RWTS Rating

Trust Scoring Methodology

Q: How often are Trust Scores updated?

Trust Scores are reviewed quarterly, with immediate updates following security incidents, regulatory changes, structural changes to backing, or new audit publications.

Q: Is the Trust Score financial advice?

No. 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.

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 max

Nature 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 max

How 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 max

Whether a holder can actually get out, and by how many routes. Scored in two parts: the contractual right to redeem (8 points) and the number of exit routes the issuer cannot unilaterally close (7 points). A right exercisable only through the issuer is worth less than the same right with independent venues behind it.

v1.2, live since 1 September 2026. Redeemability was previously a single figure measuring the contractual right alone, which scored a right exercisable only through the issuer the same as one with sixty-one independent venues behind it. 59 of our 62 rated assets have now been assessed on their exit routes and their scores reflect it. Three could not be assessed from a primary source and keep the old figure until they can be; their asset pages say so.

Audit & Security

15 points max

Breadth 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 max

Regulatory clarity, licensing, jurisdictional accountability, and investor protections. Regulated entities with clear legal frameworks score highest.

Track Record

10 points max

Time in market without material incident. Rewards operational maturity. Carries the lowest weight because it is backward-looking.

Total Maximum Score100

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.

Tier 1Physically-Backed RWA

Tier 2Treasury & Fiat-Backed

Tier 4Synthetic & Structured

Current RWTS Ratings

#	Asset	Score	Tier	Back	PoR	Redeem	Audit	Reg	Track
1	KAU Kinesis Gold	90	T1	25	20	8	12	15	10
2	KAG Kinesis Silver	90	T1	25	20	8	12	15	10
3	PAXG PAX Gold	90	T1	25	16	13	12	15	9
4	USDC USD Coin	88	T2	22	16	15	13	15	7
5	BENJI Franklin OnChain US Government Money Fund	88	T2	22	16	11	15	15	9
6	WTGXX WisdomTree Government Money Market Digital Fund	86	T2	22	16	11	15	15	7
7	BUIDL BlackRock USD Institutional Digital Liquidity	84	T2	22	16	9	15	15	7
8	cbETH Coinbase ETH Staking	83	T3	16	18	11	14	14	10
9	XAUT Tether Gold	82	T1	25	16	11	9	11	10
10	USDC Coinbase USDC Rewards	82	T2	18	18	8	14	14	10
11	USDY Ondo US Dollar Yield	81	T2	22	16	13	12	11	7
12	USYC Hashnote US Yield Coin	81	T2	22	16	9	12	15	7
13	USTB Invesco Short Duration US Government Securities Fund	81	T2	22	16	9	12	15	7
14	XAUm Matrixdock XAUm	81	T1	24	18	11	13	9	6
15	VBILL VanEck Treasury Fund	78	T2	22	16	9	12	13	6
16	OUSG Ondo Short-Term US Government	77	T2	22	16	9	12	11	7
17	TBILL OpenEden TBILL	77	T2	22	16	9	12	11	7
18	mUSDC-SH Morpho USDC Vault (Steakhouse)	77	T3	15	18	11	14	10	9
19	KAU/KAG Kinesis Earn	76	T2	25	20	4	12	12	3
20	BSTBL BlackRock Stablecoin	75	T2	22	14	9	12	15	3
21	BRSRV BlackRock Reserve	75	T2	22	14	9	12	15	3
22	ETH.S Kraken ETH Staking	75	T3	15	17	8	13	12	10
23	aUSDC Aave V3 USDC	75	T3	14	16	13	15	7	10
24	wstETH Wrapped Staked ETH	74	T3	10	20	12	15	7	10
25	stETH Lido Staked ETH	74	T3	10	20	12	15	7	10
26	mUSDC-G Morpho USDC Vault (Gauntlet)	74	T3	14	17	11	14	10	8
27	sUSDS Staked Sky USDS	74	T3	14	16	15	15	7	7
28	LsETH Liquid Staked ETH	73	T3	10	16	11	15	12	9
29	sDAI Savings DAI	72	T3	14	16	13	15	7	7
30	USDS Sky Dollar	72	T3	14	16	13	15	7	7
31	yvUSDC Yearn USDC yVault	71	T3	13	16	11	13	8	10
32	GHO GHO	70	T3	14	16	11	15	7	7
33	PT-stETH Pendle PT-stETH	69	T3	14	16	9	13	8	9
34	USD0 Usual USD0	68	T2	20	14	5	11	12	6
35	PT-sUSDe Pendle PT-sUSDe	67	T4	12	16	9	13	8	9
36	sGHO Savings GHO	66	T3	15	17	11	12	5	6
37	kUSDC Kamino USDC Vault	66	T3	13	15	11	12	7	8
38	idleUSDC Idle Senior USDC	66	T3	13	15	9	12	9	8
39	USDT Binance Simple Earn (USDT)	66	T3	14	15	8	12	8	9
40	rETH Rocket Pool ETH	66	T3	10	12	12	15	7	10
41	osETH StakeWise osETH	66	T3	11	16	12	14	7	6
42	C1USD Currency One USD	65	T2	18	12	6	9	15	5
43	spUSDC Steakhouse Prime USDC	65	T3	14	16	11	12	7	5
44	USDT Tether USD	64	T2	18	11	13	8	6	8
45	weETH ether.fi Wrapped eETH	64	T3	9	16	12	12	7	8
46	mSOL Marinade Staked SOL	63	T3	10	12	12	12	7	10
47	sfrxETH Staked Frax Ether	62	T3	10	16	10	12	7	7
48	USDT OKX Simple Earn (USDT)	62	T3	13	14	8	11	8	8
49	sUSDe Staked USDe	61	T4	6	16	13	12	7	7
50	jitoSOL Jito Staked SOL	60	T3	10	12	12	12	7	7
51	eETH ether.fi ETH	60	T3	10	12	12	12	7	7
52	LBTC Lombard Staked Bitcoin	59	T3	10	12	11	12	7	7
53	syrupUSDC Maple syrupUSDC	59	T3	10	12	11	12	11	3
54	USDT Bybit Earn (USDT)	57	T3	12	13	8	10	7	7
55	KVT Kinesis Velocity Token	55	T4	6	12	3	9	15	10
56	suiUSDe Ember suiUSDe Vault	55	T4	11	13	10	10	6	5
57	mETH Mantle Staked Ether	53	T3	9	12	12	9	3	8
58	sFRAX Staked FRAX	52	T4	6	12	11	9	7	7
59	PT-USDe Pendle PT-USDe	51	T4	6	12	9	12	7	5
60	SolvBTC Solv BTC	49	T4	6	12	5	12	7	7
61	rcUSD Ember rcUSD Vault	49	T4	10	12	7	10	6	4
62	rsETH Kelp Restaked ETH	42	T4	6	11	10	8	5	2
63	WBETH Wrapped Beacon ETH	30	T3	7	5	5	5	4	4

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.

Frequently Asked Questions

What is the RWTS Trust Score?

The RWTS Trust Score is a 0-100 composite rating that evaluates yield-bearing tokenized assets across six dimensions: asset backing (25 pts), proof of reserves (20 pts), redeemability (15 pts), audit & security (15 pts), regulatory standing (15 pts), and track record (10 pts). Higher scores indicate stronger structural trust.

How are tier classifications determined?

Assets are classified into four tiers based on the structural nature of their backing. Tier 1 covers physically-backed RWA (gold, silver). Tier 2 covers treasury and fiat-backed assets. Tier 3 covers secured DeFi (overcollateralized, validated staking). Tier 4 covers synthetic and structured products.

How often are Trust Scores updated?

Trust Scores are reviewed quarterly. However, scores may be updated immediately following security incidents, regulatory changes, structural changes to backing, or new audit publications.

Does RWTS accept payment for favorable ratings?

No. RWTS does not accept payment from issuers for favorable ratings. Commercial relationships such as advertising or affiliate partnerships are disclosed and do not influence scores.

Can issuers dispute their Trust Score?

Yes. Issuers may submit evidence for score adjustment via research@realworldtokenspace.com. All adjustments are logged with reasoning in the public change history.

Is the Trust Score financial advice?

No. The RWTS Trust Score is an analytical framework designed to make structural differences between tokenized assets visible and comparable. It does not predict future performance or constitute a recommendation to buy, sell, or hold any asset.

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