Author: BitpushNews
Since the beginning of this year, we have witnessed that the tokenization of real-world assets (RWA) has become an irreversible trend. From Kraken's plan to launch tokenized stocks to Coinbase's plan to put its own stocks on the chain; from the participation of traditional financial giants such as BlackRock and JPMorgan Chase to the inclusion of RWA in the collateral framework by the leading DeFi protocol - tokenization is completely reshaping the liquidity and accessibility of assets.
Despite challenges such as regulatory adjustments and infrastructure improvement, the RWA track has shown explosive potential: the total locked value (TVL) of tokenized assets such as U.S. Treasuries, real estate, and luxury goods has exceeded billions of dollars. According to rwa.xyz data, as of press time, the total management value of the RWA market chain has reached US$23.92 billion. According to the Boston Consulting Group's forecast, by 2030, the scale of global tokenized assets will reach US$16 trillion, accounting for 10% of all investable assets.
This article will analyze the RWA sub-sectors with the greatest development potential and review the most representative leading projects in each field.
Tokenized Treasuries
Tokenized treasury bonds are an important innovation in the financial market. They tokenize traditional government bonds, allowing investors to directly participate in treasury bond investments through blockchain and enjoy higher liquidity and transparency.
Franklin Templeton
Franklin Templeton has launched FOBXX, the world's first registered tokenized money market fund, which invests in U.S. government securities and aims to provide investors with stable returns and liquidity. The fund provides investors with a more convenient channel for investing in Treasury bonds and supports fast trading of digital assets.
OpenEden
OpenEden launched the tokenized U.S. Treasury bond (TBILL) through XRP Ledger and received a $10 million investment from Ripple. By tokenizing TBILL, OpenEden makes the trading of the Treasury bond market more decentralized and provides investors with higher capital liquidity.
Matrixdock
Matrixdock has launched the Short-Term U.S. Treasury Bond Token (STBT), which distributes interest to holders every day through an on-chain rebase mechanism. The product provides investors with a short-term liquidity tool that enhances the flexibility of Treasury bonds.
Securitize
Securitize has partnered with Tradeteq to launch a tokenized U.S. Treasury bond fund (USTY) for qualified investors. The platform manages the fund's operations through smart contracts and supports the tokenization of Treasury bond funds, which improves investment transparency.
Superstate
Superstate launched the US Government Securities Fund (USTB) to provide liquidity in the form of tokenization. The platform tokenizes Treasury bonds, allowing investors to trade quickly and efficiently on the blockchain.
Hashnote
Hashnote launched the USYC token, which represents short-term U.S. Treasury bonds and repurchase agreements and has been acquired by Circle. The token provides investors with a low-risk, highly liquid investment product.
BlackRock
BlackRock launched the tokenized Treasury bond fund BUIDL and used it as collateral on platforms such as Crypto.com and Deribit. BlackRock's tokenized Treasury bond fund provides investors with more investment options while improving market liquidity.
Stablecoins: The financial foundation behind cryptocurrencies
As an "anchor" asset in the crypto market, stablecoins have a relatively stable value, so they play an important role in the cryptocurrency market. The tokenization feature of stablecoins makes them digital currencies pegged to traditional currencies or assets, providing higher stability.
Circle
As the issuer of USDC, Circle is promoting the GENIUS Act, which requires stablecoin issuers to hold an equivalent amount of short-term U.S. Treasury bonds as reserve assets and disclose reserves. Circle has ensured the transparency and stability of stablecoins through the bill, and enhanced the market's trust in its products.
Tether, Paxos, Gemini, TrueUSD, Ethena, Labs, StraitsX, Frax Finance, USUAL, Sky
These stablecoin issuers are also facing new regulatory requirements after the passage of the GENIUS Act, which may have an impact on their operating models. These companies may need to adjust their reserve mechanisms to ensure compliance with new regulations and requirements.
Tokenized Stocks: Bridging the gap between traditional and crypto markets
Tokenized stocks allow stock investments to be made through the blockchain, allowing investors to split their investments with less capital while enjoying greater transparency and liquidity.
BACKED Finance
BACKED Finance is an EU-based fintech company focused on tokenizing traditional stocks and ETFs into "xStocks". These tokens run on the Solana blockchain and are designed to provide global investors with a 24/7 US stock trading experience. By the end of 2024, BACKED Finance holds approximately 77% of the market share in the tokenized stock market.
Partnering with Alchemy Pay to promote the popularity of tokenized stocks worldwide. In June 2025, BACKED Finance announced the launch of a new series of tokenized stocks and ETFs, "xStocks", which is planned to be launched on Kraken and Solana.
Dinari
Dinari is a US registered transfer agent that offers tokenized stocks and ETFs called dShares, ensuring that each dShare corresponds 1:1 to the actual stock. These tokens support trading on multiple blockchains, including Ethereum, Arbitrum, and Base. It provides tokenized versions of more than 100 US stocks and ETFs, such as AAPL, TSLA, SPY, etc. It has more than 25,000 customers in more than 60 countries and has processed more than 10,000 transactions.
In May 2025, Dinari completed a $12.7 million Series A funding round led by Hack VC and Blockchange Ventures.
Exodus Movement (EXOD)
Exodus Movement is a US company that has launched tokenized shares called EXOD, representing its Class A common stock. These tokens are managed on the Algorand blockchain and are designed to provide investors with innovative and secure investment opportunities. EXOD tokens have been listed on NYSE American, becoming the first tokenized stock to be listed on a US stock exchange. As of May 2025, Exodus has 2.2 million monthly active users, of which approximately 675,000 use the Passkeys wallet. As of June 2025, EXOD has a market cap of approximately $425 million.
Private Credit: Decentralized finance provides low-cost financing for small and medium-sized enterprises
Private credit provides loans to businesses through non-traditional financial institutions and tokenizes these loans through blockchain to increase capital liquidity and transparency.
Centrifuge
Centrifuge provides financing channels for small and medium-sized enterprises by tokenizing assets such as accounts receivable. The platform simplifies the loan process through smart contracts and increases the transparency and security of loans.
Maple
Maple is a decentralized credit platform that focuses on providing unsecured loans. Its platform manages loans through smart contracts and provides investors with new debt investment opportunities.
Clearpool
Clearpool is a decentralized credit protocol that allows institutions to originate and manage loans. The platform provides a transparent credit market and reduces credit risk.
CREDIX
CREDIX is a platform that connects borrowers and investors, focusing on the tokenization of private credit. The platform manages loans through smart contracts, improving market transparency.
TrueFi
TrueFi provides a decentralized platform for unsecured loans, offering low-cost credit products to global investors. Through a decentralized lending mechanism, TrueFi improves market liquidity.
Goldfinch
Goldfinch provides unsecured loans to businesses through community governance, especially those in developing countries. The platform provides a low-cost financing channel for global companies and enhances financial accessibility.
Real Estate Tokenization: Let global investors share the real estate market
Real estate tokenization allows small investors to participate in the traditionally high-threshold real estate market and enjoy higher liquidity.
Propy
Propy digitizes real estate transactions through blockchain, allowing investors to participate in the global real estate market through tokenization. The platform successfully held the world's first real estate transaction completed on the blockchain.
RealT
RealT divides real estate assets into small tokens, allowing global investors to participate in the real estate market. Through tokenization, RealT enables investors to enjoy monthly rental income and transactions are more transparent.
Parcl
Parcl combines blockchain with real estate market data to provide investors with investment opportunities in the global real estate market. The platform provides investors with more diverse real estate investment options through innovative data models.
Art & Collectibles Tokenization: Providing New Investment Channels for Collectors
The tokenization of art and luxury goods not only breaks the boundaries of traditional markets, but also gives more investors the opportunity to participate in the investment of high-value collectibles.
Courtyard.io
Courtyard.io tokenizes artworks through blockchain, allowing them to be traded like other crypto assets. The platform has attracted a large number of art investors and collectors, providing a new way to invest.
Tiamonds
Tiamonds tokenizes precious items such as diamonds, allowing investors to purchase and trade these assets through blockchain. The platform provides investors with a highly liquid and transparent investment platform.
WATCHES.io, COLLECTOR, DVIN: These platforms focus on the tokenization of luxury watches, artworks, and high-end collectibles, respectively, providing a new asset investment channel.
Decentralized Exchanges: A New Era in Crypto Asset Trading
Decentralized exchanges (DEX) provide a more transparent and secure trading experience for the crypto market, avoiding the intermediary fees of traditional centralized exchanges.
DigiFT
DigiFT is a decentralized exchange that focuses on trading financial derivatives and structured products. Through a decentralized approach, DigiFT enables traditional financial assets to be traded on the blockchain.
Swarm
Swarm is a decentralized platform that supports tokenized asset trading and provides transparent transaction records. Swarm's decentralized architecture enables global investors to participate in the tokenization and trading of assets.
Mauve, Stobox
The two platforms focus on the construction of decentralized exchanges and provide management and trading services for digital assets.
