Tether Holdings

Circle

MakerDAO

Ethena

Paxos

Falcon Finance

Maple

Ondo

Centrifuge

RLUSD

Stablecoins

US Treasury Debt

Commodities

Private Credit

Institutional Alternative Funds

Public Equity

non-US Government Debt

Actively-Managed Strategies

Corporate Bonds

Circle International

Maple Protocol Pool Operations

Anchorage Digital Bank

Anemoy

Standard Custody & Trust Company

Cryptocurrencies

Ethereum is a decentralized, proof-of-stake (POS) blockchain network capable of handling smart contracts for the development of decentralized applications (dApps). It is powered by its native token, ETH, which can be used to pay for transaction costs to utilize the network.

Societe Generale

Angle is a protocol designed to issue stablecoins pegged to potentially any value. It is deployed on multiple open and decentralized networks like Ethereum, Polygon or Optimism.

Angle

EURS is the largest Euro-backed digital asset, combining the benefits of the world’s second most traded currency with the transparency, immutability, and efficiency of the blockchain.

Stasis

Ondo I

USDY (US Dollar Yield Token) is a tokenized note secured by short-term US Treasuries and bank demand deposits. USDY is accessible to non-US individual and institutional investors and is designed to combine the accessibility of a stablecoin with high-quality, US dollar-denominated yield.

Creating a product that meets these requirements while also complying with applicable US laws and regulations does impose some limitations, however. For example, although you start earning interest as soon as we process your deposit, note that we can only mint your transferable USDY tokens between 40-50 days later (depending upon exactly when you invest). Furthermore, we can only redeem to USD via bank wire to non-US bank accounts.

USDY comes in two versions: an “accumulating” version (USDY) whose per-token price increases as yield accrues, and a “rebasing” version (rUSDY) whose price remains at US$1.00. Whereas the price of USDY tokens increases as the value of the underlying assets increase, with rUSDY you simply receive more rUSDY in your wallet; in effect the yield on the underlying assets accrues in the form of additional rUSDY tokens. For example, if you acquired 100 rUSDY tokens when the price per token of USDY was $1.00 – and then the price per token of USDY increased to US$1.01, the price per token of rUSDY would remain at $1.00, but your wallet would now hold 101 rUSDY tokens. This ‘rebasing’ happens automatically when the USDY price is updated each business day.

You can easily and instantly convert back and forth between USDY and rUSDY on our website at any time.

Ondo USDY

Backed Assets

WisdomTree Short-Term Treasury Digital Fund

Franklin Templeton

Adapt3r

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

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.

Paxos is a regulated blockchain company that transforms financial infrastructure using technology to tokenize, custody, trade, and settle assets for major clients like PayPal and Bank of America, striving for a more inclusive economy.

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

Gemini

Superstate Asset Trust

Aave

Verified USD is a tokenized real world asset backed stablecoin that rewards Verified Minters based on their contribution to the token's active circulation.

Verified USD

Frax Finance

BiLira

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.

AUDC Pty Ltd

Stablecorp Digital Currencies Inc. 

ECDD Company Ltd.

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

Brale

Liquity Protocol

Xfers Pte Ltd

Beanstalk Protocol Governed by Beanstalk DAO

Synthentix Protocol Governed by Synthetix DAO

Blackfridge SC Limited

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.

Transfero

Lugh

PT Rupiah Token Indonesia 

OpenTrade provides an institutional grade platform for lending and yield products designed for fintechs and institutional investors across Web2 and Web3 ecosystems. Our offerings combines a technology platform with legal and operational frameworks and services that together support safe, compliant, and scalable lending and yields products for the next generation of financial services & markets.

OpenTrade

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.

Midas

Prometheus Solutions Ltd.

Aurus

Forte Securities Australia Pty Limited

Room40 Capital, an institutional crypto hedge fund, has established a stand-alone SPV to be the sole borrower from the pool. The team has decades of operational and trading experience in the US Treasury market.

Cash Management SPV

Paxos Issuance MENA Ltd

Usual

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

Dinari

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.

Anzen

Anchored Coins is a Swiss-based issuer of ACHF and AEUR, founded and managed by experienced blockchain industry leaders committed to providing innovative financial solutions.

Anchored Coins

Elixir

DigiFT is a next-generation regulated platform for institutional-grade tokenized real-world assets (RWAs). Backed by top-tier institutions like SBI Holdings, Mirana Ventures, Arbitrum Foundation, and Polygon Labs, DigiFT brings together regulatory compliance, smart contract infrastructure, and deep financial expertise to enable secure, on-chain access to regulated RWA products.

Headquartered in Singapore, DigiFT is among the first on-chain platforms to be licensed by both the Monetary Authority of Singapore (MAS) and the Hong Kong Securities and Futures Commission (SFC)—two of Asia’s most sophisticated financial regulators.

DigiFT offers a fully integrated solution for the tokenization, issuance, distribution, custody, and trading of tokenized assets—delivering both real-time and OTC institutional liquidity, fiat and stablecoin settlement, and native interoperability with public blockchains.

Trusted by global financial institutions, DigiFT is the on-chain tokenization and distribution partner for leading asset managers such as Invesco, UBS, DBS Bank, CMB International, and Wellington Management—bringing to market landmark products at the forefront of institutional RWA adoption.

DigiFT

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.

Spiko

Tether facilitates fiat currency use digitally on a blockchain, disrupting traditional finance. It enables transactions with stable, familiar currencies on the blockchain, reducing typical digital currency volatility and complexity, and eases cross-border transactions.

SPiCE Venture Capital Fund

Science Blockchain Fund

Blockchain Capital III Digital Liquid Venture Fund

Batch 22X

Cosimo X Fund

Membrane Finance

Hamilton Lane SCOPE Securitize Tokenized Feeder Fund

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

Open Money is a DAO. Thus it operates without centralized control or reliance on key individuals, embodying a genuinely decentralized community-driven stablecoin. 90% of governance tokens will be (eventually) owned by the community

Open Money DAO

BlackRock USD Institutional Digital Liquidity Fund

GMO Trust was established in 2020 and is a wholly-owned subsidiary of GMO Internet Group Inc. Regulated by the New York Department of Financial Services, GMO Trust empower businesses and individuals worldwide with financial-grade digital assets.

GMO Trust

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.

Libre SAF VCC

Paxos Digital Singapore

Securitize Tokenized Apollo Diversified Credit Fund

Mercado Bitcoin is the largest crypto exchange in Brazil and the largest issuer of digital fixed income in Latin America. They set up the first digital investment bank in Brazil.

MB | Mercado Bitcoin

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

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

M0 is the universal platform powering builders of application-specific stablecoins. With M0, developers can build safe, programmable and interoperable digital dollars.

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.

Treasury Bills Institutional Liquidity Limited is a registered Professional Fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the British Virgin Islands Financial Services Commission. It is the issuer of the TBILL token, which is backed by short-duration U.S. Treasury Bills.

Treasury Bills Institutional Liquidity Limited

Pareto is a private credit marketplace that connects institutional lenders and borrowers, providing scalable, RWA-backed yield opportunities.

Pareto

Juno is the issuer of MXNB, a fully-reserved Mexican Peso stablecoin backed by the most trusted Mexican company in digital assets, Bitso.

Juno (a Bitso company)

VanEck Treasury Fund

Institutional-Grade Yield from Real-World Assets

Earn market-leading APYs from all RWAs on Plume Network. Start growing your wealth today with strategies designed for everyone.

Nest

Level is a stablecoin protocol that issues lvlUSD, a stablecoin that is fully backed by USDC and USDT generating yield from blue-chip lending protocols.

Level

Quantoz is a regulated Dutch fintech company pioneering digital currency solutions in Europe. Quantoz offers electronic money tokens, including closed-loop EURD and open-loop EURQ and USDQ stablecoins, enabling businesses to move money faster, cheaper, and more securely. Operating under Dutch Central Bank supervision, Quantoz combines blockchain efficiency with Tier 1 banking security and European regulatory compliance.


Quantoz Payments

BitGo

Delta Wellington Ultra Short Treasury On-Chain Fund

Schuman Financial is the leading provider of technologies, infrastructure, and solutions for European stablecoin-based finance. We are bringing European and euro-denominated financial services on-chain. Our core product is EURØP, a euro-denominated stablecoin issued by our French-licensed subsidiary regulated by Banque de France. 

Schuman Financial

The entity's brand name is First Digital Labs, and it operates as a BVI‑registered subsidiary under the First Digital Group

FD121 (BVI) Limited

Fidelity Investments

Ondo Global Markets (BVI) Limited is the issuer behind Ondo Global Markets (Ondo GM), a tokenization platform that enables global (non-U.S.) investors to gain on-chain exposure to thousands of publicly traded U.S. securities, including stocks, bonds, and ETFs. By issuing tokens fully backed 1:1 by the underlying assets, the platform delivers total-return exposure, reflecting both price movements and reinvested dividends.

Ondo Global 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

ChinaAMC

Theo

Solowin

Origin Protocol is a collection of rebasing Liquid Staking Tokens and arbitrage vaults designed in a set and forget fashion.


Origin Protocol

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

Resolv

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Cayman Islands

Bermuda

Australia

Hong Kong

United Kingdom

Switzerland

France

Finland

El Salvador

United Arab Emirates

Isle of Man

The Bahamas

European Union

Ethereum

Bitso

Forte Tech Solutions

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

Securitize provides businesses a platform to raise capital from institutional, accredited or retail investors with shares issued as digital tokens.

Securitize

AlloyX

The Re Protocol is a groundbreaking innovation that bridges the gap between traditional insurance markets and decentralized finance (DeFi). Built on blockchain technology, Re Protocol introduces an unprecedented level of transparency, efficiency, and accessibility to the global reinsurance market—a multi-trillion-dollar industry historically characterized by opacity and reliance on intermediaries.
At its core, Re Protocol facilitates direct, efficient capital allocation to reinsurance contracts. This is achieved through a network of interconnected smart contracts and an architecture designed for auditable, secure operations. Participants in the protocol gain exposure to the returns of the reinsurance sector without the traditional barriers of entry, while simultaneously benefiting from the transparency and automation enabled by blockchain.

Fireblocks is a digital asset infrastructure company, trusted by 2,200+ institutions to scale stablecoins, custody, and digital asset operations.

Fireblocks

Ondo provides institutional-grade, blockchain-enabled investment products, from government bonds to high-yield bonds.

Zeconomy’s mission is to enhance the value, utility, and returns of traditional financial products through blockchain technology. With top-tier security and compliance, its platform, AmpFi.Digital, delivers asset-backed, rated digital assets built on stable instruments like T-bills and commercial paper that can be transformed into new utility, higher returns, and unique opportunities for issuers, DeFi platforms, and corporate investors.

Zeconomy

OpenTrade (Perimeter Protocol)

Maple Finance is an institutional crypto-capital network that provides the infrastructure for credit experts to efficiently manage and scale loan portfolios.

WisdomTree is a global financial innovator offering a diversified suite of exchange-traded products (ETPs), model portfolios, and blockchain-enabled solutions. As a leading independent ETF provider, WisdomTree is also at the forefront of digital finance, having launched a range of blockchain-based funds spanning money markets, equities, fixed income, and asset allocation, along with tokenized assets like gold. These offerings are accessible via WisdomTree Prime® for U.S. retail investors and WisdomTree Connect™ for institutions. Through subsidiaries focused on digital asset management and money services, WisdomTree aims to enhance access, transparency, and user experience across modern financial infrastructure.

WisdomTree

Arca Labs develops Blockchain-Transfer Funds. One example is Arcoin, a US Treasury Fund that provides access to a portfolio of US Government bills and notes via tokenized shares on the Ethereum blockchain.

Arca Labs

Asseto is a next-generation RWA launchpad, aiming to merge TradiFi with DeFi through a compliance-focused, dual-layered strategy, to enchance both security and scalability in the on-chain ecosystem. 

With 3 kinds of flagship financial product, such as arbitrage strategy, money market fund, and BTC Fund etc. Asseto will also further expand RWA assets to diversify more strategies, and boost liquidity and activities. 

Partnered with Top tier RWA managers, like CMB, CMS, Orient Securities, Asseto has channeled best in class TradFi resources. Also,  Asseto ensures legal and compliance standards, to be the leading and trusted industry standard in digital asset integration.

Asseto

cSigma Finance brings businesses directly onto the blockchain as borrowers, eliminating intermediaries entirely. We've tokenized over $80 million in business loans across vetted institutional borrowers in construction, trade finance, AI, and insurance sectors throughout the US, EU, and Asia.

Our approach delivers 15-18% fixed-rate APR from actual business operations while eliminating layers of fees that eat into returns of lenders and increase the cost of capital for borrowers. Our AI-driven credit intelligence provides transparent access to institutional-grade private credit opportunities previously reserved for large institutions.

cSigma Finance

KAIO is an institutional-grade Web3 protocol, created by WebN Group and Nomura’s Laser Digital, that enables compliant tokenization and lifecycle management of alternative investment funds. It connects asset managers with distributors while providing access to tokenized hedge funds, money market funds, and private credit strategies from managers like Brevan Howard, BlackRock, and Hamilton Lane. Through its KAIO Gateway, the platform extends these assets across multiple blockchains, offering services such as collateralized lending, automated rebalancing, and programmable compliance.

KAIO

Libeara is a Singapore-based fintech startup backed by Standard Chartered Ventures, powering the tokenisation of real-world financial assets. With a mission to make quality investments inclusive and accessible.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	6	$101.9B	▲0.12%	52.84% ▼
2	Circle	3	$51.5B	▲1.51%	26.73% ▲
3	MakerDAO	1	$10.2B	▲0.23%	5.27% ▼
4	Ethena	2	$8.4B	▼23.94%	4.37% ▼
5	Paxos	6	$4.7B	▲32.81%	2.41% ▲
6	Falcon Finance	1	$2.1B		1.08% △
7	Maple	16	$2.0B	▼3.91%	1.02% ▼
8	Ondo	106	$1.5B	▼0.42%	0.75% ▼
9	Centrifuge	2	$1.1B	▲0.43%	0.55% ▼
10	RLUSD	1	$1.0B	▲25.17%	0.53% ▲

Ethereum

Asset Type

Metric