GLXYon

Ondo Global Markets 系列产品 GLXYon，追踪 Class A common stock of Galaxy Digital Inc.（ISIN US36317J2096；LEI 9845001C4070E5N07806）。产品自身 ISIN 为 VGG7001AKP89。本条的发行文件为该产品专属的 Final Terms（A 级，发行人自有 CDN），原件首页载 July 16, 2026；与全系列共用的 Base Prospectus（dated 11.11.2025，列支敦士登 FMA 同日批准）合并构成完整招股说明书。

产品性质（Final Terms 逐字）：「Product Security Type: Debt instrument」；产品在原件中被统称为 Ledger-Based Securities，原件逐字解释其相对传统证券的差别为「Ledger-Based Securities can be traded 24 hours per day, 7 days per week」与「the direct control of the Ledger-Based Security by the Investor, as it may be held in an un-hosted non-custody wallet, which the Investor has exclusive access to」。

标的描述（原件 Description of the Underlying 段逐字）：「The Product represents the Underlying consisting in Class A common stock of Galaxy Digital Inc..」—— 本件属 154 页模板，该段为制式句。

与底层的关系（原件逐字）：「The Tokens constitute “total return trackers” for the Underlying(s). Accordingly, each one (1) tracks the value of one or more units of Underlyings.」初始为 1 枚 Token 追踪 1 单位标的，其后随应归属收益（Attributable Income）调整追踪比例。产品不付息（原件逐字「The Tokens do not bear interest.」）。

发行日：原件「Expected issue date」项只给相对条款，逐字「The expected issue date of the Tokens is one day after the publication of these Final Terms.」（本件 1 处）—— 其锚点「these Final Terms 的公布日」原件自身不载。故发行日期与发行日期精度一律留空，按 Ed 2026-09-24 晚·九 的判据处理。

链上登记：合约地址 0xE668e08a6f5792CEF0e63E9D98524968fDB5882f，部署于 Ethereum Mainnet。原件同句另载发行人将在其网站公布每枚 Token 的交易记录链接。

担保安排（原件逐字）：担保分 Standard Collateral／Additional Collateral／Other Collateral 三类，其中「The Standard Collateral is collectively, the Underlying and any cash held in the Collateral Accounts of the Issuer held with any Custodian, as well as all Attributable Income thereto」；出借受限——「The Issuer is not allowed to lend out Collateral, unless explicitly agreed in advance between the Issuer and the Investor.」担保权由 Security Agent Ankura Trust Company, LLC 持有，同一主体兼任 Verification Agent。

发行规模：原件载 total issue volume 为 up to USD 500,000,000（发行上限，非存量规模），且发行人保留随时上调之权；发行人未披露实际存量，故规模数值留空。

交易场所（原件逐字）：「The Security Tokens are not yet listed or admitted to trading at any stock exchange, authorized multilateral trading facility (“MTF”) or organized trading facility (“OTF”) (inside or outside of EEA and EU) by the Issuer. In the future the Issuer may list or admit to trading the Security Token at any stock exchange, authorized MTF or OTF…」
本件（154 页模板）不载那句短版「… not yet listed or admitted to trading on any stock exchange, multilateral or organised trading facility.」。 两句的法律含义相同（均为「尚未上市，发行人保留日后申请之权」），故二级流通场所的填值不变；但引哪一句必须按件。

【结算币（结算稳定币）的依据·原件逐字】
申购币种条款（「Currency of the Security Tokens issue」）只写 USDC：「The Tokens can be purchased through the e-money token (a Stablecoin) “USDC” pegged to USD. The issuer of USDC is duly licensed under the Regulation (EU) 2023/1114.」
但 Issue Price 与 Redemption Amount 两处合同条款均载明结算币可为两者之一：「For the avoidance of doubt, the Settlement Currency may be the e-money token (a Stablecoin) “USDC” whose value is pegged to the USD, currently authorized under MiCAR; or the Stablecoin “USDT”, whose value is pegged to the USD, which is currently not authorized as an e-money token under MiCAR. It is understood that the Issuer may use Stablecoins other than those specified herein, as defined from time to time by the Issuer on its website.」
转录说明：原件 PDF 文本层有连字符与空格断裂（如 "e - money"、"USD ,"、"“ USDC”"），上述转录已按原词还原空格，用词与标点未作任何更动。
故稳定币结算情况填「有」，结算稳定币关联 USDC 与 USDT 两条。原件末句所留的「其他稳定币」口子由发行人网站随时定义，不构成可填的第三个关联对象，不填。

【权属依据类型的单档记法（第 12 批，建档即填）】
构成性写在这句话干了什么里：Final Terms 把 Securities Ledger 指认为一个具体的智能合约地址，即「记载在该账本上」本身就是权属所在。
· 指认句（Final Terms §1「Information Concerning the Security Tokens」逐字）：「The address of the smart contract serving as the Securities Ledger of the Token is: 0xE668e08a6f5792CEF0e63E9D98524968fDB5882f. The Issuer will publish a link to such record of transaction for each Token on its website: https://ondo.finance/global-markets.」
· 适用法只有发行人自陈一句（「KEY INFORMATION OF THE PRODUCT / General」逐字）：「Security Tokens issued under the Base Prospectus are governed by Swiss Law and are debt securities (Schuldverschreibungen).」—— 它说的是适用哪国法，没有指向任何一条证「登记即权属」效力的条文。
实测 10/10 零命中，风险不成立。 一道断言的「通过」要能分辨成两种：前提真的成立，还是它恰好没被撞到。
这一批不成立的证据是另一组文件，不是上一批那组的延续。

【 gov 句括号空格：本批两种写法同时在场，按模板分叉 4:6】
· 154 页 4 份：( Schuldverschreibungen ) 0 处、紧排 18 处；
· 146 页 6 份：空格版 1 处、紧排 17 处。
本附注不得删除 —— 它是本条 法定条文 为何空缺的唯一记载。
原件注：最终条款「Country(ies) of offer(s)」项原句「c) to both retail and professional investors within the EU and the EEA, particularly in the following countries: Republic of Austria (“Austria”), Belgium (“Belgium”), the Republic of Bulgaria (“Bulgaria”), the Republic of Croatia (“Croatia”), the Republic of Cyprus (“Cyprus”), the Czech Republic (“Czech Republic”), Denmark (“Denmark”), the Republic of Estonia (“Estonia”), the Republic of Finland (“Finland”), the French Republic (“France”), the Federal Republic of Germany (“Germany”), the Hellenic Republic (“Greece”), the Republic of Hungary (“Hungary”), the Republic of Ireland (“Ireland”), the Italian Republic (“Italy”), Iceland (“Iceland”), the Republic of Latvia (“Latvia”), the Principality of Liechtenstein (“Liechtenstein”), the Republic of Lithuania (“Lithuania”), the Grand Duchy of Luxembourg (“Luxembourg”), the Republic of Malta (“Malta”), Netherlands (“Netherlands”), Norway (“Norway”), the Republic of Poland (“Poland”), the Portuguese Republic (“Portugal”), Romania (“Romania”), the Slovak Republic (“Slovakia”), the Republic of Slovenia (“Slovenia”), Spain (“Spain”) and Sweden (“Sweden”).」