Every Tokenized Asset Has a Story.We Measure Its Risk.
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One Framework built for decision makers.
Independent risk intelligence for tokenized real-world assets.
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Who Uses TARM?
Supporting better decisions across the tokenized asset ecosystem.
Banks
Supporting institutional risk assessment before exposure to tokenized assets.
Asset Managers
Comparing and evaluating tokenized assets for portfolio construction.
Institutional Investors
Conducting independent due diligence before capital allocation.
Family Offices
Assessing long-term investment opportunities with greater confidence.
Researchers
Studying tokenized asset markets using a transparent risk framework.
Regulators
Understanding risk characteristics across tokenized financial markets.
Put tokenized assets side by side on the FLOG framework. Add up to four — the composite score is set by the weakest pillar.
Assets you've starred. Saved to your account and synced across sessions.
Every TARM rating is built from one transparent framework. We score a tokenized asset on four independent risk pillars — Financial, Legal, Operational, and Governance — each on a 1–5 scale, then take the weakest link as the headline rating. A single severe exposure is never averaged away by stronger pillars.
The 1–5 risk scale
Lower is safer. The same scale applies to every pillar so scores are directly comparable across assets.
The four pillars
How the composite is set
The composite rating is driven by the highest-risk (dominant) pillar — in tokenized real-world assets a single unresolved legal structure or fragile custody arrangement can impair the whole instrument regardless of how strong the other dimensions are. The overall profile across all four pillars then refines the score, so two assets that share the same worst pillar are still distinguished by their broader risk. The exact scoring engine (the standardised question set and the aggregation formula) is applied server-side and is not published.
Handling missing evidence
Absence of evidence is not treated as evidence of safety. How a gap is scored depends on what the factor measures:
Standardised question modules
Each asset class is scored against a fixed question module, so ratings are directly comparable within a class. Every tokenized gold asset — PAXG, Kinesis, Meld Gold and others — answers the identical gold module; tokenized real estate has its own module; and so on across every asset class TARM covers. A dimension's score is the aggregate of its answered questions within that module, with disclosure gaps counted as high risk and unverifiable factual questions marked Unknown and excluded.
Evidence sources
Every answer is grounded in a defined source. TARM draws on the following evidence types, in rough order of authority — primary issuer and legal documents first, on-chain verification next, third-party and press last (used cautiously).
What feeds each pillar
Score → letter grade
Would TARM have flagged an FTX?
Short answer: TARM would have flagged the warning signs that preceded FTX's collapse as high Operational and Governance risk. No external analyst — TARM included — can see through records that are deliberately falsified.
FTX's collapse is now a matter of public court record. Several of its structural characteristics were visible, or knowable, before the collapse — and they map directly onto FLOG's Operational and Governance questions, which exist specifically to surface this kind of exposure:
| Publicly documented FTX characteristic | FLOG dimension | What the question probes |
|---|---|---|
| No independent, segregated custodian for customer assets | Operational | Is customer/reserve custody segregated from the operator and independently held? |
| No public, independently attested proof of reserves | Operational | Is backing or reserve adequacy verified by an independent third party, on a recurring basis? |
| Undisclosed related-party lending to an affiliated trading firm | Governance | Are related-party transactions and conflicts of interest disclosed and controlled? |
| Concentrated control, no independent board oversight | Governance | Is ownership/control concentrated in a single party with no independent check? |
| Domiciled where regulatory oversight was minimal | Legal | What regulatory regime applies, and how substantive is its oversight? |
Under the missing-evidence rule above, an issuer that does not publish independent proof of reserves or disclose related-party exposure does not get the benefit of the doubt — that gap is scored as risk on the Operational and Governance pillars, which (being the dominant-pillar composite) would have produced a High or Very High rating on those visible facts alone, well before any fraud needed to be proven.
What TARM cannot do is see through books that are deliberately falsified. FTX's internal accounts reportedly misrepresented its true financial position to the outside world, including to its own auditors. TARM assesses documentary evidence — the same evidence an auditor, a journalist, or a counterparty's own diligence team would review. If that evidence is fabricated and no contradicting public signal exists, no external analysis — ours or anyone else's — can detect it from the outside. This is why TARM's rating is a structural risk assessment, not a fraud guarantee, and why the coverage-gate and non-disclosure rules exist: the goal is to make opacity itself count against an issuer, so that the next FTX looks risky on TARM well before it looks risky in a headline.
Add tokenized assets to your portfolio, set allocation weights, and see AI-powered risk composition analysis with concentration and exposure flags.
Each of the four FLOG pillars is scored 1 (lowest risk) to 5 (highest risk) against the criteria below. The overall TARM score is the weakest (highest-risk) pillar, not an average — a single severe risk is never diluted by three good ones.
Every asset page and the rankings table also show the same score as a letter (A–E), for at-a-glance reading — it is a presentation of the identical 1–5 FLOG number, not a separate rating.
Learning Hub
Interactive courses, the FLOG framework, a glossary, and quick guides — all in one place.
There are only two things to buy here. A subscription buys access to work we have already done — every score, report and rating history TARM has published. A report buys new work on your asset — an assessment that does not exist until we run it. That is why a seat is $29 a month and an assessment starts at $900: one is access, the other is analyst time.
For students, journalists and independent research.
- Every published FLOG score & the full rankings table
- Asset-class map, methodology & glossary
- Watchlist, side-by-side compare & rating history
- 3 on-demand analyses per day
- No PDF export
For a working analyst who needs to cite what they found.
- Everything in Explorer
- Unlimited on-demand analyses — score any asset, any chain
- PDF export of any report, for your own files or IC pack
- Coverage requests — ask us to add an asset to the curated set
- Cancel any time; annual saves two months
For a small team or family office sharing one view. Set up by hand, so we talk first.
- Everything in Analyst, for your whole desk
- Up to 5 named users — we create and manage the seats for you
- Coverage requests go to the front of the queue
- A direct line to the analyst who wrote the score
- Self-serve seat management & shared watchlists — in build, not yet available
One asset, assessed once. Buy this if you need something to hand an investor.
- Full FLOG assessment — Financial, Legal, Operational, Governance
- Every score tied to cited evidence, with an evidence-coverage %
- A remediation summary — exactly what would raise your score
- Delivered as a citable PDF you may share in unaltered form
- Your relationship disclosed wherever it's published
- Not a subscription — one asset, one fee
Only worth buying if a counterparty needs your rating to be current.
- Everything in Asset Report, re-run quarterly
- Change alerts between reviews when something material moves
- A rating with a live date on it — not a stale PDF
- Public rating-history line, so improvement is visible over time
- Priority re-review when you fix something
You already publish disclosures. The problem is that you published them — an investor has no way to tell a well-run asset from a well-marketed one. That is the gap an independent assessment closes.
The API is in development. We're looking for two or three design partners to build it around, not customers to sell it to yet.
- Licence to display TARM scores in your own product — available today
- Methodology documentation for your risk committee — available today
- Bulk data delivered directly while the API is built
- Programmatic API over the covered universe — in build
- Historical scores & rating-change feed — in build
Not an assessment of your asset. This builds the measuring instrument for an asset class TARM does not cover yet.
- Deliverable is a methodology, not a score — carbon credits, shipping, royalties
- Custom question set & scoring anchors, developed with your team
- Written methodology you can show a regulator or an LP
- Once it exists, any asset in that class can be assessed — including yours
- Buy an Asset Report instead if we already cover your class
| "I want to read TARM's research." | Explorer / Analyst |
| "My team needs to read it together." | Desk |
| "I issue an asset and need something to hand an investor." | Asset Report |
| "A counterparty needs my rating to stay current." | Surveillance |
| "I want TARM scores inside my own product." | Data Licence |
| "TARM doesn't cover my asset class at all yet." | Custom Framework Build |
The right answer is: don't trust it — check it. A rating you cannot audit is worth nothing, so everything below is designed to be verified rather than believed.
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Terms of Service
1. What TARM is. TARM (Tokenized Asset Risk Metrics) is an independent research tool that publishes structured risk assessments of tokenized real-world assets using the FLOG framework (Financial, Legal, Operational, Governance). TARM scores are research opinions, not credit ratings issued by a registered rating agency, and TARM is not a Nationally Recognized Statistical Rating Organization (NRSRO) or its foreign equivalent.
2. Not investment advice. Nothing on TARM is investment, legal, tax, or financial advice, or a recommendation to buy, sell, or hold any asset. Risk scores are one input among many; you are responsible for your own due diligence and decisions. TARM is not a broker, dealer, exchange, or fiduciary.
3. No guarantee of accuracy. Data is compiled from public sources and issuer disclosures and may be incomplete, delayed, or inaccurate. AI-generated asset entries are clearly labeled and are not independently verified. TARM is provided "as is," without warranties of any kind.
4. Eligibility & sanctions. You must be at least 18 years old and able to form a binding contract to use TARM. By creating an account you represent that you meet these requirements and that your use of TARM complies with the laws that apply to you. You further represent and warrant that you are not, and are not acting on behalf of, a person or entity that is (a) subject to sanctions administered or enforced by the United States (OFAC), the United Nations, the European Union, the United Kingdom, or any other applicable authority, or on any such sanctions or restricted-party list; or (b) located, organised, or resident in a country or territory that is itself the target of comprehensive sanctions or an embargo. You may not use TARM in violation of any applicable export-control or sanctions law, and TARM may refuse, suspend, or terminate access to comply with those laws.
5. Accounts. You are responsible for maintaining the confidentiality of your login and for all activity under your account. You must provide accurate information. TARM supports sign-in via email/password, Google, LinkedIn, GitHub, and select Web3 wallets — each subject to that provider's own terms.
6. Acceptable use. You agree not to scrape at scale, resell, reverse-engineer, or misrepresent TARM output, attempt to circumvent plan limits or security controls, or use the service unlawfully. Any use beyond an individual account — including bulk or automated (API) access — requires a separate written agreement with TARM.
7. Intellectual property. The FLOG framework methodology, TARM scores, site design, and underlying software are TARM's intellectual property (or licensed to TARM) and may not be copied, resold, or redistributed without permission. You retain ownership of the portfolios, watchlists, and inquiries you create; you grant TARM the right to store and process that content to operate the service.
8. Third-party services. TARM relies on third-party providers to operate: Supabase (database and authentication), Vercel (hosting), Stripe and Coinbase Commerce (payment processing), and an AI provider (risk narrative generation). Your use of features backed by these providers is also subject to their respective terms, and TARM is not responsible for their outages or errors.
9. Paid plans. Paid features are billed as described at checkout. Charges are currently one-time upgrades, not recurring subscriptions, unless stated otherwise at the point of sale. Fees are non-refundable except where required by law.
10. Termination. You may stop using TARM and delete your account at any time by request (see Privacy Policy §7). We may suspend or terminate accounts that violate these terms, misuse the service, or pose a security risk, with or without notice.
11. Disclaimers & limitation of liability. To the maximum extent permitted by law, TARM and its operators disclaim all warranties, express or implied, and are not liable for any indirect, incidental, or consequential damages, or any losses arising from use of, or reliance on, the service or its risk scores.
12. Indemnification. You agree to indemnify and hold TARM harmless from claims, losses, and expenses arising from your violation of these terms or misuse of the service.
13. Governing law & disputes. These terms are governed by the laws of the jurisdiction in which TARM's operating entity is established, without regard to conflict-of-laws principles. Disputes will be resolved in the courts of that jurisdiction unless applicable consumer-protection law entitles you to a different venue.
14. Severability & entire agreement. If any provision of these terms is found unenforceable, the remaining provisions stay in effect. These terms, together with the Privacy Policy, are the entire agreement between you and TARM regarding the service.
15. Changes. We may update these terms; continued use after an update means you accept the change. Material changes will be reflected in the "Last updated" date above.
16. Contact. Questions about these terms: send us a message.
Privacy Policy
1. What we collect. Account data you provide (name, email, optional organization), the portfolios and watchlists you create, enterprise and API inquiries you submit, and basic usage counts (e.g. number of analyses run). If you sign in via Google, LinkedIn, GitHub, or a Web3 wallet, we receive the profile information that provider shares (typically name and email, or a public wallet address). Our hosting and security providers also automatically log standard technical data (IP address, browser type, timestamps) for abuse prevention and debugging. We do not collect payment card numbers — card payments are handled directly by Stripe, and crypto payments by Coinbase Commerce.
1a. Search statistics (anonymous). We record which assets are searched on TARM so we know what coverage to build next. These records contain only the asset searched, the date and time, and whether the visitor was signed in — no name, email, account ID, IP address, or device identifier. They cannot be linked back to you or to one another, so they are statistics rather than personal data, and account deletion does not affect them. If you are signed in, your own recent searches are additionally saved to your profile so you can see your history; those are personal data and are deleted with your account. Anonymous statistics are kept for no more than 12 months.
2. How we use it. To operate your account, save your data across devices, enforce plan limits, respond to inquiries, and improve the product. We do not sell your personal data.
3. Legal bases for processing. Where applicable data-protection law requires a legal basis, we rely on: performance of a contract (running your account), legitimate interests (security, product improvement), and consent (marketing emails, which you can withdraw at any time).
4. Where it lives / sub-processors. Account and portfolio data is stored in our Supabase (PostgreSQL) database, protected by row-level security so you can only access your own records. We use the following sub-processors, each under their own privacy policy: Supabase (database, authentication), Vercel (hosting), Stripe and Coinbase Commerce (payment processing), an AI provider (risk narrative generation), and, if you use them, Google/LinkedIn/GitHub (sign-in).
5. AI processing. When you request an AI risk narrative, the asset details you submit are sent to our AI provider to generate the response. Don't submit confidential information you don't want processed this way.
6. Data retention. We retain account data for as long as your account is active. If you delete your account or request deletion, we remove your personal data within a reasonable period, except where we must retain records to comply with law or resolve disputes.
7. Your rights & choices. You can edit your profile in Settings, request a password reset, unsubscribe from the newsletter at any time, or ask us to access, correct, export, or delete your account data from Settings → Your data & privacy or by sending us a request. Depending on where you live, you may have additional rights under laws such as the GDPR or CCPA; we honor equivalent requests regardless of location.
8. International transfers. Our service providers may process and store data outside your home country. Where required, we rely on those providers' own safeguards (such as standard contractual clauses) for cross-border transfers.
9. Children's privacy. TARM is not directed to, and does not knowingly collect data from, anyone under 18. If you believe a minor has provided us data, contact us and we will delete it.
10. Security. We use industry-standard measures — encrypted connections (HTTPS/TLS), database row-level security, and hashed passwords — to protect your data. No method of transmission or storage is 100% secure, and we cannot guarantee absolute security.
11. Cookies / storage. We use browser storage and Supabase auth cookies to keep you signed in, and a theme preference cookie/local-storage entry. We use privacy-respecting performance analytics to measure page speed; we do not use third-party advertising trackers.
12. Changes to this policy. We may update this policy from time to time; the "Last updated" date above reflects the most recent revision. Material changes will be highlighted on this page.
13. Contact. Data questions: send us a message.
Legal & Disclaimers
1. Nature of Service
TARM provides risk research and analytics. TARM does not provide investment, legal, accounting, or financial advice, recommendations, or suitability assessments.
TARM rates the structural integrity of a tokenized asset — whether the claim is real, legal, technically sound, and fairly governed. It does not rate market risk, expected return, or investment suitability. An asset with a strong TARM rating can still lose value if its underlying market declines.
TARM ratings are opinions on structural risk based on documentary evidence available at the time of assessment. They are statements of analytical opinion, not statements of fact, and not guarantees of any outcome.
2. Not Investment Advice
Nothing on this platform constitutes, or should be construed as, investment advice, a recommendation to buy, sell, or hold any asset, a solicitation, an offer, or a personal recommendation. TARM does not assess whether any asset is suitable or appropriate for any particular person. Users must make their own decisions and should consult appropriately licensed advisers.
TARM is not licensed or registered as an investment adviser, broker, dealer, fund manager, or credit rating agency in any jurisdiction.
3. What TARM Does Not Do
TARM does not: execute trades; hold, custody, or control client assets or funds; manage portfolios on a discretionary basis; guarantee returns; predict prices or market movements; provide tax, legal, or accounting advice; perform statutory financial audits; issue credit ratings; provide KYC or AML verification services; or grant any form of regulatory approval or endorsement.
4. Methodology & Evidence
Methodology is published and version-controlled; see the Methodology page.
Assessments are based solely on documentation available to the analyst at the time of scoring. Where information is undisclosed or unverifiable, TARM applies a conservative floor score rather than assuming compliance. TARM cannot detect fraud, misstatement, or concealment not evident in available documents.
5. No Warranty; Point-in-Time
Ratings and content are provided "as is" and "as available", without warranty of any kind, express or implied, including accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose. Ratings are point-in-time and may become outdated; TARM is under no obligation to update any rating.
6. Limitation of Liability
To the maximum extent permitted by law, TARM and its officers, employees, advisers, and contributors shall not be liable for any direct, indirect, incidental, consequential, special, or exemplary loss or damage — including loss of profit, capital, or data — arising from use of, or reliance on, this platform or any rating or content it contains.
7. Independence and Conflicts
TARM discloses any commercial relationship with an issuer whose asset is rated. Ratings are not for sale and issuers cannot purchase, negotiate, or suppress a rating. Any conflict of interest affecting an assessment is disclosed on that asset's rating page. Our full Conflicts of Interest Policy sets out how conflicts are identified, managed, and disclosed.
8. Intellectual Property
The TARM name, the FLOG framework, the SEV/BREADTH rating construct, the scoring instrument, and all associated methodology documentation are the intellectual property of TARM and its founder. Ratings and content may be cited with attribution for research and internal analysis; systematic reproduction, redistribution, or commercial use requires written permission.
9. Compliance & Legal Standing
TARM is an independent research and analytics publisher. It does not custody assets, hold client funds, execute or facilitate transactions, or act as a broker, dealer, exchange, or fund manager, and it is not a registered credit rating agency. As such it is not a "financial institution" subject to customer anti-money-laundering (AML) or know-your-customer (KYC) obligations, and it does not perform KYC or AML verification. Payments are handled by third-party processors (e.g. Stripe, Coinbase Commerce) that operate their own AML, KYC, and sanctions-screening controls.
Sanctions. TARM does not provide services to persons or entities that are the target of applicable sanctions (OFAC, UN, EU, UK, or other applicable authorities) or that are located in comprehensively sanctioned or embargoed jurisdictions. Access may be refused, suspended, or terminated to comply with sanctions and export-control laws (see Terms §4).
Tax. Users are responsible for their own tax obligations. Any transaction taxes (such as VAT or sales tax) applicable to paid plans are handled at checkout by our payment processors where required.
This section describes TARM's operating posture and is not a legal opinion. Obligations vary by jurisdiction and change over time; TARM keeps its compliance posture under review.
Conflicts of Interest Policy
TARM's value depends entirely on the independence of its ratings. This policy sets out how TARM identifies, prevents, manages, and discloses conflicts of interest so that a rating always reflects the evidence — never a commercial relationship.
1. Ratings are not for sale
Issuers cannot purchase a rating, pay to raise a score, pay to have a rating removed or suppressed, or negotiate the outcome of an assessment. Payment for any product or service TARM may offer never influences the FLOG score an asset receives.
2. Separation of analysis from commercial activity
Scoring is driven by the published FLOG methodology and the defined evidence sources. No commercial, marketing, or partnership consideration is an input to a score. Where TARM earns revenue (for example, subscriptions), that revenue is not tied to the rating any particular asset or issuer receives.
3. Disclosure of relationships
Where TARM has a material commercial relationship with an issuer whose asset is rated — for example, a paid engagement, partnership, or other financial interest — that relationship is disclosed on the affected asset's rating page. If a conflict cannot be adequately managed or disclosed, TARM will decline to rate the asset or will withdraw the rating.
4. Personal interests of analysts and contributors
Individuals involved in producing a rating are required to disclose personal holdings or interests in an asset or issuer they assess, and to step aside from assessments where a personal interest could reasonably be seen to affect objectivity.
5. Independence of methodology changes
Changes to the FLOG methodology are made for analytical reasons and are version-controlled and published on the Methodology page. Methodology is never altered to produce a particular rating for a particular asset or issuer.
6. Gifts and inducements
TARM does not accept gifts, inducements, or benefits from issuers or their representatives that could compromise, or appear to compromise, the independence of a rating.
7. Reporting a concern
If you believe a rating has been affected by an undisclosed conflict, please contact us. TARM reviews all such reports and will correct or withdraw any rating found to have been improperly influenced.
8. Right of reply — before we publish
TARM rates assets on public evidence, including assets whose issuers have not asked to be rated and are not TARM's clients. Because a rating can affect how an issuer is perceived, an issuer is entitled to respond before an adverse rating is published:
- Where TARM intends to publish a High or Very High composite risk rating on an asset for the first time, TARM will make reasonable efforts to notify the issuer at a publicly listed contact address and allow five business days for a factual response.
- The issuer may correct factual errors, supply evidence that was not public, or state that it disagrees. Supplying evidence frequently changes a score — that is the point of the process, and it is not a negotiation over the outcome.
- If the issuer responds, TARM will publish a fair summary of that response, or a link to it, alongside the rating.
- TARM may publish without waiting where the evidence is already public and time-critical, where the issuer cannot be reached, or where delay would itself mislead the market. Where that happens, TARM will say so.
- This right does not give any issuer approval over, or a veto on, the rating. Consistent with §1, the score remains TARM's alone.
9. Corrections policy
TARM will get things wrong. What matters is what happens next:
- Anyone — issuer, subscriber, or reader — may report a suspected error via the contact form. You do not need to be a client.
- TARM aims to acknowledge within two business days and to complete a review within ten business days.
- Where a factual error materially affected a rating, TARM will correct the rating, date and describe the correction on the asset's page, and retain the earlier rating in the asset's rating history. Corrections are not made silently and history is not rewritten.
- Where a rating was correct on the evidence available at the time but is now outdated, TARM will re-review and re-date it rather than present it as current.
- Where TARM cannot substantiate a rating to its own evidence-coverage standard, it will withdraw the rating rather than leave it published.
A record of material corrections is retained so that TARM's own accuracy can be assessed over time. An organisation that publishes opinions about others should be auditable on the same terms it applies to them.
This policy complements TARM's Legal & Disclaimers and Terms of Service.