Tokenization Landscape · May 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.

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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 a rounding error. Every bar is a gap between where we are and where this is going.

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

14 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	$2.44B	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% (waived until $200M NAV)	UMB Bank / Anchorage / BitGo	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
VBILL	$71M	0.20%	State Street	Qualified investors
mTBILL	$46M	0%	Self-custody · Ankura Trust price verifier	Non-US (permissionless token)	Pla+26

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
USDT	$185B	Dollar	Global	erc-20	active
USDC	$76B	Dollar · Reserves	US	erc-20, erc-7528	active
USDS	$11.7B	Decentralized · RWA-backed	Global	erc-20, erc-7528	active
USDe	$5.9B	Synthetic · Yield	Global	erc-20	active
USD1	$4.7B	Treasury-backed · Political	Global	erc-20	active
DAI	$4.4B	Decentralized · Legacy	Global	erc-20	active
PYUSD	$3.9B	Paypal · Paxos	US	erc-20	active
RLUSD	$1.55B	Ripple · Institutional	US	erc-20	active
USDtb	$1.5B	BUIDL-backed · Ethena	Global	erc-20	active
Usual Protocol	$563M	RWA-backed · Treasury	EU	erc-20	active
USD0	$563M	RWA-backed · Treasury	EU	erc-20	active
AUSD	$128M	Institutional · Treasury-backed	APAC	erc-20	emerging
M0	—	Issuance-middleware · Infrastructure	US	erc-20	active
GHO	—	DeFi · Lending	Global	erc-20	active
USDPT	—	Remittances · Cross-border	US	spl	active
USDm	—	BUIDL-backed · Ethena	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

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 Global Markets	$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 + Solana	SEC (Reg A+ IPO)	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)

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

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

The Stack

270 players across 9 categories

41InstitutionsWall 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.21InfrastructureCustody, 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.34ChainsSettlement 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.37ProductsThe 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 4 jurisdictions

15 frameworks tracked across the US, EU, UK, and APAC. Which rules are enacted, which are proposed, and who they affect on the map.

15

frameworks

Curated By

Juan Esquivel

@0xCadena

Most tokenization resources are lists. This is a graph. I'm tracking who builds on who, who competes with who, and where the gaps are. 263 players across 9 categories, all connected. The editorial calls are mine. If something looks wrong, tell me.