Accountable

Circle

Chainlink CCIP

LayerZero OFT

Multipli

Agora Ledger

Saturn

USDT0

Mu Digital

Centrifuge

Midas

Anchored

Etherfuse

BitGo

Yuzu Money

Pareto

TownSquare

Stablecoins

Asset-Backed Credit

Active Strategies

Diversified Credit

Commodities

Corporate Credit

US Treasury Debt

Specialty Finance

Stocks

non-US Government Debt

Maple Protocol Pool Operations

Hyperithm

Valos

VanEck Associates Corporation

Golden Hill Asset Management

Tether

Anemoy

Yuzu Fintech

Ouroboros Capital

M11 Credit

Monad is a high-performance, Layer-1 blockchain designed for full Ethereum Virtual Machine (EVM) compatibility, enabling 10,000+ transactions per second (TPS) with 1-second finality.

Multipli lets you borrow against real-world assets such as tokenized gold, stocks, the S&P 500, and other tokenized assets, to unlock on-chain liquidity and yield without selling what you own.

Anchored is an RWA tokenization and infrastructure platform focused on tokenized stocks and tokenized fund products. Its live tokenized stock product provides stablecoin-settled access to 1:1 backed tokenized U.S. equities and ETFs, with underlying stocks purchased through brokerage infrastructure and held in regulated custody. Anchored is designed for partner-led distribution, reserve verification, and compliance-aware onchain asset access.

Regulated institutional digital asset management company providing yield-generating solutions to institutional clients.

Hyperithm is a premier digital asset manager based in Tokyo and Seoul, active in quant trading and venture investments.  Specializes in algorithmic/HFT market-neutral strategies including statistical arbitrage, governance token acquisition, options trading, and event-driven strategies.

Yuzu Money is a yield infrastructure protocol offering yzUSD, an overcollateralized USD-referenced stablecoin backed by curated on-chain strategies, with staking and protection-pool products for yield and risk tranching.

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.

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.

Ethena

The customer-facing entity that issues and redeems Tether Gold (XAU₮) tokens. Each XAU₮ represents ownership of one fine troy ounce of gold on a London Good Delivery bar.

TG Commodities

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.

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

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

Our mission is to bring access to sovereignn debt by leveraging blockchain technology to lower barriers to ownership and empower individuals worldwide.

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

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

BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions, including many of the industry's top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide. For more information, visit www.bitgo.com.

Resilience BVI Ltd.

SoFi became the first full-service financial technology startup to receive a formal U.S. banking license as well as the first nationally chartered consumer bank in the U.S. to offer cryptocurrency trading. Offers digital-first consumer banking including lending, deposits, investing, and crypto services. FDIC-insured, NMLS #696891. Subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI).

SoFi Bank

USDat IssuerCo

sUSDat Deployer

Hong Kong-based Web3 platform bringing Asia's credit markets on-chain. Issues two products: AZND (Asia Dollar, senior tranche, 6-7% yield) and muBOND (junior tranche, up to 15% yield), both backed by a portfolio of Asian government and corporate bonds and private credit. Founded by former investment bankers from Bank of America Merrill Lynch, UBS, and HTX.

Mu Bond Protocol

Valos is a digital asset manager specialising in private credit strategies. We provide lending solutions designed for professional and institutional investors seeking disciplined access to credit opportunities in digital asset markets.

United States of America

British Virgin Islands

Switzerland

El Salvador

European Union

Antigua and Barbuda

Republic of Georgia

Monad

The leading platform for tokenized financial products.‍ Brings the full power of onchain finance to asset managers and investors.

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.

Agora Ledger builds infrastructure for digital dollars—letting businesses mint and manage dollar tokens (e.g., AUSD) and connect them to both DeFi and traditional payment rails.

The Re Protocol is a groundbreaking innovation that bridges the gap between traditional insurance markets and decentralized finance (DeFi). Built on blockchain technology, Re Protocol introduces an unprecedented level of transparency, efficiency, and accessibility to the global reinsurance market—a multi-trillion-dollar industry historically characterized by opacity and reliance on intermediaries.
At its core, Re Protocol facilitates direct, efficient capital allocation to reinsurance contracts. This is achieved through a network of interconnected smart contracts and an architecture designed for auditable, secure operations. Participants in the protocol gain exposure to the returns of the reinsurance sector without the traditional barriers of entry, while simultaneously benefiting from the transparency and automation enabled by blockchain.

The USDT0 Network operates on a robust lock-and-mint mechanism powered by the Omnichain Fungible Token (OFT) standard. This system ensures secure and efficient cross-chain transfers while maintaining full asset backing across all USDT0 products.

Cross-Chain Interoperability Protocol (CCIP) is Chainlink’s standard for secure cross-chain messaging and token transfers, letting apps move tokens and data across public and private blockchains via decentralized oracle networks.

Hong Kong-based Web3 platform bringing Asia's credit markets on-chain. Issues two products: AZND (Asia Dollar, senior tranche, 6-7% yield) and muBOND (junior tranche, up to 15% yield), both backed by a portfolio of Asian government and corporate bonds and private credit.

Saturn is a digital credit protocol building the monetary layer for a Bitcoin-backed financial system. The platform separates liquidity from yield through a dual-token model: USDat, a fully collateralized stablecoin designed for payments, settlement, and DeFi liquidity, and sUSDat, a yield-bearing token that gives users access to onchain digital credit returns. At launch, sUSDat’s credit exposure is allocated to STRC, positioning Saturn as an interface between the emerging Bitcoin credit market and the onchain economy.

Real-time financial verification platform enabling institutions to prove assets and liabilities privately. Also offers Vault-as-a-Service and YieldApp. 

TownSquare is an crosschain RWA & yield infrastructure.

Anemoy Tokenized Apollo Diversified Credit Fund

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	Accountable	5	$242.3M	Login to Unlock	Login to Unlock
2	Circle	1	$233.2M	Login to Unlock	Login to Unlock
3	Chainlink CCIP	1	$156.7M	Login to Unlock	Login to Unlock
4	LayerZero OFT	2	$117.3M	Login to Unlock	Login to Unlock
5	Multipli	2	$100.3M	Login to Unlock	Login to Unlock
6	Agora Ledger	1	$100.3M	Login to Unlock	Login to Unlock
7	Saturn	2	$60.1M	Login to Unlock	Login to Unlock
8	USDT0	1	$54.1M	Login to Unlock	Login to Unlock
9	Mu Digital	3	$17.5M	Login to Unlock	Login to Unlock
10	Centrifuge	3	$15.1M	Login to Unlock	Login to Unlock

Monad

Asset Type

Metric