RWA SonarNew

Claims versus reality · observed daily

The ticker is familiar.
The token is mysterious.

RWA Sonar reads the legal documents and the Solana chain behind every tokenized stock and tells you what a holder actually owns, who holds the keys, how to get out, where it is used in DeFi, and what changed. Every answer links to the words or the transaction it rests on.

Explore the universe Compare a stock's wrappers NewSee as planets How it works

1,688 exact Solana token addresses from 10 issuer programmes with live tokens (of 13 tracked: Remora Markets and Ventuals Pre-IPO defunct; Republic Mirror: no mint yet) · universe mapped

AAPL

Same stock reference.
Different product.

Open live comparison →

Both wrappers give holders secured claims against an issuer. Neither makes the holder a registered Apple shareholder. Their legal forms and intervention powers differ.

AAPLxxStocks

Tracker certificate

Observed mint: pause, freeze and clawback controls
AAPLonOndo

Structured note

Observed mint: pause and freeze controls; no clawback

Latest events

Updated hourly · newest All changes →

Six ways in

Start with your question

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Compare

Is my AAPL the same as your AAPL?

Every Solana wrapper of one stock side by side: legal claim, issuer controls, exit routes and confirmed DeFi use.

 Who holds the keys

Who can freeze, move or burn my tokens?

Seven holder-affecting powers for each issuer programme, and whether one key, a multisig, a program or nobody holds each one.

 Flows & float

Is anyone creating or redeeming?

Daily creations and redemptions per issuer, read from on-chain transactions like ETF flows, and how much xStock supply the public actually holds.

 Exit routes

How would I get out?

Pool liquidity per venue, the issuer's redemption route with its evidence state, and the lending markets that accept each wrapper.

 What if…

What happens if something breaks?

Stolen keys, an insolvent issuer, a takeover or a frozen custodian, answered for each issuer from its own documents. Where they are silent, we say unknown.

 This week

What changed this week?

A generated weekly summary: issuer and protocol changes, tokens newly added to the universe, observed redemptions and new discrepancies.

Also: premium & holder concentration · trust map · fees & incentives · legal templates · decoded trades

Dated findings with sources

Three things the evidence showed

All dated changes →

Control · read on chain, 23 Sep 2026

xStocks' power to move or burn any holder's tokens sits behind a 2-of-3 multisig with no time lock.

The permanent delegate on every xStocks mint is a Squads v4 vault: threshold 2 of 3, time lock 0, members unnamed. It has not been used on Solana: in all 1,845 transactions touching it from 10 Jun 2025 to 23 Sep 2026, no transfer or burn names it as authority.

See who holds each power →

Float · read on chain, 11 Oct 2026

77.6% of priced xStocks supply sits in issuer wallets.

Redeemed xStocks are not burned: the prospectus defines de-activation as a transfer back to the issuer. Across the 73 xStocks with a market price, $1.65B of $2.12B of supply was held by issuer-attributed wallets, including an inventory wallet the issuer itself excludes from its circulating figure. That leaves a public float of at most $474.17M. Supply overstates what the public holds; our float is an upper bound.

Read flows and float →

Docs versus chain · 23 Sep 2026

Loopscale's docs call a key a co-signer that "cannot initiate actions on its own". On chain it signs refinances alone.

Found while decoding the SECZ lending market: that key is the protocol admin. The same docs describe a 3-of-5 upgrade multisig; the chain shows 4 of 7 voters and a 24-hour time lock.

Open the market dossier →

Dolphin detectives

A closer look below the surface.

Behind each token sit legal claims, custodians, issuer powers and fees. Our dolphin detectives represent the research that follows those connections and checks what changes.

Five small dolphins explore an iceberg at night, their headlamps lighting separate parts of its submerged structure.
The night watch. An illustration of the research below the surface.

Freshness

What we watch, and how often

Live collector health →

The public site rebuilds every 6 hours and the weekly summary is regenerated with it. A day we did not read is shown as missing, never as zero.

Universe growth and observed market activity

Three daily signals

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Universe

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addresses

Distinct token addresses in the observed universe. “New” means newly seen by this system.

Holding accounts

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Token accounts summed across mints. A wallet or person can hold several accounts, so this total cannot tell us how many people own tokens.

Reported 24 h volume

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Reported activity across covered mints over a rolling 24 hours. Coverage is partial and volumes are unaudited.

How to read these charts

The chart records when we discover an address. Its issuance may predate discovery. Changes to issuer token lists and better collection can both add observations.

Change log

What changed

Full snapshot change log →

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Compared with market dashboards

Market size tells you what exists.
We show what you must trust.

Market dashboards measure size and activity. RWA Sonar checks one product at a time: each report starts from an exact token address and follows it through the legal documents, the on-chain controls and the companies that run it.

Broad market map

RWA.xyz and DefiLlama

Excellent for discovering assets and following AUM, flows, TVL, utilization and market rankings across chains. They answer: what is there, and how large or active is it?

RWA.xyz ↗DefiLlama RWA ↗

Diligence layer

RWA Sonar

Joins the exact address to holder rights, custody, issuer controls, live market state, confirmed protocol support and sourced discrepancies. It answers: what do I own, who can change the outcome, and what happens when something fails?

Compare wrappers →

The model we follow

L2BEAT, extended to RWAs

L2BEAT lists the trust assumptions and control paths of each rollup. We do the same for RWAs, and extend it past the code to contracts, custodians, transfer agents, redemption and insolvency.

Why L2BEAT tracks trust assumptions ↗