rVSXY is a tokenized representation of Victoria's Secret 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 Victoria's Secret, which trades under the ticker VSXY 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: "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" },
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    { 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" },
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# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

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

Victoria's Secret (Reality Tokenized) (rVSXY) is a tokenized exposure to VSXY 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 consumer discretionary 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.

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

Victoria's Secret (Reality Tokenized)rVSXY