The independent measurement layer for the onchain economy
Measuring the quality of tokenized capital.
We track $11.83B of tokenized real-world assets across 27 instruments and 9 chains, and grade it with published indexes built from onchain evidence, updated daily.
Capital measured
$10.89B
Across 27 instruments, 9 chains
The full universe of tokenized real-world asset capital OCB observes onchain — the denominator everything else is measured against.
Live indexes
3
Independent · published · updated daily
RWA Quality, Stablecoin Health, and Liquidity Depth — each a distinct, citable benchmark, plus per-instrument trust ratings underneath.
Instruments rated
27
From 23issuers · scored every day
Every covered instrument gets a 0–100 trust score from four onchain-measured dimensions — see how it’s measured below.
Measured across — 7 chains
OCB — 01 · The problem
The tokenized economy is being built faster than it’s being measured.
Trillions in real-world assets are moving onchain, but nothing reads the market as a market. No common framework for what’s disclosed. No standard for what’s verifiable. No public number that sums it up. Four problems explain why.
01
The same asset is issued differently on every chain
BENJI lives on Stellar, Ethereum, Base, Polygon, Arbitrum, and Avalanche — six block explorers, six supply numbers, six holder sets. A buyer who wants to understand the instrument has to reconcile all of them by hand, and most don't bother.
02
Every issuer reports in a different format
One issuer posts daily PDF attestations. Another publishes monthly summaries on a page that won't load without JavaScript. A third stopped publishing after an acquisition and never resumed. There is no shared definition of what “disclosed” means.
03
Opacity costs the issuer nothing
Issuers who don't publish per-instrument attestations sit on the same shelves as issuers who do. There is no public scoreboard, so opacity is free. The risk of figuring out who's being clear is pushed onto the buyer, every time.
04
Nobody publishes the market-level number
To know the size of the tokenized-Treasury market this morning, you find every instrument's supply on every chain and add them up yourself. There is no citable level. The category trades like a market without ever being read like one.
OCB is the missing layer — the reference buyers act on, and the scoreboard issuers are measured against.
OCB — 02 · How it’s measured
Four dimensions, supply-weighted
Every constituent is rated against the same four onchain dimensions. The Index aggregates those ratings across the market.
Yield Accuracy, Redemption Liquidity, Issuer Transparency, Holder Concentration — each scored 0 to 25 and composed into a 0–100 rating. Instruments clearing the threshold contribute their capital to the Index total. Every score traces back to the source transactions it was computed from.
See every constituent →PAXG · Trust rating
Read the full diligence →
Reading the score
Scores run 0–100, with the strongest instrument today at 88. Two published lines mark the bands that matter:
Institutional-grade — the floor an institution should require before treating an instrument as quality capital.
Verified Capital — the strict subset that also clears the highest disclosure bar, independently verifiable from onchain evidence.
Today, of the 17 instruments in the RWA scope, 5 are institutional-grade and 2 reach Verified Capital. The bar is set high so a score carries real signal, and it climbs as issuers strengthen their disclosure.
Yield Accuracy
How closely the published yield tracks the oracle-reported rate, compared basis-point for basis-point.
Redemption Liquidity
How readily holders can exit, measured as verified DEX liquidity depth relative to outstanding supply.
Issuer Transparency
Attestation freshness, disclosure completeness, regulatory standing, governance quality. Scored against published frameworks.
Holder Concentration
Built from periodic top-holder snapshots. Exchange and custodian addresses excluded and individually documented.
OCB — 03 · The standard
Capital is moving onchain.
The infrastructure finance depends on hasn’t followed yet.
Tokenized RWAs
Tokenized treasury funds, money market exposure, commodity-backed tokens, and private credit are already issued onchain. The category is operating at institutional scale, not theoretical.
Programmatic capital
Settlement, collateral movement, and allocation increasingly run through code rather than custody desks. Machine-readable trust signals are a prerequisite.
What's missing
An independent index. The reference benchmark traditional markets rely on — a single, methodologically-defined number that summarizes the state of the market — doesn't exist for onchain RWAs. Every participant verifies on their own or accepts what issuers report.
OnChain Benchmark is building that reference layer — independent, reproducible, and published in full.
OCB — 04 · What’s behind the standard
The evidence the standard is built on.
Institutional-grade capital
$0.00
Dollar value of tokenized RWA scoring ≥70 on OCB's coverage-weighted composite. Verified Capital (≥85) is the strict subset within it.
Onchain observations
0K+
Onchain reads, holder snapshots, attestations, published rates — plus every dimension computation and score derived from them. The append-only evidence chain behind every published number.
Networks under coverage
0
Ethereum, Stellar, Solana, Base, Polygon, Arbitrum, Avalanche — every onchain venue where a covered instrument is issued.
Onchain evidence streams
0
Attestations, contract state, benchmarks, holder snapshots, pool state, published rates, anomaly detection — all running daily.
OCB — 05 · The Index
OCB-RWA Index
The total value of tokenized RWAs meeting an independent trust standard.
Dollar-denominated. Updated daily from onchain evidence. An RWA instrument contributes to the Index when its trust rating clears the published verification threshold — not when its issuer claims it should.
Open the Index →Institutional-grade capital
$7.46B
Scoring ≥70 on the composite
Verified Capital (≥85): $3.60B — strict subset that also clears the highest disclosure bar
OCB Trust Score
4 dimensions · supply-weighted · 0–100 scale
70.5 / 100
OCB — 06 · Research
OnChain Benchmark Research
Ask anything about 27 instruments across 9 chains. The product returns structured analysis — chart, table, memo-style prose — with cited evidence rows. Exports carry OnChain Benchmark Research attribution into institutional channels.
- 1,000 credits per month
- Cited evidence, multi-chain synthesis, exports
- 5 sample recipes, free for everyone
OCB — 07 · Who it’s for
One reference, three ways to act on it.
Allocators & DAO treasuries
Allocate
Cite an independent trust verdict in your allocation memo, and compare instruments across four onchain dimensions — every score traceable to source.
Analysts & journalists
Research
Reference an independent, methodology-governed read on the tokenized RWA market: “According to OnChain Benchmark…”
Developers & products
Build
Read machine-readable trust scores, band transitions, and index levels into your own product or risk system — versioned endpoints, structured responses.
Independent
The same published rubric applies to every instrument we score.
Reproducible
Every number traces to the source transactions it was computed from; methodology public and versioned.
Live
Updated daily across 7 networks from 27 instruments.