Assets inherit analysis only when both their issuer programme and observed on-chain control recipe match. This keeps one legal conclusion maintainable without pretending every token is identical.
Backpack Securities SPCX
A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account.
- Technology
- token-2022 · pausable + clawback + rebase
- Inherited assets
- 55 token addresses · 55 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →Bullish BLSH
The token represents a real registered share, but a generic DeFi escrow is blocked: every new account starts frozen and must be approved by the issuer's transfer-control process. Liquidation also needs approved receiving accounts and recognition on the official register.
- Technology
- token-2022 · pausable + clawback + allowlist + rebase
- Inherited assets
- 1 token address · 1 underlying
- Evidence
- 6/6 dimensions established
Open full legal analysis →Ondo Global Markets
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.
- Technology
- token-2022 · pausable + rebase
- Inherited assets
- 268 token addresses · 268 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →PreStocks
The balance is technically escrowable, but transfer fees, rebases, pause and clawback all require custom support. More importantly, seizing the token gives the lender synthetic exposure rather than a proprietary claim, and redemption remains operator-dependent.
- Technology
- token-2022 · pausable + clawback + transfer-fee + rebase
- Inherited assets
- 8 token addresses · 8 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →Securitize SECZ
The token is the actual share, but generic DeFi custody is not permissionless. Every protocol account must be approved and thawed for this specific security, and liquidation must preserve the transfer agent's legal and compliance records.
- Technology
- token-2022 · pausable + clawback + allowlist + rebase
- Inherited assets
- 1 token address · 1 underlying
- Evidence
- 6/6 dimensions established
Open full legal analysis →Shift leveraged tokens
The token can be held by a contract, but the published documents do not reliably link the traded mint to the claimed Series interest and conflict over what a holder owns. A lender can seize a balance, not a clearly enforceable interest in the referenced asset.
- Technology
- token-2022 · pausable + clawback + rebase
- Inherited assets
- 8 token addresses · 4 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →Opening Bell by Superstate
The token is the registered share, but protocol custody is not open by default. Escrow and liquidation accounts must be approved and reconciled with the shareholder register, and the permanent delegate can override program custody.
- Technology
- token-2022 · clawback + allowlist + rebase
- Inherited assets
- 4 token addresses · 4 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →Tessera
This is the closest current template to autonomous DeFi collateral: no allowlist, pause or clawback is active and the contractual redemption right follows the token. A protocol still needs transfer-fee support, and the issuer's freeze key can interrupt custody or liquidation without moving the balance.
- Technology
- token-2022 · transfer-fee
- Inherited assets
- 3 token addresses · 3 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →Kraken xStocks
The certificate is transferable and can be held or seized by a protocol, but liquidation is not fully autonomous: the protocol must handle pause, rebase and permanent-delegate risk, while direct cash redemption requires KYC and can be rejected on compliance grounds.
- Technology
- token-2022 · pausable + clawback + rebase
- Inherited assets
- 184 token addresses · 184 underlyings
- Evidence
- 6/6 dimensions established
Open full legal analysis →