The same ticker. Different claims. Different rules about who may hold them.

Vestail is a buying app for tokenized stocks that answers one question first: which version of this stock are you actually allowed to hold?

You pick your country and a company. Vestail lists every tokenized version of that company it knows about, says in one line what each one legally is, gives each a verdict for the country you declared, and links the issuer's own document behind it. Then it buys — with USDC or SOL, through your own wallet — only a version you may hold.

tokens tracked

25tokens tracked

companies and funds

11companies and funds

issuers, each a different legal claim

5issuers, each a different legal claim

rules sourced to the issuer's own document

17/20rules sourced to the issuer's own document

Most of those tokens share a ticker. SPCX alone exists in 5 versions from 5 different issuers. In a wallet they look identical: same name, near enough the same price, one row each in a token list. They are not the same thing, and the difference is the whole product.

A stock ticker is not one thing onchain. It is a name that several unrelated companies have each attached to a different legal product.

Buy “NVDA” on Solana and, depending on which token you landed on, you may own a claim on a share sitting in a Swiss custodian, a debt note issued by a company in the British Virgin Islands, or an entitlement held for you by a licensed broker-dealer. Those are three different things. They price the same. They behave the same in your wallet. They differ in who is permitted to hold them, how — or whether — you can redeem them, and what you are left with if the issuer fails.

• XS

  xStocks

  Backed Finance

  What the token is

  Backed 1:1 by real shares held in custody

  Your claim runs against

  A share held in custody, through a Swiss tracker certificate

  Custodian: InCore Bank AG. Issuer's own terms

• ON

  Ondo

  Ondo Global Markets (BVI) Limited

  What the token is

  Tracks the price, not the share itself

  Your claim runs against

  Ondo itself — the note tracks the price, you do not own the share

  Issuer's own terms

• BA

  Backpack

  Backpack Securities

  What the token is

  A legally recognised share via a licensed broker

  Your claim runs against

  A licensed broker-dealer, under UCC Article 8

  Custodian: Backpack Securities. Issuer's own terms

• TE

  Tessera

  Tessera (per-token Panamanian issuer, e.g. OPAI Tessera Issuer Inc.)

  What the token is

  A loan repaid only if the company lists or is sold

  Your claim runs against

  A per-company issuer that repays only on a listing or sale

  Issuer's own terms

• PR

  PreStocks

  PreStocks

  What the token is

  Exposure through a holding vehicle, with no shareholder rights

  Your claim runs against

  A holding vehicle, with no shareholder rights

  Issuer's own terms

The gate is never at the entrance. It is at the exit, and you meet it on the day you need it.

Buying a tokenized stock is easy on purpose — anyone can swap into one on the open market in a few seconds. The conditions live somewhere else: in the issuer's terms, attached to redemption, dividends, or transfer. So the token sits in your wallet for months looking exactly like the one anyone else holds, and the difference surfaces at the worst possible moment: when you try to redeem it, when a dividend is paid, or when you want to move it somewhere that will not accept it.

And these tokens are not inert. All 25 of the 25 mints Vestail tracks have an onchain freeze authority set, which means the issuer retains the technical ability to freeze the token in your wallet. That is a normal feature of regulated asset tokens, not a scandal — but it is a fact about what you are holding, and you should learn it before you hold it rather than after.

Vestail exists because all of this is knowable in advance. It is written down, publicly, by the issuers themselves. It is just never in front of you at the moment you decide.

Every version of every stock gets one of three verdicts for the country you declare. The middle one is the reason Vestail exists.

• Eligible

  The issuer's own policy permits holders in the country you declared, with no further gate.

  Can you buy it?

  Yes

  Can you get out?

  Yes

• Conditional

  You can acquire and hold it, but redemption, dividends or transfer sit behind KYC or an investor-class test.

  Can you buy it?

  Yes

  Can you get out?

  Not without clearing a gate

• Restricted

  The issuer's own policy excludes the country you declared.

  Can you buy it?

  Onchain, technically

  Can you get out?

  No

A two-state model — allowed or not allowed — has to lie about the large middle. Most tokenized stocks are freely tradable on the secondary market and gated at redemption. Called eligible, that hides a gate the holder will certainly meet. Called restricted, it asserts a prohibition that does not exist. Neither is true, and users get hurt in the gap.

There is a fourth state on screen, not assessed, and it means exactly what it says: no researched rule covers that issuer in that country yet. Vestail will not buy one of those either. Missing research is not permission.

Vestail does not block anyone, and could not if it wanted to.

Your country is self-declared. There is no KYC here, no identity check, no geofence, no onchain gate. You can declare anything and buy anything — the same as you could without us. That is not a gap we intend to close: a browser app is not the right place to decide who may hold what, and pretending otherwise would be theatre.

What Vestail does is make the gate visible before the trade instead of leaving you to find it at redemption. The information is the product. The restraint is deliberate.

The honest framing: an invisible gate made visible. Not a permission system, and not a promise that you are allowed to do anything.

Showing you the verdict would be worth little if the buy button ignored it. It does not.

• EligibleBought. The strongest eligible version is selected for you by default.
• ConditionalBought only after you tick that version's acknowledgement. Never selected for you.
• RestrictedNever bought, and never even priced. Shown dimmed, with the reason.
• Not assessedNever bought.

The rule is enforced on the server, not in the interface. Every order is re-evaluated before it is priced or placed: a restricted version is refused outright, and a conditional one is refused unless the request carries the acknowledgement. Turning off JavaScript, editing the page or calling the API directly does not get you a different answer.

Three steps, in this order, every time.

1. 1

   Resolve

   Find every token that claims to represent the company you asked for — and prove each one really is the issuer's, rather than something with the same ticker.

2. 2

   Evaluate

   Run each token's issuer policy against the country you declared. The most severe rule that applies decides the verdict; every rule that applied is kept as evidence, with its source.

3. 3

   Route

   Price and place the order through Jupiter for a version you may hold, re-checking the verdict on the server first. Your wallet signs; the tokens land in it.

The first two steps are the research; the third is the part that looks like an app. Everything the first two produce is checked into git and readable by anyone, which is what the next two sections are about.

Every verdict comes from a rule in a file, and every rule carries a link to the issuer's own document.

There is no database of eligibility here and no model guessing at it. There are five JSON files, one per issuer, holding 20 rules across 3 countries — 17 of them sourced to a primary document the issuer published themselves. The evaluator that turns those rules into a verdict is about a hundred lines of pure code with no network access, and the tests pin its answers.

{
  "id": "direct-access-professional-only",
  "regions": [
    "NG",
    "DE"
  ],
  "reason": "You can buy xStocks on the secondary market, but issuance and redemption through Backed are limited to professional investors: a Swiss FinSA Professional Client who is also an EU Qualified Investor if in the EU, or the local equivalent elsewhere. A typical retail holder cannot redeem.",
  "source_url": "https://assets.backed.fi/legal-documentation",
  "source_quality": "primary",
  "kind": "gate",
  "status": "conditional",
  "short": "You can buy it, but only professional investors can redeem.",
  "acknowledgement": {
    "limit": "redeeming it with the issuer (Backed)",
    "requires": "professional-investor status"
  }
}

Four things are worth noticing. The rule names the countries it applies to. It states its reason in full, and a short version for the screen. It carries the acknowledgement you will be asked to tick, which is why that sentence is research rather than copywriting. And it says where it came from, plus whether that source is the issuer or somebody writing about the issuer.

You can read all of it: the policy files, their rules of evaluation, and the evaluator itself.

A token symbol proves nothing. Anyone can mint a token called NVDAx this afternoon.

Search that ticker on a Solana explorer and the real one sits in a list beside several look-alikes with the same symbol, the same name and no relationship to any issuer. An app that resolves a ticker by searching for it will eventually route someone's money into one of those. So Vestail does not search at purchase time. The set of mints is resolved in advance, committed to the repository, and each one needs proof tied to its issuer.

• xStocks, Ondo

  The mint authority onchain equals that issuer's single known authority.

• Tessera, PreStocks

  Listed by the issuer's own API.

• Backpack

  Jupiter's verified and backpack tags, plus the token name. Weaker, and labelled as such: Backpack uses a different authority per token and publishes no mint list.

Each mint is then checked against the chain itself: it exists, it is owned by a token program, and its decimals match what was recorded. Any ambiguity aborts the sync rather than guessing, and the result is a file you can diff.

{
  "symbol": "NVDA",
  "provider": "xstocks",
  "tokenSymbol": "NVDAx",
  "mint": "Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh",
  "structure": "custody_backed",
  "decimals": 8,
  "mintAuthority": "7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj",
  "freezeAuthority": "JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs"
}

The registry and the script that regenerates it are both public.

Vestail never holds your funds, your keys, or your tokens. There is no version of this where we can.

Purchases go through Jupiter's Swap API: Vestail asks for an order, your wallet signs it, and Vestail submits the signed transaction. Any API keys stay on the server and are never shipped to the browser.

Between those steps there is one piece of plumbing worth knowing about. Each approved order is stamped with a short-lived signature tying it to that exact quote. The endpoint that submits transactions accepts only orders carrying a valid stamp, so Vestail's own market access cannot be borrowed to place a swap that never passed the eligibility check — including by someone calling the API directly.

Researching five issuers across 3 countries produced one result that decided the shape of the product.

Below is SPCX — the one symbol every issuer covers — judged in every country Vestail supports. Each badge is computed here, now, by the evaluator, from the policy files.

That finding is also why a two-state model was never an option here, and why the app will buy conditional versions instead of refusing them. Refusing would have meant an app that declines to buy almost everything while showing you tokens it says are fine to hold.

The things people ask before they trust any of this.

The limits are part of the product, so they belong in the documentation rather than in a footnote.

• It covers a short list, on purpose

  11 companies and funds across 3 countries. Each country is a research pass over every issuer, not a dropdown entry, so the list grows slowly.

• It buys; it does not sell yet

  You can acquire a version you may hold. Selling back out through Vestail is not built, and the interface says so rather than hiding the control.

• The research is a snapshot

  Every policy file carries the date it was last reviewed — currently 2026-09-22 — and issuers change their terms without telling anyone. The source link is there so you can check today's document, not last quarter's reading of it.

• Some claims rest on secondary sources

  Where a rule could not be confirmed in the issuer's own document, it is marked as secondary and the verdict carries that mark. It is not presented as though it were the issuer's word.

• It cannot tell you what you are allowed to do

  It tells you what the issuer says about holders in a country you typed in yourself. Your actual position depends on facts Vestail does not have and should not ask for.

None of this is a reason to skip the check. Partial, sourced, dated information about what you are about to buy beats the alternative on offer everywhere else, which is a ticker and a price.

1. 1Say where you are. Self-declared, one click, nothing verified.
2. 2Pick a company. Every tokenized version of it appears, with a verdict each.
3. 3Read the version you were about to buy — what it legally is, and what you will not be able to do with it.
4. 4Buy the one you may hold, with USDC or SOL, signed in your own wallet.

Everything on this page is checkable: the whole thing is public — the policy files, the registry, the evaluator and the tests that pin its answers.