Asset Classes

Assets are classified by their underlying economic exposure. This determines the risk model required for underwriting and remains stable regardless of how the asset is tokenized or distributed.

For multi-asset instruments, classification follows a dominant exposure rule — each instrument is assigned to its largest exposure category. Structural features, origination channels, and legal forms are captured as separate metadata dimensions.

U.S. Treasuries

Exposure to debt obligations of the U.S. federal government.

Examples: Short-duration T-bills, long-duration T-bonds, inflation-protected securities, Treasury money market funds, Treasury ETFs

Non-US Government Debt

Exposure to debt obligations of non-U.S. sovereign governments and their agencies.

Examples: Developed market sovereign bonds, emerging market sovereign bonds, sovereign money market funds, sovereign bond ETFs, supranational bond funds

Credit

Exposure to non-sovereign debt across private or public borrowers.

Corporate Credit

Exposure to debt of businesses, where repayment depends primarily on enterprise cash flow and capital structure.

Examples: Investment grade corporate bonds, high yield bonds, leveraged loans, CLOs, direct lending funds, corporate bond ETFs, trade finance funds, institutional DeFi lending to corporate counterparties

Asset-Backed Credit

Exposure to debt backed by specific collateral or receivables, where repayment depends primarily on collateral value, liquidation rights, or asset cash flows rather than enterprise value. Includes consumer loan and receivables exposure.

Examples: Mortgage loans, HELOCs, auto loans, personal loan receivables, credit card receivables, student loans, BNPL receivables, consumer ABS, commercial real estate loans, mortgage REITs, real estate debt funds, trade receivables financing

Specialty Finance

Exposure to niche asset- or contract-backed debt requiring specialized underwriting outside standard corporate and asset-backed categories.

Examples: Equipment financing, aircraft financing, royalty finance, litigation finance, project finance funds, revenue-based financing vehicles, insurance-linked securities, blockchain infrastructure revenue notes

Diversified Credit

Exposure to vehicles investing across multiple credit sub-classes within a single structure.

Examples: Tokenized multi-strategy credit funds, diversified private credit vehicles, onchain credit vaults deploying across multiple borrower and collateral types

Stocks

Exposure to publicly listed equities.

Examples: Large cap equities, small cap equities, sector ETFs, broad market index funds, ADRs

Private Equity & Venture Capital

Exposure to equity not accessible through public market trading.

Examples: Venture capital funds, growth equity funds, leveraged buyout funds, secondaries, pre-IPO shares, non-traded shares of public companies

Active Strategies

Exposure to actively managed mandates pursuing returns through discretionary or systematic strategies across traditional and digital asset markets.

Examples: Long/short, global macro, relative value, quantitative/systematic, multi-strategy, DeFi yield, liquidity provision, liquid token strategies, basis/carry, cross-venue arbitrage

Commodities

Exposure to raw materials and natural resources through physical ownership, commodity-linked securities, or pooled funds.

Examples: Precious metals, energy commodities, agricultural commodities, commodity ETFs, commodity futures funds

Real Estate

Exposure to property values and/or rental income.

Examples: Residential property, commercial property, development, land, REITs, real estate ETFs

Stablecoins

Tokens whose NAV is intended to stay 1:1 with a fiat currency. Tokenization type is Distributed, as stablecoins are intended for payments and settlement.

Examples: USD-pegged stablecoins, EUR-pegged stablecoins

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For more detail on the rationale behind this framework, see Introducing Our New Asset Classification Framework.