INDEPENDENT MARKET INTELLIGENCE

What the LEAD public register actually shows

Name: LEAD Observatory: CNAD issuances and provider rankings
Creator: BCP Holdings

An independent, reproducible reading of registered digital asset issuances in El Salvador, without inflating the market with tokenized U.S. stocks and bonds.

Data verified: 2 November 2026 · Latest CNAD registration: 2 October 2026

262CNAD digital asset registrations

199Excluded: U.S. market exposure

4Canceled (excluded)

59Current issues in both rankings

How the rankings work

We separate substantive digital asset registrations from wrappers tracking U.S. listed instruments. All figures refer to registered issuances recorded in the CNAD public registry, not subscriptions, volume raised, yields, or completed repayments.

1 · PSAD ranking →3 · Repeat issuers →Full methodology →

RANKING 1 · SERVICE PROVIDERS

CNAD registrations by digital asset service provider (PSAD)

Only non-canceled, non-U.S.-market exposure issuances are counted. This is a ranking of the provider shown on each CNAD issuance record, not of placement, revenue or assets under custody.

Rank	Provider	Issues
1	Pulpo Fintech, S.A. de C.V.	15
2	Fintech Americas, S.A. de C.V.	12
3	Banco Atlántida El Salvador, S.A.	10
4	MIO3, S.A. de C.V.	5
5	Ditobanx El Salvador, S.A. de C.V.	4
6	Bitfinex Securities El Salvador, S.A. de C.V.	3
6	VLRM Markets, S.A. de C.V.	3
8	Digital Exchange, S.A. de C.V.	2
9	Bitfinex Derivatives El Salvador, S.A. de C.V.	1
9	IB Maker X, S.A. de C.V.	1
9	Leasing Atlántida, S.A.	1
9	Trokera El Salvador + Ditobanx El Salvador (conjunta)Joint registration; counted once	1
9	Trokera El Salvador, S.A. de C.V.	1

Exclusion for this ranking: all 198 U.S. stocks/bonds/ETF program issues and USTBL (1) are omitted, as are the 4 canceled records. See the full methodology.

RANKING 3 · REPEAT ISSUERS

Issuers with two or more registered offerings

There are 11 issuers with at least two qualifying, current CNAD registrations. All currently have two, hence a shared first rank. These are separate registrations, not proof of repeated funding.

Rank	Issuer · Registered tokens	Issues
1	Arrendadora GM S.A. de C.V.MNKY2 · MNKY3	2
1	CMCC GLOBAL SPCLBAF · CREST	2
1	Costa Dorada, S.A de C.V.ECDORP · ECDORD	2
1	DESARROLLADORA ORIZABA, S.A. DE C.V.RNCRrev · RNCRdebt	2
1	Desarrollos Santa Elena, S.A. de C.V.TRE-I · TRE-D	2
1	Inmobiliaria Montealegre S.A. de C.V.C725-D · C725-I	2
1	Inversiones Globales Estratégicas, S.A DE C.V.PRM1 · BAES-NXX	2
1	SMARTDRIVE S.A. de C.V.SMD1 · SMD2	2
1	TOWCO S.A. DE C.V.BAES-TWCP · BAES-TWCD	2
1	Velocity Investments S.A de C.VEBONVP · EBONVD	2
1	VLRM Global Investments, S.A. de C.V.VGT · FIRM	2

Exclusion for this ranking: issuers of the 198 U.S. stocks/bonds/ETF program issues and USTBL (1) are excluded from the calculation; the 4 canceled issues are excluded too. See the full methodology.

REQUIRED METHODOLOGICAL NOTE

U.S. stocks and bonds are expressly excluded from BOTH rankings

From the CNAD digital-asset registry total of 262 records, we exclude 199 U.S.-market exposure issues (stocks, ETFs, and U.S. Treasury bond exposure), and 4 canceled records. The remaining 59 active registrations form the common denominator for both rankings. Stablecoin registrations are in a separate CNAD tab and are not included.

MIO3 MARKETS 1 S.A.S. de C.V. — 101 excluded registrations. Series tracking U.S.-listed stocks and ETFs
MONETAE SECURITIES S.A. DE C.V. — 70 excluded registrations. Series tracking U.S. financial instruments, including stocks, ETFs and fixed income
NEXBRIDGE DIGITAL FINANCIAL SOLUTIONS S.A. DE C.V. — 27 excluded registrations. Series tracking U.S. stocks and stock-market indices
Nexbridge — 1 excluded registrations (USTBL). Exposure to U.S. Treasury bonds through an ETF

The exclusions cover three multi-series international-market programs (101 + 70 + 27 = 198) and USTBL (AD-00004), which tracks a U.S. Treasury bond ETF (1). Canceled records AD-00026, AD-00012, AD-00011 and AD-00010 are separately excluded by status, without double-counting.

We count separate registration identifiers, not groups of display rows, transaction values, tokens placed or custody assets. A joint assignment (COINGT) is shown once as a joint-provider row; it is not counted twice. Issuers are grouped by the legal name shown by CNAD, without merging different entities. Ties share the same position. A CNAD "Current" status does not prove an offering was fully placed, repaid or profitable.

OFFICIAL DOCUMENTATION

Sources and updates

Figures were reconciled against all 65 display groups (262 registration identifiers) on 2 November 2026. This is an editorial snapshot; it does not update in real time.

Transparency: This is an independent commercial portal promoted by BCP Holdings. José Luis Barreto, its promoter, is CEO and co-founder of Real Tokn (Pulpo Fintech). The same methodology applies to affiliated and unaffiliated companies. The rankings are not issued or endorsed by CNAD.

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