CoinMarketCap RWA · Real World Assets track

One asset. Many prices.

A tokenised share has one underlying and several issuers, and they do not agree on the price. CoinMarketCap publishes an average across an asset's tokens. Assay publishes the spread, names the issuer on each side, and shows the market behind every quote, because a spread on an empty venue is not a spread.

Two numbers, on purpose. The first counts every comparable token. The second counts only tokens with a market behind them: a token is liquid only if it clears BOTH $1,000,000 market cap AND $10,000 daily volume; the liquid spread uses only those. Where the two are far apart, the wide number was a thin venue and not a dislocation, and both are published so that effect is visible instead of quietly removed.

Every asset, cheapest to dearest

One line per asset. Each dot is an issuer, placed by price; a hollow dashed dot is a thin market. Gold is the cheapest token with real volume, white is the dearest. Hover a dot for the issuer, the price and the market cap. Sorted by the spread that survives the filter.

Refused, on purpose

These are not failures. An asset whose tokens are priced in different units is not one price series, and the tool says so rather than averaging across them. Gold and silver carry tokens priced per gram beside tokens priced per troy ounce, under one asset id, with nothing in the payload naming the unit.

Check it by hand, in thirty seconds

The widest spread that survives the liquidity filter, taken verbatim from docs/proof/2026-09-10.json. Two fields are marked. Divide one by the other.

{
 "name": "Taiwan Semiconductor Manufacturing Co Ltd",
 "symbol": "TSM",
 "average_tokenized_price_reported": 434.20752430204834,
 "spread_pct": 0.995,
 "spread_liquid_pct": 0.995,
 "cheapest_liquid": {
  "symbol": "rTSM",
  "issuer": "Reality",
  "price": 431.2652437355817,
  "market_cap": 2802225.93,
  "volume_24h": 58992.85845981,
  "thin": false
 },
 "dearest_liquid": {
  "symbol": "TSMon",
  "issuer": "Ondo Assets",
  "price": 435.55611418802727,
  "market_cap": 6357946.72,
  "volume_24h": 3128156.83448343,
  "thin": false
 },
 "n_tokens": 6,
 "n_liquid": 4,
 "n_thin": 2
}

435.556114 ÷ 431.265244 − 1 = 0.009950 → 0.99%

One token, two treatments

CoinMarketCap’s average_tokenized_price tracks the volume-weighted price of the tokens inside the comparable band, not the plain mean and not the volume-weighted price of every token. That means a mis-denominated token is excluded from the asset’s average price — the right call — while the same payload counts it in tokenized_volume_24h. Neither decision is marked anywhere. The last column is how much of the asset’s reported volume sits in the token whose price was left out.

Netflix is the clear case: 61.45% of its reported tokenised 24-hour volume comes from a token whose price the same response declines to average.

The record starts here

One receipt so far, 2026-09-10. A spread on one day can be an accident of the hour it was measured; a spread that holds for a fortnight is a property of the market. Every run appends a dated file to docs/proof/ and this section becomes the series. Nothing is backfilled, so the chart cannot be longer than the record.

How much of this is our judgement

The liquidity floors are a choice, and the headline moves when they move. Here is the same measurement at five pairs of floors, recomputed on every run. The row in bold is the one quoted above. Nothing is hidden behind the choice; you can read the answer at any of them.

What this does not say

• A spread is not an arbitrage. Tokens from different issuers are not fungible with each other; redemption, custody, fees and settlement differ by issuer.
• Market cap and 24h volume are not depth. They are the only liquidity fields in the payload, and a token can clear both on one large trade with no order book behind it. The liquid spread is the more defensible of the two numbers, not a guarantee.
• Two spreads are published per asset: one across every comparable token, one across only those that clear both floors. The first is kept so the effect of thin venues is visible rather than quietly removed.
• The floors are a judgement call. method.sensitivity repeats the headline at five pairs of floors so the reader can see how much of the answer is that judgement.
• Prices are a snapshot at one instant, and the API timestamps the asset rather than the token, so a single stale quote inside a fresh asset cannot be detected.
• The underlying price is not in these endpoints. tradfi_markets names the venue but carries no price, so this compares issuers against each other and never against the real-world instrument.
• Which tokens belong to which asset, and who the issuer is, is CoinMarketCap's attribution. We report it and do not audit it.

Method, in full: unit mismatch is detected as every pair of prices, flagged when the ratio is within 5% of 31.1035 (grams per troy ounce) or of a power of ten; a flagged asset is refused, not scored; a guard: tokens beyond 2.0x of the asset median are dropped as denominations we could not name; the asset snapshot must be under 6h old; the API does not timestamp individual tokens, so per-token freshness cannot be checked. Units are inferred from price ratios because the API does not state them.