Across the issuer records RCA reviewed this quarter, the recurring weakness is not technical. Smart-contract audits are common and increasingly competent. The gap sits at the entity layer: who owns the issuing vehicle, which affiliates control the underlying assets, and how those relationships are evidenced in public records.
Where the evidence thins out
Offering documentation is usually available on request. Corporate registry extracts are usually obtainable. What is rarely available in a single reconciled view is the relationship between them — the chain from registered entity to asset originator to administrative key holder.
“A contract audit tells you the code behaves as written. It tells you nothing about who may rewrite it.”
The consequence is that diligence teams reconstruct the same picture repeatedly, from the same public sources, at material cost. That is the specific inefficiency RCA's registry work is designed to address.
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