"Unverified listing" and "Issuer link unconfirmed": what the labels mean

Last updated October 31, 2026 · All guides

Short version: On the XRP Ledger, anyone can create a token with any name. So ReserveWatch checks whether the project a token points to confirms the issuer account itself. When we cannot confirm that link, we say so with a soft label. A label is a statement about what we could verify. It is not an accusation, and it says nothing about anyone's intentions or reserves.

1. Why issuer identity needs checking

A token on the XRP Ledger is identified by its issuer address plus a currency code. The code ("GOLD", "XAU") is not unique: two different accounts can issue tokens with the same code. The only reliable way to know which token belongs to which project is for the project to publish the issuer address itself, in a place it controls.

2. Two-way domain verification

The XRP Ledger has a standard way to do this, described in the XRPL documentation for xrp-ledger.toml:

Ledger → website. The issuer account sets its Domain field on the ledger (for example example.com).
Website → ledger. That website publishes a file at https://example.com/.well-known/xrp-ledger.toml that lists the issuer address.

When both directions match, ReserveWatch shows "✔ verified via xrp-ledger.toml" on the token page. If the account claims a domain but the file is missing or does not list the account, the domain check is WARN. One direction alone is not enough: anyone can type any domain into their account's Domain field.

3. "Unverified listing" — what it means

It means: the issuer account points to a project (for example through its on-ledger Domain), but that project's own published token list or xrp-ledger.toml does not include this account. The project's own source and the account disagree, so we cannot confirm who issued the token or what backs it. ReserveWatch marks this CRITICAL because a holder cannot tell from public sources whether the token is connected to the project it references.

4. "Issuer link unconfirmed" — what it means

It means: third-party registries or data providers attribute the account to a project, but the project itself publishes no xrp-ledger.toml or official page listing the account. Nothing contradicts the link; it simply cannot be confirmed from the issuer's own channels. ReserveWatch marks this WARN. It is common for newer or institution-only (represented) assets that are not marketed to the public.

5. What neither label means

It does not mean the token is a scam, a fake, or unbacked.
It does not mean anyone has done anything wrong. We make no allegation against any person or company.
It does not mean a token without the label is safe or fully backed. Verified identity is one check among many, and ReserveWatch does not audit vaults or attest to reserves.
It is not investment advice or a recommendation about any token.

6. How a label is removed

Labels follow published rules, the same for every issuer. A label comes off when the project confirms the account from a source it controls — usually by listing the issuer address in its xrp-ledger.toml or on an official token page. Issuers can also contact us with that link and we will review the listing.

7. How to check a token yourself

Copy the issuer address from the token page (it links to a public explorer).
Find the project's official website from a source you trust, not from the token itself.
Open /.well-known/xrp-ledger.toml on that site, or its official token page, and look for the exact issuer address.
If the address is not there, treat the link between the token and the project as unconfirmed.

Tokens currently carrying a label (as of 2026-11-01T04:36:40.168Z)

Token	Label	Overall health
Unverified "GOLD" (issuer rMELD…)	Unverified listing	CRITICAL
Justoken JMWH (energy, MWh)	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: AD Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: AG Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: FS Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: KD Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: KPS Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: L Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: S Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: SD Collection 1	Issuer link unconfirmed	WARN
Ctrl Alt Diamonds: SG Collection 1	Issuer link unconfirmed	WARN

Shown for transparency only — not an endorsement, and not an allegation of wrongdoing.