What is USTBL's quality score?

USTBL (Spiko) scores 69/100 on OnChain Benchmark's RWA Quality Rating — Developing, as of Oct 11, 2026 (methodology v1.6).

How is USTBL's quality score calculated?

OnChain Benchmark scores USTBL across four dimensions, each out of 25: disclosure quality (15/25), redemption liquidity (17/25), structural trust (17/25), and holder concentration (18/25). Each is multiplied by its methodology weight (structural trust ×1.4, holder concentration ×1.3, redemption liquidity ×0.9, disclosure quality ×0.4; weights sum to 4.0) and summed into the 69/100 composite — a weighted, not a plain, sum, so the four dimension scores do not add directly to the total. The full rubric is published at onchainbenchmark.com/methodology.

How concentrated is USTBL's ownership?

OnChain Benchmark scores USTBL's holder concentration 18/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets), across five of its six chains. A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

What does Developing mean?

Under OnChain Benchmark methodology v1.6, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). USTBL scores 69/100, placing it in Developing.

OCB — Quality Rating · Tokenized treasuries

USTBL Quality Rating

USTBL (Spiko) scores 69/100 on OnChain Benchmark's RWA Quality Rating — rated Developing (methodology v1.6, as of Oct 11, 2026).

Latest onchain read Oct 10, 2026

Updated daily

Quality score

of 100 · Developing

Dimensions measured

of 4

Outstanding supply

$149.11M

as of Oct 10, 2026

Chains

with measured supply

Why USTBL scores 69

The biggest gap in USTBL's score is how its custody is verified.

Each dimension's score is multiplied by its weight and summed: 68.50 of a possible 100, rounded to 69.

Composite

69 / 100

Dimension	Score	Weight	Why it scored this
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 standard multisig (such as 3-of-5). Upgrade factorCustody verified independently, with public reports.	17 / 25	×1.4	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 standard multisig (such as 3-of-5). Upgrade factorCustody verified independently, with public reports.
Holder Concentration Ownership is concentrated: the top 10 holders across five of its six chains own 74.2% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 70% or less (22 of 25).	18 / 25	×1.3	Ownership is concentrated: the top 10 holders across five of its six chains own 74.2% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 70% or less (22 of 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	×0.9	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).
Disclosure Quality There is no independent way to check the holdings. The latest attestation is 1 day old, with 42 in the last six months. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly.	15 / 25	×0.4	There is no independent way to check the holdings. The latest attestation is 1 day old, with 42 in the last six months. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly.

OCB Instrument

Outstanding supply

Measured onchain daily, summed across every chain the fund is issued on. Latest reading $149.11M.

Source: OCB Quality Ratings · USTBL · onchainbenchmark.comMeasured daily · Oct 10, 2026

OCB Instrument

Rating history

USTBL’s quality rating, measured daily.

Source: OCB Quality Ratings · USTBL · onchainbenchmark.comRecomputed daily · Oct 11, 2026

Key facts

Issuer, rubric and methodology

Issuer: Spiko
Asset class: Tokenized treasuries
Rubric: RWA Quality Rating
Methodology: v1.6
Last scored: Oct 11, 2026
What it is: Tokenized U.S. Treasury bill money-market fund distributed by Spiko, audited quarterly by PwC.

Chains

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Ethereum	0xe48802…60e750Explorer ↗	53.1%
Stellar	CARUUX2F…76F4TO	21.8%
Arbitrum	0x021289…8303F5Explorer ↗	14.3%
Polygon	0xe48802…60e750Explorer ↗	9.4%
Base	0xe48802…60e750Explorer ↗	1.3%

Evidence

Verified facts behind the rating

A sample of the verified facts behind USTBL’s score. The full diligence trail is in the terminal.

Facts shown

Dimension	Fact	Finding	Verified	Source
Disclosure Quality	Contract address	Contract address verified on Arbitrum: 0x021289588cd81dC1AC87ea91e91607eEF68303F5 (Arbitrum deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources
Disclosure Quality	Contract address	Contract address verified on Ethereum: 0xe4880249745eAc5F1eD9d8F7DF844792D560e750 (primary deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources

Cite this rating

Reference USTBL’s rating

Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.

Plain

OnChain Benchmark (2026). USTBL Quality Rating: 69/100 (Developing), as of Oct 11, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/ustbl

Harvard

OnChain Benchmark (2026) 'USTBL Quality Rating', OnChain Benchmark, Developing, 69/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/ustbl (Accessed: Oct 11, 2026).

BibTeX

@misc{ocb_ustbl_2026,
  author = {{OnChain Benchmark}},
  title = {{USTBL Quality Rating}},
  year = {2026},
  note = {69/100, Developing, methodology v1.6},
  url = {https://onchainbenchmark.com/instruments/ustbl}
}

Full diligence trail

The interactive terminal shows every verified fact behind USTBL's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.

Open in the terminal →Read the methodology →

Dimension

Score

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 standard multisig (such as 3-of-5).

Upgrade factorCustody verified independently, with public reports.

17 / 25

Holder Concentration

Ownership is concentrated: the top 10 holders across five of its six chains own 74.2% of the free float on those chains.

Upgrade factorA wider holder base, with the top 10 owning 70% or less (22 of 25).

18 / 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. The latest attestation is 1 day old, with 42 in the last six months.

Upgrade factorIndependent confirmation of this token's own holdings, at least monthly.

15 / 25

Chain

Share of measured supply

Ethereum

53.1%

Stellar

21.8%

Arbitrum

14.3%

Polygon

9.4%

Base

1.3%

Dimension

Finding

Verified

Disclosure Quality

Contract address verified on Arbitrum: 0x021289588cd81dC1AC87ea91e91607eEF68303F5 (Arbitrum deployment)

Address confirmed active onchain.

Jun 13, 2026

Disclosure Quality

Contract address verified on Ethereum: 0xe4880249745eAc5F1eD9d8F7DF844792D560e750 (primary deployment)

Address confirmed active onchain.

Jun 13, 2026

@misc{ocb_ustbl_2026, author = {{OnChain Benchmark}}, title = {{USTBL Quality Rating}}, year = {2026}, note = {69/100, Developing, methodology v1.6}, url = {https://onchainbenchmark.com/instruments/ustbl} }