RMBSon

Reference & premium

Reference source

ondo-implied

Reference price

$96.97

Underlying market

closed

On-chain price (Jupiter)

$90.67

Premium

-6.49%

How the reference is derived

marketCap / sharesOutstanding from the Ondo asset registry; no publish…

After-hours premium

No session split yet — this needs a full session of tape on both sides of the underlying market's open.

Depth, volume, activity

Volume 24 h

$2.0k

Flow 24 h

2 trades · 2 traders · 1.0 per trader

Venues

0 DEX pair(s) · 1 exchange market(s)

Last trade seen

22 Sep 2026 00:02 UTC on Ondo Stocks

Holders

6

Market cap

$3.1k

Holder concentration

Top 1 / 5 / 20, unlabelled owners only

64.2% / 99.9% / 100.0%

Top 1 / 5 / 20, raw

64.2% / 99.9% / 100.0%

Distinct owners in the top 20

10

Frozen accounts in the top 20

0

Supply

34.34

Observed issuer powers

Clawback

no

Freeze authority

51QVCu…hiuK

Pausable

yes

Paused right now

no

Allowlist

no

Transfer hook

no

Mint authority

Program

§

confirmed

3nvvgm: threshold 4; timeLock 900; members 6, all permissions 7

api.mainnet-beta.solana.com · rpc:getAccountInfo 3nvvgmRJkJFKBcM4ukgt4FRwPnZTj… · read 20 Sep 2026

Freeze authority held by

Multisig

§

confirmed

threshold 3; timeLock 0; transactionIndex 5; members 8, all permissions 7

api.mainnet-beta.solana.com · rpc:getAccountInfo CDCCa8yPj9eyE57ZT4NJ1pbNdeFCc… · read 20 Sep 2026

Permanent delegate

Unknown

§

confirmed

"extension":"defaultAccountState","state":{"accountState":"initialized"}},{"extension":"confidentialTransferMi…

api.mainnet-beta.solana.com · rpc:getAccountInfo gEGtLTPNQ7jcg25zTetkbmF7teoDL… · read 17 Sep 2026

Rebase authority

Program

§

confirmed

authority signer 5AzscwfVv7bJtmtYNc41mM68gVFzQKjGoy64GZoukgGn; role UpdateMultiplierRole; Program log…

api.mainnet-beta.solana.com · rpc:getProgramAccounts XzTT4XB8m7sLD2xi6snefSasa… · read 20 Sep 2026

Evidence

Finalized Solana account and transaction decoding, 2026-09-20. Mint/pause/scaled-UI authority…

Available now

None confirmed. No exact-mint integration was found in the protocol registries, live pools and asset-specific products checked. This is not proof that private or unindexed contracts do not use the token.

DeFi composability

A protocol can custody and seize the token without a holder allowlist, but must support Token-2022 rebases and the possibility of a pause or account freeze. The lender can sell the token; direct note redemption remains KYC-gated and issuer-mediated.

Template: BVI structured note with collateral security-agent structure · token-2022 · pausable + rebase. “Can recover” means an issuer has the capability, not a duty to act.

Open the complete technology + legal template →

Verification

Strength

3 of 5 — daily agent

Type

Daily verification agent

§

confirmed

Based on account data and reports submitted by Issuer or otherwise independently accessed by the Verification…

cdn.sanity.io · p. 105, s. 8.1(b) 'Daily Reporting' · read 17 Sep 2026

Agent

Ankura Trust Company, LLC (New Hampshire LLC, 140 Sherman Street, 4th…

§

confirmed

Ankura Trust Company, LLC, in its capacity as Verification Agent under the Sales Terms of Ondo

www.dropbox.com · 'Daily Report - Ondo Stocks -… · read 17 Sep 2026

Frequency

Daily, per Business Day, measured as of 8:00pm ET — but on a multi-day…

§

confirmed

No later than 11:59 pm GMT on the third (3rd) Business Day after each Business Day (such third (3rd) Business…

cdn.sanity.io · p. 105, s. 8.1(a) 'Daily Reporting' · read 17 Sep 2026

Machine-readable

no

Evidence

www.dropbox.com/scl/fo/jzkrw308mrhsasauqrjqq/AJxJak0F90kcwkADSN3DCD4?rlkey=nik1v5slekrzx5fbi0zan5sk3&dl=0

Venues

DEX pools

No DEX pool reported.

Exchange markets

Issuer API

The issuer's own numbers, not an independent price, and read at the issuerApi time in the footer — which can be hours older than the rest of this card, so a trading status here may disagree with the reference section above.

Ondo price

$98.62

Implied underlying price

$96.97

Trading paused

no

Tradeable

yes

Market open

yes

Session

overnight

Off-hours tradable

no

Next open

22 Sep 2026 08:01 UTC

Trust chain

Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.

The issuer dossier, including the fields behind each grade

What if…

34 documented2 inferred2 n/a

The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.

• Holder

  • documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?

    Nothing on-chain can be done for you today. The Sales Terms do provide a lost-token route — a Swiss art. 973h court cancellation followed by burn-and-reissue…

    [1] · s. 10.3 "Form and Transferability of… · read 18 Sep 2026

  • documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?

    You bear it. Ondo publishes a canonical domain and social-handle list and tells you to treat anything unlisted as untrusted, and its support scope stops at its…

    [2] · Official Domains Operated by Ondo Finance or… · read 18 Sep 2026

  • inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?

    Your heirs get the tokens only if they get your keys. Nothing in the Sales Terms, Base Prospectus, Final Terms or docs mentions death, heirs, probate or an…

    [1] · s. 6.5 (Registration Agreement, entitlement… · read 18 Sep 2026

  • documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?

    The Issuer can comply and says it will. The Sales Terms give the Tokenizer pre-defined authority to rescind putative transfers, to cancel tokens and a putative…

    [1] · s. 10.3 "Transfer", limb (b)(i)-(iii) · read 18 Sep 2026

  • documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?

    You keep the token and lose the claim. Becoming a Prohibited Person — most obviously a US person — does not take the tokens out of your wallet, but the…

    [3] · Secondary Market Restrictions — Prohibited… · read 18 Sep 2026

  • documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?

    Frozen, and not redeemable while frozen. The Sales Terms tell the Purchaser in advance that if an AML or sanctions representation stops being true the Issuer…

    [1] · s. 21 "Representations of Purchasers", limb (u) · read 18 Sep 2026

• Wallet or venue

  • documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?

    The risk is yours and it is disclosed as yours. The Sales Terms put custody of the tokens "in the sole responsibility of the Purchaser", and warn that a hosted…

    [1] · s. 2.6.1.11 "Risk of Loss of Private Keys"… · read 18 Sep 2026

  • documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?

    You can always withdraw to your own wallet, and that is the point: the token is a plain transferable Token-2022 / ERC-20 asset, so a delisting costs you the…

    [3] · Secondary Market Restrictions — opening… · read 18 Sep 2026

• Token program and keys

  • documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?

    Three documented grounds, no documented process. The Tokenizer may freeze after settlement if new information shows a transfer was prohibited under BVI AML…

    [1] · s. 10.3 "Transfer", limb (c) · read 18 Sep 2026

  • documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?

    The clause exists and says you may get nothing — but the mechanism to execute it against your balance does not exist yet. The Tokenizer may cancel tokens and a…

    [1] · s. 10.3 "Updating" (future freezing/extended… · read 18 Sep 2026

  • documentedThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?

    The Sales Terms disclose exactly this scenario and offer no remedy for it: Ondo holds keys that can modify the contracts, create and destroy tokens and stop…

    [1] · s. 2.6.1.12 "Issuer and Tokenizer Risk" · read 18 Sep 2026

  • documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?

    Ondo controls upgrades and a migration is expressly foreseen. The Tokenizer alone may execute the "updating" function, and the Issuer or Tokenizer may amend or…

    [1] · s. 10.3 "Updating" (a)-(c) · read 18 Sep 2026

  • documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?

    You bear it. The Issuer "shall not have any responsibility to the extent permitted by law for any errors or omissions in the calculation of any amount" or in…

    [3] · Secondary Market Restrictions — liability… · read 18 Sep 2026

• Token issuer

  • documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?

    The collateral is segregated and pledged, but you cannot enforce it and you cannot petition. Only the Security Agent may proceed against the Issuer; holders…

    [1] · s. 4.4 "Limited Recourse Nature of the Issuer's… · read 18 Sep 2026

  • documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?

    You get at least 30 business days' notice and are then redeemed whether you act or not. On a Termination Event of the Issuer's choosing — no reason required —…

    [1] · s. 10.7 "Issuance and Redemption" — Issuer… · read 18 Sep 2026

  • inferredThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?

    Nothing in the documents gives you a put on a change of control, and nothing needs to: your terms are the Sales Terms, which the Issuer can already amend in…

    [1] · s. 10.25 "Substitution" (New Issuer without… · read 18 Sep 2026

  • documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?

    Holders bear it, in a defined order. The Asset-to-Obligation Ratio must be at least 100.50% at market close; falling below for 30 consecutive days is an Event…

    [1] · s. 2.5.1.4 "Risks Relating to Additional… · read 18 Sep 2026

  • documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?

    Your rights are thin and the discretion is broad. The Issuer may reject a redemption on negative KYC/AML findings "or any other material negative issues", with…

    [1] · s. 10.7 "Issuance and Redemption" — In General · read 18 Sep 2026

  • documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?

    Yes, unilaterally in most cases, and where a vote is required silence counts as a yes. Eight categories of amendment need no consent at all; four — including…

    [1] · s. 23 "Amendments" — Amendments with Purchaser… · read 18 Sep 2026

• Tokenization provider

  • documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?

    Named as a termination trigger rather than a continuity problem: if a major service provider stops — brokerage, bank accounts, exchange agent, tokenization…

    [1] · s. 10.7 "Issuance and Redemption" — Issuer… · read 18 Sep 2026

• Transfer agent

  • n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?

    There is no transfer agent in this structure and no share register you appear on. The token is a Swiss ledger-based security whose register is the token…

    [1] · s. 10.3 "Form and Transferability of… · read 18 Sep 2026

• Security agent or trustee

  • documentedThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?

    There is a replacement mechanism and, unusually, a direct holder remedy. Ankura may resign on 90 days' notice, and the Issuer must remove it if it breaches its…

    [1] · s. 7.3.5 "Rights of the Security Agent" —… · read 18 Sep 2026

• Custodian or prime broker

  • documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?

    Disclosed as a real path to total loss. The Sales Terms say an insolvency of any custodian "may result in delayed or impossible access to some or all of the…

    [1] · s. 2.4.1.2 "Counterparty Risk" · read 18 Sep 2026

  • documentedThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?

    Lending is prohibited — with a carve-out that changes who the prohibition binds. The custodian may do no securities lending or proprietary transactions with…

    [1] · s. 3.2.3 "Summary of Custody Agreement"… · read 18 Sep 2026

• Attestor or oracle

  • documentedThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?

    Nobody is liable and a wrong figure is handled privately. Ankura verifies only what the Issuer gives it (plus read-only account access), and publication is…

    [1] · s. 3.8.1 "Reporting Obligations" (the same… · read 18 Sep 2026

• Underlying company

  • documentedThe company is acquired or merged, for cash or for shares. What do I receive, and when?

    You receive value, not the deal consideration. The note is a total-return tracker whose payable amount changes with the underlying, "including any corporate…

    [4] · Legal & Regulatory — "How are Ondo tokenized… · read 18 Sep 2026

  • documentedThe company is delisted or goes private. Does the token terminate, and at what value?

    The series terminates at a price the Issuer sets. If the exchange announces that the underlying ceases to be traded or publicly quoted and it is not…

    [1] · s. 10.10 — Discontinuation of Trading on… · read 18 Sep 2026

  • documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?

    You do not take part as a shareholder; you track the collateral to whatever it is worth. The Sales Terms exclude any dividend, voting or pre-emption right in…

    [1] · s. 6.5 "Rights Attached to the Tokens"… · read 18 Sep 2026

  • documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?

    Mirroring runs through a single number the Issuer controls: the shares-per-token multiplier, surfaced on Solana and BNB Chain as the Token-2022 ScaledUiAmount…

    [1] · s. 10.10 "Adjustments for Tokens Related to any… · read 18 Sep 2026

  • documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?

    You never receive a dividend and there is nothing to claim: cash dividends are reinvested into the referenced stock and expressed as an increase in shares per…

    [5] · Fees & Taxes — "How are Ondo tokenized stocks… · read 18 Sep 2026

  • documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?

    The taxpayer of record is the BVI issuer, not you, so the rate is the BVI entity rate: 30% on dividends from US companies, applied before reinvestment, with no…

    [5] · Fees & Taxes — "How are Ondo tokenized stocks… · read 18 Sep 2026

  • n/aFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?

    No private-company or pre-IPO exposure exists in this programme, so there is no liquidity event to wait for. Equity underlyings must be admitted to trading on…

    [1] · s. 6.13 "Equity Instruments as Underlying" · read 18 Sep 2026

  • documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?

    No. Your rights are a creditor's, excluding all attendance, participation and voting rights at any general assembly of the Issuer or of the issuers of the…

    [1] · s. 10.4 "Rights Attached to Tokens" (the same… · read 18 Sep 2026

• Reference market

  • documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?

    The Issuer prices it. On a Market Disruption Event the valuation day is postponed to the next clean business day; if the disruption continues the Issuer…

    [1] · s. 10.8 "Markets and Market Disruption" —… · read 18 Sep 2026

• Law, regulator and courts

  • documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?

    A regulator forcing the Issuer to stop issuing is an Event of Default, which puts the collateral enforcement machinery in holders' hands — subject to the same…

    [1] · s. 7.5 "Determination of an Event of Default"… · read 18 Sep 2026

  • documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?

    Reclassification or illegality is a termination trigger, not a renegotiation. If compliance with the tokens, or any transaction in the underlying, becomes…

    [1] · s. 10.7 "Issuance and Redemption" — Issuer… · read 18 Sep 2026

  • documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?

    You cannot sue the Issuer at all over the notes: only the Security Agent may pursue remedies, and no Purchaser is entitled to proceed directly against the…

    [1] · s. 4.4 "Limited Recourse Nature of the Issuer's… · read 18 Sep 2026

• Solana network

  • documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?

    A halt freezes you in place and the Issuer decides what the chain is. Entitlement exists only on the ledger and any transfer not made via the ledger is…

    [1] · s. 10.10 "Adjustments for Tokens Related to any… · read 18 Sep 2026

Sources

1. https://cdn.sanity.io/files/8k2tqa6n/production/f22c30e6d14a8000abc4e1ad6f62d6cb41dc3da0.pdf · archived copy
2. https://docs.ondo.finance/official-domains · archived copy
3. https://docs.ondo.finance/ondo-stocks/secondary-market-restrictions · archived copy
4. https://docs.ondo.finance/ondo-stocks/legal-and-regulatory · archived copy
5. https://docs.ondo.finance/ondo-stocks/fees-and-taxes · archived copy

Full answers, with the quotes, notes and primary-document register, in the issuer dossier

Health rules