{
  "schema_version": "bell.pairwise-terms-review.v1",
  "review_id": "alphabet-class-a-googlx-googlon-2026-09-29",
  "reference": {
    "rwa_id": 4,
    "name": "Alphabet Inc Class A",
    "symbol": "GOOGL"
  },
  "cmc_observation": {
    "observed_at": "2026-09-28T15:14:11Z",
    "source": "rwa-surface-integrity-capture-2026-09-28.json",
    "sha256": "72a12449fdd38c615d10c6c6aee8aa13d3bff42963a2a182a676eea3cf906d8e",
    "routes": [
      {
        "crypto_id": 37013,
        "symbol": "GOOGLX",
        "name": "Alphabet tokenized stock (xStock)",
        "issuer_name": "Backed Assets",
        "price": 341.6092203910553,
        "volume_24h": 6946198.6246138,
        "market_cap": 36476720.02,
        "cmc_url": "https://coinmarketcap.com/currencies/alphabet-tokenized-stock-xstock/",
        "project_url": "https://assets.backed.fi/products/alphabet-xstock"
      },
      {
        "crypto_id": 38001,
        "symbol": "GOOGLon",
        "name": "Alphabet Class A Tokenized Stock (Ondo)",
        "issuer_name": "Ondo Assets",
        "price": 342.2070304963147,
        "volume_24h": 9690458.97486311,
        "market_cap": 19934490.97,
        "cmc_url": "https://coinmarketcap.com/currencies/alphabet-class-a-tokenized-stock-ondo/",
        "project_url": "https://app.ondo.finance/assets/googlon"
      }
    ]
  },
  "issuer_sources_checked_at": "2026-09-29",
  "issuer_page_capture": {
    "source": "ondo-googlon-page-capture-2026-09-29.txt",
    "sha256": "fa366c29563076d5a5c4adce486aa67b1fd64f0aed19f29d104dd6d0efa4d110",
    "captured_at": "2026-09-29T18:15:11.264618Z",
    "method": "Visible text extracted from the public Ondo asset page in Chromium; excerpt retained below. This is an observation snapshot, not a signed issuer statement."
  },
  "issuer_source_archives": [
    {
      "source_url": "https://assets.backed.fi/products/alphabet-xstock",
      "capture": "backed-alphabet-xstock-excerpt-2026-09-29.txt",
      "sha256": "3d4de8776f631b91582eec4f0c4284e6fd658f325135551cf5492e5f200f46aa",
      "captured_at": "2026-09-29",
      "method": "Short factual excerpt from the public page HTML, extracted locally; not a signed issuer statement.",
      "crypto_ids": [37013]
    },
    {
      "source_url": "https://app.ondo.finance/assets/googlon",
      "capture": "ondo-googlon-title-excerpt-2026-09-29.txt",
      "sha256": "e29a0a6e46fae77605a4d63423eaa549603daf1480b6b909116e12952d6c60f8",
      "captured_at": "2026-09-29",
      "method": "Page title extracted from the public HTML; the earlier Chromium excerpt below contains the dated unit display.",
      "crypto_ids": [38001]
    },
    {
      "source_url": "https://app.ondo.finance/assets/googlon",
      "capture": "ondo-googlon-page-capture-2026-09-29.txt",
      "sha256": "fa366c29563076d5a5c4adce486aa67b1fd64f0aed19f29d104dd6d0efa4d110",
      "captured_at": "2026-09-29T18:15:11.264618Z",
      "method": "Visible text excerpt captured in Chromium; not a signed issuer statement.",
      "crypto_ids": [38001]
    },
    {
      "source_url": "https://docs.xstocks.fi/docs/dividends-and-stock-splits",
      "capture": "xstocks-corporate-actions-excerpt-2026-09-29.txt",
      "sha256": "8f3b9b9df867a92623ef567bd903ffe96d25ebd4a70f0ea0cf1520ebd0600df2",
      "captured_at": "2026-09-29",
      "method": "Short factual excerpt from the public documentation HTML, extracted locally; not a signed issuer statement.",
      "crypto_ids": [37013]
    }
  ],
  "issuer_evidence": [
    {
      "crypto_id": 37013,
      "issuer": "Backed / xStocks",
      "source": "https://assets.backed.fi/products/alphabet-xstock",
      "finding": "The product page identifies GOOGLX as a tracker certificate for Alphabet Class A. The xStocks dividend and split documentation says balance multipliers can change with corporate actions and dividend reinvestment. The reviewed product page does not state the current GOOGLX multiplier."
    },
    {
      "crypto_id": 38001,
      "issuer": "Ondo Global Markets",
      "source": "https://app.ondo.finance/assets/googlon",
      "finding": "The asset page identifies Alphabet Class A and currently displays Shares Per Token as 1 GOOGLon = 1.0025 GOOGL. This observed value is time-sensitive and is not evidence of the unit basis used by CoinMarketCap's displayed quote."
    },
    {
      "crypto_id": null,
      "issuer": "xStocks documentation",
      "source": "https://docs.xstocks.fi/docs/dividends-and-stock-splits",
      "finding": "Multiplier handling accounts for corporate actions, including dividends and stock splits."
    }
  ],
  "decision": {
    "state": "do_not_compare_as_like_for_like",
    "reason": "Both products identify Alphabet Class A exposure, but their product structures and effective units differ or remain unresolved. Ondo currently displays 1.0025 GOOGL per GOOGLon; the reviewed sources do not establish the current GOOGLX unit or whether CMC's displayed quotes use raw token units, adjusted share units, or another normalization. Shared reference identity does not establish matching quote units or equivalent claims.",
    "next_check": "Establish each token's effective unit for the relevant chain and venue at the CMC observation time, and verify the quote-unit basis before making a like-for-like price comparison."
  },
  "limits": [
    "Issuer-page content is a dated browser observation, not an issuer-signed or archived legal statement; recheck before relying on time-sensitive unit values.",
    "The current Ondo shares-per-token display may differ from its value at the CMC capture time. The capture does not establish CoinMarketCap's quote-unit normalization.",
    "This review does not establish ownership rights, backing, redemption, custody, eligibility, execution or fair value.",
    "The CMC snapshot and issuer-source review are separately dated; do not read the CMC quote pair as a live price observation."
  ]
}