IBM (Ondo Tokenized Stock)

IBMON (IBM (Ondo Tokenized Stock)) is a high-quality Real-World Asset (RWA) implementation that exhibits a sharp contrast between its institutional-grade structural strengths and its lack of traditional crypto-native metrics. The project scores exceptionally well in Security (9/10) and Team and Governance (9/10), underpinned by Ondo Finance's robust audit history, regulatory compliance, and strong leadership. The Market and Use Case (8/10) is also strong, validating the demand for on-chain US equity exposure for non-US investors. However, the overall score is mathematically weighed down by Active Development (4/10) and Community Support (2.5/10). These lower scores reflect the nature of the asset; as a stable financial wrapper for IBM stock, it does not require constant open-source code velocity or a speculative 'hype' community. The Tokenomics (7.2/10) are sound, utilizing a mint-and-burn mechanism to ensure the token tracks the underlying asset price without dilution. Investors should view this as a stable utility product rather than a high-growth crypto asset, with risks primarily centered on centralized custody and regulation rather than code exploits.