Reports / Market Data
RWA Project Ranking List TOP 50 (Inaugural Edition – Summary Version)
First-time rating of 50 leading RWA projects, based on a five-dimensional scoring model (Custody: 30% / Legal: 25% / On-chain: 20% / Liquidity: 15% / Team: 10%). This public version releases the TOP 10; the full ranking list and individual project scorecards are accessible upon free registration in the project database.
- ✓ PAXG (92 points) and BUIDL (94 points) lead the ranking; institutional-grade custody is the key differentiator.
- ✓ Private credit projects have the lowest average scores (65–67), with widespread shortfalls in Custody and Legal dimensions.
- ✓ Projects scoring below 60 are not recommended for allocation exceeding 5% of portfolio exposure.
Scoring Methodology
Five-dimensional weighting: Asset Authenticity & Custody (30%), Legal Structure & Licensing (25%), On-Chain Transparency (20%), Liquidity & Redemption (15%), Team & Service Providers (10%). Each deduction item is accompanied by a verifiable source.
TOP 10 (Public Version)
| Rank | Project | Category | Total Score |
|---|---|---|---|
| 1 | BlackRock BUIDL | Fund | 94 |
| 2 | PAX Gold | Commodity | 92 |
| 3 | Franklin BENJI | Fund | 87 |
| 4 | Ondo OUSG | U.S. Treasury | 86 |
| 5 | Spiko MMF | Fund | 83 |
| 6 | WisdomTree Digital Funds | Fund | 81 |
| 7 | Tether Gold | Commodity | 80 |
| 8 | Circle USYC | U.S. Treasury | 79 |
| 9 | Superstate USTB | U.S. Treasury | 78 |
| 10 | Ethena USDe | Other | 72 |
Three Key Conclusions
- Custody Is the Dividing Line: All projects scoring above 90 are either custodied by bank-grade institutions or undergo monthly attestation.
- Private Credit Is a High-Risk Pricing Zone: Elevated yields mask concurrent deductions in both custody and legal structure.
- Do Not Focus Solely on Yield: Reference yields of 8%+ typically correspond to composite scores below 70.
The full TOP 50 ranking, individual project scorecards, and risk disclosures are accessible upon free registration in the Project Database. This report was verified on 2026-09-28.