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 marked thin below $1,000,000 market cap AND $10,000 daily volume; the liquid spread excludes 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. This is also the reason CoinMarketCap's own average_tokenized_price is wrong for gold and silver: it averages tokens priced per gram with tokens priced per troy ounce.

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": "SpaceX",
 "symbol": "SPCX",
 "average_tokenized_price_reported": 144.52500989172722,
 "spread_pct": 2.052,
 "spread_liquid_pct": 2.052,
 "cheapest_liquid": {
  "symbol": "SPCX",
  "issuer": "Robinhood",
  "price": 142.19026421559442,
  "market_cap": 0,
  "volume_24h": 158783.81563615,
  "thin": false
 },
 "dearest_liquid": {
  "symbol": "SPCXon",
  "issuer": "Ondo Assets",
  "price": 145.1076243786855,
  "market_cap": 9970914.76,
  "volume_24h": 2585831.87548605,
  "thin": false
 },
 "n_tokens": 11,
 "n_liquid": 8,
 "n_thin": 1
}

145.107624 ÷ 142.190264 − 1 = 0.020520 → 2.05%

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.
• Two spreads are published per asset: one across every comparable token, and one across only those with a market behind them. The second is the one to trust; the first is kept so the effect of thin venues is visible rather than quietly removed.
• Prices are a snapshot at one instant. A wide spread can be a stale quote on a thin venue rather than a dislocation.
• The underlying price is not in these endpoints, 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 ratio within 5% of 31.1035 (grams per troy ounce) or of a power of ten; a token is held out if its price sits outside within 2.0x of the asset's median price; quotes older than 48h are dropped. Units are inferred from price ratios because the API does not state them.