ONCHAINBENCHMARKThe measurement standard for tokenized capital
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OCB · About

The world’s financial system is moving onchain. Someone has to measure it.

Treasuries, money-market funds, credit, and dollars themselves are becoming the settlement and collateral layer of a digital economy. The market still reads itself issuer by issuer, claim by claim, with no common standard for what is disclosed or verifiable. OnChain Benchmark is the standard that market is missing.

01 · The problem

The tokenized economy is being built faster than it’s being measured.

01

The same asset is issued differently on every chain

BENJI lives on Stellar, Ethereum, Base, Polygon, Arbitrum, Avalanche, Solana, and Aptos — eight block explorers, eight supply numbers, eight holder sets. A buyer who wants to understand the instrument has to reconcile all of them by hand, and most don't bother.

02

Every issuer reports in a different format

One issuer posts daily PDF attestations. Another publishes monthly summaries on a page that won't load without JavaScript. A third stopped publishing after an acquisition and never resumed. There is no shared definition of what “disclosed” means.

03

Opacity costs the issuer nothing

Issuers who don't publish per-instrument attestations sit on the same shelves as issuers who do. There is no public scoreboard, so opacity is free. The risk of figuring out who's being clear is pushed onto the buyer, every time.

04

Nobody publishes the market-level number

To know the size of the tokenized-Treasury market this morning, you find every instrument's supply on every chain and add them up yourself. No published level exists to point to. The category trades like a market without ever being read like one.

02 · The standard

Capital is moving onchain. The infrastructure finance depends on hasn’t followed yet.

Tokenized RWAs

Tokenized treasury funds, money market exposure, commodity-backed tokens, and private credit are already issued onchain. The category is operating at institutional scale, not theoretical.

Programmatic capital

Settlement, collateral movement, and allocation increasingly run through code rather than custody desks. Machine-readable trust signals are a prerequisite.

What's missing

An independent index. The reference benchmark traditional markets rely on — a single, methodologically-defined number that summarizes the state of the market — doesn't exist for onchain RWAs. Every participant verifies on their own or accepts what issuers report.

OnChain Benchmark is building that reference layer — independent, reproducible, and published in full.

03 · Principles

A standard is worth only as much as its independence.

The public record

Everything we publish is drawn from public onchain data, issuer attestations, and regulatory filings. No privileged data feed and no confidential issuer information enters a score.

Independent by design

No payment is taken for a rating, a score, or coverage, and no issuer can buy its way into or out of the benchmark. Issuers may submit an instrument for consideration; inclusion and the score follow the published methodology alone. Any affiliation that bears on our coverage is disclosed.

Built to be reproduced

The methodology is versioned and published before it is applied. Scores are recomputed daily and reconciled against onchain ground truth.

Ratings and index values are independent analytical opinions, not statements of fact and not investment advice. See the Terms and the editorial policy.

04 · What we publish

The reference the market can act on.

Quality Ratings

Individual instruments scored on disclosure quality, redemption liquidity, structural trust, and holder concentration.

All ratings →

Indexes

RWA Quality, Stablecoin Quality, Chain RWA Footprint, Tokenized Gold, US-Regulated Stablecoin, and European-Regulated Stablecoin — the market in aggregate, recomputed every day.

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Research

Editorial research that turns the underlying data into arguments about where the market is going.

All reports →

05 · Who we are

We have built this once before.

We are long-time co-founders who have been building in blockchain and digital assets since 2018. Together we founded and exited Forkast, where we created some of the first data and index products for the industry. OnChain Benchmark is the next, more rigorous version of that work.

Founder

Sarah Chang

Sarah Chang leads product at OnChain Benchmark. A builder and operator with more than twelve years across venture-backed startups and emerging technologies, she has founded, scaled, and exited companies, and has shipped the data and index products that turn frontier markets into something institutions can act on. She began her career at McKinsey & Company and holds degrees from Columbia University and the University of Oxford.

Founder

Angie Lau

Angie Lau brings the authority of global financial media to OnChain Benchmark. She spent ten years at Bloomberg, ending her tenure as Global Lead Anchor, broadcasting from Hong Kong, where she covered the economies, markets, and capital flows that set the tempo for the rest of the world. She has spent the years since translating that fluency into products the industry can trust.

Ratings, indexes, and data for the onchain economy.

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Covered across — 38 chains

OnChain Benchmark

Independent · 2026

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Important disclosures

Nothing on this site or in the OnChain Benchmark service is investment, financial, legal, tax, or accounting advice, an offer or solicitation to buy or sell any security, token, or other instrument, or a recommendation, endorsement, or rating of suitability regarding any instrument, issuer, or transaction. Quality ratings, dimension scores, and index values are independent analytical opinions based on the data available to us at the time of computation; they are not statements of fact, guarantees of quality or safety, and not endorsements. Outputs are produced from public sources and third-party data and infrastructure outside our control — including RPC and node providers, indexers, oracle feeds, issuer attestations, auditor reports, and public regulatory filings — any of which may be delayed, unavailable, incomplete, incorrect, manipulated, or revised after the fact. Scores are computed periodically and may not reflect events occurring after the most recent computation. OnChain Benchmark does not warrant that any score, index, or evidence item is accurate, complete, reliable, current, or suitable for any purpose. You are solely responsible for any decision you make using the service, you should not rely on it as the sole basis for any investment, trading, custody, or counterparty decision, and you should conduct your own independent diligence and consult your own qualified professional advisors. To the maximum extent permitted by law, you assume all risk arising from your use of, or reliance on, the service. See our Terms of Service for the complete terms governing your use of the service.