On the Horizon · June 2026
The RWTS Watchlist
The tokenized real-world assets we are tracking but have not yet rated. Surfaced by our daily new-participants scan and grouped by how close each is to a full independent Trust Score. We rate. You decide. This is what is next.
Rating next
Above threshold or a Tier-1 flagship. Queued for a hand-scored Trust Score.
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. Sits squarely in the RWTS gold-plus-yield lead lane.
Issuer: Binance
Second-largest ETH liquid staking token after Lido. Binance-governed and KYC-gated, which will weigh on the verification and regulatory dimensions even at this scale.
Issuer: Mantle
Fourth-largest ETH LST. cmETH adds a restaking layer, which adds yield and a fresh slashing surface.
Issuer: Renzo
Major liquid restaking token on EigenLayer. The corpus has weETH and eETH but not the Renzo route yet.
Issuer: Bedrock
Second-largest BTC liquid staking token after Lombard. Babylon-based, with Pendle and restaking composability.
Issuer: PumpBTC
Retail-focused Babylon BTC LST built from WBTC, BTCB and FBTC via Cobo and Coincover custody.
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.
Watching
On the radar. Needs a size and detail verification pass before we score it.
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: Resolv
Two-token delta-neutral model (USR stable, RLP risk tranche). Launched August 2025. Confirm current TVL.
Issuer: Puffer
Native liquid restaking on EigenLayer. Confirm current TVL before rating.
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. An EU-regulated flagship; confirm market cap is above threshold.
Issuer: Comtech
Shariah-compliant gold token, a distinct compliance angle. Confirm market cap.
Issuer: Nexo
Major CeFi yield platform absent from the corpus. Up to mid-teens APY on stablecoins; confirm current product terms.
Flagged
Notable but carrying a live red flag. We will rate it only with that context up front.
Issuer: Kelp DAO
Major LRT, but exploited for roughly $290M in 2026, the largest DeFi hack of the year. In-lane and notable, but a fresh exploit will heavily penalise the audit and track-record dimensions. Rate only with that context front and centre.
FAQ
What is the RWTS Watchlist?+
The Watchlist is every tokenized real-world asset RWTS is tracking but has not yet given a Trust Score. It is the forward-looking layer: assets surfaced by our daily new-participants scan, grouped by how close they are to a full independent rating.
When does a watchlist asset get a Trust Score?+
When it clears the bar (above our size threshold or a Tier-1 issuer flagship) and survives a verification pass, it is hand-scored on the published six-dimension methodology and moves into the rated directory with its own page. Assets marked Rating next are first in that queue.
How do you decide what to track?+
A daily scan checks all seven RWTS categories (tokenized gold, silver, treasuries, stablecoin yield, ETH yield, BTC yield, exchange yield) for assets above roughly $5M in size or flagship products from Tier-1 issuers, and drops sub-threshold or off-lane items.
Why is an asset flagged?+
A flag means there is a live risk worth knowing before any score, for example a recent exploit. We still cover it, but the rating will lead with that context rather than burying it.
See what we have already rated
The full rated directory of tokenized real-world assets, each scored 0 to 100 on the RWTS Trust Score.
Browse the directory