Remora Markets

Issuing entity

unknown. No primary source names a legal issuing entity. The platform was 'formerly Moose Capital', acquired by Step Finance in December 2024 and rebranded; Step Finance said it had integrated Moose Capital's team and regulatory licences. The public site never named a company, and its own Terms & Conditions, Whitepaper and KYC Info pages were published as empty stubs (verified in the Wayback capture of 2025-05-16). Note: 'Remora Capital Corporation' (Maryland, SEC CIK 2045370) is a middle-market credit BDC and is NOT related.

Entity jurisdiction

unknown. The About page claimed only an 'Asset management license in premium offshore jurisdictions' and that 'Custodial services [are] managed by Wealth Management providers regulated in UAE'; secondary reporting says Remora was registered in Canada and the UAE. Circumstantial support for the UAE: app.remora.markets is a CNAME to mooseprodapialb-2015871155.me-central-1.elb.amazonaws.com — an AWS load balancer in the UAE (me-central-1) region, whose name preserves the 'Moose' origin. Re-checked 2026-09-18 against both 1.1.1.1 and 8.8.8.8: the CNAME record itself is STILL published, so this piece of circumstantial UAE evidence remains checkable; it is the AWS target that no longer exists, which is why an A lookup for app.remora.markets returns NXDOMAIN.

Governing law

unknown — never published. The /terms-conditions/ page existed but contained no terms.

Regulatory status

unknown / self-asserted only. Claimed an unnamed offshore asset-management licence and UAE-regulated custodial providers; no regulator, licence number, prospectus or exemption was ever published. The platform was not available to users in the United States or Europe pending approvals, and required KYB for business users.

Holder claim

Undocumented. In practice the holder held a platform-issued token that the operator asserted was backed 1:1 by the corresponding security or metal held through an unnamed regulated custodian, redeemable through the platform for USDC. No terms, prospectus or note conditions were ever published, so the legal nature, ranking and enforceability of the claim are unknown; post-wind-down the operator characterised it as a USDC redemption claim rather than a claim to the share.

Underlying custodian

unknown — never named. The About page said only 'Custodial services managed by Wealth Management providers regulated in UAE'.

Available

No

Eligibility

Originally: hold a Remora platform account (KYC for individuals, KYB for businesses); deposit USDC to mint, redeem through the platform. Post-wind-down: the operator said it was 'developing a redemption process for holders to exchange for USDC', and on 2026-03-02 deployed exit liquidity on Manifest DEX priced at the prior Friday's market close, reachable through the Jupiter and Titan swap routers — i.e. open to any token holder via a DEX rather than a contractual redemption right. Re-checked 2026-09-18: that route is gone too. Jupiter, the router the wind-down told holders to use, refuses to quote the rTokens at all (TOKEN_NOT_TRADABLE on TSLAr, GLDr, SPYr and CRCLr; NO_ROUTES_FOUND on NVDAr), the Manifest exit book appears in no aggregator's pool list, and the only pools left are the original 2025 trading pools holding $13.47 across four TSLAr pools, $0.30 on GLDr and $1,040.51 on NVDAr at zero 24-hour volume except $370.99 on NVDAr/USDC. There is no redemption right, no redemption process and now no market: redemption.available is recorded false.

Route / rails

Originally USDC on Solana (mint and redeem); post-wind-down, a DEX exit-liquidity pool on Manifest routed via Jupiter/Titan. As of 2026-09-18 no rail functions: Jupiter will not quote the mints and the residual Raydium pools hold double-digit dollars. Withdrawal of the token itself to self-custody still works, which is not a redemption rail.

KYC

Yes

Minimum

unknown — fractional shares supported (9 decimals)

Fees

unknown

Timing

Not established

Transfer mechanism

permanent-delegate

US persons excluded

Yes

Collateral ratio

1:1

Composition

shares

Rehypothecation

undisclosed

Bankruptcy remote

Not established

Security interest

Not established

Verification type

none

Verification agent

unknown

Verification frequency

Claimed 'Monthly Proof of Reserve audits' on the About page; no auditor named, no report ever located

Verification notes

No proof-of-reserve page, report, feed or oracle was found from any primary source. There is no Chainlink PoR feed, no attestation firm named, and no API. Post-wind-down the operator merely asserted that 'all rTokens are still fully backed at a 1:1 ratio' with no supporting evidence. The claim of monthly third-party PoR audits should be treated as unverified marketing, not an attestation.

How custody affects DeFi enforcement →

Dividends

unknown

Voting

none

Corporate actions

unknown. The mints carry the Token-2022 scaledUiAmountConfig extension — the same mechanism xStocks uses for rebasing dividends and splits — but the multiplier is 1 with no scheduled change on every mint inspected (TSLAr, NVDAr, GLDr), so no rebasing had ever been applied. No dividend, split or delisting policy was ever published.

Pricing

reference market: platform-mark · notes: Minting was priced at 'the current price on traditional exchanges' per the platform's own How It Works page — a platform mark, with no named oracle. Arbitrage depended entirely on the platform's mint/redeem window being open to the arbitrageur, which required an account; that window is now closed. The wind-down exit liquidity was priced off the prior Friday's market close, i.e. a stale mark. Third-party valuations disagree THREE ways for the same platform within a day, across more than two orders of magnitude: CoinGecko's 'Remora Markets Tokenized rStocks' category reports a ~$138.9M aggregate market cap, RWA.xyz reports $1.87M distributed asset value, and DefiLlama reports $479,846. Nor is any one of them self-consistent: DefiLlama's own daily series records $0 on 42 days between 2026-07-02 and 2026-09-10 before returning to $479,846. Treat all third-party valuation figures for these tokens as unreliable.

• About Remora (compliance and custody claims) — archived
• How It Works (USDC deposit, mint at exchange price, withdraw to non-custodial wallet) — archived
• Terms & Conditions — page existed but was published EMPTY (no terms) — archived
• Whitepaper — page existed but was published EMPTY — archived
• KYC Info — page existed but was published EMPTY — archived
• Remora Markets project review, launch dates, shutdown timeline, rToken list
• Step Finance hack and wind-down timeline
• Three Step Finance projects shut down; Remora says rTokens redeemable 1:1 for USDC
• Step Finance acquires Moose Capital, launches Remora Markets
• RWA.xyz platform page (live residual metrics)
• Privacy Policy — the FOURTH legal page published EMPTY (h1 only, empty page-content div) — archived
• Page sitemap — dates all four empty legal pages to a 25-second burst on 2025-02-25 and shows they were never edited again — archived
• DefiLlama protocol series — the third and lowest of the three disagreeing valuations ($479,846) and the only one whose own history records $0 for 42 days of the last quarter

Inspect source freshness and individual claims →

• What is the actual issuing legal entity and its jurisdiction? Nothing primary names it. Candidate lead: the former 'Moose Capital' entity, with UAE infrastructure (app.remora.markets CNAME to an AWS me-central-1 load balancer named 'mooseprodapialb') and secondary reporting of Canadian and UAE registration — none of which is a filing.
• Is the collateral still actually there? The 1:1 backing claim of 2026-02 has never been evidenced, and ~$2M of rTokens across ~3,600 holders is still outstanding as of 2026-09-16. Who now holds the underlying shares and metals, and under what mandate?
• ANSWERED (2026-09-18): no. The Manifest exit book does not appear in any aggregator's pool list for the rTokens, and Jupiter — the router the wind-down itself pointed holders at — refuses to quote them: TSLAr, GLDr, SPYr and CRCLr all return errorCode TOKEN_NOT_TRADABLE and NVDAr returns NO_ROUTES_FOUND. What is left are the original 2025 trading pools: $13.47 of TVL across four TSLAr pools, $0.30 on GLDr and $1,040.51 on NVDAr, at zero 24-hour volume except $370.99 on NVDAr/USDC (api-v3.raydium.io, 2026-09-18). Residual holders have no exit at all, which is why redemption.available is now recorded false.
• Who controls the key DQSTm2WtpKBdpKx9t2cYL9Ja8fe7v4yEVEtA7NnSsdqb after the wind-down, and was it ever in scope of the January 2026 device compromise? It can still freeze, pause, mint and seize every rToken.
• Why does CoinGecko's 'Remora Markets Tokenized rStocks' category report a ~$138.9M aggregate market cap with R-prefixed tickers (RTSLA, RCRCL, RGOOGL, RMU, RINTC) when the on-chain mints use r-suffixed tickers (TSLAr, CRCLr) and RWA.xyz reports $1.99M for the same platform on the same date? At least one aggregator is describing something other than these mints, or using stale/unreliable prices.
• The brief's premise that Remora is 'listed on Jupiter's stocks tag' no longer holds: as of 2026-09-16 Jupiter's stocks/rwa/equities tags contain xStocks and Ondo tokens, while the rTokens carry only 'community-assist'/'token-2022'/'unknown'. When were they de-tagged, and by whom?
• Did Remora ever publish a single proof-of-reserve report? None was found; if one exists it would materially change thirdPartyAttestations.