Trust Scoring Methodology
A transparent, quantitative framework for evaluating yield-bearing tokenized assets on the basis of their real-world backing, transparency, and structural integrity. Every asset tracked by RealWorldTokenSpace receives an RWTS Trust Score from 0 to 100.
Why This Framework Exists
The tokenized asset market has grown beyond $26 billion, spanning physically-backed commodities, government securities, yield-bearing stablecoins, and structured DeFi products. Yet no standardized framework exists for comparing these assets on the dimension that matters most: how reliable is the backing, and how likely is the yield to persist under stress?
Existing aggregators rank by APY or TVL. Neither captures asset quality. A protocol offering 12% APY through leveraged delta-neutral strategies and a tokenized Treasury fund yielding 4.5% from short-duration government securities are not comparable on APY alone. The RWTS Trust Score makes these structural differences visible, quantifiable, and actionable.
Six Scoring Dimensions
Asset Backing
25 points maxNature and verifiability of the underlying collateral. Physical commodities score highest, followed by government securities, fiat reserves, overcollateralized crypto, staking, synthetic strategies, and algorithmic mechanisms.
Proof of Reserves
20 points maxHow independently and continuously the asset backing can be verified. On-chain proof of reserves (Chainlink PoR) with independent attestation is the gold standard.
Redeemability
15 points maxWhether the token can be redeemed for the underlying asset. Direct physical redemption scores highest, followed by fiat redemption at par, on-chain redemption, and secondary market only.
Audit & Security
15 points maxBreadth and depth of independent security review. Financial audits, smart contract audits, and bug bounty programs each contribute to a layered security posture.
Regulatory Standing
15 points maxRegulatory clarity, licensing, jurisdictional accountability, and investor protections. Regulated entities with clear legal frameworks score highest.
Track Record
10 points maxTime in market without material incident. Rewards operational maturity. Carries the lowest weight because it is backward-looking.
Tier Classification
In addition to the numeric score, each asset receives a tier based on the structural nature of its backing. Tiers provide an instant mental model for asset categorization.
Current RWTS Ratings
| # | Asset | Score | Tier |
|---|---|---|---|
| 1 |  KAU Kinesis Gold | 97 | T1 |
| 2 |  KAG Kinesis Silver | 97 | T1 |
| 3 |  PAXG PAX Gold | 89 | T1 |
| 4 |  USDC Coinbase USDC Rewards | 88 | T2 |
| 5 |  BUIDL BlackRock USD Institutional Digital Liquidity | 87 | T2 |
| 6 | cbETH Coinbase ETH Staking | 85 | T3 |
| 7 |  USYC Hashnote US Yield Coin | 84 | T2 |
| 8 |  USDM Mountain Protocol USD | 84 | T2 |
| 9 |  XAUT Tether Gold | 83 | T1 |
| 10 |  XAUm Matrixdock XAUm | 83 | T1 |
| 11 |  USTB Superstate USTB | 81 | T2 |
| 12 |  TBILL OpenEden TBILL | 80 | T2 |
| 13 |  mUSDC-SH Morpho USDC Vault (Steakhouse) | 79 | T3 |
| 14 |  ETH.S Kraken ETH Staking | 79 | T3 |
| 15 |  USDY Ondo US Dollar Yield | 77 | T2 |
| 16 |  OUSG Ondo Short-Term US Government | 77 | T2 |
| 17 | mUSDC-G Morpho USDC Vault (Gauntlet) | 76 | T3 |
| 18 |  USD0 Usual USD0 | 74 | T2 |
| 19 |  aUSDC Aave V3 USDC | 74 | T3 |
| 20 |  yvUSDC Yearn USDC yVault | 73 | T3 |
| 21 |  C1USD Currency One USD | 71 | T2 |
| 22 |  wstETH Wrapped Staked ETH | 71 | T3 |
| 23 |  sDAI Savings DAI | 71 | T3 |
| 24 |  USDS Sky Dollar | 71 | T3 |
| 25 |  GHO GHO | 71 | T3 |
| 26 |  PT-stETH Pendle PT-stETH | 71 | T3 |
| 27 |  sUSDS Staked Sky USDS | 71 | T3 |
| 28 |  USDT Binance Simple Earn (USDT) | 70 | T3 |
| 29 |  idleUSDC Idle Senior USDC | 69 | T3 |
| 30 | PT-sUSDe Pendle PT-sUSDe | 68 | T4 |
| 31 |  kUSDC Kamino USDC Vault | 67 | T3 |
| 32 | spUSDC Steakhouse Prime USDC | 66 | T3 |
| 33 |  USDT OKX Simple Earn (USDT) | 65 | T3 |
| 34 |  mooGLP Beefy GLP Vault | 63 | T4 |
| 35 |  rETH Rocket Pool ETH | 63 | T3 |
| 36 |  sfrxETH Staked Frax Ether | 61 | T3 |
| 37 |  mSOL Marinade Staked SOL | 60 | T3 |
| 38 |  USDT Bybit Earn (USDT) | 60 | T3 |
| 39 |  sUSDe Staked USDe | 57 | T4 |
| 40 |  LBTC Lombard Staked Bitcoin | 57 | T3 |
| 41 |  jitoSOL Jito Staked SOL | 57 | T3 |
| 42 |  syrupUSDC Maple syrupUSDC | 57 | T3 |
| 43 |  eETH ether.fi ETH | 57 | T3 |
| 44 |  KVT Kinesis Velocity Token | 55 | T4 |
| 45 |  suiUSDe Ember suiUSDe Vault | 55 | T4 |
| 46 |  sFRAX Staked FRAX | 50 | T4 |
| 47 |  SolvBTC Solv BTC | 50 | T4 |
| 48 | rcUSD Ember rcUSD Vault | 49 | T4 |
| 49 | PT-USDe Pendle PT-USDe | 48 | T4 |
Scoring Governance
Update cadence: Trust Scores are reviewed quarterly. Scores may be updated immediately following security incidents, regulatory changes, structural changes to backing, or new audit publications.
Independence: RWTS does not accept payment from issuers for favorable ratings. Commercial relationships (advertising, affiliate) are disclosed and do not influence scores.
Dispute process: Issuers may submit evidence for score adjustment via research@realworldtokenspace.com. Adjustments are logged with reasoning in the change history.
Limitations and Disclaimers
The RWTS Trust Score is an analytical framework, not financial advice. It does not predict future performance or constitute a recommendation to buy, sell, or hold any asset. Scores are based on publicly available information and may not reflect undisclosed risks. Past performance and track record are not indicators of future results. Always conduct your own due diligence.