Stablecoins

Commodities

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.

Tether Holdings

United States of America

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.

Ethereum

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.

Solana

Avalanche is a blockchain platform launched in 2020 that leverages its unique three-chain architecture and novel consensus mechanism. The platform supports smart contracts, decentralized applications, and the creation of custom blockchain networks, all powered by its native token AVAX, while maintaining compatibility with Ethereum's development tools.

Avalanche

Celo is a mobile-first, open-source blockchain platform that aims to increase cryptocurrency adoption, especially among underbanked populations. It uses a novel proof-of-stake consensus mechanism called the Celo Autonomous Reserve Protocol (CARP) and native stablecoin called the Celo Dollar (cUSD) to provide low-cost transactions.

Celo

TRON

Near is a blockchain platform that uses a novel proof-of-stake consensus mechanism called Doomslug to achieve fast, low-cost transactions. It is powered by the native NEAR token and designed with features like human-readable account names and a powerful development environment for building decentralized applications.

NEAR

Aptos is a Layer 1 blockchain developed by former Meta engineers that leverages the Move programming language and a parallel execution engine to achieve its performance. Launched in 2022, the platform implements a Block-STM technology that enables parallel transaction processing and instant finality, powered by its native token APT.

Aptos

US Treasury Debt

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.

Circle

Cayman Islands

Polygon PoS is a EVM-compatible, scalable, proof-of-stake (PoS) side-chain that complements Ethereum’s decentralized security with fast settlement times and cost efficiency. It is powered by its native network token, POL, which was previously known as MATIC.

Polygon

Optimism is a Layer 2 scaling solution built on top of Ethereum that uses optimistic rollup technology to enable faster and cheaper transactions while inheriting Ethereum's security guarantees. Optimism's native token is used for governance and to pay for transactions on the network.

Optimism

Binance Smart Chain

Stellar is an open-source, decentralized blockchain network designed to facilitate fast and low-cost cross-border transactions between any pair of currencies or assets. Launched in 2014 by Jed McCaleb, it uses a unique Stellar Consensus Protocol and its native cryptocurrency XLM (Lumens) to bridge traditional financial systems with digital currencies, enabling efficient global payments and remittances.

Stellar

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.

Base

Arbitrum is a Layer 2 scaling solution for Ethereum that uses optimistic rollup technology to significantly reduce transaction costs and increase throughput while inheriting Ethereum's robust security. Launched in 2021, Arbitrum processes transactions off the main Ethereum chain and batches them together before final settlement, allowing developers to run Ethereum-compatible smart contracts and decentralized applications with improved efficiency.

Arbitrum

ZKsync Era is a layer 2 rollup that uses zero-knowledge proofs to scale Ethereum without compromising on security or decentralization.

ZKsync Era

MANTRA is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. $OM allows the holder to unlock the full potential within the MANTRA ecosystem and empowers users through community involvement and decision-making processes. It is used for transactions, governance, and incentives.

MANTRA

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.

Paxos

Paxos Issuance MENA Ltd

Paxos Digital Singapore

United Arab Emirates

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

Ondo I

Ondo USDY

Ondo

Noble

Mantle is a Layer 2 blockchain built on Ethereum that combines optimistic rollup technology with a modular blockchain architecture. The platform, which launched in 2023, features its native token MNT and focuses on providing an ecosystem for DeFi applications, NFT projects, and Web3 gaming while maintaining Ethereum's security guarantees.

Mantle

Sui is a high-performance Layer 1 blockchain launched in 2023 that utilizes a novel parallel execution engine and object-centric architecture. Built by former Meta engineers using the Move programming language, Sui enables horizontal scalability and unique features like dynamic NFTs and instant transaction finality through its proof-of-stake consensus mechanism.

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

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

British Virgin Islands

Bermuda

The XRP Ledger (XRPL) is a decentralized layer 1 blockchain renowned for its decade-long reliability and stability in tokenizing and exchanging crypto-native and real-world assets. Designed to support businesses and builders, it is powered by XRP, a cryptocurrency purpose-built for payments. Trusted by over 1,000 visionary builders and businesses worldwide, the XRP Ledger offers institutional-grade functionality and built-in features to enable secure, efficient, and scalable financial services and use cases. It's more than just a blockchain – it's a global developer community dedicated to transforming future business solutions. Learn more and build your business with confidence at XRPL.org.

XRP Ledger

Public Equity

Institutional Alternative Funds

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

USTY provides exposure to an ETF that seeks to track the investment results of an index composed of US Dollar denominated government bonds. These bonds are issued by the US Treasury and have remaining maturities between zero and one year. 

Yieldteq

RTS Cam Ptd. Ltd.

SPiCE Venture Capital Fund

Science Blockchain Fund

Blockchain Capital III Digital Liquid Venture Fund

Batch 22X

Cosimo X Fund

KKR Health Care Strategic Growth II Securitize Fund

ParaFi Venture II Securitize Fund

Securitize Capital Hamilton Lane EOV Tokenized Fund, LP.

Hamilton Lane SCOPE Securitize Tokenized Feeder Fund

Hamilton Lane SF6 - Securitize Tokenized Feeder Fund

BlackRock USD Institutional Digital Liquidity Fund

Securitize Tokenized Apollo Diversified Credit Fund

Exodus

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.

VanEck Treasury Fund

Securitize

XDC is an EVM-compatible and enterprise-focused blockchain network utilizing the state-of-the-art Delegated Proof of Stake (DPoS) consensus engine to provide maximum security, fast transaction times and improved scalability. It also features a Layer-2 subnet system allowing enterprise users to launch sovereign and privacy-preserving subnets that inherit the security of the XDC mainnet. The XDC ecosystem aims to accelerate enterprise blockchain adoption by offering features like multi-currency support, cross-chain bridges, and integration with existing enterprise tools and infrastructure.

Algorand

Tokenization platform for investment funds

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

non-US Government Debt

Corporate Bonds

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.

Backed Assets

Switzerland

Backed Finance

Gnosis Chain, formerly known as xDai Chain, is an EVM-compatible blockchain that maintaining strong connections to the Ethereum ecosystem through its stable token bridge. The network uses a Proof-of-Stake mechanism with its native token GNO and features native stablecoin payments, making it suitable for real-world transactions and decentralized applications requiring predictable fees.

Gnosis

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

Private Credit

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

Plume Network is the first full-stack L1 RWA Chain and ecosystem purpose-built for RWAfi, enabling the rapid adoption and demand-driven integration of real world assets. With 180+ projects building on the network, Plume offers a composable, EVM-compatible environment for onboarding and managing diverse real world assets. Coupled with an end-to-end tokenization engine and a network of financial infrastructure partners, Plume simplifies asset onboarding and enables seamless DeFi integration for RWAs.

Plume

ComTech Gold (CGO) has redefined the tokenization infrastructure by digitalization of gold. CGO has combined the benefits of gold with the advantages of blockchain. Digitalization using blockchains allows a user to get access to Digital Gold.

Comtech Gold

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 Short-Term Treasury Digital Fund

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

WisdomTree Digital Holdings

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

WisdomTree

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

Brale

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

Franklin Templeton Benji Investments

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.

Matrixport Advisors

Prometheus Solutions Ltd.

Singapore

Matrixdock

Tradable is a private credit tokenization and liquidity platform providing deal ownership management and access to institutional grade private credit deals.

Tradable

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

TrueFi is a credit platform that enables lenders to earn returns on loaned assets while having transparency on how the loaned capital is allocated.

Adapt3r

TrueFi

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

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

Swarm X

Liechtenstein

Swarm

The on-chain ecosystem for structured credit. As the first protocol to bring real-world assets on-chain, we’re building a better financial system.

Anemoy Capital

Centrifuge

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


#	Name	RWA Asset Count	RWA Total Value (Excl. Stablecoins)	RWA Market Share	RWA Holders	Stablecoin Asset Count	Stablecoins Market Cap	Stablecoin Market Share	Stablecoin Holders
1	Securitize	17	$3,520,918,414 ▼	30.5%	1,088 ▲	—	—	< 0.1%	—
2	Tradable	35	$2,056,434,131 ▲	17.8%	—	—	—	—	—
3	Ondo	2	$1,271,368,531 ▲	11.0%	15,545 ▲	—	—	0.6%	—
4	Superstate	2	$811,143,458 ▲	7.0%	95 ▲	—	—	—	—
5	Paxos	1	$810,993,018 ▲	7.0%	64,160 ▲	5	$1,529,560,056 ▲	1.1%	492,074 ▲
6	Franklin Templeton Benji Investments	1	$772,254,769 ▲	6.7%	570 ▲	—	—	—	—
7	Tether Holdings	1	$679,338,491 ▲	5.9%	7,603 ▲	5	$149,266,361,619 ▲	70.1%	95,916,217 ▲
8	Centrifuge	1	$409,025,654 ▲	3.5%	7 △	—	—	—	—
9	Circle	1	$403,629,061 ▼	3.5%	41 ▲	2	$59,189,509,018 ▲	27.9%	19,989,358 ▲
10	WisdomTree	14	$323,467,362 ▲	2.8%	1,488 ▲	—	—	< 0.1%	—
11	MB \| Mercado Bitcoin	441	$193,958,877 ▲	1.7%	—	1	—	—	3 △
12	OpenEden Digital	1	$189,938,398 ▲	1.6%	62 ▲	1	$248,625,109 ▲	0.2%	100 ▲
13	Backed Finance	10	$52,313,514 ▲	0.5%	685 ▲	—	—	< 0.1%	—
14	Matrixdock	2	$24,876,467 ▲	0.2%	83 ▲	—	—	—	—
15	Nest	8	$21,824,066 △	0.2%	9,812 ▲	—	—	< 0.1%	—
16	Comtech Gold	1	$11,769,719 △	0.1%	392 ▲	—	—	< 0.1%	—
17	Swarm	10	$925,179 ▲	< 0.1%	262 △	—	—	—	—
18	Arca Labs	1	$430,181 ▲	< 0.1%	21 △	—	—	—	—
19	TrueFi	1	$1 △	< 0.1%	2 △	—	—	—	—
20	Sky	—	—	—	—	1	$86,846,725 ▼	< 0.1%	8,996 ▲
21	Mountain Protocol	—	—	—	—	1	$22,330,488 ▼	< 0.1%	12,031 ▲
22	Brale	—	—	—	—	1	$535,472 ▲	< 0.1%	149 ▼

Tokenization Platforms

Platforms