Tether Holdings

Paxos

Maple

Ondo

Centrifuge

Libeara

Superstate

Securitize

WisdomTree

Fidelity Investments

Theo

Midas

Pareto

Circle

Kinexys Digital Assets

Spiko

Resolv

KAIO

Franklin Templeton Benji Investments

Backed Finance

Matrixdock

OpenEden Digital

MB | Mercado Bitcoin

DigiShare

xStocks

Aurus

Gold Token SA

Asseto

OpenTrade (Perimeter Protocol)

Wavist

cSigma Finance

DigiFT

Nest

Energy Substantiation

AlloyX

Dinari

TrueFi

US Treasury Debt

Commodities

Private Credit

Institutional Alternative Funds

Public Equity

non-US Government Debt

Actively-Managed Strategies

Real Estate

Corporate Bonds

Tether

Maple Protocol Pool Operations

Janus Henderson

China Asset Management

Federated Hermes

WisdomTree Digital Management

BlackRock

Fidelity Management & Research Company LLC (FMR)

Blockchain Capital

Fasanara

Insight North America LLC

Bosera Asset Management (International)

J.P. Morgan Asset Management

FundBridge Capital

Twenty First Capital

Apollo Global Management

Bank of New York Mellon

VanEck Absolute Return Advisers Corporation

SPiCE VC

COSIMO Ventures

Land Invest Corp

Brevan Howard Investment Management

Science Blockchain

Protos

China Merchants Securities (HK)

State Street Investment Management

Five Sigma

Invesco Capital Management

Hamilton Lane

Arca Capital Management

Vanguard Group

22X Fund

CSOP Asset Management

Solomon Global Asset Management

Adapt3r Advisors

MakerDAO

Ethena

BitGo

Falcon Finance

RLUSD

Usual

Aave

Frax Finance

First Digital Labs

Neutrl

Avalon Labs

Inverse Finance DAO

infiniFi

Techteryx

MNEE Limited

Agora Ledger

Quantoz Payments

Societe Generale - FORGE

Anchored Coins

Gemini

Liquity Protocol

Synthentix Protocol Governed by Synthetix DAO

Bridge

Xfers Pte Ltd

Stasis

Beanstalk Protocol Governed by Beanstalk DAO

Unitas Protocol

GMO Trust

Angle

Schuman Financial

AUDC Pty Ltd

Forte Tech Solutions

PT Rupiah Token Indonesia 

Transfero

Anzen

Origin Protocol

Brale

Level

Mountain Protocol

Open Money DAO

Fireblocks

Bitso

Elixir

Blackfridge SC Limited

BiLira

Membrane Finance

Verified USD

Lugh

Stablecoins

VanEck Associates Corporation

Blackstone

Unitas Labs

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.

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.

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.

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

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").

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Tether Holdings	7	$87.1B	▼4.75%	48.78% ▼
2	Circle	3	$50.1B	▼0.98%	28.06% ▲
3	MakerDAO	1	$10.0B	▲2.35%	5.61% ▲
4	Ethena	2	$7.2B	▼1.67%	4.04% ▼
5	Paxos	6	$5.7B	▲16.83%	3.21% ▲
6	BitGo	1	$2.3B	▲81.28%	1.31% ▲
7	Maple	4	$2.2B	▲10.34%	1.26% ▲
8	Ondo	205	$1.7B	▲8.39%	0.94% ▲
9	Falcon Finance	1	$1.6B	▼20.06%	0.92% ▼
10	RLUSD	1	$1.2B	▲11.59%	0.66% ▲

Ethereum

Asset Type

Metric