Circle

Tether Holdings

Paxos

Solstice

Securitize

Ondo

First Digital Labs

Backed Finance (xStocks)

BitGo

Stablecoins

US Treasury Debt

Public Equity

Institutional Alternative Funds

Real Estate

non-US Government Debt

Circle International

Paxos Digital Singapore

USX Limited

BlackRock USD Institutional Digital Liquidity Fund

Ondo USDY

FD121 (BVI) Limited

Backed Assets

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.

Franklin Templeton

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

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.

AUDC Pty Ltd

Stablecorp Digital Currencies Inc. 

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

Brale

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

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.

Membrane Finance

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

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

Securitize Tokenized Apollo Diversified Credit Fund

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

Etherfuse

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

VanEck Treasury Fund

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.

OnRe

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

MetaWealth

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

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

Alphaledger/Simplify Target 12 Percent Distribution Fund

Galaxy Digital

Forward Industries

Remora Markets

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.

Societe Generale - FORGE

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Bermuda

Australia

Switzerland

France

Finland

Solana

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.

Agora Ledger

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

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

Alphaledger

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

Superstate

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

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

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

Fireblocks

Superstate Opening Bell

Backed issues tokens that track major financial instruments (S&P500, T-bills, TSLA, AAPL, etc.), under the Swiss DLT-act. The tokens are fully backed by the underlying assets.

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

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.

Franklin Templeton Benji Investments

Apollo Diversified Credit Securitize Fund

Franklin OnChain U.S. Government Money Fund

Libre SAF VCC - Hamilton Lane SCOPE Private Credit Access

Alphaledger / Simplify Target 12% Distribution Fund

The base protocol where the token is deployed

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#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	3	$9.8B	▲20.15%	63.26% ▲
2	Tether Holdings	1	$2.3B	▲0.03%	14.72% ▼
3	Paxos	3	$1.8B	▲4.59%	11.88% ▼
4	Solstice	1	$326.7M	▲19.31%	2.10% ▲
5	Securitize	3	$310.8M	▲1.70%	2.00% ▼
6	Ondo	2	$246.8M	▼0.18%	1.59% ▼
7	First Digital Labs	1	$173.2M	▲0.13%	1.12% ▼
8	Backed Finance (xStocks)	61	$158.5M	▲34.70%	1.02% ▲
9	BitGo	1	$150.5M	▼14.19%	0.97% ▼
10	Sky	1	$60.6M	▲35.85%	0.39% ▲

SolanaBETA

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