Tokenization Landscape · Oct 2026
The tokenization stack, mapped.
Every issuer, chain, and protocol moving real-world assets onchain. Who they are, how they connect, and where capital is actually concentrating. One opinionated map.
Explore the Map
0players/0categories/1,250+relationships
3 views: Graph · List · Timeline
Who’s on the map
BlackRock
JPMorgan
Franklin Templeton
Securitize
Ondo Finance
Citadel Securities
DTCC
Nasdaq
ICE / NYSE
Grayscale
Maple Finance
Coinbase
BlackRock
JPMorgan
Franklin Templeton
Securitize
Ondo Finance
Citadel Securities
DTCC
Nasdaq
ICE / NYSE
Grayscale
Maple Finance
Coinbase
Kraken
Fireblocks
Chainlink
Wintermute
Morpho
Aave
Curve
Gauntlet
Steakhouse Financial
Robinhood
Hyperliquid
Provenance Blockchain
Kraken
Fireblocks
Chainlink
Wintermute
Morpho
Aave
Curve
Gauntlet
Steakhouse Financial
Robinhood
Hyperliquid
Provenance Blockchain
Kinexys
Canton Network
Ethereum
Solana
Circle
Tether
Paxos
Ethena
Sky
Ripple
Kinexys
Canton Network
Ethereum
Solana
Circle
Tether
Paxos
Ethena
Sky
Ripple
The Opportunity
Tokenization has barely started.
Global asset markets measure in the hundreds of trillions. The tokenized share is still small. Compare the share of each market that has been tokenized on the same percentage scale.
Tokenized share of each market · scale 0–0.4%
Treasuries
$27T market$15B+ tokenized0.056% penetration
Commodities
$5.4T market$8B+ tokenized0.152% penetration
Private Credit
$1.7T market$6B+ tokenized0.353% penetration
Equities
$115T market$1B+ tokenized<0.001% penetration
Real Estate
$330T market$444M+ tokenized<0.001% penetration
Source · rwa.xyz ↗As of May 5, 2026
01 /
The Products
Tokenized Treasuries
16 funds onchain, ranked by AUM. The most developed asset class — BUIDL, USYC, BENJI lead. Creation works; secondary liquidity is the open problem.
Click a fund to read its full profile.
| Fund | AUM | Fee | Custody | Investor | Chains |
|---|---|---|---|---|---|
| USYC | $2.92B | Performance fee (not flat) | BNY Mellon | Non-US institutions |     NEA+2 |
| BUIDL | $2.25B | 0.50% | BNY Mellon | Qualified Purchaser |    +3 |
| USDY | $1.99B | No mgmt fee (spread model) | Morgan Stanley / StoneX | Non-US persons |    +8 |
| JTRSY | $1.13B | 0.25% | Pershing / Circle | Non-US professional investors | Cel |
| BENJI | $993M | 0.15% mgmt (0.20% total expense cap) | BNY Mellon | All investors |   +4 |
| WTGXX | $990M | 0.25% | BNY Mellon | All investors | |
| USTB | $850M | 0.15% management; tiered rebate above $25M average holding | BNY Mellon (underlying fund assets) | Qualified Purchaser |  |
| OUSG | $750M | 0.15% (waived until Jul 2026) | Coinbase | Qualified Purchaser |  +7 |
| SAFO | $275M | 0.25% | CACEIS | Non-US (professional + institutional) | Sta+2 |
| SWEEP | $200M+ | 0.50% per annum of average daily net assets | State Street | Qualified Purchasers ($5M entity / $1M individual min) | |
| FDIT | $182M | 0.20% (0.25% gross, 5bps waiver through Aug 2027) | BNY Mellon | Institutional | |
| TBILL | $120M | 0.30% | BNY Mellon | Professional investors | |
| JLTXX | $100M+ | ~16 bps | Traditional custodian (underlying); Kinexys (tokens) | Stablecoin issuers + qualified institutional | |
| VBILL | $55M | 0.20% | State Street | Qualified investors | |
| mTBILL | $46M | 0% | Self-custody · Ankura Trust price verifier | Non-US (permissionless token) |   +26 |
| BLIQUID | $25M | — | — | — | |
- USYC$2.92B
- Fee
- Performance fee (not flat)
- Custody
- BNY Mellon
- Investor
- Non-US institutions
- Chains
- NEA+2
- BUIDL$2.25B
- Fee
- 0.50%
- Custody
- BNY Mellon
- Investor
- Qualified Purchaser
- Chains
- +3
- USDY$1.99B
- Fee
- No mgmt fee (spread model)
- Custody
- Morgan Stanley / StoneX
- Investor
- Non-US persons
- Chains
- +8
- JTRSY$1.13B
- Fee
- 0.25%
- Custody
- Pershing / Circle
- Investor
- Non-US professional investors
- Chains
- Cel
- BENJI$993M
- Fee
- 0.15% mgmt (0.20% total expense cap)
- Custody
- BNY Mellon
- Investor
- All investors
- Chains
- +4
- WTGXX$990M
- Fee
- 0.25%
- Custody
- BNY Mellon
- Investor
- All investors
- Chains
- USTB$850M
- Fee
- 0.15% management; tiered rebate above $25M average holding
- Custody
- BNY Mellon (underlying fund assets)
- Investor
- Qualified Purchaser
- Chains
- OUSG$750M
- Fee
- 0.15% (waived until Jul 2026)
- Custody
- Coinbase
- Investor
- Qualified Purchaser
- Chains
- +7
- SAFO$275M
- Fee
- 0.25%
- Custody
- CACEIS
- Investor
- Non-US (professional + institutional)
- Chains
- Sta+2
- SWEEP$200M+
- Fee
- 0.50% per annum of average daily net assets
- Custody
- State Street
- Investor
- Qualified Purchasers ($5M entity / $1M individual min)
- Chains
- FDIT$182M
- Fee
- 0.20% (0.25% gross, 5bps waiver through Aug 2027)
- Custody
- BNY Mellon
- Investor
- Institutional
- Chains
- TBILL$120M
- Fee
- 0.30%
- Custody
- BNY Mellon
- Investor
- Professional investors
- Chains
- JLTXX$100M+
- Fee
- ~16 bps
- Custody
- Traditional custodian (underlying); Kinexys (tokens)
- Investor
- Stablecoin issuers + qualified institutional
- Chains
- VBILL$55M
- Fee
- 0.20%
- Custody
- State Street
- Investor
- Qualified investors
- Chains
- mTBILL$46M
- Fee
- 0%
- Custody
- Self-custody · Ankura Trust price verifier
- Investor
- Non-US (permissionless token)
- Chains
- +26
- BLIQUID$25M
- Fee
- —
- Custody
- —
- Investor
- —
- Chains
Source · rwa.xyz + issuer documentation ↗As of May 2026
02 /
The Cash Leg
Stablecoins
22 stablecoins on the map, ranked by market cap. Ten times the size of every other tokenized asset class combined. Already works at scale. Every tokenized fund and onchain settlement layer builds on top of this.
Click any to read the full profile.
| Stablecoin | Market Cap | Character | Jurisdiction | Standards | Status |
|---|---|---|---|---|---|
| USDS | $6.9B | Decentralized · RWA-backed | Global | erc-20, erc-7528 | active |
| USDe | $4.8B | Synthetic · Yield | Global | erc-20 | active |
| DAI | $4.4B | Decentralized · Legacy | Global | erc-20 | active |
| USD1 | $4.1B | Treasury-backed · Political | Global | erc-20 | active |
| PYUSD | $2.9B | Paypal · Paxos | US | erc-20 | active |
| RLUSD | $2.4B | Ripple · Institutional | US | erc-20 | active |
| Usual Protocol | $563M | RWA-backed · Treasury | EU | erc-20 | active |
| USD0 | $563M | RWA-backed · Treasury | EU | erc-20 | active |
| USDtb | $518M | BUIDL-backed · Ethena | Global | erc-20 | active |
| AUSD | $198M | Institutional · Treasury-backed | APAC | erc-20 | emerging |
| USDm | $16M | BUIDL-backed · Ethena | Global | erc-20 | active |
| M0 | — | Issuance-middleware · Infrastructure | US | erc-20 | active |
| GHO | — | DeFi · Lending | Global | erc-20 | active |
| USDPT | — | Remittances · Cross-border | US | spl | active |
| USDC | — | Dollar · Reserves | US | erc-20, erc-7528 | active |
| USDT | — | Dollar | Global | erc-20 | active |
| frxUSD | — | BUIDL-backed | Global | erc-20 | active |
| USDso | — | BUIDL-backed · Frax | Global | erc-20 | active |
| Agora | — | Institutional | US | erc-20 | active |
| USSD | — | Treasury-backed · Frax | Global | erc-20 | emerging |
| Saturn | — | Yield · Strc | US | erc-20 | emerging |
| USDat | — | T-bill-backed · Yield | US | erc-20 | active |
- USDS$6.9B
- Character
- Decentralized · RWA-backed
- Jurisdiction
- Global
- Standards
- erc-20, erc-7528
- Status
- active
- USDe$4.8B
- Character
- Synthetic · Yield
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- DAI$4.4B
- Character
- Decentralized · Legacy
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- USD1$4.1B
- Character
- Treasury-backed · Political
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- PYUSD$2.9B
- Character
- Paypal · Paxos
- Jurisdiction
- US
- Standards
- erc-20
- Status
- active
- RLUSD$2.4B
- Character
- Ripple · Institutional
- Jurisdiction
- US
- Standards
- erc-20
- Status
- active
- Usual Protocol$563M
- Character
- RWA-backed · Treasury
- Jurisdiction
- EU
- Standards
- erc-20
- Status
- active
- USD0$563M
- Character
- RWA-backed · Treasury
- Jurisdiction
- EU
- Standards
- erc-20
- Status
- active
- USDtb$518M
- Character
- BUIDL-backed · Ethena
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- AUSD$198M
- Character
- Institutional · Treasury-backed
- Jurisdiction
- APAC
- Standards
- erc-20
- Status
- emerging
- USDm$16M
- Character
- BUIDL-backed · Ethena
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- M0—
- Character
- Issuance-middleware · Infrastructure
- Jurisdiction
- US
- Standards
- erc-20
- Status
- active
- GHO—
- Character
- DeFi · Lending
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- USDPT—
- Character
- Remittances · Cross-border
- Jurisdiction
- US
- Standards
- spl
- Status
- active
- USDC—
- Character
- Dollar · Reserves
- Jurisdiction
- US
- Standards
- erc-20, erc-7528
- Status
- active
- USDT—
- Character
- Dollar
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- frxUSD—
- Character
- BUIDL-backed
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- USDso—
- Character
- BUIDL-backed · Frax
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- active
- Agora—
- Character
- Institutional
- Jurisdiction
- US
- Standards
- erc-20
- Status
- active
- USSD—
- Character
- Treasury-backed · Frax
- Jurisdiction
- Global
- Standards
- erc-20
- Status
- emerging
- Saturn—
- Character
- Yield · Strc
- Jurisdiction
- US
- Standards
- erc-20
- Status
- emerging
- USDat—
- Character
- T-bill-backed · Yield
- Jurisdiction
- US
- Standards
- erc-20
- Status
- active
Source · issuer documentation + onchain contract readsAs of May 2026
03 /
The Issuers
Tokenized Stocks
5 issuers shipping tokenized US equities, ranked by AUM. Two winners on different axes: xStocks dominates trading volume (~$25B cumulative via Kraken + Binance listings), Ondo Global Markets dominates AUM market share (~58%) via institutional venue distribution.
Click an issuer to read its full profile. Read the thread →
| Issuer | AUM | Tokens | Primary chain | Regulator | Distribution |
|---|---|---|---|---|---|
| Ondo Stocks | $700M | 250+ | Solana | SEC Reg D / Reg S | Institutional venue licensing |
| xStocks | $250M | 100 | Solana | Jersey (Backed Finance) | Crypto exchange listings |
| Figure Markets | ~$80M | 1 (native) | Provenance (OPEN) | SEC-registered offering (OPEN) | Native equity issuance |
| Dinari | ~$15M | 200+ | Arbitrum | US FINRA broker-dealer (June 2025) | Direct retail (own app) |
| PreStocks | ~$8M | Pre-IPO basket | Solana | SEC Reg D / Reg S | Solana DEX (Jupiter) |
- Ondo Stocks$700M
- Tokens
- 250+
- Chain
- Solana
- Regulator
- SEC Reg D / Reg S
- Distribution
- Institutional venue licensing
- xStocks$250M
- Tokens
- 100
- Chain
- Solana
- Regulator
- Jersey (Backed Finance)
- Distribution
- Crypto exchange listings
- Figure Markets~$80M
- Tokens
- 1 (native)
- Chain
- Provenance (OPEN)
- Regulator
- SEC-registered offering (OPEN)
- Distribution
- Native equity issuance
- Dinari~$15M
- Tokens
- 200+
- Chain
- Arbitrum
- Regulator
- US FINRA broker-dealer (June 2025)
- Distribution
- Direct retail (own app)
- PreStocks~$8M
- Tokens
- Pre-IPO basket
- Chain
- Solana
- Regulator
- SEC Reg D / Reg S
- Distribution
- Solana DEX (Jupiter)
04 /
The Venues
Lending Venues
6 lending markets accepting tokenized RWA as collateral. The combination of chain, borrow asset, and curator structure reveals who each venue was built for: Solana retail, sophisticated DeFi, leveraged traders, or stablecoin issuers.
Click a venue to read its full profile. Read the thread →
| Venue | TVL | Chain | RWA collateral | Borrow assets | Typical LTV | Curator-led |
|---|---|---|---|---|---|---|
| Aave | $45B | Ethereum + 10 others | BUIDL (Horizon), USYC, ACRED, GHO | USDC, USDT, DAI, GHO | 70-85% | Mixed |
| Morpho | $5B+ | Ethereum + Base | BUIDL, JTRSY, ACRED, sBUIDL, xStocks (SPYx) | USDC, USDT, ETH | 50-85% (curator-specific) | Yes |
| Compound | $1.54B | Ethereum primarily | Tokenized US Treasuries (newly accepted) | USDC, USDT | Standard pool | No |
| Kamino | $1B+ | Solana | xStocks (SPYx, single tickers), USYC, ACRED, sACRED | USDC | 50% (xStocks baseline) | Yes |
| Euler | $1B+ | Ethereum | sBUIDL, Wrapped SPYx + STRCx (Cassa vault) | AUSD, USDC | Curator-specific | Yes |
| Jupiter | — | Solana | xStocks (SPYx, QQQx, NVDAx, TSLAx) | USDC, USDT, JLP | Up to 3.8x leverage | No |
- Aave$45B
- Chain
- Ethereum + 10 others
- Collateral
- BUIDL (Horizon), USYC, ACRED, GHO
- Borrow
- USDC, USDT, DAI, GHO
- Morpho$5B+
- Chain
- Ethereum + Base
- Collateral
- BUIDL, JTRSY, ACRED, sBUIDL, xStocks (SPYx)
- Borrow
- USDC, USDT, ETH
- Compound$1.54B
- Chain
- Ethereum primarily
- Collateral
- Tokenized US Treasuries (newly accepted)
- Borrow
- USDC, USDT
- Kamino$1B+
- Chain
- Solana
- Collateral
- xStocks (SPYx, single tickers), USYC, ACRED, sACRED
- Borrow
- USDC
- Euler$1B+
- Chain
- Ethereum
- Collateral
- sBUIDL, Wrapped SPYx + STRCx (Cassa vault)
- Borrow
- AUSD, USDC
- Jupiter—
- Chain
- Solana
- Collateral
- xStocks (SPYx, QQQx, NVDAx, TSLAx)
- Borrow
- USDC, USDT, JLP
05 /
The Custodians
Custody
8 firms hold the keys to the tokenized RWA stack. The TradFi giants (BNY Mellon, State Street) custody the underlying assets for tokenized funds. The digital-asset natives (Anchorage, BitGo, Fireblocks) custody the tokens themselves and power the issuance stacks. The most concentrated layer in the entire map.
Click a custodian to read its full profile.
| Custodian | AUC | Charter | Specialty | Notable tokenized clients | Founded |
|---|---|---|---|---|---|
| BNY Mellon | $57.8T | US G-SIB bank | TradFi institutional | BUIDL, BSTBL (TA), OpenEden TBILL, JTRSY, BRSRV | 1784 |
| State Street | $53.8T | US trust bank | TradFi institutional | AUSD reserves, tokenized fund servicing (Luxembourg, late 2026) | 1792 |
| Fireblocks | $10T+ transferred | MPC custody, not bank-chartered | Digital-asset native | Plume Network, BNY tokenization stack, 2000+ institutions | 2018 |
| BitGo | $104B | OCC trust bank | Digital-asset native | BUIDL, USD1, SoFiUSD, Canton assets | 2013 |
| Anchorage Digital | ~$50B | OCC national trust bank | Digital-asset native | USDPT issuance (Western Union), BlackRock + Apollo custody | 2017 |
| Copper | 600+ assets, 60+ networks | MPC custody + ClearLoop settlement | Digital-asset native | Hashnote, Securitize MMFs, Ondo USDY, Superstate, Brevan Howard, 21Shares | 2018 |
| Hex Trust | Undisclosed | Hong Kong SFC TCSP | APAC digital-asset | xU3O8 (tokenized uranium), wXRP, Aura wealth platform | 2018 |
| Taurus | Undisclosed | Swiss FINMA + CySEC MiFID | TradFi-bridge enterprise | SIX Digital Exchange, Deutsche Bank custody (2026), Pictet, Arab Bank | 2018 |
- BNY Mellon$57.8T
- Charter
- US G-SIB bank
- Specialty
- TradFi institutional
- Clients
- BUIDL, BSTBL (TA), OpenEden TBILL, JTRSY, BRSRV
- State Street$53.8T
- Charter
- US trust bank
- Specialty
- TradFi institutional
- Clients
- AUSD reserves, tokenized fund servicing (Luxembourg, late 2026)
- Fireblocks$10T+ transferred
- Charter
- MPC custody, not bank-chartered
- Specialty
- Digital-asset native
- Clients
- Plume Network, BNY tokenization stack, 2000+ institutions
- BitGo$104B
- Charter
- OCC trust bank
- Specialty
- Digital-asset native
- Clients
- BUIDL, USD1, SoFiUSD, Canton assets
- Anchorage Digital~$50B
- Charter
- OCC national trust bank
- Specialty
- Digital-asset native
- Clients
- USDPT issuance (Western Union), BlackRock + Apollo custody
- Copper600+ assets, 60+ networks
- Charter
- MPC custody + ClearLoop settlement
- Specialty
- Digital-asset native
- Clients
- Hashnote, Securitize MMFs, Ondo USDY, Superstate, Brevan Howard, 21Shares
- Hex TrustUndisclosed
- Charter
- Hong Kong SFC TCSP
- Specialty
- APAC digital-asset
- Clients
- xU3O8 (tokenized uranium), wXRP, Aura wealth platform
- TaurusUndisclosed
- Charter
- Swiss FINMA + CySEC MiFID
- Specialty
- TradFi-bridge enterprise
- Clients
- SIX Digital Exchange, Deutsche Bank custody (2026), Pictet, Arab Bank
The Stack
279 players across 9 categories
44InstitutionsWall Street is here. The banks, exchanges, and asset managers putting real capital behind tokenization.29IssuanceThe firms actually minting tokenized assets and putting them into circulation.22InfrastructureCustody, settlement, and the plumbing. Nothing moves without this layer.18VerificationOracles, identity, and the trust infrastructure that makes onchain assets legible to institutions.39YieldWhere tokenized collateral goes to work. Lending protocols and vaults competing for RWA deposits.22TradingThe liquidity layer. Where tokenized assets actually trade, both onchain and off.37ChainsSettlement rails. Some built for institutions, some adapted from DeFi, all competing for RWA flow.29StablecoinsThe unit of account for everything else. Fiat-backed, yield-bearing, and increasingly political.39ProductsThe assets themselves. Treasuries, credit, commodities, equity. The things the rest of the stack exists to move.
Go Deeper
Talks
56 curated talks from 5 conferences
Stage talks and panels from RWA Summit, EthCC, DAS NYC, and more. Summaries, key takeaways, and the players who keep showing up.
56
talks
Regulation
Regulatory signals across 5 jurisdictions
26 frameworks tracked across US, EU, UK, APAC, and the rest of the world. Which rules are enacted, which are proposed, and who they affect on the map.
26
frameworks