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We classify every tokenized asset along multiple independent dimensions. Each framework captures a different aspect of the asset: what it is economically, how it behaves on-chain, and how it is structured legally. The frameworks are orthogonal: any combination of values is possible, and each dimension is assigned independently.

Asset Classes

What is the underlying economic exposure? U.S. Treasuries, credit, equities, real estate, commodities, and more.

Tokenization Type

How does the token behave on-chain? Freely transferable (Distributed) or platform-bound (Represented).

Tokenization Structure

How does the token legally connect the holder to the underlying? Direct, Depositary, Vehicle, Claim, or Protocol.

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How the frameworks relate

Because the frameworks are independent, the same asset class can appear with different tokenization types: As the market matures, we are expanding our classification system to capture additional dimensions, including the legal and structural relationship between the token and its underlying assets. All frameworks are assigned during our due diligence process and can be reclassified as an asset’s structure evolves.