Verification Methodology

1. Issuer verification

RwaMarkets identifies the organization responsible for the tokenized product. Sources are used in this order of priority:

1. the issuer's official website
2. the issuer's documentation
3. issuer-controlled repositories or APIs
4. official blockchain records, where relevant

Where a product is distributed through a separate listing venue (for example Backpack Securities tokens listed through Sunrise), both the venue's listing and onchain issuer records are checked.

2. Contract verification

The token's mint address must match authoritative issuer information. The mint address is the canonical onchain identifier; everything else about a token can be copied.

Every candidate mint is then read from Solana. It must be a valid token mint; its token program and decimals are recorded from the chain.

Issuer authority checks

Where an issuer's listing metadata is incomplete, RwaMarkets additionally requires the mint's onchain metadata authority to match the authority used by the issuer's other tokens. Tokens that fail this check are excluded.

3. Underlying asset verification

RwaMarkets records what the token is intended to reference — for example NVIDIA Corporation, the SPDR S&P 500 ETF Trust, physical gold or U.S. Treasury exposure — using the issuer's data, including the underlying ISIN where the issuer publishes it. Stocks and ETFs are distinguished using security reference data (OpenFIGI) for the underlying ISIN or ticker.

4. Product structure review

Where the issuer publishes it, RwaMarkets surfaces information about:

• backing mechanism and collateral structure
• special-purpose vehicles, certificates, notes or fund structures
• redemption mechanics and who may redeem
• token-holder rights

These summaries are attributed to the issuer and linked to the source. RwaMarkets does not characterize legal rights beyond what the issuer's documentation states, and does not audit the structure.

5. Market availability

Before trading is enabled, an asset must have an executable route through supported infrastructure:

• at least $50,000 of liquidity — either an active pool (traded in the last 24 hours, any quote currency) or aggregate routable liquidity; and
• a live $10,000 test quote with price impact no worse than −28% — approximately what a genuine $50,000 constant-product pool would produce. This excludes assets whose reported liquidity is not actually executable.

A verified asset may still lack sufficient liquidity for large trades. Verification and liquidity remain separate concepts.

6. Ongoing monitoring

Verification is not permanent. An asset is reviewed again when:

• the issuer changes, migrates or deprecates the token
• the contract or its onchain authorities change
• issuer documentation or redemption terms change
• liquidity falls below the listing threshold
• serious security concerns emerge

The registry is re-synchronized from issuer sources and re-checked onchain; the date of the last review is shown on each asset's verification page. See the Delisting Policy.