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 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.

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/2020United 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
Blocksquare*https://blocksquare.io/2017SloveniaNoYesYesNoUnknown
Bondbloxhttps://bondblox.com/2016SingaporeNoYesYesNo£6,000,000
Brale*https://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
Canton Networkhttps://www.canton.network/2023United StatesYesNoNoNoUnknown
Cerchiahttps://www.cerchia.io/2020SwitzerlandNoYesNoNo£2,700,000
DigiFT*https://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 Protocol*https://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
Fortunafi*https://www.fortunafi.com/2020United StatesNoYesYesNo£6,350,000
Franklin Templetonhttps://www.franklintempleton.com1947United 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
Helix*https://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
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
Petale*https://www.petale.com/2018FranceYesYesYesNoUnknown
Polymathhttps://polymath.network/2017BarbadosYesYesYesNo£58,700,000
Pontorohttps://www.pontoro.com/2015United StatesNoNoYesNo£10,000,000
Propyhttps://propy.com/home/2015United StatesNoYesYesNoUnknown
PV01https://www.pv0.one/2022United KingdomNoYesNoNo£9,000,000
Realio Networkhttps://realio.network/2018United StatesYesYesNoYesUnknown
RealThttps://realt.co/2019United StatesNoYesYesNo£10,200,000
RealXhttps://www.realx.in/about-us2017IndiaNoNoYesNoUnknown
Riddle&Codehttps://www.riddleandcode.com/2016AustriaYesNoNoYesUnknown
Robinlandhttps://www.robinland.io/2021United StatesNoYesYesNo£2,000,000
SEBA Bankhttps://www.seba.swiss/2018SwitzerlandNoYesNoYes£246,900,000
Securitizehttps://securitize.io/2017United StatesNoYesYesNo£100,200,000
Securrencyhttps://securrency.com/2015United StatesNoYesYesNo£64,500,000
Smart Token Labshttps://smarttokenlabs.com/2017AustraliaNoNoNoYes£6,000,000
Soilhttps://soil.co/2021PolandNoYesYesNoUnknown
Spydrahttps://www.spydra.app/2021United StatesYesNoNoNo£18,300,000
Stoboxhttps://stobox.io/2018United StatesNoYesYesNo£1,200,000
STOKRhttps://stokr.io/2018LuxembourgNoYesYesNo£8,100,000
Structurehttps://structure.fi/2020British Virgin IslandsNoYesNoNo£20,000,000
Superstatehttps://superstate.co/2023United StatesNoNoNoNo£4,000,000
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.com1985United StatesNoYesYesNo£126,400,000
Yieldteq*https://www.yieldteq.io/2023United StatesNoNoNoNoUnknown
Zivoe Financehttps://zivoe.finance/2020United StatesNoNoYesNoUnknown

*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.

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
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.

EntityBlockchain(s)SectorAsset Class(es)Founding YearGeography/Jurisdiction
AmFiAvalancheCreditCredit & Loans, Real Estate2022United States
AltaEthereum, Polygon, OptimismTokenizationReal Estate, Automotive2020United States
AnzenUnconfirmedCreditCredit & Loans2022United States
Atlendis*PolygonCreditCredit & Loans2021France
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
ElysiaEthereumTokenizationReal Estate2020Singapore
EnsuroEthereumInsuranceInsurance Portfolio2021Singapore
FabricaEthereumDerivativesReal Estate2019United States
Florence FinanceEthereumCreditCredit & LoansUnited Arab Emirates
FriggEthereumCreditCredit & Loans2022Switzerland
GoldfinchEthereumCreditCredit & Loans2020United States
HomecoinEthereumStablecoinMortgagesUnknown
KlimaDAOPolygonTokenizationCarbon Credit2021United States
LandXEthereumCreditCredit & LoansLithuania
MakerEthereumStablecoin CreditCredit & Loans, Cryptocurrencies2015Denmark
MapleEthereum, SolanaCreditCredit & Loans2020Australia
Matrixdock*EthereumTokenizationFixed 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 Finance*EthereumTokenizationFixed Income2020British Virgin Islands
TangiblePolygonStablecoinLuxury Goods, Precious Metals, Real Estate2021United States
Toucan ProtocolPolygon, CeloTokenizationCarbon Credit2021Switzerland
TrueFiEthereumCreditCredit & Loans2020United 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.

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$250,549,523$471,117,421$249,015,395$162,292,44043.44%
MapleEthereum$133,932,509$1,789,429,767$80,100,000$53,628,06023.38%
GoldfinchEthereum$99,470,695$112,989,772$1,450,000$23,928,778-7.92%
CredixSolana$35,537,576$44,020,152$39,400,000N/AN/A
ClearpoolEthereum$20,436,412$439,934,542$18,890,566$7,818,305-12.38%
TrueFiEthereum$19,002,202$1,740,000,000$26,180,000$41,166,0763.74%
HomeCoinEthereum$6,109,401$7,955,966$6,304,6111N/AN/A
ClearpoolPolygon$627,779$80,674,770$715,052$7,818,305-12.38%
Ondo FinanceEthereumN/AN/A$197,160,000N/AN/A

Data period: 30 September – 31 October 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

  • 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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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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