RWTS Risk Report · October 2026
The State of Tokenized RWA Risk
An independent, monthly read on where on-chain capital actually sits on the risk curve, measured by the RWTS Trust Score across 63 rated tokenized real-world assets and $360.58B of tracked TVL. We rate. You decide.
The headline: capital sits in the middle of the risk curve
The single clearest finding this month is that money and quality do not line up. 22.4% of all tracked capital sits in Tier 3 (Secured DeFi, mostly lending vaults and liquid staking) at an average Trust Score of 66, while the highest-rated tier, the physically and fully backed assets, holds only 1.5%. Just 3 of 63 assets score 90 or above, and between them they hold 0.8% of TVL. The RWTS Risk Index (70.2) lands close to the simple average (69.3), which tells you the concentration is broad, not driven by one outlier. The takeaway for allocators: the market is not parked at the safe end of the curve, it is bunched in the solid-but-imperfect middle, and the safest assets are the smallest.
Capital by tier
| Tier | Assets | Avg Trust Score | TVL | % of TVL |
|---|---|---|---|---|
| Tier 1 (Physically/fully backed) | 5 | 86.6 | $5.46B | 1.5% |
| Tier 2 (Strong, audited) | 17 | 78.0 | $271.92B | 75.4% |
| Tier 3 (Secured DeFi) | 32 | 66.3 | $80.83B | 22.4% |
| Tier 4 (Synthetic / structured) | 9 | 53.4 | $2.36B | 0.7% |
Capital by Trust Score band
| Score band | Assets | % of assets | TVL | % of TVL |
|---|---|---|---|---|
| 90 to 100 (Exceptional) | 3 | 4.8% | $2.92B | 0.8% |
| 80 to 89 (Strong) | 11 | 17.5% | $95.83B | 26.6% |
| 70 to 79 (Solid) | 18 | 28.6% | $35.55B | 9.9% |
| 60 to 69 (Watch) | 19 | 30.2% | $209.17B | 58.0% |
| Below 60 (Cautionary) | 12 | 19.0% | $17.10B | 4.7% |
By category
| Category | Assets | Avg Trust Score | TVL |
|---|---|---|---|
| Stablecoins | 12 | 68.9 | $266.52B |
| ETH yield | 11 | 60.4 | $41.16B |
| Exchange yield | 8 | 69.5 | $32.71B |
| Tokenized treasuries | 11 | 80.3 | $9.88B |
| Precious metals | 4 | 88.0 | $5.46B |
| Private credit | 1 | 59.0 | $2.80B |
| Solana staking | 2 | 61.5 | $1.31B |
| BTC yield | 2 | 54.0 | $636M |
| DeFi vaults | 11 | 67.3 | $89M |
| Yield trading | 1 | 51.0 | $0 |
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Download the data
The full rated corpus (63 assets: id, ticker, category, tier, Trust Score, APY, TVL). Free for research with attribution to RealWorldTokenSpace.
Download CSVMethodology: the 100-point Trust ScoreFAQ
What is the RWTS Risk Index?+
The RWTS Risk Index is the TVL-weighted average Trust Score across every tokenized real-world asset RWTS rates. It currently sits at 70.2 out of 100. Because it is weighted by capital, it shows where money actually sits on the risk curve, not just the average asset.
Where is most tokenized-RWA capital concentrated?+
As of October 2026, 22.4% of all tracked TVL sits in Tier 3 (Secured DeFi: lending vaults and liquid staking), at an average Trust Score of 66. The highest-rated tier (Tier 1) holds only 1.5%. The market's money is in the middle of the risk curve.
How many tokenized RWAs score above 90?+
Only 3 of 63 rated assets score 90 or above, and together they hold 0.8% of total TVL. The highest-rated assets are the smallest by capital.
Is the data downloadable?+
Yes. The full rated corpus (id, ticker, category, tier, Trust Score, APY, TVL) is published as a CSV, free to use for research with attribution to RealWorldTokenSpace.
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