Trade finance receivables
OTFY is a trade-finance token on Solana that gives holders a claim to returns from trade-finance investments. Obligate names the product Trade Finance Yield.
OTFY is a trade-finance token on Solana that gives holders a claim to returns from trade-finance investments. Obligate names the product Trade Finance Yield.
“oTFY Trade Finance Yield”
“Obligate Trade Finance Yield OTFY”
“To subscribe to the oTFY eTracker, investors must first complete”
“oTFY is a multi-blockchain token issued by a Luxembourg securitization vehicle pursuant to the Luxembourg Securitisation Law and the Swiss DLT Act.”
Underlying
Physical commodities
Yield
Target 10%
Issuer
Obligate AG
Approved investors complete KYC or KYB, whitelist wallets, and transfer USDC or USDT by weekly subscription dates. The issuer confirms payment and delivers eTracker tokens to each investor’s designated wallet. Real-world corporate obligations produce fixed yield, while scheduled payments fund claims through payment-redemption tokens. The sources describe different subscription and redemption structures, leaving oTFY’s exact exit mechanism disputed.
Disputed“Complete the KYC process & KYB (for companies only) with our provider Sumsub.”
“Furthermore, you need to register the wallets you would like to use in your account. This allows Obligate to whitelist the wallets within our platform.”
“Base Assets USDC USDT”
“Once approved, investors can participate in the weekly subscription process by transferring USD stablecoins (such as USDC or USDT) to the Issuer's designated wallet address no later than the weekly Subscription Date.”
“Weekly subscription processing dates occur at weekly intervals starting seven calendar days after the first issuance date.”
“Upon receiving the proceeds, the Issuer confirms the transaction and, with the support of the Tokenization Platform, issues the corresponding eTracker tokens directly to the investor's designated wallet address.”
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“The publishing date is the date on which the issuance program is published on the marketplace of obligate.com. Investors can then subscribe to the issuance program until the book building deadline.”
Underlying issuer
“TradeFlow Capital Management is a Singapore-based investment manager and fintech innovator specialising in bulk commodity trade.”
“TradeFlow Issued senior bond eNotes on the Obligate platform with fund transactions backed by liquid commodities, leveraging automated settlement, issuance and global legal compliance”
Pool-wide metrics
Structure & quality
Growth of $10,000 over all history
$10,025.16
+$25.16As of August 8, 2026
Since inception
OTFY
+0.70%
Shared legal identity, ownership, people, incidents, and channels.
The legal claim, governing regime, and holder protections if the structure fails.
Protects holders if the issuer fails.
“Regulatory Framework Switzerland DLT Act FINMA - Swiss Financial Market Supervisory Authority”
“Obligate AG is a member of VQF, a Swiss FINMA regulated AML SRO, and a financial intermediary.”
The settlement ladder for exiting your position.
“At the scheduled coupon payment date every holder of the eNote will receive a transferable payment redemption token. Using it investor claims the payment from the escrow.”
Concentration
The strategy depends on borrower repayment
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“The risk of default on a lending platform is the potential for a borrower to not be able to repay the eNotes by the maturity date.”
Current onchain authority configuration first, followed by documented operational controls.
Supply and mint authority
Networks
“The funds are kept in an escrow account before issuance date and will only be transferred to the borrower on the issuance date.”
“On each scheduled payment date eNotes holders will receive payment redemption tokens that allow them to claim the repaid amount from the escrow.”
“The wallet the holds eNote at the scheduled payment date receives the redemption token. Remember that only the wallet holding the payment redemption token can claim the repayment on maturity.”
“The maturity of a bond is the date on which the bond issuer is required to pay back the principal amount borrowed and any accumulated interest to the eNote holder.”
Each eNote specifies its interest rate, coupon frequency, tenor, and maturity.
“Commodity Finance Tradeflow USD Fund”
“Since 2021, TradeFlow’s investment strategies have achieved investment-grade ratings”
“The details page of the issuance program gives you an overview of the issuance terms (i.e. interest rate, coupon frequency, tenor, book building deadline, and maturity date) and a preview of the eNotes.”
1 holdings · sorted by weight
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“These investment-grade bonds are issued by a separate segregated portfolio company domiciled in the Cayman Isl...”
Since inception
OTFY
+0.25%
Key people
Key people
Matthias Wyss served as Chief Strategy Officer in February 2024 and was CEO by February 2025.
Tobias Wohlfarth was Deputy CEO.
Service providers
Backers
Exponential Science Capital led Obligate's October 2025 capital increase.
Khalid Howladar also invested.
Official channels
“Obligate is a member of VQF, a Swiss FINMA-regulated AML SRO, and operates as a financial intermediary under the Swiss Anti-Money Laundering Act.”
“Institutional and qualified investors can access regulated on-chain private credit and structured investment products with full compliance under the Swiss DLT Act through the Obligate platform.”
“Obligate pre-identifies and whitelists primary market participants.”
“Bond holders can transfer their ERC20 bond tokens freely, unless restricted by the issuer.”
“generate an ISIN, secure with collateral off-chain and limit transferability to whitelisted ecosystem.”
“The account needs to be verified by a member of the Obligate team.”
Apex Group can serve as security agent. Holders claim settlements through token-linked rights and signed legal documentation. The evidence does not establish creditor priority.
“Please remember eNote protocol does not suggest any grace period for scheduled payments. If the payment deadline is missed, the security will be flagged as defaulted the very next second.”
“On Obligate, issuers are able to optionally secure their bonds with collateral. This adds a security agreement to the bond which in case of default leads to the liquidation of the provided collateral.”
“Collateral could be digital assets but also deliverables. Obligate works with Apex Group as a security agent to provide those services to customers.”
“Custom metadata describing the security will allow for the settlement of a note by the issuer of the security and claiming the settlement by holders of the security. It also includes links to permastorage for legal documentation which is being signed by participating parties.”
“On maturity the issuer repays the entire obligation (principal and the last coupon) into escrow. Investors will get the payment redemption tokens at maturity of the eNote and will be able to settle the bond by burning their tokens and receiving the final payments in exchange.”
“At maturity, issuers repay principal and coupon, allowing bond holders to burn their tokens for repayment.”
Underlying / economic
Real-world corporate borrowers provide the fixed-yield private-credit return
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“The risk of default on a lending platform is the potential for a borrower to not be able to repay the eNotes by the maturity date.”
Regulatory
Obligate AG operates as a Swiss AML financial intermediary and belongs to FINMA-supervised VQF
Regulators state tokenized securities remain securities. Federal securities laws continue applying to covered onchain activities. Securities, investment-company, or adviser rules could restrict oTFY distribution or operation, depending on its facts. oTFY limits eligible investors to non-U.S. accredited investors.
“Obligate AG is a financial intermediary under the Swiss Anti-Money Laundering Act”
“a member of the Financial Services Standards Association (VQF), an Anti-Money Laundering Self-Regulatory Organization (SRO) regulated and supervised by the Swiss Financial Market Supervisory Authority (FINMA).”
“Last summer, I issued a statement reminding market participants that “[t]okenized securities are still securities.””
“Moving activities that fall within the scope of the federal securities laws onchain, as a general matter, does not take those activities outside the scope of the laws the Commission administers.”
“A vault that holds securities or allocates assets to investments in securities could fall into investment company territory.”
“Involvement in managing vaults and lending strategies also may implicate investment adviser issues.”
“Whether a particular vault or lending strategy’s structure and activities are within the scope of the federal securities laws will come down to the specific facts and circumstances.”
“Eligible Investors Non-U.S. Accredited Investor”
Custodian
Investors bear responsibility for safeguarding private keys controlling self-custodied assets
Dfns disruption could interrupt the issuance lifecycle.
“As the owner of the digital assets, it is your responsibility to take the necessary precautions to safeguard your private keys and protect against unauthorized access.”
“Today, we are proud to announce that Obligate is integrating Dfns into its platform as the newest wallet infrastructure.”
“With Dfns, Obligate gets access to a programmable wallet layer that sits underneath the full issuance lifecycle: issuer wallets, investor wallets, treasury wallets, and the settlement flows that connect them.”
Credit / counterparty
Real-world corporate borrowers are the backing’s credit counterparties
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“The risk of default on a lending platform is the potential for a borrower to not be able to repay the eNotes by the maturity date.”
Hack / smart contract
Holders face smart-contract, blockchain-infrastructure, interoperability, and onchain-enforceability risks across Polygon, Ethereum, and connected networks
“Yet these benefits also introduce new risk dimensions: smart contract vulnerabilities, blockchain infrastructure dependencies, cross-chain interoperability risks, and questions of on-chain legal enforceability — that fall outside the scope of traditional credit analysis.”
“The Obligate platform enables BulletBond issuances using smart contracts, deployed on Polygon PoS.”
“Coupon payments, principal repayment, and maturity events are handled autonomously via smart contracts on Polygon or Ethereum. Transparent, auditable, and immutable.”
Exit risk
Investors must provide seven days’ notice for weekly redemptions
Excess requests receive pro-rata payouts, and investors must resubmit unpaid balances.
“Liquidity: Weekly”
“Redemption Time Weekly”
“Investors can request to redeem any portion of their holdings weekly by submitting a written redemption notice.12 To get their money out, investors must submit this notice at least 7 calendar days prior to a weekly redemption valuation date.”
“Under normal market conditions, the vault targets a weekly processing capacity of at least 1/12 of the Net Asset Value (NAV).”
“If total weekly redemption requests exceed available cash or realisable assets, payouts are scaled back on a pro-rata basis among all redeeming holders, and any unfulfilled excess amount must be resubmitted via a new notice for a subsequent week”
“Credora is an end-to-end lending solution facilitating credit by validating real-time risk metrics in a zero-knowledge environment.”
“oTFY Trade Finance Yield Underlying eNote bonds as products 10 % 60 days USDC + others”
Obligate describes the underlying assets as corporate debt that pays fixed yield. TradeFlow instead describes its commodity-trade funds as non-credit investments.
“Obligate Trade Finance Yield OTFY”
“An eNote is an unconditional promise to pay a specific sum to another party at a specific future date and can be modularly structured to fit any financing purpose.”
“The maturity of a bond is the date on which the bond issuer is required to pay back the principal amount borrowed and any accumulated interest to the eNote holder.”
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“TradeFlow Capital Management’s Funds are a digitalised, non-credit approach to enabling physical commodity import/export transactions offering attractive, stable returns to investors.”
“To facilitate this, OpenTrade utilized the Obligate platform, which provides on-chain private debt instruments issued by real-world companies.”
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“TradeFlow Capital Management’s Funds are a digitalised, non-credit approach to enabling physical commodity import/export transactions offering attractive, stable returns to investors.”
“The firm utilises its proprietary Risk Transformation Engine™ (RTE) to structure physical commodity import/export trade transactions all over the world into institutional-grade, asset-backed investments.”
“By focusing on a non-credit approach, taking legal title to goods rather than lending, TradeFlow provides investors with stable, uncorrelated returns while addressing the global trade finance gap.”
“Today, we are proud to announce that Obligate is integrating Dfns into its platform as the newest wallet infrastructure.”
“With Dfns, Obligate gets access to a programmable wallet layer that sits underneath the full issuance lifecycle: issuer wallets, investor wallets, treasury wallets, and the settlement flows that connect them.”
“Every action runs through Dfns’ governance and policy engine, with multi-approval workflows, WebAuthn-based authentication, and end-to-end transaction visibility.”
“The risk of default on a lending platform is the potential for a borrower to not be able to repay the eNotes by the maturity date.”
“As the owner of the digital assets, it is your responsibility to take the necessary precautions to safeguard your private keys and protect against unauthorized access.”
“Commissioner Hester M. Peirce, Enchanting, but Not Magical: A Statement on the Tokenization of Securities (July 9, 2025), https://www.sec.gov/newsroom/speeches-statements/peirce-statement-tokenized-securities-070925”
“Eligible Investors Non-U.S. Accredited Investor”
“Investors can request to redeem any portion of their holdings weekly by submitting a written redemption notice.12 To get their money out, investors must submit this notice at least 7 calendar days prior to a weekly redemption valuation date.”
“Following that valuation date, cash settlement proceeds are processed and transferred to the investor's wallet within 2 business days.1”
“Under normal market conditions, the vault targets a weekly processing capacity of at least 1/12 of the Net Asset Value (NAV).”
“If total weekly redemption requests exceed available cash or realisable assets, payouts are scaled back on a pro-rata basis among all redeeming holders, and any unfulfilled excess amount must be resubmitted via a new notice for a subsequent week”
“Redemption Time Weekly”
“The maturity of a bond is the date on which the bond issuer is required to pay back the principal amount borrowed and any accumulated interest to the eNote holder.”
“The eNotes are now repaid and the redemption amount can be claimed by the investors. Once all investors have reclaimed their redemption, the eNote status will change to "settled".”
“OpenTrade Partners with Obligate to Expand Private Credit-Backed Suite of Stablecoin Yield Products”
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“[eNote legal framework](https://docs.obligate.com/legal/enote-legal-framework)”
“ENote Protocol”
“Version 1.0.0 January 2026 Published”
Obligate requires qualified investors and professional clients to complete KYC onboarding. The evidence does not specify secondary-holding eligibility or further excluded jurisdictions.
“Eligible Investors Non-U.S. Accredited Investor”
“Qualified investors and professional clients can onboard after a KYC process.”
“with our provider Sumsub”
The vault prorates excess requests and requires new notices for unfilled amounts, delaying exits.
“Investors can request to redeem any portion of their holdings weekly by submitting a written redemption notice.12 To get their money out, investors must submit this notice at least 7 calendar days prior to a weekly redemption valuation date.”
“Under normal market conditions, the vault targets a weekly processing capacity of at least 1/12 of the Net Asset Value (NAV).”
“If total weekly redemption requests exceed available cash or realisable assets, payouts are scaled back on a pro-rata basis among all redeeming holders, and any unfulfilled excess amount must be resubmitted via a new notice for a subsequent week”
“Yet these benefits also introduce new risk dimensions: smart contract vulnerabilities, blockchain infrastructure dependencies, cross-chain interoperability risks, and questions of on-chain legal enforceability — that fall outside the scope of traditional credit analysis.”
“Obligate will enable interoperability of its flagship products across multiple networks, in particular Hedera, Canton, Solana, and multiple others to follow.”
Dfns routes platform actions through multi-approval governance and WebAuthn authentication.
“Yet these benefits also introduce new risk dimensions: smart contract vulnerabilities, blockchain infrastructure dependencies, cross-chain interoperability risks, and questions of on-chain legal enforceability — that fall outside the scope of traditional credit analysis.”
“As the owner of the digital assets, it is your responsibility to take the necessary precautions to safeguard your private keys and protect against unauthorized access.”
“Every action runs through Dfns’ governance and policy engine, with multi-approval workflows, WebAuthn-based authentication, and end-to-end transaction visibility.”
The evidence gives no holder recovery waterfall if Obligate or OpenTrade fails.
“all supported through a bankruptcy-remote legal framework and best-in-class on-chain vault infrastructure.”
“The funds are kept in an escrow account before issuance date and will only be transferred to the borrower on the issuance date.”
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“The risk of default on a lending platform is the potential for a borrower to not be able to repay the eNotes by the maturity date.”
“The maturity of a bond is the date on which the bond issuer is required to pay back the principal amount borrowed and any accumulated interest to the eNote holder.”
Investors must resubmit unfilled amounts in a later weekly window.
“Under normal market conditions, the vault targets a weekly processing capacity of at least 1/12 of the Net Asset Value (NAV).”
“If total weekly redemption requests exceed available cash or realisable assets, payouts are scaled back on a pro-rata basis among all redeeming holders, and any unfulfilled excess amount must be resubmitted via a new notice for a subsequent week”
“Solana Native Distributed SPL”
“Redemption Fees 0 %”
“Subscription Fees 0 %”
“No upfront subscription or entry fees are charged to investors during this process.”
“Performance Fees 10.00 %”
“Management Fees 1.00 %”
“The infrastructure is built on DFNS, the core banking platform for digital assets, providing the wallets, key security, and policy-based governance behind the issuance, with multi-approver quorums and granular access controls enforced at the infrastructure layer and a complete, auditable record of every action.”
“Solana Native Distributed SPL”
“Solana Native Distributed SPL”
Obligate provides no secondary market, but eNotes may transfer off-platform. The corpus does not establish oTFY's specific whitelist or freezing status.
“The account needs to be verified by a member of the Obligate team.”
“Complete the KYC process & KYB (for companies only) with our provider Sumsub.”
“generate an ISIN, secure with collateral off-chain and limit transferability to whitelisted ecosystem.”
“Currently Obligate does not offer a secondary market for eNotes. If you would like to transfer your eNote to someone else or another wallet, you can do this outside of our platform.”
Claimants initiate proceedings electronically with the Swiss Arbitration Centre. The issuer must answer as respondent. Proceedings use an expedited, document-based process before one arbitrator. Holders may enforce awards under the New York Convention through relevant local authorities. The scheduled-date eNote holder receives a redemption token. Only its wallet may claim the associated escrowed repayment. The corpus does not establish oTFY holders' direct claim, asset controller, or insolvency priority.
“Please remember eNote protocol does not suggest any grace period for scheduled payments. If the payment deadline is missed, the security will be flagged as defaulted the very next second.”
“All transaction parties will enter into and be bound by arbitration agreements, which forms part of the eNote Registration Agreement (to which the issuer, first taker and all subsequent holders are bound).”
“The terms subject all eNote-related disputes to arbitration in Switzerland.”
“To initiate the arbitration procedure, the claiming party (“Claimant”) shall (electronically) submit a Notice of Arbitration to the Swiss Arbitration Court Secretariat of the Swiss Arbitration Centre ( centre@swissarbitration.org ).”
“As a following step, the issuer (“Respondent”) will have to submit an answer.”
“The terms foresee an expedited, document-based procedure and a sole arbitrator.”
“The arbitral award is enforceable under the New York Convention on the Recognition and Enforceability of Arbitral Awards (“NYC”).”
“This arbitral award can be presented to any relevant local public enforcement authority or court and will be granted enforcement without a further review of its merits.”
“On each scheduled payment date eNotes holders will receive payment redemption tokens that allow them to claim the repaid amount from the escrow.”
“The wallet the holds eNote at the scheduled payment date receives the redemption token. Remember that only the wallet holding the payment redemption token can claim the repayment on maturity.”
“The issuance was carried out through a Luxembourg securitisation vehicle”
“Domicile Luxembourg”
“Regulatory Framework Switzerland DLT Act FINMA - Swiss Financial Market Supervisory Authority”
“Institutional and qualified investors can access regulated on-chain private credit and structured investment products with full compliance under the Swiss DLT Act through the Obligate platform.”
“Obligate AG is a member of VQF, a Swiss FINMA regulated AML SRO, and a financial intermediary according to article 2 paragraph 3 ff. of the Swiss Anti-Money Laundering Act.”
“a financial intermediary according to article 2 paragraph 3 ff. of the Swiss Anti-Money Laundering Act.”
“Auditor Deloitte”
“with IQ-EQ acting as corporate service provider and calculation agent, reinforcing a robust and independent governance framework aligned with institutional best practices.”
“Morgan Lewis acted as legal counsel in connection with the transaction, advising on the legal structuring and documentation of the issuance and supporting its implementation within an institutional-grade legal and regulatory framework.”
“The solution provides access to a private debt strategy focused on real asset-backed financing, supported by Eiffel Investment Group’s expertise in its capacity as adviser to the underlying strategy.”
“The issuance framework establishes a direct link between on-chain investor subscriptions and the financing of a pool of real asset-backed short-term loans, originated by Fiduciam and advised by Eiffel Investment Group”
Verified SV’s earlier operating history is undisclosed.
“Obligate Brings $200m Trade-Finance RWA Product oTFY to Solana, Opening Onchain Lending Markets to Real-World Assets”
“Obligate's Flagship RWA Product oTFY Goes Live on Kamino, Powered by Chainlink, Unlocking Onchain Leverage on Institutional-Grade RWAs”
“Inception Date 06/30/2026”
“Obligate Brings $200m Trade-Finance RWA Product oTFY to Solana, Opening Onchain Lending Markets to Real-World Assets”
“oTFY is a multi-blockchain token issued by a Luxembourg securitization vehicle pursuant to the Luxembourg Securitisation Law and the Swiss DLT Act.”
“Obligate is a digital securities infrastructure provider enabling the issuance and distribution of regulated on-chain financial instruments.”
“Obligate is providing a secure, transparent, and regulatory compliant platform for the issuance, trading, and lifecycle management of debt instruments natively issued on the blockchain.”
“Issuer Verified SV”
“oTFY is a multi-blockchain token issued by a Luxembourg securitization vehicle pursuant to the Luxembourg Securitisation Law and the Swiss DLT Act.”
“Issuer LEI 98450067DE8910C77757”
“Use Of Income Accumulates”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“You can subscribe to bond issuance programs and earn interest on the principal amount at maturity.”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“These investment-grade bonds are issued by a separate segregated portfolio company domiciled in the Cayman Isl...”
“The details page of the issuance program gives you an overview of the issuance terms (i.e. interest rate, coupon frequency, tenor, book building deadline, and maturity date) and a preview of the eNotes.”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“These investment-grade bonds are issued by a separate segregated portfolio company domiciled in the Cayman Isl...”
“a native digital issuance of eNotesTM backed by a pool of short-term financings secured by underlying real assets across the UK, Germany, Spain and Ireland, dedicated to professional investors.”
“The issuance framework establishes a direct link between on-chain investor subscriptions and the financing of a pool of real asset-backed short-term loans, originated by Fiduciam and advised by Eiffel Investment Group”
“This transaction marks the launch of a pioneering fully native digital asset providing direct exposure to a diversified portfolio of asset-backed private credit investments”
“Jul 2, 2026”
“Asset Class Asset-Backed Credit”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“This transaction marks the launch of a pioneering fully native digital asset providing direct exposure to a diversified portfolio of asset-backed private credit investments”
Income accumulates in portfolio net asset value. The corpus does not disclose oTFY-specific redemption timing or exit procedures.
“Weekly subscription processing dates occur at weekly intervals starting seven calendar days after the first issuance date.”
“Once approved, investors can participate in the weekly subscription process by transferring USD stablecoins (such as USDC or USDT) to the Issuer's designated wallet address no later than the weekly Subscription Date.”
“Base Assets USDC USDT”
“Upon receiving the proceeds, the Issuer confirms the transaction and, with the support of the Tokenization Platform, issues the corresponding eTracker tokens directly to the investor's designated wallet address.”
“Use Of Income Accumulates”
Excess requests receive pro-rata payouts and require new notices.
“Investors can request to redeem any portion of their holdings weekly by submitting a written redemption notice.12 To get their money out, investors must submit this notice at least 7 calendar days prior to a weekly redemption valuation date.”
“Under normal market conditions, the vault targets a weekly processing capacity of at least 1/12 of the Net Asset Value (NAV).”
“If total weekly redemption requests exceed available cash or realisable assets, payouts are scaled back on a pro-rata basis among all redeeming holders, and any unfulfilled excess amount must be resubmitted via a new notice for a subsequent week”
“Redemption Time Weekly”
The corpus provides no onboarding turnaround time.
“Complete the KYC process & KYB (for companies only) with our provider Sumsub.”
“with our provider Sumsub”
Authorities may treat tokenized notes as securities. Securities, investment-company, or adviser requirements could restrict operations or investor access.
“Obligate AG is a member of VQF, a Swiss FINMA regulated AML SRO, and a financial intermediary.”
“Obligate AG is a financial intermediary under the Swiss Anti-Money Laundering Act”
“a member of the Financial Services Standards Association (VQF), an Anti-Money Laundering Self-Regulatory Organization (SRO) regulated and supervised by the Swiss Financial Market Supervisory Authority (FINMA).”
“Last summer, I issued a statement reminding market participants that “[t]okenized securities are still securities.””
“Moving activities that fall within the scope of the federal securities laws onchain, as a general matter, does not take those activities outside the scope of the laws the Commission administers.”
“A vault that holds securities or allocates assets to investments in securities could fall into investment company territory.”
“onchain loans, depending on the parties’ motivations, the plan of distribution, and other relevant factors, can bear the hallmarks of notes that are securities.”
“Involvement in managing vaults and lending strategies also may implicate investment adviser issues.”
“Whether a particular vault or lending strategy’s structure and activities are within the scope of the federal securities laws will come down to the specific facts and circumstances.”
“As the owner of the digital assets, it is your responsibility to take the necessary precautions to safeguard your private keys and protect against unauthorized access.”
“Today, we are proud to announce that Obligate is integrating Dfns into its platform as the newest wallet infrastructure.”
“With Dfns, Obligate gets access to a programmable wallet layer that sits underneath the full issuance lifecycle: issuer wallets, investor wallets, treasury wallets, and the settlement flows that connect them.”
“Every action runs through Dfns’ governance and policy engine, with multi-approval workflows, WebAuthn-based authentication, and end-to-end transaction visibility.”
“The risk of default on a lending platform is the potential for a borrower to not be able to repay the eNotes by the maturity date.”
“You can subscribe to bond issuance programs and earn interest on the principal amount at maturity.”
“The issuance terms and interest rate are set by borrowers.”
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“Obligate's Flagship RWA Product oTFY Goes Live on Kamino, Powered by Chainlink, Unlocking Onchain Leverage on Institutional-Grade RWAs”
“Matthias Wyss, Chief Strategy Officer at Obligate, added:”
“Matthias Wyss, Chief Executive Officer of Obligate, on strategic objectives unlocked with the funding round:”
“— Tobias Wohlfarth , Chief Business Officer and Deputy CEO at Obligate .”
“Feb 12, 2026”
“Obligate, a leader in on-chain capital markets, has successfully completed a US$ 3 million capital increase, led by Exponential Science Capital alongside a public crowdfunding campaign.”
“Obligate welcomes various industry insiders investing alongside more than 150 new investors participating through a Republic Europe crowdfunding campaign.”
“joined by prominent industry insiders Yuval Rooz (Founder of Digital Asset & Canton Network), Seamus Donoghue (former Chief Growth Officer at Metaco and VP Growth at Ripple), and Khalid Howladar (former Moody’s Head of GCC Banks & Securitization, Global Head of Islamic Finance).”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
“XBTO, Obligate and IQ-EQ, together with Eiffel Investment Group as investment adviser to the underlying strategy, complete a pioneering fully native digital asset issuance providing exposure to real asset-backed private credit investments | by Obligate | Jul, 2026 | Medium”
“dedicated to professional investors”
“On each scheduled payment date eNotes holders will receive payment redemption tokens that allow them to claim the repaid amount from the escrow.”
“The wallet the holds eNote at the scheduled payment date receives the redemption token. Remember that only the wallet holding the payment redemption token can claim the repayment on maturity.”
“OpenTrade Partners with Obligate to Expand Private Credit-Backed Suite of Stablecoin Yield Products”
“Investors can request to redeem any portion of their holdings weekly by submitting a written redemption notice.12 To get their money out, investors must submit this notice at least 7 calendar days prior to a weekly redemption valuation date.”
“Following that valuation date, cash settlement proceeds are processed and transferred to the investor's wallet within 2 business days.1”
An unnamed escrow holds investor funds until issuance.
DFNS supplies issuance wallets and key-security infrastructure.
“The funds are kept in an escrow account before issuance date and will only be transferred to the borrower on the issuance date.”
“On the issuance date, the funds paid by the investors will be released from the escrow account and transferred to your wallet. In return the eNotes will be issued and transferred to the investors.”
“The infrastructure is built on DFNS, the core banking platform for digital assets, providing the wallets, key security, and policy-based governance behind the issuance, with multi-approver quorums and granular access controls enforced at the infrastructure layer and a complete, auditable record of every action.”
“Today, we are proud to announce that Obligate is integrating Dfns into its platform as the newest wallet infrastructure.”
“With Dfns, Obligate gets access to a programmable wallet layer that sits underneath the full issuance lifecycle: issuer wallets, investor wallets, treasury wallets, and the settlement flows that connect them.”
“Please remember eNote protocol does not suggest any grace period for scheduled payments. If the payment deadline is missed, the security will be flagged as defaulted the very next second.”
“TradeFlow Issued senior bond eNotes on the Obligate platform with fund transactions backed by liquid commodities, leveraging automated settlement, issuance and global legal compliance”
“Yet these benefits also introduce new risk dimensions: smart contract vulnerabilities, blockchain infrastructure dependencies, cross-chain interoperability risks, and questions of on-chain legal enforceability — that fall outside the scope of traditional credit analysis.”
“Obligate , a leading platform for on-chain bonds and structured products, today announced a strategic partnership with Particula , the prime rating provider for digital assets.”
“3 min read · Jun 17, 2024”
“Issued as a Swiss ledger-based security and its underlying assets managed by TradeFlow Capital Management”
“its underlying assets managed by TradeFlow Capital Management”
“the product turns the financing of physical commodity trade into a tradable, onchain instrument”
“oTFY is designed to accrue value continuously and to offer weekly liquidity”
“ENote Protocol”
“Version 1.0.0 January 2026 Published”
“Chainlink infrastructure bringing key NAV data for oTFY onchain”
“oTFY is designed to accrue value continuously and to offer weekly liquidity”
“oTFY is designed to accrue value continuously and to offer weekly liquidity”
“has been pentested and audited by Quarkslab, IBM, KPMG, Halborn, and Kudelski Security.”
“Dfns holds SOC 2 Type II, ISO 27001, ISO 27017, ISO 27018, ISO 22301, and CCSS Level 3 certifications”
Dfns gates actions through multi-approval workflows and WebAuthn.
“The operator (Obligate) determines the off-chain terms and allocations, with issuers confirming their correctness through on-chain signatures which deploys the bond and opens the funding window.”
“The issuance program needs to be reviewed by obligate.com member. We will notify you once the program is approved and published on the obligate.com marketplace.”
“Every action runs through Dfns’ governance and policy engine, with multi-approval workflows, WebAuthn-based authentication, and end-to-end transaction visibility.”
Issuers define transfer restrictions during book building.
“If the financing goal is not met, the issuer can decide to either execute the issuance partially and the investors having subscribed are obligated to pay their investment amounts, or to cancel the issuance.”
“If the financing goal is not met, the you can decide to either execute the issuance partially and the investors having subscribed proceed to pay their investment amounts, or to cancel the issuance.”
“You can cancel an issuance program any time, as long as no investor has subscribed to it yet.”
“During this phase, issuers define the bond's structure, including interest rates, coupon frequency, maturity, and any transfer restrictions.”
“You can subscribe to bond issuance programs and earn interest on the principal amount at maturity.”
“Singapore / Zurich, Switzerland — February 22, 2024 — InvestaX , a Singapore Licensed Tokenization Software-as-a-Service (SaaS) Platform in Asia, and Obligate , the leading platform in structuring, issuance, and distribution of on-chain debt instruments, today announce a strategic partnership.”
“Zurich, Switzerland — February 5, 2024 — Obligate has formed a strategic partnership with Archax , a digital asset services provider based in London.”
“Obligate, a leader in on-chain capital markets, has successfully completed a US$ 3 million capital increase, led by Exponential Science Capital alongside a public crowdfunding campaign.”
“AllUnity , Tradeflow and Obligate today announced a strategic collaboration that includes integration of AllUnity ’s regulated EUR-denominated stablecoin EURAU into the Obligate platform.”
“Obligate , a leading platform for on-chain bonds and structured products, today announced a strategic partnership with Particula , the prime rating provider for digital assets.”
Issuer entity d255457b-527f-44fb-a0c2-2386bc476c4a · last updated 2026-08-09T21:08:58.922Z
Underlying issuer entity ff959b21-725f-4c2a-8572-9312ee935261 · last updated 2026-08-07T11:31:13.321Z
0 source channels auto-trusted this run (revocable in Autoresearch)
ingest · ingest · ok
plan · plan · ok
synthesize · synthesize · ok
27 of 44 fields verified · 0 unverified · 0 not found
Run 2026-08-09T21:08:58.962Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.