How We Work
America Tokenization publishes intelligence, not commentary. Every claim we make is traceable to a primary source. Every data point we report has been verified against at least two independent sources before publication. This page describes the specific standards we apply — our source hierarchy, verification rules, data notation conventions, and editorial independence policy — so that readers can assess the basis of our analysis and apply their own judgment accordingly.
Source Hierarchy
We organize our sources into four tiers that reflect their reliability, independence, and proximity to the underlying facts.
Tier 1 — Primary Official Sources These are the sources we treat as authoritative. They include: SEC EDGAR filings (registration statements, annual and quarterly reports, 8-K disclosures, Form D filings, and no-action letters); CFTC enforcement releases and interpretive guidance; OCC interpretive letters and conditional approvals; Federal Reserve Board publications and staff papers; FinCEN guidance, rulemakings, and enforcement actions; Congressional testimony and committee reports; federal and state court documents and judicial opinions; audited financial statements filed with regulators; and official releases from banking regulators including the FDIC and state banking departments.
Tier 1 sources are cited directly with document identifiers where available (EDGAR accession numbers, Federal Register citations, docket numbers). When a Tier 1 source and a lower-tier source conflict, the Tier 1 source governs our reporting.
Tier 2 — Market Data Providers These sources provide quantitative market data that has been independently aggregated from on-chain records or institutional databases. They include: RWA.xyz on-chain data tracking verified tokenized asset contracts across public blockchains; DeFiLlama total value locked and protocol data; Pitchbook and CB Insights funding and valuation data; Cambridge Centre for Alternative Finance (CCAF) research and datasets; and volume data from registered exchanges and ATSs. Market data from Tier 2 sources is treated as reliable for quantitative analysis but is noted as market data rather than regulatory confirmation.
Tier 3 — Research and Analysis Third-tier sources include institutional research from organizations with established methodologies: reports from BCG, McKinsey, Deloitte, PwC, and Oliver Wyman; white papers and client alerts from law firms including Skadden, Arps, Slate, Meagher & Flom; Sullivan & Cromwell; and Davis Polk & Wardwell; working papers from the Bank for International Settlements; and Federal Reserve staff papers not yet incorporated into official policy. These sources inform our analysis and provide useful framing, but we do not treat their figures as primary data. When we cite a Tier 3 figure, we identify the source explicitly.
Tier 4 — Company Disclosures Press releases, investor presentations, company blogs, and marketing materials are treated as unverified until corroborated by Tier 1 or Tier 2 data. When we cite a Tier 4 source, we attribute it explicitly — “according to the company,” “the firm stated in its investor presentation,” or equivalent language. We do not adopt company-provided market share claims, AUM figures, or performance metrics as editorial assertions of fact unless they are corroborated.
The Two-Source Rule
No data point appears in America Tokenization analysis as a factual assertion unless it is corroborated by at least two independent sources from Tier 1 or Tier 2. Independence means the sources must have derived the figure through separate processes — two publications that cite the same underlying filing do not constitute two independent sources.
When a figure appears in only a single Tier 1 or Tier 2 source, or when multiple sources share a common underlying origin, we note this explicitly and treat the figure as preliminary or unconfirmed. We would rather acknowledge uncertainty than publish a number with false precision.
This rule applies to market size figures, transaction volumes, AUM claims, regulatory statistics, and all other quantitative assertions. It does not apply to direct quotes from primary documents — a verbatim excerpt from an SEC release requires only that one source (the release itself), cited directly.
Confirmed vs. Estimated Data
We use notation to distinguish between data of different epistemic statuses:
Confirmed figures are drawn from Tier 1 sources — regulatory filings, audited statements, or court documents — and have been corroborated by at least one additional independent source. These figures are reported without qualification.
Estimated figures are drawn from Tier 2 or Tier 3 sources, or represent the editorial team’s synthesis of multiple partial data sources. Estimated figures are followed by the notation [Est.] to signal that they represent the best available approximation rather than confirmed data. Readers relying on these figures for professional purposes should treat them as estimates and consult primary sources directly.
Company-stated figures are those drawn from Tier 4 sources and not yet corroborated. These are attributed explicitly and are not labeled as market facts.
Market Size Methodology
Our US tokenized RWA market figures are derived from four data streams, which we aggregate and reconcile on a monthly basis. The four streams are: on-chain data from RWA.xyz tracking verified tokenized asset contracts deployed on public blockchains; SEC-registered fund filings for Investment Company Act products (40 Act funds), which provide audited AUM at quarterly or annual intervals; Form D filings for Regulation D products, which provide capital raise data at the time of initial filing; and DeFiLlama protocol data for tokenized assets integrated into decentralized finance protocols.
We aggregate these streams by asset class, exclude duplicates where the same assets appear across multiple tracking methodologies, and report totals at the level of precision the underlying data supports. Our market figures explicitly exclude pure stablecoins (which we treat as a distinct category covered separately), NFT art and collectibles, and tokenized representations of cryptocurrency. These exclusions reflect our focus on real-world assets — claims on physical or financial assets existing independent of blockchain infrastructure.
When our figures differ from those published by other research organizations, we note the methodological differences that account for the divergence rather than treating the discrepancy as an error.
Update Cadence
We maintain different update schedules for different content types, calibrated to the pace at which the underlying source data changes.
Tracker dashboards are reviewed monthly and updated whenever primary source data changes materially between scheduled reviews. Entity profiles — our coverage of specific companies, platforms, and funds — are reviewed quarterly or upon material events including significant funding rounds, regulatory actions, product launches, or enforcement proceedings. Encyclopedia entries covering foundational concepts, regulatory frameworks, and market structures are reviewed annually or upon regulatory change that materially affects their accuracy. Analysis and intelligence articles are published as events warrant; we do not maintain an artificial publication cadence that would require us to publish before we have something substantive to say.
Corrections Policy
We correct errors promptly and transparently. When we identify a material error in published content — a factual inaccuracy, a misattributed source, or a figure that subsequent Tier 1 data contradicts — we publish a correction notice at the top of the affected article. The notice identifies the date of correction and describes specifically what changed and why. We do not silently delete or alter published analysis, and we do not issue retroactive “updates” that obscure the fact that the original content contained an error.
We consider reader-reported errors. If you believe content we have published contains a factual error, contact our editorial team with the specific claim you believe is incorrect and the primary source evidence supporting the correction. We will investigate and respond.
Editorial Independence
The Vanderbilt Portfolio AG receives no funding from any company covered on America Tokenization or any of its affiliated platforms. We do not accept sponsored content, native advertising, or paid placement in editorial rankings, trackers, or lists. Our editorial decisions — what to cover, how to frame analysis, which entities to profile — are made exclusively by our editorial team and are not influenced by advertiser relationships, investor interests, or commercial partnerships.
Display advertising on this platform is managed programmatically through Google AdSense and similar networks. Advertisers in these networks have no visibility into or influence over editorial decisions, and editorial staff have no visibility into which advertisers are running on which pages.
If we ever enter into a commercial relationship with any entity we cover — including affiliate relationships, data licensing arrangements, or event sponsorships — we will disclose that relationship prominently in all content relating to that entity.
What We Are Not
America Tokenization is an editorial intelligence platform. We are not a registered investment adviser, broker-dealer, or financial planner under US securities law or the laws of any other jurisdiction. We do not recommend specific investments, securities, funds, or strategies. We do not provide legal advice. We do not provide tax advice.
Our analysis represents the independent editorial judgment of our team based on publicly available information. It should not be construed as a recommendation to buy, sell, or hold any security or investment product. Readers making investment decisions based on conditions in the tokenized asset market should consult qualified financial, legal, and tax advisers appropriate to their specific circumstances.
For the full scope of limitations on our content, review our disclaimer. For the data sources underlying our quantitative analysis, see our US tokenization data sources reference. To receive our intelligence directly, subscribe.