bC3M is Backed's NAV-accreting tracker token for Amundi's short-dated Eurozone government bond UCITS ETF, KYC-gated and registered under Swiss DLT Act. The static profile records its Euro-denominated NAV accounting mechanism as: EUR-denominated NAV-accreting tracker token (not pegged to €1); price reflects the underlying short-term Eurozone government bond ETF NAV with continuous yield accrual; new issuance closed; KYC-gated redemption remains supported by Backed during the announced wind-down; secondary liquidity on Uniswap and CoW Protocol.

As of Nov 8, 2026, Pharos grades bC3M C (56/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Pharos records bC3M's reserves as of Oct 26, 2026 as 100% AMUNDI GOVIES 0-6 Months Euro Investment Grade ETF shares. Reserve evidence: Real-Time PoR by The Network Firm / Chainlink Proof of Reserve, latest period ending Oct 26, 2026. Pharos classifies the backing as Real-World Asset Backed.

Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.

Under the route Pharos reviewed on May 12, 2026, customers the issuer has verified can redeem bC3M at its net asset value. Settlement takes multiple days. The reviewed redemption fee is 0.5%. Whether a given holder qualifies is set by the route's own terms, not by this summary.