The independent measurement layer for the onchain economy
Measuring the quality of tokenized capital.
We measure $339.28B of tokenized capital onchain across 35 chains, and grade the real-world-asset universe with published indexes built from onchain evidence, updated daily.
Capital measured
$339.28B
Of which $29.19B independently graded
The full scope of tokenized capital OCB measures onchain — stablecoins and real-world-asset funds. A measure of reach, not a grade; what we independently score is the subset above.
Live indexes
7
Independent · published · updated daily
RWA Quality, Stablecoin Quality, Chain RWA Footprint, Tokenized Gold, US-Regulated Stablecoin, European-Regulated Stablecoin, and UAE Stablecoin — each a distinct, citable benchmark, plus per-instrument quality ratings underneath.
Instruments rated
214
From 84 issuers · scored every day
Every covered instrument gets a 0–100 quality score from four onchain-measured dimensions — see how it’s measured below.
OCB — 01 · The measurement, in numbers
What we measure.
Capital graded
$29.19B
Of $339B measured
Capital carrying an independent OCB score — the subset of what we measure that we also grade. This is the quality claim; reach is the hero figure above.
Transfers observed
506.6M+
Onchain transfers of tracked instruments we've ingested and retained — the append-only record of activity behind every holder and flow figure.
Wallets tracked
38.0M+
Distinct addresses we've observed holding or receiving a tracked instrument — the real ownership base underneath the concentration scores.
Chains measured
35
Every onchain network where a covered instrument is issued — from Ethereum, where RWA capital is deepest, to the newest networks a fund expands onto.
Measured across — 35 chains
OCB — 02 · 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 — 03 · 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.
Disclosure Quality, Redemption Liquidity, Structural Trust, 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.
PAXG · Quality 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 82 instruments in the RWA scope, 16 are institutional-grade and 4 reach Verified Capital. The bar is set high so a score carries real signal, and it climbs as issuers strengthen their disclosure.
Disclosure Quality
Whether the issuer's published value or yield claim can be verified against independent evidence, and how disciplined that disclosure is over time.
Redemption Liquidity
How readily holders can exit, measured as verified DEX liquidity depth relative to outstanding supply.
Structural Trust
The structural commitments behind the token — regulatory framework, governance controls, and custody verification. Scored against published frameworks.
Holder Concentration
Built from periodic top-holder snapshots. Exchange and custodian addresses excluded and individually documented.
OCB — 04 · 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 — 05 · The index family
One standard, applied across the market.
The same four-dimension rubric produces 7 published indexes and 5 data products. Each index answers a different question about the same market; each is updated daily from onchain evidence and citable on its own. An instrument contributes when its rating clears the published threshold — not when its issuer says it should.
See all indexes →Institutional-grade capital
$10.59B
Scoring ≥70 on the composite
Verified Capital (≥85): $4.09B — strict subset that also clears the highest disclosure bar
OCB Quality Score
4 dimensions · supply-weighted · 0–100 scale
65.6 / 100
Indexes
7 live
Tokenized real-world assets
3 indexes
How good is the collateral behind tokenized funds — and where does it live?
- RWA QualityThe supply-weighted quality of the tokenized real-world-asset market, scored daily against a published rubric.
- Chain RWA FootprintA quality-weighted ranking of chains by the institutional-grade RWA capital that lives on each.
- Tokenized GoldA coverage index of tokenized gold — every measurable token, in troy ounces at LBMA spot, scored on the RWA rubric so the quality spread shows.
Stablecoins
4 indexes
How good are the reserves and redemption paths behind tokenized dollars?
- Stablecoin QualityThe supply-weighted quality of covered stablecoins — reserves, redemption depth, holders, transparency.
- US-Regulated StablecoinThe supply-weighted quality of stablecoins whose issuers hold a top-tier US charter — NYDFS or OCC national trust — with a PCAOB auditor.
- European-Regulated StablecoinThe supply-weighted quality of MiCA-authorized euro stablecoins, scored daily against the same published rubric.
- UAE StablecoinA coverage index of CBUAE-regulated dirham stablecoins — every measurable licensed coin, scored against the quality bar.
Data products
5
RWA Tracked Capital
The full OCB-tracked tokenized RWA universe — outstanding supply by issuer, asset class, and chain.
OpenHome-Chain Distribution
Where each multi-chain fund's supply actually lives — issuance chain vs. off-home, per fund.
OpenTokenized Private Credit
The distributed, onchain-reconcilable private-credit pools we measure end-to-end, and the issuer concentration behind the headline.
OpenOwnership Concentration
The share of each tokenized asset's free float held by its ten largest wallets — issuer and custody wallets removed — for the assets measurable to ground truth.
OpenTokenized Precious Metals
How much tokenized gold, silver, platinum and palladium exists onchain and how good it is — every metal normalized to a single troy-ounce basis so supply can be compared and summed.
OpenOCB — 06 · Research
OnChain Benchmark Research
Ask anything about 214 instruments across 35 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
- 10 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 quality 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 35 networks from 214 instruments.