Stablecoins

US Treasury Debt

Commodities

Institutional Alternative Funds

Private Credit

non-US Government Debt

Corporate Bonds

Public Equity

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.

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

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

Ethena

BlackRock USD Institutional Digital Liquidity 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

Pallas Fund

First Digital Labs

Superstate Asset Trust

Usual

Ondo I

Ondo USDY

Anemoy Capital

Standard Custody & Trust Company

WisdomTree Government Money Market Digital Fund

Frax Finance

M0 is the universal platform powering builders of application-specific stablecoins. With M0, developers can build safe, programmable and interoperable digital dollars.


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

Paxos Digital Singapore

Aave

Elixir

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

Paxos Issuance MENA Ltd

Franklin Templeton

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

Societe Generale

Securitize Tokenized Apollo Diversified Credit Fund

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

Liquity Protocol

VanEck Treasury Fund

SPiCE Venture Capital Fund

Synthentix Protocol Governed by Synthetix DAO

Beanstalk Protocol Governed by Beanstalk DAO

Backed Assets

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

Cosimo X Fund

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

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

Matrixport Advisors

Gemini

Science Blockchain Fund

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

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

Xfers Pte Ltd

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

Prometheus Solutions Ltd.

RTS Cam Ptd. Ltd.

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

PT Rupiah Token Indonesia 

Transfero

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

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

Brale

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

Batch 22X

Midas is a tokenisation platform building institutional-grade financial products for the open web. Its ERC-20 tokens are structured to track dedicated strategies with verifiable on-chain performance, combining TradFi-grade standards with DeFi composability.

Midas is backed by leading investors like Framework Ventures, BlockTower Capital, and GSR, and partners with regulated custodians to ensure strong compliance and risk controls.

Midas

ECDD Company Ltd.

Forte Securities Australia Pty Limited

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

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

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

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)

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

Blackfridge SC Limited

Stablecorp Digital Currencies Inc. 

Membrane Finance

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

Dinari

Adapt3r

Lugh

WisdomTree 500 Digital Fund

Blockchain Capital III Digital Liquid Venture Fund

WisdomTree Siegel Global Equity Digital Fund

WisdomTree 7-10 Year Treasury Digital Fund

WisdomTree Long Term Treasury Digital Fund

WisdomTree TIPS Digital Fund

WisdomTree Siegel Longevity Digital Fund

WisdomTree Floating Rate Treasury Digital Fund

WisdomTree 3-7 Year Treasury Digital Fund

BiLira

WisdomTree Short-Term Treasury Digital Fund

WisdomTree Siegel Moderate Digital Fund

WisdomTree Short-Duration Income Digital Fund

WisdomTree Technology & Innovation 100 Digital Fund

Libre SAF VCC

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

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

Maple Protocol Pool Operations

Aurus

Liechtenstein

United Kingdom

Cayman Islands

France

Germany

Isle of Man

Australia

British Virgin Islands

Finland

United Arab Emirates

Singapore

United States of America

Malta

Switzerland

Bermuda

Ethereum

MakerDAO

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

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


Superstate

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

RLUSD

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

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

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.

Matrixdock

Zeconomy’s mission is to enhance the value, utility, and returns of traditional financial products through blockchain technology. With top-tier security and compliance, its platform, AmpFi.Digital, delivers asset-backed, rated digital assets built on stable instruments like T-bills and commercial paper that can be transformed into new utility, higher returns, and unique opportunities for issuers, DeFi platforms, and corporate investors.

Zeconomy

Agora Ledger

OpenTrade (Perimeter Protocol)

Forte Tech Solutions

Bitso

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

Libre Capital

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

Maple

CSCONS01 - FUNDO DE INVESTIMENTO EM DIREITOS CREDITORIOS CONSORCIEI I

CSCONS03 - FUNDO DE INVESTIMENTO EM DIREITOS CREDITORIOS CONSORCIEI I

CSCONS04 - FUNDO DE INVESTIMENTO EM DIREITOS CREDITORIOS CONSORCIEI I

ENER03 - BOLT ENERGY COMERCIALIZADORA DE ENERGIA LTDA

SPDR Gold Trust, SPDR Gold Shares - Dinari

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF - Dinari

iShares Bitcoin Trust iShares Bitcoin Trust - Dinari

iShares U.S. Aerospace & Defense ETF - Dinari

MBCCSH14 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH16 - BANRISUL SA ADMINISTRADORA DE CONSORCIOS

MBCCSH25 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH28 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH30 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH33 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH34 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH39 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH44 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH46 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCONS02 - ZEMA ADMINISTRADORA DE CONSORCIO LTDA

MBFP07 - MIXTEL DISTRIBUIDORA LTDA EM RECUPERACAO JUDICIAL

abrdn Physical Platinum Shares ETF - Dinari

RFDCS11 - PORTO SEGURO ADMINISTRADORA DE CONSORCIOS LTDA

RFDCS12 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

RFDCS20 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

RFDCS21 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

RFDCS22 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

RFDCS23 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

RFDCS24 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

RFDCS25 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

RFDCS26 - PORTO SEGURO ADMINISTRADORA DE CONSORCIOS LTDA

RFDFP28 - TELE PERFORMANCE TELECOMUNICACOES LTDA

RFDFP40 - TELE PERFORMANCE TELECOMUNICACOES LTDA

RFDFP42 - RAPPI BRASIL INTERMEDIACAO DE NEGOCIOS LTDA

RFDFP46 - TELE PERFORMANCE TELECOMUNICACOES LTDA

#	Protocol	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	6	$70,729.2M	▲1.03%	51.23% ▼
2	Circle	3	$40,992.0M	▲2.38%	29.69% ▼
3	MakerDAO	1	$7,770.6M	▲8.61%	5.63% ▲
4	Ethena	2	$7,137.9M	▲7.75%	5.17% ▲
5	Securitize	9	$2,850.2M	▲1.85%	2.06% ▼
6	Paxos	6	$2,074.8M	▲8.70%	1.50% ▲
7	First Digital Labs	1	$1,143.2M	▼17.63%	0.83% ▼
8	Ondo	2	$1,037.6M	▲12.80%	0.75% ▲
9	Superstate	2	$636.7M	▲6.36%	0.46% ▲
10	Usual	1	$613.5M	▼4.46%	0.44% ▼