{ "expectations": "rwa_disclosure_interface_survey", "probe_version": "1.0.0", "generated_at": "2026-08-02T04:28:11.184875+00:00", "published_before_results": true, "subject": { "what": "the machine readability of the disclosure surfaces this node has recorded for the real world asset issuers and instruments it tracks", "engine_commit": "63a8337c5ae03ff9d34ba36e8b6ad834fe3eb806", "dossier_source": "https://kaydeep0.github.io/eigenstate-research/dossier/" }, "question": { "asked": "Can a program read the disclosed figure for this issuer without a human, a document parser, or a third party who already did both?", "not_asked": "Whether the disclosure is accurate, adequate, audited or timely. Those are larger questions and this survey answers none of them.", "why_it_is_separate": "Everyone publishes how much tokenized real world asset value exists. Nobody publishes whether the issuer of that value serves a number a machine can read. An attestation PDF is a strong disclosure and a useless interface." }, "population_rule": "An entity is in the population iff this node already exports a public dossier card for it and it is the issuer of a real world asset token or is itself a tokenized instrument backed by one. The rule is frozen here, before results.", "population_count": 17, "issuers": 11, "instruments": 6, "with_recorded_surface": 6, "without_recorded_surface": 11, "surface_sources": { "claim_ledger": "data/verification/claim_ledger.jsonl, the verified claim ledger. Every source_url and corroborating_url recorded against an entity in the population is taken as a candidate disclosure surface for that entity.", "srr_grounding": "data/sensors/srr_grounding.json, the sensor grounding file. Every source_url is taken as a candidate surface for the population entity whose identifier matches the grounding row's entity_id exactly, or matches it after the last underscore." }, "rejected_surface_sources": [ { "source": "data/entity_tvl_cache.json", "field": "entities..url", "reason": "the cache is populated by fuzzy name matching against DefiLlama and several of its RWA matches are wrong. ONDO and BACKED both resolve to a Kujira project called FIN, TOKENIZED_TREASURY and CIRCLE_RESERVE_FUND both resolve to a protocol called Re, and BLACKROCK resolves to securitize.io. Using these as issuer origins would attribute one company's website to another." } ], "excluded_from_population": [ { "entity": "TOKENIZED_TREASURY", "reason": "segment node, not an issuer or an instrument", "tracked_by_this_node": "yes" }, { "entity": "CLEARWAY_DTCC", "reason": "settlement infrastructure, not an issuer of a real world asset token", "tracked_by_this_node": "yes" }, { "entity": "RWA_AUDIENCE, RWA_CONF_2025, RWA_INFLUENCER_1..5, RWA_SOLVES_YIELD, RWA_TELEGRAM, RWA_XYZ_DATA, TWITTER_RWA", "reason": "discourse and audience nodes about the sector, not issuers in it", "tracked_by_this_node": "yes" } ], "named_but_not_tracked": [ { "issuer": "Franklin Templeton (BENJI, FOBXX)", "reason": "this node holds no dossier card for it, so it is out of population and this survey makes no claim about it. This engine's own sensor grounding file records the same gap in its notes: BENJI omitted, no live primary AUM endpoint yet." }, { "issuer": "Superstate (USTB, USCC)", "reason": "no dossier card on this node; out of population" }, { "issuer": "Hashnote (USYC)", "reason": "no dossier card under that name. The instrument is tracked as CIRCLE_USYC following its acquisition, and CIRCLE_USYC is in population." }, { "issuer": "Centrifuge, Goldfinch", "reason": "no dossier card on this node; out of population" } ], "known_aggregator_domains": [ "rwa.xyz", "defillama.com", "llama.fi", "coingecko.com", "coinmarketcap.com", "dune.com", "newyorkfed.org" ], "limb_order_frozen": [ "disclosure_surface_declared", "surface_resolves", "machine_readable_media_type", "body_parses_as_served_type", "figure_addressable_by_key_path", "as_of_date_present", "issuer_operated_surface", "registry_ref_present", "registry_ref_chain_qualified", "conventional_path_answers" ], "limb_spec_level": { "disclosure_surface_declared": "MUST", "surface_resolves": "MUST", "machine_readable_media_type": "MUST", "body_parses_as_served_type": "MUST", "figure_addressable_by_key_path": "SHOULD", "as_of_date_present": "SHOULD", "issuer_operated_surface": "SHOULD", "registry_ref_present": "OBSERVED", "registry_ref_chain_qualified": "OBSERVED", "conventional_path_answers": "OBSERVED" }, "limb_definitions": { "disclosure_surface_declared": { "admit_when": "This engine's own recorded data names at least one candidate disclosure URL for the issuer. Sources are the verified claim ledger and the sensor grounding file. No URL is guessed and no issuer homepage is inferred from its name.", "refuse_reasons": [ "no_disclosure_surface_recorded_by_this_node" ], "attribution_note": "A refusal here is a fact about this node's coverage, not about the issuer. The summary reports the headline with these excluded as well as included." }, "surface_resolves": { "admit_when": "A plain GET of a recorded surface returns a 2xx with a body.", "refuse_reasons": [ "http_", "transport_error:", "empty_body" ] }, "machine_readable_media_type": { "admit_when": "The bytes served are structured data a program can parse without rendering a document: JSON, CSV or XML. The type charged is the one the bytes support, sniffed from the body, not the one the Content-Type header claims. When header and bytes disagree the receipt records both.", "refuse_reasons": [ "html_document", "pdf_document", "other_media_type:" ] }, "body_parses_as_served_type": { "admit_when": "The bytes actually parse as the structured type they were sniffed as.", "refuse_reasons": [ "parse_error:" ] }, "figure_addressable_by_key_path": { "admit_when": "Some numeric quantity is reachable at a stable key path, so a consumer can name the field it reads instead of extracting a number from prose. The probe looks for a number under a key naming a quantity a disclosure would carry, and the receipt records the exact path it found.", "refuse_reasons": [ "no_numeric_value_under_a_quantity_key" ] }, "as_of_date_present": { "admit_when": "The surface carries its own as-of or last-updated date, so a consumer can tell how current the number is without asking anyone. A served file with no date is a number with no time.", "refuse_reasons": [ "no_as_of_date_on_the_surface" ] }, "issuer_operated_surface": { "admit_when": "The surface that reached furthest down this limb order sits on a registrable domain belonging to the issuer itself rather than to an aggregator or a data vendor. Matching is mechanical: a token from the issuer's own identifier must appear in the registrable domain.", "refuse_reasons": [ "surface_is_third_party:" ], "why_this_limb": "A machine readable number about an issuer is not an issuer publishing a machine readable number. When only the second exists, every consumer of that number has a dependency on a third party it did not choose and the issuer cannot be held to." }, "registry_ref_present": { "admit_when": "The surface itself names the on-chain deployment or the security the disclosure is about: a contract address, a CAIP-10 identifier, an ISIN or a LEI. Only refs found inside the served bytes count. This probe supplies none of its own.", "refuse_reasons": [ "no_registry_reference_in_the_served_bytes" ] }, "registry_ref_chain_qualified": { "admit_when": "A reference that names a contract also names the chain it lives on, either as a CAIP-10 identifier or as an explicit chain field beside it, so the reference identifies one deployment rather than a hex string that could be on any chain.", "refuse_reasons": [ "bare_address_without_chain_identifier" ] }, "conventional_path_answers": { "admit_when": "Any path in the frozen candidate list answers 2xx with structured bytes on an origin the issuer already serves. The list is published in the expectations file before the run.", "refuse_reasons": [ "no_conventional_disclosure_path_answered" ], "why_this_limb": "None of these paths is a standard. There is no registered well-known URI for reserve or asset disclosure, so the limb cannot be passed by following a spec. It records whether any convention has emerged in practice, and a clean sweep of 404s is the answer rather than a gap in the probe." } }, "admit_rules": { "must_admit": "Every MUST limb is ok: a surface is recorded, it answers, it serves structured bytes rather than a document, and those bytes parse. This is the bar for reading the number with a program at all.", "full_admit": "must_admit, and additionally a figure is addressable at a named key path, the surface carries its own as-of date, and the surface is operated by the issuer rather than by a third party.", "refuse": "Any limb of the relevant level failed. The receipt names the limb and the reason. There is no aggregate score, no grade and no badge." }, "statuses": { "ok": "limb observed to pass", "fail": "limb observed to fail; counts against the issuer at its stated level", "not_applicable": "limb cannot apply to this issuer", "absent": "an optional artifact was not published; not counted as a failure", "not_reached": "an earlier limb failed, so this one was never observed; it is neither a pass nor an exemption" }, "surface_selection_rule": "An issuer's limbs are read off the surface that reached furthest down the limb order. Ties break to an issuer operated surface first, then to the order the surfaces were recorded in, so the choice is mechanical rather than a judgement.", "media_type_rule": "The media type charged is the one the bytes support, sniffed from the body. The Content-Type header is recorded as a claim and the receipt notes when the two disagree.", "conventional_paths": { "paths": [ "/.well-known/rwa-disclosure.json", "/.well-known/reserves.json", "/.well-known/attestation.json", "/.well-known/asset-disclosure.json", "/.well-known/proof-of-reserves.json", "/reserves.json", "/disclosure.json", "/attestations.json", "/api/reserves" ], "note": "None of these is a registered well-known URI and none is specified by any standard. They are the shapes a machine readable disclosure surface would plausibly take if a convention existed. The limb asks whether one has emerged in practice.", "probed_against": "only origins an issuer in the population already serves a recorded surface from. No origin is guessed from an issuer's name." }, "expected_population": [ { "entity": "BACKED", "display_name": "Backed Finance", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/backed/", "in_population_because": "this node exports a public dossier card for BACKED and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "BLACKROCK", "display_name": "BlackRock", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/blackrock/", "in_population_because": "this node exports a public dossier card for BLACKROCK and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [ { "url": "https://www.blackrock.com/corporate", "recorded_by": "claim_ledger", "note": "BlackRock — global asset manager", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://rwa.xyz/assets/buidl", "recorded_by": "claim_ledger", "note": "BUIDL — tokenized treasury fund on-chain", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://defillama.com/protocol/blackrock-buidl", "recorded_by": "claim_ledger", "note": "DeFiLlama tracks BlackRock BUIDL protocol activity", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null } ], "surface_domains": [ "blackrock.com", "defillama.com", "rwa.xyz" ] }, { "entity": "CIRCLE", "display_name": "Circle", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/circle/", "in_population_because": "this node exports a public dossier card for CIRCLE and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [ { "url": "https://www.circle.com/usdc", "recorded_by": "claim_ledger", "note": "Circle issues USDC — regulated dollar stablecoin", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://www.circle.com/en/transparency", "recorded_by": "claim_ledger", "note": "Circle publishes monthly USDC reserve attestations", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://www.circle.com/en/cross-chain-transfer-protocol", "recorded_by": "claim_ledger", "note": "Cross-Chain Transfer Protocol (CCTP) for native USDC", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null } ], "surface_domains": [ "circle.com" ] }, { "entity": "CIRCLE_RESERVE_FUND", "display_name": "Circle Reserve Fund", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/circle_reserve_fund/", "in_population_because": "this node exports a public dossier card for CIRCLE_RESERVE_FUND and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "MAPLE", "display_name": "Maple Finance", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/maple/", "in_population_because": "this node exports a public dossier card for MAPLE and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "ONDO", "display_name": "Ondo Finance", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/ondo/", "in_population_because": "this node exports a public dossier card for ONDO and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [ { "url": "https://ondo.finance/", "recorded_by": "claim_ledger", "note": "Ondo Finance — tokenized Treasuries and yield products", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://docs.ondo.finance/general-access-products/usdy", "recorded_by": "claim_ledger", "note": "USDY — US Dollar Yield product documentation", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://defillama.com/protocol/ondo-finance", "recorded_by": "claim_ledger", "note": "DeFiLlama tracks Ondo Finance protocol activity", "verification_status": "ATTESTED-DERIVED", "as_of_date_recorded": null }, { "url": "https://rwa.xyz/assets/ousg", "recorded_by": "claim_ledger", "note": "OUSG — tokenized Treasuries on RWA.xyz", "verification_status": "ATTESTED-DERIVED", "as_of_date_recorded": null } ], "surface_domains": [ "defillama.com", "ondo.finance", "rwa.xyz" ] }, { "entity": "ONDO_YIELD_ASSETS", "display_name": "Ondo Yield Assets", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/ondo_yield_assets/", "in_population_because": "this node exports a public dossier card for ONDO_YIELD_ASSETS and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "PAXOS", "display_name": "Paxos", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/paxos/", "in_population_because": "this node exports a public dossier card for PAXOS and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "SECURITIZE", "display_name": "Securitize", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/securitize/", "in_population_because": "this node exports a public dossier card for SECURITIZE and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "SPIKO", "display_name": "Spiko", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/spiko/", "in_population_because": "this node exports a public dossier card for SPIKO and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "TETHER", "display_name": "Tether", "segment_role": "issuer", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/tether/", "in_population_because": "this node exports a public dossier card for TETHER and it is a real world asset issuer", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [ { "url": "https://tether.to/en/about-us", "recorded_by": "claim_ledger", "note": "Tether — global leader in stablecoin issuance", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://tether.to/en/transparency", "recorded_by": "claim_ledger", "note": "USDT transparency — reserves and issuance", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null }, { "url": "https://tether.to/en/how-it-works", "recorded_by": "claim_ledger", "note": "How Tether works — pegged digital dollar", "verification_status": "ATTESTED-PRIMARY", "as_of_date_recorded": null } ], "surface_domains": [ "tether.to" ] }, { "entity": "BLACKROCK_BUIDL", "display_name": "BlackRock BUIDL", "segment_role": "instrument", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/blackrock_buidl/", "in_population_because": "this node exports a public dossier card for BLACKROCK_BUIDL and it is a real world asset instrument", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [ { "url": "https://api.llama.fi/protocol/blackrock-buidl", "recorded_by": "srr_grounding", "note": "sensor grounding for instrument BUIDL via defillama_protocol_blackrock_buidl", "matched_rule": "slug_suffix_after_underscore" } ], "surface_domains": [ "llama.fi" ] }, { "entity": "CIRCLE_USYC", "display_name": "Circle USYC", "segment_role": "instrument", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/circle_usyc/", "in_population_because": "this node exports a public dossier card for CIRCLE_USYC and it is a real world asset instrument", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "OUSG", "display_name": "OUSG", "segment_role": "instrument", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/ousg/", "in_population_because": "this node exports a public dossier card for OUSG and it is a real world asset instrument", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [ { "url": "https://yields.llama.fi/pools", "recorded_by": "srr_grounding", "note": "sensor grounding for instrument OUSG via defillama_yields_ondo_ousg", "matched_rule": "exact" } ], "surface_domains": [ "llama.fi" ] }, { "entity": "PAXOS_GOLD", "display_name": "Pax Gold", "segment_role": "instrument", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/paxos_gold/", "in_population_because": "this node exports a public dossier card for PAXOS_GOLD and it is a real world asset instrument", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "TETHER_GOLD", "display_name": "Tether Gold", "segment_role": "instrument", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/tether_gold/", "in_population_because": "this node exports a public dossier card for TETHER_GOLD and it is a real world asset instrument", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] }, { "entity": "USDY", "display_name": "USDY", "segment_role": "instrument", "dossier_card_present": true, "dossier_url": "https://kaydeep0.github.io/eigenstate-research/dossier/usdy/", "in_population_because": "this node exports a public dossier card for USDY and it is a real world asset instrument", "searched_sources": [ "claim_ledger", "srr_grounding" ], "surfaces": [], "surface_domains": [] } ], "predictions": { "disclosure": "These were written after reading this engine's own recorded data, which is how the population and the surface list were built, and before any issuer URL was fetched by this probe.", "stated_before_the_run": [ "No issuer in this population serves a machine readable disclosure surface on an origin it operates itself.", "Every machine readable surface in the population belongs to a third party aggregator rather than to the issuer whose figure it carries.", "No path in the frozen conventional list answers with structured bytes on any issuer operated origin.", "No surface in the population carries a chain qualified registry reference, so no disclosure identifies a single on-chain deployment without the reader guessing the network.", "More than half of the population has no disclosure surface recorded by this node at all, and that refusal belongs to this node rather than to the issuer." ], "how_to_score_these": "Each prediction is either met or not by the published summary. A missed prediction stays in this file; it is not edited after the run." }, "not_claimed": [ "This is not a measure of disclosure quality. An issuer serving a signed monthly attestation PDF prepared by an accounting firm is disclosing more than one serving an unsigned JSON file. The survey asks only whether a program can read the number, which is a different question and a smaller one.", "This is not a market survey and not a ranking. The population is the set of issuers this node already tracks, which is not the set of largest issuers and not a sample of anything. No rate here should be quoted as a sector rate.", "A refusal at the first limb is a fact about this node's coverage, not about the issuer. Those refusals are separated out in the summary and the headline is given both ways.", "No issuer was contacted beyond a plain GET of URLs that are already public, plus the frozen conventional path list on origins the issuer already serves.", "No registry address, contract address or identifier in this survey was supplied by the probe. Every reference reported was found inside bytes the surface itself served." ], "digest": "28961d5d66629b9a0d370b1331bd7b7b66f7c857d78a47145e29567c7c7aef1a" }