Maple

Tether Holdings

Paxos

Ondo

Centrifuge

Libeara

Superstate

Securitize

WisdomTree

Fidelity Investments

Theo

Midas

Circle

Resolv

Pareto

Spiko

OpenEden Digital

Franklin Templeton Benji Investments

Backed Finance (xStocks)

MB | Mercado Bitcoin

Matrixdock

OpenTrade (Perimeter Protocol)

Asseto

KAIO

cSigma Finance

Arca Labs

DigiFT

Nest

AlloyX

Dinari

TrueFi

US Treasury Debt

Commodities

Private Credit

Institutional Alternative Funds

Public Equity

non-US Government Debt

Actively-Managed Strategies

Corporate Bonds

Maple Protocol Pool Operations

Tether

Janus Henderson

China Asset Management

Voya Investment Management

Federated Hermes

BlackRock

Fidelity Management & Research Company LLC (FMR)

Wellington Management

Blockchain Capital

Fasanara

Bosera Asset Management (International)

Twenty First Capital

Insight North America LLC

Bank of New York Mellon

Apollo Global Management

VanEck Absolute Return Advisers Corporation

SPiCE VC

COSIMO Ventures

Science Blockchain

Five Sigma

Protos

China Merchants Securities (HK)

Hamilton Lane

Arca Capital Management

22X Fund

CSOP Asset Management

Solomon Global Asset Management

WisdomTree Digital Management

Adapt3r Advisors

MakerDAO

Ethena

Falcon Finance

RLUSD

BitGo

Usual

Aave

First Digital Labs

Frax Finance

Agora Ledger

Quantoz Payments

Societe Generale - FORGE

Anchored Coins

Liquity Protocol

Synthentix Protocol Governed by Synthetix DAO

Angle

Beanstalk Protocol Governed by Beanstalk DAO

Xfers Pte Ltd

Bridge

Anzen

Stasis

GMO Trust

PT Rupiah Token Indonesia 

Origin Protocol

Transfero

Forte Tech Solutions

AUDC Pty Ltd

Schuman Financial

Gemini

Brale

Mountain Protocol

BiLira

Open Money DAO

Elixir

Fireblocks

Bitso

Blackfridge SC Limited

Membrane Finance

Verified USD

Stablecoins

VanEck Associates Corporation

Blackstone

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.

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

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.

Franklin Templeton

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.

Anemoy

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.

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.

Aurus

Forte Securities Australia Pty Limited

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

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.

SPiCE Venture Capital Fund

Science Blockchain Fund

Blockchain Capital III Digital Liquid Venture Fund

Batch 22X

Cosimo X Fund

Hamilton Lane SCOPE Securitize Tokenized Feeder Fund

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

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

BlackRock USD Institutional Digital Liquidity Fund

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.

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.

Libre SAF VCC

Standard Custody & Trust Company

Paxos Digital Singapore

Securitize Tokenized Apollo Diversified Credit Fund

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.

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").

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

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

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

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

Pareto is a private credit marketplace that connects institutional lenders and borrowers, providing scalable, RWA-backed yield opportunities.

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)

VanEck Treasury Fund

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.

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

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.


Delta Wellington Ultra Short Treasury On-Chain Fund

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. 

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

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

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.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	6	$93.8B	▲0.58%	50.94% ▲
2	Circle	3	$51.3B	▼2.54%	27.85% ▼
3	MakerDAO	1	$10.5B	▲5.21%	5.70% ▲
4	Ethena	2	$7.3B	▼20.21%	3.99% ▼
5	Paxos	6	$4.7B	▲12.08%	2.57% ▲
6	Maple	4	$2.4B	▲29.90%	1.32% ▲
7	Falcon Finance	1	$2.1B	▲2.42%	1.14% ▲
8	Ondo	106	$1.5B	▲4.13%	0.82% ▲
9	RLUSD	1	$1.0B	▲14.35%	0.57% ▲
10	Centrifuge	2	$1.0B	▼2.81%	0.56% ▼

Ethereum

Asset Type

Metric