Tether Holdings

Circle

Ethena

MakerDAO

Paxos

Ondo

BitGo

RLUSD

WisdomTree

Falcon Finance

Maple

Kinexys Digital Assets

Libeara

Securitize

Aave

Anchorage Digital Bank

Superstate

Centrifuge

Usual

Hastra

Midas

Frax Finance

Asseto

Spiko

Franklin Templeton Benji Investments

First Digital Labs

Pareto

Theo

Societe Generale - FORGE

xStocks

Multipli

Saturn

Techteryx

Inverse Finance DAO

DigiFT

Elixir

3jane

Avalon Labs

f(x) Protocol

BT Asset Hub

Agora Ledger

MNEE Limited

Neutrl

Fidelity Digital Assets

infiniFi

Enzyme Onyx

Matrixdock

KAIO

OpenEden Digital

Frankencoin Protocol

Gemini

OpenTrade (Perimeter Protocol)

Synthentix Protocol Governed by Synthetix DAO

Fireblocks

Sygnum Bank

Beanstalk Protocol Governed by Beanstalk DAO

Plume Vaults

Liquity Protocol

Backed Finance

DigiShare

BCP Technologies

Mu Digital

GAIB

Quantoz Payments

Old Vector

Schuman Financial

UBS Tokenize

Xfers Pte Ltd

Bridge

River

Aurus

R2 Protocol

Vault Street

Gold Token SA

NUVA

Stasis

Resolv

GMO Trust

Midas Labs

Morini Limited

Forte Tech Solutions

AUDC Pty Ltd

Transfero

Tenbin

PT Rupiah Token Indonesia 

MetaWealth

Dinari

Lend.xyz

Brale

Angle

Agant Finance

Mountain Protocol

Anzen

ECDD Company Ltd.

cSigma Finance

Origin Protocol

Stablecoins

US Treasury Debt

Commodities

Active Strategies

Asset-Backed Credit

Stocks

Diversified Credit

Corporate Credit

Specialty Finance

non-US Government Debt

Venture Capital

Real Estate

Private Equity

Cryptocurrencies

Tether

WisdomTree Digital Management

Maple Protocol Pool Operations

J.P. Morgan Asset Management

China Asset Management

Anemoy

BlackRock

Invesco Capital Management

Franklin Templeton

CMS Asset Management (HK)

M11 Credit

Twenty First Capital

Fasanara

Securitize Capital

Bosera Asset Management (International)

Pilgrim Partners Asia

Bitwise

AZ Reserves Ltd

VanEck Associates Corporation

Amundi

Hyperithm

Opal Capital

Wellington Management

Five Sigma

FIL Investment Management (Luxembourg) S.a.r.l

Mubadala Capital

SPiCE VC

COSIMO Ventures

VanEck Absolute Return Advisers Corporation

Bank of New York Mellon

Land Invest Corp

Science Blockchain

Golden Hill Asset Management

Good AI Management Limited

Revitalization Unlimited

FundBridge Capital

UBS Asset Management (Singapore) Ltd.

RockawayX

Apollo Global Management

Protos

State Street Investment Management

Morini Capital

Insight Investments

Partners Group

Brevan Howard Investment Management

China Merchants Securities (HK)

Arca Capital Management

22X Fund

BT Futures Property Fund Pty Ltd

M1 Capital

Vanguard Group

CMB International Asset Management

Unitas Labs

Solomon Global Asset Management

TownSquare

Adapt3r Advisors

Energy Substantiation

Level

MB | Mercado Bitcoin

TrueFi

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.

GoldZip (XGZ) is the first gold backed digital token issued by a group member company of the Hong Kong Gold Exchange. GoldZip digital gold offers the advantages of physical gold without the hassle. Built on cutting-edge blockchain technology, it ensures fast, high-capacity, and cost-efficient transactions.

GoldZip Pte. Ltd.

Issuer of Tenbin assets, with each asset housed in a segregated portfolio of the entity

Multipli is the world’s first yield and collateralization infrastructure designed to generate yield on real-world assets such as Gold, Stocks, and Stablecoins.

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

NUVA connects issuers and users in a marketplace of real-world financial assets that are liquid, composable, transparent, and accessible. 

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.

Anchored

Libre Cayman SPC


Lend is a regulated tokenization platform for real estate debt. We issue tokenized bonds backed by real estate operations, each held in a dedicated SPV under French AMF oversight (DIS regime), with on-chain subscriptions and weekly stablecoin distributions to investors. Investors can enter from 10 USDC and earn fixed yields tied to a real underlying asset rather than token emissions. 

Investment firm that invests in historical real estate and industrial manufacturing businesses. Acquires historically significant properties throughout the US, places them under Historical Preservation Easements (HPEs) providing investors non-cash charitable tax deductions.

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

Yuzu Money is a yield infrastructure protocol offering yzUSD, an overcollateralized USD-referenced stablecoin backed by curated on-chain strategies, with staking and protection-pool products for yield and risk tranching.

Yuzu Money

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

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 Stocks

AZ Reserves Ltd is a specialist reserve manager responsible for overseeing, managing and administering precious metal reserves and associated digital assets, including AZG and AZS.

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.

JPMorgan Trust IV

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

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.

BlackRock Daily Reinvestment Stablecoin Reserve Vehicle

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

Swarm X

Ethereum

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	6	$88.8B	Login to Unlock	Login to Unlock
2	Circle	3	$48.6B	Login to Unlock	Login to Unlock
3	Sky	1	$6.7B	Login to Unlock	Login to Unlock
4	Ethena	2	$5.0B	Login to Unlock	Login to Unlock
5	MakerDAO	1	$4.1B	Login to Unlock	Login to Unlock
6	Paxos	6	$4.0B	Login to Unlock	Login to Unlock
7	Ondo	442	$2.0B	Login to Unlock	Login to Unlock
8	BitGo	2	$1.7B	Login to Unlock	Login to Unlock
9	RLUSD	1	$1.3B	Login to Unlock	Login to Unlock
10	WisdomTree	14	$1.2B	Login to Unlock	Login to Unlock

Ethereum

Asset Type

Metric