كيف نراجع، وكيف يرد المُصدرون، وكيف نصوّب أخطاءنا

Right of reply

Before we publish a case note that names a product, we send the issuer the facts, the sources and our numbered questions, with the planned publication date. This pre-notice period lasts 5 business days. It is a chance to correct facts. It is not a request for consent: if the issuer does not answer, the case note is published as planned.

• If the issuer shows that a fact is wrong, we correct it before publication and say so in the revision history.
• The issuer may ask once, during the pre-notice period, for publication to be postponed by up to 5 business days, if it commits to a substantive reply. The 10-business-day reply window after publication is unchanged. Extensions are recorded on the case page.
• After publication the issuer has a further 10 business days to reply. The countdown is shown on the case page.
• Replies are published in full and unedited up to 800 words. Longer material is linked. If an issuer asks us to keep something confidential, we publish only a summary it has agreed.
• When the reply window closes without a reply, the case is marked Reply overdue. Thirty business days after the first notice it is marked Long overdue. Late replies are always added, with the date received.
• Urgent track. Where holders may be affected now (redemptions blocked, backing in question, unusual minting, or a stale price feed still in use), the pre-notice period may be shortened to one full business day.

Data platforms, custodians, transfer agents and oracle providers named in a case note have the same right of reply. They are listed under "Also notified".

Business days are counted in the issuer's main jurisdiction.

Statuses and vocabulary

Every case uses one fixed vocabulary, in all five languages. The tables on this page list each status, who sets it and its effect on the Structure Score.

• Level reflects the consequence for holders. Material: whether holders can redeem, whether the assets exist or are sufficient, core legal or eligibility terms, or a size difference of 10% or more. Notable: fees, returns, other terms, or a size difference of 5–10%. Minor: dates, names and labels.
• Evidence reflects how well a point is supported. Documented: primary documents or on-chain data that anyone can reproduce. Supported: mainly primary sources. Indicative: secondary sources only. Indicative issues are checked further and are not published as case notes.
• Cause: timing, definition, source error, our error, or unexplained.

Disclosure grades and rankings

Disclosure grades describe how fully and how checkably a product discloses its structure. They do not measure credit quality, returns or suitability, and they are not investment advice.

Products are ranked only within comparable groups, only under the same methodology version, only when data coverage is above our threshold, and only when a group has at least five products. Scores that differ by less than the margin of error share a rank. Every rank links to the components of its score. The full rules are in methodology M-07.

A grade starts with the score thresholds, then unresolved issues can impose a ceiling. One material issue marked Reply overdue, Long overdue, Disputed or Unresolved caps the grade at Partial disclosure; two or more cap it at Limited disclosure. A notable issue in any of those states caps it at Substantial disclosure. Issues still within the reply window do not impose a ceiling. A ceiling never raises a lower score-based grade. Products below the data-coverage threshold or less than 90 days old are Not graded.

Event markers (for example, a delayed redemption) record facts with a source and a date. They are not a credit opinion and do not change a grade by themselves.

How we write

• Every figure has a source, a data date and a retrieval date.
• Inference is labelled as inference, with the reasons for it.
• We describe what documents and the chain show. We do not speculate about motive.
• We do not use words such as "fraud", "scam", "glaring" or "catastrophic".

Sources

• Issuer documents and regulatory filings come first, then on-chain data at a stated block.
• Where a difference is visible only on a third-party data platform, we describe it and do not republish that platform's data.
• Pages we cite are archived at the time of citation.

Corrections

We correct our own errors in public. Every correction to published content is recorded in the revision history of the page and in our corrections log, including errors pointed out by issuers and readers. Where a case note turns out to be wrong, it is withdrawn: the text stays, with a withdrawal notice at the top explaining why.

To report an error, write to contact@rwa.ngo.

Comments

Comments are not open yet. The following rules describe the planned service, subject to a separate launch review. Once enabled, comments will appear at once and be handled after posting. Reader comments will not be verified by us.

1. Facts with sources help most. Opinions are welcome; mark them as opinion.
2. No personal data about others.
3. No scams or phishing. Wallet-approval links, shortened links and known phishing domains are blocked automatically.
4. No impersonation. Only verified accounts carry the "Verified issuer" mark. Issuers are welcome to answer comments directly.
5. No pumping or market manipulation.
6. No illegal content, spam or advertising.
7. Report anything that breaks these rules. We act within 48 hours. Removed comments leave a note citing the rule.

Useful comments may be marked as leads by the editors and checked like any other tip.

Use of our assessments

Issuers and others may cite our disclosure grades, ranks within a group and case statuses on these terms:

1. Cite them with their date and methodology version, and link to the page on this site.
2. Prefer the live badge. It updates itself and links back to the product page.
3. Do not change the wording, and do not present them as a certification, an endorsement or investment advice.
4. Use them only for the product that was assessed.
5. We will ask for outdated or misleading uses to be removed and will record them in our corrections log.
6. Use is free of charge and needs no licence. Issuers remain responsible for their own financial promotions.

We do not issue product badges unasked.

Who produces our assessments

Assessments on this site are produced by the operator named in our legal notice, under the methodology version shown on each page. We receive no payment from issuers for reviews. Interests relevant to a product or its issuer are stated on the page concerned.