140 companies hold $27.9B of real-world assets on-chain.
Not instruments — operators. The funds, securitizers and protocols that put treasuries, private credit, gold, shares and houses on a blockchain, ranked by what each has actually tokenized. We list instruments from 29 of them; the rest of the map is here so you can see what we do not cover.
13 of the twenty largest operators here carry no token against this business — Securitize, Circle, Spiko and others. Where such a company does have a token elsewhere it measures something else entirely: Circle’s USDC is a stablecoin business, not the tokenized treasury fund counted here. Rank this market by market cap and you either erase the largest operators or measure the wrong thing. The figure in this table is what each operator has actually put on-chain.
| Company | On-chain value ↓ | Products | Chains | On TokenBank |
|---|---|---|---|---|
Securitize is making real-world assets available to institutions and investors through tokenization, a process that registers ownership rights on the blockchain | $5.00B | 7 BlackRock BUIDL, Blockchain Capital, Mantle Index Four Fund +4 | Aptos, Arbitrum, Avalanche, Binance +8 | listed |
Ondo Finance ↗ONDO This share class provides liquid exposure to an ETF of short-term U.S. Treasuries | $3.50B | 2 Ondo Yield Assets, Ondo Global Markets | Aptos, Arbitrum, Binance, Ethereum +9 | listed |
Tether Gold ↗XAUt Tether Gold (XAUt) is a token that provides you ownership of real physical gold. By putting gold on a Blockchain, we unlock a variety of characteristics that typically only crypto assets possess | $3.13B | 1 | Ethereum | not listed |
Circle helps businesses and developers harness the power of USDC for payments and commerce | $2.62B | 1 | Binance, Ethereum, Near, Noble | listed |
Spiko USTBL / EUTBL are Tokenized Money Market Funds regulated by the French Financial Markets Authority that invest in US T-Bills / Eurozone T-Bills | $2.52B | 1 | Arbitrum, Base, Ethereum, Etherlink +3 | listed |
Paxos ↗PAXG Blockchain infrastructure for enterprises. Regulated by the OCC in the US, FIN-FSA in the EU, and MAS in Singapore | $1.91B | 1 | Ethereum | listed |
Centrifuge ↗CFG Centrifuge protocol enables asset managers to tokenize, manage, and distribute tokenized funds onchain, while providing investors access to a diversified portfolio of high-quality tokenized assets. | $1.58B | 1 | Arbitrum, Avalanche, Base, Binance +6 | listed |
WisdomTree Connect is designed to offer seamless access to WisdomTree’s tokenized real world assets (RWA) for a range of investors and businesses. The WisdomTree Connect platform integrates the features of blockchain technology with the inv | $1.23B | 1 | Ethereum, Stellar | listed |
Anemoy is a web3 native asset manager powered by Centrifuge, providing investors with exposure to a broad spectrum of superior assets | $800M | 1 | Base, Celo, Ethereum | listed |
Hastra.io is a decentralized finance protocol on the Solana blockchain that connects institutional-grade real-world assets with the crypto ecosystem. Developed in partnership with the financial services company Figure, Hastra allows users t | $602M | 1 | Ethereum, Solana | not listed |
Superstate's tokenization infrastructure connects securities with crypto capital markets, for global 24/7 access and DeFi use-cases. This include Opening Bell, a platform for compliant onchain equity issuance and tokenization; and FundOS, a | $587M | 1 | Ethereum, Plume Mainnet, Solana | listed |
Ethena ↗ENA Ethena is a synthetic dollar protocol built on Ethereum | $482M | 1 | Ethereum | listed |
All xStocks are freely transferable tokens. They can be used in lending protocols, on DEXs, or any DeFi app. Hold them in your own wallet, or buy on one venue and sell on another. xStocks are built to be usable. | $450M | 1 | Arbitrum, Solana | listed |
Re ↗RE Re is a decentralized reinsurance protocol that bridges real-world insurance risk on-chain. It pools capital through stablecoins, issues tokenized receipt assets (reUSD, reUSDe), and allocates funds into regulated reinsurance contracts. Ret | $344M | 1 | Arbitrum, Avalanche, Base, Ethereum | not listed |
Connecting on-chain capital to real-world reinsurance risk — unlocking stable, uncorrelated returns that are liquid, composable and accessible for the first time | $299M | 1 | Solana | not listed |
Permissionless DeFi yield, powered by real-world payment flows. | $279M | 1 | Ethereum, Solana, Stellar | not listed |
OpenEden is a real-world asset tokenization platform, building the bridge to a new financial system. OpenEden's mission is to unlock trillions by bringing real-world assets on-chain, seamlessly and securely. | $265M | 2 OpenEden TBILL, OpenEden USDO | Arbitrum, Base, Binance, Ethereum +3 | listed |
Fintechs around the world use OpenTrade to power safe, compliant stablecoin yield products. | $258M | 1 | Avalanche, Ethereum, Plume Mainnet | not listed |
DigiFT is the first regulated exchange for on-chain real-world assets, approved as a Recognised Market Operator with a Capital Markets Services license by the Monetary Authority of Singapore. DigiFT allows asset owners to issue blockchain-b | $167M | 1 | Arbitrum, Binance, Ethereum, Plume Mainnet | not listed |
RealTREG RealToken provides investors with a method to buy into fractional, tokenized properties, leveraging the U.S. legal system and the permissionless, unrestricted token issuance of Ethereum | $155M | 1 | xDai | listed |
Midas is an asset tokenization protocol bringing regulatory-compliant exposure to institutional-grade assets onchain, unlocking DeFi composability for real-world assets (RWA). | $155M | 1 | 0G, Arbitrum, Avalanche, Base +27 | not listed |
Plume Vaults is Plume's flagship real-world asset protocol, built to enable onchain access to real world yield through structured vaults | $145M | 1 | Avalanche, Binance, Ethereum, Plume Mainnet +1 | not listed |
R25 builds RWA vault infrastructure that enables automated and curated on-chain yield strategies | $132M | 1 | Pharos | not listed |
RAAC is a lending and borrowing protocol powered by real-world assets (RWAs). We build stablecoins backed by commodities and facilitate on-chain borrowing against real-estate, capital markets, and more. | $117M | 1 | Ethereum | not listed |
Frax Finance ↗FRAX FRAX is a dollar-pegged stablecoin that uses AMO smart contracts and permissionless, non-custodial subprotocols as stability mechanisms. The two internal subprotocols used as stability mechanisms are Fraxlend, a decentralized lending market | $112M | 1 | Ethereum | listed |
Valos Institutional-Grade Digital Asset Yield Solutions. | $107M | 1 | Monad | not listed |
Fractionalized real estate on Algorand. | $101M | 1 | Algorand | listed |
The Matrixdock STBT token (i.e. Short-term Treasury Bill token) is a token which enables you to get exposure to U.S. | $92M | 3 MatrixDock XAUM, MatrixDock STBT, MatrixDock XAGM | Binance, Ethereum, Plume Mainnet, Solana +1 | listed |
Usual ↗USUAL Usual is a secure and decentralized fiat-backed (RWA) stablecoin issuer that redistributes value and ownership through the $USUAL token. | $91M | 2 Usual USD0, Usual EUR0 | Ethereum | listed |
Sky ↗SKY Sky enables users to get rewarded for non-custodial saving with USDS. | $71M | 1 | Ethereum | listed |
stUSDT ↗STUSDT Shape, expand, and enjoy the future of real-world assets tokenization on TRON. | $63M | 1 | Ethereum, Tron | not listed |
ORIGYN ↗OGY The ORIGYN Protocol has been made possible thanks to the major contribution of the ORIGYN Foundation and embodies its vision of becoming the universal digital standard for certification, traceability, and authentication | $52M | 1 | ICP | not listed |
Brickken ↗BKN Brickken enables businesses to create digital tokens backed by tokenized Real World Assets (RWA). Through the Token Suite, Clients can raise private or public capital by creating their own custom white-label token store & token offering. | $42M | 1 | Avalanche, Base, Binance, Ethereum +1 | not listed |
Tangible ↗TNGBL Maintain purchasing power with the first stablecoin backed by tokenized, yield-generating real estate. | $42M | 2 Tangible RWA, Tangible USTB | Arbitrum, Base, Ethereum, Optimism +2 | not listed |
KAIO ↗KAIO KAIO (previous Libre Capital) enables regulated RWAs to thrive in permissionless finance while ensuring seamless compliance, interoperability, and liquidity access. | $40M | 1 | Aptos, Avalanche, Cardano, Ethereum +10 | not listed |
Asseto Finance is engineering a compliant platform that integrates traditional finance assets with DeFi, enhancing security, yield, and liquidity for investors | $26M | 2 Asseto AoABT, Asseto CASH+ | Avalanche, Binance, Ethereum, HashKey Chain | not listed |
GoldFinger ↗ART ART (Aurum Reserve Token) is gold-backed, yield-bearing token on BSC. Each ART is redeemable for physical gold reserves and automatically accrues daily yield from gold-related portfolio, enabling seamless DeFi composability while preserving | $24M | 1 | Binance | not listed |
T RIZE ↗RIZE T-RIZE is an institutional-grade RWA tokenization platform enhanced by decentralized machine learning. | $23M | 1 | Base | not listed |
This project focuses on the tokenization of Fidelity International's Money Market Fund by Sygnum Bank, specifically the Fidelity Institutional Liquidity Fund (ILF) USD Fund Class G Acc. Sygnum Bank is the token issuer of the above mentioned | $22M | 1 | zkSync Era | not listed |
Build wealth with a portfolio of tokenized, regulatory-compliant, and verified fractionalized home equity investments in top residential properties. | $21M | 1 | Algorand | not listed |
None of these companies is something you can buy here, and none of them is counted in our instrument total. 59 of them have a token, but a governance token is a bet on the company — not a claim on a tokenized treasury bill — and mixing the two into one yield table would make both meaningless.
Everything on this page comes from DefiLlama, including the decision about what counts as a real-world asset — deliberately, so that we are not the ones drawing that line. The instruments that carry a comparable yield live in the curated instrument tier, which is a far smaller and far more careful set.
Questions
Why are these companies not in the comparison table?
Because they are not instruments. A saver can buy a tokenized treasury fund; they cannot buy "Securitize". Some of these companies do have a token — 59 of the 140 do — but a governance token is a bet on the company, not a claim on a real-world asset, and putting one in a yield table next to a T-bill fund would invite exactly the comparison it fails. So the operator map sits on its own page, its own data file, and is never counted in our instrument total.
What does "on-chain value" mean here, and why not market cap?
It is the total value locked that DefiLlama measures for each operator's protocols — the real-world assets actually tokenized with them. Token market cap is a different quantity: what the market pays for a claim on the company's future. The difference is not academic. 13 of the twenty largest operators on this page carry no token against this business — Securitize, Circle, Spiko among them. Some of those companies do issue a token elsewhere: Circle's USDC has a market cap in the tens of billions, and none of it measures the tokenized treasury fund listed here. A ranking by market cap therefore either erases the largest operators or measures the wrong business.
How many of these do you actually list instruments from?
29 of 140, about 21%. That is the honest number and the reason this page exists in the shape it does: it shows the whole market, marks our slice of it, and lets you see what we do not cover rather than implying we cover everything. The companies we do carry are reachable from the issuer pages.
Is anything on this page verified by TokenBank?
No. The classification, the figures and the descriptions come from DefiLlama, which is the source we use precisely so that we are not the ones deciding what counts as a real-world asset. Nothing here is an offer, and no figure here should be used to size an investment. The instruments that carry a comparable yield are a much smaller set, in the comparison table.
How current is this?
The snapshot was read on 2026-09-06. It is a file, not a live feed, so the page renders the same for everybody and an outage upstream cannot take it down. On-chain values move daily; treat them as an order of magnitude, not a quote.