{
  "id": "value-chain",
  "as_of": "2026-11-03",
  "title_zh": "从发行文件到持有人",
  "title_en": "From the offering document to the holder",
  "principle_zh": "代币的法律属性由发行文件决定，不由链上的代码、图标或 ticker 决定。多数离岸产品共用美国经纪商做底层的买卖和托管；共用托管人不会把债务证券变成股份。",
  "principle_en": "The legal character of a token is fixed by its offering document, not by the chain, the icon, or the ticker. Several offshore products share a U.S. broker for buying and custody of the underlying. A shared custodian does not turn a debt security into a share.",
  "lanes": [
    {
      "id": "real",
      "title_zh": "真权利 / 美国路径",
      "title_en": "Real rights / U.S. path",
      "steps": [
        {
          "id": "reg",
          "label_zh": "监管",
          "label_en": "Rule",
          "body_zh": "SEC 创新豁免：TSV 在条件内临时免于「交易所」定义，特定做市商免于「交易商」定义。期限至 2031-09-17。另一条是发行人自己的过户代理路径，不依赖这家 TSV。",
          "body_en": "The SEC innovation exemption temporarily lifts the exchange definition for a qualifying TSV, and the dealer definition for certain liquidity providers, through 2031-09-17. A separate path is the issuer’s own transfer agent, which does not depend on that TSV.",
          "confidence": "已证实",
          "layer": "primary"
        },
        {
          "id": "issue",
          "label_zh": "发行",
          "label_en": "Issue",
          "body_zh": "两条已写明的做法：与发行人无关的 Tokenizer，把代币做成一股对一股的证券权益；或者发行人通过 SEC 注册过户代理把真实股份放到合规账本上（Superstate Opening Bell）。TSV LLC 与 Kephas 的发行结构未获取。",
          "body_en": "Two structures are on the record: an unaffiliated Tokenizer issuing a one-share entitlement, or an issuer placing real shares through an SEC-registered transfer agent (Superstate Opening Bell). The issuance structure of TSV LLC and Kephas: 未获取.",
          "confidence": "已证实",
          "layer": "primary"
        },
        {
          "id": "custody",
          "label_zh": "托管与背书",
          "label_en": "Custody and backing",
          "body_zh": "第三方模式：注册经纪商按 1:1 持有底层 NMS 股票，链上记录并入 Tokenizer 的账册。OKXICE 通知没有写出 Tokenizer 的名字。发行人路径则落在股东名册上，而不是落在一张追踪证书上。",
          "body_en": "Third-party model: a registered broker-dealer holds the NMS shares 1:1, and the chain record is reconciled into the Tokenizer’s books. The OKXICE notice does not name the Tokenizer. The issuer path sits on the shareholder register, not on a tracker certificate.",
          "confidence": "已证实",
          "layer": "primary"
        },
        {
          "id": "venue",
          "label_zh": "场所",
          "label_en": "Venue",
          "body_zh": "OKXICE：XLayer 上许可制的 Uniswap v4 池，只对持有灵魂绑定代币的参与者开放。SEC 名单上另有 TSV LLC（2026-09-23）与 Kephas / Perpetuals.com（2026-10-14），产品与链未获取。",
          "body_en": "OKXICE: permissioned Uniswap v4 pools on XLayer, open only to wallets with a soulbound token. The SEC roll also lists TSV LLC (2026-09-23) and Kephas / Perpetuals.com (2026-10-14). Their products and chains: 未获取.",
          "confidence": "已证实",
          "layer": "primary"
        },
        {
          "id": "user",
          "label_zh": "持有人",
          "label_en": "Holder",
          "body_zh": "豁免条件内的零售与机构，须通过身份核验。OKXICE 是否对美国人普遍销售：未获取。Opening Bell 的对象是发行人及其合规钱包。",
          "body_en": "Retail and institutions inside the exemption’s conditions, after identity checks. Whether OKXICE sells generally to U.S. persons: 未获取. Opening Bell is aimed at the issuer and compliant wallets.",
          "confidence": "已证实",
          "layer": "primary"
        }
      ]
    },
    {
      "id": "synthetic",
      "title_zh": "离岸合成 / 价格敞口",
      "title_en": "Offshore synthetic / price exposure",
      "steps": [
        {
          "id": "reg",
          "label_zh": "监管",
          "label_en": "Rule",
          "body_zh": "不走 TSV 豁免。发行文件落在泽西、英属维尔京、阿布扎比全球市场等地。面向美国人时常见 Regulation S 的限制，也有产品另行排除英国、瑞士、加拿大。",
          "body_en": "Not under the TSV exemption. Offering documents sit in Jersey, the BVI, ADGM, and similar regimes. U.S. persons are commonly excluded under Regulation S; some products also exclude the UK, Switzerland, or Canada.",
          "confidence": "已证实",
          "layer": "primary"
        },
        {
          "id": "issue",
          "label_zh": "发行",
          "label_en": "Issue",
          "body_zh": "法律形式各不相同，都不是直接持股：泽西债务证券（Robinhood）、BVI 结构化票据（Ondo）、ADGM 信托受益证书（Coinbase）、追踪证书（xStocks）、金融工具证书（bStocks）。Dinari 的美区与欧区不要写成同一种权利。",
          "body_en": "The forms differ, and none of these is direct share ownership: a Jersey debt security (Robinhood), a BVI structured note (Ondo), an ADGM trust-beneficiary certificate (Coinbase), a tracker certificate (xStocks), a financial-instrument certificate (bStocks). Do not treat Dinari’s U.S. and European rights as the same.",
          "confidence": "已证实",
          "layer": "report"
        },
        {
          "id": "custody",
          "label_zh": "托管与背书",
          "label_en": "Custody and backing",
          "body_zh": "常见结构是 1:1 买入底层股票放在美国经纪商处，用来支撑价格。研究底稿记 Alpaca Securities 服务 RHJ、Ondo、Coinbase、Backed、Dinari。Ondo 文档把 Alpaca Markets 列为生态伙伴，并写明另有 Security Agent 持有第一优先担保权益、另有缓冲。各家合同是否同一文本：未获取。",
          "body_en": "The usual structure buys the underlying share 1:1 at a U.S. broker to support the price. The research note names Alpaca Securities for RHJ, Ondo, Coinbase, Backed, and Dinari. Ondo’s docs list Alpaca Markets as a partner and also describe a security agent with a first-priority interest, plus a buffer. Whether the contracts match: 未获取.",
          "confidence": "已证实",
          "layer": "report"
        },
        {
          "id": "venue",
          "label_zh": "场所",
          "label_en": "Venue",
          "body_zh": "中心化交易所、钱包、去中心化交易所和多边交易设施都出现在分发层。已写明的链包括 Robinhood Chain、Ethereum、BNB Chain、Solana、Base、Polygon（SwarmX，已日落）。Nest 被底稿列为 MTF，合同细节未获取。",
          "body_en": "CEXs, wallets, DEXs, and an MTF all show up in distribution. Chains named so far include Robinhood Chain, Ethereum, BNB Chain, Solana, Base, and Polygon (SwarmX, since sunset). The research note lists Nest as an MTF; contract detail: 未获取.",
          "confidence": "已证实",
          "layer": "report"
        },
        {
          "id": "user",
          "label_zh": "持有人",
          "label_en": "Holder",
          "body_zh": "主要是非美国人士，外加各产品自己的地域和合格投资者限制。持有人拿到的是债务、票据或证书项下的经济结果，不是发行人的投票权。",
          "body_en": "Mostly non-U.S. persons, plus each product’s own territory and eligibility limits. The holder gets an economic result under a note or certificate, not the issuer’s vote.",
          "confidence": "已证实",
          "layer": "primary"
        }
      ]
    }
  ],
  "boundary_zh": "贝莱德 BUIDL，以及多数 Securitize 的基金和国债代币，是基金或现金管理的 RWA，不是股票代币。不要为了把表填满而写进行。发行人主导、把真实股份放到链上的案例（Opening Bell 一类）才靠近真权利。Securitize / Computershare 的发行人股票案例全表：未获取。",
  "boundary_en": "BlackRock BUIDL and most Securitize fund or Treasury tokens are fund or cash-management RWA, not equity tokens. They are left off the register on purpose. Issuer-led placement of real shares (Opening Bell and its kind) is the real-rights neighborhood. A full list of Securitize or Computershare issuer-equity cases: 未获取.",
  "sources": [
    {
      "label": "Federal Register，91 FR 60168",
      "url": "https://www.federalregister.gov/documents/2026/09/22/2026-19388/order-granting-temporary-conditional-exemptive-relief-pursuant-to-section-36a1-of-the-securities"
    },
    {
      "label": "OKXICE TSV 公开通知（2026-10-04）",
      "url": "https://www.okx.com/cdn/assets/files/2610/885D864537A8DF6D.pdf"
    },
    {
      "label": "Robinhood Stock Tokens",
      "url": "https://robinhood.com/rhj/stocktokens/"
    },
    {
      "label": "Ondo Stocks 法律与概述",
      "url": "https://docs.ondo.finance/ondo-stocks/legal-and-regulatory"
    },
    {
      "label": "项目研究底稿，2026-11-03",
      "url": ""
    }
  ]
}