Compare
Two exact mints, side by side. Rights, redemption and venue modes stay separate rows; a platform that pays out an asset never inherits that asset's rights
Identity
Issuer
Backed Assets (JE) Limited, Jersey
Ondo Global Markets (BVI) Limited, British Virgin Islands
Underlying
Tesla, Inc. (TSLA)
Tesla, Inc. (TSLA)
Token program · decimals
Token-2022 · 8
Token-2022 · 9
On-chain identity
Confirmed
Confirmed
Issuer mapping
Confirmed
Confirmed
Terms coverage
Partial
Conflicting
Source freshness
Confirmed
Partial
Rights
Instrument category
Tracker certificate — economic exposure / wrapperSourcedproduct1 source
Tokenized stock — economic exposure / wrapperSourcedproduct1 source
What the holder has a claim on
A claim against Backed Assets (JE) Limited under the certificate terms — not a shareholder position in Tesla, Inc.Sourcedissuer1 source
Economic exposure via Ondo Global Markets (BVI) Limited — not a shareholder position in Tesla, Inc.Sourcedissuer1 source
Voting rights
None in Tesla, Inc.Sourcedproduct1 source
None in Tesla, Inc.Sourcedproduct1 source
Dividends
Net cash amounts reinvested — reflected through the token multiplier, not paid outSourcedproduct2 sources
Total return — dividends reinvested net of withholding, reflected through the multiplierSourcedproduct1 source
Corporate actions
Splits and similar events handled by multiplier adjustment per Final TermsSourcedproduct1 source
Not covered by the reviewed sourcesUnknownproduct
Backing statement
Source states the certificates are collateralised by the underlying held with a custodianSourcedissuer1 source
Source states the underlying is held with US-registered broker-dealersSourcedissuer1 source
Redemption
Redemption process
Directly with the issuer through an onboarded account — tokens are burned, cash value of the underlying is paidSourcedissuer1 source
Mint and redeem through Ondo for onboarded eligible usersSourcedissuer1 source
Who can redeem
Onboarded eligible investors after KYC; not US personsSourcedissuer1 source
Eligible non-US persons after onboardingSourcedissuer1 source
Redemption minimum
Not stated in the reviewed documents for this productUnknownissuer
Not stated in the reviewed documentsUnknownissuer
Redemption fees
Per the issuer fee schedule — amount not fixed in Final TermsSourcedissuer1 source
Not stated in the reviewed documentsUnknownissuer
Access & venues
Transfer & access restrictions
Not offered to US persons. Token program allows issuer pause, permanent delegate and transfer hookSourcedissuer1 source
Not available to US persons. Token program allows issuer pause and transfer hookSourcedissuer1 source
Venue trading
Permissionless Solana pools trade 24/7; that does not open issuer redemption or guarantee an exit without spreadSourcedvenue1 source
Permissionless Solana pools trade 24/7; issuer mint/redeem has its own hoursSourcedvenue1 source
Market modes
Issuer issuance / redemption
Business days, stated per issuerBacked Assets onboarding platform
Disputed: “24/5” (docs) vs “business days” (terms)Ondo app
Venue trading
24/7 on-chain pools
24/7 on-chain pools
Rows with a blue edge differ. “Unknown” on one side is a difference too — it is never filled in from the other instrument