The RWTS Watchlist

Issuer: J.P. Morgan Asset Management

JPM's second tokenized money market fund, live on public Ethereum since May 2026, distinct from MONY. On-chain AUM surged ~250% in a month to ~$695M by early July 2026. US-registered government MMF built to support GENIUS-Act stablecoin reserves, Anchorage Digital as custody partner. Tier-1 flagship, first in the rating queue.

Issuer: OCBC / Lion Global Investors / DigiFT

Southeast Asia's first on-chain tokenized physical gold fund, live on Ethereum and Solana, all three parties MAS-regulated. Underlying fund hit ~US$526M AUM four months after launch. Sits squarely in the RWTS metals lead lane.

Issuer: J.P. Morgan Asset Management

First tokenized money market fund from the largest US bank, on Ethereum, 506(c), holding Treasuries and repo with stablecoin subscribe and redeem. Tier-1 flagship; JPM has since launched a second tokenized MMF (JLTXX).

Issuer: Figure Certificate Company

SEC-registered yield-bearing dollar, live on Stellar since 2026-05-05. A registered-security structure distinct from synthetics and exchange wrappers. Confirm current supply before scoring.

Issuer: Theo (tokenized by Libeara)

First yield-bearing tokenized gold. A slice of the MG999 On-Chain Gold Fund (FundBridge Capital, tokenized by Standard Chartered-backed Libeara); the fund lends gold to jewelers for ~2.3% APY on LBMA exposure. Tradeable on Hyperliquid, Uniswap, Morpho and Pendle. Now the collateral engine behind Theo's thUSD ($100M facility) as well as Stable's StableEarn USDT vault. Sits squarely in the RWTS gold-plus-yield lead lane.

Issuer: Renzo

Renzo's liquid restaking token on EigenLayer. SIZE CORRECTION 2026-08-23: current reporting puts TVL near $89M, not the >$1B figure previously carried here, which appears to have been a stale peak. Still above threshold and the corpus has weETH and eETH but not the Renzo route, so it stays in the queue at lower priority.

Issuer: Bedrock

Second-largest BTC liquid staking token after Lombard. Babylon-based, with Pendle and restaking composability.

Issuer: Function, issued by Antalpha Prime in partnership with Mantle

Function FBTC now has named exchange distribution: Bybit raised its BTC staking vault return from 0.8% to as much as 1.2% through a Function partnership in early September 2026. Size still disputed between roughly $675M and $1.5B.

Issuer: PumpBTC

Verified at roughly $26.5M protocol TVL on 2026-08-24, down 91% from the $300M figure previously on file. Still above threshold but no longer a priority name.

Issuer: Ethena Labs

Conventional stablecoin roughly 90% backed by BlackRock's BUIDL. A distinct asset from the already-rated synthetic sUSDe. Growth has been flat since its 2025 ramp.

Issuer: Saturn (Saturn Credit)

Two-token model: USDat is a non-yield 1:1 USDC-pegged dollar backed by tokenized US Treasuries via $M (permissioned); sUSDat is an ERC-4626 vault accruing STRC dividends (Strategy digital credit), 11%+ APY, 3-7 day withdrawal queue. Distinct from Ethena sUSDe. Above threshold and growing. Confirm reserve attestation; the STRC corporate-credit yield source should weigh on backing and track record.

Issuer: Ondo Global Markets (BVI) Limited

Issuer now confirmed: Ondo Global Markets, not a Binance listing. Backed 1:1 by iShares Silver Trust (SLV) shares held in Ondo-managed brokerage and custody accounts, mint and redeem 24/5 for non-US users, tracked on RWA.xyz. Second tokenized-silver name after KAG, so it fills the thinnest lane in the corpus. Score it as an ETF-share wrapper, not a direct bullion claim: holders redeem for fund shares, never metal.

Issuer: Ondo Global Markets (BVI) Limited

Same structure as SLVon, backed 1:1 by iShares Gold Trust (IAU) shares with 24/5 mint and redeem for non-US users, now distributed through MetaMask as well as Ondo's own app. Thin holder base (roughly 53 on-chain holders) and sources disagree on size, RWA.xyz shows ~$9.0M total asset value against a ~$13.6M CoinMarketCap market cap. Verify which figure is right before scoring, and treat it as an ETF-share wrapper rather than a bullion claim.

Issuer: Binance

Covered-call bitcoin income product launched 2026-07-08 inside Binance Earn. Users deposit BTC, receive an internal BTCY position, and get weekly premium payouts in BTC. Binance keeps 15% of gross premiums and payouts can be zero, so upside is capped and this is a structured product rather than native staking. Tier-1 exchange flagship, first in the exchange-yield rating queue.

Issuer: Bitget (Gauntlet curator, Chainlink CCIP)

Spot-listed 1:1 BTC-backed exchange token paying a daily BTC-denominated yield, live on Morph since 2026-07-31 with Gauntlet risk oversight and CCIP routing. About $32.1M of BTC collateralised one week in at roughly 3% APY; verify proof of reserve and strategy disclosure, and resolve the rateable unit against the two other Bitget entries first.

Issuer: Maple Finance

Maple's first new Syrup asset in two years, launched 2026-07-01 on Ethereum and Robinhood Chain. Yield-bearing token giving exposure to Maple's institutional overcollateralised lending book, denominated in Paxos USDG. Passed $200M AUM within days and was selected by Steakhouse Financial as collateral behind Robinhood Earn. Distinct token from the already-rated syrupUSDC, so score it separately.

Issuer: Spark (Phoenix Labs / Sky)

Spark Savings vault token on USDG, deployed as a Robinhood Chain day-one launch partner to export the USDS savings rate to Robinhood's user base. Idle USDG routes into the Grove USDG Morpho vault. Spark Savings ran about $6.5B TVL in aggregate but no spUSDG-specific figure is public, so pull the vault balance before scoring. Distinct from the already-rated sUSDS.

Issuer: Spiko (France, UCITS, AMF-approved)

Europe's first regulator-approved tokenized money market funds and the third-largest tokenized MMF book in the world, behind only BlackRock BUIDL and Circle USYC, both of which are already rated. Tokens are legal UCITS fund shares, EUTBL holding Eurozone T-Bills and USTBL holding US T-Bills under 60-day average maturity, live on Ethereum, Polygon, Arbitrum, Base and Starknet. Coinbase Payments integration since 2026-06-30 lets institutions subscribe and redeem with USDC and EURC. Score as two records; verify the per-fund AUM split before writing sizes. Spiko also runs a UK T-Bills share class, UKTBL, at roughly $18.2M as of 2026-07-22; score it alongside the euro and dollar classes rather than as a separate asset.

Issuer: Kraken (Ink network)

Launched 2026-05-27. BTC is wrapped into kBTC in a Kraken-provisioned non-custodial wallet on Ink, then lent across Aave, Morpho and Tydro for up to 2.5% APY, roughly 2.0% net. Structurally distinct from every Babylon-route BTC LST already tracked because the yield source is DeFi lending demand, not staking. Five-day withdrawal window. Decide whether the scoreable unit is kBTC or Kraken DeFi Earn before scoring, or it double counts; the separate USDC vaults are now listed as KRAKEN-USDC-VAULT.

Issuer: State Street Investment Management / Galaxy Asset Management

Live since 2026-05-05 on Solana, since extended to Stellar and Ethereum. Subscriptions and redemptions settle in PYUSD, the first major bank-affiliated liquidity fund to use a third-party stablecoin as its native rail. Seeded with roughly $200M by Ondo with OUSG as lead anchor; State Street is both portfolio manager and custodian. Qualified Purchaser gated. Verify live AUM before scoring, the $200M is the seed.

Issuer: Fidelity Investments

Fidelity's tokenized money market fund on Ethereum, FDIT being the token form of the Fidelity Treasury Digital Fund. About $202M minted in early September. Ondo Finance is the key holder, using FDIT as reserve backing for OUSG, which is already rated in the corpus. That dependency should be surfaced on the OUSG page whichever way FDIT is scored.

Issuer: Theo

Genesis Vault capped at $100M and filled in 24 hours. Mint capital buys thGOLD, that gold funds lending to a single gold retailer via the MG999 fund, and CME short futures strip out the price exposure. Gold-collateralized yield dollar with no equivalent in the corpus; concentration risk sits with one borrower.

Issuer: Stacks

Yield accrues at the sBTC layer through Dual Stacking, confirmed, so it is rateable independently of the stBTC wrapper. Passive base yield averaged only 0.36% in Q1; the advertised 5% needs STX stacked alongside, which bolts altcoin exposure onto a Bitcoin position. Only non-Babylon route in the BTC-yield queue. Bitcoin staking went live on the base layer on 2026-09-11, so the launch risk is now retired.

Issuer: BlackRock (tokenised via Kinexys by J.P. Morgan)

Launched 2026-08-04, BlackRock's first tokenised fund access in Europe. Twelve public-debt CNAV and LVNAV money market funds in euro, sterling and US dollar, tokens minted on Ethereum, available across 15 markets. First non-USD tokenized money market exposure in any queue. The transfer agent register stays authoritative, same mirrored-ledger structure as Fidelity FDIT. Pick one share class as the rateable unit; do not create twelve records.

Issuer: Bybit

Live since 2026-03-19 and never logged. Flexible and fixed-term savings paying APR on Tether Gold holdings, the first gold-denominated exchange-yield product in any lane. Score it as a custodial claim on Bybit with a gold reference price, not as a gold product; the already-rated XAUT score should not bleed into it. Blocked on the same rateable-unit question as BYBIT-RWA-EARN, kBTC and BTCY.

Issuer: Matrixdock (Matrixport)

Second-largest tokenized silver token after KAG, live on Ethereum since March 2026 and now on Sui. LBMA Good Delivery bars under Matrixdock's FRS reserve standard, and the issuer is already rated in the corpus via XAUm, so scoring cost is low.

Issuer: Binance

Earn product benchmarked to tokenized T-bills paying up to 4.2% APR, live since July 2025 and never logged. Binance calls it principal-protected, but it is an unsecured claim on the exchange with no NAV or redemption right against an underlying.

Issuer: Gold Token S.A. (MKS PAMP)

Direct legal title to identified LBMA-accredited PAMP bars in insured Swiss vaults, structured bankruptcy-remote under Swiss law, zero custody fees, 1 gram redemption, now on Base via Aerodrome. Verify the bankruptcy-remote structure in the legal documents, not the marketing page; VQF is a self-regulatory body, not FINMA licensing.

Issuer: GoldZip Digital Pte. Ltd. (Hong Kong Gold Exchange group)

One gram of 999.9 fine gold per token, vaulted and assayed by Hong Kong government-approved labs, redeemable subject to AML. First gold token backed by an actual gold exchange rather than a refiner or crypto issuer. Volume is 15% of market cap, the healthiest ratio of any new metals name. Check whether HKGX membership is a real backstop before crediting it.

Issuer: Bitget (Gauntlet curator, Morpho credit layer, Morph chain)

USDC sibling of bgBTC, launched 2026-08-03 and marketed at up to 18% APY, far above what unassisted Morpho overcollateralised USDC lending pays, so the headline is incentive-funded or carries strategy risk. Third distinct Bitget position on this list after BGBTC and BW-EARN-PLUS; resolve the rateable unit across all three or the corpus triple counts one exchange.

Issuer: Steakhouse Financial curator, Morpho lending, Zama confidentiality

First encrypted-balance yield vault at real size, live 2026-06-23, and it reached about $40M TVL in seven weeks. On 2026-09-15 Zama opened 16 confidential Morpho vaults for deposits, 12 confidential wrappers over existing Ethereum vaults plus 4 confidential-only products, curated by Steakhouse Financial, Armitage by Wintermute, Flowdesk, RockawayX and Bitwise across USDC, USDT, AUSD and TGBP. Decide whether RWTS rates the Zama confidentiality layer once or each wrapped vault separately before scoring.

Issuer: Coinbase (Steakhouse Financial curator, Morpho lending, Ethena USDe collateral)

Launched 2026-06-11, passed $100M in four days and $200M in a month; Ethena assets across Coinbase DeFi Earn topped $300M on 2026-08-11. Structurally distinct from the already-rated coinbase-usdc-rewards because yield comes from Morpho lending against USDe and sUSDe collateral, not a custodial rate. Fourth entry in the same front-end-over-a-Steakhouse-Morpho-vault pattern as mUSD, RH-EARN and BW-EARN-PLUS; settle the rateable unit across all four before scoring.

Issuer: Anemoy Limited, sub-advised by Janus Henderson, tokenized by Centrifuge

Live since September 2024 and never logged, one of the largest tokenized treasury products in the market. Holds zero to three month US T-bills, crossed $1B AUM in Q1 2026, and carries an S&P Global Ratings AA+f/S1+ rating, external assurance almost nothing else in the corpus has. Runs as an ERC-7540 asynchronous vault, so redemption is request-based rather than instant, a different liquidity profile from BUIDL and USYC. About 30 holders, so the book is concentrated.

Issuer: Coinbase Asset Management / Apex Group

Tokenized share class of Coinbase Asset Management's Bitcoin Yield Fund, live on Base using the ERC-3643 permissioned standard with Apex Group as transfer agent. Long-BTC strategy targeting BTC performance plus yield from basis trade and private credit lending. Tier-1 issuer flagship, non-US investors first with a US version signalled. AUM not disclosed, verify before scoring.

Issuer: Jupiter (Solana)

Largest lending venue on Solana, never logged, with Lend v2 live since 2026-08-10. Deposits issue a yield-bearing receipt token (jlUSDC for USDC), so the rateable unit is clean unlike the front-end vault wrappers clogging this lane. Smart Collateral and Smart Debt pair positions into correlated DEX pools so the same dollar earns lending interest plus swap fees, a second risk surface no rated asset carries. Protocol fees ran about 1% annualised on deposits over 30 days; hold that against the headline APY.

Issuer: Mantle, built with Grove and CIAN, accessed through Fluxion

Launched 2026-08-25, extending Mantle Vault from its Bybit CeFi product into a non-custodial deposit-and-earn vault for USDC and USDT0. Yield passes through sUSDS, the already-rated Sky savings token, so the score is mostly a wrapper-risk and governance-dependency question rather than a fresh credit assessment. The advertised target of up to 6.5% APY is boosted by 5.14M GROVE tokens plus Fluxion points, so separate incentive yield from base yield before publishing any rate.

Issuer: Amundi with Spiko

Tokenized UCITS fund from Europe's largest asset manager, French AMF supervised, CACEIS depositary, Chainlink NAV oracle, live across seven chains. Yield comes from fully collateralised total return swaps with G-SIB counterparties rather than from sovereign bills, so the risk read is bank counterparty exposure, not a Treasury credit call.

Issuer: ChinaAMC (Hong Kong) via Libeara, Standard Chartered custody

First tokenised retail money market fund in Asia Pacific, live since February 2025 and never logged by this scan. Parent ChinaAMC runs about $386B and is majority owned by state-controlled CITIC Securities, which is itself a governance input.

Issuer: Hastra, on Figure Democratized Prime

Yield-bearing token on a pool of residential home equity loans that Figure originates and services itself. Minted by staking wYLDS, so it should be rated alongside the YLDS entry already in the queue.

Issuer: USD.AI

Synthetic dollar collateralised by GPUs and AI compute hardware rather than treasuries, paying around 7.2%. Depreciating physical collateral in a thin secondary market is a materially different backing profile from anything rated so far.

Issuer: OnRe, Bermuda licensed

Deposits collateralise short-duration reinsurance contracts in a segregated Bermuda account, paying roughly 8% premium yield plus 6% on the float. Downside is a low-probability, high-severity underwriting event, which the methodology has no precedent for.

Issuer: Re

Second reinsurance-backed dollar, to be scored as a pair with ONyc. Re's headline $465M TVL is 45% premium receivables, so the rateable size is the $240M market cap. Yield is benchmarked to an Ethena basis trade, an undisclosed dependency.

Issuer: Stader Labs

Mainstream ETH liquid staking token missing from a corpus that already rates eleven ETH yield assets. Named in the June runs as a size check and then dropped without reaching this list. Size now confirmed by two sources.

Issuer: Maple Finance

Third distinct Syrup asset after the rated syrupUSDC and the queued syrupUSDG, unlogged until 2026-08-29. Yield-bearing LP token on the same institutional overcollateralised lending book, so score all three together or the corpus carries an arbitrary slice of one lender. The $327M is Aave collateral across Plasma, Ethereum and Mantle, not total supply; pull the supply from Maple before publishing a size.

Issuer: Sky Protocol

NOT a larger sUSDS. The rated sUSDS is a plain savings receipt; stUSDS is risk capital that funds SKY-collateralised borrowing and explicitly absorbs a greater share of system losses for a higher rate. Two tokens, one issuer, materially different loss exposure. Worth scoring early as a test of whether the methodology can separate them.

Issuer: Avant Protocol

Delta-neutral synthetic dollar on Avalanche, minted from USDC and USDT and staked into savUSD at about 6.91%. Same family as the rated sUSDe at roughly one tenth the size, one chain and a shorter record. Pool and protocol figures differ by 20%, so quote the range. Avant also runs avETH and avBTC below threshold.

Issuer: Securitize, sub-advised and custodied by BNY

Strongest institutional pedigree found in the August runs. BNY is both custodian and sub-adviser through BNY Investments, and Ethena committed $250M when it expanded to Solana in June 2026. Unlevered, invested in USD AAA CLO tranches. Blocked on the same unmade lane decision as BAGEY, HINC, JAAA and ACRED.

Issuer: Cap (Covered Agent Protocol)

Yield comes from third-party operators running strategies against restaked collateral that is slashed on failure, an economic guarantee rather than a legal one and a backing structure with no analogue in the corpus. Over 80% of cUSD reserves reportedly sit in Aave V3, so part of the risk is a pass-through of an already-rated venue. The $500M figure from January 2026 is above the current level; do not quote it.

Issuer: Bitwise Asset Management, on Superstate rails

Management transferred from Superstate to Bitwise on 2026-06-01 with the same ticker, contracts and token address, which is a governance event the methodology should have a view on. Yield is a cash-and-carry basis trade across BTC, ETH, XRP and SOL, not sovereign paper, so do not score it in the treasury lane. Reported AUM fell from $267M in April to about $140M plus $44M in DeFi by July; verify before publishing. Distinct from the BITWISE-USDC Morpho vault already on this list.

Issuer: RWA DAO, operated by JustLend DAO on TRON

The trajectory is the finding. Launched July 2023, was the top RWA protocol on DeFiLlama and reached $2.29B with 350,000-plus stakers by end-2023, now roughly $62M, a 97% decline in an asset class that has grown all year. Anyone quoting the archive figure is off by 37x; use the current number only. The only TRON-native candidate in any lane.

Issuer: Treehouse Protocol

Not another liquid staking token. Earns from interest rate arbitrage between ETH lending and staking markets on top of base PoS rewards, under Treehouse's Decentralized Offered Rates layer, live on Ethereum, Avalanche, Base and Arbitrum. All eleven rated ETH yield assets are staking or restaking claims, so the failure mode here is convergence risk and leverage rather than slashing.

Issuer: Steakhouse Financial

Largest uncovered curated stablecoin vault, Base-led at 4.43 percent. Same curator as the steakUSDG and steakEURC entries already on this list, so score the set together.

Issuer: Gauntlet

Gauntlet's largest curated USDC vault on Morpho. Gauntlet also runs gtUSDA, about $53M across Base and Ethereum, so score the curator framework once rather than each vault.

Issuer: Steakhouse Financial

Steakhouse's higher-yield USDC line, running about 125bp above their flagship steakUSDC on the same chain in the same denomination. The score has to explain that spread.

Issuer: Veda

Strategy vault wrapping the already-rated LBTC, adding a second layer of operator and contract assumptions. Veda runs $1.70B and has no RWTS coverage at all.

Issuer: Plume

Largest of the Plume Nest vault suite, paying 9.94 percent. Establish what actually backs it before publishing anything, since that yield is high for stated real-world-asset income.

Issuer: f(x) Protocol and Concentrator

CDP-style dual-token stablecoin paying liquidation and stability-fee revenue. A third yield mechanism the corpus does not cover, alongside treasury carry and basis trade.

Issuer: Spark (Phoenix Labs / Sky), on Morpho Base

Largest uncovered curated USDC vault on Base at about 4.0% APY. Spark is already on the watchlist through spUSDG, so the curator question applies here too.

Issuer: Origin Protocol

Long-running ETH yield token at about 2.65% APY. Pool row and protocol TVL agree within a few percent, which is unusual and makes it clean to score.

Issuer: Strata Markets

Ethena-collateralised yield token at about 3.73% APY. Protocol TVL of about $73M is larger than the single pool row, so the pool figure is a floor.

Issuer: Theo Network

Size dispute resolved upward. Prior pool and protocol figures of $26M to $58M are superseded by September reporting putting thBILL past $200M TVL on roughly $1B cumulative volume, at about 3.25% APY. Now one of the larger unrated tokenized-treasury names here. Verify against RWA.xyz before publishing the number, and settle the Theo unit boundary first: thUSD is minted against thGOLD and StableEarn routes USDT into all three.

Issuer: Huma Finance

USDC-denominated yield primitive backed by real-world payment financing flows such as cross-border prefunding, trade finance and card receivables. Now used as whitelisted collateral inside Bitwise's PAPY vault, which is a second-order signal of institutional acceptance.

Issuer: Midas (Liechtenstein)

Regulated tokenization platform issuing T-bill and structured-yield tokens across Ethereum, Monad, Hyperliquid, Arbitrum and Plasma. Sizeable and multi-product, so it may need more than one corpus record.

Issuer: BounceBit

Delta-neutral basis trading run through CEX-integrated custody (CEFFU) and wrapped in ERC-4626 vaults. Custody dependency on centralized venues is the main thing to price in scoring.

Issuer: Solstice Finance (Solana)

Synthetic dollar backed 1:1 by USDC and USDT with Chainlink proof of reserves, audited by Halborn, backed by Galaxy Digital, MEV Capital and Bitcoin Suisse. One of the larger Solana-native yield dollars.

Issuer: Aster (AsterDEX)

Yield-bearing dollar convertible 1:1 with USDT, backed by delta-neutral positions run by the Aster perps venue. Exchange-adjacent, so counterparty concentration is the key dimension.

Issuer: Lorenzo Labs

Value-accruing yield dollar minted against USD1, USDT or USDC on BNB Chain. Lorenzo is already tracked here for stBTC and enzoBTC, so this completes the issuer picture.

Issuer: KuCoin

Launched 7 September 2026. Subscribe with USDT, USDC or USDG, no subscription fee, base APR up to 4 percent with a launch promotion quoted up to 6 percent. Yield is sourced from real-world assets including tokenized Treasuries, so the underlying collateral needs verifying before scoring.

Issuer: Frax Finance

Frax's current yield-bearing dollar, launched Feb 2025 with BlackRock and Superstate strategy exposure. Important corpus note: RWTS rates sFRAX, the predecessor product, so this likely supersedes that record rather than adding to it. Verify whether sFRAX is still live before scoring.

Issuer: Binance

Binance's SOL liquid staking token, DeFiLlama TVL roughly $1.05B. RWTS already rates WBETH, Binance's staked ETH, so the same issuer's SOL product is an unexplained gap rather than a new launch. Rate it alongside the existing mSOL and jitoSOL records.

Issuer: Jupiter

Jupiter's SOL liquid staking token at roughly $524M TVL. Third largest single-issuer Solana LST after the Binance and Sanctum books and absent from both the corpus and this list. In lane with mSOL and jitoSOL.

Issuer: Phantom Labs

Largest single-issuer Solana LST with no RWTS entry after the BNSOL and jupSOL additions. Live since May 2025, self-custodial, built on the audited Solana stake pool program, and it shares MEV tips and priority fees back to holders.

Issuer: Bybit

Third Bybit product surfaced by this scan, after the rated USDT Earn book and the queued XAUT-EARN. Rating it closes an issuer-level gap rather than opening a new one, so most of the issuer work is already done.

Issuer: Theo

Live 2026-09-16, backed by over $40M of active silver leases rather than passive vaulted bullion, so holders take silver price exposure plus lease income. Largest tokenized silver name outside KAG and it fills the thinnest lane in the corpus. Score the lease counterparty concentration on its own terms, and note launch is a beta gated to institutions and accredited investors.

Issuer: Galaxy Digital

Galaxy Curation's first Solana deployment, live 17 September 2026. Two vaults with different mandates: USDT for capital preservation, USDC reaching for yield through broader collateral exposure. No per-vault TVL published, so verify size before scoring.

Issuer: Anchorage Digital Bank N.A., developed with Tether, reserve custody Cantor Fitzgerald

First stablecoin Tether tied to a federally chartered US bank and the first built inside the GENIUS Act framework. Separate reserves and redemption rails from USDT, so it needs its own score rather than inheriting one.

Issuer: Lista DAO

Dominant BNB liquid staking token with 80 percent plus market share and $4.5B peak protocol TVL. Largest single uncovered asset in the current scan.

Issuer: Thunderhead, operated by Valantis Labs

Direct peer to kHYPE, the main alternative in Hyperliquid liquid staking. Lane is heavily concentrated, with kHYPE around 82.5 percent share.

Issuer: Sanctum

Multi-LST liquidity pool rather than a single-validator token, so it behaves as an index of the Solana staking lane. Consistently among the highest-yielding Solana LSTs.

Issuer: Benqi

Dominant Avalanche LST with no Avalanche coverage in the corpus. Carries a 15 day unstaking cooldown that belongs in the liquidity component of the score.

Issuer: Avalon Labs

BTC-backed CDP stablecoin plus a market-neutral institutional yield programme. Sits alongside Lombard and Solv in the BTC yield lane. The drawdown from peak TVL is itself a scoring input.

Issuer: Invesco

Trillion-dollar asset manager filed 2026-06-24 to issue on-chain shares via Superstate rails for GENIUS-Act stablecoin issuers, targeting a $1 NAV with registration effectiveness now reported for around 2026-08-23. Not yet live; Tier-1 issuer in the reserve MMF lane. Re-rate to rating-next once it deploys on-chain and a share figure exists.

Issuer: Stable (Gauntlet-curated on Morpho, Theo RWA backing)

First USDT-native yield vault, launched 2026-05-26, routes USDT into Theo's thBILL, thGOLD and thUSD for mid-single-digit Treasury-plus-gold APY, no token emissions. It is a vault deposit position rather than a standalone tradeable token, and no TVL figure is public. Verify token form and size before scoring.

Issuer: State Street

Now live as SSCXX (launched 2026-06-16, ~$121M AUM, 3.51% yield, Rule 2a-7 govt MMF, Anchorage Digital seed investor). KEY: SSCXX records shares conventionally off-chain, marketed as tokenized but with no on-chain token share class (unlike JPMorgan JLTXX). Likely does not qualify for a score until a genuine on-chain share class exists.

Issuer: Circle

Announced 2026, not yet live. Launching on Ethereum and Circle's Arc L1 with 1:1 native BTC backing and on-chain-verifiable reserves. Tier-1 issuer; re-rate to rating-next once live.

Issuer: Fidelity

Launched June 2026, Rule 2a-7 government money market fund built for GENIUS-Act stablecoin reserve management, 0.18% expense ratio. Confirm on-chain token form and circulating size before scoring.

Issuer: Lido

Lido's first products beyond core LST staking. EarnUSD auto-allocates USDC/USDT across DeFi lending, RWA exposure and structured products; EarnETH spreads ETH/WETH/stETH across Aave, Uniswap and Morpho. A double-leverage EarnUSD variant shipped 2026-08-21 routing through Aave, Pendle and Ethena, which stacks leverage on top of an already composed strategy. Flagship vaults from the largest LST issuer; still no public TVL, verify size and contract form before scoring.

Issuer: Swell Network

Major EigenLayer restaking protocol, ~$1.8B TVL across products. Corpus has weETH and eETH but not the Swell route. Verify current TVL before scoring.

Issuer: DBS Bank

Singapore's largest bank taking tokenized gold direct to retail in H2 2026 through its own banking app. One token per gram, 100 percent backed by bullion DBS vaults and handles itself rather than a third-party vault operator. No launch date, contract or size yet.

Issuer: Falcon Finance

Large in-lane synthetic dollar, ~$1.8B circulating and ~9% 7d APY from staking plus funding-rate and basis strategies. Verify reserve mix before scoring.

Issuer: Consensys / MetaMask (vaults by Veda, curation by Steakhouse Financial)

MetaMask's Money Account launched 2026-06-30, paying up to 4% variable APY on mUSD via a Morpho-allocated Veda vault with Mastercard spending attached. Flagship consumer yield product from the largest self-custodial wallet; confirm whether the scoreable unit is mUSD itself or the vault position before scoring.

Issuer: Robinhood (Morpho vaults, spUSDG via Spark; USDG by Paxos)

Robinhood Earn launched 2026-07-01, about 7% APY on USDG, and drew over $200M in its first 24 days. IMPORTANT: this is probably not a separate scoreable unit. The stack resolves into a Steakhouse-curated Morpho vault allocating across Ethena USDe, Maple syrupUSDG and Spark spUSDG, and the last two are now on this list as tokens in their own right. Decide the rateable-unit question before scoring, or this becomes a triple count.

Issuer: Deel

Yield-bearing dollar wallet launched June 2026, rolling out LatAm then APAC/MENA/Africa, earning up to ~4% on idle balances via on-chain vaults on the Tempo chain. Borderline lane (payroll-wallet packaging); confirm whether the dollar is a standalone tradeable on-chain token and its size before deciding to score.

Issuer: Resolv

Two-token delta-neutral model (USR stable, RLP risk tranche). Launched August 2025. Confirm current TVL.

Issuer: Puffer

Native liquid restaking on EigenLayer. SIZE CORRECTION 2026-08-23: current reporting puts TVL near $43M, not the ~$832M previously carried here. Verify against DeFiLlama before scoring; the older figure looks like a 2024-25 peak carried forward.

Issuer: Lorenzo Protocol

Babylon BTC LST with separate principal (stBTC) and yield (YAT) tokens.

Issuer: VNX (Liechtenstein)

MiCA-aligned, Swiss-vaulted bullion with public attestations. Market cap confirmed at roughly $6.6M on 2026-08-26, above threshold. An EU-regulated flagship and a reasonable next scoring candidate in the gold lane.

Issuer: Comtech

Shariah-compliant gold token, a distinct compliance angle. Market cap confirmed at roughly $3.56M on 2026-08-26, below the $5M threshold, so it stays at watching on the compliance angle alone.

Issuer: Nexo

Major CeFi yield platform absent from the corpus, up to mid-teens APY on stablecoins. Relaunched in the US in early 2026 via a Bakkt partnership for compliance and custody. Confirm current product terms.

Issuer: FinChain (Fosun Wealth Holdings)

Live on Avalanche as primary chain. Backed by money market funds from BNY Mellon, ChinaAMC and Taikang, targeting regulated institutional capital in Asia. No AUM published yet, so size is unverified.

Issuer: R25 (Ant-backed)

Institutional yield-bearing dollar backed by money market funds and structured notes, exclusive EVM deployment on Polygon since Nov 2025. NOT the same asset as the already-rated Ember rcUSD despite the near-identical ticker; confirm TVL above threshold and exact contract before scoring.

Issuer: Aave Labs

Launched 2026-07-09. Fixed-rate yield on USDC, USDT and GHO, auto-allocated across approved Aave lending strategies and packaged for fintechs to embed through one integration, with Chainlink CCIP for cross-chain routing. Aave is already rated as a protocol and aUSDC as an asset, so confirm the scoreable unit is a distinct vault share and get a TVL figure before adding a second Aave position.

Issuer: Stacking DAO

NOT the same asset as the Lorenzo stBTC already on this list. First Bitcoin liquid staking token on Stacks. The blocking dependency cleared: Stacks Bitcoin staking activated 2026-09-11 with native base-layer yield near 3 percent. stBTC itself still needs a confirmed live contract and a TVL figure, but the late-September scoring window now looks realistic. Zest Protocol is shipping an stBTC looping vault on top.

Issuer: Timeless Resources Holdings (8028.HK), Eddid Financial, HashKey Chain

Hong Kong's first regulated silver-backed RWA, each token backed by 999.9 purity physical silver in an international vault with ownership held in trust by a licensed entity, issued on HashKey Chain. Issuer name is reported both as Timeless Resources Holdings and Tian Shi Resources Holdings, the same 8028.HK listing under two transliterations; resolve the legal entity before scoring. A mining and metals issuer rather than a crypto-native one, which is a different verification profile from KAG. No public supply or ticker yet.

Issuer: Baillie Gifford / BNY

UK-regulated bond fund issued natively on Ethereum and Solana with BNY handling tokenisation, live 2026-07-30 from a manager running about GBP 286B. Targets roughly 7% from short-duration corporate credit, not government paper, so confirm the lane fit and get a public AUM figure before scoring.

Issuer: Bybit / Plume

Launched 2026-06-15, routes idle exchange stablecoins into tokenized PIMCO Dynamic Income Opportunities and CMBI Investment Grade Bond funds without leaving Bybit. No public TVL or quoted APY yet, and it sits alongside the already-rated Bybit USDT Earn, so confirm it is a distinct scoreable unit first.

Issuer: HSBC (HSBC Orion)

First retail tokenized gold from a global bank, SFC-authorised in Hong Kong since March 2024 and enhanced February 2026. Runs on HSBC Orion, a permissioned bank ledger with no public on-chain contract, so it likely fails the rateable-unit test the same way State Street SSCXX does. Carried because it is the template Asian banks are copying, including the pending DBS token.

Issuer: Franklin Templeton / Ondo Global Markets

One of five Franklin Templeton ETFs tokenized by Ondo Global Markets under a partnership announced 2026-03-26, wallet-accessible with 24/5 trading for non-US users. Same ETF-share-wrapper structure as IAUon, SLVon and GLDon, so holders redeem for fund shares rather than metal. No public on-chain size figure yet, verify before scoring.

Issuer: Ondo Global Markets (BVI) Limited

Third Ondo metals wrapper, live since 2025-07-31 on Ethereum and BNB Chain, now accepted as collateral margin on Ondo Perps. Wraps GLD, a different trust from IAUon which wraps IAU. Well below the size threshold, so it stays watching; rate IAUon and SLVon first if the Ondo sleeve gets scored.

Issuer: Aviva Investors

Launched 2026-07-29 on the XRP Ledger with Central Bank of Ireland approval, Licuido tokenisation, Komainu custody, assets at BNY Mellon. First XRPL-settled candidate in any lane. No on-chain AUM published, so size it before scoring.

Issuer: Oro Finance (Oro Labs)

Live on Solana since September 2025 and never logged. One troy ounce of allocated gold at Brinks Global Dubai, audited monthly by RSM, 3-4% yield from leasing metal to refiners and jewellers, redeemable for physical gold or USDC. 10,690 holders, the retail play in the lane. Below the $5M threshold so it stays watching; leasing counterparties are undisclosed and the model has never run through a sustained gold decline.

Issuer: Gelephu Mindfulness City SAR (Bhutan), via DK Bank

Launched December 2025 on Solana, the first sovereign-issued asset in any RWTS lane. Each token is 0.01 grams of 999.9 purity gold; Bhutan folded it into its digital nomad visa programme via a refundable $10,000 deposit. No public supply figure and no audit arrangement disclosed. Sovereign backing is not automatically a regulatory positive here; the issuer is a 2023 special administrative region, not an established regime.

Issuer: Streamex Corp (custody tZERO, distribution Siebert Financial)

Launched February 2026 on Solana, Orca DEX secondary trading since May, brokerage access through Siebert since 2026-06-29. Regulation D 506(c) security, accredited investors only, paying up to 3.5% in additional gold from leasing. CoinGecko now reports a token market cap of roughly $14.3M with no reported 24-hour volume, which clears the size threshold but not the liquidity question. Streamex equity is down roughly 90% over a year, which belongs in the issuer-strength read.

Issuer: Token Teknoloji A.S. (Turkey)

One gram of vaulted silver per token, live on Avalanche and Polygon since 2022, mint-and-burn against reserves. CoinGecko shows FDV but no circulating market cap, so verify supply and attestation before scoring.

Issuer: ether.fi

Now the only restaking exposure ether.fi offers after it removed restaking from weETH and began exiting EigenLayer. Supply about 9,136 tokens, roughly $18M. Score alongside the weETH and eETH re-scoring pass.

Issuer: GGBR, Inc. (Wyoming), partner I-ON Digital Corp (OTCQB: IONI)

1/1000 troy ounce per token with a claimed 5:1 collateral coverage through I-ON's ION.au assets secured by UCC liens. A UCC lien is a security interest in someone else's asset, not custody of your own, so resolve what the token is a claim on and against whom before scoring. Market cap has jumped from roughly $32.7M to $92.6M since the last size check, on 24-hour volume of about $113K, so the growth is issuance rather than trading.

Issuer: Tether via USDT0, Everdawn Labs, LayerZero OFT

Omnichain wrapper of the already-rated XAUT, live on TON, Avalanche, Solana, Polygon and Stable. Not a second gold asset but not merely a deployment either: holders take XAUT plus LayerZero bridge risk plus an extra development party, none of which the XAUT score captures. Decide the wrapper question, or at minimum note it on the deployments panel. CoinGecko's FDV field is a data artefact from an unlimited max supply; ignore it.

Issuer: Bitget Wallet (yield engine Aave on Base)

USDC routes into Aave's overcollateralised pools on Base, then Bitget Wallet subsidises the return up to a guaranteed 10% APY minimum on deposits to US$10,000. The subsidy is the story: the underlying Aave rate has never sustained 10%, so the headline is an acquisition cost that lasts as long as Bitget funds it. Same rateable-unit question as mUSD and RH-EARN, resolve it before scoring or the corpus triple counts Aave.

Issuer: Bitwise Asset Management (curator), Morpho

A Tier-1 US crypto asset manager curating directly, targeting up to 6% on USDC through overcollateralised Morpho markets, live since 2026-01-26 with plans to extend into other stablecoins and RWA tokenization. Bitwise has disclosed no deposit figure, vault size or minimum, so it stays watching until a TVL number exists.

Issuer: Toto Finance / L4VA Technologies

Physical silver vault on Cardano, live 13 August 2026, each backing NFT representing one ounce held by Toto Finance. Vault filled to roughly 76 percent of initial capacity within a day, and no vault size was published in the launch release. Merged with the duplicate TOTO-SILVER entry on 2026-09-17. Small and Cardano-only, so verify vault size, ticker and audit arrangements before scoring.

Issuer: BlackRock (Securitize transfer agent)

Reported by several outlets as a second GENIUS-Act reserve fund launched alongside BRSRV on 2026-08-03, but BlackRock's own release names only BSTBL OnChain Shares and BRSRV, and BRSRV there is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle rather than a USD Treasury Reserve Fund. Treat TRSRV as unconfirmed secondary-source reporting and check SEC EDGAR for a distinct registrant before creating a record.

Issuer: Open Standard (140-plus partners incl. Visa, Mastercard, Stripe, BlackRock, Google, Coinbase, DBS)

Announced 2026-06-30, scheduled to launch later in 2026 on networks including Base and Solana. Open-governance dollar with fee-free minting and redemption that returns most reserve earnings to participating partners, not to holders, so it may fail the yield lane test and score as a plain payment stablecoin alongside the already-rated USDC and USDT. The distributed-governance structure has no analogue in the corpus. Not yet live.

Issuer: Securitize Capital LLC (adviser), Neuberger Berman (subadvisor)

Launched 2026-08-18 across Avalanche, Ethereum, Solana and Sui, Neuberger Berman's first tokenized fund subadvisory, bringing a $230B fixed-income platform on-chain via Securitize. Holds high-yield bonds, CLOs and leveraged loans rather than government paper, so it fails the treasuries lane test the same way Baillie Gifford BAGEY does. Accredited and qualified-purchaser gated with no public AUM. RWTS needs a stated position on tokenized corporate and structured credit before either can be scored.

Issuer: Anemoy / Janus Henderson, tokenized by Centrifuge

Janus Henderson AAA CLO Fund on Centrifuge. Size corrected upward on 2026-08-30: six deRWA deposit denominations sum to $1,097.1M, not the ~$690M single pool row previously carried.

Issuer: Coinbase Asset Management / Superstate

Coinbase Asset Management's stablecoin and cash fund taking a tokenized share class through Superstate's Opening Bell platform. Tier-1 issuer in the same lane as BUIDL and BENJI. Confirm the share class is actually live and get an AUM figure before it moves to rating-next.

Issuer: Zest Protocol (Binance Labs backed)

Zest has more than 800 BTC deposited and a peak TVL above $100M, tighter than the earlier range. Three products now in scope (BTCz, collateral vaults, the capped zvstBTC levered vault), so treat Zest as an issuer cluster.

Issuer: Kraken (Veda vault infrastructure, Chaos Labs and Sentora risk managers)

Launched January 2026 and crossed $240M with no incentive programme, which makes it the largest organically grown exchange-fronted DeFi vault tracked so far. USDC routes through Veda vaults into Aave, Morpho, Sky and Tydro at up to about 8% advertised. Sibling of the already-listed kBTC and the same rateable-unit question applies across kBTC, mUSD, RH-EARN, CB-HIGH-YIELD and the three Bitget entries. NOTE: the $240M in the kBTC entry was this vault, not kBTC; kBTC was roughly $30M day one.

Issuer: Shinhan Asset Management, with Solana Foundation, Etherfuse and Orca

Four-party MOU signed 2026-08-21 for a proof of concept aimed at overseas institutional investors, with a parallel Plume MOU on 2026-08-14. First non-USD, non-EUR sovereign currency candidate in any lane; the corpus has BlackRock euro and sterling share classes queued via BLK-ICS and nothing else outside the dollar. No token, no live product, and Korean tokenized securities rules only land in 2027. Two MOUs on two chains in a week means the rail is not settled.

Issuer: Uniswap Labs, with Morpho infrastructure and Gauntlet curation

Three Gauntlet-curated Morpho vaults for USDC, USDT and ETH inside the Uniswap app, live on Ethereum since 2026-07-31, no lockup. Depositors receive a Morpho vault share rather than a Uniswap-issued token, so it is a distribution surface rather than a distinct rateable unit.

Issuer: NEOMO Technologies & Trading LLC

One ounce of vaulted physical silver per token on Avalanche C-Chain, priced off the Bloomberg silver panel, live since 2024 and never logged here. Data quality is the blocker: total supply 250,000 but CoinPaprika and CoinMarketCap both report no circulating supply and a $0 market cap, and it trades on a single exchange at roughly $112K daily volume. Verify circulating supply, the vault operator and any attestation before scoring.

Issuer: Concrete, using World Liberty Financial's USD1

Launched 2026-08-24, routing USD1 into four private-credit and payments strategies: ZIG Markets, Qiro, Colb and Origin Assets. Access-restricted with no published TVL, and the vault does not make USD1 itself yield-bearing. Four separate underlying credit counterparties in one wrapper is a hard scoring problem, so get a TVL figure and per-strategy disclosure before queueing it.

Issuer: VeraOne (France)

Back-catalogue gap found on 2026-08-26. One gram of LBMA gold per token on Ethereum, live since December 2019, and never logged by this scan. Data quality is the blocker: CoinGecko does not list it in the tokenized-gold category and its coin page no longer resolves, while CoinMarketCap shows a preview page with no live price, a self-reported circulating supply of 172,660 VRO and a total supply field of 17.26 trillion that is plainly wrong. Verify supply on Etherscan and find a live venue before scoring.

Issuer: Hermetica, on Stacks

Self-custodial BTC yield vault, public launch 2026-04-21 after a March private beta, drawing yield from Strategy's STRC and Stacks Dual Staking. Tracked TVL of about 50 BTC puts it below the $5M threshold, so it stays at watching. Worth holding on the list because it is the first live product on the Stacks yield stack that the queued stBTC entry depends on.

Issuer: ChinaAMC and A&I via Libeara

Three sibling tokenised money market funds on the same Libeara rails as CAMMF, including the first RMB-denominated tokenised MMF. Score CAMMF first and treat these as share-class variants unless the holdings differ materially.

Issuer: Backed Finance

Short-duration euro government bond tracker from Backed, above threshold but small. Backed's wrapper structure and Swiss issuance vehicle are the scoring question, not the underlying paper.

Issuer: OpenTrade

Fixed-term euro bond vault on Ethereum, only just above the $5M threshold. Fixed-term rather than open-ended, so redemption mechanics need checking before any liquidity dimension is scored.

Issuer: Etherfuse

Tokenised Mexican government treasury bills, the only Latin American sovereign exposure surfaced by the reconciliation. Small, and peso-denominated yield is not comparable to the dollar products the corpus is built around.

Issuer: Sentora, on Morpho

Roughly $925M across three vaults, the largest PYUSD and RLUSD yield venues on-chain. RWTS covers neither stablecoin anywhere, which is a bigger gap than any single vault. Rate the assets before the venues.

Issuer: Steakhouse, on Morpho

A $404M USDG vault on Robinhood's own chain at 7.42%. Suggests the RH-EARN entry at $200M understates Robinhood's on-chain footprint by half. Same rateable-unit question as the other exchange front-ends.

Issuer: ether.fi

ether.fi Liquid curated ETH vault. The same product line runs LiquidUSD at about $30M; ether.fi Liquid protocol TVL is about $416M.

Issuer: Concrete

Concrete curated ETH vault, size disputed across sources. Concrete also runs ctwstETH+ at about $110M, and protocol TVL is about $1.16B.

Issuer: Apyx

Above threshold at $174M but paying 12.41% on a dollar product with no recognisable issuer. Yield source unverified and likely emissions or leverage. Do not quote the APY until the mechanism is documented.

Issuer: Lorenzo Protocol

Held at watching despite being the largest figure in the August runs. enzoBTC is a 1:1 redeemable wrapped BTC standard across 21-plus chains and pays no yield itself; holders deposit it into Lorenzo's Babylon Yield Vault to earn. Rating the wrapper as a yield asset would be wrong. Same wrapper question as XAUT0, and Lorenzo stBTC on this list is the actual yield-bearing token in the stack.

Issuer: Securitize feeder into Apollo Global Management

Tokenized feeder into Apollo's global credit strategy across corporate direct lending, asset-backed lending and dislocated credit. Live on six chains, $50,000 minimum, accredited only, with Coinbase Asset Management and Kraken among investors. FIFTH credit fund deferred for the same unstated reason after BAGEY, HINC, JAAA and STAC. Open an eighth cluster for tokenized private and structured credit or rule the lane out; a sixth deferral is the worst option.

Issuer: Jupiter with Ethena Labs, on Solana

Launched 2026-01-05, roughly 90% backed by Ethena USDtb with a 10% USDC buffer, and USDtb is itself about 90% BlackRock BUIDL. Do not rate it before USDtb, which has sat in rating-next for weeks, or the corpus scores a wrapper before its collateral. The 5.78% is Jupiter Lend paying interest on a deposit, not a yield JupUSD pays holders. Jupiter has signalled converting roughly $750M of LP-pool USDC into it. Pairs with jlUSDC.

Issuer: Steakhouse Financial, on Morpho

Logged for the coverage gap rather than the vault. Every one of the 64 rated assets is dollar-denominated, and this is the largest euro-stablecoin yield venue the scan has surfaced. RWTS has no EURC exposure at all, the same shape of gap senPYUSD flags for PYUSD and RLUSD. The vault itself is another Steakhouse Morpho share and joins the rateable-unit backlog; BLK-ICS is the only other queued item that would make the corpus non-dollar.

Issuer: Steakhouse Financial

Logged for completeness of the Steakhouse set rather than on its own merit. Yield under 2.5 percent, well below the same curator's USDC vaults.

Issuer: Accountable

DeFiLlama pool rows show two Monad AUSD vaults totalling about $133M, but the Accountable protocol page reports only $6.4M. Do not publish a size until that gap is resolved.

Issuer: Mainstreet

Options box-spread strategy dollar, a yield mechanism the corpus does not cover. Size unverifiable, pool row says $74.9M against a $0.0M protocol figure.

Issuer: 3Jane

Paradigm-backed uncollateralised credit market issuing a yield-coin against credit lines. Size unverifiable, pool rows total $75.0M against an $8.4M protocol figure.

Issuer: Reservoir Protocol

Pool row reads about $59M at 5.0% APY but the Reservoir protocol page reports about $21M total. Verify which number is real before scoring.

Issuer: Tori Finance

Basis-trading yield at about 10.6% APY, which is roughly double the curated-lending field. The yield source needs a hard look before any score.

Issuer: Yuzu Money

About 7.35% APY spread across Plasma, Monad and Sei. New chains and a young protocol, so verify custody and collateral first.

Issuer: Aegis

Basis-trading stablecoin at about 5.68% APY on Ethereum and BNB Chain. Sits just above the size floor.

Issuer: Unitas

Basis-trading yield at about 11.8% APY on BNB Chain and Solana. The highest advertised rate in today's sweep, which is a reason for caution not enthusiasm.

Issuer: ether.fi (Veda vault infrastructure)

Stablecoin sibling of LiquidETH at about 5.81% APY. Score the two together, not separately.

Issuer: Concrete

Concrete's largest single vault row and its cleanest one, unlike the disputed ctDeltaWeETH figure. Reported APY is zero in the feed, so the yield needs verifying at source.

Issuer: Veda, on Plasma

Veda vault on the Plasma chain at about 3.99% APY. Veda is already on the list through LBTCV and it runs about $1.70B in total.

Issuer: BitFi

Yield-bearing stablecoin funded by basis trades, spread across BNB Chain, Ethereum, Base, Pharos and Hemi. Size clears the bar but issuer transparency and audit history need a verification pass before scoring.

Issuer: CIAN

Automated yield-routing layer across Ethereum and Mantle, and one of the engines behind the Mantle Vault programme already on this list. Sits in the same curator tier as Steakhouse and Gauntlet, so decide whether to rate the layer or the individual vaults.

Issuer: Bitwise Asset Management (Morpho lending, Agora AUSD deposit asset)

Launched 2026-09-02 with roughly $639K of AUSD deposits, far below the size bar, but it is a flagship product from a $9B asset manager and lends against PST, sUSDai and PRIME. Target APY is 5 to 6 percent while day-one realised APY was 1.35 percent.

Issuer: USDD (TRON ecosystem)

Over $1B outstanding, almost all on TRON, with holder yield delivered through sUSDD staking rather than the base token. Confirm the yield source and reserve composition before deciding whether it belongs in the stablecoin-yield lane at all.

Issuer: Asia Broadband Inc (OTCPK: AABB)

Silver-backed token minted Feb 2026, distributed through the AABB Wallet. No token market cap or audited vault figure is published anywhere we can verify, only the parent OTC stock's ~$66M cap. Size unverified, do not score until on-chain supply is confirmed.

Issuer: Drift Protocol

Drift's SOL liquid staking token, roughly $283M TVL. Above threshold but smaller than the other Solana gaps, so queue it behind BNSOL and jupSOL. Confirm the validator set and fee split before scoring.

Issuer: Kinetiq

Largest liquid staking protocol on Hyperliquid, holding most of that chain's staking book. DeFiLlama shows roughly $1.04B while Kinetiq's own page claims about $1.21B, so pin the figure before scoring. Needs a lane decision from JB first: RWTS has no Hyperliquid category and the corpus L1 staking lane is Solana only.

Issuer: Securitize, with BNY providing fund services

Tokenized AAA-rated structured credit on Ethereum, roughly $104M. Distinct from JAAA, which is the Janus Henderson Anemoy fund already on this list. Confirm whether structured credit belongs in the tokenized-treasuries lane or needs its own before scoring.

Issuer: unconfirmed, no public site listed

Multi-validator Solana stake pool, first tracked on 2026-08-27, so this is an actual new launch rather than a back-catalogue gap. No issuer website is published, which has to be resolved before any score or any public mention.

Issuer: Gate, on Sanctum rails

Gate has no entry in any RWTS lane, so this would be a new exchange issuer rather than an extension of one already covered. Confirm whether Gate or Sanctum controls validator selection and the fee split before scoring.

Issuer: Lido, with Stakely as launch operator

Live 2026-09-09. Institutional vaults give clients their own withdrawal credentials, fee and access parameters and segregated accounting; the public vault pairs ETH staking with EarnETH and issues an ERC-20 share token. Heavily audited, $2M Immunefi bounty. Blocked on unit definition: stETH is already rated and EarnETH is already on this list, so resolve the Lido boundary before scoring any of the three.

Issuer: Ethena Labs

Tier-1 stablecoin issuer's first consumer savings and payments venue, live 2026-09-01 on Avalanche with balances in USDe across 49 countries. The advertised up to 6 percent is the base USDe rate plus a promotional Daily Boost, tiered and balance-capped at 5 percent to $5k, 6 percent to $15k and 6 percent to $50k, against sUSDe at 4.75 percent on 2026-09-09. Verify deposits and whether the boost survives beta.

Issuer: OpenEden Digital Limited, with BNY Investments as fund manager

First tokenized access to BNY Investments' Global Short-Dated High Yield Bond strategy, live on Ethereum since 2026-04-01 and extended to BNB Chain on 2026-09-17. Tier-1 on both sides and OpenEden is already rated via TBILL. Blocked on two things: no public AUM to size-test, and this is corporate credit rather than government paper, so decide whether RWTS opens a tokenized credit lane before it gets a page.

Issuer: Two Prime

Secured lending to institutional borrowers with roughly $10M of Two Prime first-loss capital underneath, custody at ICE Digital Trust. Targets only 1.5% to 2%, which is credible for the structure; vault TVL is not disclosed.

Issuer: Lista DAO

Over-collateralised CDP stablecoin on BNB Chain, paired with slisBNB. Verify collateral mix and peg history before scoring.

Issuer: DeFi Development Corp

Public-company-backed Solana LST running a 0 percent rewards fee. Confirm the fee is durable and not a growth subsidy.

Issuer: The Vault

Mid-tier Solana LST at a 5 percent rewards fee. Needs a validator-set and operator-disclosure pass.

Issuer: JPool

Solana LST carrying a 7 percent rewards fee, the highest in its size tier. Fee level should weigh on the score.

Issuer: Helius

LST from a major Solana RPC and infrastructure provider. Verify the separation between the staking product and the infrastructure business.

Issuer: BlazeStake (SolBlaze)

Long-running Solana LST at a 5 percent rewards fee. Needs a current governance and custody check.

Issuer: IPOR Labs

Vault infrastructure and curator layer, the same shape as the Veda and Gauntlet entries already tracked. Fast growth warrants a size verification pass.

Issuer: Exponent

Solana yield-splitting venue and the closest Pendle peer on that chain. The corpus rates Pendle PTs but has no Solana equivalent.

Issuer: infiniFi

Replicates fractional-reserve banking on-chain across locked and liquid tranches. The maturity-transformation design needs a hard look before any score is issued.

Issuer: Bitway

BNB Chain basis-trading earn product. Public documentation is thin, so treat the size figure as unverified.

Issuer: STBL (Reeve Collins, Tether co-founder)

Depegged within hours of its 2026-07-01 launch on Stellar per The Defiant. RWA-collateralised stablecoin minted against tokenized treasuries (starting with Ondo USDY) so holders keep the underlying yield; Tether-pedigree founder and heavy institutional press. Track the peg and supply before any scoring decision.

Issuer: Dominion / CMB Consulting FCZO

FLAG: custody claim contradicts itself, dominion.market says US and Canadian vaults, dominionsilver.com says Dubai. Now visible in CoinGecko's tokenized-silver category at roughly $6.2M market cap on about $463K of 24-hour volume, which resolves the listing question but not the custody one. Resolve the vault contradiction before scoring.

Issuer: Pleasing International (Hong Kong)

FLAG: $84.8M market cap against $3.18 of 24-hour volume, roughly 0.0000037% turnover. Either the float is held entirely by parties who never sell or the reported supply is not a real distributed asset. Claims one troy ounce of LBMA gold per token with Hong Kong redemption plus a staking yield from warehouse and trading fees, but a platform with three dollars of daily volume is not generating that turnover. Verify supply independently before this moves off flagged.

Issuer: Usual

Trades at $0.9663, 3.4 percent below par, and locks to a 11 June 2028 maturity with early exit gated on holding a separate rt-bUSD0 token. Same issuer as the rated USD0 with a very different liquidity profile, and USD0++ has prior form on this failure mode. Size disputed, DeFiLlama pool says $505.7M against a $90.8M protocol figure.

Issuer: Multipli.fi

Unverifiable size. The pool row reads about $30M at 3.81% APY but the Multipli.fi protocol page reports zero TVL and lists no chains. Do not score or cite until that resolves.