Σ public criterion score × weight ÷ 100 + security score × 0.30All calculations use unrounded inputs and the weights listed below.
Historical Treasury methodology · 1.5.0
This historical methodology applies to its original accepted ratings. Public Risk Profiles rubric
Historical Treasury 2.0 methodology
Version 1.5.0
This method evaluates the legal rights, operating arrangements, reported strategy, transparency, exit mechanism and deployed contract security of an individual Treasury asset.
What we evaluate
Asset-specific assessment
Each score assesses the exact tokenized Treasury product, including its holder rights, operating roles, investment strategy, transparency, redemption mechanism, transfer policy and deployed contract security.
Every score follows the published conditions and links to supporting evidence. Manager reputation and issuer novelty each have weight zero. The assessed scope identifies the product, legal rights and applicable deployments.
Related assessments
How scores work
Each criterion uses one of five anchored values. Analysts apply these published anchors exclusively.
0 · 25 · 50 · 75 · 100
Σ weighted criteria ÷ dimension weightDimension scores combine their criteria using the weights below. Strategy and redemption use their published categories; regulatory standing uses the responsible-role conditions.
round(raw score, 1)The weighted score is rounded once to one decimal for display.
Six weighted dimensions
Legal & Investor Protection
17.5%Whether the exact token maps to an identifiable legal product, gives holders enforceable rights, and sits inside a clear jurisdictional framework.
Issuer & Operations
13.125%Whether responsible entities and regulated roles can be verified, and whether the operating model has credible service-provider coverage.
Investment Strategy
8.75%The named product's reported income-generating strategy, classified consistently across direct and fund-held exposures.
Transparency & Verifiability
13.125%Whether NAV observations are governed and fresh, and whether the issuer-confirmed deployment set and supply can be reconciled.
Redemption & Transferability
17.5%Publicly described redemption mechanism and evidenced payout restrictions, alongside public transfer, freeze and recourse policies.
Smart Contract Security
30%Starts at 100 and applies fixed, report-linked deductions for confirmed defects and specific control gaps, with root-cause deduplication and family caps.
Smart Contract Security
Historical methodology v1.0 was adopted 6 Oct 2026 using the 1 Oct 2026 audit reports. Current report applicability requires exact deployment verification. On-chain observations retain the dates stated in each report. The score starts at 100 and subtracts fixed policy points for qualifying report-evidenced defects or control gaps. Chain brand, host consensus and the reports' A, B and C public-evidence bands carry zero security weight.
A score of 100 corresponds to zero qualifying deductions in the reviewed report scope. Scores assess the findings evidenced in each report and retain the report’s actual coverage.
Confirmed reachable core implementation defect
−20An authorized or ordinary actor reproduced an asset-relevant accounting or pricing state error in the reported deployed configuration.
Confirmed core defect with unestablished trigger
−10The implementation error is confirmed, but a decisive production input or reachability condition remains unestablished.
Open active financial-path control gap
−15The report confirms an open, active financial path lacking a specific technical control, such as maximum price age.
Confirmed unilateral critical chain control
−10 · family cap 10The report establishes one on-chain signer or direct authority able to replace critical issuer code, change supply or balances, or force transfer.
Configured emergency control unavailable
−5An exposed emergency action requires a missing role or configuration grant before it can be used.
Bounded executable inconsistency
−2 · family cap 4A confirmed technical configuration or interface contradiction causes a reproducible bounded functional consequence.
Aggregation and exclusions
Each issue carries a rule, root cause and report anchor. The same root cause across chains, counters or overlapping rules is charged once at the highest applicable weight, independent of input order. The unilateral critical-control family has an asset-level deduction cap of 10; the bounded inconsistency family has an asset-level deduction cap of 4. Other qualifying roots add normally, and the score has a floor of zero. New risks outside this limited taxonomy require a methodology review before scoring.
Deductions require the established consequence and execution conditions in the reviewed scope. Unconfirmed candidates, missing documents, unknown private custody, dormant features and correctly reverting disabled paths retain zero deductions. Unilateral authority requires verified execution control. Price-age conditions distinguish bounded and unbounded active paths.
Report classification and remediation
Confirmed defects, known control risks and unconfirmed candidates retain their report classifications. Unassigned severity remains unassigned. Published deduction weights determine the score. A deduction is removed only after report-linked remediation evidence establishes the relevant configuration or code change and the original triggering behavior no longer applies.
Current security contribution requires applicable reviewed reports covering every declared implementation, permission configuration and dependency. Dated historical reports remain available on each asset page.
Review the current score construction ↑Scoring criteria
The supported condition determines each criterion score. Each fact applies to its relevant criterion.
Legal & Investor Protection
4.375%Token, product, share class and legal entity mapping
- What we evaluate
- The link between the exact token, legal issuer, product and represented share class or interest.
100
The legal issuer, exact product, series or share class, and the token's represented legal interest are fully connected by current formal evidence.
75
The core identity chain is complete. Only a historical name or document lag remains, with legal rights unchanged.
50
The entity and product are clear. The token to share-class mapping relies on indirect confirmation.
25
A standard search still leaves only third-party or token self-description, multiple possible entities or classes, or a material conflict in current formal sources.
0
Current formal evidence identifies the token as unrelated to the rated product, or records product termination and leaves successor validity unresolved.
Legal & Investor Protection
8.75%Publicly verifiable holder rights
- What we evaluate
- The holder’s enforceable claim, register status, asset segregation and insolvency recourse.
100
The token maps to a direct fund share or beneficial interest, and register effect, cash-flow rights, asset segregation and insolvency recourse are all clear.
75
Core enforceable rights, register effect and asset segregation are clear. Only full insolvency priority or a secondary cross-border path is incomplete.
50
Enforceable rights are clear. One major element of register priority, segregation or insolvency ranking remains incomplete, or rights depend on a platform or extra registration step.
25
A standard search leaves the token's legal nature and enforceable holder claim unverified, with multiple major elements of register effect, segregation or insolvency recourse missing or conflicting.
0
Current formal documents explicitly waive every asset, cash-flow, share and contractual claim for token holders.
Legal & Investor Protection
4.375%Legal enforceability and jurisdiction
- What we evaluate
- The law, forum, product framework and insolvency path governing enforcement.
100
Governing law, issuance framework, dispute resolution, cross-border enforcement and insolvency treatment are all clear.
75
Core law and dispute resolution are clear. Only secondary cross-border details remain incomplete.
50
Governing law is clear. Product supervision, insolvency or cross-border enforcement remains incomplete.
25
A standard search leaves governing law or forum unverified in current binding documents, jurisdictions remain unclear, or formal sources materially conflict.
0
Current formal evidence says the arrangement is unenforceable in its claimed core jurisdiction or has been rejected by a competent authority.
Issuer & Operations
4.375%Regulatory standing of responsible roles
- What we evaluate
- The current registrations, exemptions and permissions required for responsible operating roles.
100
All applicable core and noncore requirements verified active, exempt or not required.
75
All core roles verified; exactly one noncore public verification gap and no inactive qualification.
50
Manager verified; partial core gaps, multiple noncore gaps or confirmed noncore inactivity without core-business impact.
25
Completed public searches leave manager or principal core system unverified.
0
Authority confirms required core qualification inactive, business impact confirmed and no valid replacement or exception.
Issuer & Operations
8.75%Manager and key service-provider capability
- What we evaluate
- Management capability and the assignment of custody, administration, transfer, audit and payment duties.
100
The manager has long relevant experience and the product has independent, mature custody, fund administration, transfer, audit and payment coverage.
75
The manager and principal providers are mature. Only short product history or one non-core role gap remains.
50
The team has relevant capability. Operating history remains limited, service providers are concentrated, or some duties depend on affiliates.
25
A standard search leaves multiple core service roles, responsibility boundaries or product operating records undisclosed, or a key process depends on one unexplained party.
0
Current formal evidence confirms vacant asset-management or investor-record responsibilities, or an unreplaced departure by a key operator.
Investment Strategy
8.75%Investment strategy
- What we evaluate
- The named product’s reported income-generating strategy, with equivalent direct and fund-held exposure classified together.
The lowest applicable reported income-generating category sets the score. Agency credit and liquidity reserves remain visible alongside the strategy classification.
100
Reported government cash-management strategy: Treasury or government securities, government money-market funds, and associated repo.
75
Diversified high-quality money-market strategy including bank credit, commercial paper or other high-quality private short-term credit.
50
Broader bond or mixed fixed-income strategy extending beyond cash-management and high-quality money-market exposures.
25
Income-generating strategy includes speculative, illiquid private-credit, equity or crypto-return investments.
0
Affirmative evidence that the represented investment backing has failed or does not exist.
Transparency & Verifiability
6.5625%NAV governance, frequency and freshness
- What we evaluate
- NAV observation dates, publication timing, calculation method, history and independence.
100
Official daily NAV includes an as-of date, publication time, method and history, and is calculated by an independent administrator or verifiable system.
75
Official daily NAV has clear timing. History, correction records or calculation method remain incomplete.
50
NAV remains verifiable at a slower cadence, with material gaps in calculation independence or timing.
25
Updates are irregular, materially dependent on third parties, conflict in current official sources, or the latest observation is 32 to 90 calendar days old at cutoff.
0
Public evidence provides either a dated NAV observation older than 90 calendar days, an ended publication series, or zero dated NAV observations.
Transparency & Verifiability
6.5625%Official Deployment Set and supply verification
- What we evaluate
- Official supply-bearing tokens, wrappers and bridges and the ability to reconcile total supply.
100
A complete, current and dated Official Deployment Set classifies every supply representation and publishes deduplication rules so total supply can be recalculated.
75
The current issuer list covers all advertised deployments and supply is reproducible. Only version history or one immaterial deduplication detail is missing.
50
The issuer confirms the main deployments. An advertised network, wrapper or bridge classification, or global deduplication rule remains incomplete. Public chain evidence fills only part of the scope.
25
Third-party or candidate onchain addresses remain the available address evidence, issuer asset mapping remains incomplete, or current official lists materially conflict.
0
Public evidence identifies the listed token as unrelated to the product, or leaves every token and mint unattributed.
Redemption & Transferability
13.125%Redemption mechanism
- What we evaluate
- The ordinary issuer or designated fund-platform redemption program available to an eligible onboarded investor.
An ordinary program starts at 100. Required nonmonetary delivery or manager authority to substitute securities or other assets caps it at 75. An active partial gate caps it at 50; active full suspension receives 0. The lowest applicable ceiling applies once. Investor-elected in-kind delivery and potential emergency gates alone retain the ordinary-program band.
100
A positively described ordinary issuer or designated fund-platform redemption program.
75
Established required nonmonetary delivery or manager authority to substitute securities or other assets.
50
Observed active partial redemption gate.
0
Affirmative evidence of no issuer redemption program or an active complete suspension of ordinary redemption.
Redemption & Transferability
4.375%Public transfer, freeze and recourse policy
- What we evaluate
- The legal effect of transfers, freeze conditions, error correction and appeal procedures.
100
Current binding terms explain eligible-investor transfer effect, registration timing, freeze conditions, error correction and appeal procedures.
75
Allowlisting, transfer, freeze and recourse policies are clear. Operators retain broad compliance discretion.
50
Transfer depends on manual registration or extra approval, legal effect has a disclosed timing gap, or correction procedures are only partly public.
25
A standard search yields only an official marketing summary and leaves the current binding policy for transfer effect, freeze triggers, correction and appeal unverified.
0
Current formal terms assign transfers between eligible investors zero legal effect and omit registration, correction and appeal mechanisms.
Evidence and sources
Sources
Binding legal documents support identity and rights. Official issuer records support deployments and operating policies. Dated reports and direct chain observations support the facts within their stated scope.
Formal and independently accountable
Regulators, courts, company and fund registries, prospectuses, PPMs, KFS documents, binding fund terms, and documents from auditors, administrators, custodians and transfer agents.
Official operational evidence
Fixed-block onchain state, verified code, issuer websites, official APIs and official technical documentation.
Attributed product records and context
Dated attributable third-party product records support reported strategy and ordinary redemption-program existence for the exact product. Binding legal sources support rights and token-to-share mapping. Explorer labels support discovery.
Role authorization
Required core inactivity with confirmed business impact and no replacement receives 0. Unresolved research or unclassified inactivity keeps the score open. All roles verified active, exempt or outside permission requirements receive 100; exactly one noncore gap with all core roles verified and no inactivity receives 75; a verified manager supports 50; otherwise the defined public-gap condition receives 25.
Strategy and redemption scope
Strategy classifies reported income-generating assets. Redemption classifies program existence and evidenced payout restrictions. Portfolio proportions, maturity limits, repo collateral, reserves, payout terms, completion times and full transaction costs remain context alongside these specific categories.
Conflict rules
- The newest formal source proven to remain effective outranks superseded documents.
- A higher-tier source outranks lower-tier marketing or third-party material.
- For Investment strategy and Redemption mechanism, an unresolved category conflict requires evidence review before publication. Every criterion retains its published conflict anchor and current applicability requirements.
- Every conflict and deduction appears in the criterion reason.
NAV freshness and update cadence
NAV freshness
- Daily NAV uses the official publication calendar. An observation up to 5 calendar days old can retain 75 or 100. Ages of 6 to 31 days cap the score at 50; 32 to 90 days cap it at 25; over 90 days receives 0.
- An active official holiday, nonvaluation or maintenance exception can preserve normal status across age bands when the fact remains current under that calendar. Overdue observations use their applicable age band.
- Slower publication cadence uses its defined conditions with a maximum of 50. The dated assessment expires at the earlier of 48 hours after checking and the end of official calendar coverage.
- Zero dated observations require a complete current official-source search. Ended publication requires an applicable official notice and its effective date. Unresolved searches keep the criterion open.
Dates and expiry
Daily checks expire after 48 hours. Formal applicability expires after 30 days. Source acquisition checks use observations collected within 24 hours. The earliest required expiry controls the assessment window.
Confirmed events and recovery
The total combines ten public criteria and a 30% security contribution, rounded once to one decimal. Missing or invalid inputs, expired checks, confirmed severe events and event-only assessments withhold the current total and grade.
Confirmed failure, redemption suspension and critical production risk take precedence over missing evidence. They persist through feed interruption until separately reviewed recovery. Recovery requires new applicable evidence of the corrected condition, its date and affected deployment scope.
Canonical rating JSON · Canonical rating CSVScoring boundaries
Official Deployment Set
Official Deployment Set and supply verification includes issuer-published supply-bearing tokens or mints, canonical wrappers that create a distinct supply representation, and bridge representations needed for global deduplication. Proxies, implementations, facets, administrators, owners, managers and other internal components sit outside the separate-supply count.
Contract Audit boundary
Asset smart-contract security starts at 100 and applies report-evidenced deductions. Reports, observation dates and scope limitations are published alongside each asset. Public legal and operating evidence retains its original evidence cutoff until separately reassessed.
Host-chain boundary
The benchmark records every official deployment. Dedicated risk assessments cover chain consensus, bridge architecture and ecosystem risk. The same asset receives consistent legal and operational treatment across its deployments.