rBSP is a tokenized representation of Bending Spoons S.p.A. issued by Reality, the tokenization arm operated under the Bitget brand. The token carries economic exposure to the underlying security rather than direct legal ownership. [S1][S2]

Each unit is fully backed on a 1:1 basis by shares of Bending Spoons S.p.A., which trades under the ticker BSP and is a U.S.-listed instrument. Reality purchases and holds the underlying securities in a segregated reserve custody account through Alpaca Securities LLC, a FINRA-registered, SIPC-member broker-dealer. Legal title remains with the broker-dealer, and tokenholders hold a contractual beneficial interest rather than an entry on the share register. [S2][S3][S4]

Reality tracks the underlying share price directly, so the token price reflects the market price of the security rather than an accrued net asset value. Dividends are passed through separately in stablecoins and must be actively claimed by holders after deducting relevant costs. Corporate actions such as stock splits, mergers, and delistings are handled through an automatic balance rebase, so a 1-for-10 split scales holder balances while total value continues to track the market. Holders do not appear on the share register and carry no voting or shareholder information rights. [S1][S2][S5][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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    { id: "S2", url: "https://realityfinance.xyz/info/docs/rtokens/legal&regulatory" },
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# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Tokenized stocks

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

Bending Spoons S.p.A. (Reality Tokenized) (rBSP) is a tokenized exposure to BSP issued by Reality through BG El Salvador, S.A. de C.V. and distributed through BG El Salvador, S.A. de C.V. with Alpaca Securities LLC as broker.

The underlying security is listed in the information technology sector.

Each token tracks one underlying share, entitles holders to dividends, which are distributed in cash, and carries no voting rights.

The token is a synthetic instrument that provides contractual exposure to the reference asset.

Retail investors and institutions worldwide can mint and redeem directly with Reality after completing KYC.

Residents of the United States, El Salvador, and jurisdictions under applicable sanctions cannot mint or redeem with Reality.

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.

rBSP has been issued on Arbitrum One as an ERC-20 token since September 2026.

Bending Spoons S.p.A. (Reality Tokenized)rBSP