Circle

Tether Holdings

BitGo

Anchorage Digital Bank

Paxos

Securitize

Ctrl Alt

Ethena

Backed Finance (xStocks)

OnRe

Ondo

Huma

Solstice

Centrifuge

Galaxy Digital

Hastra

Republic

Alphaledger

Bridge

Chainlink CCIP

Superstate Opening Bell

Transfero

Plume Vaults

Obligate

Superstate Fund OS

KAIO

Hylo Protocol

Brale

Superstate

MetaWealth

Societe Generale - FORGE

Perena

StandX Protocol

First Digital Labs

Unitas Protocol

Matrixdock

Schuman Financial

Libeara

Agora Ledger

Orogold

Remora Markets

Gold Token SA

Stable

OpenEden Digital

Etherfuse

Agant Finance

Fireblocks

Frax Finance

BCP Technologies

AllUnity

AUDC Pty Ltd

Membrane Finance

Franklin Templeton Benji Investments

Stablecorp Digital Currencies Inc. 

M1X Global

GMO Trust

WisdomTree

DigiFT

Stablecoins

US Treasury Debt

Private Equity

Asset-Backed Credit

Stocks

Corporate Credit

Specialty Finance

Diversified Credit

Active Strategies

Commodities

Real Estate

non-US Government Debt

Cryptocurrencies

BlackRock

Securitize Capital

State Street Investment Management

Anemoy

Bridge Building

Maple Protocol Pool Operations

Invesco Capital Management

Coinbase Asset Management

Mubadala Capital

VanEck Absolute Return Advisers Corporation

Bitwise

StandX

Unitas Labs

FundBridge Capital

VanEck Associates Corporation

Vanguard Group

Simplify Asset Management

Franklin Templeton

Bank of New York Mellon

WisdomTree Digital Management

CMB International Asset Management

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.

CFi is a digital ag-financing platform that embeds instant, paperless credit at the point of sale for ag inputs—connecting manufacturers, retailers, and growers with approvals up to $1M in minutes.

Macropod is an Australian digital asset infrastructure provider and the issuer of AUDM. AUDM is issued by Macropod Global under an Australian Financial Services Licence (AFSL 566313).

Macropod

Libre Cayman SPC

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

Securitize Corp.

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 Stocks

Agant Finance Limited is the issuer of Agant GBP (GBPA), a pound sterling stablecoin designed for GBP-denominated payments, settlement, treasury operations and on-chain financial applications. Agant also provides institutional GBP on/off-ramp infrastructure and is registered with the UK FCA as a cryptoasset firm under the Money Laundering Regulations.

Huma is the leading PayFi protocol that finances real-world payment flows such as cross-border settlements, trade finance, and merchant payouts; Huma runs both a permissionless product and a permissioned Huma Institutional offering.

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

Neuberger Securitize High Income Tokenized Fund Ltd.

Backed Assets

Norbert Private Limited is the British Virgin Islands issuer of USD*, a yield-bearing dollar token on Solana. It holds the reserve assets backing USD* and deploys them across third-party managed strategies spanning structured credit, delta-neutral trading and secured lending. Live reserve composition and allocations are published on Perena's transparency page.

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.

WisdomTree Government Money Market Digital Fund

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.

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.

Transfero enables global companies to access the numerous opportunities in the Latin American market seamlessly and without bureaucracy.  

We connect the banking, crypto, and financial systems, providing the necessary infrastructure for companies that want to offer financial services to their individual and institutional clients.

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

DigiFT is a next-generation regulated platform for institutional-grade tokenized real-world assets (RWAs). Backed by top-tier institutions like SBI Holdings, Mirana Ventures, Arbitrum Foundation, and Polygon Labs, DigiFT brings together regulatory compliance, smart contract infrastructure, and deep financial expertise to enable secure, on-chain access to regulated RWA products.

Headquartered in Singapore, DigiFT is among the first on-chain platforms to be licensed by both the Monetary Authority of Singapore (MAS) and the Hong Kong Securities and Futures Commission (SFC)—two of Asia’s most sophisticated financial regulators.

DigiFT offers a fully integrated solution for the tokenization, issuance, distribution, custody, and trading of tokenized assets—delivering both real-time and OTC institutional liquidity, fiat and stablecoin settlement, and native interoperability with public blockchains.

Trusted by global financial institutions, DigiFT is the on-chain tokenization and distribution partner for leading asset managers such as Invesco, UBS, DBS Bank, CMB International, and Wellington Management—bringing to market landmark products at the forefront of institutional RWA adoption.

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

Ctrl Alt is the go-to B2B infrastructure provider for alternative assets. We are dedicated to addressing the real-world challenges facing the financial sector today. From empowering asset owners to discover innovative ways to raise capital, to enabling investors to seamlessly allocate to alternative assets, we provide a comprehensive suite of solutions designed for simplicity, cost-efficiency, and innovation.

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").

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

Institutional-Grade Yield from Real-World Assets

Earn market-leading APYs from all RWAs on Plume Network. Start growing your wealth today with strategies designed for everyone.

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.

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.

Delta Wellington Ultra Short Treasury On-Chain Fund

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

Schuman Financial is the leading provider of technologies, infrastructure, and solutions for European stablecoin-based finance. We are bringing European and euro-denominated financial services on-chain. Our core product is EURØP, a euro-denominated stablecoin issued by our French-licensed subsidiary regulated by Banque de France. 

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

AllUnity is a regulated e-money institute building Europe’s digital payments infrastructure for
instant cross-border payments, digital asset markets, and seamless liquidity flows. Established
by DWS, Flow Traders, and Galaxy, AllUnity delivers fully backed, MiCAR-compliant stablecoins
(EURAU and CHFAU) that provide regulatory certainty and robust reserve backing for secure,
frictionless capital movement across markets.

Ondo Global Markets

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

Verified SV Sarl is a Luxembourg based securitization platform that provides Special Purpose Vehicles (SPVs) for the issue of tokenized asset backed securities. The company is a part of the Verified Network which is a group of companies that provides financial infrastructure to issue, distribute and service tokenized securities.

Verified SV

Resilience BVI Ltd.

Anchorage Digital Bank, N.A. is the first federally chartered U.S. crypto bank, approved by the Office of the Comptroller of the Currency in January 2021 as a national trust bank. It provides institutions with qualified-custody, staking, trading, governance, and settlement services under the Anchorage Digital umbrella.

Securitize AAA CLO Tokenized Fund

Alphaledger/Simplify Target 12 Percent Distribution Fund

Galaxy Digital is a digital-asset financial services firm. It operates across trading, asset management, investment banking/advisory, and principal investing in crypto and blockchain, and also publishes market research and builds infrastructure products for institutions.

Forward Industries

USX Limited

Gold Issuance Inc.

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.

BCP Technologies is an FCA-registered cryptoasset firm in the UK and the issuer of Tokenised GBP (tGBP)

Stablecorp Digital Currencies Inc.

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.

Hylo is a Solana-native stablecoin system using two tokens—hyUSD (stablecoin) and xSOL (leveraged SOL exposure)—that share one collateral pool of SOL liquid-staking tokens and balance via an invariant.

Singapore fintech that operates the Unitas stablecoin module, issuing and managing USDu and sUSDu via smart contracts.

Issuer SPV for StandX’s DUSD stablecoin—the BVI entity that issues the tokens and runs onboarding/KYC under the platform’s terms.

Galaxy Digital Holdings

GTSA (Gold Token SA, CHE-287.630.262), is the tokenization arm of MKS PAMP (MKS PAMP SA, CHE-105.871.847), dedicated to transforming gold and precious metals into secure, blockchain-based digital assets.

Founded in February 2023 by Matrixport, Matrixdock is Asia’s Real World Assets (RWA) leader that modernizes financial instruments and offers access to premium RWA through advanced tokenization technology. As the first in Asia to introduce a tokenized short-term treasury bill product, STBT, Matrixdock has rapidly emerged as Asia’s RWA leader, earning the Ecosystem Excellence TADS Award in 2023 for Trading & Liquidity Solutions. 

In 2024, Matrixdock introduced tokenized gold, XAUm, an ERC-20 token fully backed by 99.99% purity gold, offering investors a trusted and transparent digital asset tied to London Bullion Market Association (LBMA) accredited gold. The gold reserves backing XAUm are securely held in Brink’s high-security, fully insured vaults in Singapore and Hong Kong, enabling physical redemption. 

Matrixdock is dedicated to becoming the gateway for clients seeking blue-chip RWA investments. With a steadfast focus on building a trusted and secure RWA ecosystem for crypto, Matrixdock provides diversified investment opportunities while setting new standards for trust and governance in the digital asset space.

The Republic of the Marshall Islands (RMI) is a sovereign Pacific island nation operating under a fully dollarized economy through its Compact of Free Association with the United States. The RMI is the issuer of USDM1, the first digital secured sovereign debt instrument issued natively on the blockchain, backed one-to-one by short-dated U.S. Treasuries. The instrument is issued under New York law, with collateral held by an independent US-based trustee. 


Government of the Republic of the Marshall Islands

Currenc Group Inc. is a fintech company dedicated to transforming global financial services through artificial intelligence (AI). It empowers financial institutions worldwide.

CURRENC Group

Stable's infrastructure brings the mortgage market onchain. From loan origination through TBA delivery. Stable built the mortgage backed stablecoin, USDX, to enable anyone to LP into that market.

USDX is backed by first and second lien mortgages on US properties. That means USDX is over collateralized by the properties those mortgages are written on, while maintaining liquid exposure through the mortgage loans which have a deep and established secondary market ($300 billion+ per day).

Stable Home Accounts enable homeowners to capitalize on their home equity and deploy into yield strategies. Across America over $35 Trillion in home equity sits idle. By earning just 2-3% on their home equity the average homeowner could pay off their mortgage up to a decade early. Stable Home Accounts make that possible with just a few clicks and minimal risk. Homeowners can convert their equity into USDX, which places a lien on their property, and lend it in DeFi to capture a spread between their borrow rate (USDX yield) and their lending rate (USDX borrow rate).

App: app.trystable.co
Docs: docs.trystable.co
Web: trystable.co
CA: 4AjvPXMn8YZG9saAVJvcWspg73oTFf2JmU4in4Xgpump

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

Franklin Templeton Trust

Cayman feeder fund issuing the tokenized share class (CUSHY tokens) of the Coinbase Stablecoin Yield Fund.

Coinbase Tokenized Stablecoin Yield Feeder Fund

Hastra is incubated by Figure Technologies and Provenance Blockchain Foundation, and is embarking on a joint mission to enable unprecedented usability of real-world assets that exist natively onchain.

United States of America

Germany

British Virgin Islands

Liechtenstein

Singapore

Cayman Islands

Bermuda

Australia

United Kingdom

Switzerland

France

Finland

El Salvador

Luxembourg

The Bahamas

Republic of the Marshall Islands

European Union

Malaysia

Antigua and Barbuda

Solana

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.

#	Platform	RWA Count	Total Value	30D%	Market Share
1	Circle	3	$6.8B	Login to Unlock	Login to Unlock
2	Tether Holdings	1	$3.8B	Login to Unlock	Login to Unlock
3	BitGo	2	$1.5B	Login to Unlock	Login to Unlock
4	Anchorage Digital Bank	3	$1.4B	Login to Unlock	Login to Unlock
5	Paxos	3	$1.3B	Login to Unlock	Login to Unlock
6	Securitize	8	$1.3B	Login to Unlock	Login to Unlock
7	Ctrl Alt	3	$724.9M	Login to Unlock	Login to Unlock
8	Ethena	4	$581.2M	Login to Unlock	Login to Unlock
9	Backed Finance (xStocks)	836	$418.8M	Login to Unlock	Login to Unlock
10	OnRe	1	$299.6M	Login to Unlock	Login to Unlock

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