Stablecoins

US Treasury Debt

Institutional Alternative Funds

Public Equity

Real Estate

non-US Government Debt

Solana is a high-performance blockchain platform launched in 2020, known for its high transaction throughput with minimal fees through its innovative Proof of History and Proof of Stake mechanisms. The platform supports a thriving ecosystem of decentralized applications, NFT marketplaces, and DeFi projects, all powered by its native cryptocurrency SOL.

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

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

Paxos Digital Singapore

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

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

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

BlackRock USD Institutional Digital Liquidity Fund

OnRe brings returns from the $750bn+ global reinsurance market into the crypto capital ecosystem, unlocking a new class of uncorrelated, real-world yield for on-chain allocators. Licensed to accept digital assets as collateral for underwriting reinsurance, OnRe delivers consistent, scalable returns to crypto markets. OnRe's reinsurance pool, denominated in sUSDe, is structured as a novel on-chain financial product designed to generate yield across market cycles. It offers a return profile that is unreplicable in TradFi, uncorrelated to crypto volatility, and enhanced by native sUSDe yield and token incentives in stronger markets. By utilizing sUSDe as collateral, OnRe offers double the upside potential of comparable traditional reinsurance investments while significantly reducing principal risk. With a focus on transparency, scalability, and capital efficiency, OnRe is transforming how capital is deployed — opening access to a market that has historically remained out of reach.

OnRe

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

Ondo I

Backed Assets

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

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

Securitize Tokenized Apollo Diversified Credit Fund

VanEck Treasury Fund

MetaWealth is an investment platform that offers institutional-grade European real estate to individuals, funds, and institutions worldwide.

MetaWealth

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

Ethena

Libre SAF VCC

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


Etherfuse

Alphaledger is a vertically integrated financial technology company pioneering on-chain securities – stocks, bonds, and funds on Solana blockchain.

Alphaledger

Galaxy Digital Inc.

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

Membrane Finance

Superstate Asset Trust

Franklin Templeton

United States of America

British Virgin Islands

Bermuda

Switzerland

Finland

Solana

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

Ondo

First Digital Labs

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

Securitize

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 (xStocks)

Agora Ledger

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").

OpenEden Digital

KAIO is an institutional-grade Web3 protocol, created by WebN Group and Nomura’s Laser Digital, that enables compliant tokenization and lifecycle management of alternative investment funds. It connects asset managers with distributors while providing access to tokenized hedge funds, money market funds, and private credit strategies from managers like Brevan Howard, BlackRock, and Hamilton Lane. Through its KAIO Gateway, the platform extends these assets across multiple blockchains, offering services such as collateralized lending, automated rebalancing, and programmable compliance.

KAIO

Superstate Opening Bell

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


Superstate

Franklin Templeton is a global investment management organization (NYSE:BEN). It has developed Benji, a retail mobile app and institutional web app that allows investors to browse tokenized securities and cryptocurrencies.

Franklin Templeton Benji Investments

Apollo Diversified Credit Securitize Fund

Franklin OnChain U.S. Government Money Fund

Libre SAF VCC - Hamilton Lane SCOPE Private Credit Access

Alphaledger / Simplify Target 12% Distribution Fund

Superstate Short Duration US Government Securities Fund

The base protocol where the token is deployed

The total outstanding principal amount in dollars.

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#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	2	$8,125.7M	▲3.06%	67.33% ▼
2	Tether Holdings	1	$2,286.7M	▲18.07%	18.95% ▲
3	Paxos	3	$663.1M	▼11.90%	5.50% ▼
4	Ondo	2	$250.9M	▲0.74%	2.08% ▼
5	First Digital Labs	1	$225.5M	▼25.81%	1.87% ▼
6	Securitize	3	$221.3M	▲212.3%	1.83% ▲
7	OnRe	1	$102.7M	▲0.86%	0.85% ▼
8	Backed Finance (xStocks)	61	$67.5M	▲48.42%	0.56% ▲
9	Sky	1	$49.8M	▼13.54%	0.41% ▼
10	Agora Ledger	1	$39.4M	▼0.00%	0.33% ▼

SolanaBETA