Tokenization Rails 6
Calibrated launch value from the rulebook. The live reading, the chart and the order panel sit on the desk.
Buy OTR6Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
The enterprise tokenization plumbing rebuilt around the rails that actually carry institutional asset issuance today. Chainlink deepens to a 35% anchor on the strength of CCIP plus proof-of-reserve adoption. Hedera moves to 22% on the back of a live Big Four pilot pipeline. Ondo enters at 14% as the category-defining tokenized-treasury brand. Stellar caps at 12% to retain the Franklin Templeton money-market fund reference. Quant holds 8% until its cross-chain orchestration validates at scale. PAXG closes the basket at 9% as a settled, real-value reference asset. The 2021-vintage enterprise narratives (Algorand, VeChain) leave the basket in the 2026-05 refactor.
- RWA family · Moderate risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
6 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01LINK | 35% | ||
| 02HBAR | 22% | ||
| 03ONDO | 14% | ||
| 04XLM | 12% | ||
| 05PAXG | 9% | ||
| 06QNT | 8% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- LINK35%Infrastructure
Chainlink is the dominant oracle network and the only institutional-grade middleware token in the catalogue. CCIP makes it the de facto oracle layer for tokenized assets.
Performs in oracle-narrative phases and RWA cycles. Underperforms in pure-crypto retail rotations where infrastructure is unfashionable.
middleware competition - HBAR22%Infrastructure
Hedera is the enterprise-grade DLT used by Google, IBM, Boeing, and the Big Four for tokenization and accounting pilots.
Performs in enterprise-adoption and tokenization-narrative phases. Lower correlation to crypto retail beta because the holder base skews institutional.
governance-model novelty - ONDO14%Yield
Ondo Finance is among the largest tokenized treasury issuers and a category-defining brand in the RWA stack.
Performs in RWA-narrative phases and high-rate regimes. Underperforms in pure-crypto altcoin cycles and if rate cuts compress treasury yields.
regulatory uncertaintyrate-cycle sensitivity - XLM12%Infrastructure
Stellar is the longest-running tokenized-payments network and the rails for the Franklin Templeton on-chain money-market fund.
Performs in payments and tokenized-treasury narrative phases. Underperforms in DeFi or smart-contract-led cycles.
narrow product surface - PAXG9%Hedge
PAX Gold is the largest tokenized physical gold asset on-chain. The cleanest macro-hedge expression in an on-chain portfolio.
Performs in flight-to-quality, stagflation, and dollar-weakness regimes. Underperforms in pro-risk crypto cycles.
custody concentration - QNT8%Infrastructure
Quant Network operates Overledger, the cross-chain orchestration layer used by HSBC, Santander, and the Bank of England's CBDC sandbox.
Performs in CBDC-narrative phases. Lower correlation to retail crypto cycles because of the institutional holder base.
thin liquidityconcentrated supply
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OTR6 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | −18.5% | −0.27 | −0.17 |
| 1 year | −48.4% | −0.99 | −0.20 |
| 6 months | +17.2% | 1.01 | −0.46 |
| 3 months | +3.0% | 0.34 | −0.76 |
| 1 month | +18.8% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns of 30 to 50% are within historical range during cycle bottoms, tracking the broader crypto market. Family-standard caps and rebalancing rules apply.
- Single-name concentrationMedium
LINK carries 35% of the basket. A drawdown in this single name materially moves NAV.
- Short price historyMedium
ONDO have under a year of usable history. Backtest metrics carry wider error bars.
- Deep historical drawdownMedium
Max drawdown reached −68% in the backtest window. Size accordingly.
| Scenario | Loss on net asset value |
|---|---|
| LINK loses half its valueLargest holding, 35.0% of the basket | −17.5%Mechanical |
| The three largest holdings fall 30%LINK, HBAR, ONDO · 71.0% of the basket together | −21.3%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 426 days to recover | −67.7%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −24.2%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.71 correlation to bitcoin over its window: the holdings often move together, though less tightly than a broad crypto basket. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Take a position in OTR6
ConvictionSelective thematic allocation. Size it as a sleeve, not as a core position.
Size a position against the live net asset value, with the full record on the same screen. Funds in this public preview are simulated, so an order here moves a simulated balance and settles nothing. The EVM settlement rail opens with mainnet in the first half of 2027.