Field guide for tokenised assets

Look beneath
the token.

A token is a wrapper around a promise. AsOf pulls it apart: who owes you, how you get out, what backs it, who can change the rules — and the document behind every claim, as of a date.

No wallet neededEvery claim needs a sourceUnknown is a valid answer
Case file / PAXGObject under review
Au
01 / LegalWho owes me?02 / ExitHow do I get out?03 / BackingWhat backs the claim?04 / RulesWho can change the rules?
4 layersOne token wrapper. Four questions to open.
AsOfLive record · not a reserve claim
01

Five things to inspect.

Choose a layer and look at the evidence attached to it. No single score hiding the details.

02

Start with one asset.

Real assets, real documents. Fields the documents don't answer stay visible as Unknown.

Coin / Crypto tokenAA

Aave

Aave (governed by the Aave DAO)

0 Confirmed4 Claimed12 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Money market fundBE

Franklin OnChain U.S. Government Money Fund

Franklin OnChain U.S. Government Money Fund (Franklin Templeton)

12 Confirmed0 Claimed4 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenCR

Curve DAO Token

Curve DAO

1 Confirmed3 Claimed12 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenEN

Ethena

Ethena (governed by ENA holders)

1 Confirmed4 Claimed11 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenEN

Ethereum Name Service

ENS DAO

0 Confirmed4 Claimed12 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / Euro stablecoinEU

Euro Coin

Circle (EEA: Circle Internet Financial Europe SAS)

15 Confirmed1 Claimed0 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / Euro stablecoinEU

EUR CoinVertible

Société Générale – FORGE

13 Confirmed0 Claimed3 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinGH

GHO

Aave (governed by the Aave DAO)

0 Confirmed5 Claimed11 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenLD

Lido DAO Token

Lido DAO

0 Confirmed4 Claimed12 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenLI

Chainlink

Chainlink

3 Confirmed0 Claimed13 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Government securities fundOU

Ondo Short-Term US Government Treasuries

Ondo I LP

1 Confirmed10 Claimed5 Unknown
As of 24 Oct 2026Open passport ↗
RWA / GoldPA

PAX Gold

Paxos Trust Company, NA

16 Confirmed1 Claimed0 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinPY

PayPal USD

Paxos Trust Company, NA

12 Confirmed2 Claimed2 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinRL

Ripple USD

Standard Custody & Trust Company, LLC

10 Confirmed3 Claimed3 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenst

Lido Staked ETH

Lido (governed by the Lido DAO)

3 Confirmed6 Claimed7 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Investment fundsy

Maple syrupUSDC

Maple

0 Confirmed9 Claimed7 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Government securities fundTB

OpenEden TBILL

OpenEden

0 Confirmed12 Claimed4 Unknown
As of 24 Oct 2026Open passport ↗
Coin / Crypto tokenUN

Uniswap

Uniswap (governed by UNI holders)

0 Confirmed7 Claimed9 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Investment fundUS

Bitwise Crypto Carry Fund

Bitwise Crypto Carry Fund (tokenized by Superstate)

3 Confirmed5 Claimed8 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinUS

USD Coin

Circle (EEA: Circle Internet Financial Europe SAS)

16 Confirmed0 Claimed0 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / Synthetic dollarUS

Ethena USDe

Ethena

1 Confirmed7 Claimed8 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinUS

Global Dollar

Paxos (Paxos Digital Singapore; in the EU Paxos Issuance Europe Oy)

14 Confirmed0 Claimed2 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinUS

Pax Dollar

Paxos Trust Company, NA

12 Confirmed0 Claimed4 Unknown
As of 24 Oct 2026Open passport ↗
Stablecoin / US dollar stablecoinUS

Tether USD

Tether International, S.A. de C.V.

12 Confirmed0 Claimed4 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Treasury-backed noteUS

Ondo US Dollar Yield

Ondo (USDY issuer; see offering documents)

1 Confirmed9 Claimed6 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Government securities fundUS

Invesco Short Duration US Government Securities Fund

Invesco Short Duration US Government Securities Fund (tokenized by Superstate)

3 Confirmed5 Claimed8 Unknown
As of 24 Oct 2026Open passport ↗
RWA / Government securities fundUS

US Yield Coin

Circle International Bermuda Limited

0 Confirmed6 Claimed10 Unknown
As of 24 Oct 2026Open passport ↗
RWA / GoldXA

Tether Gold

TG Commodities, S.A. de C.V.

16 Confirmed1 Claimed0 Unknown
As of 24 Oct 2026Open passport ↗
03

One underlying. Different promises.

Two tokens can reference the same asset without giving holders the same rights.

PAX GoldPAXG
What you getOne PAXG token equals one fine troy ounce of London Good Delivery gold.
Who owes the holderPaxos Trust holds one troy ounce of London Good Delivery gold in custody for the holder's benefit for every PAXG bought.
Redemption in kind (physical)Physical redemption requires at least 430 PAXG plus a fee per London Good Delivery bar.
Freezing and blockingPaxos states it has the ability and the right to freeze and upgrade all PAXG tokens on an aggregate basis.
Tether GoldXAUt
What you getEach XAUt reflects ownership of an undivided specific interest in one fine troy ounce of gold in the Gold Reserves.
Who owes the holderThe issuer's reserves report states that the gold belongs to the token holders, not to TG Commodities.
Redemption in kind (physical)A redeeming holder can take physical delivery of the bar(s) within Switzerland or ask Tether Gold to arrange a sale through a licensed broker.
Freezing and blockingTether Gold may freeze tokens held by a user as required by law or where it decides in its sole discretion that this is prudent.
NO SCORES. Differences are shown as facts and questions, not ratings.Open comparison ↗
04

Watch a promise change shape.

Every source is archived daily. When a sentence changes, the old and new wording are kept with their dates.

Evidence / timeline

One paragraph. Many moments.

A stored version keeps what was visible on a specific date — a later edit can't erase it.

91 documents archived every day.

No changes detected since monitoring began on 24 Oct 2026.

Open change log ↗
01
Claim → source

Every statement leads to the original document, publisher and date.

02
Change → timestamp

Each source is hashed daily and the hashes are time-stamped (RFC 3161, LTV), so later edits don't erase earlier wording.

03
Unknown stays visible

Missing evidence is an open question, not a verdict either way.