Refused, and why

Kept here so nobody spends an afternoon rediscovering them.

Eight tokenised funds that can never be a vault asset#

Every one is a real tokenised treasury or fund with genuine assets behind it. None can back a market, and the reasons are structural rather than editorial.

Seven of the eight fail on exactly two mechanisms, and never a third. That is why vaultVerdict has exactly two clauses rather than a growing list.

Jupiter independently calls the original six untradable, which is the empirical half of the same rule: it is what a permissioned token looks like from the outside. The criterion is not theoretical.

One grade#

Grade::Soft is a real design, and register_pairable rejects it.

require!(grade != Grade::Soft, Err::GradeUnsupported);

No token, but a real price and genuine short interest: a collateralised synth held near the index by funding. Supporting it means lifting floorlaunch's CDP and funding engine wholesale, and it is last on the roadmap because it carries all the risk and serves the fewest markets.

Rejecting it is better than minting a badge nothing can honour.

One venue, on both sides#

One launch, refused by arithmetic#

HOME-US-MED, the median US home, sits at $419,200 per unit. The router derives curve depth as max(50_000, 100 * price) and caps it at $10,000,000, so this one would need $41.9m of depth to be tradeable at sane impact.

The router says so and skips it rather than launching something unusable. The same formula that sizes the curve is also the refusal: a curve holding fewer than a hundred units cannot price a small trade, and a unit you cannot hold a hundred of is not a unit anyone can trade.

Two silver mints, and a demotion#

• KOx was thin. It has since cleared the $20,000 floor at $21,609 and KO was promoted to hard grade on 2026-08-25.
• SLVx is dead. It routes at neither $25,000 nor $1,000. SLV was repinned to Ondo's SLVon instead, and then demoted back to index grade on 2026-08-25: SLVon reported $44,066 of liquidity and moved 89.64% on a $25,000 fill, which is worse than no route at all, because a market with no route refuses and a market at 89% fills. Reported liquidity and executable depth are different numbers and only one of them is a market.
• TESOURO went the same way on the same day, which is why the sovereign tier is three Etherfuse bonds rather than four.

One pin that stays where it is despite a better candidate#

XAU-OZT stays pinned to PAXG at 5GgRAEmv8ZxF2PR5hY72Qs5x1bnQ6UK2RbTPoqJ3wSwW, even though a cleaner mint exists.

Oro Finance GOLD (GoLDppdjB1vDTPSGxyMJFqdnj134yH6Prg9eqsGDiw6A) is classic SPL with no extensions at all and a freeze authority that is already revoked, so the issuer holds no power over a vault position whatsoever, which neither PAXG nor Matrixdock's XAUm can say. It is one troy ounce, 9,936 holders, $321k of liquidity, and $23,000 sells at 0.00% impact with $113,000 at 1.23%. Its yield is deliberately pushed into a separate staking action, so the base token never accrues inside a pool.

PAXG stays pinned only because it is deeper at $518k and its unit is exactly this pairable's unit. The pin should switch the moment Oro's depth passes PAXG's, and the registry entry says so.

And one thing that was refused and then was not#

An earlier draft of the README claimed DBC supports arbitrary quote tokens. It does not, and the exception lands on exactly the assets that mattered. Recording that reversal is the point: a refusal is a measurement, and a measurement has a date on it.