Hidden systemic risk
The RWA Dependency Map
What is built on what. A handful of foundations, one BlackRock fund, one restaking layer, one Bitcoin-staking protocol, sit underneath a whole cluster of assets that each look independent on their own page. When a foundation wobbles, everything above it is exposed at once. This is the risk that does not show up in a single Trust Score, and the cross-category view a stablecoin-only tracker cannot give you.
Pick a foundation. See what shares its fate.
BlackRock BUIDL
Tokenized money market fundThe largest tokenized Treasury fund. It quietly sits under a surprising amount of the tokenized-treasury and stablecoin stack.
Built on it
If it wobbles: BUIDL redemptions are T+0 to USDC only during US market hours. If that exit window jammed under stress, every product built on BUIDL inherits the same bottleneck at the same moment. A fund built on a top-rated fund still adds a layer of risk, which is exactly why OUSG scores below BUIDL on our methodology.
Lido stETH
ETH liquid stakingThe base liquid-staked ETH and the most widely accepted DeFi collateral. Most ETH-yield products are a wrapper or a derivative of it.
Built on it
If it wobbles: A stETH depeg or a backed-up Lido withdrawal queue propagates straight to wstETH, to the Pendle PTs priced off it, and to every lending market that accepts wstETH as collateral. The most composable asset is also the most systemic.
EigenLayer restaking
ETH restaking layerThe shared restaking layer under the liquid restaking tokens (LRTs). It adds yield and a brand-new slashing surface on top of normal ETH staking.
Built on it
If it wobbles: Restaking stacks AVS-specific slashing on top of base ETH staking, so a contract or slashing event at the restaking layer hits every LRT built on it at once. This is also where 2026's largest DeFi hack happened (Kelp rsETH, roughly $290M).
Babylon BTC staking
Bitcoin staking protocolNative Bitcoin staking. Almost every major BTC-yield token routes through it.
Built on it
If it wobbles: The entire BTC-yield lane leans on one protocol. A Babylon-level issue is a single point of failure across LBTC, SolvBTC, and the newer Babylon LSTs simultaneously, even though each token looks independent on its own page.
Ethena sUSDe / USDe
Synthetic dollarA delta-neutral synthetic dollar. It is itself the foundation for a layer of structured products one rung further out.
Built on it
If it wobbles: sUSDe scores low on backing in our methodology (6 of 25) because it is a synthetic position, not a hard claim. Everything layered on it (the Pendle principal tokens, cross-chain vaults) inherits that backing risk one rung removed, while looking like a tidy fixed-yield product.
Sky (USDS / sDAI)
RWA-backed stablecoin protocolThe MakerDAO successor. Its savings rate and RWA collateral underpin the sDAI / sUSDS savings stack and the Spark lending market.
Built on it
If it wobbles: The Sky Savings Rate and the RWA collateral behind it set the yield and the risk for sDAI, sUSDS, and the Spark lending stack. A change or stress at the Sky layer flows straight through all of them.
FAQ
What is the RWA dependency map?+
It shows which tokenized real-world assets are built on top of which foundations, for example which products use BlackRock's BUIDL as backing, which liquid restaking tokens depend on EigenLayer, and which Bitcoin-yield tokens route through Babylon. Assets that look independent on their own page often share a single point of failure.
Why does dependency risk matter?+
Because risk is not contained to one asset. If a foundation freezes, depegs, or is exploited, every product layered on it is exposed at the same moment. A fund built on a top-rated fund still adds a layer of counterparty and operational risk, which is why we score the wrapper below the thing it wraps.
Is BUIDL really under that many products?+
Yes. Ondo's OUSG is primarily backed by BUIDL, Ethena's USDtb is roughly 90% BUIDL, and several products hold it as reserve. One BlackRock fund sits under a meaningful slice of the tokenized-treasury and stablecoin stack.
How is this different from a stablecoin risk tracker?+
Stablecoin trackers map contagion within stablecoins. The RWTS map is cross-category: the same foundation often sits under treasuries, stablecoins, ETH yield, and BTC yield at once, and that is where the real concentration hides.
See where the capital sits
The RWTS Risk Index maps the whole rated market onto the risk curve, with the full data behind it.
Read the Risk Report