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

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

First Digital Labs

Pallas Fund

Usual

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

Superstate Asset Trust

Ondo USDY

Frax Finance

Ondo I

Aave

Elixir

Standard Custody & Trust Company

M^0 is the platform powering builders of safe, programmable, interoperable stablecoins. By extending $M, a digital dollar building block issued by the M^0 protocol, developers can build branded, feature-rich digital dollars in minutes.

Hill Lights International

Paxos Digital Singapore

Anemoy Capital

WisdomTree Government Money Market Digital Fund

Paxos Issuance MENA Ltd

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

Liquity Protocol

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

SPiCE Venture Capital Fund

Beanstalk Protocol Governed by Beanstalk DAO

Backed Assets

Franklin Templeton

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

Synthentix Protocol Governed by Synthetix DAO

Cosimo X Fund

Securitize Tokenized Apollo Diversified Credit Fund

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

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

Science Blockchain Fund

BiLira

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

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

Xfers Pte Ltd

RTS Cam Ptd. Ltd.

PT Rupiah Token Indonesia 

Matrixport Advisors

Prometheus Solutions Ltd.

Transfero

Gemini

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

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

Midas

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

ECDD Company Ltd.

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

Membrane Finance

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. 

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 Short-Term Treasury Digital Fund

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

Blockchain Capital III Digital Liquid Venture 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

Libre SAF VCC

WisdomTree 500 Digital Fund

WisdomTree Technology & Innovation 100 Digital Fund

WisdomTree Siegel Global Equity Digital Fund

WisdomTree Siegel Moderate Digital Fund

WisdomTree Siegel Longevity Digital Fund

WisdomTree Short-Duration Income Digital Fund

Maple Protocol Pool Operations

Ethena

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

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

Finland

Isle of Man

Germany

United States of America

United Kingdom

Switzerland

Cayman Islands

Australia

British Virgin Islands

United Arab Emirates

Malta

Bermuda

France

Liechtenstein

Singapore

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

RLUSD

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

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

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

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

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

Agora Ledger

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

OpenTrade (Perimeter Protocol)

Forte Tech Solutions

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

AmpFi.Digital by Zeconomy

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

ACORDO01 - CLUBE DE REGATAS VASCO DA GAMA

Apollo Diversified Credit Securitize Fund

AMC ENTERTAINMENT HOLDINGS, INC. - Dinari

ARK Space Exploration & Innovation ETF - Dinari

Arm Holdings plc American Depositary Shares - Dinari

Franklin OnChain U.S. Government Money Fund

Alpha Architect 1-3 Month Box ETF - Dinari

Coinbase Global, Inc. Class A Common Stock - Dinari

Cisco Systems, Inc. Common Stock (DE) - Dinari

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

CSCONS05 - FUNDO DE INVESTIMENTO EM DIREITOS CREDITORIOS CONSORCIEI I

iShares MSCI Emerging Markets ETF - Dinari

ENER01 - BOLT ENERGY COMERCIALIZADORA DE ENERGIA LTDA

ENER03 - BOLT ENERGY COMERCIALIZADORA DE ENERGIA LTDA

Fidelity Wise Origin Bitcoin Fund - Dinari

SPDR Gold Trust, SPDR Gold Shares - Dinari

Robinhood Markets, Inc. Class A Common Stock - Dinari

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF - Dinari

iShares Bitcoin Trust iShares Bitcoin Trust - Dinari

iShares U.S. Aerospace & Defense ETF - Dinari

MARA Holdings, Inc. Common Stock - Dinari

MBCCSH01 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH02 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH03 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH07 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH10 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH11 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH12 - BANRISUL SA ADMINISTRADORA DE CONSORCIOS

MBCCSH13 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH14 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH15 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH16 - BANRISUL SA ADMINISTRADORA DE CONSORCIOS

MBCCSH17 - BANRISUL SA ADMINISTRADORA DE CONSORCIOS

MBCCSH21 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH22 - SANTANDER BRASIL ADMINISTRADORA DE CONSORCIO LTDA

MBCCSH23 - CONSORCIO NACIONAL VOLKSWAGEN - ADMINISTRADORA DE CONSORCIO LTDA

The total outstanding principal amount in dollars.

#	Protocol	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	6	$71,075.03M	▼5.33%	55.37% ▼
2	Circle	2	$39,126.60M	▲1.61%	30.48% ▲
3	MakerDAO	1	$6,896.13M	▼12.38%	5.37% ▼
4	Securitize	8	$2,325.20M	▲99.81%	1.81% ▲
5	Paxos	6	$1,786.88M	▲16.12%	1.39% ▲
6	First Digital Labs	1	$1,515.42M	▼10.33%	1.18% ▼
7	Ethena	2	$1,435.88M	▲81.27%	1.12% ▲
8	Usual	1	$715.85M	▼26.81%	0.56% ▼
9	Ondo	2	$651.33M	▼18.59%	0.51% ▼
10	Hashnote	1	$526.17M	▼37.87%	0.41% ▼