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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.
| 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/#/log in?redirect=/home | 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 |
| Bondblox | https://bondblox.com/ | 2016 | Singapore | No | Yes | Yes | No | $6,000,000 |
| 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 |
| DigiShares* | https://digishares.io/ | 2018 | Denmark | No | Yes | Yes | No | $2,000,000 |
| Ebric* | https://ebric.io/ | 2020 | Singapore | No | Yes | Yes | No | UnknownA |
| 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 | N/A |
| 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 |
| 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 | 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 |
| 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 |
| 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/in vestments/digital-funds | 1985 | United States | No | Yes | Yes | No | $126,400,000 |
| Zivoe Finance | https://zivoe.finance/ | 2020 | United States | No | No | Yes | No | Unknown |
*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.
| Entity | Real Estate | Equities | Commodities | Fixed Income | Private Credit | Forex | Other (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.
| 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 |
| 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 |
| 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 |
| 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
- 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.
| 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 | $243,898,986 | $447,758,105 | $241,743,212 | $119,524,444 | 54.88% |
| Maple | Ethereum | $128,913,267 | $2,441,922,794 | $61,800,000 | $44,893,120 | 19.83% |
| Goldfinch | Ethereum | $98,220,000 | $112,989,773 | $1,380,000 | $25,286,684 | 38.98% |
| Credix | Solana | $39,200,000 | $40,520,152 | $39,500,000 | N/A | N/A |
| Clearpool | Ethereum | $20,436,412 | $428,321,827 | $26,355,318 | $8,940,655 | 19.22% |
| TrueFi | Ethereum | $8,498,529 | $1,740,000,000 | $23,950,000 | $44,714,621 | 41.00% |
| HomeCoin | Ethereum | $6,109,401 | $7,955,966 | $6,304,651 | N/A | N/A |
| Clearpool | Polygon | $75,645 | $80,674,770 | $118,969 | $8,940,655 | 19.22% |
| Maple | Solana | N/A | N/A | N/A | N/A | N/A |
| Ondo Finance | Ethereum | N/A | N/A | $28,681,000 | N/A | N/A |
*Newly added to the report
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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