Research summary
The tokens CoinGecko calls "rStocks" are not Remora’s. Remora Markets, a Solana issuer run by Step Finance, announced on 23 February 2026 that it was winding down after a hack at its parent. The 542 priced tokens in CoinGecko’s "Remora Markets Tokenized rStocks" category, about $152 million on 23 September 2026, are rTokens issued by Reality, the tokenized-stock platform of the Bitget exchange group, on Arbitrum and Morph. Each contract names itself: the Circle token’s name() is "Circle (Reality Tokenized)", and its minter() is the TokenManager address Reality publishes. The legal claim is the weakest form a tokenized stock can take. Reality’s Terms of 11 September 2026 name the issuer as BG El Salvador, S.A. de C.V., Bitget’s licensed company in El Salvador, and call each rToken "a blockchain-recorded tokenized debt instrument" that is "an unsecured contractual claim against Issuer." No share is held on trust, pledged, or segregated for holders; the Terms say the holder has no "proprietary, beneficial ownership, security, trust, custody or direct enforcement right" in any share. Reality’s own documentation says the opposite, that holders have "a contractual beneficial interest" in shares kept in "a segregated account maintained for the benefit of tokenholders." The Terms govern; the documentation is marketing, and the Terms say so. For a US advisor’s client the answer is no. The tokens are sold under Regulation S and may not go to any US person. Even for a non-US holder, the product is a Bitget credit exposure priced like a stock, with a 3-of-5 Safe that can freeze any wallet, a single key that can pause every token, a beacon that replaces every token’s code at once, and implementation code no one outside Reality can read.
Observable review triggers
- Reality publishes rToken Details that put the shares on trust or under a pledge for holders, or names a different issuer
- Reality verifies the implementation source and it shows a transfer or burn from another holder’s wallet
- CONFIGURER_ROLE freezes a holder, or OPERATOR_ROLE (a single key) pauses any rToken
- The beacon 0x9a570740faf9c77255e389a7bccb7d460a5f4948 is upgraded or its owner Safe changes
- The issuer exercises an Issuer Call Option, or defers or suspends redemptions
- The custodian or broker-dealer changes, or a reserve attestation shows fewer shares than tokens
- rTokens open to US persons under a registration or exemption
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Arbitrum, Morph
- Instruments
- rCRCL, rMSTR, rGOOGL, rMU, rINTC, rSNDK, rMRNA, rSTRC
- Reviewed
- Next review