Tether Holdings

Circle

Paxos

Ethena

MakerDAO

BitGo

Ondo

Falcon Finance

Franklin Templeton Benji Investments

Securitize

Maple

Centrifuge

RLUSD

Libeara

Superstate

WisdomTree

Aave

Usual

Frax Finance

Asseto

First Digital Labs

Avalon Labs

Pareto

Midas

Fidelity Investments

Neutrl

Spiko

Theo

Techteryx

OpenEden Digital

Kinexys Digital Assets

MNEE Limited

xStocks

Societe Generale - FORGE

Matrixdock

infiniFi

Inverse Finance DAO

Quantoz Payments

Agora Ledger

Fireblocks

Fidelity Digital Assets

KAIO

Resolv

Gemini

MB | Mercado Bitcoin

Liquity Protocol

Backed Finance

BCP Technologies

UBS Tokenize

Bridge

Mu Digital

DigiShare

GAIB

Morini Limited

Synthentix Protocol Governed by Synthetix DAO

Old Vector

Xfers Pte Ltd

Sygnum Bank

Aurus

Beanstalk Protocol Governed by Beanstalk DAO

R2 Protocol

Stasis

Gold Token SA

GMO Trust

DigiFT

Unitas Protocol

Schuman Financial

Forte Tech Solutions

AUDC Pty Ltd

Transfero

Angle

PT Rupiah Token Indonesia 

MetaWealth

Anchored Coins

Brale

Mountain Protocol

AllUnity

Anzen

Level

cSigma Finance

M1X Global

OpenTrade (Perimeter Protocol)

Swarm

Energy Substantiation

Elixir

Bitso

Blackfridge SC Limited

Open Money DAO

Nest

Membrane Finance

Verified USD

Dinari

AlloyX

BDACS

Origin Protocol

Stablecoins

US Treasury Debt

Commodities

Asset-Backed Credit

Stocks

Diversified Credit

Active Strategies

Corporate Credit

non-US Government Debt

Venture Capital

Cryptocurrencies

Real Estate

Specialty Finance

Tether

Franklin Templeton

Maple Protocol Pool Operations

Anemoy

BlackRock

WisdomTree Digital Management

Federated Hermes

China Asset Management

CMS Asset Management (HK)

Fidelity Management & Research Company LLC (FMR)

Securitize Capital

Fasanara

Bosera Asset Management (International)

J.P. Morgan Asset Management

Twenty First Capital

Bank of New York Mellon

VanEck Associates Corporation

FundBridge Capital

SPiCE VC

VanEck Absolute Return Advisers Corporation

COSIMO Ventures

UBS Asset Management (Singapore) Ltd.

Golden Hill Asset Management

Land Invest Corp

Good AI Management Limited

Science Blockchain

FIL Investment Management (Luxembourg) S.a.r.l

Protos

Laser Digital

CMB International Asset Management

Unitas Labs

EpochRWA

Hamilton Lane

Invesco Capital Management

Brevan Howard Investment Management

State Street Investment Management

Vanguard Group

China Merchants Securities (HK)

Arca Capital Management

22X Fund

Five Sigma

Solomon Global Asset Management

Adapt3r Advisors

TrueFi

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.

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.

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.

Ondo I

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

Swarm X

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.

Adapt3r

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​​.

Superstate Asset Trust

Verified USD is a tokenized real world asset backed stablecoin that rewards Verified Minters based on their contribution to the token's active circulation.

BVI holding company that owns the TrueUSD (TUSD) stablecoin; took full control of TUSD’s offshore operations in July 2023 after acquiring the business in 2020.

BiLira

AUDC is the issuer of the AUDD – Australian Digital Dollar, a 1:1 AUD-backed stablecoin. AUDC's technology delivers fast, cost-effective payments for businesses, institutions, and various use cases.

ECDD Company Ltd.

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

Transfero enables global companies to access the numerous opportunities in the Latin American market seamlessly and without bureaucracy.  

We connect the banking, crypto, and financial systems, providing the necessary infrastructure for companies that want to offer financial services to their individual and institutional clients.

Lugh

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

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.

Prometheus Solutions Ltd.

Forte Securities Australia Pty Limited

Paxos Issuance MENA Ltd

Usual (aka Usual Protocol) is a DeFi stablecoin platform behind USD0, a dollar-pegged coin backed by tokenized, short-term real-world assets; the ecosystem includes USD0++ and a USUAL governance token with a “revenue switch” that shares protocol fees with stakers.  ￼

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

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

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.

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.

DigiFT is a next-generation regulated platform for institutional-grade tokenized real-world assets (RWAs). Backed by top-tier institutions like SBI Holdings, Mirana Ventures, Arbitrum Foundation, and Polygon Labs, DigiFT brings together regulatory compliance, smart contract infrastructure, and deep financial expertise to enable secure, on-chain access to regulated RWA products.

Headquartered in Singapore, DigiFT is among the first on-chain platforms to be licensed by both the Monetary Authority of Singapore (MAS) and the Hong Kong Securities and Futures Commission (SFC)—two of Asia’s most sophisticated financial regulators.

DigiFT offers a fully integrated solution for the tokenization, issuance, distribution, custody, and trading of tokenized assets—delivering both real-time and OTC institutional liquidity, fiat and stablecoin settlement, and native interoperability with public blockchains.

Trusted by global financial institutions, DigiFT is the on-chain tokenization and distribution partner for leading asset managers such as Invesco, UBS, DBS Bank, CMB International, and Wellington Management—bringing to market landmark products at the forefront of institutional RWA adoption.

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.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	7	$89.8B	▲0.52%	47.47% ▲
2	Circle	3	$51.9B	▼2.29%	27.43% ▼
3	Paxos	6	$10.3B	▼12.50%	5.46% ▼
4	Sky	1	$8.4B	▲4.45%	4.41% ▲
5	Ethena	2	$4.9B	▼27.54%	2.56% ▼
6	MakerDAO	1	$3.6B	▲5.53%	1.91% ▲
7	BitGo	2	$1.9B	▲10.31%	1.00% ▲
8	Ondo	267	$1.8B	▼15.53%	0.97% ▼
9	Falcon Finance	1	$1.6B	▼0.39%	0.85% ▲
10	Franklin Templeton Benji Investments	2	$1.4B	▲47.44%	0.75% ▲

Ethereum

Asset Type

Metric