Stablecoins

US Treasury Debt

Institutional Alternative Funds

non-US Government Debt

Corporate Bonds

Public Equity

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.

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

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

BlackRock USD Institutional Digital Liquidity Fund

Elixir

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

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

Franklin Templeton

Republic

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.

Xfers Pte Ltd

Securitize Tokenized Apollo Diversified Credit Fund

Backed Assets

KKR Health Care Strategic Growth II Securitize Fund

VanEck Treasury Fund

ParaFi Venture II Securitize Fund

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

WisdomTree Long Term Treasury Digital Fund

WisdomTree 7-10 Year Treasury Digital Fund

WisdomTree Floating Rate Treasury Digital Fund

WisdomTree 3-7 Year Treasury Digital Fund

WisdomTree Short-Term Treasury Digital Fund

WisdomTree Technology & Innovation 100 Digital Fund

WisdomTree Siegel Longevity Digital Fund

WisdomTree Siegel Global Equity Digital Fund

WisdomTree Short-Duration Income Digital Fund

WisdomTree TIPS Digital Fund

WisdomTree 500 Digital Fund

WisdomTree Siegel Moderate Digital Fund

WisdomTree Government Money Market Digital Fund

Forte Securities Australia Pty Limited

Singapore

Australia

United States of America

Switzerland

United Kingdom

Bermuda

Avalanche

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

Securitize

OpenTrade (Perimeter Protocol)

Agora Ledger

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

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

WisdomTree, Inc., through its subsidiaries, is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain technology. As of March 4, 2025, WisdomTree had $114.0 billion in global assets under management, making the company the largest public independent ETF provider. Building on our heritage of innovation, we are developing and have launched next-generation digital products, services and structures, including a suite of 13 digital funds, ranging from a money market fund, equities, fixed income, and asset allocation models, in addition to tokenized assets, such as gold. We provide access to their assets through our blockchain-native digital wallet, WisdomTree Prime®, for U.S. Retail investors and our institutional platform WisdomTree Connect™.1 WisdomTree leverages the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. 

1The digital asset related services described herein are generally made available through WisdomTree Digital Movement, Inc. (NMLS ID: 2372500), in select jurisdictions and may be limited where prohibited by law.
Note that this document focuses primarily on WisdomTree’s digital assets and blockchain focused business, which is comprised of separate subsidiaries within WisdomTree (and a sub-set of the employees within WisdomTree as employed by the applicable subsidiary) which commenced in 2021 and includes the separate advisory subsidiary, WisdomTree Digital Management, Inc. (the investment adviser to WTGXX), commencing in 2022, and money services subsidiary, WisdomTree Digital Movement, Inc., commencing in 2023, among other affiliated entities, some of which are further noted below. General references to “WisdomTree”, “our” or similar usage are used for ease of reading but should be read to ultimately refer to the actual entity providing the product or service, as applicable.

WisdomTree

Forte Tech Solutions

Apollo Diversified Credit Securitize Fund

Franklin OnChain U.S. Government Money Fund

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.

#	Protocol	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	1	$1,403.3M	▲6.53%	58.91% ▼
2	Circle	2	$708.3M	▲1.91%	29.73% ▼
3	Securitize	6	$79.9M	▲3.50%	3.35% ▼
4	Elixir	1	$52.2M	▲271.58%	2.19% ▲
5	OpenTrade (Perimeter Protocol)	3	$42.0M	▲23.45%	1.76% ▲
6	Agora Ledger	1	$34.2M	▼3.08%	1.43% ▼
7	Franklin Templeton Benji Investments	1	$34.1M	▼1.38%	1.43% ▼
8	Republic	1	$17.5M	▲1.72%	0.74% ▼
9	Xfers Pte Ltd	1	$6.5M	▲1.84%	0.27% ▼
10	Backed Finance	2	$4.2M	▲2.43%	0.18% ▼

AvalancheBETA