OCB — Quality Rating · Bond ETFs
SGOVon Quality Rating
SGOVon (Ondo Finance) scores 49/100 on OnChain Benchmark's RWA Quality Rating — rated Limited (methodology v1.6, as of Oct 21, 2026).
Latest onchain read Oct 21, 2026
Updated daily
Quality score
49
of 100 · Limited
Dimensions measured
4
of 4
Outstanding supply
$9.47M
as of Oct 21, 2026
Chains
3
with measured supply
Why SGOVon scores 49
The biggest gap in SGOVon's score is how concentrated its ownership is.
Each dimension's score is multiplied by its weight and summed: 49.30 of a possible 100, rounded to 49.
Composite
49 / 100
| Dimension | Score |
|---|---|
Holder Concentration Ownership is concentrated: the top 10 holders across all three of its chains (Ethereum, BNB Chain and Solana) own 94.2% of the free float. Upgrade factorA wider holder base, with the top 10 owning 80% or less (9 of 25). | 4 / 25 |
Structural Trust Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. The top regulatory standing needs SEC registration with a PCAOB-registered auditor. An admin can upgrade the contract without a timelock, controlled by a minimal multisig (such as 2-of-3). Upgrade factorCustody verified independently, with public reports. | 16 / 25 |
Redemption Liquidity Only onboarded institutions can redeem; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (20 of 25). | 17 / 25 |
Disclosure Quality There is no independent way to check the holdings. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly. | 16 / 25 |
OCB Instrument
Outstanding supply
OCB Instrument
Rating history
Key facts
Issuer, rubric and methodology
- Issuer
- Ondo Finance
- Asset class
- Bond ETFs
- Rubric
- RWA Quality Rating
- Methodology
- v1.6
- Last scored
- Oct 21, 2026
- What it is
- Tokenized share of the iShares 0-3 Month Treasury Bond ETF (SGOV), 1:1 backed.
Chains
Share of measured supply by chain
With measured supply
3
| Chain | Share of measured supply |
|---|---|
| Ethereum | 86.2% |
| BNB Chain | 13.0% |
| Solana | 0.9% |
Evidence
Verified facts behind the rating
A sample of the verified facts behind SGOVon’s score. The full diligence trail is in the terminal.
Facts shown
4
| Dimension | Finding | Verified |
|---|---|---|
| Disclosure Quality | Ondo publishes a per-token net asset value for this fund through its own distribution channel, verified by Ankura Trust Company. | Sep 14, 2026 |
| Disclosure Quality | Contract address verified on Ethereum: 0x8de5d49725550f7b318b2fa0f1b1f118e98e8d0f (primary deployment) Confirmed active onchain. | Aug 10, 2026 |
| Disclosure Quality | Contract address verified on BNB Chain: 0xc008c5f579ec1450f20099c39f587547e27c7523 (BNB Chain deployment) Confirmed active onchain. | Aug 10, 2026 |
| Disclosure Quality | Contract address verified on Solana: HjrN6ChZK2QRL6hMXayjGPLFvxhgjwKEy135VRjondo (Solana deployment) Confirmed active onchain. | Aug 10, 2026 |
Cite this rating
Reference SGOVon’s rating
Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.
OnChain Benchmark (2026). SGOVon Quality Rating: 49/100 (Limited), as of Oct 21, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/sgovon
OnChain Benchmark (2026) 'SGOVon Quality Rating', OnChain Benchmark, Limited, 49/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/sgovon (Accessed: Oct 21, 2026).
@misc{ocb_sgovon_2026,
author = {{OnChain Benchmark}},
title = {{SGOVon Quality Rating}},
year = {2026},
note = {49/100, Limited, methodology v1.6},
url = {https://onchainbenchmark.com/instruments/sgovon}
}The interactive terminal shows every verified fact behind SGOVon's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.