Circle

TownSquare

Multipli

Midas

Groma

Cygnus Finance

Coinbase Global

Spiko

Centrifuge

KAIO

Franklin Templeton Benji Investments

T-RIZE Group

Tokeny by Apex

Streamex Ltd.

Apyx

BCP Technologies

Anzen

Chainlink CCIP

LayerZero OFT

Frankencoin Protocol

Dinari

AUDC Pty Ltd

Stargate

Transfero

Gold Token SA

Brale

Enzyme Onyx

Backed Finance

ST0x

Superstate Fund OS

RealtyX

Frax Finance

Etherfuse

Agant Finance

River

WisdomTree

Fireblocks

Forte Tech Solutions

f(x) Protocol

AllUnity

Swarm

Anchored

Agora Ledger

Anchorage Digital Bank

Auxite

Stablecoins

Asset-Backed Credit

Real Estate

Stocks

Active Strategies

US Treasury Debt

Private Equity

Corporate Credit

non-US Government Debt

Commodities

Diversified Credit

Specialty Finance

Cryptocurrencies

Municipal Credit

Fasanara

Groma Advisor, LLC

Anemoy

Mubadala Capital

Franklin Templeton

Concept Habitation Duo Inc.

Twenty First Capital

Coinbase Asset Management

Amundi

Maple Protocol Pool Operations

Resolv

Opal Capital

State Street Investment Management

BlackRock

WisdomTree Digital Management

WisdomTree Asset Management

Vanguard Group

Invesco Capital Management

Grayscale

Direxion

VanEck Associates Corporation

Tidal Investments

abrdn Investments

Roundhill Investments

ProShare Advisors

Volatility Shares

Sprott Asset Management

Fidelity Management & Research Company LLC (FMR)

Tuttle Capital Management

Global X

SP Funds

ProcureAM

Teucrium

ARK Invest

CoinShares

Bitwise

J.P. Morgan Asset Management

Schwab Asset Management

GraniteShares

AXS Investments

KraneShares

Wahed Invest

USCF Investments

Amplify ETFs

Exchange Traded Concepts

Simplify Asset Management

21Shares US

Janus Henderson

Empowered Funds

Base is an Ethereum Layer 2 network built by Coinbase. It utilizes optimistic rollups to provide features like native support for Ethereum Virtual Machine (EVM) compatibility and a user-friendly developer experience. The Base network aims to drive mainstream adoption of Ethereum by offering improved scalability and reduced gas fees compared to the Ethereum mainnet.

Multipli lets you borrow against real-world assets such as tokenized gold, stocks, the S&P 500, and other tokenized assets, to unlock on-chain liquidity and yield without selling what you own.

Macropod is an Australian digital asset infrastructure provider and the issuer of AUDM. AUDM is issued by Macropod Global under an Australian Financial Services Licence (AFSL 566313).

Macropod

Anchored is an RWA tokenization and infrastructure platform focused on tokenized stocks and tokenized fund products. Its live tokenized stock product provides stablecoin-settled access to 1:1 backed tokenized U.S. equities and ETFs, with underlying stocks purchased through brokerage infrastructure and held in regulated custody. Anchored is designed for partner-led distribution, reserve verification, and compliance-aware onchain asset access.

Libre Cayman SPC

River is a chain-abstraction stablecoin protocol that lets users collateralize BTC, ETH, BNB and LSTs across chains to mint satUSD, an overcollateralized USD-pegged stablecoin.

f(x) Protocol is a decentralized on-chain protocol for crypto-backed stablecoins and leverage trading. Its flagship stablecoin, fxUSD, is designed to maintain a U.S. dollar peg while being collateralized by liquid DeFi assets such as Lido stETH and WBTC

Frankencoin is a decentralized, oracle-free protocol issuing ZCHF, an overcollateralized Swiss franc stablecoin backed by on-chain crypto collateral and governed by Frankencoin Pool Share holders. ZCHF is designed to track CHF 1:1 without relying on a centralized issuer, bank deposit reserve or price oracle

Agant Finance Limited is the issuer of Agant GBP (GBPA), a pound sterling stablecoin designed for GBP-denominated payments, settlement, treasury operations and on-chain financial applications. Agant also provides institutional GBP on/off-ramp infrastructure and is registered with the UK FCA as a cryptoasset firm under the Money Laundering Regulations.

Aureum Securitisation Fund

Swarm X

Backed Assets

WisdomTree Short-Term Treasury Digital Fund

Coinbase Onchain SPV

Protocol Pool Operations is Maple’s affiliated operator that runs institutional lending pools and cash-management vehicles on the Maple protocol, handling underwriting, risk, and day-to-day administration. In practice, it serves as the pool delegate/manager for Maple’s flagship products.

WisdomTree Floating Rate Treasury Digital Fund

WisdomTree Long Term Treasury Digital Fund

WisdomTree 7-10 Year Treasury Digital Fund

WisdomTree 3-7 Year Treasury Digital Fund

TownSquare is an crosschain RWA & yield infrastructure.

WisdomTree TIPS Digital Fund

WisdomTree Government Money Market Digital Fund

Anemoy is a Web3-native fund company revolutionizing onchain finance by delivering tokenization and onchain asset management. Built on the Centrifuge protocol, Anemoy provides institutional-grade investment opportunities within DeFi.

Anemoy is a pioneer with strategic partnerships like Janus Henderson Investors asset management for the onchain era. The Janus Henderson Anemoy Treasury Fund Segregated Portfolio (JTRSY) is the highest rated in the industry by Moody’s, S&P and Particula. Anemoy leverages blockchain technology to maximize operational efficiency, transparency, and investor access, setting new benchmarks for institutional-grade tokenized funds.

Mountain Protocol issues USDM, a regulated, yield-bearing stablecoin redeemable at a 1:1 USD value, with daily rebases benefiting users through US Treasury interest​​.

Mountain Protocol

Ethena

AUDC is the issuer of the AUDD – Australian Digital Dollar, a 1:1 AUD-backed stablecoin. AUDC's technology delivers fast, cost-effective payments for businesses, institutions, and various use cases.

Brale is a stablecoin issuance and tokenization platform that helps businesses create bespoke stablecoins and digital assets.

Transfero enables global companies to access the numerous opportunities in the Latin American market seamlessly and without bureaucracy.  

We connect the banking, crypto, and financial systems, providing the necessary infrastructure for companies that want to offer financial services to their individual and institutional clients.

Midas is a tokenisation platform building institutional-grade financial products for the open web. Its ERC-20 tokens are structured to track dedicated strategies with verifiable on-chain performance, combining TradFi-grade standards with DeFi composability.

Midas is backed by leading investors like Framework Ventures, BlockTower Capital, and GSR, and partners with regulated custodians to ensure strong compliance and risk controls.

Forte Securities Australia Pty Limited

Dinari Securities Backed Tokens (dShares) provide direct exposure to the world's most trusted assets such as Google and Apple shares.

Agora is building a next-generation payments and operations platform.  Agora is the minter of AUSD a 1:1 fully collateralized, freely tradeable USD stablecoin.

Agora

Anzen is the issuer of USDz, an on-chain dollar backed by cash-flowing, overcollateralized real world assets (RWA). It is permissionless, composable, and can be staked to earn rewards.

Spiko is building a tokenization platform to issue, manage and distribute securities on distributed ledger technologies. The first securities tokenized through Spiko are the world’s first fully-licensed tokenized money market funds, accessible via any Web3 wallet compatible with the Ethereum virtual machine.

Circle is a fintech firm central to the emerging internet of money, enabling instant, affordable global transactions. Its infrastructure, including USDC, a dollar stablecoin, supports businesses, institutions, and developers, unlocking new opportunities in payments and commerce.

T-RIZE provides the technology layer institutions use to structure, deploy and operate tokenized financial instruments across Canton and EVM networks.

Funds, tokenized deposits, digital bonds, institutional-scale construction loans, private credit, real estate instruments and other real-world assets run on the same infrastructure, with consistent controls and reporting. Issuers define the rules; T-RIZE translates them into instrument-level controls enforced in code, covering investor eligibility, transfer restrictions, issuer actions, corporate actions and lifecycle administration. On EVM networks, T-RIZE applies these controls using standards such as ERC-3643 where appropriate.

T-RIZE brings independently verifiable offchain data into tokenized instruments through Chainlink, while APIs connect the platform to existing custody, fund administration and treasury systems. Onboarding is staged and typically measured in weeks.

OpenEden Digital ("OED") is a Bermuda Monetary Authority ("BMA") licensed digital asset issuer. OED operates under a Digital Assets Business License issued by the BMA permitting it to issue, sell or redeem virtual coins, tokens or any other form of digital asset. OED is a wholly owned subsidiary of OpenEden Group ("OEG").

OpenEden Digital

Our mission is to bring access to sovereignn debt by leveraging blockchain technology to lower barriers to ownership and empower individuals worldwide.

WisdomTree 500 Digital Fund

WisdomTree Technology & Innovation 100 Digital Fund

WisdomTree Siegel Global Equity Digital Fund

WisdomTree Siegel Moderate Digital Fund

WisdomTree Siegel Longevity Digital Fund

WisdomTree Short-Duration Income Digital Fund

USYC lets you earn short-term Fed rate returns. Assets are deployed in reverse repo, with some allocated to T-Bills, to ensure maximum liquidity and minimum duration risk.

Circle International

The leading platform for tokenized financial products.‍ Brings the full power of onchain finance to asset managers and investors.

AllUnity is a regulated e-money institute building Europe’s digital payments infrastructure for
instant cross-border payments, digital asset markets, and seamless liquidity flows. Established
by DWS, Flow Traders, and Galaxy, AllUnity delivers fully backed, MiCAR-compliant stablecoins
(EURAU and CHFAU) that provide regulatory certainty and robust reserve backing for secure,
frictionless capital movement across markets.

The Wyoming Stable Token Commission is a body politic and corporate created under Wyoming law as an instrumentality of the State of Wyoming to issue and manage the Wyoming Stable Token. Established by the Wyoming Stable Token Act, the Commission oversees the token’s issuance, reserves, and operations to ensure it maintains a stable value, typically pegged to the U.S. dollar. Its mandate includes promoting financial innovation while safeguarding public trust through prudent reserve management and statutory compliance.

The State of Wyoming - Wyoming Stable Token Commission

Trustless stablecoin and low-risk crypto investments backed by the True-Delta Neutral Architecture.

Resilience BVI Ltd.

Anchorage Digital Bank, N.A. is the first federally chartered U.S. crypto bank, approved by the Office of the Comptroller of the Currency in January 2021 as a national trust bank. It provides institutions with qualified-custody, staking, trading, governance, and settlement services under the Anchorage Digital umbrella.

RealtyX brings RWAs onchain – starting with real estate, offering yield-generating opportunities backed by tangible assets through the power of DeFi, giving global investors access to efficient, transparent, and stable investment solutions.

BlackOpal is an onchain asset management and payments platform. We specialize in short-term credit card receivables in emerging markets, delivering investment-grade yield, asset liquidity, and built-in investor protection.

BlackOpal

BCP Technologies is an FCA-registered cryptoasset firm in the UK and the issuer of Tokenised GBP (tGBP)

Groma Real Estate Trust

GTSA (Gold Token SA, CHE-287.630.262), is the tokenization arm of MKS PAMP (MKS PAMP SA, CHE-105.871.847), dedicated to transforming gold and precious metals into secure, blockchain-based digital assets.

Streamex Ltd. is a Cayman Islands exempted limited company incorporated on October 24, 2025 pursuant to the Companies Act (as amended) of the Cayman Islands (the “Companies Act”) for the sole purpose of pursuing the following objectives: (i) purchase, hold, and sell unleased gold and (ii) lease its gold holdings in accordance with its Gold Leasing Program.

DeFi protocol on Base that issues cgUSD—an interest-bearing stablecoin backed by short-term U.S. Treasuries—with a cross-chain Liquidity Verification System and an “Instagram app layer” for onboarding.

Auxite is a tokenized precious metals platform offering institutional-grade access to physically-backed gold, silver, platinum, and palladium. Key highlights:

100% Physically Backed: Every token represents actual metal in LBMA/LPPM-certified vaults
Multi-Vault Architecture: Distributed custody across 4 global locations
Real-time Transparency: Live reserve dashboard with bar-level tracking
Multi-Metal Offering: Only RWA platform offering all 4 precious metals
Institutional Features: Staking, leasing, and physical delivery options

We believe Auxite represents a significant addition to the tokenized commodities category on RWA.xyz.


Coinbase Bitcoin Yield Feeder Fund is an exempted company incorporated with limited liability and unlimited duration under the laws of the Cayman Islands under registered number WC-418178 on February 4th , 2025.

Coinbase Bitcoin Yield Feeder Fund

Issuer vehicle that works with the ST0x DEX to provide 1:1-backed, tokenized equities, while ST0x provides the on-chain trading environment; ST0x states it is not the issuer and that issuance is handled by “S1.

Franklin Templeton Trust

Cayman feeder fund issuing the tokenized share class (CUSHY tokens) of the Coinbase Stablecoin Yield Fund.

Coinbase Tokenized Stablecoin Yield Feeder Fund

United States of America

British Virgin Islands

Germany

Liechtenstein

Switzerland

United Kingdom

Hong Kong

Cayman Islands

Bermuda

Australia

France

United Arab Emirates

The Bahamas

European Union

Antigua and Barbuda

Base

Maple is an onchain asset manager that activates capital through lending.

Maple Finance

Swarm is a Germany-based tokenization platform regulated by the Federal Financial Supervisory Authority (BaFin). 

Franklin Templeton is a global investment management organization (NYSE:BEN). It has developed Benji, a retail mobile app and institutional web app that allows investors to browse tokenized securities and cryptocurrencies.

Tokeny enables compliant issuance, transfer, and management of securities using blockchain.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	2	$4.4B	Login to Unlock	Login to Unlock
2	TownSquare	2	$193.9M	Login to Unlock	Login to Unlock
3	Multipli	2	$147.2M	Login to Unlock	Login to Unlock
4	Midas	2	$104.5M	Login to Unlock	Login to Unlock
5	Groma	1	$95.2M	Login to Unlock	Login to Unlock
6	Cygnus Finance	1	$71.7M	Login to Unlock	Login to Unlock
7	Coinbase Global	288	$43.6M	Login to Unlock	Login to Unlock
8	Spiko	9	$39.9M	Login to Unlock	Login to Unlock
9	Centrifuge	7	$31.9M	Login to Unlock	Login to Unlock
10	KAIO	2	$30.7M	Login to Unlock	Login to Unlock

Base

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