RWA disclosure · read-only · expectations first

The reserve number a machine cannot read

Name: RWA disclosure survey
Creator: GeniusFlow
Published: 2026-08-04

Interface question only: does the issuer serve a structured figure a program can fetch? Not a market survey and not a quality ranking of PDF attestations.

88.2%

MUST refuse rate · 15 of 17 issuers · issuer-operated machine-readable surfaces: 0

Prior run 88.2% → this run 88.2%.

Maintained entity registry (view)

This table is a projection of the same maintained entity card Federation publishes. It is not a second registry database. Reliance receipts stay empty until independent parties actually use the object. Settlement readiness is not a field.

Entity	Identity	Claims	Current state	Relationships	Material gaps	Last observation	Verify	Reliance
CIRCLE	resolved	3 supported / 3	partial	custody, information_flow	broken_pipe=1 · unknown= 3	2026-08-25T03:36:54.297515+00:00	verify	empty

Population 17 · engine 63a8337c5ae0 · expectations 28961d5d66629b9a · run 2026-08-04 06:40 UTC · probe v 1.0.2

Entity	Role	Verdict	Refuse limb	Attribution	Receipt
Backed Finance	issuer	refuse	disclosure_surface_declared	this_node	json
BlackRock	issuer	refuse	machine_readable_media_type	issuer	json
Circle	issuer	refuse	machine_readable_media_type	issuer	json
Circle Reserve Fund	issuer	refuse	disclosure_surface_declared	this_node	json
Circle USYC	instrument	refuse	disclosure_surface_declared	this_node	json
Maple Finance	issuer	refuse	disclosure_surface_declared	this_node	json
Ondo Finance	issuer	refuse	machine_readable_media_type	issuer	json
Ondo Yield Assets	issuer	refuse	disclosure_surface_declared	this_node	json
Paxos	issuer	refuse	disclosure_surface_declared	this_node	json
Pax Gold	instrument	refuse	disclosure_surface_declared	this_node	json
Securitize	issuer	refuse	disclosure_surface_declared	this_node	json
Spiko	issuer	refuse	disclosure_surface_declared	this_node	json
Tether	issuer	refuse	machine_readable_media_type	issuer	json
Tether Gold	instrument	refuse	disclosure_surface_declared	this_node	json
USDY	instrument	refuse	disclosure_surface_declared	this_node	json
BlackRock BUIDL	instrument	admit	issuer_operated_surface	issuer	json
OUSG	instrument	admit	as_of_date_present	issuer	json

Not a measure of disclosure quality · not a market survey · no score, no badge · every URL came from this engine's own recorded data

How to cite / re-check

expectations.json ledger.json summary.json index.json README.md

For issuer-attributable figures cite attributable_to_issuer (4 of 6 still refuse), not the raw 15 of 17 alone.

Where they fail

First failing limb	Issuers
disclosure_surface_declared	11
machine_readable_media_type	4
issuer_operated_surface	1
as_of_date_present	1

Surfaces served

Media type sniffed	Surfaces
html	13
json	2

Conventional paths

45 requests across 5 issuer origins · 0 answered structured. See CAIP-10 for chain-qualified refs ( 0 of 15).

HTTP status	Responses
404	36
200	9

Limbs

Limb	Level	ok	fail	n/a	not reached
disclosure_surface_declared	MUST	6	11	0	0
surface_resolves	MUST	6	0	0	11
machine_readable_media_type	MUST	2	4	0	11
body_parses_as_served_type	MUST	2	0	0	15
figure_addressable_by_key_path	SHOULD	2	0	0	15
as_of_date_present	SHOULD	1	1	0	15
issuer_operated_surface	SHOULD	0	2	0	15
registry_ref_present	OBSERVED	1	1	0	15
registry_ref_chain_qualified	OBSERVED	0	1	0	16
conventional_path_answers	OBSERVED	0	4	2	11

Predictions

Prediction	Observed	Result
No issuer in this population serves a machine readable disclosure surface on an origin it operates itself.	0 of 17 issuers had one	met
Every machine readable surface in the population belongs to a third party aggregator rather than to the issuer.	2 machine readable surfaces, of which 0 were issuer operated	met
No path in the frozen conventional list answers with structured bytes on any issuer operated origin.	0 of 45 conventional path requests answered with structured bytes	met
No surface in the population carries a chain qualified registry reference.	0 of 15 recorded surfaces carried one	met
More than half of the population has no disclosure surface recorded by this node at all.	11 of 17 had none	met

Probe defects recorded

conventional_path_answers was sequenced behind the media type limb. Every issuer operated surface in this population is an HTML document, so the receipt returned before the convention limb was ever observed. The first run made zero conventional path requests and still scored the prediction about them as met, which is a claim on no evidence. The limb asks about the issuer's origin rather than about the surface the other limbs read, so it is now evaluated for every issuer that has an origin at all, independent of what the earlier limbs found. The prediction now scores as missed when no request was made.
a body clipped at this probe's own size cap was charged as a parse error. One aggregator surface is larger than the original 2 MB cap. The probe truncated it, failed to parse its own truncation, and recorded the failure against the surface. That is a refusal this probe manufactured. The cap is raised to 32 MB, truncation is detected explicitly, and a clipped body is now named body_truncated_at_probe_cap and attributed to this probe rather than to the publisher.
the registry reference limbs accepted false positives. The ISIN pattern matched any twelve character uppercase code, so two DefiLlama pool names were reported as securities identifiers. Chain qualification accepted a chain key anywhere in the document, so a two megabyte pool listing qualified an address that appeared nowhere near it, and an all-zero address counted as a reference. ISIN and LEI candidates now have to pass their real check digits, the all-zero address is discarded, and chain qualification requires the chain to sit in the same object as the address. This is the limb the survey is loudest about, so it is the one that had to be strictest.

Not tracked

Franklin Templeton (BENJI, FOBXX): this node holds no dossier card for it, so it is out of population and this survey makes no claim about it. This engine's own sensor grounding file records the same gap in its notes: BENJI omitted, no live primary AUM endpoint yet.
Superstate (USTB, USCC): no dossier card on this node; out of population
Hashnote (USYC): no dossier card under that name. The instrument is tracked as CIRCLE_USYC following its acquisition, and CIRCLE_USYC is in population.
Centrifuge, Goldfinch: no dossier card on this node; out of population

Re-run

PYTHONPATH=engine python3 engine/tools/rwa_disclosure_run.py expect
PYTHONPATH=engine python3 engine/tools/rwa_disclosure_run.py run
PYTHONPATH=engine python3 engine/tools/rwa_pages_export.py

What this is not

This is not a measure of disclosure quality. An issuer serving a signed monthly attestation PDF prepared by an accounting firm is disclosing more than one serving an unsigned JSON file. The survey asks only whether a program can read the number, which is a different question and a smaller one.
This is not a market survey and not a ranking. The population is the set of issuers this node already tracks, which is not the set of largest issuers and not a sample of anything. No rate here should be quoted as a sector rate.
A refusal at the first limb is a fact about this node's coverage, not about the issuer. Those refusals are separated out in the summary and the headline is given both ways.
No issuer was contacted beyond a plain GET of URLs that are already public, plus the frozen conventional path list on origins the issuer already serves.
No registry address, contract address or identifier in this survey was supplied by the probe. Every reference reported was found inside bytes the surface itself served.