Securitize

Ondo

Backed Finance (xStocks)

OnRe

Libeara

Superstate

Etherfuse

Remora Markets

Alphaledger

KAIO

Superstate Opening Bell

OpenEden Digital

Franklin Templeton Benji Investments

US Treasury Debt

Public Equity

Institutional Alternative Funds

non-US Government Debt

BlackRock

On Re SAC Ltd

Apollo Global Management

Wellington Management

VanEck Absolute Return Advisers Corporation

State Street Investment Management

Invesco Capital Management

Federated Hermes

Simplify Asset Management

Vanguard Group

Brevan Howard Investment Management

Bank of New York Mellon

Circle

Tether Holdings

Paxos

BitGo

First Digital Labs

Agora Ledger

Societe Generale - FORGE

Brale

Ethena

Membrane Finance

GMO Trust

Fireblocks

AUDC Pty Ltd

Stablecoins

VanEck Associates Corporation

Real Estate

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.

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

Franklin Templeton

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.

Superstate Asset Trust

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.

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

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.

Sky Protocol is a decentralised protocol developed around the USDS stablecoin

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

Paxos Digital Singapore

Securitize Tokenized Apollo Diversified Credit Fund

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

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

VanEck Treasury 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.

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

MetaWealth

Delta Wellington Ultra Short Treasury On-Chain Fund

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

The Wyoming Stable Token Commission is a body politic and corporate created under Wyoming law as an instrumentality of the State of Wyoming to issue and manage the Wyoming Stable Token. Established by the Wyoming Stable Token Act, the Commission oversees the token’s issuance, reserves, and operations to ensure it maintains a stable value, typically pegged to the U.S. dollar. Its mandate includes promoting financial innovation while safeguarding public trust through prudent reserve management and statutory compliance.

The State of Wyoming - Wyoming Stable Token Commission

Alphaledger/Simplify Target 12 Percent Distribution Fund

Galaxy Digital

Forward Industries

USX Limited

Societe Generale - FORGE (SG-FORGE) is the digital-asset arm of Société Générale, a fully regulated subsidiary that builds institutional-grade blockchain infrastructure to issue and manage tokenized financial products on blockchains.

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Bermuda

Australia

Switzerland

France

Finland

Solana

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

Fireblocks is a digital asset infrastructure company, trusted by 2,200+ institutions to scale stablecoins, custody, and digital asset operations.

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").

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.

Stablecorp Digital Currencies Inc. 

Libeara is a Singapore-based fintech startup backed by Standard Chartered Ventures, powering the tokenisation of real-world financial assets. With a mission to make quality investments inclusive and accessible.

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

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.

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.

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

Built on Solana for speed, transparency, and scale, Solstice is reimagining asset management for the on-chain era, combining the best of TradFi execution with the innovation of DeFi.

Solstice

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

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.

Apollo Diversified Credit Securitize Fund

Franklin OnChain U.S. Government Money Fund

KAIO Blackrock ICS US Dollar Liquidity Fund

KAIO Hamilton Lane Senior Credit Opportunities Fund

Alphaledger / Simplify Target 12% Distribution Fund

The base protocol where the token is deployed

The total outstanding principal amount in dollars.

The total outstanding capital amount in dollars.

The total amount of idle capital in dollars.

The current market value of the asset in dollars.

The total value of daily burns in dollars.

The total dollar volume of daily transfers.

The net asset value of the asset in dollars.

The available financial capacity of the asset in dollars.

The total principal amount paid, in dollars.

The total principal amount written off, in dollars.

The total dollar value of recovered assets.

The cumulative total of principal repaid, in dollars.

The total cumulative interest earned, in dollars.

The maximum financial capacity of the asset in dollars.

The total dollar value of assets that have been drawn down.

The current price of the asset in dollars.

The value of circulating assets in dollars.

The market value of circulating assets in dollars.

The total dollar volume of weekly transfers.

The total dollar volume of monthly transfers.

The dollar volume of transfers in the last 7 days.

The dollar volume of transfers in the last 30 days.

The total supply of tokens currently available.

The current circulating supply of tokens associated with the asset.

The total number of loans funded through the asset.

The current number of active loans associated with the asset

The total number of loans that have defaulted.

The number of active addresses interacting with the asset daily.

The daily count of unique holders of the asset.

The number of active addresses interacting with the asset weekly.

The number of active addresses interacting with the asset monthly.

The number of active addresses interacting with the asset quarterly.

The number of active addresses interacting with the asset annually.

The daily count of transactions involving the asset.

The number of transfers in the last 7 days.

The number of transfers in the last 30 days.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	3	$9.4B	▼2.90%	63.99% ▼
2	Tether Holdings	1	$2.3B	▼0.13%	15.60% ▲
3	Paxos	3	$1.7B	▼4.09%	11.78% ▼
4	Securitize	3	$312.8M	▲0.70%	2.14% ▲
5	Ondo	2	$246.9M	▲0.03%	1.69% ▲
6	Backed Finance (xStocks)	74	$176.2M	▲7.56%	1.20% ▲
7	BitGo	1	$161.2M	▲28.46%	1.10% ▲
8	First Digital Labs	1	$92.6M	▼46.47%	0.63% ▼
9	Sky	1	$72.6M	▲21.07%	0.50% ▲
10	OnRe	1	$64.4M	▲50.07%	0.44% ▲

SolanaBETA

Metric