RWA Tokenization Platforms Compared: Real-World Assets On-Chain

RWA Tokenization Platform Overview

Real-world asset (RWA) tokenization brings traditional financial instruments on-chain: US Treasuries, private credit, equities, and real estate represented as blockchain tokens with programmable settlement and 24/7 transferability. The on-chain RWA market surpassed $26 billion in mid-2026, up from roughly $2 billion in early 2024. Tokenized US Treasuries alone account for nearly $15 billion of that total.

Five platforms dominate different segments of the RWA landscape: Ondo Finance (tokenized treasuries and equities), Securitize (institutional fund tokenization), Maple Finance (on-chain credit), Centrifuge (private credit infrastructure), and Backed Finance (tokenized stocks). Each serves a different investor profile, asset class, and regulatory framework.

For context on how tokenized treasuries interact with stablecoin yields, see our stablecoin yield comparison and the research article on stablecoin treasury yield impact.

Ondo Finance: Tokenized Treasuries and Equities

Ondo Finance is the largest pure-play tokenized treasury platform with over $2.75 billion in TVL as of mid-2026. Its two flagship products are USDY (US Dollar Yield Token) and OUSG (short-term US Government Bond Fund). USDY holds approximately $740 million in supply and offers around 4.65% APY, while OUSG carries roughly $692 million at approximately 3.49% APY.

Ondo expanded into tokenized equities in 2026, offering over 200 tokenized US stocks and ETFs with 24/7 minting and redemption on Ethereum and BNB Chain. The platform operates across 10+ blockchain networks including Ethereum, Solana, Aptos, Mantle, Sui, and Stellar, reaching over 154,000 token holders.

A notable integration: JPMorgan's Kinexys platform enabled instant OUSG redemptions in May 2026, settling cross-border Treasury transactions in under five seconds. This marked the first major US bank to facilitate blockchain-based Treasury settlement.

Securitize and BlackRock BUIDL

Securitize operates as tokenization infrastructure rather than a single product. It manages over $3.4 billion in tokenized assets and administers $24.9 billion across 650+ funds. Its most prominent deployment is BlackRock's BUIDL fund: a tokenized money market fund backed by US Treasuries that surpassed $2.5 billion in AUM by mid-2026.

BUIDL targets qualified purchasers with a $5 million minimum investment, yielding roughly 4.5% to 5% APY. It deploys across eight blockchain networks, with 68% of assets held outside Ethereum on chains including Solana, Polygon, Arbitrum, and Avalanche. Standard Chartered, OKX, and BlackRock jointly launched a framework in April 2026 allowing qualified investors to use BUIDL as trading collateral.

In May 2026, Securitize Markets received FINRA approval to custody tokenized securities and facilitate atomic settlement: the first broker-dealer approved for this capability. Securitize also integrated with the TRON blockchain in April 2026, accessing its 373 million accounts and $26 billion in existing TVL.

Maple Finance: On-Chain Institutional Credit

Maple Finance occupies a different niche: overcollateralized institutional lending rather than treasury tokenization. Its TVL reached $2.1 billion by mid-2026, with $1.85 billion in active loans. The platform distributed $65 million in yield to depositors in 2025 alone.

Maple's primary products are syrupUSDC and syrupUSDT: yield-bearing stablecoin vaults that generate returns from fixed-rate institutional loans, DeFi liquidity provision, and futures basis trading. These products collectively held over $4 billion in AUM by the end of 2025. The platform runs primarily on Ethereum with an announced expansion to Solana.

Unlike treasury tokenization platforms that pass through government bond yields, Maple's returns come from credit spreads on private lending. This means higher potential yields but also higher risk: Maple's earlier lending protocol suffered defaults in 2022 when borrowers like Orthogonal Trading became insolvent. The current V2 platform requires overcollateralization and publishes vault proof-of-reserves attested by The Network Firm.

Centrifuge: Private Credit Infrastructure

Centrifuge focuses on bringing structured private credit on-chain: trade finance, real estate bridge loans, invoice factoring, and institutional credit portfolios. The platform has facilitated over $500 million in on-chain assets and counts Anemoy, Janus Henderson, BlockTower Credit, and MakerDAO among its institutional users.

Centrifuge Prime, the platform's institutional product, offers returns ranging from 4% to 13%+ depending on the underlying asset class and risk profile. Originally built as a Polkadot parachain, Centrifuge migrated its infrastructure to Ethereum in 2025 and now operates across 10+ Ethereum-compatible networks including Base and Arbitrum.

A major validation came in May 2026 when Coinbase selected Centrifuge as its preferred tokenization infrastructure partner and took a strategic equity stake in the company. This partnership aims to bring institutional credit pools directly to DeFi users on Base.

Backed Finance: Tokenized Equities

Backed Finance distinguishes itself by focusing on tokenized stocks and ETFs rather than fixed income. Its xStocks product line wraps traditional equities as on-chain tokens, making them composable with DeFi protocols. Each xStock token is backed 1:1 by the underlying security held by a regulated custodian.

The platform operates through partnerships with traditional finance infrastructure: Alchemy Pay joined the xStocks Alliance in 2025 and integrated Backed's tokenized equities into its RWA platform. Backed targets both retail and institutional users, though access varies by jurisdiction and local securities regulations.

Yield and Fee Comparison

The yield profile of each platform reflects its underlying asset class. Treasury-backed products track short-term US government rates, while credit products offer spreads above that baseline in exchange for additional risk. The following table compares key product yields and access requirements.

For a comparison of how these yields stack up against stablecoin savings rates, see our yield-bearing stablecoin comparison.

Tokenized Treasuries vs. Stablecoins

Tokenized treasuries and stablecoins both represent dollar-denominated value on-chain, but they serve different purposes. Traditional stablecoins like USDC and USDT pass zero yield to holders: the issuer earns interest on reserve assets (primarily T-bills) and retains it. Tokenized treasury products like USDY and BUIDL pass that yield through to the token holder.

This distinction matters as the tokenized treasury market grows. At nearly $15 billion, tokenized treasuries increasingly compete with non-yield-bearing stablecoins for institutional capital. A treasury manager parking $10 million in USDC earns nothing, while the same amount in USDY generates roughly $465,000 annually. The emergence of yield-bearing stablecoins represents a middle ground: tokens that maintain a dollar peg while distributing underlying Treasury yields.

However, tokenized treasuries carry tradeoffs that stablecoins avoid. Most require accredited investor verification, impose minimum investment sizes, and restrict transferability to whitelisted addresses. Stablecoins remain freely transferable and accessible to anyone. For payments and everyday transfers, stablecoins are more practical. For yield-bearing capital allocation, tokenized treasuries offer a compelling alternative.

The regulatory picture adds another dimension. The US GENIUS Act and the proposed INVEST Act (passed by the House in December 2025) could reshape accredited investor requirements, potentially broadening access to tokenized securities. In the EU, tokenized securities fall under MiFID II rather than MiCA, meaning they follow existing securities frameworks rather than stablecoin-specific rules.

Blockchain Infrastructure

RWA platforms have diverged in their chain strategies. Ondo and Securitize pursue aggressive multi-chain deployment, while Maple and Centrifuge concentrate on Ethereum and its L2 ecosystem.

Ondo operates across Ethereum, Solana, Aptos, Mantle, Sui, Stellar, XRP Ledger, Sei, Noble, and BNB Chain. Securitize covers a similarly broad footprint with BUIDL deployed on eight chains and a TRON integration adding access to 373 million accounts. This multi-chain approach maximizes distribution but introduces bridge complexity and fragmented liquidity.

Centrifuge took a different path: after launching on Polkadot, it migrated to Ethereum in 2025 to access deeper DeFi composability. Its V3 infrastructure now supports Ethereum-compatible networks including Base and Arbitrum, aligning with the Coinbase ecosystem. Maple remains Ethereum-first with a planned Solana expansion.

Notably absent from most RWA platforms is Bitcoin. While Bitcoin L2 networks like Spark enable stablecoin transfers and programmable settlement on Bitcoin, RWA tokenization has not yet expanded to the Bitcoin ecosystem in a meaningful way. As Bitcoin L2 infrastructure matures and supports richer token standards like Taproot Assets, tokenized treasuries and credit products could eventually reach Bitcoin-native users without requiring them to bridge to Ethereum or Solana. For more on this trajectory, see our research on RWA tokenization on Bitcoin.

Regulatory Frameworks

RWA tokenization sits squarely within securities regulation, unlike stablecoins which occupy a separate (and still evolving) regulatory category. Most tokenized RWA products in the US are issued under Regulation D 506(c), which restricts sales to accredited investors (individuals with $200,000+ income or $1 million+ net worth excluding primary residence).

In March 2025, the SEC issued guidance allowing minimum investment amounts of $200,000 (individuals) or $1 million (entities) to serve as verification of accredited status under Rule 506(c). This simplified the compliance burden for platforms like Ondo and Securitize. The INVEST Act, which passed the House in December 2025 with bipartisan support (302 to 123), proposes expanding accredited investor eligibility based on professional licensure, education, or examination rather than wealth thresholds alone.

Securitize holds a unique position: its FINRA-approved broker-dealer status (granted May 2026) allows it to custody tokenized securities and execute atomic settlement. It also offers certain products under Reg A+ and Reg CF, which are accessible to non-accredited retail investors.

In the EU, MiCA does not directly apply to tokenized securities: these fall under MiFID II instead. However, MiCA's framework for crypto-asset service providers (CASPs) affects the platforms that distribute tokenized RWAs, with over 53 CASP licenses granted EU-wide as of mid-2026.

How to Choose an RWA Platform

The right platform depends on what you are trying to achieve and what regulatory constraints apply to you.

If you want passive Treasury yield with multi-chain flexibility: Ondo Finance offers the broadest chain coverage for tokenized Treasury products, with USDY available on 10+ networks and instant redemptions through the JPMorgan integration. Accredited investor status is required.

If you represent an institution with $5M+ to allocate: BlackRock BUIDL through Securitize offers the most recognizable brand backing in tokenized treasuries, with daily redemptions and deployment across eight chains. Securitize's FINRA approval adds a layer of regulatory assurance unavailable from other platforms.

If you want higher yields from credit products: Maple Finance and Centrifuge offer returns above Treasury rates through institutional lending and structured credit. These carry credit risk absent from Treasury-backed products. Maple's overcollateralized lending model and proof-of-reserves provide some mitigation.

If you want on-chain equity exposure: Backed Finance's xStocks provide tokenized access to traditional stocks and ETFs, composable with DeFi protocols. Access depends on your jurisdiction's securities regulations.

Frequently Asked Questions

What is RWA tokenization?

RWA tokenization is the process of representing traditional financial assets (US Treasuries, real estate, private credit, equities) as tokens on a blockchain. Each token corresponds to a claim on the underlying asset, enabling 24/7 transferability, programmable settlement, and fractional ownership. The on-chain RWA market exceeded $26 billion by mid-2026.

What is the largest tokenized treasury fund?

BlackRock's BUIDL fund, issued through Securitize, is the largest single tokenized treasury product at over $2.5 billion in AUM as of mid-2026. It invests in short-term US Treasury securities and is deployed across eight blockchain networks. BUIDL requires a $5 million minimum investment and is restricted to qualified purchasers.

Do you need to be an accredited investor to buy tokenized RWAs?

Most tokenized RWA products in the US are issued under Regulation D 506(c), which restricts access to accredited investors ($200,000+ annual income or $1 million+ net worth). However, some platforms like Securitize offer products under Reg A+ or Reg CF that are accessible to non-accredited retail investors. The INVEST Act, pending in the US Senate, could expand accredited investor eligibility beyond wealth-based criteria.

How do tokenized treasuries compare to stablecoins?

Both represent dollar value on-chain, but tokenized treasuries pass yield (4% to 5% APY) to holders while traditional stablecoins like USDC and USDT do not. Stablecoins are freely transferable and require no investor accreditation, making them better for payments. Yield-bearing stablecoins bridge the gap by combining a dollar peg with underlying Treasury yields. See our yield-bearing stablecoin comparison for specific product data.

What are the risks of tokenized real-world assets?

Key risks include: counterparty risk (the custodian or issuer holding underlying assets could fail), smart contract risk (bugs in token contracts), liquidity risk (secondary markets for tokenized RWAs are thinner than traditional markets), regulatory risk (securities law changes could restrict issuance or trading), and oracle risk (on-chain price feeds may diverge from actual asset values). Treasury-backed products carry less credit risk than private credit products but are still subject to operational and custodial risks.

Can tokenized RWAs be used as DeFi collateral?

Increasingly, yes. BlackRock BUIDL can be used as trading collateral through a framework launched with Standard Chartered and OKX. Ondo OUSG integrates with several DeFi lending protocols. MakerDAO has allocated billions in DAI backing to tokenized Treasury and credit products through Centrifuge and other providers. However, DeFi integration remains limited compared to native crypto assets due to transfer restrictions and KYC/AML whitelisting requirements on most tokenized securities.

Which blockchains support RWA tokenization?

Ethereum dominates RWA tokenization by TVL, but multi-chain deployment is accelerating. Securitize's BUIDL operates on eight chains. Ondo Finance covers 10+ networks. Solana, Polygon, Arbitrum, Base, Avalanche, Aptos, and TRON all host tokenized RWA products. Bitcoin L2 networks are an emerging frontier: as protocols like Spark and Taproot Assets mature, RWA tokenization could extend to Bitcoin-native infrastructure.

This tool is for informational purposes only and does not constitute financial or investment advice. TVL figures, yields, and regulatory details are approximate and based on publicly available data as of mid-2026. RWA tokenization involves securities that may be subject to transfer restrictions and investor accreditation requirements. Always verify current data on each platform's official site and consult qualified legal counsel before investing.