Research.

Notes and reports on whether tokenized real-world assets actually trade — backed by live, on-chain measurement, not opinion. Everything here sits next to the data it cites: scroll down for the live spread map and per-asset coverage.

• Note · May 2026
  Tokenization solved issuance. It didn’t solve trading.
  $300B+ sits on-chain, but almost none of it is a market. Pantera scores the gap, a16z confirms it, and our live measurement shows it per fill — the composability gap is the company.

• QR-2026-01 · May 2026
  xStocks Spread Dispersion
  13 tokenized-equity pairs, every fill measured on-chain against the NBBO. Tight for majors in market hours, brutal after the close, wide all day in the long tail — the off-hours dispersion is exactly what a sponsored market covers.
• Pulse 01 · May 2026
  Tokenized gold: the secondary market still has to be built
  XAUM (Matrixdock) and GLDx (Backed) against a clean XAU reference. The first cut showed thin XAUM secondary flow, a weekend coverage gap, and GLDx as the live gold comparable.
• Series map
  RWA Liquidity Pulse — what's next
  Gold first, xStocks majors vs long tail next, then fragmentation, collateral readiness, and maker quality.
• QR-2026-02 · planned
  Tokenized commodities on Solana — XAUM, GLDx, and cross-wrapper context
  Published when the gold-tokenized fetch backfill clears.

Methodology: QRLI. Snapshots regenerate daily at 07:00 UTC.

Each bar is the median AMM spread to the NBBO reference over the snapshot window. The shaded zone is the 2–5 bps cohort target: where a competitive Qualiq dealer set would price the same flow. The bar minus that band is the compressible gap a sponsor budget closes.