Stablecoins

Commodities

US Treasury Debt

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

Ethena

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

Usual

Ondo USDY

Ondo I

Aave

Elixir

Blockchain Capital III Digital Liquid Venture Fund

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

Paxos Issuance MENA Ltd

Societe Generale

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

Backed Assets

BiLira

SPiCE Venture Capital Fund

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

Cosimo X Fund

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

Xfers Pte Ltd

Beanstalk Protocol Governed by Beanstalk DAO

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

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

Gemini

Science Blockchain Fund

Aurus

RTS Cam Ptd. Ltd.

Midas

PT Rupiah Token Indonesia 

Synthentix Protocol Governed by Synthetix DAO

Transfero

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

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

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

Brale

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

Blackfridge SC Limited

Matrixport Advisors

Maple Protocol Pool Operations

Adapt3r

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

WisdomTree Government Money Market Digital Fund

Superstate Asset Trust

Stablecorp Digital Currencies Inc. 

ECDD Company Ltd.

Lugh

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

Prometheus Solutions Ltd.

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

Anemoy Capital

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

BlackRock USD Institutional Digital Liquidity Fund

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

Ondo provides institutional-grade, blockchain-enabled investment products, from government bonds to high-yield bonds.

Ondo

Securitize provides businesses a platform to raise capital from institutional, accredited or retail investors with shares issued as digital tokens.

Securitize

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

Agora Ledger

OpenTrade (Perimeter Protocol)

Forte Tech Solutions

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

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

Maple

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

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


Superstate

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.

#	Asset Class	# RWAs	Total Value	30D%	Market Share
1	Stablecoins	49	$102,445.23M	▲18.01%	98.20% ▲
2	Commodities	7	$1,046.94M	▼2.47%	1.00% ▼
3	U.S. Treasuries	22	$597.72M	▼8.63%	0.57% ▼
4	Institutional Funds	7	$208.59M	▲0.00%	0.20% ▼
5	non-US Government Debt	3	$14.00M	▼2.63%	0.01% ▼
6	Corporate Bonds	3	$11.49M	▼0.02%	0.01% ▼
7	Stocks	3	$3.24M	▲64.24%	0.00% ▲
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