Every change to the scoring methodology, on the record.

·The stablecoin band ladder is unified with the rest of OCB's rating system. "Healthy ≥ 80" is retired; bands are now Verified (≥ 85), Institutional Grade (≥ 70), Monitored (60–69), Elevated Risk (40–59), and Flagged (below 40) — the same cutoffs the RWA rating uses. Institutional-Grade Capital (≥ 70) is the headline quality marker; Verified Capital (≥ 85) is the strict top tier within it.

·The transparency voluntary-attestation cap is now tiered by attestation strength. A fresh (≤ 30 days) PCAOB attestation from a top-tier US trust issuer caps transparency at 23 rather than the default 19; weaker or stale voluntary attestations remain capped at 19. This lets a top-tier US-chartered stablecoin with strong independent attestation reach the Verified tier, which the flat 19 cap made unreachable, while preserving the anti-gaming rationale for the general voluntary case.

·Effect: USDC and USDP move from ~83 into the Verified band (≥ 85); RLUSD and PYUSD rise but stay below it; other stablecoins are unaffected. Each index now publishes both an Institutional-Grade Capital (≥ 70) figure and a Verified Capital (≥ 85) figure.

·No dimension weights or dimension formulas changed. Only the band cutoffs and the voluntary-cap tiering changed.

·Holder concentration for a fund deployed on multiple chains is now measured across ALL of those chains together, not only its primary chain.

·Previously a fund's concentration was read from a single primary chain. For a fund whose holders mostly sit on a non-primary chain, that could report a concentration figure built from an unrepresentative slice.

·Today one fund is affected: Spiko EU T-Bills (EUTBL), whose distribution is mostly on Stellar. Its concentration reads 40.6% across chains (was measured off its Ethereum slice), moving its rating band from Limited to Rated. No other fund's band changes.

·Disclosed limitation: chains are combined by wallet address; a single holder using different addresses on different chains is counted as separate holders, so a cross-chain aggregate can read slightly LESS concentrated than reality. Chains where holder coverage is incomplete are dropped from the aggregate rather than guessed.

·The four dimensions and the composite formula are unchanged; only the concentration input for opted-in multi-chain funds changed.

·Added two descriptive fields published alongside the rating, NOT folded into the numeric grade or its four dimensions.

·Custody-disclosure class: how completely an issuer discloses where reserves are custodied (named custodians + independence of verification). Not a bank-concentration number — issuers do not publish per-custodian weights, a source-disclosure gap we surface rather than estimate.

·Backing-mechanism class: the collateral mechanism (exogenous-fiat, crypto-overcollateralized, delta-neutral-synthetic, RWA-backed, aggregate-only-opaque, endogenous-reflexive) — the categorical design fact the reserve-quality tier collapses.

·Published alongside these fields: a failure-vector coverage map stating what the two measures do and do not see (custody disclosure and reflexivity are covered; true bank concentration is not measurable; oracle, governance and legal-seizure risk are out of scope).

·The grade, its four dimensions, and all prior scores are unchanged.

·Equities are now collected (holder + transfer) and scored from inception, not excluded. The prior exclusion was operational (a 2026-06-09 collector-timeout incident), not a methodology decision — the equities rubric has always scored holder concentration (§3.4). Heavy collectors now run on a dedicated worker, so the timeout constraint no longer applies.

·Published an explicit GRADUATION BAR: a tokenized-equity instrument is surfaced as an 'emerging' instrument until it clears ≥ $5M outstanding onchain supply AND ≥ 50 distinct onchain holders (post-exclusion), sustained over 30 consecutive days — then it counts toward headline equities coverage. Below the bar, concentration/liquidity are not statistically meaningful, so the instrument is measured and visible but not headline-counted.

·This is a transparency threshold (the same logic that gates every asset class), not a quality judgment or a scoring-constant change. PROPOSED thresholds ($5M / 50 holders) — subject to confirmation before launch.

·The Claim Verifiability oracle remains the one genuine v2.1 deferral, independent of this bar.

·The RWA index is renamed from "RWA Verified Capital Index" to "RWA Quality Index" to match the positioning the product already leads with: institutional-grade (≥70) is the primary quality marker; Verified Capital (≥85) is the strict top tier within it.

·The quality tiers are simplified to two labels: Institutional-grade (≥70) and Verified Capital (≥85). "Verified Capital" names both the top tier and the dollar value clearing the ≥85 bar. Only the index's NAME changed; no scores moved.

·Public URL changed from /index/rwa-verified-capital to /index/rwa-quality (301 redirect from the old slug).

·This is a NAMING change only. No scoring constant, weight, threshold, band, or classifier changed. The DB index_id (rwa_transparency) is unchanged.

·The RWA quality composite changes from an equal-weight sum of four dimensions to a weighted sum, where each dimension is weighted by how well it can be measured onchain.

·Weights (multipliers summing to 4.0, so the /100 scale and band thresholds are unchanged): structural_trust ×1.4, holder_concentration ×1.3, redemption_liquidity ×0.9, disclosure_quality ×0.4.

·Rationale: a pipeline data-coverage audit found disclosure has real data for only 18% of instruments while structural (94%) and behavioral/concentration (88%) are well-covered. Equal weighting let our thinnest-signal dimension drag scores down for the majority of instruments. Weighting by measurability makes the grade reflect measurable quality rather than coverage gaps.

·Applies to treasury, commodity, and private credit. Equities retains equal weighting (its coverage profile differs; separate audit pending).

·Band thresholds unchanged (Verified ≥85). The change re-sorts instruments by measurable quality — some rise (e.g. strong structural/behavioral profiles previously dragged by thin disclosure data), some fall (e.g. instruments whose only strength was disclosure).

·New index: OCB Liquidity Depth Index. Measures onchain DEX exit capacity at 1% slippage as a fraction of covered supply, in basis points.

·Formula: raw_index = (Σ depth_i / Σ supply_i) × 10,000 where depth_i = sum of 1%-slippage DEX depth across configured pools per instrument.

·v1.0 population: USDY (treasury RWA, Curve), USDT (Uniswap V3), PYUSD (Curve + Uniswap V3), USDe (Curve + Uniswap V3), USD0 (Uniswap V3) — 5 instruments, 7 pools, Ethereum.

·Excluded: OUSG, BUIDL, BENJI, USYC (no material DEX pools); USDC (direct 1:1 redemption; DEX depth not the relevant metric).

·Freshness SLA: 36 hours. Minimum 3 fresh constituents to publish. Calibration window: 30 days.

·Sanity gate: 1–1000 bps alert range; >50 bps day-over-day change triggers a volatility alert.

·Rebased to inception level = 100.

·Depth approximation notes: Curve StableSwap coefficient ±20%; Uniswap V3 uses in-tick L — overstates depth if trade crosses ticks.

·Graduated 36 Dinari dShare instruments on Arbitrum.

·Claim Verifiability oracle deferred to v2.1 — all instruments score 0 on sub-signal A until oracle ships.

·Expected composite: 45–67 (Limited / Rated).

·Index aggregation widened from primary-deployment-only to all NATIVE deployments across seven chains.

·USDC adds Base / Arbitrum / Polygon / Solana / Avalanche native mints; USDT adds Tron / Solana / Avalanche; PYUSD adds Solana.

·Bridged variants (USDC.e, USDbC, etc.) intentionally excluded to avoid double-counting Ethereum-locked supply.

·Per-instrument scoring methodology unchanged — trust_scores rows remain tagged v1.0-stablecoin.

·Result: coverage $156B → $269B, Healthy Capital $52B → $70B.

·Locked rubric: Reserve Quality (single tier table), Redemption Depth (direct + onchain + joint-path bonus), Holder Concentration (Track 1), Transparency (freshness / consistency / regulatory standing at 35/30/35).

·Healthy ≥ 80.

·Four dimensions established: Disclosure Quality (3 sub-signals + voluntary cap 19 + aggregate cap), Redemption Liquidity (direct + onchain + joint-path bonus), Structural Trust (Regulatory Standing + Governance + NEW Custody Verification), Holder Concentration (two-track: retail-facing vs institutional-direct).

·Band thresholds: Verified ≥ 85, Rated 65–84, Limited 45–64, Unverifiable < 45.

·Verified Capital aggregation threshold: 85. Documented as a separate parameter from the Verified band threshold (per Q9 amendment); they may evolve independently through this change-control process.

·Per-instrument classifiers (regulatoryStandingClass, governanceBaseClass, governanceUpgradeClass, governanceHasTimelock, custodyVerificationClass, disclosureQualityPegClass, attestationKind, concentrationTrack, directRedemption) declared per the Phase 2.5 classifier worksheet with evidence-backed citations.

·Q6 amendment: governance sub-signal measures the issuer-structural governance, not just the onchain admin pattern. Single-EOA admins controlled by regulated institutional issuers are classified by their issuer-level structure.

·Pre-launch lockdown closed the Phase 1 audit with Q1–Q12 all decided.