Circle

Tether Holdings

Paxos

BitGo

Securitize

Ctrl Alt

Ethena

Anchorage Digital Bank

Solstice

xStocks

Hastra

Ondo

OnRe

Chainlink CCIP

Alphaledger

Bridge

Republic

Transfero

Superstate

Libeara

Societe Generale - FORGE

Unitas Protocol

Superstate Opening Bell

Hylo Protocol

MetaWealth

Brale

StandX Protocol

Nest

Matrixdock

Remora Markets

Orogold

Centrifuge

Stable

Fireblocks

KAIO

Etherfuse

BCP Technologies

OpenEden Digital

AllUnity

Membrane Finance

Franklin Templeton Benji Investments

AUDC Pty Ltd

DigiFT

M1X Global

GMO Trust

WisdomTree

Frax Finance

Stablecoins

US Treasury Debt

Private Equity

Asset-Backed Credit

Stocks

Specialty Finance

Active Strategies

Diversified Credit

Commodities

Real Estate

Corporate Credit

non-US Government Debt

Cryptocurrencies

BlackRock

Maple Protocol Pool Operations

Bridge Building

State Street Investment Management

FundBridge Capital

Unitas Labs

Securitize Capital

Invesco Capital Management

VanEck Absolute Return Advisers Corporation

StandX

Anemoy

Federated Hermes

Simplify Asset Management

Vanguard Group

Bank of New York Mellon

Franklin Templeton

CMB International Asset Management

WisdomTree Digital Management

Solana is a high-performance blockchain platform launched in 2020, known for its high transaction throughput with minimal fees through its innovative Proof of History and Proof of Stake mechanisms. The platform supports a thriving ecosystem of decentralized applications, NFT marketplaces, and DeFi projects, all powered by its native cryptocurrency SOL.

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

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 Government Money Market Digital Fund

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.

Superstate Asset Trust

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.

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

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.

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.

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

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.

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

Ctrl Alt is the go-to B2B infrastructure provider for alternative assets. We are dedicated to addressing the real-world challenges facing the financial sector today. From empowering asset owners to discover innovative ways to raise capital, to enabling investors to seamlessly allocate to alternative assets, we provide a comprehensive suite of solutions designed for simplicity, cost-efficiency, and innovation.

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

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

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

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.

OnRe brings returns from the $750bn+ global reinsurance market into the crypto capital ecosystem, unlocking a new class of uncorrelated, real-world yield for on-chain allocators. Licensed to accept digital assets as collateral for underwriting reinsurance, OnRe delivers consistent, scalable returns to crypto markets. OnRe's reinsurance pool, denominated in sUSDe, is structured as a novel on-chain financial product designed to generate yield across market cycles. It offers a return profile that is unreplicable in TradFi, uncorrelated to crypto volatility, and enhanced by native sUSDe yield and token incentives in stronger markets. By utilizing sUSDe as collateral, OnRe offers double the upside potential of comparable traditional reinsurance investments while significantly reducing principal risk. With a focus on transparency, scalability, and capital efficiency, OnRe is transforming how capital is deployed — opening access to a market that has historically remained out of reach.

MetaWealth is an investment platform that offers institutional-grade European real estate to individuals, funds, and institutions worldwide.

BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions, including many of the industry's top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide. For more information, visit www.bitgo.com.

Delta Wellington Ultra Short Treasury On-Chain Fund

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

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

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.

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

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.

Alphaledger/Simplify Target 12 Percent Distribution Fund

Galaxy Digital is a digital-asset financial services firm. It operates across trading, asset management, investment banking/advisory, and principal investing in crypto and blockchain, and also publishes market research and builds infrastructure products for institutions.

Galaxy Digital

Forward Industries

USX Limited

Gold Issuance Inc.

Societe Generale - FORGE (SG-FORGE) is the digital-asset arm of Société Générale, a fully regulated subsidiary that builds institutional-grade blockchain infrastructure to issue and manage tokenized financial products on blockchains.

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

Bridge is Stripe’s stablecoin issuance and treasury infrastructure platform, enabling compliant minting, redemption, and management of fully-backed digital dollars. It provides regulated fiat on/off-ramp services, reserve management coordination, and tokenization rails for stablecoins backed by cash and U.S. Treasury assets.

Hylo is a Solana-native stablecoin system using two tokens—hyUSD (stablecoin) and xSOL (leveraged SOL exposure)—that share one collateral pool of SOL liquid-staking tokens and balance via an invariant.

Singapore fintech that operates the Unitas stablecoin module, issuing and managing USDu and sUSDu via smart contracts.

Issuer SPV for StandX’s DUSD stablecoin—the BVI entity that issues the tokens and runs onboarding/KYC under the platform’s terms.

Galaxy Digital Holdings

Figure Lending

Founded in February 2023 by Matrixport, Matrixdock is Asia’s Real World Assets (RWA) leader that modernizes financial instruments and offers access to premium RWA through advanced tokenization technology. As the first in Asia to introduce a tokenized short-term treasury bill product, STBT, Matrixdock has rapidly emerged as Asia’s RWA leader, earning the Ecosystem Excellence TADS Award in 2023 for Trading & Liquidity Solutions. 

In 2024, Matrixdock introduced tokenized gold, XAUm, an ERC-20 token fully backed by 99.99% purity gold, offering investors a trusted and transparent digital asset tied to London Bullion Market Association (LBMA) accredited gold. The gold reserves backing XAUm are securely held in Brink’s high-security, fully insured vaults in Singapore and Hong Kong, enabling physical redemption. 

Matrixdock is dedicated to becoming the gateway for clients seeking blue-chip RWA investments. With a steadfast focus on building a trusted and secure RWA ecosystem for crypto, Matrixdock provides diversified investment opportunities while setting new standards for trust and governance in the digital asset space.

The Republic of the Marshall Islands (RMI) is a sovereign Pacific island nation operating under a fully dollarized economy through its Compact of Free Association with the United States. The RMI is the issuer of USDM1, the first digital secured sovereign debt instrument issued natively on the blockchain, backed one-to-one by short-dated U.S. Treasuries. The instrument is issued under New York law, with collateral held by an independent US-based trustee. 


Government of the Republic of the Marshall Islands

Currenc Group Inc. is a fintech company dedicated to transforming global financial services through artificial intelligence (AI). It empowers financial institutions worldwide.

CURRENC Group

Stable's infrastructure brings the mortgage market onchain. From loan origination through TBA delivery. Stable built the mortgage backed stablecoin, USDX, to enable anyone to LP into that market.

USDX is backed by first and second lien mortgages on US properties. That means USDX is over collateralized by the properties those mortgages are written on, while maintaining liquid exposure through the mortgage loans which have a deep and established secondary market ($300 billion+ per day).

Stable Home Accounts enable homeowners to capitalize on their home equity and deploy into yield strategies. Across America over $35 Trillion in home equity sits idle. By earning just 2-3% on their home equity the average homeowner could pay off their mortgage up to a decade early. Stable Home Accounts make that possible with just a few clicks and minimal risk. Homeowners can convert their equity into USDX, which places a lien on their property, and lend it in DeFi to capture a spread between their borrow rate (USDX yield) and their lending rate (USDX borrow rate).

App: app.trystable.co
Docs: docs.trystable.co
Web: trystable.co
CA: 4AjvPXMn8YZG9saAVJvcWspg73oTFf2JmU4in4Xgpump

Franklin Templeton Trust

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Bermuda

Australia

United Kingdom

Switzerland

France

Finland

El Salvador

Luxembourg

The Bahamas

Republic of the Marshall Islands

European Union

Malaysia

Antigua and Barbuda

Solana

xStocks issues tokens that track major financial instruments (S&P500, T-bills, TSLA, AAPL, etc.) on public blockchains. The tokens are fully backed by the underlying assets.

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

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

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").

Superstate is an investment manager with US registered mutual funds that offers shares on the blockchain

Alphaledger is a vertically integrated financial technology company pioneering on-chain securities – stocks, bonds, and funds on Solana blockchain.

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.

First Digital Labs

Stablecorp Digital Currencies Inc. 

Agora Ledger builds infrastructure for digital dollars—letting businesses mint and manage dollar tokens (e.g., AUSD) and connect them to both DeFi and traditional payment rails.

Agora Ledger

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.

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.

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

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

Cross-Chain Interoperability Protocol (CCIP) is Chainlink’s standard for secure cross-chain messaging and token transfers, letting apps move tokens and data across public and private blockchains via decentralized oracle networks.

Built on Solana for speed, transparency, and scale, Solstice is reimagining asset management for the on-chain era, combining the best of TradFi execution with the innovation of DeFi.

J.P. Morgan

Hastra is incubated by Figure Technologies and Provenance Blockchain Foundation, and is embarking on a joint mission to enable unprecedented usability of real-world assets that exist natively onchain.

M1X partners with governments to unlock new applications of blockchain technology across public sector programs and institutional markets.

In the Republic of the Marshall Islands, M1X helped the government design and implement USDM1 - a sovereign, USD-denominated, Treasury-backed financial instrument natively issued on blockchain rails - delivering quarterly Universal Basic Income disbursements across one of the world's most challenging geographies with 24/7 settlement.

The same characteristics enabling trusted benefit delivery also expand market access, allowing USDM1 to function as dual-recourse sovereign collateral for on-chain capital markets.

Apollo Diversified Credit Securitize Fund

iShares Core US Aggregate Bond ETF (Ondo Tokenized)

The base protocol where the token is deployed

The total outstanding principal amount in dollars.

The total outstanding capital amount in dollars.

The total amount of idle capital in dollars.

The current market value of the asset in dollars.

The total value of daily burns in dollars.

The total dollar volume of daily transfers.

The net asset value of the asset in dollars.

The available financial capacity of the asset in dollars.

The total principal amount paid, in dollars.

The total principal amount written off, in dollars.

The total dollar value of recovered assets.

The cumulative total of principal repaid, in dollars.

The total cumulative interest earned, in dollars.

The maximum financial capacity of the asset in dollars.

The total dollar value of assets that have been drawn down.

The current price of the asset in dollars.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	3	$7.4B	▼7.34%	40.43% ▼
2	Tether Holdings	1	$3.8B	▲10.16%	20.54% ▲
3	Paxos	3	$2.3B	▼4.99%	12.47% ▼
4	BitGo	1	$888.9M	▲19.59%	4.85% ▲
5	Securitize	4	$519.5M	▼12.09%	2.83% ▼
6	Ctrl Alt	3	$474.2M	▲104.5%	2.59% ▲
7	Ethena	3	$453.2M	▲214.7%	2.47% ▲
8	Anchorage Digital Bank	1	$401.5M	▲199.7%	2.19% ▲
9	Solstice	1	$398.9M	▲1.46%	2.18% ▼
10	xStocks	74	$304.0M	▲25.46%	1.66% ▲

SolanaBETA

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Metric