US Treasury Debt

Stablecoins

Private Credit

Institutional Alternative Funds

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.

Ondo USDY

Franklin Templeton

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

BlackRock USD Institutional Digital Liquidity Fund

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

Libre SAF VCC

Pact is a consortium of regulated financial institutions and service providers dedicated to bridging micro-lending origination in emerging markets with capital access in developed markets, facilitated end-to-end on public blockchains.

PACT

United States of America

Aptos

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

Securitize

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

Ondo

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

Libre Capital

Wormhole Bridge

LayerZero Aptos Bridge

Cryptocurrencies

Public Equity

Commodities

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.

OpenEden

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

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

Dinari

British Virgin Islands

Bermuda

Arbitrum

OpenEden tokenizes real-world assets to DeFi.

Open Eden

Arbitrum L1 Custom Gateway

Corporate Bonds

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.

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

Forte Securities Australia Pty Limited

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

KKR Health Care Strategic Growth II Securitize Fund

ParaFi Venture II Securitize Fund

Republic

Australia

United Kingdom

Avalanche

OpenTrade (Perimeter Protocol)

Forte Tech Solutions

Agora Ledger

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.

Maple Protocol Pool Operations

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

Anemoy Capital

Base

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.

Centrifuge

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

Maple

First Digital Labs

Binance

Binance Smart Chain

Blast

Canto is a Layer 1 blockchain launched in 2022. Canto utilizes a unique consensus mechanism called Proof of Replenishment, which aims to maintain network security and stability while minimizing energy consumption and empowering community participation. The Canto network supports smart contracts, native tokens, and cross-chain interoperability

Canto

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

non-US Government Debt

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

Backed Assets

Matrixport Advisors

Adapt3r

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

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.

Paxos

Gemini

Superstate Asset Trust

Ethena

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 a fintech company driving innovation with its advanced platform supporting the Australian Digital Dollar (AUDD), 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

Lugh

PT Rupiah Token Indonesia 

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.

Mercado Bitcoin

Midas

Prometheus Solutions Ltd.

Aurus

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

Hashnote is multi-strategy onchain asset manager that is offering yield-enhanced cash/treasury and portfolio management products by implementing a unique approach to asset management.  

Hashnote

M^0 is an on-chain protocol, as well as a set of off-chain standards and APIs, that allows multiple Minters to issue a fully fungible cryptodollar called $M.

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 the first and only security token DEX enrolled within the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, built on the Ethereum public blockchain. 

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

RTS Cam Ptd. Ltd.

SPiCE Venture Capital Fund

Science Blockchain Fund

Blockchain Capital III Digital Liquid Venture Fund

Batch 22X

Cosimo X Fund

Membrane Finance

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

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

Great Bridge Capital Company, LLC (Great Bridge) is a fully supported, multiseller asset-backed commercial paper (ABCP or CP) program established in June 2014. Great Bridge is structured as a bankruptcy-remote, special-purpose Delaware limited liability company. Its primary purpose is to purchase assets and make loans secured by interests in various financial assets and other eligible securities by issuing CP with maturities of up to 397 days. Guggenheim Treasury Services, LLC (GTS) serves as the program’s manager, The Bank of New York Mellon (BNYM) serves as the program’s Issuing and Paying Agent (IPA).

Great Bridge

Standard Custody & Trust Company

Paxos Digital Singapore

Pallas Fund

Switzerland

Cayman Islands

Liechtenstein

Germany

Malta

Isle of Man

Singapore

United Arab Emirates

France

Finland

Ethereum

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

TrueFi

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 Finance

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


Superstate

Matrixdock is a subsidiary of Martixport, an Asia-based all-in-one digital assets investment platform. Matrixdock offers products such as tokenized US treasuries to its clients. 

Matrixdock

Securrency utilizes its Compliance Aware Token® Framework as a tokenization platform for institutions.

DTCC Digital Assets (f.k.a. Securrency)

MakerDAO

AmpFi.Digital by Zeconomy

RLUSD

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

Manta Pacific is the first EVM-equivalent ZK-application platform that achieves scalability and security through Celestia DA and Polygon zkEVM. Combined with Manta’s Universal Circuits, Manta Pacific is environment well-suited for building and launching decentralized applications (dApps)

Manta Pacific

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

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

Near Bridge

Noble

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

Optimism Bridge

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.

Swarm X

BRLA

Securitize Capital Hamilton Lane EOV Tokenized Fund, LP.

Hamilton Lane SCOPE Securitize Tokenized Feeder Fund

Hamilton Lane SF6 - Securitize Tokenized Feeder Fund

Brazil

Polygon

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

Swarm

Provenance Blockchain is modernizing finance with purpose-built public blockchain. Since 2018, institutions and fintechs have leveraged Provenance to deploy assets cheaper, faster, and safer. Provenance is one of the world’s largest blockchain networks as measured by TVL. The native utility token, HASH, is used to pay transaction fees and enable governance.

Provenance

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

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.

#	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	Ethereum	160	$3,948,489,285 ▲	79.4%	59,902 ▲	53	$117,674,864,506 ▲	58.3%	11,775,938 ▲
2	Stellar	9	$288,072,053 ▲	5.8%	1,763 ▲	6	$143,994,232 ▲	< 0.1%	377,596 ▲
3	Polygon	18	$162,915,743 ▲	3.3%	939 ▲	5	$383,878,139 ▲	0.2%	1,115,695 ▲
4	Solana	3	$134,798,758 ▲	2.7%	4,093 ▲	9	$4,193,252,925 ▲	2.1%	7,480,511 ▲
5	Avalanche	7	$132,924,394 ▲	2.7%	7,364 ▲	5	$2,119,724,006 ▲	1.1%	2,059,322 ▲
6	Arbitrum	103	$94,091,345 ▲	1.9%	889 ▲	4	$6,067,609,737 ▲	3.0%	4,680,842 ▲
7	Aptos	7	$62,524,966 ▲	1.3%	2,384 ▲	2	$584,823,358 ▲	0.3%	970,664 ▲
8	Base	102	$35,343,197 ▲	0.7%	18 ▲	5	$3,424,396,719 ▲	1.7%	93,875 ▲
9	Optimism	1	$26,154,613 ▲	0.5%	2 △	3	$1,230,327,417 ▲	0.6%	4,074,649 ▲
10	Mantle	1	$22,225,481 ▼	0.4%	2,667 ▲	1	$6,754,594 ▲	< 0.1%	10,651 ▲
11	Noble	2	$18,598,400 ▼	0.4%	—	—	—	< 0.1%	—
12	Sui	1	$17,236,055 ▲	0.3%	—	—	—	< 0.1%	—
13	NEAR	3	$14,751,814 ▲	0.3%	3 △	4	$650,856,714 ▲	0.3%	1,034,698 ▲
14	Gnosis	4	$7,640,267 ▼	0.2%	58 ▲	—	—	< 0.1%	—
15	XDC	2	$4,660,000 △	< 0.1%	364 ▲	2	$2,898,232 ▼	< 0.1%	654 ▲
16	Binance Smart Chain	1	—	—	—	6	$5,275,203,539 ▲	2.6%	35,355,008 ▲
17	Blast	100	—	—	—	—	—	—	—
18	Canto	3	—	—	—	—	—	—	—
19	Celo	1	—	—	—	2	$240,823,786 ▲	0.1%	1,246,961 ▲
20	Manta Pacific	1	—	—	—	—	—	—	—
21	Provenance	—	—	—	—	—	—	—	—
22	TRON	—	—	—	—	4	$60,666,467,492 ▼	29.6%	68,634,298 ▲

Networks

Networks