Rating Modifiers
The Anchor PD is then adjusted through a series of modifiers selected based on the token type.
Collateralization
Reserve coverage and insurance vehicles measured against outstanding token supply, and how that ratio moves the rating up or down.
Governance
2 items
Market Adoption
Market capitalization relative to category peers, used as a proxy for market confidence and issuer incentive to maintain the asset.
Operational Security
7 items
Peg Track Record
A token's historical peg performance, measured by volatility, deviation frequency, and drawdown severity.
Regulatory Coverage
The scope and relevance of licenses held by the issuing entity, and bankruptcy remoteness across issuer and custodian structures.
Reserve Management
The operational competence and track record of those managing productive reserve assets, where reserves are actively managed.
Reserves Transparency
How reserve adequacy is demonstrated, through on-chain verification, audit attestations, and third-party assurance.
Tokenized Assets Metrics
4 items
User Rights
The clarity and enforceability of redemption terms, asset segregation, and beneficial ownership in issuer documentation.