Circle

Arbitrum L1 Custom Gateway

Spiko

Paxos

USDai Protocol

Securitize

Pleasing Golden

Franklin Templeton Benji Investments

Libeara

Robinhood

Dinari

WisdomTree

Ondo

Chainlink CCIP

Bitso

Stargate

LayerZero OFT

Fireblocks

Brale

Centrifuge

OpenEden Digital

AlloyX

AllUnity

Frax Finance

xStocks

Ethena

Stablecoins

non-US Government Debt

US Treasury Debt

Private Equity

Commodities

Active Strategies

Stocks

Asset-Backed Credit

Cryptocurrencies

Corporate Credit

Real Estate

Specialty Finance

Diversified Credit

Fiat Currency

Twenty First Capital

Franklin Templeton

FundBridge Capital

BlackRock

WisdomTree Digital Management

Maple Protocol Pool Operations

Resolv

Tether

Anemoy

Bank of New York Mellon

Solomon Global Asset Management

State Street Investment Management

Vanguard Group

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.

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

WisdomTree Short-Term Treasury Digital Fund

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 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

Anemoy is a Web3-native fund company revolutionizing onchain finance by delivering tokenization and onchain asset management. Built on the Centrifuge protocol, Anemoy provides institutional-grade investment opportunities within DeFi.

Anemoy is a pioneer with strategic partnerships like Janus Henderson Investors asset management for the onchain era. The Janus Henderson Anemoy Treasury Fund Segregated Portfolio (JTRSY) is the highest rated in the industry by Moody’s, S&P and Particula. Anemoy leverages blockchain technology to maximize operational efficiency, transparency, and investor access, setting new benchmarks for institutional-grade tokenized funds.

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.

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

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

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

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.

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

Exodus

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

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

Juno is the issuer of MXNB, a fully-reserved Mexican Peso stablecoin backed by the most trusted Mexican company in digital assets, Bitso.

Juno (a Bitso company)

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.

FundBridge Capital offers a robust, fully regulated platform for investment professionals, handling the complexities of fund establishment, including legal, compliance, and operational management, so that managers can focus on their core investment strategies. The firm is experienced in fund tokenization and has set up nearly 30 investment vehicles across various jurisdictions, covering traditional and alternative asset classes.

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.

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

Solowin

Trustless stablecoin and low-risk crypto investments backed by the True-Delta Neutral Architecture.

Resilience BVI Ltd.

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.

Anchorage Digital Bank

EU arm of Robinhood licensed by the Bank of Lithuania as a Category A investment firm (MiFID) and Crypto-asset Service Provider in 2025.

Robinhood Europe

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Bermuda

Hong Kong

Switzerland

France

El Salvador

European Union

Arbitrum

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").

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.

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.

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.

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.

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.

AlloyX (now AlloyX Group, NASDAQ: AXG) builds infrastructure for stablecoin payments and RWA tokenization for institutions—think fiat-to-stablecoin rails and embedded wallets—following its Sept. 2025 acquisition by Solowin and subsequent ticker change to AXG.

U.S. public company (NASDAQ: HOOD) behind the Robinhood platform; provides brokerage, crypto, and related financial services.

Robinhood Goldman Sachs Physical Gold ETF

Robinhood Applied Optoelectronics, Inc. C

Robinhood GraniteShares ETF Trust Granite

Robinhood Direxion Shares ETF Trust Direx

Robinhood T-Rex 2X Long Apple Daily Targe

Robinhood Aurora Cannabis Inc. Common Sha

Robinhood Axcelis Technologies, Inc. Comm

Robinhood ACM Research, Inc. Class A Comm

Robinhood Adagio Medical Holdings, Inc Co

Robinhood iShares Core US Aggregate Bond ETF

Robinhood ETF Opportunities Trust REX AI 

Robinhood Global X Funds Global X Artific

Robinhood YieldMax AI Option Income Strat

Robinhood Aldeyra Therapeutics, Inc. Comm

Robinhood Allegro MicroSystems, Inc. Comm

Robinhood Spdr Bridgewater All Weather ET

Advanced Micro Devices, Inc. Common Stock

Robinhood YieldMax AMD Option Income Stra

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	Circle	1	$5.8B	▲1.20%	70.89% ▲
2	Arbitrum L1 Custom Gateway	2	$1.0B	▼3.88%	12.40% ▼
3	Spiko	9	$469.0M	▲7.19%	5.75% ▲
4	Paxos	1	$259.7M	▼12.99%	3.18% ▼
5	USDai Protocol	1	$249.2M	▼12.56%	3.05% ▼
6	Securitize	2	$172.5M	▲16.63%	2.11% ▲
7	Pleasing Golden	1	$92.0M	▲0.98%	1.13% ▲
8	Franklin Templeton Benji Investments	1	$49.3M	▼3.10%	0.60% ▼
9	Libeara	2	$37.8M	▲0.32%	0.46% ▲
10	Dinari	101	$11.4M	▲39.91%	0.14% ▲

ArbitrumBETA

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Metric