ST0x

The regulated issuer is S01 Issuer GmbH (also referred to as 'S1 Issuer GmbH' — confirm the exact legal spelling before publishing), a German limited liability company, issuing tokens as debt instruments under an EU Base Prospectus approved by Liechtenstein's FMA on 30 March 2026. A separate entity, SarkX BVI Ltd, operates the decentralized matching/execution engine (the trading layer), distinct from the issuance layer. ST0x's own FAQ further characterizes token holders as 'unsecured contractual creditors of the Issuer,' with claims governed by the Base Prospectus/Final Terms rather than direct equity or share ownership.

Each token carries a contractual 'Right of Exchange' entitling the holder to the corresponding underlying share — described explicitly as backed by a right of exchange for physical shares (delivery), not just cash settlement, which is a stronger redemption right than the debt-certificate/cash-only models common elsewhere on this list. Arbitrageurs create/redeem via a 'Core Bridge' to keep on-chain and off-chain prices aligned.

Underlying shares held with a regulated broker — Charles Schwab is named as an example in ST0x's own FAQ.

ST0x's trading layer is described as non-custodial (users hold assets in smart-contract vaults), with custody of the actual underlying equities handled separately by the issuer via the regulated broker.

Base — confirmed via ST0x's own FAQ: tokens 'can be held in a self-custodied wallet and traded through public smart contracts on Base, at any hour.'