161 of the 189 tokenized stocks and commodities in the Realmint catalog are issued through a bankruptcy-remote vehicle. That makes an issuer bankruptcy sound like a solved problem. It is not, because 142 of those same 189 assets are structured as debt notes — which makes you a creditor of the issuer, not an owner of anything it holds.
Those are two different questions, and the Realmint Score keeps them in one dimension: enforceability, 14% of the composite. Here is the census, pulled live from the catalog on July 31, 2026.
Legal structure across the Realmint catalog — July 31, 2026
What does an issuer bankruptcy actually threaten?
Bankruptcy remoteness means the assets backing the token sit in a vehicle the parent company's creditors cannot reach when that parent fails. The Score treats it as one check among several rather than a verdict: failing it costs 15 points on enforceability, and leaving it undisclosed costs 5. Nine assets fail outright, and they are not fringe tokens — Tether Gold (XAUt) and Kinesis Gold (KAU) are both on that list, and they still score 80 and 85 on enforceability with composites of 81 and 87.
That is deliberate. A deduction, not a disqualification, because two other facts decide far more about what you can recover: what kind of claim the token represents, and which court would hear it.
Do you own the asset, or a claim on the issuer?
This is where the catalog splits hardest. 142 of 189 assets are note instruments — debt securities. Every one of the 140 Backed xStocks is one: a tracker certificate issued by Backed Assets (JE) Limited under an FMA-approved base prospectus. Holding AAPLx does not make you an Apple shareholder. It makes you a creditor of a Jersey company that owes you Apple's price, collateralized through a three-party account control agreement. We covered what that means for the shares themselves in what you actually own with xStocks.
The catalog record for Abbott's xStock (ABTX) spells out the part the marketing does not: the collateral "may be lent to a Prime Borrower (Alpaca Securities LLC) against cash collateral on a daily mark-to-market basis" if the final terms enable it. The backing behind your note can be out on loan while you hold it.
Other structures grade better. The five custodial receipts in the catalog — all JusToken agricultural commodities — post a median enforceability of 95. SPV trusts and direct issuance both sit at 85. Note instruments sit at 80, and that is the structure covering three quarters of everything listed.
Which court would hear your claim?
Ten assets publish no clear governing law, and four of them collapse on it: PalladiumCoin, Water150, the Rare Earth Token, and XAGx all score 30 on enforceability. Missing governing law is the single heaviest penalty in the dimension at 25 points, an unverified issuer costs 20, and missing documents another 20. Three of those four post composites of 28 — less than half of Realmint's 55-point high-risk line. An unnamed court makes the strongest backing claim in the world unenforceable prose.
The opposite failure is concentration, and almost nobody prices it. 140 of 189 assets — every xStock — are governed by Jersey law, with the collateral agreements sitting under Swiss and New York law. Buy tokenized Apple, Nvidia and Tesla and you have diversified your market exposure across three companies and your legal exposure across none: one issuer, one prospectus regime, one court.
Why is PAXG the only asset scoring 100?
PAX Gold is the single asset in the catalog with a perfect enforceability score. Paxos Trust Company, N.A. is a chartered trust company, the gold sits in an SPV trust, the governing law is New York, and every document tier the model looks for is filled in — its data completeness is 1.0, the only one in the catalog. That combination is what 100 looks like, and one asset out of 189 has it.
Read it next to PAXG's control score of 0, the worst in the catalog, driven by a single externally-owned admin key — the tension we unpacked in the freeze-power census. Strongest legal wrapper, weakest key management, and the Score refuses to average that into a single reassuring number.
Strong enforceability also does not mean you can leave. Mineral Vault's security token (MNRL) scores 95 on enforceability — a BVI SPV, SIBA-governed, documents published — and 0 on exit, because a share-like claim on that SPV's cash flows over a 15-year term has no redemption path at all. Its composite lands at 59. And the legal-versus-control tradeoff is not structural: Comtech Gold (CGO), a UAE free-zone issuer under English governing law, takes 95 on enforceability and 85 on control at once. It pays elsewhere instead — 70 on backing.
What should you check before buying?
Three fields, in descending order of how much they change the answer:
- Legal structure. Note, custodial receipt, SPV trust, or direct issuance. A note means you are a creditor — fine, as long as you know it.
- Governing law. A named jurisdiction, not "not clearly disclosed". No court, no claim.
- Bankruptcy remoteness. Useful, and the least decisive of the three — 85% of the catalog clears it.
All three sit on every asset page, and the six-dimension framework behind them is in our risk dimensions explainer. You can sort the whole catalog on the RWA market page.
The most reassuring sentence in tokenization is "backed 1:1". It tells you nothing about who owes you the backing, or where you would go to collect.
PAXG is the only asset in the catalog scoring 100 on enforceability — and 0 on control. See both sides of the tradeoff on the full six-dimension breakdown.
See the PAXG breakdownThis is a rights-and-structure analysis, not a recommendation to buy or sell any token named here, and nothing in it predicts prices. Catalog counts and scores are live as of July 31, 2026 and change over time — check the current Realmint Score on each asset's page before acting.