PACT

Securitize

Franklin Templeton Benji Investments

KAIO

Ondo

Private Credit

US Treasury Debt

Institutional Alternative Funds

BlackRock

Apollo Global Management

Brevan Howard Investment Management

Hamilton Lane

Tether Holdings

Circle

LayerZero Aptos Bridge

Portal

Stablecoins

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.

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

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.

BlackRock USD Institutional Digital Liquidity Fund

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.

Securitize Tokenized Apollo Diversified Credit Fund

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

United States of America

Singapore

Aptos

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.

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.

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.

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.

A regulated crypto platform built for an expanding range of institutional use cases.

Anchorage Digital

Secure custody platform to store and manage digital assets.

Coinbase Custody

Institutional custody, prime services and collateral management.

Copper

Petra

Apollo Diversified Credit Securitize Fund

Franklin OnChain U.S. Government Money Fund

Berkeley Square Emerging Markets Portfolio 1

Berkeley Square Emerging Markets Portfolio 2

Berkeley Square Emerging Markets NPA Portfolio 1

Berkeley Square Emerging Markets NPA Portfolio 2

KAIO Blackrock ICS US Dollar Liquidity Fund

KAIO Hamilton Lane Senior Credit Opportunities Fund

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.

The value of circulating assets in dollars.

The market value of circulating assets in dollars.

The total dollar volume of weekly transfers.

The total dollar volume of monthly transfers.

The dollar volume of transfers in the last 7 days.

The dollar volume of transfers in the last 30 days.

The total supply of tokens currently available.

The current circulating supply of tokens associated with the asset.

The total number of loans funded through the asset.

The current number of active loans associated with the asset

The total number of loans that have defaulted.

The number of active addresses interacting with the asset daily.

The daily count of unique holders of the asset.

The number of active addresses interacting with the asset weekly.

The number of active addresses interacting with the asset monthly.

The number of active addresses interacting with the asset quarterly.

The number of active addresses interacting with the asset annually.

The daily count of transactions involving the asset.

The number of transfers in the last 7 days.

The number of transfers in the last 30 days.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	1	$693.8M	▼24.93%	55.85% ▼
2	Securitize	2	$313.0M	▼1.26%	25.19% ▲
3	Circle	1	$142.4M	▲230.6%	11.46% ▲
4	LayerZero Aptos Bridge	2	$38.7M	▼0.01%	3.11% ▲
5	Franklin Templeton Benji Investments	1	$21.7M	▲0.06%	1.75% ▲
6	KAIO	3	$21.2M	▲4.72%	1.71% ▲
7	Ondo	1	$7.7M	▲0.29%	0.62% ▲
8	Portal	2	$3.9M	▼0.05%	0.31% ▲
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Aptos

Asset Type

Metric

Ecosystem

Anchorage Digital

Coinbase Custody

Copper

Petra