Market MonitorWe track tokenized instruments across EU register regimes, the US and APAC, and record who keeps the register, what falls due, and whether anyone is servicing it.
Last refreshed
28 Sep 2026 | 16:58 CET
The servicing gap | Global
of instruments carry recurring obligations with no identifiable servicing arrangement.
Instruments
32
Share of notional
6%
Instruments tracked
313
Total notional
€11.6B
Jurisdictions
10
Size disclosed
43 of 313
Observed on-chain
13 of 313
Where no contract address is public, lifecycle events are curated from register filings and issuer disclosure rather than observed on-chain.
Insights
Notional by jurisdiction
Where the tracked market sits
Notional by asset type
Composition of tracked assets
Servicing gap | EU vs US
Share of notional with no servicing
Servicing coverage varies sharply by jurisdiction and asset type.
Editorial cut
The ten largest instruments with recurring obligations and no identifiable servicing arrangement. This is a ranked slice, not a sample.
| Instrument / issuer | Jurisdiction | Notional | Coupon | Last event | Servicing |
|---|---|---|---|---|---|
| Ondo Short-Term US Government Bond Fund (OUSG)Ondo I LP / Ondo Finance | US US / None | €255M | accumulating NAV (yield reflected in price) | Not observed | Unknown |
| Spiko US T-Bills Money Market Fund (USTBL)Spiko SICAV | Other LU / Offshore | €130M | accumulating NAV | Not observed | Unknown |
| European Investment Bank EUR 100m Digital Bond (Nov 2024, HSBC Orion)European Investment Bank (EIB) | EU LU / CSSF | €100M | 2.36% | annual | Not observed | Unknown |
| EIB Project Venus Digital Bond (EUR 100m, 2.507%)European Investment Bank | EU LU / CSSF | €100M | 2.507% | annual | Not observed | Unknown |
| Siemens EUR 60m Digital Bond (2023)Siemens AG | EU DE / eWpG | €60M | 1-year maturity | Not observed | Unknown |
| EUR 2.200.000,00 8,05% Anleihe 2025 - 2028.Blackvolt Asset Holding GmbH | EU DE / eWpG | €2M | 8.05% fixed | Not observed | Unknown |
| EUR 2.100.000,00 8,05% Anleihe 2025 - 2028. der Blackvolt Asset Holding GmbHBlackvolt Asset Holding GmbH | EU DE / eWpG | €2M | 8.05% fixed | Not observed | Unknown |
| Backed IB01 $ Treasury Bond 0-1yr (bIB01)Backed Assets (JE) Limited | Other JE / Offshore | undisclosed | accumulating tracker certificate | Not observed | Unknown |
| Backed xStocks (tokenized equity program)Backed Assets (JE) Limited | Other JE / Offshore | undisclosed | tracker certificates (1:1 backed) | Not observed | Unknown |
| 19,47 % Unternehmensanleihe 2022 / 2023HCC Rheinhausen GmbH | EU DE / eWpG | undisclosed | 19.47% fixed | Not observed | Unknown |
Research notes
Sep 2026 | Germany | eWpG
Of 87 coupon-paying instruments, the payment schedule could be verified from public documents for 28. Thirteen SME bonds issued as eWpG crypto securities advertise 12 to 19 percent fixed coupons, and none of their schedules can be verified.
Read the note, with the instrument table and method →Verification, at a glance
We are not suggesting anyone fails to pay. From public information, nobody can check.
One engine, delivered in phases
Servicing runs today. Collateral and credit build on the same rails.
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