If the issuer fails,the structure decides what you get back.
A token is a claim on someone. When that someone fails, what you get back depends almost entirely on the legal structure behind the token — whether the assets are held apart from the issuer, who holds them for you, and whether anyone can act for the holders. The token itself, and the chain it runs on, change nothing about that.
Reviewed October 19, 2026 · figures from our live data
The short answer
Fund shares (tokenized money market and treasury funds): the fund’s assets are held by a custodian, separate from the manager. If the manager fails, the fund is wound down or moved; holders own the assets, not a claim on the manager.
Tracker certificates and notes (most tokenized stocks): you hold a debt claim on the issuer. Many are collateralised and a security agent can act for holders — read whether yours is, and what ranks ahead of you.
Stablecoins: reserves back the coins. Under MiCA in the EU they must be segregated and redeemable at par; elsewhere it depends on the issuer’s terms and its jurisdiction.
Property companies and DeFi protocols: you own a share in a company or a position in a smart contract. If rent stops or the contract is exploited, there may be no one with a duty to pay you — RealT and Resolv’s USR are the cases in our data.
products in our data that ended before maturity (deleted, wound down, failed)
that reached maturity and repaid
still live
Six questions to answer before you buy.
All six are in the offering documents. If they are not, that is the answer.
- 1
Who is the legal issuer?
A named company in a named country — not a brand. Check it exists in that country’s company register.
- 2
Are the assets held apart from the issuer?
Segregated custody, a bankruptcy-remote vehicle or a regulated fund structure keeps the assets out of the issuer’s insolvency. A plain promise to pay does not.
- 3
Who holds the assets for you?
A named custodian or trustee, ideally regulated. Self-custody of the token is not custody of what the token stands for.
- 4
Who can act if payments stop?
A security agent, trustee or noteholder meeting with the right to enforce. Without one, every holder is on their own.
- 5
What ranks ahead of you?
Senior debt, fees and tax claims are paid first. A subordinated token can lose everything while the assets are still there.
- 6
How do you redeem, and who decides?
Redemption at net asset value with the issuer, a market, or nothing until maturity. Check whether the issuer can suspend redemptions — and when it may.
Products that have ended
Register entries that were deleted are counted above but not listed here.
| Token | Issuer | What happened |
|---|---|---|
| Goldfinch Prime | Goldfinch (Warbler Labs) | Goldfinch states that Goldfinch Prime is shutting down and takes no new deposits (October 2026). |
| Mountain Protocol USDM | Mountain Protocol | after Mountain Protocol was acquired by Anchorage Digital (2025) USDM was wound down — minting stopped on 12 May 2025, rewards were set to 0% after 30 days, and primary redemptions closed later in 2025; remaining tokens trade only on secondary markets. |
| Noble Dollar | Noble | Noble put USDN into maintenance mode in 2026; dollar.noble.xyz offers only redemption. |
| Paxos Lift Dollar | Paxos International | Paxos wound down USDL — minting ended on 8 October 2025, yield accrual stopped on 8 December 2025 and remaining balances were converted to USDG. |
| Resolv USR | Resolv Labs | after a $24.5M exploit on 21 March 2026 (compromised key) USR lost its peg and traded far below $1 since; listed here as ended, not as a yield product. |
Questions
Do I lose everything if a token issuer goes bankrupt?+
Not necessarily. If the assets behind the token are held separately — in a fund, with a custodian or by a trustee for the holders — they are not part of the issuer’s insolvency. If the token is only an unsecured claim on the issuer, you rank with its other creditors.
Is a tokenized fund safer than a token from a small platform?+
Structurally it usually is: a regulated fund keeps its assets with a custodian and is supervised. It still carries market, custody and operational risk, and it is not deposit-insured.
What happens to a stablecoin if its issuer fails?+
Holders depend on the reserves and on how they are held. MiCA requires EU-authorised stablecoin issuers to keep reserves segregated and to redeem at par; for coins outside that regime, the issuer’s terms and its country’s law decide.
Has a tokenized asset issuer already failed?+
Several products in our data have ended: RealT stopped rent payouts in 2026 and a court-appointed fiduciary took over its Detroit portfolio; Resolv’s USR lost its peg after an exploit in March 2026; Mountain Protocol’s USDM was wound down in an orderly way in 2025. The table on this page lists every ended product we track.
- RealT stopped paying: what holders can do →
- Digital bonds that have already repaid →
- Tokenized stocks vs real stocks →
- MiCA-compliant stablecoins →
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.