rSTLD is a tokenized representation of Steel Dynamics 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 Steel Dynamics, which trades under the ticker STLD 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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# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

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

Steel Dynamics (Reality Tokenized) (rSTLD) is a tokenized exposure to STLD 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 materials sector in North America.

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.

rSTLD has been issued on Arbitrum One as an ERC-20 token since August 2026.

Steel Dynamics (Reality Tokenized)rSTLD