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

  • Aave, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch, and RWA.xyz formed the Tokenized Asset Coalition (TAC) to increase the tokenization of real-world assets through education, advocacy, and the acceleration of adoption.
  • The U.S. Federal Reserve released an official working paper on real-world asset tokenization.
  • Tokeny announced a partnership with Klatyn, a South Korea-based blockchain network, to provide RWA infrastructure to companies in Asia.
  • ANT Group Digital Technologies, which is the parent of Alibaba, launched ZAN as their new RWA tokenization arm.
  • Pendle Finance, a DeFi project, introduced a new RWA-related yield product.
  • ELYSIA introduced a US Treasury Pool as a new investable product on its platform.
  • AllianceBlock debuted its native marketplace, which facilitates trading of both cryptocurrencies and tokenized assets, on Arbitrum.
  • BondbloX chose Citi as its digital asset custodian.

CeFi RWA Industry Players

The table below provides details on a selection of 68 centralized tokenization service providers.

EntityWebsiteFoundedJurisdictionIn-House BlockchainTokenized Asset MarketplaceFractionalization of AssetsSelf-CustodyTotal Funding
10XTS https://10xts.com/2017United StatesYesNoYesYes$2,400,000
ADDX https://addx.co/en/index.html2017SingaporeNoYesYesNo$140,900,000
Ainslie Crypto* https://ainsliecrypto.com.au/1974AustraliaNoYesYesYesUnknown
Aktionariat https://www.aktionariat.com/2020SwitzerlandNoYesNoNo$1,500,000
AllianceBlock https://allianceblock.io/2018NetherlandsNoYesNoYes$1,500,000
Alphaledger https://www.alphaledger.com/2019United StatesNoYesNoNo$7,500,000
AlphaPoint https://alphapoint.com/2013United StatesYesNoYesYes$23,200,000
Arca US Treasury Fund https://invest.arcalabs.com/#/log
 in?redirect=/home
2020United StatesNoNoYesNo$10,000,000
Archax https://www.archax.com/2018United KingdomNoYesYesYes$41,600,000
Arf https://arf.one/2019SwitzerlandNoNoNoNo$14,100,000
Bankex https://bankex.com/2015United StatesNoNoYesYes$18,100,000
Bondblox https://bondblox.com/2016SingaporeNoYesYesNo$6,000,000
Brickken https://www.brickken.com/2020SpainNoYesYesNo$2,700,000
Brightvine* https://www.brightvine.com/2020United StatesNoYesYesNoUnknown
Bru Finance* https://bru.finance/2022IndiaNoYesYesYesUnknown
Canton Network https://www.canton.network/2023United StatesYesNoNoNoUnknown
Cerchia https://www.cerchia.io/2020SwitzerlandNoYesNoNo$2,700,000
DigiShares* https://digishares.io/2018DenmarkNoYesYesNo$2,000,000
Ebric* https://ebric.io/2020SingaporeNoYesYesNoUnknownA
Ekta https://ektarealestate.app/2021IndonesiaYesYesYesNo$67,100,000
Enigma Vault https://www.enigmavault.io/2020United StatesNoNoNoYesN/A
Flowcarbon* https://www.flowcarbon.com/2021United StatesNoNoNoNo$1,573,001
Fnality International https://www.fnality.org/home2019United KingdomYesNoNoNo$62,000,000
Franklin Templeton https://www.franklintempleton.c
 om/investments/options/money-
 market-funds/products/29386/SI
 NGLCLASS/franklin-on-chain-u-s
 -government-money-fund/FOB
 XX
1947United StatesNoNoYesNoUnknown
Fusang* https://www.fusang.co/2015Hong KongYesYesYesYes$7,500,000
Hamsa Pay* https://www.hamsa.com/2020United StatesNoYesYesNo$5,700,000
Hashnote* https://www.hashnote.com/2022United StatesNoNoNoNo$5,000,000
HoneyBricks https://www.honeybricks.com/2020United StatesNoYesYesYesUnknown
HouseAfrica https://houseafrica.io/2017NigeriaNoYesYesNo$525,000
Intain* https://intainft.com/2018United StatesNoYesYesYes$1,500,000
INX Digital https://www.inx.co/2017United StatesNoYesYesNo$101,700,000
InvestaX https://investax.io/2015SingaporeNoYesYesYes$150,000
Jia https://www.jia.xyz/2022United StatesNoYesYesNo$5,300,000
Liquid Mortgage* https://www.liquidmortgage.io/2018United StatesNoYesYesNoUnknown
Lofty https://www.lofty.ai/2018United StatesNoYesYesNo$5,000,000
NYALA* https://www.nyala.de/en/2019GermanyNoYesYesNoUnknown
Ownera https://ownera.io/2018United KingdomYesNoYesNo$20,000,000
Paxos https://paxos.com/2012United StatesNoYesNoYes$543,500,000
PeerHive* https://peerhive.app/2023MalaysiaNoYesYesNoUnknown
Polymath https://polymath.network/2017BarbadosYesYesYesNo$58,700,000
Pontoro https://www.pontoro.com/2015United StatesNoNoYesNo$10,000,000
Propy* https://propy.com/home/2015United StatesNoYesYesNoUnknown
PV01* https://www.pv0.one/2022United KingdomNoYesNoNo$9,000,000
Realio Network* https://realio.network/2018United StatesYesYesNoYesUnknown
RealT https://realt.co/2019United StatesNoYesYesNo$10,200,000
RealX https://www.realx.in/about-us2017IndiaNoNoYesNoUnknown
Riddle&Code https://www.riddleandcode.com/2016AustriaYesNoNoYesUnknown
Robinland https://www.robinland.io/2021United StatesNoYesYesNo$2,000,000
SEBA Bank https://www.seba.swiss/2018SwitzerlandNoYesNoYes$246,900,000
Securitize https://securitize.io/2017United StatesNoYesYesNo$100,200,000
Securrency https://securrency.com/2015United StatesNoYesYesNo$64,500,000
Smart Token Labs https://smarttokenlabs.com/2017AustraliaNoNoNoYes$6,000,000
Soil* https://soil.co/2021PolandNoYesYesNoUnknown
Spydra https://www.spydra.app/2021United StatesYesNoNoNo$18,300,000
Stobox https://stobox.io/2018United StatesNoYesYesNo$1,200,000
STOKR https://stokr.io/2018LuxembourgNoYesYesNo$8,100,000
Structure https://structure.fi/2020British Virgin IslandsNoYesNoNo$20,000,000
Superstate* https://superstate.co/2023United StatesNoNoNoNo$4,000,000
Taurus Platform https://www.taurushq.com/2018GenevaNoYesNoYes$75,900,000
Texture Capital https://www.texture.capital/2019United StatesNoYesYesNo$1,000,000
Tokeny Solutions https://tokeny.com/2017LuxembourgNoYesYesYes$5,660,000
TOKO https://toko.network/2022Hong KongNoNoYesNoUnknown
tZERO https://www.tzero.com/2014United StatesNoYesYesNo$275,000,000
Vertalo https://www.vertalo.com/2017United StatesNoNoYesNo$7,800,000
WeOwn https://weown.com/de/2017LiechtensteinYesYesYesYesUnknown
WisdomTree https://www.wisdomtree.com/in
 vestments/digital-funds
1985United StatesNoYesYesNo$126,400,000
Zivoe Finance https://zivoe.finance/2020United StatesNoNoYesNoUnknown

*Newly added to the report

Key Takeaways

  • 34 of the listed organizations are registered in the United States, followed by Switzerland, Singapore, and the United Kingdom with 4 projects each.
  • Eighteen new projects are added for this month’s report:
    • Ainslie Crypto is an arm of the Ainslie Group, which is an Australian-based commodity broker. Its primary tokenized product is gold bullion.
    • Brightvine tokenizes real estate, fixed income, and mortgages.
    • Bru Finance is an India-based project offering Emerging Market (EM) bonds to Web3 users.
    • DigiShares focuses on the tokenization of equities and real estate.
    • Ebric is a Singapore-based real estate tokenization platform.
    • Flowcarbon specializes in the tokenization of carbon credits.
    • Fusang is Hong Kong-based and provides access to investing in private funds and debt.
    • Hamsa Pay offers a white-label tokenization platform with fractionalization of private credit and real estate investments.
    • Hashnote is a regulated, institutional-focused tokenization service.
    • Intain facilitates the tokenization of structured credit.
    • Liquid Mortgage provides a platform for debt market tokenization.
    • PeerHive is a P2P lending platform built on the Ripple network.
    • Propy is a real estate tokenization platform that integrates AI technology.
    • PV01 will launch a tokenized bond product.
    • Realio Network tokenizes Real Estate Investment Trusts (REITs) and runs on its own native blockchain.
    • Soil is a tokenized corporate debt and fixed-income marketplace.
    • Superstate is a government bonds tokenization platform launched by Robert Leshner, former CEO of Compound Labs.
    • Zivoe Finance is a Web3 credit protocol based in the U.S.
  • Only 12 organizations utilize an in-house blockchain network.
  • 46 of the organizations have their own tokenized asset marketplace.
  • 47 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, etc.)
10XTS
ADDX
Aktionariat
AllianceBlock*
Alphaledger*
AlphaPoint
Arca US Treasury Fund
Archax
Arf
Avalanche Vista
Bankex
Bondblox*
Brickken
Canton Network
Cerchia
Enigma Vault
Ekta
Fnality International
Franklin Templeton
HoneyBricks
HouseAfrica
INX Digital
InvestaX
Jia
Lofty
NYALA*
Ownera
Paxos
Polymath
Pontoro
RealT
RealX
Riddle & Code
Robinland
SEBA Bank
Securitize
Securrency
Smart Token Labs*
Spydra
Stobox
STOKR
Structure
Taurus Platform
Texture Capital
Tokeny Solutions
TOKO
tZERO
Vertalo
WeOwn
WisdomTree

*Newly added to the report

Key Takeaways

  • As of the end of September 2023, the most common tokenized asset types are real estate (27) and equities (26).
  • Tokenization of private credit and fixed income are almost as popular, with 22 and 21 platforms, respectively, providing these services.
  • Tokenization of foreign exchange and commodities-based assets are the least popular among CeFi RWA providers.
  • Although listed as tokenizing real estate, Realio Network only tokenizes Real Estate Investment Trusts (REITs).

DeFi RWA Industry Players

The table provides details on a selection of 39 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
 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
 KlimaDAO*PolygonTokenizationCarbon Credit2021United States
 LandXEthereumCreditCredit & LoansLithuania
 MakerEthereumStablecoin CreditCredit & Loans, Cryptocurrencies2015Denmark
 MapleEthereum, SolanaCreditCredit & Loans2020Australia
 MaxosEthereumStablecoin CreditCredit & Loans2020United States
 Meld GoldAlgorandCommoditiesGold2020Australia
 ObligatePolygonCreditCredit & Loans2019Switzerland
 Ondo FinanceEthereumTokenizationCredit & Loans2021United States
 OpenEden*EthereumTokenizationFixed Income2022Singapore
 ParclSolanaDerivativesReal Estate2022British Virgin Islands
 Pearl ExchangePolygonInfrastructureStablecoins2023Unknown
 Polytrade FinancePolygonCreditCredit & Loans2021United Arab Emirates
 PurpleFiTokenizationReal Estate2022United Kingdom
 SaplingPolygonCreditCredit & Loans2022United Kingdom
 TangiblePolygonStablecoinLuxury Goods, Precious Metals, Real Estate2021United States
 Toucan ProtocolPolygon, CeloTokenizationCarbon Credit2021Switzerland
 TrueFiEthereumCreditCredit & Loans2020United States

*Newly added to the report

Key Takeaways

  • Two new protocols were added to our list of decentralized providers:
    • KlimaDAO tokenizes carbon credits on the Polygon network.
    • OpenEden gives Web3 users access to investing in U.S. Treasury yields.
  • As of the end of September 2023, Credit & Loans is the most common sector for DeFi tokenization products with a total of 23 providers supporting real-world loans.
  • Ethereum is the most common blockchain among RWA DeFi applications, with 25 out of 39 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$243,898,986$447,758,105$241,743,212$119,524,44454.88%
MapleEthereum$128,913,267$2,441,922,794$61,800,000$44,893,12019.83%
GoldfinchEthereum$98,220,000$112,989,773$1,380,000$25,286,68438.98%
CredixSolana$39,200,000$40,520,152$39,500,000N/AN/A
ClearpoolEthereum$20,436,412$428,321,827$26,355,318$8,940,65519.22%
TrueFiEthereum$8,498,529$1,740,000,000$23,950,000$44,714,62141.00%
HomeCoinEthereum$6,109,401$7,955,966$6,304,651N/AN/A
ClearpoolPolygon$75,645$80,674,770$118,969$8,940,65519.22%
MapleSolanaN/AN/AN/AN/AN/A
Ondo FinanceEthereumN/AN/A$28,681,000N/AN/A

*Newly added to the report

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

Key Takeaways

  • The market capitalization of RWA lending tokens has increased by a substantial amount in the month of September.
  • Active loans remain relatively stable across the markets, with most protocols seeing positive growth in active loan amounts. Maple Finance (Ethereum) and Goldfinch are exceptions and saw a slight decrease in active loan amounts.

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