Two populations, kept separate
Stocks
Tokens an issuer published to represent a company or fund. These are what gets counted, verified and rated.
Quoted coins
Ordinary tokens that happen to be priced against a tokenized stock. Real tokens, not stocks. Counted separately and never rated as stocks.
The issuers
Seven are covered today: xStocks, Backpack, Ondo, PreStocks, Tessera, Securitize and Superstate. Each is read on its own terms, which is the only way the differences between them show up. They are not doing the same thing. One issuer lists over a thousand companies with a market on a few dozen of them; another lists under a hundred and has a market on almost all of them. Same asset class, opposite strategies, and the index is the only place that comparison exists.Listing costs an issuer almost nothing, so catalogue size proves nothing, and catalogue size is what everybody quotes. The useful number is how many of those listings anybody can actually buy or sell.
What is deliberately excluded
Pools below the liquidity floor
Pools below the liquidity floor
A pool under 5,000 dollars is not a market. Those tokens stay in the index as listings and are reported as having no market, rather than being given a score that implies you could trade them.
Permissioned issuances
Permissioned issuances
Issuers that mint into allowlisted wallets never reach the verified token list, so their tokens do not appear here. This is a known gap, not a judgement about them. See Verification.
Anything we cannot read from chain or a public venue
Anything we cannot read from chain or a public venue
No vendor feed sits anywhere in the pipeline. Supply, holders and corporate actions come from chain accounts; depth and volume from public pools; reference prices from a public oracle. If it cannot be read openly it is not in the score.