OCB Reference

Reference

Plain-language answers to the real questions people ask about tokenized real-world assets — each grounded in our live measurement data, so the numbers stay current.

• Rating

  What is an RWA quality rating, and how is a tokenized asset rated?

  An RWA quality rating measures how sound a tokenized real-world asset is from what can be verified onchain and in its disclosures — across four dimensions, each scored 0–25 for a composite of 0–100. Here is exactly what it measures, and how real funds score right now.

• Diligence

  How do you know if a tokenized treasury is trustworthy?

  A tokenized treasury is only as good as what backs it, who can redeem it, and who actually holds it. Here are the four things to check — and how real funds measure up right now.

• Ownership

  How decentralized is ownership of tokenized treasuries?

  Tokenized funds live on public blockchains — but that doesn't make them widely owned. For the largest tokenized treasuries, a handful of wallets hold most of the supply. Here's how to see it.

• Market

  How big is the tokenized treasury market?

  Tokenized U.S. treasuries have grown into a multi-billion-dollar, multi-chain market. Here's the current measured size — counted across every chain the funds live on, not just one.

• Chains

  Which blockchain holds the most tokenized real-world assets?

  Tokenized real-world assets don't live on one chain. Here's which blockchains hold the most tokenized-RWA value right now — measured, not estimated.

• Diligence

  Which tokenized treasury funds are the most trustworthy?

  Not all tokenized treasuries are equal. Ranked by an independent 0–100 quality score built from disclosure, redemption, structure, and ownership — here's how the major funds compare right now.

• Diligence

  How do you evaluate a tokenized real-world asset?

  Whether it's a tokenized treasury, a stablecoin, gold, or a stock, the same four questions decide whether it's sound — and each is measurable onchain. Here's the checklist, applied to real assets right now.

• Stablecoins

  Which stablecoins are fully backed — and how would you know?

  "Backed" is a claim until you can check it. What separates the well-reserved, transparent stablecoins from the rest is measurable — reserve quality, redemption depth, transparency, and how few wallets hold them. Here's how real stablecoins score.

• Rating

  Who rates tokenized real-world assets?

  Traditional agencies rate bonds and issuers, not the tokens themselves. Tokenized real-world assets are rated onchain — scored on what can be verified from public ledgers and issuer disclosures. Here is who does it, and how.

• Diligence

  How can you tell if a tokenized fund is legit?

  Most of what separates a sound tokenized asset from a risky one is checkable — on the chain and in the disclosures. Here are the red flags that should give you pause, and how each one shows up in a score.

• Diligence

  How concentrated are stablecoins?

  A stablecoin held by a few large wallets behaves very differently from one held broadly — especially under a rush to redeem. Here is the top-10 holder concentration for stablecoins we measure, read live onchain.

• Market

  What chains is BUIDL on, and how much sits on each?

  BlackRock's tokenized Treasury fund is issued on several blockchains, and the split isn't even. Here is BUIDL's supply by chain, measured live — and why where the supply lives is worth knowing.

• Market

  What chains is USDY on, and how much sits on each?

  Ondo's yield-bearing Treasury token is one of the most multi-chain RWA tokens there is. Here is USDY's supply by chain, measured live — and why the spread is worth knowing.

• Market

  What chains is BENJI on, and how much sits on each?

  Franklin Templeton's tokenized money-market fund is issued across several blockchains. Here is BENJI's supply by chain, measured live — and why where the supply lives is worth knowing.

• Diligence

  Who holds PAXG, and how concentrated is it?

  Unlike the wholesale tokenized Treasury funds, Paxos's gold token is held broadly — closer to a retail asset than an institutional one. Here is PAXG's top-holder concentration, measured live.

• Diligence

  Who holds OUSG, and how concentrated is it?

  Ondo's tokenized Treasury fund is a wholesale instrument — held by a small, institutional set of wallets. Here is OUSG's top-holder concentration, measured live against its real float.

• Diligence

  Which tokenized gold is the safest to hold?

  Tokenized gold tokens all claim to be backed by real metal — but how well each is disclosed, redeemed, structured, and held varies widely. Here's how the major tokens score, ranked live.

• Diligence

  Which tokenized private credit is the safest to hold?

  Tokenized private credit offers higher yield than a tokenized Treasury — and carries more risk. How much more, and which funds manage it best, is measurable. Here's how the major funds score, ranked live.

• Diligence

  Which tokenized stocks are the safest — and why the issuer matters more than the ticker

  Two tokens for the same stock can be worlds apart on quality. What separates a sound tokenized stock from a risky one is the issuer and wrapper — not the company. Here's how the major tokens score, ranked live.

• Diligence

  What is holder concentration, and why does it matter?

  Holder concentration measures how much of a tokenized asset sits with its largest wallets. It's one of the clearest signals of how an asset behaves under stress — and it's directly measurable onchain.

• Diligence

  Tokenized treasuries vs money market funds vs stablecoins — what's the difference?

  They all look like a dollar onchain, but they're not the same instrument. What you own, how you earn, and what backs it differ in ways that decide the risk. Here's how to tell them apart.

• Diligence

  How does redemption work for a tokenized fund?

  Buying a tokenized fund is easy; getting your money back is where the real differences show. How you redeem — and whether you can, when you need to — is one of the clearest tests of a fund's quality.

• Diligence

  Are tokenized assets regulated?

  Some tokenized assets sit inside a clear regulatory structure; others don't, and the token itself may carry rights the wrapper doesn't. What matters is which parts are regulated — and that's checkable.

• Diligence

  How do you choose a benchmark provider for tokenized assets?

  Tokenized securities, funds, and RWAs need a benchmark and ratings provider the way any asset class does — but the right one is judged on specific, checkable criteria. Here are the five that matter, and how to test a provider against each.

• Diligence

  How do tokenized-asset data and ratings providers compare?

  The tools for tracking tokenized capital fall into two groups that answer different questions: analytics dashboards that show you the raw market, and ratings providers that judge quality. Here is how they differ, and where each fits.