A quantitative readiness framework for real-world asset (RWA) tokenization.
PULSE is an open methodology for evaluating whether a real-world asset is structurally ready for tokenization. It produces a quantitative tier rating across five weighted dimensions: asset quality, legal structure, issuer track record, investor fit, and operational readiness.
The framework is published openly so that issuers, investors, advisors, and platforms can audit the scoring logic, cite the methodology, and adopt or extend it for their own use cases.
The RWA tokenization industry lacks a common framework for what makes an asset "ready". Each platform defines readiness differently. There's no comparable benchmark across issuers, sectors, or jurisdictions.
The result: prospective issuers waste months chasing legal opinions before securing valuations, hire blockchain developers before establishing custody, and discover structural disqualifiers only after material spend. PULSE provides a quantitative diagnostic that issuers, investors, and capital allocators can apply consistently.
| File / Directory | Purpose |
|---|---|
pulse-framework-v1.0.md |
The complete methodology specification — questions, scoring, dimensions, tiers, red-flag rules |
pulse_score.py |
Reference implementation of the scoring algorithm in Python |
tests/test_pulse_score.py |
Pytest validation suite — verifies scoring against worked examples |
examples/ |
Three sample assessments demonstrating each tier outcome |
CHANGELOG.md |
Version history and breaking-change policy |
LICENSE |
CC BY 4.0 (methodology) + MIT (reference code) |
Start with pulse-framework-v1.0.md. It defines:
- The 5 dimensions and their weights (Asset Quality 30%, Legal 25%, Track Record 15%, Investor Fit 15%, Operational 15%)
- All 12 assessment questions with their scoring values
- The 4 tier thresholds (Tier 1: 85-100, Tier 2: 70-84, Tier 3: 50-69, Watchlist: <50)
- Red-flag rules that auto-trigger Watchlist status
- Score validity period (12 months)
git clone https://github.com/issura-capital/pulse-framework.git
cd pulse-framework
# Score a sample assessment
python3 pulse_score.py examples/tier_1_launch_ready.json
# Run the test suite
pip install pytest
pytest tests/Sample output:
PULSE Framework v1.0 — Assessment Result
─────────────────────────────────────────
Score: 96 / 100
Tier: tier_1 (Launch-Ready)
Red Flags: None
Dimension Breakdown:
Asset Quality & Backing 29 / 30
Legal Structure & Jurisdiction 25 / 25
Issuer Track Record 14 / 15
Investor Fit & Demand 13 / 15
Operational Readiness 15 / 15
from pulse_score import score_assessment
answers = {
'q1': 'energy_infrastructure', # Asset class
'q2': 'big4_valued', # Valuation
'q3': '5m_to_20m', # Target raise
# ... (all 12 questions required)
}
result = score_assessment(answers)
print(result['score']) # 96
print(result['tier']) # 'tier_1'
print(result['red_flags']) # []The reference implementation is identical to the production scoring engine used by Issura. What's published here is what runs.
| Dimension | Weight | Captures |
|---|---|---|
| Asset Quality & Backing | 30 pts (30%) | Asset class profile, independent valuation, target raise size relative to asset value |
| Legal Structure & Jurisdiction | 25 pts (25%) | Issuing entity status, legal counsel engagement, target regulatory regime |
| Issuer Track Record | 15 pts (15%) | Operating tenure with audited financials, prior institutional capital raise experience |
| Investor Fit & Demand | 15 pts (15%) | Target investor profile alignment, minimum check size suitability |
| Operational Readiness | 15 pts (15%) | Cash flow generation profile, asset custody and reporting arrangements |
Total: 100 points across 12 questions.
| Tier | Score Range | Interpretation |
|---|---|---|
| Tier 1 — Launch-Ready | 85 – 100 | Strong on all dimensions. Most issuers proceed directly to STO creation. |
| Tier 2 — Refine & Launch | 70 – 84 | Solid foundation with minor structural items. 4–8 weeks of refinement before launch. |
| Tier 3 — Structural Gaps | 50 – 69 | Material gaps in 2+ dimensions. 3–6 months of preparation before tokenization. |
| Watchlist | Below 50 | Significant readiness work required before tokenization is appropriate. |
Red-flag conditions can override score-based tier assignment (e.g., no legal counsel automatically triggers Watchlist regardless of score).
PULSE follows semantic versioning for methodology changes:
- Major version (v1.0 → v2.0): Changes to dimension weights, tier thresholds, or fundamental scoring logic. Existing scores cannot be directly compared across major versions.
- Minor version (v1.0 → v1.1): New questions added, existing answer choices expanded. Existing scores remain comparable but may not capture new criteria.
- Patch version (v1.0.0 → v1.0.1): Clarifications, typo fixes, documentation improvements. No scoring impact.
See CHANGELOG.md for the full version history.
PULSE is published under Creative Commons Attribution 4.0 (methodology) and MIT (reference code). You are free to:
- Use the methodology to assess your own assets or assets you're advising on
- Cite the framework in research, regulatory filings, or product documentation
- Adapt or extend the framework for your specific use case
- Build commercial products using the methodology
The only requirement is attribution — credit the PULSE Framework and link back to this repository.
Issura Pte Ltd. (2026). PULSE Framework v1.0 — A Quantitative Readiness Framework for RWA Tokenization. https://github.com/issura-capital/pulse-framework
If you operate a tokenization platform, advisory firm, or research organization and want to adopt PULSE:
- Read the framework spec end-to-end
- Implement the scoring logic (or use
pulse_score.pydirectly) - Cite the framework version on results displays
- Tell us — open an issue or email so we can list you as an adopter
To be clear about scope:
- PULSE is not regulatory approval. A high PULSE score does not constitute regulatory clearance to launch a security token offering. Issuers must engage qualified legal counsel and comply with local securities laws.
- PULSE is not investment advice. The framework is a structural readiness diagnostic, not a return forecast. Capital allocators should perform their own due diligence.
- PULSE is not exhaustive. The 12 questions capture the most material structural variables but cannot anticipate every edge case. Domain-specific factors (e.g., environmental compliance for energy projects) require separate evaluation.
The PULSE Framework is currently maintained by Issura. Contributions are welcomed via GitHub issues and pull requests:
- Issues for clarification questions, ambiguity reports, or proposed improvements
- Pull requests for typo fixes, documentation improvements, or test additions
- Discussions for broader methodological proposals
Substantial methodology changes (new questions, revised weights, new dimensions) will be considered for inclusion in the next major version (v2.0). The current v1.0 specification is locked.
PULSE is used in production by Issura, an MAS-aligned tokenization platform serving ASEAN private capital markets. Issuers can take the assessment for free at:
The reference implementation in this repository is identical to the production scoring engine.
- PULSE Index — public ratings of major tokenized real-world assets, scored from public data using this framework. Independent assessments for investors and capital allocators evaluating the tokenization landscape.
- Methodology specification (
pulse-framework-v1.0.md): CC BY 4.0 - Reference code (
pulse_score.pyand tests): MIT License
Copyright © 2026 Issura Pte Ltd. Singapore.