rBNO is a tokenized representation of United Sts Brent Oil Fd Lp Unit issued by Reality, the tokenization arm operated under the Bitget brand. The token carries economic exposure to the underlying commodity fund rather than direct legal ownership. [S1][S2]

Each unit is fully backed on a 1:1 basis by shares of United Sts Brent Oil Fd Lp Unit, which trades under the ticker BNO and is a U.S.-listed instrument. The fund itself holds the commodity exposure, so Reality's reserve is the fund's shares rather than vaulted metal or a physical delivery claim. Reality purchases and holds those shares in a segregated reserve custody account through Alpaca Securities LLC, a FINRA-registered, SIPC-member broker-dealer. [S2][S3][S4]

Reality tracks the underlying share price directly, so the token price reflects the market price of the fund rather than an accrued net asset value. Distributions, where the underlying fund pays them, are passed through separately in stablecoins and must be actively claimed by holders after deducting relevant costs. Corporate actions such as splits, mergers, and delistings are handled through an automatic balance rebase. Holders hold a contractual beneficial interest, with legal title remaining with the broker-dealer, and have no redemption claim on physical commodity and no voting rights. [S1][S2][S5][S4][S6][S7]

The issuer is BG El Salvador, S.A. de C.V., licensed in El Salvador under the Digital Asset Issuance Law and under common control with BTG Technology Holdings Limited, trading as Bitget. Tokens are offered outside the United States under Regulation S to purchasers who complete onboarding checks. rTokens implement standard ERC-20 interfaces with sanctions and blocklist controls, and Reality lists Arbitrum One and Morph as supported networks. [S2][S5][S8][S9][S10]

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  items={[
    { id: "S1", url: "https://realityfinance.xyz/info/docs/overview/trust&security" },
    { id: "S2", url: "https://realityfinance.xyz/info/docs/rtokens/legal&regulatory" },
    { id: "S3", url: "https://realityfinance.xyz/info/docs/contracts/reserves&custody" },
    { id: "S4", url: "https://realityfinance.xyz/info/docs/legal/disclaimer" },
    { id: "S5", url: "https://realityfinance.xyz/info/docs/rtokens/overview" },
    { id: "S6", url: "https://realityfinance.xyz/info/ref/protocol/distribution" },
    { id: "S7", url: "https://realityfinance.xyz/info/ref/protocol/rebase" },
    { id: "S8", url: "https://realityfinance.xyz/info/docs/contracts/contracts&audits" },
    { id: "S9", url: "https://realityfinance.xyz/info/docs/rtokens/eligibility" },
    { id: "S10", url: "https://realityfinance.xyz/info/ref/assets/networks" },
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# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset mints

Tokenized commodities

Users subscribe and redeem through Bitget or another licensed partner, which routes the order to the broker-dealer and mints or burns the token on-chain. Secondary trading is concentrated on Bitget's order books rather than on Arbitrum DEXs. Tokens track the underlying listing's price rather than its total return: cash dividends are not reinvested but distributed separately in stablecoins, which holders must actively claim and which arrive net of costs and applicable withholding, and corporate actions such as splits, mergers and delistings are applied through a rebase that aligns balances before market open. Reality states it charges no platform fee on settlement beyond network gas, and leaves pricing and fees on secondary venues to the venue — so the revenue split between Reality and Bitget cannot be assessed from disclosure. Control is concentrated: every rToken is an EIP-1967 beacon proxy pointing at one shared beacon, whose owner — a Gnosis Safe multisig — can upgrade all 753 tokens in a single transaction. Minting is permissioned per token rather than through one shared minter, and the implementation behind the proxies is not source-verified, so mint, burn and transfer-restriction logic cannot be reviewed from source.

Reality issues rTokens — ERC-20 tokens referencing individual US-listed equities, ETFs and exchange-traded commodity products. 753 are live on Arbitrum, which the issuer names alongside Morph as its verified chains. Of these, 740 are classified as tokenized stocks, spanning mega-cap technology and semiconductor names (rAAPL, rNVDA, rMSFT), recent Nasdaq listings (rCBRS, rSPCX), broad index, sector and single-country ETFs (rSPY, rQQQ, rEWY), and leveraged and inverse index ETFs (rTQQQ, rSQQQ, rSOXL, rSOXS). The remaining 13 are classified as tokenized commodities, spanning physically held metal trusts (rGLD, rIAU, rFGDL, rSLV, rPPLT, rPALL), a precious metals basket (rGLTR), and futures-based energy and broad commodity funds (rUSO, rBNO, rUNG, rDBC, rPDBC, rFTGC). The issuer states each token is fully backed 1:1 by the corresponding share or fund unit, purchased through and held in a segregated custody account at a broker-dealer it describes as FINRA-registered and SIPC-member, with final registration at DTCC. Holders take a contractual beneficial interest rather than legal title: they do not appear on the share register and hold no voting or information rights. Reality publishes a daily attestation archive by The Network Firm LLP and a proof-of-reserves feed at realityfinance.xyz/por, but the holdings table rendered empty on retrieval and the page's own disclaimer states the attestations have not yet been issued, so per-token reserve coverage is unconfirmed.

Reality is a tokenized real-world asset issuance platform announced on 26 May 2026. Bitget describes Reality as its dedicated real-world asset provider and lists its tokens natively, and Reality in turn runs a business-to-business model that distributes through licensed partners, of which Bitget Exchange and Bitget Wallet are the principal ones. The issuing entity is BG El Salvador, S.A. de C.V. (LEI 254900RNEVY4Y9OEAD67). It states it is licensed in El Salvador under the Digital Asset Issuance Law as a digital asset service provider, and that it is under common control with BTG Technology Holdings Limited, the entity that trades as Bitget, while stopping short of calling that a parent-subsidiary relationship; GLEIF records no relationship between the two and assigns them separate British Virgin Islands holding companies. Reality reaches Bitget's retail and professional trading base rather than institutional allocators, positioning tokenized US equity exposure as a spot trading product on a centralised venue instead of a subscription sold direct to allocators. Regulatory permissions are self-reported and not matched to a register entry: beyond the Salvadoran licence, Reality separately claims registered digital asset issuer status in South Africa under the FAIS Act, and Bitget's press material calls Reality a 'licensed financial platform' without naming a licence or a regulator.

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Real-world asset (RWA) issuers

Reality

United Sts Brent Oil Fd Lp Unit (Reality Tokenized) (rBNO) is a token tracking Brent crude oil, issued by Reality through BG El Salvador, S.A. de C.V.

Each token tracks one barrel of Brent crude oil and is a synthetic instrument that provides contractual exposure to the reference asset.

Retail investors and institutions can mint and redeem directly with Reality after completing KYC, and holders have a contractual right to redeem.

BG El Salvador, S.A. de C.V. is incorporated in El Salvador and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of Hong Kong.

rBNO has been issued on Arbitrum One as an ERC-20 token since June 2026.

United Sts Brent Oil Fd Lp Unit (Reality Tokenized)rBNO