RWA Tokenization Report

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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.

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 classified into two 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.

Significant RWA Tokenization News

  • The Australian Securities Exchange (ASX) is considering listing tokenized real world assets.
  • INX Digital received a $5.25M investment from Republic to expand the tokenization of real world assets.
  • Parcl, a blockchain-powered real estate trading platform, expanded its services by launching indexes for Boston, Atlanta, Philadelphia, Chicago, Seattle, Denver, Portland, and Washington, D.C.
  • Centrifuge released a new feature, named Centrifuge Prime, to oversee real world assets that are scheduled for tokenization.
  • Taurus announced its integration with the Polygon blockchain.
  • ADDX appointed a former Singapore Exchange (SGX) director as its new chairman.

CeFi RWA Industry Players

The table below provides details on a selection of centralized tokenization service providers.

EntityWebsiteFoundedJurisdictionIn-House BlockchainTokenized Asset MarketplaceFractionalization of AssetsSelf-CustodyTotal Funding
10XTS10xts.com2017United StatesYesNoYesYes$2,400,000
ADDXaddx.co2017SingaporeNoYesYesNo$140,900,000
Aktionariat*aktionariat.com2020SwitzerlandNoYesNoNo$1,500,000
AlphaPointalphapoint.com2013United StatesYesNoYesYes$23,200,000
Arca US Treasury Fundinvest.arcalabs.com2020United StatesNoNoYesNoUnknown
Archaxarchax.com2018United KingdomNoYesYesYes$41,600,000
Arfarf.one2019SwitzerlandNoNoNoNo$14,100,000
Bankexbankex.com2015United StatesNoNoYesYes$70,600,000
Brickkenbrickken.com2020SpainNoYesYesNo$2,700,000
Canton Networkcanton.network2023United StatesYesNoNoNoUnknown
Cerchiacerchia.io2020SwitzerlandNoYesNoNo$2,700,000
Enigma Vaultenigmavault.io2020United StatesNoNoNoYesUnknown
Fnality Internationalfnality.org2019United KingdomNoNoNoNo$62,000,000
Franklin Templetonwww.franklintempleton.com1947United StatesNoNoYesNoN/A
HoneyBrickshoneybricks.com2020United StatesNoYesYesYesUnknown
HouseAfricahouseafrica.io2017NigeriaNoYesYesNo$525,000
INX Digitalinx.co2017United StatesNoYesYesNo$96,500,000
InvestaXinvestax.io2015SingaporeNoNoYesYes$150,000
Jiajia.xyz2022United StatesNoYesYesNo$4,300,000
Lofty*lofty.ai2018United StatesNoYesYesNo$5,000,000
Owneraownera.io2018United KingdomYesNoYesNo$20,000,000
Paxospaxos.com2012United StatesNoYesNoYes$543,500,000
Polymathpolymath.network2017BarbadosYesYesYesNo$58,700,000
Pontoropontoro.com2015United StatesNoNoYesNo$10,000,000
RealT*realt.co2019United StatesNoYesYesNo$10,200,000
Riddle&Coderiddleandcode.com2016AustriaYesNoNoYesUnknown
Robinlandrobinland.io2021United StatesNoYesYesNo$2,000,000
SEBA Bankseba.swiss2018SwitzerlandNoYesNoYes$246,900,000
Securitizesecuritize.io2017United StatesNoYesYesNo$100,200,000
Securrencysecurrency.com2015United StatesNoYesYesNo$64,500,000
Stoboxstobox.io2018United StatesNoYesYesNo$1,200,000
STOKRstokr.io2018LuxembourgNoYesYesNo$8,100,000
Structurestructure.fi2020British Virgin IslandsNoYesNoNoUnknown
Taurus Platformtaurushq.com2018GenevaNoYesNoYes$75,900,000
Texture Capitaltexture.capital2019United StatesNoYesYesNo$1,000,000
Tokeny Solutionstokeny.com2017LuxembourgNoYesYesYes$5,660,000
TOKOtoko.network2022Hong KongNoNoYesNoUnknown
tZEROtzero.com2014United StatesNoYesYesNo$275,000,000
Vertalovertalo.com2017United StatesNoNoYesNo$7,800,000
WeOwnweown.com2017LiechtensteinYesYesYesYesUnknown
WisdomTreewisdomtree.com1985United StatesNoYesYesNo$126,400,000

*Newly added to the report

Key Takeaways

  • 22 of the listed organizations are registered in the United States, followed by Switzerland and the United Kingdom with 4 and 3 projects each, and Luxembourg with 2 projects.
  • Only 7 organizations utilize an in-house blockchain network.
  • 26 of the organizations have their own tokenized asset marketplace.
  • 30 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.

EntityReal EstateEquitiesCommoditiesFixed IncomePrivate CreditForexOther (Art, Luxury, etc.)
10XTS
ADDX
Aktionariat*
AlphaPoint
Arca US Treasury Fund
Archax
Arf
Bankex
Brickken
Canton Network
Cerchia
Enigma Vault
Fnality International
Franklin Templeton
HoneyBricks
HouseAfrica
INX Digital
InvestaX
Jia
Lofty*
Ownera
Paxos
Polymath
Pontoro
RealT
Riddle & Code
Robinland
SEBA Bank
Securitize
Securrency
Stobox
STOKR
Structure
Taurus Platform
Texture Capital
Tokeny Solutions
TOKO
tZERO
Vertalo
WeOwn
WisdomTree

*Newly added to the report

Key Takeaways

  • The most common tokenized asset types are equities (24) and real estate (20).
  • Tokenization of private credit and luxury goods are almost as popular, with 14 and 10 platforms, respectively, providing these services.

DeFi RWA Industry Players

The table provides details on a selection of 31 on-chain tokenization providers. Unlike their CeFi counterparts, DeFi RWA providers are generally more permissionless, with a majority of operations conducted on the blockchain.

EntityBlockchain(s)SectorAsset Class(es)Founding YearGeography/Jurisdiction
 AmFiAvalancheCreditCredit & Loans, Real Estate2022United States
 Backed FinanceEthereum, GnosisTokenizationCredit & Loans, Equities2021Switzerland
 BitbondArbitrum, Avalanche, Binance, Ethereum, OptimismTokenizationFixed Income2013Germany
 Bluejay FinanceEthereumStablecoin CreditFixed Income2021Singapore
 Canza FinanceAvalanche, CeloStablecoin CreditCredit & Loans2020Nigeria
 Carapace FinanceEthereumCreditCredit & Loans2021Unknown
 CentrifugeEthereumCreditCredit & Loans, Real Estate2017Switzerland
 CitaDAOEthereumTokenizationReal Estate2021Singapore
 ClearpoolEthereum, PolygonCreditCredit & Loans2021Hong Kong
 CredeFiEthereum, BinanceCreditCredit & Loans2020Bulgaria
 CredixSolanaCreditCredit & Loans2021Belgium
 DexstarEthereumCreditCredit & Loans2021Cayman Islands
 DEFYCAAvalancheTokenizationCredit & Loans, Fiat2021Luxembourg
 FabricaEthereumDerivativesReal Estate2019United States
 Florence FinanceEthereumCreditCredit & LoansUnited Arab Emirates
 FriggEthereumCreditCredit & Loans2022Switzerland
 GoldfinchEthereumCreditCredit & Loans2020United States
 HomecoinEthereumStablecoinMortgagesUnknown
 LandXEthereumCreditCredit & LoansLithuania
 MakerEthereumStablecoin CreditCredit & Loans, Cryptocurrencies2015Denmark
 MapleEthereum, SolanaCreditCredit & Loans2020Australia
 MaxosEthereumStablecoin CreditCredit & Loans2020United States
 ObligatePolygonCreditCredit & Loans2019Switzerland
 Ondo FinanceEthereumTokenizationCredit & Loans2021United States
 ParclSolanaDerivativesReal Estate2022British Virgin Islands
 Polytrade FinancePolygonCreditCredit & Loans2021United Arab Emirates
 PurpleFiTokenizationReal Estate2022United Kingdom
 SaplingPolygonCreditCredit & Loans2022United Kingdom
 TangiblePolygonStablecoinLuxury Goods, Precious Metals, Real Estate2021United States
 Toucan Protocol*Polygon, CeloTokenizationCarbon Credit2021Switzerland
 TrueFiEthereumCreditCredit & Loans2020United States

*Newly added to the report

Key Takeaways

  • Ribbon Lend is no longer included in the report as we confirmed that the service is temporarily closed.
  • As of the end of June 2023, Credit & Loans is the most common sector for DeFi tokenization products with a total of 22 platforms supporting real-world loans.
  • Ethereum is the most common blockchain among RWA DeFi applications, with 20 out of 31 platforms 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.

ProtocolNetworkActive LoansTotal Lifetime LoansTotal Value Locked (TVL)Market Capitalization of Protocol’s Native TokenMonth over Month Change in Market Capitalization (%) of Protocol’s Native Token
CentrifugeEthereum$212,218,839$416,000,000$216,689,975$110,451,67249.22%
MapleEthereum$136,717,024$2,040,671,600$44,238,146$48,282,081–5.70%
GoldfinchEthereum$103,754,396$113,029,773$1,500,000$18,375,186–7.72%
CredixSolana$35,537,576$39,020,152$36,100,000N/AN/A
ClearpoolEthereum$23,675,446$172,577,658$36,113,966$29,783,330–9.76%
TrueFiEthereum$19,002,202$1,738,198,576$12,199,603$43,625,286–7.60%
HomeCoinEthereum$6,118,607$7,955,966$6,314,132N/AN/A
ClearpoolPolygon$0.02$80,674,770$6,310,000$33,121–9.76%
MapleSolanaN/AN/AN/AN/A–5.70%
Ondo FinanceEthereumN/AN/A$131,570,000N/AN/A

*Newly added to the report

Data is sourced from project websites or other publicly available information, including rwa.xyz.

Key Takeaways

  • Ribbon Lend is no longer included in the report as we confirmed that the service is temporarily closed.
  • Active loans remain stagnant with minor changes between last month and now.
  • Total lifetime loan data derived from Centrifuge and Maple’s websites increased significantly, with increases of approximately $25,000,000 and $300,000,000, respectively.

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