Stablecoins

US Treasury Debt

Commodities

Institutional Alternative Funds

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

First Digital Labs

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

Frax Finance

Hashnote is multi-strategy onchain asset manager that is offering yield-enhanced cash/treasury and portfolio management products by implementing a unique approach to asset management.  

Hashnote

Usual

BlackRock USD Institutional Digital Liquidity Fund

Ondo USDY

Aave

Elixir

Ondo I

Blockchain Capital III Digital Liquid Venture Fund

Superstate Asset Trust

OpenEden

M^0 is an on-chain protocol, as well as a set of off-chain standards and APIs, that allows multiple Minters to issue a fully fungible cryptodollar called $M.

Liquity Protocol

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

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

Backed Assets

Paxos Issuance MENA Ltd

Societe Generale

SPiCE Venture Capital 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

Beanstalk Protocol Governed by Beanstalk DAO

Anemoy Capital

Franklin Templeton

BiLira

Cosimo X Fund

Xfers Pte Ltd

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

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

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

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

Gemini

Science Blockchain Fund

Prometheus Solutions Ltd.

WisdomTree Government Money Market Digital Fund

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

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

Adapt3r

RTS Cam Ptd. Ltd.

Midas

PT Rupiah Token Indonesia 

Synthentix Protocol Governed by Synthetix DAO

Transfero

Matrixport Advisors

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

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

ECDD Company Ltd.

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

Forte Securities Australia Pty Limited

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

Stablecorp Digital Currencies Inc. 

Blackfridge SC Limited

Lugh

Maple Protocol Pool Operations

Ethena

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.

Mercado Bitcoin

Aurus

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

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Cayman Islands

Bermuda

Australia

United Kingdom

Switzerland

Malta

France

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

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


Superstate

OpenEden tokenizes real-world assets to DeFi.

Open Eden

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

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

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

AmpFi.Digital by Zeconomy

Agora Ledger

Matrixdock is a subsidiary of Martixport, an Asia-based all-in-one digital assets investment platform. Matrixdock offers products such as tokenized US treasuries to its clients. 

Matrixdock

Securrency utilizes its Compliance Aware Token® Framework as a tokenization platform for institutions.

DTCC Digital Assets (f.k.a. Securrency)

OpenTrade (Perimeter Protocol)

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

Forte Tech Solutions

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

Maple

WisdomTree Floating Rate Treasury Digital Fund

Franklin OnChain U.S. Government Money Fund

Hamilton Lane Equity Opportunities Securitize Fund V

Hamilton Lane Senior Credit Opportunities Securitize Fund

Hamilton Lane Secondary VI Securitize Fund

KKR Health Care Strategic Growth II Securitize Fund

Matrixdock Short-term Treasury Bill Token

Swarm iShares $ Treasury Bond 0-1yr UCITS ETF

Swarm iShares $ Treasury Bond 1-3yr UCITS ETF

OpenTrade Fixed Term U.S. Treasury Bill Vaults

Superstate Short Duration US Government Securities Fund

WisdomTree Long Term Treasury Digital Fund

WisdomTree 7-10 Year Treasury Digital Fund

WisdomTree Short-Term Treasury Digital Fund

WisdomTree 3-7 Year Treasury Digital 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.

#	Asset Class	# RWAs	Total Value	30D%	Market Share
1	Stablecoins	49	$106,307.36M	▲19.71%	97.14% ▲
2	U.S. Treasuries	23	$1,783.75M	▲8.15%	1.63% ▼
3	Commodities	7	$1,043.07M	▼3.70%	0.95% ▼
4	Institutional Funds	7	$266.27M	▲3.72%	0.24% ▼
5	non-US Government Debt	3	$13.73M	▼4.81%	0.01% ▼
6	Corporate Bonds	3	$11.49M	▼0.04%	0.01% ▼
7	Stocks	3	$6.13M	▲68.81%	0.01% ▲
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