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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 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
- Tokenized US Treasuries reportedly saw a significant increase in market capitalization to $698 million in 2023 as new protocols emerged.
- Euroclear, a European clearinghouse, announced its tokenized treasury issuance business, which is called Digital Securities Issuance (D-SI), and the tokenization of 100 million euros in Work Bank bonds.
- Backed Finance expanded its bond tokenization services to Coinbase’s layer 2 blockchain, Base.
- Archax, a regulated crypto exchange and custody service, said its tokenized asset marketplace will launch this year.
- Clearpool, a DeFi credit protocol, plans on launching on the Optimism mainnet soon.
- Goldfinch, an RWA lending platform, is at risk of losing $7 million due to bad investment performance associated with one of its loans.
CeFi RWA Industry Players
The table below provides details on a selection of 75 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/ | 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 |
| 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 |
| 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 |
| 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 |
| Fortunafi* | https://www.fortunafi.com/ | 2020 | United States | No | Yes | Yes | No | £6,350,000 |
| Franklin Templeton | https://www.franklintempleton.com | 1947 | United States | No | No | Yes | 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 |
| 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 | 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.
- Eight new projects were added to this month’s report:
- Blocksquare is a Slovenia-based real estate tokenization protocol.
- Brale is a multi-chain protocol that focuses on RWA-backed stablecoins.
- DigiFT is a Singapore-based RWA tokenization originator and marketplace.
- Estate Protocol specializes in the tokenization of real estate located in Dubai, UAE.
- Fortunafi provides lending solutions, as well as private and public debt fund tokenization.
- Helix is a Singapore-based tokenization platform focusing on crypto lenders.
- Petale is a France-based RWA tokenization platform for real estate, luxury goods, and equities.
- Yieldteq’s first product is a tokenized iShares $ Treasury Bond 0-1yr UCITS ETF by BlackRock.
- Only 12 organizations utilize an in-house blockchain network.
- 50 of the organizations have their own tokenized asset marketplace.
- 52 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 | ✔ | ✔ | |||||
| 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 | ✔ | ||||||
| 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 October 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 24 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 42 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 |
|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
| Goldfinch | Ethereum | Credit | Credit & Loans | 2020 | United States |
| Homecoin | Ethereum | Stablecoin | Mortgages | – | Unknown |
| 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
- Three new protocols were added to our list of decentralized providers:
- Atlendis is a credit protocol that has its core team based in France.
- Matrixdock is Matrixport’s RWA tokenization branch and currently provides tokenization of fixed income.
- Solv Finance is a DeFi platform that has recently included the tokenization of treasuries into their yield strategies.
- As of the end of October 2023, Credit & Loans is the most common sector for DeFi tokenization products, with a total of 24 providers supporting real-world loans.
- Ethereum is the most common blockchain among RWA DeFi applications, with 27 out of 42 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 | £250,549,523 | £471,117,421 | £249,015,395 | £162,292,440 | 43.44% |
| Maple | Ethereum | £133,932,509 | £1,789,429,767 | £80,100,000 | £53,628,060 | 23.38% |
| Goldfinch | Ethereum | £99,470,695 | £112,989,772 | £1,450,000 | £23,928,778 | -7.92% |
| Credix | Solana | £35,537,576 | £44,020,152 | £39,400,000 | N/A | N/A |
| Clearpool | Ethereum | £20,436,412 | £439,934,542 | £18,890,566 | £7,818,305 | -12.38% |
| TrueFi | Ethereum | £19,002,202 | £1,740,000,000 | £26,180,000 | £41,166,076 | 3.74% |
| HomeCoin | Ethereum | £6,109,401 | £7,955,966 | $6,304,6111 | N/A | N/A |
| Clearpool | Polygon | £627,779 | £80,674,770 | £715,052 | £7,818,305 | -12.38% |
| Ondo Finance | Ethereum | N/A | N/A | £197,160,000 | N/A | N/A |
Data period: 30 September – 31 October 2023
Data is sourced from project websites or other publicly available information.
*Maple Finance on Solana was removed from this month’s report due to a lack of reliable data sources.
Key Takeaways
- Active loan amounts increased over the past month across most protocols. Credix, which decreased in the past month, and TrueFi, which was stagnant, were exceptions to this trend.
- Changes in the market capitalization of RWA lending tokens varied across protocols in the month of October, with Centifuge’s CFG and Maple’s MPL both seeing a significant increase while other tokens saw lesser increases or declined overall.
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