Version 1. Document slot: securities-disclosure.
This Tokenized Securities Disclosure explains what it means to hold a tokenized stock, treasury or note with Gether: what the token is and is not, who issues it, what the issuer's own terms may say, what Gether does and does not do with it, and the risks you take.
This version is dated September 26, 2026. It applies to you when you hold a tokenized security with Gether, and it is part of your agreement with Gether together with the Terms of Service. You accept it in the app or on the website, and your acceptance is recorded with this version's label and the checksum of this exact text.
In this Disclosure "Gether", "we" and "us" mean Gether, the operator of the Service, and "you" means the person who holds the account. "Tokenized security" means a token on a network whose price is meant to track a listed share, a treasury bill or bond, a fund, or another security or instrument.
Part 1. What a tokenized security is, and is not
1.1 A tokenized security is a token on a blockchain network, issued by a third-party issuer unrelated to Gether. The issuer holds the underlying share, note or instrument, or a claim on it, and issues the token against that holding. You hold the token. The issuer holds the underlying.
1.2 The token is not the share, the note or the fund unit. It confers exposure to the price of the underlying on the issuer's terms, and it confers nothing else unless the issuer's terms say so. You are not a shareholder of the company whose share the token tracks. You have no vote at that company, no right to attend its meetings, and no right to receive its dividends or distributions from it. Where an issuer passes a dividend or a distribution through to token holders, that is the issuer's term and the issuer's act, not Gether's.
1.3 The token's price is meant to track the price of the underlying. It may not. The token trades on its own markets, which can be thin, closed or halted while the underlying's market is open, and open while the underlying's market is closed. Its price can differ from the underlying's price, at times by a lot, and the difference can widen at exactly the moment you want to sell.
1.4 The token carries the credit risk of its issuer. If the issuer fails, is unable or unwilling to honour redemptions, or loses the underlying, the token can lose all of its value. Gether does not stand behind any issuer.
Part 2. Who issues them, and whose terms apply
2.1 Gether shows the issuer of each tokenized security on the asset in the app, as the issuer's own listing names it. At the date of this version, Gether's asset registry recognises tokenized securities from these issuers: Backed Assets (JE) Limited; Dinari, Inc.; Ondo Global Markets (BVI) Limited; Robinhood Assets (Jersey) Limited; and Coinbase Onchain SPV Ltd. Gether may add or remove an issuer or an asset at any time. Where a listing does not state its issuer, the app says so.
2.2 Each issuer publishes its own terms for its tokens. Those terms govern the token: who may hold it, whether and how it can be redeemed for the underlying or for cash, what happens on a corporate action, whether a dividend is passed through, and what the issuer may do to a holder's tokens. Gether is not a party to the issuer's terms and cannot change them. Read the issuer's terms before you add its token.
2.3 Some issuers state in their terms that their tokens are not offered to persons in the United States, or to other classes of person. Where an issuer's terms name US persons as excluded, the app shows that sentence on the asset, attributed to the issuer. That is the issuer's term. Gether holds the token for you and does not refuse a token on that ground; whether you may hold it under the issuer's terms is between you and the issuer, and the issuer's contract may act on it (Part 4).
2.4 Gether records a fact about you for tokenized securities: whether the identity verification record places you in the United States, outside it, or does not say. The fact is derived only from what the identity verification provider's record and your taxpayer number status show, never from anything you type. Gether shows you the fact it holds about you, and if it is wrong you can correct it through support and the identity path. The fact is a disclosure to you and a record for Gether; it is not a rule about what you may hold.
Part 3. What Gether does with a tokenized security you hold
3.1 Gether holds the token for you in accounts Gether controls, together with other members' assets, as the Terms of Service, Part 4 describe. Gether's records say what is yours. You are exposed to Gether as a custodian, and to the issuer as the issuer.
3.2 A tokenized security counts toward your spending power only where the app shows that it does. Many tokenized securities that Gether holds for members are held only: they are shown in your holdings, they back no card purchase, and the app shows whether they can be sent back to an address you name. Where Gether admits a tokenized security as backing, the Terms of Service, Parts 5 to 12 apply to a purchase backed by it, including the sale of the units set apart for the purchase, the hedge, the margin calls and the sale to cover.
3.3 Gether shows a value for a tokenized security when it has a price it trusts for that purpose, and shows no value otherwise. A value shown is a reference, not a price you can realise. Where the underlying's market is closed, the last price Gether trusts can be far from where the token trades when that market reopens.
3.4 Gether does not redeem tokens with the issuer for you, does not vote, does not claim dividends, and does not act on a corporate action for you unless the app offers that action and you take it.
3.5 Gether is not a broker, dealer, investment adviser, transfer agent or exchange for any tokenized security, and gives no investment, legal or tax advice. Nothing in the Service is a recommendation to hold, add, sell or spend against any tokenized security.
Part 4. Transfer restrictions and issuer freezes
4.1 An issuer's token contract can refuse a transfer. Issuers do this through their own mechanisms: a block list, a sanctions list, a pause, a transfer restriction contract, or an administrative burn. A refusal by the issuer's contract stops the token from moving from the address that holds it, including a withdrawal you ask for and, where the token backs a purchase, a sale Gether needs to make.
4.2 Where Gether detects that an issuer's contract would refuse to move a unit from your address, the app shows you one sentence: the amount is unchanged, nothing has moved, and support is the next step. Gether does not know why the issuer acted or when it will lift the restriction, and does not say.
4.3 A restriction by an issuer is the issuer's act. Gether cannot lift it and is not liable for it, except as the law requires. If a tokenized security that backs an open card purchase cannot be sold because of an issuer's restriction, the purchase runs under the Terms of Service and Gether acts on the assets it can move.
Part 5. The risks
5.1 Issuer risk. The issuer can fail, halt redemptions, change its terms, or lose the underlying. The token can then be worth nothing.
5.2 Tracking risk. The token's price can depart from the underlying's price, and the departure can be largest when markets are stressed or closed.
5.3 Liquidity risk. The token's markets can be thin. You may not be able to sell, or withdraw and sell elsewhere, at the price shown or at any price.
5.4 Network risk. The token exists on a blockchain network. Congestion, a halt, a fork, a bridge failure or a flaw in the token contract can delay or prevent a transfer, and a transfer sent to the wrong network or the wrong address can be lost permanently.
5.5 Restriction risk. The issuer's contract can block, pause or burn tokens at an address, as Part 4 describes, without notice to you or to Gether.
5.6 Legal and regulatory risk. The treatment of tokenized securities, and of holding them through a service like Gether, differs between places and can change. A change can require Gether to stop admitting, holding or valuing a token, or to return it to you, with little notice.
5.7 Custody risk. Gether holds the token. If Gether fails, is attacked or makes a mistake, you can lose tokens that Gether's records say are yours, and no insurance and no government scheme makes that loss good.
5.8 Tax. Adding, holding, selling, having sold for you, and receiving a distribution on a tokenized security can each have tax consequences for you, and a sale Gether makes to back or to cover a card purchase is a sale in a year you may not have chosen. Gether does not give tax advice and does not withhold tax for you. Gether gives you the record of every sale for your own reporting.
Part 6. What Gether is not
6.1 Gether is not a bank. Tokenized securities held with Gether are not deposits, are not insured by any government agency or deposit insurance scheme, and are not protected by any investor compensation scheme.
6.2 Gether does not promise that any tokenized security will stay supported, keep its value, track its underlying, stay transferable, or be redeemable by anyone.
Part 7. Changes to this Disclosure, and contact
7.1 This Disclosure is registered as a document with a version label and the SHA-256 checksum of this exact text. A change is a new version with a notice period, as the Terms of Service, Part 21 describe. Accepting one version is not acceptance of another.
7.2 Contact Gether through the support door in the app, or through the ways to reach us published on the support page of the Gether website.
End of the Gether Tokenized Securities Disclosure, version 1.