Circle

Bridge

Backed Finance (xStocks)

Dinari

Theo

Felix Labs

Ondo

Swarm

Stablecoins

Stocks

US Treasury Debt

Commodities

Diversified Credit

BlackRock

Invesco Capital Management

State Street Investment Management

Franklin Templeton

Cryptocurrencies

Corporate Credit

HyperEVM is a high-performance, permissionless Ethereum Virtual Machine (EVM) execution layer natively integrated into the Hyperliquid Layer-1 blockchain. It enables developers to deploy Solidity-based decentralized applications (dApps) that seamlessly interact with Hyperliquid's native, high-speed trading engine (HyperCore).

Swarm X

Backed Assets

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

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

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

Bridge is Stripe’s stablecoin issuance and treasury infrastructure platform, enabling compliant minting, redemption, and management of fully-backed digital dollars. It provides regulated fiat on/off-ramp services, reserve management coordination, and tokenization rails for stablecoins backed by cash and U.S. Treasury assets.

Felix is a Hyperliquid-native decentralized finance protocol operated through non-custodial smart contracts. The platform provides lending, borrowing, stablecoin, vault, and market infrastructure across HyperEVM/Hyperliquid, including feUSD CDP markets, vanilla lending markets, and USDhl, a fiat-backed stablecoin product for the Hyperliquid ecosystem powered by M0 infrastructure.

Issuer vehicle that works with the ST0x DEX to provide 1:1-backed, tokenized equities, while ST0x provides the on-chain trading environment; ST0x states it is not the issuer and that issuance is handled by “S1.

United States of America

Germany

Liechtenstein

Luxembourg

European Union

HyperEVM

xStocks issues tokens that track major financial instruments (S&P500, T-bills, TSLA, AAPL, etc.) on public blockchains. The tokens are fully backed by the underlying assets.

xStocks

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

Swarm is a Germany-based tokenization platform regulated by the Federal Financial Supervisory Authority (BaFin). 

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.

Onchain infrastructure for regulated securities: permissionless ERC-20s issued by S01 Issuer GmbH under an FMA-approved EU Base Prospectus, carrying a Right of Exchange for physical delivery of the underlying.

ST0x

Volatility Shares 2x Bitcoin Strategy xStock

Assigned by the issuer and not guaranteed to be unique.

The base protocol where the token is deployed

Annualized percentage yield over the last 7 days, net of fees.

Annualized percentage yield over the last 30 days, net of fees.

Total return over the trailing 7 calendar days, compounded from daily asset performance rates

Total return over the trailing calendar month, compounded from daily asset performance rates

Total return over the trailing 3 calendar months, compounded from daily asset performance rates

Total return over the trailing calendar year, compounded from daily asset performance rates

Total return from January 1 through the latest observation date, compounded from daily asset performance rates

Total return across all available daily observations, compounded from daily asset performance rates

Total outstanding principal amount in tokens

Capital amount that has yet to be invested.

total amount issued in the deal, pool or tranche.

Also known as 'Market Capitalization'. The total market value of an asset in U.S. Dollars, calculated by multiplying the Total Supply by Price.

Sum of token value, in U.S. Dollars, burned on the given day. Calculated by multiplying Daily Burns (Token) by the NAV.

Sum of token value, in U.S. Dollars, transferred on the given day. Calculated by multiplying Daily Transfer Volume (Token) by the NAV.

Total asset value in U.S. Dollars. Calculated by multiplying the Total Supply by Net Asset Value.

Per-unit value of the asset, in U.S. Dollars, calculated based on the underlying holdings.

Capacity amount available for investment.

Sum of token value, in U.S. Dollars, minted on the given day. Calculated by multiplying Daily Mints (Token) by the NAV.

Total principal repaid token amount for loan asset

Total interest paid token amount by borrower/loan to lender

Total written off principal token amount for a defaulted loan asset

Total recovered token amount for a liquidated loan asset

total principal paid back in the deal, pool or tranche in tokens

Total interest earned in the deal, pool or tranche in tokens

Total funded asset token amount for loan asset

Total funds withdrawn token amount for loan asset

Market value of an asset on a per-unit basis, in U.S. Dollars. Calculated by aggregating the last traded prices from secondary markets.

Circulating asset value in U.S. Dollars. Calculated by multiplying the Circulating Token Supply by NAV.

Circulating market capitalization in U.S. Dollars. Calculated by multiplying the Circulating Token Supply by Price. A Price only exists if the token is actively traded on a secondary market.

USD value of onchain token transfers aggregated weekly

USD value of onchain token transfers aggregated monthly

USD value of onchain token transfers over the trailing 7 days

USD value of onchain token transfers over the trailing 30 days

The total number of tokens that currently exist. Calculated by netting all mints and burns.

Token supply in circulation. Calculated by subtracting balances in treasury/pre-mint addresses from Total Supply.

Total number of loans being funded by a pool over lifetime

Total number of loans currently active that are funded by the pool

Total number of loans marked as defaulted/liquidated that were funded by the pool

Unique number of addresses that interact with the contract on the given day

Unique number of addresses that hold the token. Balances below 1e-9 are not counted.

Unique number of addresses that interact with the contract in the given week.

Unique number of addresses that interact with the contract in the given month.

Unique number of addresses that interact with the contract in the given quarter.

Unique number of addresses that interact with the contract in the given year.

Number of transactions executed with the contract on the given day.

Number of onchain token transfers aggregated weekly

Number of onchain token transfers aggregated monthly

Number of onchain token transfers over the trailing 7 days

Number of onchain token transfers over the trailing 30 days

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	1	$6.3B	Login to Unlock	Login to Unlock
2	Bridge	1	$8.5M	Login to Unlock	Login to Unlock
3	Backed Finance (xStocks)	808	$3.6M	Login to Unlock	Login to Unlock
4	Dinari	18	$1.6M	Login to Unlock	Login to Unlock
5	Theo	1	$1.3M	Login to Unlock	Login to Unlock
6	Felix Labs	1	$362.90K	Login to Unlock	Login to Unlock
7	Ondo	35	$6,687.7	Login to Unlock	Login to Unlock
8	Swarm	38	$57.7	Login to Unlock	Login to Unlock
—	—	—	—	Login to Unlock	Login to Unlock
—	—	—	—	Login to Unlock	Login to Unlock

HyperEVMBETA

Asset Type