Tokenization Platforms

Analyze key performance indicators across tokenization platforms powering tokenized real-world assets. Learn more about tokenized RWAs on the RWA.xyz Research Blog.

Distributed Asset Value

$17.76B

▲+0.18%from 30d ago

Represented Asset Value

$390.97B

▼5.18%from 30d ago

Total Stablecoin Market Cap

$297.72B

▼0.08%from 30d ago

Total RWA Holders

539,895

▲+9.75%from 30d ago

Total Stablecoin Holders

203.31M

▲+3.18%from 30d ago

Total Platforms

122

Platform Metrics

Show % of Total

Platform Asset Value

Include Stablecoins

Asset Type

Distributed assets use the blockchain as a distribution layer, enabling onchain investors to subscribe, hold, and manage assets directly through their own wallets or custodians.

as of 11/19/2025

Top Net Flows

As of 11/19/2025

Distributed Platforms

106 Total

Platforms that issue tokens using the blockchain as a distribution layer, enabling onchain investors to subscribe, hold, and manage assets directly through their own wallets or custodians.

#	Name	RWA Count	RWA Total Value (Excl. Stablecoins)	RWA Holders	Offered Asset Classes	Supported Networks

#	Name	RWA Count	RWA Total Value (Excl. Stablecoins)	RWA Holders	Offered Asset Classes	Supported Networks
1	Securitize	21	$3,641,190,522 ▼	1,734 ▲	U.S. Treasuries Institutional Funds+2 more	+3 more
2	Maple	16	$1,875,005,575 ▲	3,504 ▲	Private Credit U.S. Treasuries
3	Ondo	105	$1,791,788,399 ▼	32,984 ▲	U.S. Treasuries Stocks+1 more	+2 more
4	Tether Holdings	1	$1,575,869,618 ▼	16,642 ▲	Stablecoins Commodities
5	Centrifuge	4	$1,360,060,804 ▲	22 ▲	Institutional Funds U.S. Treasuries+1 more
6	Paxos	1	$1,345,289,208 ▼	82,438 ▲	Stablecoins Commodities
7	Circle	1	$1,074,211,956 ▲	56 ▲	Stablecoins U.S. Treasuries	+8 more
8	Superstate	2	$973,508,802 ▲	139 ▲	U.S. Treasuries Institutional Funds
9	Libeara	13	$904,906,588 ▲	31 ▲	Non-U.S. Government Debt U.S. Treasuries
10	Franklin Templeton Benji Investments	1	$846,275,012 ▼	941 ▲	U.S. Treasuries
11	WisdomTree	15	$728,768,566 ▲	2,049 ▲	U.S. Treasuries Stocks+3 more
12	Spiko	4	$490,654,532 ▲	2,618 ▲	Non-U.S. Government Debt U.S. Treasuries+1 more
13	OpenEden Digital	1	$205,565,273 ▼	57 △	Stablecoins U.S. Treasuries
14	Theo	1	$184,119,814 ▲	287 ▲	U.S. Treasuries	Ethereum
15	Backed Finance (xStocks)	71	$176,225,458 ▲	92,495 ▲	Stocks U.S. Treasuries+2 more
16	Midas	3	$163,403,238 ▼	3,116 ▲	Institutional Funds U.S. Treasuries+1 more
17	OnRe	1	$104,655,280 ▲	3,075 ▲	Institutional Funds	Solana
18	Matrixdock	2	$57,893,339 ▼	64,744 ▲	Commodities U.S. Treasuries
19	OpenTrade (Perimeter Protocol)	6	$53,384,709 ▼	56 △	U.S. Treasuries Private Credit+2 more
20	KAIO	5	$49,292,715 △	16 △	Institutional Funds U.S. Treasuries

Showing 1 to 20 of 106 results

Represented Platforms

16 Total

Platforms that issue tokens using the blockchain as a recordkeeping layer, enhancing transparency, reconciliation, and operational efficiency without enabling onchain investor transfer or distribution.

#	Name	RWA Count	RWA Total Value (Excl. Stablecoins)	Offered Asset Classes	Supported Networks

#	Name	RWA Count	RWA Total Value (Excl. Stablecoins)	Offered Asset Classes	Supported Networks
1	Broadridge DLR	9,131	$372,681,446,987 ▼	Repurchase Agreements	Canton
2	Figure	1	$13,709,231,878 ▲	Private Credit	Provenance
3	Tradable	39	$2,064,500,062 ▲	Private Credit	ZKsync Era
4	PACT	7	$607,115,564 ▼	Private Credit	Aptos
5	Justoken	4	$495,400,628 ▼	Commodities	Polygon
6	Tokeny	2	$283,972,388 △	Institutional Funds	Avalanche C-Chain
7	Cashlink	3	$235,810,575 ▼	Corporate Bonds	Polygon
8	Fidelity Investments	1	$235,380,681 ▲	U.S. Treasuries	Ethereum
9	MB \| Mercado Bitcoin	620	$215,975,314 ▲	Private Credit Stablecoins
10	VERT Capital	5	$138,278,833 ▲	Private Credit	XRP Ledger
11	Ctrl Alt	18	$123,908,073 △	Real Estate
12	Archax	6	$70,967,932 ▲	Private Equity U.S. Treasuries+1 more
13	Sygnum Bank	1	$45,616,532 ▲	U.S. Treasuries	ZKsync Era
14	Zeconomy	1	$35,002,000 ▲	U.S. Treasuries
15	T-RIZE Group	1	$23,000,000 △	Real Estate	Base
16	Arca Labs	1	$439,928 ▲	U.S. Treasuries	Ethereum

Showing 1 to 16 of 16 results

Stablecoin Platforms

70 Total

Platforms that issue stablecoins or synthetic assets designed to represent the value of national currencies (e.g., the U.S. dollar), facilitating onchain payments, settlement, and liquidity.

#	Name	Stablecoin Asset Count	Stablecoins Market Cap	Stablecoin Holders	Offered Asset Classes	Supported Networks

#	Name	Stablecoin Asset Count	Stablecoins Market Cap	Stablecoin Holders	Offered Asset Classes	Supported Networks
1	Tether Holdings	5	$180,992,375,486 ▲	106,948,235 ▲	Stablecoins Commodities
2	Circle	2	$72,338,689,327 ▼	25,500,595 ▲	Stablecoins U.S. Treasuries	+8 more
3	MakerDAO	1	$9,986,577,104 ▲	680,891 ▲	Stablecoins	Ethereum
4	Ethena	2	$9,208,223,560 ▼	48,100 ▲	Stablecoins
5	Paxos	5	$4,674,727,904 ▲	519,191 ▲	Stablecoins Commodities
6	Binance	2	$4,591,249,089 ▼	44,452,713 ▲	Stablecoins	BNB Chain
7	BitGo	1	$2,695,689,003 ▲	453,377 ▲	Stablecoins
8	Polygon Bridge	3	$2,110,196,036 ▲	13,294,329 ▲	Stablecoins	Polygon
9	Falcon Finance	1	$2,058,414,693 △	9,233 ▼	Stablecoins
10	Arbitrum L1 Custom Gateway	2	$1,519,457,075 ▲	4,928,346 ▲	Stablecoins	Arbitrum
11	RLUSD	1	$1,114,879,206 ▲	38,761 ▲	Stablecoins
12	First Digital Labs	1	$1,077,747,852 ▼	64,630 ▲	Stablecoins
13	M0	1	$775,504,817 ▼	74 ▲	Stablecoins
14	USDD Protocol	1	$723,779,204 ▼	135,202 ▲	Stablecoins	TRON
15	USDai Protocol	1	$596,337,059 ▲	3,193 ▲	Stablecoins	Arbitrum
16	Usual	1	$540,849,644 ▼	11,146 ▼	Stablecoins	Ethereum
17	Aave	1	$443,865,746 ▲	7,358 ▲	Stablecoins	Ethereum
18	Solstice	1	$302,757,989 △	25,293 ▲	Stablecoins	Solana
19	Frax Finance	1	$284,496,398 ▼	13,682 ▲	Stablecoins	Ethereum
20	Optimism Bridge	2	$277,222,942 ▼	4,026,859 ▲	Stablecoins	Optimism

Showing 1 to 20 of 70 results

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