Stablecoins

US Treasury Debt

Commodities

Institutional Alternative Funds

Public Equity

Private Credit

non-US Government Debt

Corporate Bonds

Actively-Managed Strategies

Cryptocurrencies

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

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

Ethena

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

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

BlackRock USD Institutional Digital Liquidity Fund

Pallas 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.


Anemoy

WisdomTree Government Money Market Digital Fund

The entity's brand name is First Digital Labs, and it operates as a BVI‑registered subsidiary under the First Digital Group

FD121 (BVI) Limited

Standard Custody & Trust Company

Ondo I

Usual

Superstate Asset Trust

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

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

Aave

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

Frax Finance

BitGo

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

Ondo Global Markets (BVI) Limited is the issuer behind Ondo Global Markets (Ondo GM), a tokenization platform that enables global (non-U.S.) investors to gain on-chain exposure to thousands of publicly traded U.S. securities, including stocks, bonds, and ETFs. By issuing tokens fully backed 1:1 by the underlying assets, the platform delivers total-return exposure, reflecting both price movements and reinvested dividends.

Ondo Global Markets

Fidelity Investments

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

Elixir

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

Delta Wellington Ultra Short Treasury On-Chain Fund

Quantoz is a regulated Dutch fintech company pioneering digital currency solutions in Europe. Quantoz offers electronic money tokens, including closed-loop EURD and open-loop EURQ and USDQ stablecoins, enabling businesses to move money faster, cheaper, and more securely. Operating under Dutch Central Bank supervision, Quantoz combines blockchain efficiency with Tier 1 banking security and European regulatory compliance.


Quantoz Payments

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

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

Securitize Tokenized Apollo Diversified Credit 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

Synthentix Protocol Governed by Synthetix DAO

Franklin Templeton

Liquity Protocol

Beanstalk Protocol Governed by Beanstalk DAO

Paxos Issuance MENA Ltd

VanEck Treasury Fund

Backed Assets

Level is a stablecoin protocol that issues lvlUSD, a stablecoin that is fully backed by USDC and USDT generating yield from blue-chip lending protocols.

Level

SPiCE Venture Capital Fund

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

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

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

Gemini

ChinaAMC

Science Blockchain Fund

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

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

RTS Cam Ptd. Ltd.

PT Rupiah Token Indonesia 

Prometheus Solutions Ltd.

Transfero

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

Schuman Financial is the leading provider of technologies, infrastructure, and solutions for European stablecoin-based finance. We are bringing European and euro-denominated financial services on-chain. Our core product is EURØP, a euro-denominated stablecoin issued by our French-licensed subsidiary regulated by Banque de France. 

Schuman Financial

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

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

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

Brale

BiLira

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

Institutional-Grade Yield from Real-World Assets

Earn market-leading APYs from all RWAs on Plume Network. Start growing your wealth today with strategies designed for everyone.

Nest

Batch 22X

ECDD Company Ltd.

Forte Securities Australia Pty Limited

Hamilton Lane SCOPE Securitize Tokenized Feeder Fund

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)

Blackfridge SC Limited

Stablecorp Digital Currencies Inc. 

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

Membrane Finance

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

Dinari

WisdomTree 500 Digital Fund

WisdomTree Technology & Innovation 100 Digital Fund

WisdomTree Floating Rate Treasury Digital Fund

WisdomTree Short-Term Treasury Digital Fund

Adapt3r

Lugh

WisdomTree Long Term Treasury Digital Fund

WisdomTree 7-10 Year Treasury Digital Fund

WisdomTree 3-7 Year Treasury Digital Fund

WisdomTree TIPS Digital Fund

Blockchain Capital III Digital Liquid Venture Fund

Libre SAF VCC

WisdomTree Siegel Global Equity Digital Fund

WisdomTree Siegel Moderate Digital Fund

WisdomTree Siegel Longevity Digital Fund

WisdomTree Short-Duration Income Digital Fund

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

Maple Protocol Pool Operations

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

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Cayman Islands

Bermuda

Australia

Hong Kong

United Kingdom

Switzerland

Malta

France

Finland

United Arab Emirates

Isle of Man

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

The leading platform for tokenized financial products.‍ Brings the full power of onchain finance to asset managers and investors.

Centrifuge

First Digital Labs

RLUSD

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


Superstate

Libeara is a Singapore-based fintech startup backed by Standard Chartered Ventures, powering the tokenisation of real-world financial assets. With a mission to make quality investments inclusive and accessible.

Libeara

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

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

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 (xStocks)

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

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

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.

KAIO

Fireblocks is a digital asset infrastructure company, trusted by 2,200+ institutions to scale stablecoins, custody, and digital asset operations.

Fireblocks

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

Maple

Wrapped Ethereum

ChinaAMC HKD Digital Money Market Fund Class A HKD

CONS01 - CONSORCIOCRED INVESTIMENTOS E PARTICIPACOES LTDA

ChinaAMC RMB Digital Money Market Fund Class F RMB

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	6	$85,666.7M	▲10.26%	50.18% ▲
2	Circle	3	$47,550.6M	▲6.64%	27.85% ▼
3	Ethena	2	$15,479.5M	▲20.59%	9.07% ▲
4	MakerDAO	1	$8,847.8M	▲3.27%	5.18% ▼
5	Paxos	6	$2,533.6M	▲10.12%	1.48% ▲
6	Securitize	10	$2,128.1M	▼7.88%	1.25% ▼
7	Ondo	106	$1,315.6M	▲27.05%	0.77% ▲
8	Centrifuge	2	$850.2M	▼15.61%	0.50% ▼
9	WisdomTree	14	$821.5M	▼10.62%	0.48% ▼
10	First Digital Labs	1	$781.8M	▼3.03%	0.46% ▼