Particula Rating Report: Denario ($DSC), July 2025

Particula assigns a BBB+ rating* to the issuance of the $DSC token by Denario as of July 15, 2025. The token represents co-ownership interests in physical silver granules held in segregated custody by BB Wertmetall AG (BBWAG), a regulated financial intermediary.

The rating positively reflects the bankruptcy-remote structure, supported by the use of segregated custody arrangements, which enhances investor protection and reduces counterparty risk. The incorporation of blockchain-based ownership registration contributes to transparency and legal certainty, strengthening the enforceability of investor rights. Additionally, the availability of multiple investment channels facilitates broader market access.

However, the rating considers limited secondary market liquidity, a high minimum redemption threshold, and dependence on issuer-facilitated buybacks, all of which constrain investor exit options and may hinder price discovery. Furthermore, the token remains exposed to technical and network-related risks, as well as an evolving regulatory landscape, which may affect long-term adoption and operational resilience.

Strengths:

• Regulatory oversight and bankruptcy-remote structure
• Legally enforceable ownership structure through tokenization
• Accessible investment structure with low capital thresholds
• Structured token design with technical efficiency

Challenges:

• Limited operational track record and market positioning
• Regulatory and custodial oversight considerations
• Liquidity constraints and high minimum redemption requirement
• Network and technical implementation risks
• Macroeconomic and precious metals market risks

<sub>*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.

Copyright ©2025 Particula. All rights reserved.</sub>