D-Wave Quantum (Ondo Tokenized Stock)
QBTSON
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
QBTSON is an Ondo Finance Real World Asset (RWA) tokenized equity product providing 1:1 economic exposure to NASDAQ-listed D-Wave Quantum Inc. (QBTS) shares. The asset operates on Ethereum and BNB Chain with 1:1 backing, dividend reinvestment, and zero management fees, utilizing reputable institutional service providers including BitGo for custody and SEC-registered Alpaca Securities LLC for brokerage. However, the token suffers from very limited adoption (<$1M market cap across ~400 holders), non-existent organic community governance, significant regulatory constraints restricting access to non-U.S. investors, and the absence of a verified smart-contract-level third-party audit. With no qualifying red-flag events or past security breaches found, the score directly reflects the weighted average across sections.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About D-Wave Quantum (Ondo Tokenized Stock) (QBTSON)
QBTSON (D-Wave Quantum (Ondo Tokenized Stock)) is a Real World Asset (RWA) tokenized equity wrapper issued by Ondo Finance. Launched in July 2025 and deployed across the Ethereum and BNB Smart Chain networks, the token is designed to provide 24/7 on-chain economic exposure to shares of D-Wave Quantum Inc. (NYSE/NASDAQ: QBTS) at a 1:1 backing ratio. The product integrates automated dividend reinvestment and operates with zero percent management and performance fees.
The tokenomics operate without independent protocol inflation or vesting schedules, as the supply is tied directly to mint and redemption activity facilitated in USDC. Institutional architecture supporting the asset includes custody provided by BitGo, traditional brokerage and legal identification handled by SEC-registered broker-dealer Alpaca Securities LLC, and administration by Ondo Stocks. The product incorporates legal mechanisms including a bankruptcy-remote special purpose vehicle (SPV) and a security interest in the collateral. Holders do not receive corporate shareholder voting rights, with governance and administrative controls retained exclusively by the issuer.
QBTSON operates with several structural constraints and risks. The token is not registered under the United States Securities Act of 1933 and is strictly restricted to verified non-U.S. investors. Additionally, the token has a limited market footprint, with an asset value of approximately $759,069 across 399 holders as of August 2026, alongside notable contractions in monthly transfer activity and thin liquidity. Security assurance relies on the off-chain institutional service provider stack, as there is an absence of a published token-specific third-party smart contract audit.