What is VBILL's quality score?

VBILL (VanEck) scores 51/100 on OnChain Benchmark's RWA Quality Rating — Limited, as of Oct 10, 2026 (methodology v1.6).

How is VBILL's quality score calculated?

OnChain Benchmark scores VBILL across four dimensions, each out of 25: disclosure quality (15/25), redemption liquidity (17/25), structural trust (14/25), and holder concentration (8/25). 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 51/100 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 VBILL's ownership?

OnChain Benchmark scores VBILL's holder concentration 8/25 — one of the four dimensions of its quality rating, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets), across all four of its chains. A higher score means ownership is more broadly distributed; a lower score means it is held by fewer wallets.

What does Limited mean?

Under OnChain Benchmark methodology v1.6, composite scores grade as Verified Capital (≥ 85), Institutional-grade (≥ 70), Developing (55–69), and Limited (below 55). VBILL scores 51/100, placing it in Limited.

OCB — Quality Rating · Tokenized treasuries

VBILL Quality Rating

VBILL (VanEck) scores 51/100 on OnChain Benchmark's RWA Quality Rating — rated Limited (methodology v1.6, as of Oct 10, 2026).

Latest onchain read Oct 10, 2026

Updated daily

Quality score

of 100 · Limited

Dimensions measured

of 4

Outstanding supply

$61.10M

as of Oct 10, 2026

Chains

with measured supply

Why VBILL scores 51

The biggest gap in VBILL's score is how concentrated its ownership is.

Each dimension's score is multiplied by its weight and summed: 51.30 of a possible 100, rounded to 51.

Composite

51 / 100

Dimension	Score	Weight	Why it scored this
Holder Concentration Ownership is concentrated: the top 10 holders across all four of its chains own 99.1% of the free float. Upgrade factorA wider holder base, with the top 10 owning 95% or less (13 of 25).	8 / 25	×1.3	Ownership is concentrated: the top 10 holders across all four of its chains own 99.1% of the free float. Upgrade factorA wider holder base, with the top 10 owning 95% or less (13 of 25).
Structural Trust The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. An admin can upgrade the contract without a timelock, controlled by a standard multisig (such as 3-of-5). Upgrade factorOversight by a major regulator with a recent audit.	14 / 25	×1.4	The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. An admin can upgrade the contract without a timelock, controlled by a standard multisig (such as 3-of-5). Upgrade factorOversight by a major regulator with a recent audit.
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 0 days old, with 27 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 0 days old, with 27 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 $61.10M.

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

Rating history

No change since Oct 10, 2026

VBILL has held its 51/100 rating (Limited) with no change since Oct 10, 2026.

Key facts

Issuer, rubric and methodology

Issuer: VanEck
Asset class: Tokenized treasuries
Rubric: RWA Quality Rating
Methodology: v1.6
Last scored: Oct 10, 2026
What it is: BVI-domiciled tokenized U.S. Treasury bill fund managed by Van Eck Absolute Return Advisers, distributed via Securitize.

Chains

Share of measured supply by chain

With measured supply

Chain	Contract	Share of measured supply
Ethereum	0x225571…14ff01Explorer ↗	39.6%
BNB Chain	0x14d726…911279Explorer ↗	35.4%
Solana	34mJztT9…1P4xy1Explorer ↗	23.9%
Avalanche	0x7f4546…c90183Explorer ↗	1.2%

Evidence

Verified facts behind the rating

A sample of the verified facts behind VBILL’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 Ethereum: 0x2255718832bc9fd3be1caf75084f4803da14ff01 (primary deployment) Address confirmed active onchain.	Jun 13, 2026	Verified against primary sources

Cite this rating

Reference VBILL’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). VBILL Quality Rating: 51/100 (Limited), as of Oct 10, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/vbill

Harvard

OnChain Benchmark (2026) 'VBILL Quality Rating', OnChain Benchmark, Limited, 51/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/vbill (Accessed: Oct 10, 2026).

BibTeX

@misc{ocb_vbill_2026,
  author = {{OnChain Benchmark}},
  title = {{VBILL Quality Rating}},
  year = {2026},
  note = {51/100, Limited, methodology v1.6},
  url = {https://onchainbenchmark.com/instruments/vbill}
}

Full diligence trail

The interactive terminal shows every verified fact behind VBILL'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

Holder Concentration

Ownership is concentrated: the top 10 holders across all four of its chains own 99.1% of the free float.

Upgrade factorA wider holder base, with the top 10 owning 95% or less (13 of 25).

8 / 25

Structural Trust

The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. An admin can upgrade the contract without a timelock, controlled by a standard multisig (such as 3-of-5).

Upgrade factorOversight by a major regulator with a recent audit.

14 / 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 0 days old, with 27 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

39.6%

BNB Chain

35.4%

Solana

23.9%

Avalanche

1.2%

Dimension

Finding

Verified

Disclosure Quality

Contract address verified on Ethereum: 0x2255718832bc9fd3be1caf75084f4803da14ff01 (primary deployment)

Address confirmed active onchain.

Jun 13, 2026

@misc{ocb_vbill_2026, author = {{OnChain Benchmark}}, title = {{VBILL Quality Rating}}, year = {2026}, note = {51/100, Limited, methodology v1.6}, url = {https://onchainbenchmark.com/instruments/vbill} }