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.

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

  • JPMorgan and Apollo tokenized funds on the Axelar blockchain as part of a proof of concept project.
  • Standard Chartered announced the launch of its native tokenization platform, Libeara.
  • Singapore’s central bank, the Monetary Authority of Singapore (MAS), ventured into asset tokenization by conducting tests with JPMorgan, BNY Mellon, and DBS.
  • The Financial Conduct Authority (FCA) of the United Kingdom welcomed a report on fund tokenization made by the U.K.’s Technology Working Group.
  • Stablecoin issuer Paxos is set to launch its U.S. dollar-backed stablecoin in Singapore as it received initial approval from the Monetary Authority of Singapore (MAS).
  • Korea’s Mirae Asset Securities partnered with Polygon Labs to develop infrastructure for the tokenization of securities.
  • HSBC is set to provide tokenized asset custody for institutional clients in 2024.
  • Fnality International, a bond tokenization platform, raised $96M in Series B funding.
  • Treasury tokenization platform BondbloX raised a $6M Series B funding round from venture capital firms including Beacon Venture Capital and Citigroup.
  • Credix, an RWA lending platform, raised $60M in funding to expand in Brazil and Latin America.
  • Superstate, an RWA tokenization platform, raised $14M in a Series A funding round.
  • Ondo Finance expanded its services to the Injective blockchain, making tokenized U.S. Treasury funds available to users of the blockchain.

CeFi RWA Industry Players

The table below provides details on a selection of 77 centralized tokenization service providers.

EntityWebsiteFoundedJurisdictionIn-House BlockchainTokenized Asset MarketplaceFractionalization of AssetsSelf-CustodyTotal Funding
10XTShttps://10xts.com/2017United StatesYesNoYesYes$2,400,000
ADDXhttps://addx.co/en/index.html2017SingaporeNoYesYesNo$140,900,000
Ainslie Cryptohttps://ainsliecrypto.com.au/1974AustraliaNoYesYesYesUnknown
Aktionariathttps://www.aktionariat.com/2020SwitzerlandNoYesNoNo$1,500,000
AllianceBlockhttps://allianceblock.io/2018NetherlandsNoYesNoYes$1,500,000
Alphaledgerhttps://www.alphaledger.com/2019United StatesNoYesNoNo$7,500,000
AlphaPointhttps://alphapoint.com/2013United StatesYesNoYesYes$23,200,000
Arca US Treasury Fundhttps://invest.arcalabs.com/#/login?redirect=/home2020United StatesNoNoYesNo$10,000,000
Archaxhttps://www.archax.com/2018United KingdomNoYesYesYes$41,600,000
Arfhttps://arf.one/2019SwitzerlandNoNoNoNo$14,100,000
Bankexhttps://bankex.com/2015United StatesNoNoYesYes$18,100,000
Blocksquarehttps://blocksquare.io/2017SloveniaNoYesYesNoUnknown
Bondbloxhttps://bondblox.com/2016SingaporeNoYesYesNo$6,000,000
Bralehttps://brale.xyz/2022United StatesNoNoNoNo$11,100,000
Brickkenhttps://www.brickken.com/2020SpainNoYesYesNo$2,700,000
Brightvinehttps://www.brightvine.com/2020United StatesNoYesYesNoUnknown
Bru Financehttps://bru.finance/2022IndiaNoYesYesYesUnknown
BSOS*https://www.bsos.co/suplex2018TaiwanYesYesYesNoUnknown
Canton Networkhttps://www.canton.network/2023United StatesYesNoNoNoUnknown
Cerchiahttps://www.cerchia.io/2020SwitzerlandNoYesNoNo$2,700,000
DigiFThttps://www.digift.sg/2021SingaporeNoYesYesNo$10,500,000
DigiShareshttps://digishares.io/2018DenmarkNoYesYesNo$2,000,000
Ebrichttps://ebric.io/2020SingaporeNoYesYesNoUnknown
Ektahttps://ektarealestate.app/2021IndonesiaYesYesYesNo$67,100,000
Enigma Vaulthttps://www.enigmavault.io/2020United StatesNoNoNoYesUnknown
Estate Protocolhttps://www.estateprotocol.com/2021United Arab EmiratesNoYesYesNo$1,000,000
Flowcarbonhttps://www.flowcarbon.com/2021United StatesNoNoNoNo$1,573,001
Fnality Internationalhttps://www.fnality.org/home2019United KingdomYesNoNoNo$62,000,000
Fortunafihttps://www.fortunafi.com/2020United StatesNoYesYesNo$6,350,000
Franklin Templetonhttps://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX1947United StatesNoNoYesNoUnknown
Fusanghttps://www.fusang.co/2015Hong KongYesYesYesYes$7,500,000
Hamsa Payhttps://www.hamsa.com/2020United StatesNoYesYesNo$5,700,000
Hashnotehttps://www.hashnote.com/2022United StatesNoNoNoNo$5,000,000
Helixhttps://helixfinance.io/2023SingaporeNoNoYesNo$2,000,000
HoneyBrickshttps://www.honeybricks.com/2020United StatesNoYesYesYesUnknown
HouseAfricahttps://houseafrica.io/2017NigeriaNoYesYesNo$525,000
Intainhttps://intainft.com/2018United StatesNoYesYesYes$1,500,000
INX Digitalhttps://www.inx.co/2017United StatesNoYesYesNo$101,700,000
InvestaXhttps://investax.io/2015SingaporeNoYesYesYes$150,000
Jiahttps://www.jia.xyz/2022United StatesNoYesYesNo$5,300,000
Liquid Mortgagehttps://www.liquidmortgage.io/2018United StatesNoYesYesNoUnknown
Loftyhttps://www.lofty.ai/2018United StatesNoYesYesNo$5,000,000
Mountain Protocol*https://mountainprotocol.com/2023BermudaNoNoNoNoUnknown
NYALAhttps://www.nyala.de/en/2019GermanyNoYesYesNoUnknown
Ownerahttps://ownera.io/2018United KingdomYesNoYesNo$20,000,000
Paxoshttps://paxos.com/2012United StatesNoYesNoYes$543,500,000
PeerHivehttps://peerhive.app/2023MalaysiaNoYesYesNoUnknown
Petalehttps://www.petale.com/2018FranceYesYesYesNoUnknown
Polymathhttps://polymath.network/2017BarbadosYesYesYesNo$58,700,000
Taurus Platformhttps://www.taurushq.com/2018GenevaNoYesNoYes$75,900,000
Texture Capitalhttps://www.texture.capital/2019United StatesNoYesYesNo$1,000,000
Tokeny Solutionshttps://tokeny.com/2017LuxembourgNoYesYesYes$5,660,000
TOKOhttps://toko.network/2022Hong KongNoNoYesNoUnknown
tZEROhttps://www.tzero.com/2014United StatesNoYesYesNo$275,000,000
Vertalohttps://www.vertalo.com/2017United StatesNoNoYesNo$7,800,000
WeOwnhttps://weown.com/de/2017LiechtensteinYesYesYesYesUnknown
WisdomTreehttps://www.wisdomtree.com/investments/digital-funds1985United StatesNoYesYesNo$126,400,000
Yieldteqhttps://www.yieldteq.io/2023United StatesNoNoNoNoUnknown
Zivoe Financehttps://zivoe.finance/2020United StatesNoNoYesNoUnknown

*Newly added to the report

Key Takeaways

  • 38 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. 
  • Two new projects were added to this month’s report: 
    • BSOS is the company behind the Suplex supply chain tokenization platform.
    • Mountain Protocol is a stablecoin issuer.
  • Only 14 organizations utilize an in-house blockchain network. 
  • 52 of the organizations have their own tokenized asset marketplace.
  • 53 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.

EntityReal EstateEquitiesCommoditiesFixed IncomePrivate CreditForexOther (Art, Luxury, Environmental, etc.)
EntityReal EstateEquitiesCommoditiesFixed IncomePrivate CreditForexOther (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
DigiShares
DigiFT
Ebric
Ekta
Enigma Vault
Estate Protocol
Flowcarbon
Fnality International
Fortunafi
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

  • One stablecoin issuer, Mountain Protocol, was added to this month’s report.
  • At of the end of November 2023, the most common tokenized asset types are real estate (32) and equities (28).
  • 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 46 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 Estate
2022United States
AltaEthereum, Polygon, OptimismTokenizationReal Estate,
Automotive
2020United States
AnzenUnconfirmedCreditCredit & Loans2022United States
AtlendisPolygonCreditCredit & Loans2021France
Backed FinanceEthereum, GnosisTokenizationCredit & Loans,
Equities
2021Switzerland
BitbondArbitrum, Avalanche,
Binance, Ethereum,
Optimism
TokenizationFixed Income2013Germany
Bluejay FinanceEthereumStablecoin CreditFixed Income2021Singapore
Canza FinanceAvalanche, CeloStablecoin CreditCredit & Loans2020Nigeria
Carapace FinanceEthereumCreditCredit & Loans2021Unknown
CellarDAO*PolygonTokenizationLuxury Goods2023Singapore
CentrifugeEthereumCreditCredit & Loans,
Real Estate
2017Switzerland
CitaDAOEthereumTokenizationReal Estate2021Singapore
ClearpoolEthereum, PolygonCreditCredit & Loans2021Hong Kong
CredeFiEthereum, BinanceCreditCredit & Loans2020Bulgaria
CredixSolanaCreditCredit & Loans2021Belgium
Cogito Protocol*EthereumTokenizationFixed Income
Equities
2022United States
DexstarEthereumCreditCredit & Loans2021Cayman Islands
DEFYCAAvalancheTokenizationCredit & Loans,
Fiat
2021Luxembourg
ElysiaEthereumTokenizationReal Estate2020Singapore
EnsuroEthereumInsuranceInsurance Portfolio2021Singapore
FabricaEthereumDerivativesReal Estate2019United States
Florence FinanceEthereumCreditCredit & LoansUnited Arab Emirates
FriggEthereumCreditCredit & Loans2022Switzerland
GoldfinchEthereumCreditCredit & Loans2020United States
HomecoinEthereumStablecoinMortgagesUnknown
Huma Finance*Polygon, CeloCreditCredit & Loans2022United States
impactMarket*CeloCreditCredit & Loans2020Portugal
KlimaDAOPolygonTokenizationCarbon Credit2021United States
LandXEthereumCreditCredit & LoansLithuania
MakerEthereumStablecoin CreditCredit & Loans,
Cryptocurrencies
2015Denmark
MapleEthereum, SolanaCreditCredit & Loans2020Australia
MatrixdockEthereumTokenizationFixed IncomeSingapore
MaxosEthereumStablecoin CreditCredit & Loans2020United States
Meld GoldAlgorandCommoditiesGold2020Australia
ObligatePolygonCreditCredit & Loans2019Switzerland
Ondo FinanceEthereumTokenizationCredit & Loans2021United States
OpenEdenEthereumTokenizationFixed Income2022Singapore
ParclSolanaDerivativesReal Estate2022British Virgin Islands
Pearl ExchangePolygonInfrastructureStablecoins2023Unknown
Polytrade FinancePolygonCreditCredit & Loans2021United Arab Emirates
PurpleFiTokenizationReal Estate2022United Kingdom
SaplingPolygonCreditCredit & Loans2022United Kingdom
Solv FinanceEthereumTokenizationFixed Income2020British Virgin Islands
TangiblePolygonStablecoinLuxury Goods,
Precious Metals,
Real Estate
2021United States
Toucan ProtocolPolygon, CeloTokenizationCarbon Credit2021Switzerland
TrueFiEthereumCreditCredit & Loans2020United States

*Newly added to the report

Key Takeaways

  • Four new protocols were added to our list of decentralized providers: 
    • CellarDAO is a tokenization platform for wine and spirits.
    • Cogito Protocol tokenizes bonds, treasury bills, and technology equities.
    • Huma Finance is an RWA lending platform backed by Circle and Robot Ventures.
    • impactMarket supports communities through on-chain microcredit.
  • As of the end of November 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 46 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.

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$571,425,520 $451,448,787 $247,378,157 $251,691,528.00 78.48%
GoldfinchEthereum$99,370,000 $112,989,772 $1,230,000 $107,193,927 376.41%
MapleEthereum$92,438,200 $3,005,826,223 $79,000,000 $144,131,017 103.44%%
CredixSolana$34,458,980 $44,020,152 $34,699,78N/AN/A
ClearpoolEthereum$20,436,412 $455,070,502.17 $45,770,811 $31,815,401 289.15%
TrueFiEthereum$8,576,535 $1,740,000,000 $25,190,000 $41,895,046 46.99%
HomeCoinEthereum$6,108,944 $7,955,966 $6,304,305 N/AN/A
ClearpoolPolygon$627,779 $80,674,770 $856,703 $31,815,40289.15%
Ondo FinanceEthereumN/AN/A$197,430,000 N/AN/A

Data period: 4 November – 4 December 2023 

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

*Maple Finance on Solana was removed from this month’s report due to a lack of reliable data sources.

Key Takeaways

  • The market capitalization of protocol native tokens increased substantially over the past month.
  • Centrifuge’s active loan amount increased by over ~128% in the past month, while active loans on the other protocols listed decreased slightly or remained stagnant.

RWA U.S. Treasury Protocols

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$571,425,520 $451,448,787 $247,378,157 $251,691,528.00 78.48%
GoldfinchEthereum$99,370,000 $112,989,772 $1,230,000 $107,193,927 376.41%
MapleEthereum$92,438,200 $3,005,826,223 $79,000,000 $144,131,017 103.44%%
CredixSolana$34,458,980 $44,020,152 $34,699,78N/AN/A
ClearpoolEthereum$20,436,412 $455,070,502.17 $45,770,811 $31,815,401 289.15%
TrueFiEthereum$8,576,535 $1,740,000,000 $25,190,000 $41,895,046 46.99%
HomeCoinEthereum$6,108,944 $7,955,966 $6,304,305 N/AN/A
ClearpoolPolygon$627,779 $80,674,770 $856,703 $31,815,40289.15%
Ondo FinanceEthereumN/AN/A$197,430,000 N/AN/A

Data period: 4 November – 4 December 2023 

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

Key Takeaways

  • Aside from Maple on Ethereum and Ondo Finance, other U.S. treasury funds have seen an increase in market capitalization over the past month
  • On average, the minimum amount required to invest in most funds is $100,000

DISCLAIMER
All information is provided for information purposes only and provided “as is” without warranty ofany kind. Neither Digital Asset Research (“DAR”) nor its respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, express or implied, as to the accuracy, timeliness, completeness, merchantability or the fitness orsuitability for any particular purpose of any information contained herein or any information or results to be obtained from the use of DAR products. DAR may have a business relationship with some of the tokens, projects or entities named in this report, but every effort is made to ensure the impartiality and objectivity of the research. Neither DAR, nor its respective directors, officers, employees, partners or licensors, provide investment advice and nothing contained in this document constitutes financial, investment, tax, or legal advice. No responsibility or liability can be accepted by DAR nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever resulting from the use of, or inability to use, such information. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means without prior written permission of DAR. Use and distribution of any data or product provided by DAR requires a license from DAR and/or their respective licensors.


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