Issuers
The organizations responsible for the tokenized products listed on RwaMarkets.
Underlying asset vs. token issuer
Underlying asset: NVIDIA Corporation Tokenized product issuer: Backed Assets (JE) Limited (xStocks)
The underlying company or fund is not the token issuer, and is generally not involved in the tokenized product. Holding a tokenized representation may not constitute direct ownership of the underlying security in the same legal form. The issuer's documentation — not RwaMarkets — determines the product's legal structure and the holder's rights.
Issuers currently listed
Each summary below is quoted or closely paraphrased from the issuer's own documentation and linked to it. RwaMarkets does not independently audit these structures.
xStocks
Legal entity: Backed Assets (JE) Limited
xStocks are tracker certificates issued by Backed Assets (JE) Limited, a Jersey special purpose vehicle registered with the Jersey Financial Services Commission. Each xStock is designed to track the economic value of one underlying stock or ETF and is collateralized 1:1 by that asset, held with regulated custodians in segregated accounts.
Structure. Tracker certificate (bearer debt instrument) issued by Backed Assets (JE) Limited. It provides economic exposure to the underlying and is not direct equity ownership; it does not confer shareholder voting rights.
Backing. Fully collateralized 1:1 by the underlying security, held with regulated custodians and brokers in dedicated, segregated sub-accounts with no commingling between products. A three-party Account Control Agreement with an independent Security Agent governs the collateral accounts.
Restrictions. Per the issuer, xStocks are not marketed, offered, or solicited in the United States, to U.S. Persons, or in any other prohibited jurisdiction. Other jurisdictions may classify them differently, including as crypto assets.
Backpack Securities
Backpack Securities issues tokenized securities on Solana, distributed through Sunrise, Wormhole's asset gateway. Per Backpack, each tokenized security is a claim on an SPV holding the underlying asset and can be redeemed 1:1 into the corresponding security entitlement through Backpack Securities.
Structure. Tokenized security issued by Backpack. Per Backpack, the token is a claim on an SPV holding the underlying assets (not a UCC Article 8 security entitlement), with price exposure anchored 1:1 via the mint and redemption mechanism.
Backing. Per Backpack, the SPV holds the underlying assets and each token is redeemable 1:1 for the underlying security.
Restrictions. Per Backpack, Backpack Securities isn't available in the United States, the United Kingdom, the United Arab Emirates, or Japan, and isn't offered on Backpack EU.
PreStocks
PreStocks issues Solana tokens that provide economic exposure to private, pre-IPO companies. Per PreStocks, its tokens are 1:1 backed by SPV exposure to the underlying company shares and are not affiliated with, endorsed by, or issued by the referenced companies.
Structure. Per PreStocks, tokens provide only economic exposure to private companies and confer no ownership, voting, dividend, information, or other legal rights. They are not affiliated with, endorsed by, or issued by the referenced companies.
Backing. Per PreStocks, tokens are 1:1 backed by SPV exposure to the underlying company shares.
Restrictions. Per PreStocks, tokens are not available in the U.S., to U.S. persons, or to other ineligible persons.
Tessera
Legal entity: Tessera Works Foundation (issuer entities are wholly owned subsidiaries)
Tessera issues T-Tokens on Solana: loan participation rights whose repayment is tied to the proceeds of a private company's liquidity event (IPO or change of control). Per Tessera, reserves are reported onchain through Chainlink Proof of Reserve.
Structure. Per Tessera, a T-Token is a loan participation right: the holder lends to a dedicated issuer entity (a wholly owned subsidiary of Tessera Works Foundation) and repayment is tied to the proceeds of a liquidity event. T-Tokens are not equity and carry no ownership, voting, or dividend rights.
Backing. Per Tessera, each issuer entity lends to its own segregated portfolio in a Cayman Islands segregated portfolio company, which acquires economic exposure to the company (direct shares, contracts for shares, or similar instruments). Holdings are audited approximately monthly and published via Chainlink Proof of Reserve.
Restrictions. Per Tessera, it is not available to persons or entities in excluded jurisdictions, including the United States and the People's Republic of China.
Paxos
Legal entity: Paxos Trust Company
Paxos Trust Company issues PAX Gold (PAXG), a token backed by physical gold. On Solana, PAXG is listed through Sunrise, Wormhole's asset gateway.
Structure. PAX Gold (PAXG) issued by Paxos Trust Company, listed on Solana through Sunrise.
Ondo Finance
Ondo Finance issues tokenized real-world asset products, including tokenized notes and tokenized stocks. Per Ondo's documentation, USDY was formerly issued by Ondo USDY LLC and, as of December 15, 2025, has been folded into the Ondo Stocks umbrella.