Republic

Mirror Tokens/Mirror Notes are an unsecured debt security issued by RepublicX LLC, structured as Contingent Payout Notes: an IOU that pays out only if a qualifying liquidity event (IPO, acquisition, 10-year maturity) occurs for the named private target company, using a preset 'Reference Price' set at offering time. Confirmed directly via Republic's own X/Twitter account: 'Republic Mirror Tokens are high-risk illiquid securities offered by RepublicX LLC and are not offered through a broker-dealer. Not SIPC protected.' Separately, Bitget's 'IPO Prime' partnership describes tokens as issued by 'Republic International Cayman' — a distinct distribution entity for that specific channel, not a conflicting claim about RepublicX LLC's own issuance.

No equity, no voting rights, no ownership in the target company. Explicitly not affiliated with, approved by, or endorsed by the target companies.

Not redeemable on demand — payout is contingent on a qualifying event (IPO, acquisition, dissolution) or a stated maturity (e.g. 10 years). At payout, Republic distributes fair value in stablecoin (USD/USDC) to the holder's registered wallet, reflecting the target's performance versus the Reference Price; if the qualifying event never occurs, holders may receive little or nothing at maturity. Secondary liquidity before that point depends on third-party venues (e.g. INX), which is unproven/thin for these products.

Solana (per rSPAX product page reference to an SPL-token structure).

No collateral or reserve backing found anywhere on Republic's own site — Mirror Notes are unsecured debt obligations of RepublicX LLC. Payout depends entirely on RepublicX's ability to pay at the qualifying event, not on any pledged, segregated, or custodied asset. The site references 'regulated exchange and custody partners' in passing but discloses no specific custodian, reserve requirement, or proof-of-reserves mechanism.