()` 实际返回 **XAUt**（小写 t）。按合约写进钱包/行情系统时才不会踩坑。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "alloy-by-tether",
      "name": "Alloy by Tether (aUSD₮)",
      "category": "Tokenized commodities",
      "status": "wound-down",
      "whatItDoes": "以 XAUT（实物黄金代币）作为超额抵押铸造的美元稳定币，锁定黄金价值高于所发行的 aUSD₮ 数量。发行主体为 Moon Gold El Salvador, S.A. de C.V. 与 Moon Gold NA, S.A. de C.V.。实物支撑间接来自 XAUT，本身不直接持有金条。⚠️ 2026-06-17 Tether 官方新闻稿宣布分阶段关闭 Alloy by Tether 与 aUSD₮，理由是用户活跃度与市场需求不足。",
      "tokenSymbols": [
        "aUSD₮"
      ],
      "chains": [
        "Ethereum"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x9EEAD9ce15383CaEED975427340b3A369410CFBF",
          "onChainSymbol": "aUSD₮",
          "hasCode": true
        }
      ],
      "contractCount": 1,
      "redemption": "⛔ 已终止。仅在 2026-06-17 至 2026-09-17 三个月窗口内可归还 aUSD₮ 并取回 XAUT 抵押。窗口现已关闭，未赎回者已丧失取回 XAUT 的平台途径。",
      "backingOrAudit": "抵押品为 XAUT（背后为瑞士金库实物黄金）。停运前 Tether 口径为 aUSD₮ 市值约 120–127 万美元、对应约 14.73 公斤黄金，超额抵押率健康 —— 失败原因是需求不足而非抵押不足。",
      "docsUrl": "https://tether.io/news/tether-updates-users-on-strategic-changes-to-its-product-support-offering/",
      "sources": [
        "https://tether.io/news/tether-updates-users-on-strategic-changes-to-its-product-support-offering/",
        "https://gold.tether.to/faq"
      ],
      "confidence": "high",
      "caveats": [
        "合约仍可交互不代表产品仍在运营 —— 判断状态必须依据官方公告。合约代码不可销毁，链上会一直显示有代码。",
        "失败原因是**需求不足**，不是抵押不足。这是 RWA 赛道最常被误读的一类死法。",
        "⚠️ 链上 `symbol()` 是 **aUSD₮**（四个字母 + U+20AE 符号），不是媒体常写的 aUSDT。对账时要按合约读数走。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "dominion-silv",
      "name": "Dominion (SILV)",
      "category": "Tokenized commodities",
      "status": "wound-down",
      "whatItDoes": "Solana 上的实物白银代币，设计为 1:1 支撑 1 金衡盎司白银，2026-08-13 上线，发布时官方称持有 150,000 盎司白银。由 Sunrise 支持在 Solana 提供流动性。⚠️ 2026-09-11 多签钱包被攻破，5 把多签钥匙中 3 把失陷。",
      "tokenSymbols": [
        "SILV"
      ],
      "chains": [
        "Solana"
      ],
      "contracts": [],
      "contractCount": 0,
      "redemption": "⛔ 已终止。唯一清算通道是攻击前持仓者的 USDC 退款（$63/SILV，按攻击前余额快照链上核验），申领窗口 7 天已于 2026-10-05 关闭。攻击窗口内（2026-09-11 01:00–14:00 UTC）买入的代币被从钱包移除，不计入退款。",
      "backingOrAudit": "原设计为 1:1 实物白银。审计与证明机制未取得官方披露。",
      "docsUrl": "",
      "sources": [
        "https://lightbrd.com/dominion_market"
      ],
      "confidence": "medium",
      "caveats": [
        "⛔ 支撑失效原因不是审计不足，而是**多签密钥运维失败** —— 攻击者无需伪造凭证即可直接抛售链上代币。「1:1 实物支撑」挡不住私钥被盗。",
        "这是本目录收录的三个停运项目里最值得读的一个：它是纯粹的操作风险案例，与合约代码无关。",
        "合约地址与白银托管方均未从官方来源取得，故不列。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "usdc",
      "name": "USDC (USD Coin)",
      "category": "Settlement stablecoins",
      "status": "operating",
      "whatItDoes": "Circle 发行的美元稳定币，USDC 代币由智能合约控制，跨多链部署（EVM 链为合约部署，非 EVM 链使用原生代币原语）。Circle Mint 机构可直接以电汇资金铸造 USDC 并反向赎回美元，无需第三方桥。",
      "tokenSymbols": [
        "USDC"
      ],
      "chains": [
        "Ethereum",
        "Base",
        "Polygon PoS",
        "Arbitrum",
        "OP Mainnet",
        "Solana",
        "Avalanche",
        "Celo",
        "Noble",
        "Linea",
        "Sui",
        "Stellar"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48",
          "onChainSymbol": "USDC",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913",
          "onChainSymbol": "USDC",
          "hasCode": true
        },
        {
          "chain": "Polygon PoS",
          "address": "0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359",
          "onChainSymbol": "USDC",
          "hasCode": true
        }
      ],
      "contractCount": 3,
      "redemption": "合格企业通过 Circle Mint 账户直接以 USD 铸造/赎回。Circle Mint 目前**仅支持部分链上的原生 USDC**，不支持桥接形式的 USDC —— 赎回你手上那一枚要先确认它是哪一版。",
      "backingOrAudit": "储备由 Circle 每月发布的储备报告与第三方审计师 attestations 披露。官方文档同时提示：X Layer 表内为 Circle 原生 USDC，另有 Circle 未发行、未背书的 USDC.e 桥接版本，两者不同。",
      "docsUrl": "https://developers.circle.com/stablecoins/usdc-contract-addresses",
      "sources": [
        "https://developers.circle.com/stablecoins/usdc-contract-addresses",
        "https://www.circle.com/multi-chain-usdc",
        "https://help.circle.com/support/en/circle-mint-product-fee-schedule"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ 「USDC」在不同链上可能是 Circle 原生版，也可能是第三方桥接的 USDC.e。合约地址不同，赎回路径也不同。",
        "在 Ethereum L1 上验证 Base/Polygon 的 USDC 合约会返回 0x —— 那是 L2 部署，不是作废。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "pyusd",
      "name": "PayPal USD (PYUSD)",
      "category": "Settlement stablecoins",
      "status": "operating",
      "whatItDoes": "由 Paxos Trust Company, N.A. 发行（不是 PayPal 发行，PayPal 只提供前端与支付场景）的面向支付型美元稳定币，ERC-20 部署。储备 100% 由美元存款、美国国债与现金等价物构成，客户资产隔离存放于破产隔离账户。持有人无任何底层资产权利，仅持有兑付请求权。",
      "tokenSymbols": [
        "PYUSD"
      ],
      "chains": [
        "Ethereum",
        "Solana",
        "Arbitrum",
        "Polygon PoS",
        "X Layer"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x6c3ea9036406852006290770BEdFcAbA0e23A0e8",
          "onChainSymbol": "PYUSD",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x31d9bDEa6F104606C954f8FE6ba614F1BD347Ec3",
          "onChainSymbol": null,
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0x46850aD61C2B7d64d08c9C754F45254596696984",
          "onChainSymbol": "PYUSD",
          "hasCode": true
        },
        {
          "chain": "Polygon PoS",
          "address": "0x99aF3EeA856556646C98c8B9b2548Fe815240750",
          "onChainSymbol": "PYUSD",
          "hasCode": true
        }
      ],
      "contractCount": 4,
      "redemption": "可直接向 Paxos 按 1.00 美元/枚赎回，受 Paxos 条款约束。PayPal 与 Paxos 之间有义务按 1.00 美元双向买卖，但 PayPal 可随时停止支持 PYUSD 且不保证提前通知。",
      "backingOrAudit": "受 OCC（货币监理署）监管。储备 100% 为美元存款、剩余期限少于 90 天的美国国债（存放于破产保护托管账户）、以及超额抵押的隔夜逆回购；储备**不含货币市场基金**。Paxos 每月发布储备构成报告及独立第三方会计师 attestations。",
      "docsUrl": "https://docs.paxos.com/guides/stablecoin/pyusd/mainnet",
      "sources": [
        "https://docs.paxos.com/guides/stablecoin/pyusd/mainnet",
        "https://paxos.com/pyusd/",
        "https://www.paypalobjects.com/ppdevdocs/ArbitrumWhitepaper.pdf"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ 它是**结算稳定币，不是 RWA 载体** —— 代币化的是美元本身，不存在资产穿透。把它放进代币化资产目录会误导读者。",
        "PayPal 账户内的 PYUSD 余额不指明特定区块链，且 PayPal 采用混合账本，用户看到的可能不是实时上链余额。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "usdg",
      "name": "Paxos Global Dollar (USDG)",
      "category": "Settlement stablecoins",
      "status": "operating",
      "whatItDoes": "由 Paxos Digital Singapore Pte. Ltd.（MAS 监管的 Major Payment Institution）发行的单币种美元稳定币，1 USDG = 1 USD，面向支付、结算与财资。跨链采用 LayerZero OFT 标准，在 Ethereum/Solana 原生发行，次级网络为跨链表示。持有 Paxos 的暂停开关、资产冻结权与集中化供应控制合约。",
      "tokenSymbols": [
        "USDG"
      ],
      "chains": [
        "Ethereum",
        "Arbitrum",
        "Solana",
        "Ink",
        "Mantle",
        "X Layer",
        "Robinhood Chain"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0xe343167631d89B6Ffc58B88d6b7fB0228795491D",
          "onChainSymbol": "USDG",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x9a7164112029b81c07636AB7b59fA813E0883BBF",
          "onChainSymbol": null,
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0x004B506865409877C9fA29bfb1ebA929984B9bbC",
          "onChainSymbol": "USDG",
          "hasCode": true
        }
      ],
      "contractCount": 3,
      "redemption": "可从 Paxos 按 1:1 全额赎回为美元，所有现金及现金等价物储备置于隔离账户。EEA 持有人可随时按面值向 Paxos EU 赎回；非 EEA 持有人向 Paxos Digital Singapore 赎回。到账时效官方文档未写明。",
      "backingOrAudit": "储备 100% 为隔离账户中的美元现金及现金等价物。2026-02-27 起由 KPMG LLP 出具月度鉴证报告（ISCA 标准），此前为 Enrome LLP。合约由 Zellic 与 Trail of Bits 审计。EU 侧受 MiCA 监管。",
      "docsUrl": "https://docs.paxos.com/guides/stablecoin/usdg",
      "sources": [
        "https://docs.paxos.com/guides/stablecoin/usdg",
        "https://docs.paxos.com/guides/stablecoin/usdg/mainnet",
        "https://paxos.com/usdg-transparency/",
        "https://github.com/paxosglobal/usdg-contract"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ USDP 没有迁移到 USDG。Paxos 官方条款把 USDP、PYUSD、USDG 列为**并列的三个独立代币**，发行主体各不相同。已停止铸造、仅可赎回的是 BUSD。",
        "结算稳定币持有 Paxos 的冻结权，与分散托管的资产凭证不是同一类风险。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "usdtb",
      "name": "USDtb",
      "category": "Tokenized treasuries & MMF",
      "status": "operating",
      "whatItDoes": "一种美元稳定币，储备全额投资于机构级代币化美国国债基金产品，并另设一笔稳定币储备以支持快速赎回。官方文档写明「Initially, USDtb will be backed by BlackRock's USD Institutional Digital Liquidity Fund Token, BUIDL」。发行、赎回与储备管理已于 2025-10-13 移交 Anchorage Digital Bank，Ethena 仅保留技术开发与服务方角色。跨链采用 LayerZero OFT 标准。",
      "tokenSymbols": [
        "USDtb"
      ],
      "chains": [
        "Ethereum",
        "Base",
        "Arbitrum",
        "Solana"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0xC139190F447e929f090Edeb554D95AbB8b18aC1C",
          "onChainSymbol": "USDtb",
          "hasCode": true
        },
        {
          "chain": "Base",
          "address": "0xc708B6887DB46005dA033501f8aeBee72d191a5d",
          "onChainSymbol": "USDtb",
          "hasCode": true
        },
        {
          "chain": "Arbitrum",
          "address": "0xc708B6887DB46005dA033501f8aeBee72d191a5d",
          "onChainSymbol": "USDtb",
          "hasCode": true
        }
      ],
      "contractCount": 3,
      "redemption": "⛔ 仅 Anchorage Digital Bank 的客户可铸造与赎回，官方原文「Only customers of Anchorage Digital Bank are able to mint and redeem USDtb」。**没有面向普通用户的公开赎回通道。**",
      "backingOrAudit": "储备为 BlackRock BUIDL 代币化基金份额 + 一笔稳定币储备，储备金由 Anchorage 持有，透明度页公开托管钱包地址。储备鉴证由 Anchorage Digital Bank 出具。合约经 Pashov Audit Group、Quantstamp、Cyfrin 审计（2024-10）并参加 Code4rena 公开竞赛（2024-11），均无 high/medium 发现。透明度页自带免责声明：非 Anchorage 官方维护。",
      "docsUrl": "https://docs.usdtb.money/",
      "sources": [
        "https://docs.usdtb.money/",
        "https://docs.usdtb.money/key-addresses",
        "https://docs.ethena.fi/usdtb",
        "https://usdtb.money/transparency"
      ],
      "confidence": "high",
      "caveats": [
        "⛔ 发行方已不是 Ethena。2025-10-13 起由 Anchorage Digital Bank 发行与赎回，Ethena 只是技术方 —— 但 Ethena 官网至今仍用旧口径描述，这是官方自己未同步的坑。",
        "⛔ 没有公开赎回通道。只在 Anchorage 开户客户才能进出，把它当「随时可 1:1 赎回的稳定币」是错的。",
        "symbol() 是混合大小写 `USDtb`，第三方站常写 `USDTB`，按后者做链上验证会失败。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "matrixdock",
      "name": "Matrixdock (STBT / XAUm)",
      "category": "Tokenized commodities",
      "status": "operating",
      "whatItDoes": "自我定位为 RWA Reserve Layer，三条产品线均 1:1 抵押实物资产：STBT 代表短期美债及逆回购敞口，1 STBT = 1 美元 NAV，收益通过链上 rebase 每日发放；XAUm 由 LBMA 认可精炼厂 99.99% 金条支持，1 枚 = 1 金衡盎司，亚洲保管库存储；XAGm 为白银。与前两者不同，Matrixdock 明确面向合格投资者的许可化一级市场。",
      "tokenSymbols": [
        "STBT",
        "XAUM",
        "XAGm"
      ],
      "chains": [
        "Ethereum",
        "BNB Chain",
        "Solana",
        "Sui",
        "Arc"
      ],
      "contracts": [
        {
          "chain": "Ethereum",
          "address": "0x530824DA86689C9C17CdC2871Ff29B058345b44a",
          "onChainSymbol": "STBT",
          "hasCode": true
        },
        {
          "chain": "Ethereum",
          "address": "0x2103E845C5E135493Bb6c2A4f0B8651956eA8682",
          "onChainSymbol": "XAUM",
          "hasCode": true
        }
      ],
      "contractCount": 2,
      "redemption": "STBT 铸造 T+0，赎回 T+2（每日 $1M 全球额度内可 T+0）。仅合格投资者，通过 Matrixdock 许可化一级市场 app 申赎，铸造价与赎回价实时报价。具体费率未在官方页面列明。",
      "backingOrAudit": "STBT 储备 NAV $23.79M 对应总供应 23,606,937.87（94.95% T-Bills / 2.98% USTB / 2.07% BUIDL），每日更新底层资产明细；第三方审计智能合约，PoR 由第三方提供链上实时抵押验证，并有 mint budget 上限防止超发。XAUm 由 Bureau Veritas 独立实物审计 + 保管库资产报表。",
      "docsUrl": "https://www.matrixdock.com/xaum",
      "sources": [
        "https://www.matrixdock.com/stbt",
        "https://www.matrixdock.com/xaum",
        "https://www.matrixdock.com/transparency/underlying-assets"
      ],
      "confidence": "medium",
      "caveats": [
        "⚠️ 官方文档托管在 gitbook 子域，docs.matrixdock.com 域不可达 —— 一手文档的可访问性本身有问题。",
        "仅合格投资者可申赎，不是 permissionless 产品。",
        "MTR / stMTR 在当前官方页面已完全不提，疑已下线，故不收录。",
        "⚠️ 品牌写法 XAUm 与链上 `symbol()` **XAUM**（全大写）不一致；STBT 则是两者一致。核验时以合约读数为准。"
      ],
      "verifiedAt": "2026-10-07"
    },
    {
      "slug": "defactor",
      "name": "Defactor",
      "category": "Infrastructure & data",
      "status": "unknown",
      "whatItDoes": "自述为「位于 RWA 与 DeFi 交汇处的平台，提供用于资产代币化的去中心化开源工具包」。官网主推三模块：MINT（把 RWA 发行成合规代币，规则内嵌在代币里，只有白名单持有者可接收）、RAISE（端到端运营信贷额度）、YIELD（私募市场配置方接入）。",
      "tokenSymbols": [],
      "chains": [
        "Ethereum (planned)",
        "Polygon (planned)",
        "Base (planned)",
        "BSC (planned)"
      ],
      "contracts": [],
      "contractCount": 0,
      "redemption": "Not stated in primary sources — 官方可访问页面未给出持有人的赎回窗口、费用或排队规则。",
      "backingOrAudit": "Not stated in primary sources — 官网只笼统称自动化 KYB、白名单与审计轨迹，这是产品功能描述，不是储备证明或审计意见。",
      "docsUrl": "https://defactor.com/",
      "sources": [
        "https://defactor.com/",
        "https://defactor.com/learn/what-can-i-tokenize",
        "https://github.com/defactor-com/documentation"
      ],
      "confidence": "low",
      "caveats": [
        "⛔ 官方开发者文档站 docs.defactor.com 与 defactor.dev 在核实期间**均无法访问**；官方 GitHub 文档仓库里与链相关的文件全是链的科普介绍，不含任何合约地址或部署清单。",
        "⛔ 第三方页面提到的代币符号在官方页面上查不到任何依据。",
        "⛔ 官方措辞是「计划部署到 EVM 链」，当前实际已上线的链无法确认。",
        "本条目保留在目录里的理由就是这个空白本身：一个自称做 RWA 工具链的项目，连自己的合约地址都拿不出来 —— 这对正在评估它的读者是有用信息。"
      ],
      "verifiedAt": "2026-10-07"
    }
  ]
}