Real World Asset (RWA) tokenization has grown from experimental concept to a $230 billion market in 2025.
Major financial institutions now actively tokenize treasuries, real estate, and commodities on blockchain networks.
This shift represents the merger of traditional finance with DeFi infrastructure.
This analysis examines the ten protocols leading RWA tokenization, from Ondo Finance’s treasury products to Plume Network’s cross-chain infrastructure.
Each project offers different approaches to bringing physical assets on-chain while addressing regulatory requirements and institutional needs.
Key Takeaways
Market Size: RWA tokenization reached $230 billion in 2025, with projections of $16-30 trillion by 2030Treasury Dominance: U.S. Treasury tokenization leads adoption with $5.6 billion market cap, growing 539% year-over-yearInstitutional Players: BlackRock, Franklin Templeton, and major banks now operate tokenization platformsTechnical Innovation: Purpose-built Layer-1 blockchains enable compliance and cross-chain asset movementGeographic Focus: UAE leads real estate tokenization, Singapore drives structured products, Southeast Asia focuses on payments
Market Overview: The $30 Trillion Opportunity
Current RWA markets show clear segmentation by asset type.
Stablecoins represent $224.9 billion, primarily through Tether (USDT) and Circle’s USDC.
Tokenized treasuries reached $5.6 billion, while private credit totals $558 million on-chain.
Institutional adoption accelerated in 2024-2025.
BlackRock launched BUIDL, its tokenized treasury fund.
Franklin Templeton operates multiple on-chain funds.
Traditional banks including JP Morgan and HSBC built tokenization platforms.
Regulatory frameworks provide increasing clarity.
Europe’s MiCA regulation established clear rules for tokenized assets.
Singapore’s Project Guardian includes 40+ participants working on commercialization.
The U.S. sees progress through agency guidance and proposed legislation.
Geographic specialization emerged based on local strengths.
The UAE focuses on real estate tokenization with progressive regulations. Singapore emphasizes structured financial products.
Southeast Asian countries use RWAs for remittances and financial inclusion.
The latest stablecoin news highlights how RWA-backed stablecoins gain traction as alternatives to traditional fiat-backed models.
The Top 10 RWA Protocols: Comprehensive Analysis
1. Ondo Finance (ONDO) – Treasury Tokenization Leader
Ondo Finance manages $1.4 billion in tokenized assets, making it the second-largest treasury tokenizer globally.
The protocol offers OUSG (Short-term U.S. Government Bonds) with $268 million market cap and USDY (U.S. Dollar Yield) at $385 million.
Key products include Ondo Global Markets, providing tokenized access to 100+ NYSE and Nasdaq securities for non-U.S. investors.
The platform runs on Ondo Chain, a specialized Layer-1 processing 200,000 transactions per second.
Strategic moves in 2025 strengthened Ondo’s position.
The acquisition of Oasis Pro brought U.S. securities licenses.
A $250 million partnership with Pantera Capital funds RWA investments.
Integration with Mastercard’s Multi-Token Network connects traditional payment systems with tokenized assets.
The ONDO token serves governance functions and captures protocol fees.
Expansion into equities and traditional finance integration positions Ondo as a bridge between markets.
2. Plume Network – RWAfi Ecosystem Pioneer
Plume Network built the first Layer-1 blockchain specifically for Real World Asset Finance.
The network hosts 180+ projects with $4 billion in committed tokenized assets.
The platform’s Arc tokenization engine provides no-code deployment for asset issuers.
Smart wallets include built-in compliance features.
SkyLink enables cross-chain movement across 18+ networks.
This infrastructure attracted $1 billion in mineral rights and $200 million in carbon credits.
Network activity demonstrates real usage with 3.75 million testnet users generating 280 million transactions.
Partnerships include Apollo Global Management and Brazil’s Mercado Bitcoin.
December 2024 funding brought $20 million from Brevan Howard Digital and Haun Ventures.
PLUME tokens launched with 10 billion total supply, 20% circulating.
The focus on utility rather than speculation aligns with institutional requirements.
3. Vision – Strategic Framework for RWA Adoption
Note: “Vision” in RWA context refers to strategic frameworks rather than a specific protocol.
Most relevant is Singapore’s MAS vision through Project Guardian.
Singapore’s Monetary Authority leads RWA commercialization through Project Guardian with 40+ participants.
The framework identifies four requirements: liquidity networks, infrastructure, standardization, and settlement assets.
The Guardian Wholesale Network includes Citi, HSBC, Schroders, Standard Chartered, and UOB.
These institutions collaborate on scaling tokenization beyond pilots to commercial deployment.
This vision extends to creating 24/7 global markets, fractional ownership of illiquid assets, and automated compliance through smart contracts.
Implementation focuses on practical solutions rather than theoretical frameworks.
4. WhiteRock (WHITE) – Controversial Tokenization Platform
WhiteRock claims to tokenize NYSE, Nasdaq, and LSE securities directly on-chain.
The platform promises 24/7 trading through its White Network claiming 200,000 TPS capability.
USDX, WhiteRock’s stablecoin, supposedly backs value with U.S. Treasuries while redistributing yields to holders.
The WHITE token showed extreme volatility with 285% gains in Q1 2025, reaching $1 billion market cap.
Significant concerns exist about WhiteRock’s legitimacy.
The smart contract remains unrenounced with functions allowing wallet blacklisting.
Team claims of Goldman Sachs experience remain unconfirmed.
Trading occurs primarily on MEXC exchange with $20+ million daily volume.
The combination of unverified claims and technical red flags suggests extreme caution for investors.
5. Creditcoin (CTC) – Emerging Markets Credit Infrastructure
Creditcoin recorded 4.27 million real-world credit transactions worth $79.7 million, serving 337,000+ customers.
The protocol focuses on financial inclusion in emerging markets, particularly Africa.
Built on Parity Substrate with Nominated Proof of Stake, Creditcoin creates on-chain credit histories for unbanked populations.
Partnerships with fintech lenders like Aella enable cross-border lending while maintaining privacy.
The upcoming EVM compatibility upgrade expands integration possibilities.
Partnerships with Plume Network and SubWallet improve infrastructure and user experience.
CTC token supply totals 549.57 million with 600 million maximum.
The token secures the network through staking and enables governance participation.
6. MANTRA (OM) – Compliance-First Blockchain
MANTRA built a Layer-1 on Cosmos SDK specifically for compliant RWA tokenization.
The network processes 10,000 transactions per second with built-in regulatory modules.
Five proprietary modules handle RWA requirements: Identity Module creates soulbound NFTs for KYC/AML, while Mantra Guard provides regulatory tools.
These features attracted a $1 billion tokenization deal with DAMAC Group for UAE real estate.
April 2025 brought challenges when OM tokens dropped 90% due to forced liquidations.
MANTRA responded with a $25 million buyback program.
Partnerships with Google Cloud support infrastructure needs.
The migration from ERC-20 to native MANTRA Chain tokens continues through January 2026.
This transition represents both opportunity and risk for token holders.
7. Velo Protocol (VELO) – Cross-Border Payment Network
Velo Protocol operates a PayFi network combining payments, remittances, and RWA tokenization.
The Quantum network connects traditional financial institutions across 50 currencies in 120 regions.
Nova Chain provides EVM-compatible infrastructure linking Web2 and Web3 services.
The Orbit mobile app enables P2P payments through simple QR codes.
Universe DEX offers multi-chain trading capabilities.
RWA initiatives include Physical Gold (PLG) tokenization with the Laos government.
Integration with BlackRock’s BUIDL fund through USDV brings institutional yields to Southeast Asian users.
Backing from Stellar Network and CP Group provides technical and market advantages.
Visa partnership extends payment capabilities.
8. Usual Money (USUAL) – RWA-Backed Stablecoin Protocol
Usual created USD0, the first stablecoin backed by aggregated U.S. Treasury tokens.
With $592 million market cap, USD0 diversifies risk across multiple T-Bill providers.
The protocol aggregates tokens from Hashnote with plans for Ondo Finance, Mountain Protocol, and others.
This approach reduces single-issuer risk compared to traditional stablecoins.
USD0++ offers yield through a 4-year lock mechanism, returning value in USUAL tokens.
An insurance fund protects against systemic risks.
The protocol allocates 90% of tokens to community versus typical 50% to VCs.
Funding includes $8.5 million from Kraken Ventures and IOSG Ventures.
The focus on decentralization and fair distribution aligns with current crypto values.
9. Centrifuge (CFG) – DeFi Integration Specialist
Centrifuge pioneered RWA tokenization starting in 2017, now managing $1 billion+ TVL.
The platform recently launched the first tokenized S&P 500 Index Fund with S&P Dow Jones Indices.
Tinlake enables asset tokenization through NFTs serving as collateralDROP and TIN tokens provide senior and junior risk tranchesIntegration with MakerDAO allows RWAs as DAI collateralAave integration adds liquidity options
The platform operates on both Polkadot and Ethereum, balancing security with liquidity access.
V3 launch with Wormhole enables cross-chain transfers.
Partnership with Anemoy brought $230 million Janus Henderson Treasury Fund on-chain, validating institutional-scale capabilities.
10. Clearpool (CPOOL) – Institutional Unsecured Lending
Clearpool originated $660 million in unsecured loans to institutional borrowers.
Single-borrower pools allow reputation-based lending without collateral.
Interest rates adjust dynamically based on utilization.
This market-driven pricing reflects real-time risk assessment.
The protocol operates across eight blockchains: Ethereum, Polygon, Optimism, Mantle, Flare, Base, and Arbitrum.
Total Value Locked reaches $87 million.
Partnership with io.finnet brings traditional finance institutions into DeFi credit markets through compliant interfaces.
Cross-Chain Innovation
RWA success requires assets to move seamlessly between blockchains.
Modern protocols implement unified compliance that works across chains.
Oracle networks provide consistent pricing.
Cross-chain messaging enables governance participation regardless of asset location.
Future infrastructure will abstract blockchain complexity entirely.
Users will interact with simple interfaces while protocols handle cross-chain transactions, compliance, and settlement automatically.
Institutional DeFi Integration
Traditional institutions now view blockchain as infrastructure rather than separate asset class.
Compliance expanded from basic KYC/AML to comprehensive securities regulation handling.
MANTRA’s built-in modules and Ondo’s regulated entity acquisitions show different approaches to meeting institutional requirements.
Custodians like State Street and Anchorage Digital developed specialized RWA infrastructure.
Integration with existing systems remains crucial.
Institutions need blockchain benefits without abandoning current processes entirely.
Tokenized Treasuries as Gateway Assets
U.S. Treasuries lead RWA adoption due to government backing, liquidity, and stable yields.
Implementation typically involves regulated custodians holding treasuries while smart contracts manage tokenized versions.
Daily NAV calculations and automated yield distribution replace manual processes.
Expansion to other government bonds follows naturally.
European bonds, JGBs, and investment-grade corporate debt represent next phases.
Challenges and Risk Factors
Regulatory uncertainty persists across jurisdictions.
Singapore and Switzerland provide frameworks, but major markets lack comprehensive tokenization laws.
Smart contract risks remain significant.
WhiteRock’s issues highlight potential for malicious code.
Even legitimate projects face bugs and unexpected interactions.
Liquidity fragments across platforms without central exchanges.
This creates price discrepancies and reduces efficiency compared to traditional markets.
Investment Opportunities
Evaluating RWA protocols requires examining underlying assets, compliance, infrastructure, and partnerships.
Revenue models vary from fee capture to complex staking mechanisms.
Ondo Finance uses governance tokens capturing protocol fees. Usual implements staking with yield generation.
Understanding value accrual mechanisms proves essential.
Diversification should span asset types and protocol risks.
Combining established projects like Centrifuge with newer protocols balances opportunity and safety.
Future Outlook
The path to $30 trillion requires continued infrastructure development and regulatory clarity.
Central bank digital currencies could provide native blockchain settlement assets. Standardization enables cross-platform compatibilityNew asset classes beyond financial instruments emerge regularly Intellectual property, carbon credits, and data rights represent expansion opportunities
Each requires specific legal and technical frameworks.
Younger professionals entering traditional finance bring crypto knowledge
This generational shift accelerates RWA adoption from within established institutions.
Conclusion
The ten protocols analyzed show diverse approaches to RWA tokenization.
Ondo focuses on institutions while Creditcoin serves emerging markets.
Each addresses specific market needs.
Investors should conduct thorough due diligence, particularly given cases like WhiteRock.
Verifying partnerships and technical implementations remains critical.
Developers can build on existing infrastructure from Plume and Centrifuge without starting from scratch.
Modular protocols enable rapid innovation.
RWA tokenization promises fundamental changes in global value transfer.
As infrastructure matures, blockchain may deliver on promises of open, efficient financial systems.
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FAQs:
1. What are Real World Assets (RWA) in blockchain?
Real World Assets are physical or traditional financial assets represented as digital tokens on blockchain networks. These include treasuries, real estate, commodities, and corporate bonds converted into tradeable tokens.
2. Which RWA protocol manages the most assets?
Ondo Finance leads with $1.4 billion in tokenized assets, primarily U.S. Treasuries through their OUSG and USDY products.
3. How do tokenized treasuries work?
Regulated custodians hold actual U.S. Treasury bonds while protocols issue blockchain tokens representing ownership. Smart contracts automate yield distribution and enable 24/7 trading.
4. What makes WhiteRock controversial?
WhiteRock faces scrutiny for unverified partnership claims, an unrenounced smart contract with blacklist functions, and lack of institutional confirmation despite claiming major exchange integrations.
5. Why do institutions prefer treasury tokenization?
U.S. Treasuries offer government backing, deep liquidity, and stable yields. Tokenization adds 24/7 trading, instant settlement, and programmable features while maintaining safety.