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Methodology/Coverage
OCB — Coverage and Perimeter

Every instrument under coverage.

The authoritative list of instruments OCB rates or measures. When citing OCB data, qualify the universe: “among OCB-tracked instruments.”

Total instruments

914

Rated

84

RWA coverage

$18.68B

verified capital + perimeter

Stablecoin coverage

$294.87B

native-mint supply, v1.1

01·Active instruments

What OCB rates or measures.

Stablecoins(38 · 33 rated)
InstrumentIssuerChainsStatus
Stablecoins: 38 instruments, 33 rated.
Tokenized treasuries(30 · 26 rated)
InstrumentIssuerChainsStatus
Tokenized treasuries: 30 instruments, 26 rated.
Bond ETFs(14 · 10 rated)
InstrumentIssuerChainsStatus
iBoxx $ High Yield Corporate Bond ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
iShares 0-3 Month Treasury Bond ETF (Ondo Tokenized)Ondo Finance
ETHBNBSOL
Rated
iShares 20+ Year Treasury Bond ETF (Ondo Tokenized)Ondo Finance
ETHBNB
Commodity ETFs(9 · 7 rated)
InstrumentIssuerChainsStatus
abrdn Physical Palladium Shares ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
iShares Gold Trust (Ondo)Ondo Finance
ETHBNBSOL
Rated
iShares Silver Trust (Ondo)Ondo Finance
ETHBNB
Commodities(12 · 6 rated)
InstrumentIssuerChainsStatus
Kinesis Gold (KAU)Kinesis
KAU
Rated
Kinesis Silver (KAG)Kinesis
KAG
Rated
Matrixdock Goldmatrixdock
ETHBNBSOLPLUME
Rated
Bank deposit tokens(1 · 1 rated)
InstrumentIssuerChainsStatus
JPMorgan Deposit TokenJPMorgan (Kinexys)
BASE
Rated
Basis trade(1 · 1 rated)
InstrumentIssuerChainsStatus
Bitwise Crypto Carry Fundbitwise
ETH
Rated
Tokenized equities(689 · 0 rated)
InstrumentIssuerChainsStatus
Tokenized equities: 689 instruments, 0 rated.
Equity ETFs(91 · 0 rated)
InstrumentIssuerChainsStatus
Equity ETFs: 91 instruments, 0 rated.
Watchlist(16 · 0 rated)
InstrumentIssuerChainsStatus
Blockchain Capital III Digital Liquid Venture FundBlockchain Capital
ETH
Watchlist
Blocksquare BSPT (tokenized property programme)Blocksquare
ETH
Watchlist
Ethena USDtbAnchorage Digital Bank, National Association
ETHSOL
Watchlist
Galaxy Arch CLO TokenGalaxy Digital
AVAX
Watchlist
Private credit(13 · 0 rated)
InstrumentIssuerChainsStatus
Anemoy Tokenized Apollo Diversified Credit Fund (Centrifuge)Anemoy Capital SPC Limited
ETH
Not Rated
Apollo Diversified Credit Securitize FundSecuritize
ETHPOLAVAXINKSEI
Not Rated
Centrifuge New Silver Series 2 (DROP)New Silver Lending LLC / Centrifuge
ETH
Not Rated
02·Asset class scope

What's in, what's out, and why.

Rated today

  • ·Stablecoins — 33 rated
  • ·Tokenized treasuries — 26 rated
  • ·Bond ETFs — 10 rated
  • ·Commodity ETFs — 7 rated
  • ·Commodities — 6 rated
  • ·Bank deposit tokens — 1 rated
  • ·Basis trade — 1 rated

Measured, Not Rated

  • ·Tokenized equities — pending a ratified rubric for the class
  • ·Private credit — pending a ratified rubric for the class
  • ·Equity ETFs — pending a ratified rubric for the class
  • ·Watchlist instruments — measured, not yet in a rated class
03·Excluded categories

Every exclusion is a methodology call, not a commercial one.

Tokenized real estate

Out of scope v1.0

No independent, chain-verifiable valuation benchmark exists. Real estate values require local appraisals with no auditable onchain equivalent. Deferred pending a standardised benchmark.

Carbon credits

Out of scope v1.0

No tradable standardised benchmark with sufficient liquidity depth. Methodology mechanics not declared.

Reinsurance

Out of scope v1.0

Methodology not yet declared.

Crypto synthetics marketed as RWA (e.g., Ethena USDtb)

Out of scope v1.0

Category mismatch. USDtb and similar instruments are not backed by an underlying real-world asset — they are crypto derivative structures. Including them would distort the Transparency Index.

Sub-$5M instruments

Out of scope v1.0

Insufficient institutional scale to justify pipeline resources. Below $5M AUM the data footprint is too thin for reliable sub-signal scoring.

04·How to read the denominator

Always qualify the universe.

OCB tracks $18.68B in tokenized RWA capital — tokenized treasuries and commodities, supply-weighted — and $294.87B in native-mint stablecoin supply. Each asset class is rated on its own published rubric, and 84 instruments carry a current rating.

Measured today, Not Rated as a class: Tokenized equities, Private credit, Equity ETFs.

As of 2026-10-11. Coverage figures update daily. The list above is the authoritative scope of what OCB rates today.

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Independent · Not investment advice
SOL
Rated
iShares AAA CLO Active ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
iShares Core US Aggregate Bond ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
iShares Flexible Income Active ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
iShares TIPS Bond ETF (Ondo Tokenized)Ondo Finance
ETHBNBSOL
Rated
Janus Henderson AAA CLO ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
VanEck CLO ETF (Ondo)Ondo Finance
ETHBNBSOL
Rated
WisdomTree Floating Rate Treasury Fund (Ondo)Ondo Finance
ETHBNBSOL
Rated
Fidelity AAA CLO xStock (Backed)Backed Finance
SOL
Not Rated
Franklin Senior Loan xStock (Backed)Backed Finance
SOL
Not Rated
Janus Henderson AAA CLO xStock (Backed)Backed Finance
SOL
Not Rated
TBLL xStock (Backed)Backed Finance
SOL
Not Rated
SOL
Rated
SPDR Gold Shares (Ondo)Ondo Finance
ETHBNBSOL
Rated
SPDR Gold Shares xStock (Backed)Backed Finance
SOL
Rated
Teucrium Wheat Fund (Dinari)Dinari
ARB
Rated
United States Oil Fund (Ondo)Ondo Finance
ETHBNBSOL
Rated
abrdn Physical Palladium Shares xStock (Backed)Backed Finance
SOL
Not Rated
abrdn Physical Platinum Shares xStock (Backed)Backed Finance
SOL
Not Rated
Matrixdock Silver
matrixdock
ETH
Rated
PAX GoldPaxos
ETH
Rated
Tether GoldTether
ETHBNB
Rated
Aurus tGOLD (TXAU)Aurus
ETH
Not Rated
Aurus tPLATINUM (TXPT)Aurus
ETH
Not Rated
Aurus tSILVER (TXAG)Aurus
ETH
Not Rated
Comtech Gold (CGO)Comtech
XDC
Not Rated
Meld Gold (MCAU)Meld Gold
ALGO
Not Rated
VeraOne (VRO)CrypCool
ETH
Not Rated
Groma Real Estate Trust (GromaCoin)Groma
BASE
Watchlist
Hex Trust USDHTMI Limited
Watchlist
Landshare RWA TokenLandshare
BNB
Watchlist
Lofty tokenized rental programmeLofty AI
ALGO
Watchlist
MetaMask USDbridge_building
ETH
Watchlist
Midas mBASISmidas_rwa
ETH
Watchlist
NYLIM US High Yield Bond FundNew York Life Investment Management
ETH
Watchlist
RealT tokenized rental programmeRealT
GNO
Watchlist
Securitize KKR Health Care Growth II Tokenized FundSecuritize
AVAX
Watchlist
Securitize Tokenized AAA CLO FundSecuritize
ETH
Watchlist
UBS USD Money Market Investment Fund TokenDigiFT / UBS Asset Management
ETH
Watchlist
UsualMusual_money
ETH
Watchlist
Clearpool T-Pool (USDX)Clearpool
FLR
Not Rated
Fasanara mF-ONEmidas_rwa
ETH
Not Rated
Figure Lending Pool (cfigurelendingomni)Figure
HASH
Not Rated
Figure Omni Pool (cfigureomni)Figure
HASH
Not Rated
Figure Pay Omni Pool (cfigurepayomni)Figure
HASH
Not Rated
Huma PayFi Strategy TokenHuma Finance
SOL
Not Rated
Janus Henderson AAA CLO Fund (Centrifuge)Anemoy Capital SPC Limited
ETHBASE
Not Rated
Maple syrupUSDCMaple Finance
ETH
Not Rated
Maple syrupUSDGMaple Finance
ETH
Not Rated
Maple syrupUSDTMaple Finance
ETH
Not Rated