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This report highlights developments related to the tokenization and on-chain adoption of Real-World Assets (RWAs).
Our report includes details on centralized industry players and asset class coverage, as well as coverage of select decentralized finance protocols working to integrate RWAs on-chain.
Information is compiled from Digital Asset Research’s (DAR’s) data sources, public sources, media reports, and press releases, and, while wide-ranging, this report covers only representative initiatives related to the development and tokenization of RWAs in the digital asset space.
For a PDF version of this report, please click here.
Introduction
While many cryptocurrencies offer solutions to the challenges encountered by Web3 users, only a few digital assets possess characteristics that connect them to real-world economic activities. Skeptics contend that cryptocurrency use cases are confined to the digital realm, and therefore the value of crypto assets is not sustainable, given that much of daily life revolves around the physical world.
Real-world asset tokenization bridges this gap between the physical and digital worlds. Real-World Assets (RWAs) are assets that exist tangibly offline, such as real estate or equities. Tokenization refers to the process of generating a digital certificate that is impervious to alteration or replication to represent an RWA on a blockchain. These digital certificates are backed by real-world assets as collateral.
Through tokenization, investors can gain access to conventional investment opportunities in a more trustless and efficient manner via blockchain technology. Settlement can be conducted in real time and investors are always able to see where their assets are stored on chain. The spectrum of assets that could be tokenized includes but is not confined to, real estate, private credit, securities, commodities, and fiat currencies. A significant proportion of the world’s financial value is ascribed to RWAs, thereby presenting the potential for RWA tokens to access a total addressable market equivalent to the largest financial markets.
In this report, entities working on RWA initiatives are detailed in three groups:
- Centralized organizations that offer tokenization services are detailed in the CeFi RWA sections.
- Decentralized Finance (DeFi) protocols that integrate RWAs with on-chain market participants are detailed in the DeFi RWA sections.
- On-chain U.S. Treasury products, which include products from both CeFi and DeFi platforms, are detailed in the RWA U.S. Treasury Protocols section.
Significant RWA Tokenization News
- Swarm, an E.U.-regulated DeFi platform, launched an on-chain trading platform for real-world asset tokens.
- In a Q4 2023 report, Chainlink announced its increased focus on real-world asset tokenization.
- Blockchain tokenization provider Archax expanded its partnership with the HBAR Foundation.
- Ondo Finance launched U.S. Treasury-backed tokens on the Solana blockchain.
- Switzerland-based tokenization platform Taurus announced a partnership with lending platform Teylor to create on-chain credit products.
- Clearpool’s credit marketplace, Clearpool Prime, went live on the Optimism blockchain.
- On-chain debt capital markets platform Obligate expanded its service to Coinbase’s Base blockchain.
- Polytrade partnered with various tokenization providers to create an RWA token marketplace.
CeFi RWA Industry Players
The table below provides details on a selection of 80 centralized tokenization service providers.
| Entity | Website | Founded | Jurisdiction | In-House Blockchain | Tokenized Asset Marketplace | Fractionalization of Assets | Self-Custody | Total Funding |
|---|---|---|---|---|---|---|---|---|
| 10XTS | https://10xts.com/ | 2017 | United States | Yes | No | Yes | Yes | $2,400,000 |
| ADDX | https://addx.co/en/index.html | 2017 | Singapore | No | Yes | Yes | No | $140,900,000 |
| Ainslie Crypto | https://ainsliecrypto.com.au/ | 1974 | Australia | No | Yes | Yes | Yes | Unknown |
| Aktionariat | https://www.aktionariat.com/ | 2020 | Switzerland | No | Yes | No | No | $1,500,000 |
| AllianceBlock | https://allianceblock.io/ | 2018 | Netherlands | No | Yes | No | Yes | $1,500,000 |
| Alphaledger | https://www.alphaledger.com/ | 2019 | United States | No | Yes | No | No | $7,500,000 |
| AlphaPoint | https://alphapoint.com/ | 2013 | United States | Yes | No | Yes | Yes | $23,200,000 |
| Arca US Treasury Fund | https://invest.arcalabs.com/ /log in?redirect=/home | 2020 | United States | No | No | Yes | No | $10,000,000 |
| Archax | https://www.archax.com/ | 2018 | United Kingdom | No | Yes | Yes | Yes | $41,600,000 |
| Arf | https://arf.one/ | 2019 | Switzerland | No | No | No | No | $14,100,000 |
| Bankex | https://bankex.com/ | 2015 | United States | No | No | Yes | Yes | $18,100,000 |
| Blocksquare | https://blocksquare.io/ | 2017 | Slovenia | No | Yes | Yes | No | Unknown |
| Bondblox | https://bondblox.com/ | 2016 | Singapore | No | Yes | Yes | No | $6,000,000 |
| Brale | https://brale.xyz/ | 2022 | United States | No | No | No | No | $11,100,000 |
| Brickken | https://www.brickken.com/ | 2020 | Spain | No | Yes | Yes | No | $2,700,000 |
| Brightvine | https://www.brightvine.com/ | 2020 | United States | No | Yes | Yes | No | Unknown |
| Bru Finance | https://bru.finance/ | 2022 | India | No | Yes | Yes | Yes | Unknown |
| BSOS | https://www.bsos.co/suplex | 2018 | Taiwan | Yes | Yes | Yes | No | Unknown |
| Canton Network | https://www.canton.network/ | 2023 | United States | Yes | No | No | No | Unknown |
| Cerchia | https://www.cerchia.io/ | 2020 | Switzerland | No | Yes | No | No | $2,700,000 |
| dclex* | https://dclex.com/ | – | Canada | No | Yes | No | No | Unknown |
| DigiFT | https://www.digift.sg/ | 2021 | Singapore | No | Yes | Yes | No | $10,500,000 |
| DigiShares | https://digishares.io/ | 2018 | Denmark | No | Yes | Yes | No | $2,000,000 |
| Ebric | https://ebric.io/ | 2020 | Singapore | No | Yes | Yes | No | Unknown |
| Ekta | https://ektarealestate.app/ | 2021 | Indonesia | Yes | Yes | Yes | No | $67,100,000 |
| Enigma Vault | https://www.enigmavault.io/ | 2020 | United States | No | No | No | Yes | Unknown |
| eNor* | https://enorsecurities.com/en/ | 2021 | El Savador | No | Yes | Yes | Yes | Unknown |
| Estate Protocol | https://www.estateprotocol.com/ | 2021 | United Arab Emirates | No | Yes | Yes | No | $1,000,000 |
| Flowcarbon | https://www.flowcarbon.com/ | 2021 | United States | No | No | No | No | $1,573,001 |
| Fnality International | https://www.fnality.org/home | 2019 | United Kingdom | Yes | No | No | No | $62,000,000 |
| Fortunaffi | https://www.fortunafi.com/ | 2020 | United States | No | Yes | Yes | No | $6,350,000 |
| Franklin Templeton | https://www.franklintempleton.c om/investments/options/money- market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s -government-money-fund/FOB XX | 1947 | United States | No | No | Yes | No | Unknown |
| Frictionless* | https://www.frictionless.markets/ | 2022 | Luxembourg | No | No | No | No | Unknown |
| Fusang | https://www.fusang.co/ | 2015 | Hong Kong | Yes | Yes | Yes | Yes | $7,500,000 |
| Hamsa Pay | https://www.hamsa.com/ | 2020 | United States | No | Yes | Yes | No | $5,700,000 |
| Hashnote | https://www.hashnote.com/ | 2022 | United States | No | No | No | No | $5,000,000 |
| Helix | https://helixfinance.io/ | 2023 | Singapore | No | No | Yes | No | $2,000,000 |
| HoneyBricks | https://www.honeybricks.com/ | 2020 | United States | No | Yes | Yes | Yes | Unknown |
| HouseAfrica | https://houseafrica.io/ | 2017 | Nigeria | No | Yes | Yes | No | $525,000 |
| Intain | https://intainft.com/ | 2018 | United States | No | Yes | Yes | Yes | $1,500,000 |
| INX Digital | https://www.inx.co/ | 2017 | United States | No | Yes | Yes | No | $101,700,000 |
| InvestaX | https://investax.io/ | 2015 | Singapore | No | Yes | Yes | Yes | $150,000 |
| Jia | https://www.jia.xyz/ | 2022 | United States | No | Yes | Yes | No | $5,300,000 |
| Liquid Mortgage | https://www.liquidmortgage.io/ | 2018 | United States | No | Yes | Yes | No | Unknown |
| Lofty | https://www.lofty.ai/ | 2018 | United States | No | Yes | Yes | No | $5,000,000 |
| Mountain Protocol | https://mountainprotocol.com/ | 2023 | Bermuda | No | No | No | No | Unknown |
| NYALA | https://www.nyala.de/en/ | 2019 | Germany | No | Yes | Yes | No | Unknown |
| Ownera | https://ownera.io/ | 2018 | United Kingdom | Yes | No | Yes | No | $20,000,000 |
| Paxos | https://paxos.com/ | 2012 | United States | No | Yes | No | Yes | $543,500,000 |
| PeerHive | https://peerhive.app/ | 2023 | Malaysia | No | Yes | Yes | No | Unknown |
| Petale | https://www.petale.com/ | 2018 | France | Yes | Yes | Yes | No | Unknown |
| Polymath | https://polymath.network/ | 2017 | Barbados | Yes | Yes | Yes | No | $58,700,000 |
| Pontoro | https://www.pontoro.com/ | 2015 | United States | No | No | Yes | No | $10,000,000 |
| Propy | https://propy.com/home/ | 2015 | United States | No | Yes | Yes | No | Unknown |
| PV01 | https://www.pv0.one/ | 2022 | United Kingdom | No | Yes | No | No | $9,000,000 |
| Realio Network | https://realio.network/ | 2018 | United States | Yes | Yes | No | Yes | Unknown |
| RealT | https://realt.co/ | 2019 | United States | No | Yes | Yes | No | $10,200,000 |
| RealX | https://www.realx.in/about-us | 2017 | India | No | No | Yes | No | Unknown |
| Riddle&Code | https://www.riddleandcode.com/ | 2016 | Austria | Yes | No | No | Yes | Unknown |
| Robinland | https://www.robinland.io/ | 2021 | United States | No | Yes | Yes | No | $2,000,000 |
| SEBA Bank | https://www.seba.swiss/ | 2018 | Switzerland | No | Yes | No | Yes | $246,900,000 |
| Securitize | https://securitize.io/ | 2017 | United States | No | Yes | Yes | No | $100,200,000 |
| Securrency | https://securrency.com/ | 2015 | United States | No | Yes | Yes | No | $64,500,000 |
| Smart Token Labs | https://smarttokenlabs.com/ | 2017 | Australia | No | No | No | Yes | $6,000,000 |
| Soil | https://soil.co/ | 2021 | Poland | No | Yes | Yes | No | Unknown |
| Spydra | https://www.spydra.app/ | 2021 | United States | Yes | No | No | No | $18,300,000 |
| Stobox | https://stobox.io/ | 2018 | United States | No | Yes | Yes | No | $1,200,000 |
| STOKR | https://stokr.io/ | 2018 | Luxembourg | No | Yes | Yes | No | $8,100,000 |
| Structure | https://structure.fi/ | 2020 | British Virgin Islands | No | Yes | No | No | $20,000,000 |
| Superstate | https://superstate.co/ | 2023 | United States | No | No | No | No | $4,000,000 |
| Taurus Platform | https://www.taurushq.com/ | 2018 | Geneva | No | Yes | No | Yes | $75,900,000 |
| Texture Capital | https://www.texture.capital/ | 2019 | United States | No | Yes | Yes | No | $1,000,000 |
| Tokeny Solutions | https://tokeny.com/ | 2017 | Luxembourg | No | Yes | Yes | Yes | $5,660,000 |
| TOKO | https://toko.network/ | 2022 | Hong Kong | No | No | Yes | No | Unknown |
| tZERO | https://www.tzero.com/ | 2014 | United States | No | Yes | Yes | No | $275,000,000 |
| Vertalo | https://www.vertalo.com/ | 2017 | United States | No | No | Yes | No | $7,800,000 |
| WeOwn | https://weown.com/de/ | 2017 | Liechtenstein | Yes | Yes | Yes | Yes | Unknown |
| WisdomTree | https://www.wisdomtree.com/in vestments/digital-funds | 1985 | United States | No | Yes | Yes | No | $126,400,000 |
| Yieldteq | https://www.yieldteq.io/ | 2023 | United States | No | No | No | No | Unknown |
| Zivoe Finance | https://zivoe.finance/ | 2020 | United States | No | No | Yes | No | Unknown |
*Newly added to the report
Key Takeaways
- 37 of the listed organizations are registered in the United States, followed by Singapore with 6 protocols, while Switzerland and the United Kingdom have 4 protocols each.
- 3 new projects were added to this month’s report:
- Dclex tokenizes equities on the Ethereum blockchain.
- eNor is a tokenization platform based in El Salvador.
- Frictionless is a regulatory-compliant, on-chain private credit platform based in Luxembourg.
- Only 14 organizations utilize an in-house blockchain network.
- 56 of the organizations have their own tokenized asset marketplace.
- 56 of the organizations support the fractionalization of real-world assets.
CeFi RWA Asset Classes
The table below displays the types of underlying assets tokenized by the selected protocols.
| Entity | Real Estate | Equities | Commodities | Fixed Income | Private Credit | Forex | Other (Art, Luxury, Environmental, etc.) |
|---|---|---|---|---|---|---|---|
| 10XTS | ✔ | ✔ | ✔ | ✔ | |||
| ADDX | ✔ | ✔ | ✔ | ||||
| Ainslie Crypto | ✔ | ||||||
| Aktionariat | ✔ | ||||||
| AllianceBlock | ✔ | ||||||
| Alphaledger | ✔ | ||||||
| AlphaPoint | ✔ | ✔ | ✔ | ✔ | |||
| Arca US Treasury Fund | ✔ | ||||||
| Archax | ✔ | ✔ | |||||
| Arf | ✔ | ||||||
| Avalanche Vista | |||||||
| Bankex | ✔ | ✔ | ✔ | ||||
| Blocksquare | ✔ | ||||||
| Bondblox | ✔ | ||||||
| Brale | ✔ | ||||||
| Brickken | ✔ | ||||||
| Brightvine | ✔ | ✔ | |||||
| Bru Finance | ✔ | ✔ | |||||
| BSOS | ✔ | ||||||
| Canton Network | ✔ | ✔ | ✔ | ✔ | |||
| Cerchia | ✔ | ✔ | |||||
| dclex* | ✔ | ||||||
| DigiShares | ✔ | ||||||
| DigiFT | ✔ | ✔ | |||||
| Ebric | ✔ | ||||||
| Ekta | ✔ | ||||||
| Enigma Vault | ✔ | ||||||
| eNor* | ✔ | ✔ | ✔ | ✔ | |||
| Estate Protocol | ✔ | ||||||
| Flowcarbon | ✔ | ||||||
| Fnality International | ✔ | ||||||
| Fortunaffi | ✔ | ✔ | |||||
| Franklin Templeton | ✔ | ||||||
| Fusang | ✔ | ✔ | |||||
| Hamsa Pay | ✔ | ✔ | |||||
| Hashnote | ✔ | ✔ | |||||
| Helix | ✔ | ||||||
| HoneyBricks | ✔ | ||||||
| HouseAfrica | ✔ | ||||||
| Intain | ✔ | ||||||
| INX Digital | ✔ | ||||||
| InvestaX | ✔ | ✔ | ✔ | ✔ | |||
| Jia | ✔ | ||||||
| Liquid Mortgage | ✔ | ✔ | |||||
| Lofty | ✔ | ||||||
| Mountain Protocol | ✔ | ||||||
| NYALA | ✔ | ✔ | |||||
| Ownera | ✔ | ✔ | ✔ | ✔ | |||
| Paxos | ✔ | ✔ | ✔ | ||||
| PeerHive | ✔ | ||||||
| Petale | ✔ | ✔ | ✔ | ||||
| Polymath | ✔ | ✔ | ✔ | ||||
| Pontoro | ✔ | ||||||
| Propy | ✔ | ||||||
| PV01 | ✔ | ||||||
| Realio Network | ✔ | ||||||
| RealT | ✔ | ||||||
| RealX | ✔ | ||||||
| Riddle & Code | ✔ | ✔ | |||||
| Robinland | ✔ | ||||||
| SEBA Bank | ✔ | ||||||
| Securitize | ✔ | ✔ | ✔ | ||||
| Securrency | ✔ | ✔ | |||||
| Smart Token Labs | ✔ | ||||||
| Soil | ✔ | ✔ | |||||
| Spydra | ✔ | ✔ | |||||
| Stobox | ✔ | ✔ | ✔ | ✔ | |||
| STOKR | ✔ | ✔ | ✔ | ||||
| Structure | ✔ | ||||||
| Superstate | ✔ | ||||||
| Taurus Platform | ✔ | ✔ | |||||
| Texture Capital | ✔ | ✔ | ✔ | ✔ | |||
| Tokeny Solutions | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | |
| TOKO | ✔ | ✔ | ✔ | ||||
| tZERO | ✔ | ||||||
| Vertalo | ✔ | ✔ | ✔ | ||||
| WeOwn | ✔ | ✔ | ✔ | ||||
| WisdomTree | ✔ | ✔ | |||||
| Yieldteq | ✔ | ||||||
| Zivoe Finance | ✔ |
*Newly added to the report
Key Takeaways
- As of the end of December 2023, the most common tokenized asset types are real estate (34) and equities (30).
- Tokenization of fixed income and private credit are almost as popular, with 26 and 25 platforms, respectively, providing these services.
- Tokenization of foreign exchange and commodities-based assets remains the least popular among CeFi RWA providers.
DeFi RWA Industry Players
The table provides details on a selection of 48 on-chain tokenization providers. Unlike their CeFi counterparts, DeFi RWA providers are generally more permissionless, with a majority of operations conducted on the blockchain.
| Entity | Blockchain(s) | Sector | Asset Class(es) | Founding Year | Geography/Jurisdiction |
|---|---|---|---|---|---|
| Aconomy | Polygon | Tokenization | Luxury Goods | 2023 | – |
| AmFi | Avalanche | Credit | Credit & Loans, Real Estate | 2022 | United States |
| Alta | Ethereum, Polygon, Optimism | Tokenization | Real Estate, Automotive | 2020 | United States |
| Anzen | Unconfirmed | Credit | Credit & Loans | 2022 | United States |
| Atlendis | Polygon | Credit | Credit & Loans | 2021 | France |
| Backed Finance | Ethereum, Gnosis | Tokenization | Credit & Loans, Equities | 2021 | Switzerland |
| Bitbond | Arbitrum, Avalanche, Binance, Ethereum, Optimism | Tokenization | Fixed Income | 2013 | Germany |
| Blockcellar* | Polygon | Tokenization | Luxury Goods | 2023 | Unknown |
| Bluejay Finance | Ethereum | Stablecoin Credit | Fixed Income | 2021 | Singapore |
| Canza Finance | Avalanche, Celo | Stablecoin Credit | Credit & Loans | 2020 | Nigeria |
| Carapace Finance | Ethereum | Credit | Credit & Loans | 2021 | Unknown |
| CellarDAO | Polygon | Tokenization | Luxury Goods | 2023 | Singapore |
| Centrifuge | Ethereum | Credit | Credit & Loans, Real Estate | 2017 | Switzerland |
| CitaDAO | Ethereum | Tokenization | Real Estate | 2021 | Singapore |
| Clearpool | Ethereum, Polygon | Credit | Credit & Loans | 2021 | Hong Kong |
| CredeFi | Ethereum, Binance | Credit | Credit & Loans | 2020 | Bulgaria |
| Credix | Solana | Credit | Credit & Loans | 2021 | Belgium |
| Cogito Protocol | Ethereum | Tokenization | Fixed Income Equities | 2022 | United States |
| Dexstar | Ethereum | Credit | Credit & Loans | 2021 | Cayman Islands |
| DEFYCA | Avalanche | Tokenization | Credit & Loans, Fiat | 2021 | Luxembourg |
| Elysia | Ethereum | Tokenization | Real Estate | 2020 | Singapore |
| Ensuro | Ethereum | Insurance | Insurance Portfolio | 2021 | Singapore |
| Fabrica | Ethereum | Derivatives | Real Estate | 2019 | United States |
| Florence Finance | Ethereum | Credit | Credit & Loans | – | United Arab Emirates |
| Frigg | Ethereum | Credit | Credit & Loans | 2022 | Switzerland |
| Goldffinch | Ethereum | Credit | Credit & Loans | 2020 | United States |
| Homecoin | Ethereum | Stablecoin | Mortgages | – | Unknown |
| Huma Finance | Polygon, Celo | Credit | Credit & Loans | 2022 | United States |
| impactMarket | Celo | Credit | Credit & Loans | 2020 | Portugal |
| KlimaDAO | Polygon | Tokenization | Carbon Credit | 2021 | United States |
| LandX | Ethereum | Credit | Credit & Loans | – | Lithuania |
| Maker | Ethereum | Stablecoin Credit | Credit & Loans, Cryptocurrencies | 2015 | Denmark |
| Maple | Ethereum, Solana | Credit | Credit & Loans | 2020 | Australia |
| Matrixdock | Ethereum | Tokenization | Fixed Income | – | Singapore |
| Maxos | Ethereum | Stablecoin Credit | Credit & Loans | 2020 | United States |
| Meld Gold | Algorand | Commodities | Gold | 2020 | Australia |
| Obligate | Polygon | Credit | Credit & Loans | 2019 | Switzerland |
| Ondo Finance | Ethereum | Tokenization | Credit & Loans | 2021 | United States |
| OpenEden | Ethereum | Tokenization | Fixed Income | 2022 | Singapore |
| Parcl | Solana | Derivatives | Real Estate | 2022 | British Virgin Islands |
| Pearl Exchange | Polygon | Infrastructure | Stablecoins | 2023 | Unknown |
| Polytrade Finance | Polygon | Credit | Credit & Loans | 2021 | United Arab Emirates |
| PurpleFi | – | Tokenization | Real Estate | 2022 | United Kingdom |
| Sapling | Polygon | Credit | Credit & Loans | 2022 | United Kingdom |
| Solv Finance | Ethereum | Tokenization | Fixed Income | 2020 | British Virgin Islands |
| Tangible | Polygon | Stablecoin | Luxury Goods, Precious Metals, Real Estate | 2021 | United States |
| Toucan Protocol | Polygon, Celo | Tokenization | Carbon Credit | 2021 | Switzerland |
| TrueFi | Ethereum | Credit | Credit & Loans | 2020 | United States |
*Newly added to the report
Key Takeaways
- 2 new protocols were added to our list of decentralized providers:
- Aconomy is a real-world asset backed decentralized exchange (DEX).
- Blockcellar specializes in tokenizing alcoholic beverages including wine and spirits.
- As of the end of 2023, Credit & Loans is the most common sector for DeFi tokenization products, with a total of 26 providers supporting real-world loans.
- Ethereum is the most common blockchain among RWA DeFi applications, with 28 out of 48 providers being run on the blockchain.
- A smaller portion of the RWA DeFi applications run on the Polygon, Solana, Avalanche, Celo, BNB Smart Chain, and Gnosis Chain blockchains.
DeFi RWA Protocols
The following table provides details on DeFi protocols that integrate real-world assets. These range from on-chain emerging markets lenders to protocols providing on-chain market participants with access to US Treasury Bills.
| Protocol | Network | Active Loans | Total Lifetime Loans | Total Value Locked (TVL) | Market Capitalization of Protocol’s Native Token | Month over Month Change in Market Capitalization (%) of Protocol’s Native Token |
|---|---|---|---|---|---|---|
| Centrifuge | Ethereum | $256,876,092 | $495,362,986 | $255,496,758 | $331,489,059 | 36.99% |
| Maple | Ethereum | $146,427,005 | $3,141,657,077 | $72,500,000 | $110,635,617 | –25.26% |
| Goldffinch | Ethereum | $99,470,695 | $112,989,772 | $1,230,000 | $82,981,439 | –6.38% |
| Credix | Solana | $31,900,000 | $41,668,152 | $34,500,000 | N/A | N/A |
| Clearpool | Ethereum | $20,436,412 | $463,188,436 | $14,002,066 | $55,763,116 | 150.15% |
| TrueFi | Ethereum | $19,002,202 | $1,740,000,000 | $19,640,000 | $66,705,809 | 10.05% |
| HomeCoin | Ethereum | $6,108,944 | $7,955,966 | $6,304,155 | N/A | N/A |
| Clearpool | Polygon | $627,779 | $80,674,770 | $598,115 | $55,763,116 | 150.15% |
| Ondo Finance | Ethereum | N/A | N/A | $200,890,000 | N/A | N/A |
Data period: 29 November – 29 December 2023
Data is sourced from project websites or other publicly available information.
Key Takeaways
- The change in market capitalization of protocol native tokens varies over the past month; $CPOOL, $CFG, and $TRU saw an increase in market capitalization, whereas other tokens saw their market capitalization decrease.
- There has not been a defining trend in active loan amounts or total value locked over the past month; some providers saw an increase in both metrics, while others saw a decrease.
RWA U.S. Treasury Protocols
| Protocol | Network | Ticker | Name | Market Capitalization | Month over Month Change in Market Capitalization | Yield To Maturity | Minimum Investment |
|---|---|---|---|---|---|---|---|
| Backed Finance | Ethereum | bIBTA | Backed IBTA $ Treasury Bond 0-1yr | $46,802,976 | –2.00% | 5.36% | $5,000 |
| Franklin Templeton Benji Investments | Stellar | FOBXX | Franklin OnChain U.S. Government Money Fund | $323,447,204 | –1.80% | 5.19% | $0 |
| Hashnote | Ethereum | USYC | Hashnote Short Duration Yield Fund | $45,298,676 | 1.82% | – | $100,000 |
| Maple | Ethereum | MPLcashUSDC | Cash Management Pool (USDC) | $14,749,492 | –47.33% | 5.13% | $100,000 |
| Maple | Solana | MPLcashUSDC-SPL | Cash Management Pool (USDC-SPL) | $12,781,535 | –0.79% | 4.9% | $100,000 |
| Matrixdock | Ethereum | STBT | Short-term Treasury Bill Token | $106,350,237 | –3.79% | – | – |
| Mountain Protocol | Ethereum | USDM | Mountain Protocol USD | $27,459,369 | 97.55% | – | – |
| Ondo Finance | Ethereum | OUSG | Ondo Short-Term US Government Bond Fund | $133,173,841 | –25.30% | – | $100,000 |
| Open Eden | Ethereum | TBILL | OpenEden TBILL Vault | $22,201,617 | 11.24% | – | $100,000 |
| WisdomTree | Stellar | WTSYX | WisdomTree Short-Term Treasury Digital Fund | $10,788,004 | –1.35% | 4.87% | $25 |
Data period: 29 November – 29 December 2023
Data is sourced from project websites or other publicly available information.
Key Takeaways
- Most treasury tokenization providers recorded a decrease in market capitalization over the past month, while Mountain Protocol, Open Eden, and Hashnote recorded increases.
- Mountain Protocol almost doubled its market capitalization in December.
DISCLAIMER
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