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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 detailed in three 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.
- On-chain U.S. Treasury products, which include products from both CeFi and DeFi platforms, are detailed in the RWA U.S. Treasury Protocols section.
Significant RWA Tokenization News
- The Bank for International Settlements (BIS) announced plans for CBDC and tokenization projects for 2024.
- Thailand’s Securities and Exchange Commission removed a restriction that limited retail investments in real estate or infrastructure-backed digital tokens.
- Crypto custody and trading firm Taurus was approved by FINMA to offer tokenized securities to retail customers in Switzerland.
- DigiFT became Singapore’s first regulated public blockchain exchange for asset tokenization.
- BlockInvest, an Italian startup, began tokenizing non-performing loans.
- Moody’s said the adoption of tokenized funds signaled “untapped market potential”.
- Moody’s rated a fund that used SC Ventures’ tokenization platform Libeara for the first time.
- Daiwa Securities partnered with MUFG’s Progmat to issue tokenized bonds.
- Ondo Finance expanded into the Asia Pacific region.
- Brevan Howard and Hamilton Lane were announced as the first users of Libre, a new tokenization platform.
- Bitfinex Securities announced the first tokenized bond on Liquid Network.
- AllianceBlock announced that it will be rebranding to Nexera Finance.
- AllianceBlock’s proposed RWA ERC-7208 token standard was accepted as a draft proposal on Ethereum.
- Noble partnered with Hashnote to roll out tokenized securities on Cosmos.
CeFi RWA Industry Players
The table below provides details on a selection of 83 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/#/login?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 |
| 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 |
| BSOS | https://www.bsos.co/suplex | 2018 | Taiwan | Yes | Yes | Yes | No | 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 |
| dclex | https://dclex.com/ | – | Canada | No | Yes | No | No | Unknown |
| 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 |
| eNor | https://enorsecurities.com/en/ | 2021 | El Savador | No | Yes | Yes | 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/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX | 1947 | United States | No | No | Yes | No | Unknown |
| Frictionless | https://www.frictionless.markets/ | 2022 | Luxembourg | No | No | No | No | Unknown |
| Fusang | https://www.fusang.co/ | 2015 | Hong Kong | Yes | Yes | Yes | Yes | $7,500,000 |
| Groma* | https://www.groma.com/ | 2020 | United States | No | No | Yes | No | $49,300,000 |
| 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 |
| Mountain Protocol | https://mountainprotocol.com/ | 2023 | Bermuda | No | No | No | No | Unknown |
| 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 |
| Talium Assets | https://www.talium-assets.com/ | 2018 | France | No | Yes | Yes | No | Unknown |
| 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/investments/digital-funds | 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 |
| Zodor* | https://www.zodor.io/ | 2023 | India | No | No | Yes | No | Unknown |
*Newly added to the report
Key Takeaways
- 38 of the listed organizations are registered in the United States, followed by Singapore with 6 protocols, Switzerland and the United Kingdom with 4 protocols each, and India and Luxembourg with 3 protocols each.
- 2 new projects were added to this month’s report:
- Groma is a real-estate tokenization platform based in the United States.
- Zodor is a Web3 platform based in India that allows users to co-own assets for as little as $10.
- Only 14 organizations utilize an in-house blockchain network.
- 55 of the organizations have their own tokenized asset marketplace.
- 58 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 | ✔ | ||||||
| Bankex | ✔ | ✔ | ✔ | ||||
| Blocksquare | ✔ | ||||||
| Bondblox | ✔ | ||||||
| Brale | ✔ | ||||||
| Brickken | ✔ | ||||||
| Brightvine | ✔ | ✔ | |||||
| Bru Finance | ✔ | ✔ | |||||
| BSOS | ✔ | ||||||
| Canton Network | ✔ | ✔ | ✔ | ✔ | |||
| Cerchia | ✔ | ✔ | |||||
| dclex | ✔ | ||||||
| DigiShares | ✔ | ||||||
| DigiFT | ✔ | ✔ | |||||
| Ebric | ✔ | ||||||
| Ekta | ✔ | ||||||
| Enigma Vault | ✔ | ||||||
| eNor | ✔ | ✔ | ✔ | ✔ | |||
| Estate Protocol | ✔ | ||||||
| Flowcarbon | ✔ | ||||||
| Fnality International | ✔ | ||||||
| Fortunafi | ✔ | ✔ | |||||
| Franklin Templeton | ✔ | ||||||
| Frictionless | ✔ | ||||||
| Fusang | ✔ | ✔ | |||||
| Groma* | ✔ | ||||||
| Hamsa Pay | ✔ | ✔ | |||||
| Hashnote | ✔ | ✔ | |||||
| Helix | ✔ | ||||||
| HoneyBricks | ✔ | ||||||
| HouseAfrica | ✔ | ||||||
| Intain | ✔ | ||||||
| INX Digital | ✔ | ||||||
| InvestaX | ✔ | ✔ | ✔ | ✔ | |||
| Jia | ✔ | ||||||
| Liquid Mortgage | ✔ | ✔ | |||||
| Lofty | ✔ | ||||||
| Mountain Protocol | ✔ | ||||||
| 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 | ✔ | ✔ | |||||
| Talium Assets | ✔ | ✔ | ✔ | ✔ | ✔ | ||
| Texture Capital | ✔ | ✔ | ✔ | ✔ | |||
| Tokeny Solutions | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | |
| TOKO | ✔ | ✔ | ✔ | ||||
| tZERO | ✔ | ||||||
| Vertalo | ✔ | ✔ | ✔ | ||||
| WeOwn | ✔ | ✔ | ✔ | ||||
| WisdomTree | ✔ | ✔ | |||||
| Yieldteq | ✔ | ||||||
| Zivoe Finance | ✔ | ||||||
| Zodor* | ✔ | ✔ | ✔ | ✔ |
*Newly added to the report
Key Takeaways
- As of January 2024, the most common tokenized asset types are real estate (37) and equities (32).
- Tokenization of fixed income and private credit are almost as popular, with 28 and 27 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 52 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 |
|---|---|---|---|---|---|
| Aconomy* | Polygon | Tokenization | Luxury Goods | 2023 | – |
| AmFi | Avalanche | Credit | Credit & Loans, Real Estate | 2022 | United States |
| Alta | Ethereum, Polygon, Optimism | Tokenization | Real Estate, Automotive | 2020 | United States |
| Anzen | Ethereum | 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 |
| Blockcellar | Polygon | Tokenization | Luxury Goods | 2023 | Unknown |
| 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 |
| CellarDAO | Polygon | Tokenization | Luxury Goods | 2023 | Singapore |
| 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 |
| Cogito Protocol | Ethereum | Tokenization | Fixed Income Equities | 2022 | United States |
| Defactor* | Ethereum, Polygon | Credit | Fixed Income, Credit & Loans | 2020 | Luxembourg |
| 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 |
| Huma Finance | Polygon, Celo | Credit | Credit & Loans | 2022 | United States |
| impactMarket | Celo | Credit | Credit & Loans | 2020 | Portugal |
| 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 |
| Parabol Finance* | Ethereum | Tokenization | Fixed Income | 2015 | United States |
| 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 |
| Unikura* | Ethereum | Tokenization | Trading cards, Watches, Luxury Goods, and Art | 2023 | Japan and Singapore |
| Untangled* | Celo | Tokenized Credit | Private Credit Assets (Invoices and SME Loans) | 2020 | United Kingdom |
*Newly added to the report
Key Takeaways
- 4 new protocols were added to our list of decentralized providers:
- Defactor tokenizes private credit and fixed income on the Ethereum and Polygon blockchains.
- Parabol Finance is a stablecoin protocol with a native yield mechanism.
- Unikura enables its users to acquire ownership rights to a collectible via its physically-backed NFT.
- Untangled is focusing on tokenizing private credit assets, such as invoices and SME loans.
- As of the end of 2023, Credit & Loans is the most common sector for DeFi tokenization products, with a total of 28 providers supporting real-world loans.
- Ethereum is the most common blockchain among RWA DeFi applications, with 31 out of 52 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 | $265,476,368 | $506,561,073 | $265,815,992 | $234,014,679 | -29.41% |
| Maple | Ethereum | $144,463,752 | $3,298,976,283 | $84,300,000 | $94,653,290 | -14.45% |
| Goldfinch | Ethereum | $107,020,784 | $112,989,772 | $4,290,000 | $77,259,549 | -6.90% |
| Credix | Solana | $33,185,576 | $41,668,152 | $31,000,000 | N/A | N/A |
| Clearpool | Ethereum | $20,436,412 | $476,464,219 | $11,551,297 | $42,278,156 | -24.18% |
| TrueFi | Ethereum | $19,002,202 | $1,740,000,000 | $18,470,000 | $51,517,992 | -22.77% |
| HomeCoin | Ethereum | $6,105,810 | $7,955,966 | $6,301,334 | N/A | N/A |
| Clearpool | Polygon | $984,779 | $80,674,770 | $708,309 | $42,278,156 | -24.18% |
| Ondo Finance | Ethereum | N/A | N/A | $185,860,000 | N/A | N/A |
Data period: 1 January – 31 January 2024
Data is sourced from project websites or other publicly available information, including rwa.xyz.
Key Takeaways
- All protocols saw the market cap of their native tokens decline over the past month.
- Active Loans Amounts remained flat in protocols like TrueFi and Clearpool in the Ethereum network with 0% changes. In comparison, Clearpool in the Polygon network and Goldfinch recorded increases of 56.87% and 7.59% in Active Loans, respectively.
RWA U.S. Treasury Protocols
| Protocol | Network | Ticker | Name | Market Capitalization | Month over Month Change in Market Capitalization | Yield To Maturity | Minimum Investment |
|---|---|---|---|---|---|---|---|
| Backed Finance | Ethereum | bIB01 | Backed IBTA $ Treasury Bond 0-1yr | $46,980,260 | 0.38% | 5.36% | $5,000 |
| Franklin Templeton Benji Investments | Stellar | FOBXX | Franklin OnChain U.S. Government Money Fund | $333,536,146 | 3.12% | 5.19% | $0 |
| Hashnote | Ethereum | USYC | Hashnote Short Duration Yield Fund | $42,789,002 | –5.54% | – | $100,000 |
| Maple | Ethereum | MPLcashUSDC | Cash Management Pool (USDC) | $10,892,347 | –26.15% | 5.13% | $100,000 |
| Maple | Solana | MPLcashUSDC-SPL | Cash Management Pool (USDC-SPL) | $12,020,015 | –5.96% | 4.90% | $100,000 |
| Matrixdock | Ethereum | STBT | Short-term Treasury Bill Token | $94,631,789 | –11.02% | – | – |
| Mountain Protocol | Ethereum | USDM | Mountain Protocol USD | $150,895,033 | 449.52% | – | – |
| Ondo Finance | Ethereum | OUSG | Ondo Short-Term US Government Bond Fund | $110,815,082 | –16.79% | 5.37% | $100,000 |
| Open Eden | Ethereum | TBILL | OpenEden TBILL Vault | $24,514,960 | 10.42% | 5.34% | $100,000 |
| WisdomTree | Stellar | WTSYX | WisdomTree Short-Term Treasury Digital Fund | $10,038,065 | –6.95% | 4.87% | $25 |
Data period: 1 January – 31 January 2024
Data is sourced from project websites or other publicly available information, including rwa.xyz.
Key Takeaways
- Most treasury tokenization providers recorded a decrease in market capitalization over the past month, while Backed Finance, Franklin Templeton Benji Investments, Mountain Protocol, and Open Eden recorded increases.
- Mountain Protocol’s market capitalization reached $150 million in January 2024.
- Ondo Finance’s market capitalization declined despite news about the issuance of its native ONDO tokens and its expansion to the Asia Pacific region.
- Last month, Maple Finance’s Cash Management Pool (USDC) token dropped by 47.33% and this month it declined by 26.15%.
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