oTFY is a private-credit token that gives holders an economic claim tied to a revolving trade-finance bond portfolio. The portfolio primarily holds Swiss-law investment-grade bonds issued by a Cayman Islands segregated portfolio company.
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oTFY is a private-credit token that gives holders an economic claim tied to a revolving trade-finance bond portfolio. The portfolio primarily holds Swiss-law investment-grade bonds issued by a Cayman Islands segregated portfolio company.
“These investment-grade bonds are issued by a separate segregated portfolio company domiciled in the Cayman Islands with physical exposure to commodities and managed by a Singapore management company.”
“The underlying assets primarily consist of a revolving portfolio of investment-grade eNotes issued by a segregated portfolio company with physical exposure to liquid, globally traded bulk commodities that are fungible and in consistent demand across multiple jurisdictions.”
“The product is managed by TradeFlow Capital Management and turns the financing of physical commodity trade into a tradable, on-chain instrument.”
Overview
◇
Underlying
Physical commodities
Yield
Target 10%
◎
Issuer
Obligate AG
How OTFY works
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.
“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.”
“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.”
“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.”
Pending verification (3)
Yield mechanics
OTFY accumulates portfolio income rather than distributing it, so income accrues into the net asset value represented by the holder's claim.UnverifiedMoreSources · 2
“oTFY is designed to accrue value continuously and to offer weekly liquidity”
Onboarding
Obligate requires investors to complete KYB and KYC checks and submit the required information and documents; the source gives no oTFY-specific onboarding process.UnverifiedMoreSources · 1
“[KYB / KYC](https://docs.obligate.com/obligate-for-investors/getting-started/kyb-kyc.md): This page describes the information and documents needed for our KYB & KYC”
“TradeFlow Issued senior bond eNotes on the Obligate platform with fund transactions backed by liquid commodities, leveraging automated settlement, issuance and global legal compliance”
Portfolio overview
Pool-wide metrics
Yield source
Performance
Growth
Growth of $10,000 over all history
$10,025.16
+$25.16
Returns
As of August 8, 2026
Since inception
OTFY
+0.70%
Issuer
Obligate AG
Issuer
Obligate AG provides blockchain infrastructure for issuing and managing digital debt instruments. It operates a platform for on-chain bonds and structured products. The company is based in Switzerland.
Structural credibility
Shared legal identity, ownership, people, incidents, and channels.
Jurisdiction
Switzerland
Legal & regulatory structure
The legal claim, governing regime, and holder protections if the structure fails.
✓
Legal wrapper
Protects holders if the issuer fails.
Transfer restrictions
OTFY token accounts are freezable: the freeze authority A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm can halt transfers from affected accounts until it thaws them.MoreSources · 1
The arbitral award is enforceable under the New York Convention; a successful claimant can present it to any relevant local public enforcement authority or court, which grants enforcement without further review of the merits.
Custody
Where the backing sits, who can touch it, and which independent checks apply.
“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.”
“There are no fees incurred for unsuccessful book-building programs.”
0%
—
Total cost to hold $10,000 for 1 year
$0.00
Redemption
The settlement ladder for exiting your position.
Secondary
T+2
Obligate operates no eNote secondary market; oTFY trades on third-party DeFi protocols at market price with 24/7 trading subject to market liquidity.MoreSources · 2
“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.”
“- Trade via third-party DeFi protocols at market price
- 24/7 trading, subject to market liquidity”
Minimum0
Risks & protections
Concentration
OTFY depends on TradeFlow Capital Management for asset management, Chainlink for onchain NAV data delivery, and RockawayX for Kamino lending risk controls, creating provider-specific failure points
⌄
OTFY depends on TradeFlow Capital Management for asset management, Chainlink for onchain NAV data delivery, and RockawayX for Kamino lending risk controls, creating provider-specific failure points.MoreSources · 3
“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.”
Yield source
Investor returns come from physical commodity import and export transactions, which TradeFlow structures into institutional-grade, asset-backed investments through its proprietary Risk Transformation Engine.UnverifiedMoreSources · 3
“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.”
Yield comes from financing physical commodity import/export trades; TradeFlow structures them into asset-backed investments and ties returns to legal title over goods, not loans.DisputedMoreSources · 3
“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.”
“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.”
Structure & quality
TradeFlow USD Fund carries a BBB rating. TradeFlow strategies have held investment-grade ratings since 2021.DisputedMore
Each eNote specifies its interest rate, coupon frequency, tenor, and maturity.
“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.”
Portfolio composition
1 holdings · sorted by weight
Trade finance bonds
Primary portfolio exposure; Swiss-law trade-finance bonds issued by a Cayman Islands segregated portfolio company as of 2026-08-07MoreSources · 2
“These investment-grade bonds are issued by a separate segregated portfolio company domiciled in the Cayman Isl...”
Pending verification (2)
Yield mechanics
OTFY accumulates portfolio income rather than distributing it, so income accrues into the net asset value represented by the holder's claim.UnverifiedMoreSources · 2
“oTFY is designed to accrue value continuously and to offer weekly liquidity”
Yield source
Investor returns come from physical commodity import and export transactions, which TradeFlow structures into institutional-grade, asset-backed investments through its proprietary Risk Transformation Engine.UnverifiedMoreSources · 3
“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.”
Exponential Science Capital · Lead investor in capital increase · Led US$3 million capital increase, Republic Europe · Crowdfunding platform · Public crowdfunding campaign with 150+ investors
Key people
Matthias Wyss served as Chief Strategy Officer in February 2024 and was CEO by February 2025. Tobias Wohlfarth was Deputy CEO and Chief Business Officer by February 2026.
Key people
Matthias WyssRole detail
Matthias Wyss was Chief Strategy Officer at Obligate in February 2024 and CEO in February 2025 and April 2026.
Service providers
RockawayX
Backers
Exponential Science CapitalRole detail
Exponential Science Capital led Obligate's October 2025 capital increase.
“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.”
Regime
Luxembourg Securitisation Law and Switzerland DLT Act under FINMA; Obligate AG is a member of VQF, a Swiss FINMA-regulated AML SRO, and a financial intermediary under the Swiss Anti-Money Laundering Act.MoreSources · 3
“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.”
Failed book buildingVerified fee rate
0%
Total cost to hold $10,000 for 1 year$0.00
¹
Subject to change. Any update is shown in the buy form before you confirm a transaction.
Weekly
T+2
Weekly redemption of any portion of holdings via written notice submitted at least 7 calendar days before a weekly redemption valuation date; cash settlement within 2 business days after valuationDisputedMoreSources · 4
“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.”
“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.”
Minimum0
Maturity
T+2
Holders burn redemption tokens at maturity and receive principal plus the final coupon from escrow.DisputedMoreSources · 2
“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.”
“curates the market and manages its risk parameters on an ongoing basis”
Underlying / economic
Real-world corporate borrowers provide the fixed-yield private-credit return
⌄
Real-world corporate borrowers provide the fixed-yield private-credit return. Borrower default can prevent eNote repayment by maturity.DisputedMoreSources · 2
“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
⌄
Obligate AG operates as a Swiss AML financial intermediary and belongs to FINMA-supervised VQF. U.S.More
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.
“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).”
“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.”
“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.”
Borrowers that finance commodity trades can miss maturity payments, reducing portfolio cash and exposing oTFY holders to principal loss; Obligate's own risk disclosure defines platform default risk as a borrower failing to repay eNotes by maturity
⌄
Borrowers that finance commodity trades can miss maturity payments, reducing portfolio cash and exposing oTFY holders to principal loss; Obligate's own risk disclosure defines platform default risk as a borrower failing to repay eNotes by maturity.MoreSources · 2
“The information on this website is provided for general informational purposes only and does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instrument. Investments involve risk, including possible loss of principal.”
Custodian
OTFY assigns asset management to TradeFlow Capital Management, onchain NAV data delivery to Chainlink, and Kamino lending risk controls to RockawayX, so a failure of any one provider creates a distinct failure point for holders
⌄
OTFY assigns asset management to TradeFlow Capital Management, onchain NAV data delivery to Chainlink, and Kamino lending risk controls to RockawayX, so a failure of any one provider creates a distinct failure point for holders.MoreSources · 3
“holders may now use their institutional-grade trade-finance exposure as collateral, retaining exposure to trade-finance yields while borrowing against that same position to leverage exposure”
Hack / smart contract
Mint and freeze authority concentrate at the single externally-owned address A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm, so one key compromise or failure can hit both supply issuance and holders' ability to transfer
⌄
Mint and freeze authority concentrate at the single externally-owned address A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm, so one key compromise or failure can hit both supply issuance and holders' ability to transfer.MoreSources · 1
“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.”
“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”
BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h
A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm
Token extensions
NoneMoreSources · 1
BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h
Bridge configuration
None
Sources · 2
BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h
A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm
Authority multisig
None
Sources · 2
BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h
A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm
Monitoring and attestation
Chainlink infrastructure brings oTFY net asset value data onchain; the feed attests NAV data only, not reserves, mint or freeze authorities, or key custody.MoreSources · 1
“Chainlink infrastructure bringing key NAV data for oTFY onchain”
Claims vs chain
The DFNS controls announcement does not name oTFY, mint BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h, or authority A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm, so it cannot confirm those controls cover this token.MoreSources · 1
“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.”
Key management
Address A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm holds both mint and freeze authority for oTFY, concentrating both powers in one key with no visible multisig.MoreSources · 1
One configured Solana address (A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm) controls both oTFY minting and account freezing, concentrating two direct powers over holder tokens in a single authority.MoreSources · 3
“Chainlink infrastructure bringing key NAV data for oTFY onchain”
Supply and mint authority
Address A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm can mint new units of the inspected mint if the explorer entry reflects current chain state.MoreSources · 1
Peirce states that involvement in managing vaults and lending strategies may implicate investment adviser issues under US federal law.UnverifiedMoreSources · 1
“Involvement in managing vaults and lending strategies also may implicate investment adviser issues.”
Regime
The oTFY website states it is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any token in any jurisdiction where such action is prohibited or unlawful.UnverifiedMoreSources · 1
“This website is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any token in any jurisdiction where such action is prohibited or unlawful.”
How it works
Obligate's general investor guide lets an issuer partly execute an issuance that misses its financing goal (obligating subscribers to pay) or cancel it; this rule does not name oTFY.UnverifiedMoreSources · 1
“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.”
Canonical deployment
Obligate's glossary describes Polygon eNotes as ERC20 tokens, while oTFY itself operates on Solana; the ERC20 description does not apply to oTFY's Solana deployment.UnverifiedMoreSources · 3
An unconditional promise to pay a specific sum to another party on a specific future date (generic platform eNote definition, not oTFY-specific).UnverifiedMoreSources · 1
“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.”
Structure & quality
Obligate reports that TradeFlow's investment strategies achieved investment-grade ratings since 2021; no oTFY-specific rating is named.UnverifiedMoreSources · 1
“Since 2021, TradeFlow’s investment strategies have achieved investment-grade ratings”
Operating history
TradeFlow states it has worked in trade digitalisation since 2016; this supplies operating history but no oTFY-specific performance evidence.UnverifiedMoreSources · 1
“Since 2016, TradeFlow has remained a leader in the digitalisation of trade, providing a transparent and secure bridge between global SMEs and institutional capital.”
What the issuer does
Obligate states on its oTFY product page that it is a member of the Tokenized Asset Coalition.UnverifiedMoreSources · 1
“Obligate is a member of the Tokenized Asset Coalition.”
Who can hold/mint
The oTFY website states it is informational only and makes no offer to sell or solicitation to buy any token in any jurisdiction where such action is prohibited or unlawful.UnverifiedMoreSources · 1
“This website is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any token in any jurisdiction where such action is prohibited or unlawful.”
Networks
Obligate documents eNotes as ERC20 tokens on Polygon; this does not establish mechanics for oTFY's verified Solana deployment.UnverifiedMoreSources · 1
“For Polygon the tokens are ERC20-tokens and can be transferred like USDC.”
Oracle dependencies
The Chainlink integration is announced without any feed address, oracle account, publisher set, update rule, or freshness limit, so the oracle configuration cannot be verified onchain.UnverifiedMoreSources · 2
“Obligate's Flagship RWA Product oTFY Goes Live on Kamino, Powered by Chainlink, Unlocking Onchain Leverage on Institutional-Grade RWAs”
Concentration
RockawayX curates the Kamino market for oTFY and manages its risk parameters on an ongoing basis, concentrating operational control of that market in one external curator.UnverifiedMoreSources · 1
“curates the market and manages its risk parameters on an ongoing basis”
Bridge & oracle
Unavailable NAV data halts timely collateral valuation on Kamino and disrupts borrowing and liquidation decisions until valid updates resume.UnverifiedMoreSources · 2
“holders may now use their institutional-grade trade-finance exposure as collateral, retaining exposure to trade-finance yields while borrowing against that same position to leverage exposure”
“RockawayX , the leading digital asset investment firm with over $2 billion in assets under management”
Source documents
Obligate's products page at obligate.com/products is marked version 1.0.0 and published in January 2026; Obligate does not present it as oTFY final terms.UnverifiedMoreSources · 1
Obligate officially supports platform access on desktop systems through Chromium-based browsers such as Google Chrome, Microsoft Edge, and Brave.UnverifiedMoreSources · 1
“We officially support using the Obligate platform on desktop systems using browsers based on the Chromium engine, such as Google Chrome, Microsoft Edge, Brave, and others.”
Monitoring and attestation
Obligate states Chainlink infrastructure brings NAV data for oTFY onchain; the statement does not cover mint or freeze authority security, reserve backing attestation, or freeze-event monitoring.UnverifiedMoreSources · 1
“Chainlink infrastructure bringing key NAV data for oTFY onchain”
Claims vs chain
Obligate states its issuance infrastructure uses DFNS wallets with multi-approver quorums and granular access controls, but no cited source connects DFNS key management to the single authority address A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm shown onchain for oTFY.UnverifiedMoreSources · 2
“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 Explorer labels A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm as mint authority; the corpus does not establish whether minting requires any holder vote or other off-chain consent.UnverifiedMoreSources · 1
One address controls both the mint and freeze authority fields, so a single key compromise or failure could affect both new oTFY issuance and existing holders' ability to transfer.UnverifiedMoreSources · 1
Any unfulfilled excess redemption amount must be resubmitted via a new notice for a subsequent week, so unpaid holders must wait through another notice cycle.UnverifiedMoreSources · 1
“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”
Underlying / economic
Kamino lets holders borrow against oTFY to leverage their exposure, so a decline in oTFY's value can increase the holder's total loss beyond the unlevered loss.UnverifiedMoreSources · 1
“holders may now use their institutional-grade trade-finance exposure as collateral, retaining exposure to trade-finance yields while borrowing against that same position to leverage exposure”
Custodian
TradeFlow Capital Management manages oTFY's underlying assets; its failure can interrupt portfolio management and complicate recovery from the managed assets.UnverifiedMoreSources · 2
“Issued as a Swiss ledger-based security and its underlying assets managed by TradeFlow Capital Management”
If the issuer fails
For eNotes, the immediate default flag records nonpayment, but the cited rule states no repayment amount, recovery process, or holder priority after default.UnverifiedMoreSources · 1
“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.”
Credit / counterparty
Borrowers that finance commodity trades can miss maturity payments, reducing portfolio cash and exposing oTFY holders to principal loss.UnverifiedMoreSources · 1
“the product turns the financing of physical commodity trade into a tradable, onchain instrument”
In-kind redemption
Direct redemption settles in cash to the investor's wallet; the documented terms describe no physical-commodity delivery option.DisputedMoreSources · 1
“Following that valuation date, cash settlement proceeds are processed and transferred to the investor's wallet within 2 business days.1”
Key management
TradeFlow is named as oTFY's asset manager, but the disclosures do not identify which people or firms can move the backing or what approvals and controls govern movement.UnverifiedMoreSources · 1
“Obligate clients will be able to seamlessly on-ramp from fiat into digital assets and utilize the UK-regulated digital asset custody services that Archax offers.”
“Archax is the first-ever firm to receive FCA regulation as a digital securities exchange, custodian and brokerage. It was also the first firm to be listed on the FCA’s Cryptoasset Register.”
Transfer restrictions
Limiting transferability to a whitelisted ecosystem is an optional Obligate issuance setting; the cited source does not state that oTFY enables this setting.UnverifiedMoreSources · 1
“generate an ISIN, secure with collateral off-chain and limit transferability to whitelisted ecosystem.”
Vehicle
RWA.xyz lists issuer domicile as Luxembourg; Obligate materials describe Obligate AG, a Swiss company registered in Zurich, as issuer.DisputedMoreSources · 2
“said Tobias Wohlfarth, Chief Business Officer at Obligate.”
Yield source
OTFY accumulates income from commodity-trade financing; gross return and the spreads retained by involved entities are not quantified in the sources.DisputedMoreSources · 1
TradeFlow issued senior bond eNotes on the Obligate platform with fund transactions backed by liquid commodities; Obligate does not identify these eNotes as oTFY.UnverifiedMoreSources · 1
“TradeFlow Issued senior bond eNotes on the Obligate platform with fund transactions backed by liquid commodities, leveraging automated settlement, issuance and global legal compliance”
“The token represents a claim on the net asset value of a revolving portfolio comprising primarily trade-finance bonds issued under Swiss law.”
Caps / gates
If weekly redemption requests exceed available cash or realisable assets, payouts are scaled back pro rata among redeeming holders and unfulfilled excess must be resubmitted via a new notice for a subsequent week.UnverifiedMoreSources · 1
“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”
Exit paths
Holders can redeem any portion of holdings weekly by submitting a written redemption notice at least seven calendar days prior to a weekly redemption valuation date.UnverifiedMoreSources · 2
“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.”
“the product turns the financing of physical commodity trade into a tradable, onchain instrument”
Source documents
Each Obligate issuance program details page displays the interest rate, coupon frequency, tenor, book building deadline, and maturity date, plus a preview of the eNotes.UnverifiedMoreSources · 1
“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.”
Source documents
ENote custom metadata enables issuer settlement and holder claims and includes permastorage links to legal documentation signed by participating parties; the glossary does not tie this to oTFY specifically.UnverifiedMoreSources · 1
“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.”
Source documents
Obligate's investor guide states that each issuance program details page shows the interest rate, coupon frequency, tenor, book building deadline, and maturity date.UnverifiedMoreSources · 1
“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.”
Source documents
Obligate's glossary states that custom eNote metadata includes links to permastorage for legal documentation signed by participating parties.UnverifiedMoreSources · 1
“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.”
Obligate's documentation index covers an introduction, the eNote Protocol, risks, a compatibility guide, and a glossary; none of the listed documents identifies oTFY.UnverifiedMoreSources · 1
Obligate's investor documentation presents the eNote Protocol, while the main documentation page separately links the general eNote legal framework.UnverifiedMoreSources · 2
The eNote legal framework linked from Obligate's documentation is a general framework document; the cited page does not identify oTFY.UnverifiedMoreSources · 1
No oTFY final terms, prospectus, offering memorandum, subscription agreement, or official registry record appears in the supplied Obligate pages.UnverifiedMoreSources · 2
Platform documentation index at docs.obligate.com listing Introduction, ENote Protocol, Risks, Obligate compatibility Guide, and glossary materials; it covers the platform generally, not a specific oTFY instrument.UnverifiedMoreSources · 1
Investor documentation at docs.obligate.com/obligate-for-investors covering the eNote Protocol and referencing the general eNote legal framework; no date stated; ranks second among available primary documents.UnverifiedMoreSources · 1
Obligate's borrower guide requires pre-publication approval of issuance programs but describes no approval controls for later mint or freeze actions.UnverifiedMoreSources · 1
“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.”
Claims vs chain
Obligate's member review covers issuance-program approval before marketplace publication, but the cited source does not link that review to later mint or freeze actions, which the chain read attributes to a single externally-owned address.UnverifiedMoreSources · 2
“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.”
The DFNS disclosure describes multi-approver quorums and policy controls for Obligate's issuance infrastructure but does not connect those controls to oTFY, to mint BwB3tNH92jKw6naNGDYDbDwRo8bvYxZVvZjRZRcoWR2h, or to its shared authority account, which the chain read shows as a plain externally-owned address.UnverifiedMoreSources · 2
“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.”
Holders can borrow against oTFY on Kamino to leverage their trade-finance exposure; the debt remains when the collateral value falls, so a leveraged holder can lose more than an unleveraged holder.UnverifiedMoreSources · 1
“holders may now use their institutional-grade trade-finance exposure as collateral, retaining exposure to trade-finance yields while borrowing against that same position to leverage exposure”
Issuer failure
OTFY is issued as a Swiss ledger-based security, but that legal form cannot ensure payment when a borrower or issuer becomes insolvent.UnverifiedMoreSources · 1
“Issued as a Swiss ledger-based security and its underlying assets managed by TradeFlow Capital Management”
Exit paths
In Obligate's generic eNote process investors claim the redemption amount after repayment, but the source does not tie this process to oTFY.UnverifiedMoreSources · 1
“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".”
Exit paths
Direct redemption starts with a written redemption notice for a weekly redemption valuation date.UnverifiedMoreSources · 1
“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.”
Fee schedule
0% Redemption fee on oTFY; the supplied source states no exceptions or conditions and does not identify the charging entity.UnverifiedMoreSources · 1
“No upfront subscription or entry fees are charged to investors during this process.”
Fee schedule
10.00% Performance fee on oTFY; the supplied source does not identify the charging entity, profit base, hurdle, or calculation schedule.UnverifiedMoreSources · 1
No bridge-locked collateral exists for the Solana deployment because the token is native to Solana; no bridge contracts, signers, or entities hold collateral backing this instance.UnverifiedMoreSources · 1
“oTFY
Trade Finance Yield
Underlying eNote bonds as products
10 %
60 days
USDC + others”
Source documents
Obligate published an undated Dfns wallet-infrastructure integration announcement at https://obligate.medium.com/obligate-is-integrating-dfns-into-its-wallet-infrastructure-to-power-the-next-phase-of-its-onchain-3849808e2b5c.UnverifiedMoreSources · 3
“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.”
Source documents
Obligate maintains an undated risk-disclosure page at https://docs.obligate.com/obligate/risks.UnverifiedMoreSources · 2
“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.”
Source documents
SEC Commissioner Hester M. Peirce issued a regulatory statement on July 9, 2025: https://www.SEC.gov/newsroom/speeches-statements/peirce-statement-tokenized-securities-070925.UnverifiedMoreSources · 1
“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”
Source documents
RWA.xyz hosts the undated oTFY asset fact sheet at https://app.rwa.xyz/assets/oTFY.UnverifiedMoreSources · 6
“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.”
“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”
The issuer repays principal and accumulated interest at eNote maturity. Investors claim redemption amounts before the eNote becomes settled.UnverifiedMoreSources · 2
“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".”
Source documents
SEC Commissioner Hester Peirce published a regulatory statement on crypto vaults and lending strategies on July 22, 2026.DisputedMoreSources · 2
Obligate published an issuer announcement on November 6, 2025, covering private-credit-backed stablecoin yield products with OpenTrade.UnverifiedMoreSources · 2
“Obligate ’s on-chain private debt instruments are debt obligations by real-world companies, offering investors a fixed yield in a fully tokenized product.”
“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”
“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).”
Source documents
Issuer announcement, July 2026, covering the XBTO, Obligate, IQ-EQ, and Eiffel real-asset-backed private-credit issuance.UnverifiedMoreSources · 2
“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”
“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.”
Source documents
SEC Commissioner Hester Peirce issued a crypto-vault and lending-strategy statement on July 22, 2026.UnverifiedMoreSources · 2
“OpenTrade Partners with Obligate to Expand Private Credit-Backed Suite of Stablecoin Yield Products”
Exit paths
Investors submit written notice seven calendar days before a weekly valuation date. Cash reaches their wallet within two business days afterward.UnverifiedMoreSources · 2
“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.”
“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.”
Holdings
TradeFlow fund transactions are backed by liquid commodities; no weight or disclosure date is provided.UnverifiedMoreSources · 1
“TradeFlow Issued senior bond eNotes on the Obligate platform with fund transactions backed by liquid commodities, leveraging automated settlement, issuance and global legal compliance”
Source documents
Issuer risk-ratings partnership announcement, April 23, 2026: https://obligate.medium.com/obligate-partners-with-particula-to-bring-independent-risk-ratings-to-on-chain-debt-capital-markets-7ff2cd79a9bcUnverifiedMoreSources · 2
“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.”
Source documents
Issuer announcement, June 17, 2024, https://obligate.medium.com/tradeflow-capital-management-advances-collaborations-with-obligate-through-further-USDC-denominated-8e1e1590334aUnverifiedMoreSources · 1
“oTFY is designed to accrue value continuously and to offer weekly liquidity”
Audits
Quarkslab, IBM, KPMG, Halborn, and Kudelski Security audited or penetration-tested Dfns; dates and individual scopes were not disclosed. Dfns holds SOC 2 Type II, ISO 27001, ISO 27017, ISO 27018, ISO 22301, and CCSS Level 3 certifications.UnverifiedMoreSources · 2
“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.”
“During this phase, issuers define the bond's structure, including interest rates, coupon frequency, maturity, and any transfer restrictions.”
Incidents & track record
The reviewed issuer documentation and announcements disclose no depeg, halt, enforcement action, or lawsuit involving Obligate or its eNotes.UnverifiedMoreSources · 6
“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.”
Run operations
Issuer entity d255457b-527f-44fb-a0c2-2386bc476c4a · last updated 2026-08-09T23:38:38.998Z
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
Coverage
37 of 44 fields verified · 0 unverified · 0 not found
Run 2026-08-09T23:38:39.077Z · done · cost $0.00
Automated research, human-reviewed. Verify against source documents before credit decisions.
