Top RWA tokenization platforms

A real-world asset (RWA) tokenization platform records ownership of, or economic exposure to, an offchain asset—Treasury bills, private credit, stocks, commodities, real estate—as a digital token that can be held and moved on a blockchain. In 2026, the leading RWA tokenization platforms by trading volume fall into five main categories based on asset type, each independently worth more than a billion dollars.. Securitize leads regulated institutional infrastructure tokenization. BlackRock, Ondo, Franklin Templeton, Circle, and Superstate compete in tokenized treasuries. Centrifuge, Maple, and Goldfinch lead onchain native private credit. Paxos and Tether dominate tokenized gold. Ondo Stocks (formerly Ondo Global Markets), Backed, and Dinari lead tokenized equities.

Traders typically choose an asset—Treasury, gold, a particular stock—and inherit the platform that tokenizes it. As with any its liquidity and redemption, its legal structure, its audits, who's eligible to hold it, and the wider regulatory picture. The leading RWA tokenization platforms are compared below, grouped by the asset they tokenize. Once an asset is tokenized, you can hold it in a self-custodial wallet such as MetaMask.

Disclaimer: This guide is for educational purposes only. It is not financial advice, not a solicitation, and not for UK audiences. Tokenized real-world assets are risky and not suitable for all users. 

What does a real-world asset tokenization platform actually do?

Tokenization records ownership or economic exposure to a real-world asset as a digital token on blockchain networks. Different platforms occupy different roles in this ecosystem: some are the issuer-of-record and transfer agent, some are fund managers wrapping a yield product, some run marketplaces matching lenders to real-world borrowers, some are pure issuers minting wrapped exposure, and some are distribution surfaces that put finished tokens in front of users. For example, Franklin Templeton’s BENJI is a platform that fills several roles at once: Franklin Templeton is both the fund manager and the issuer and transfer agent for its '40 Act money-market fund recorded onchain.

Tokenized RWAs grew from about $6 billion in total onchain value in early 2025 to approximately $35 billion in total onchain value by August 2026, ranking RWA as one of the largest narratives in crypto. By distributed value on public blockchains, tokenized US Treasuries are the largest category  at ~$15 billion, but if platform-locked and represented assets are counted, private credit is larger, running into the mid-tens of billions. Underpinning all of it, the SEC’s January 28 2026 joint statement confirmed that existing federal securities laws apply whether ownership is recorded onchain or off.

How the top RWA platforms were evaluated

Each real-world asset tokenization platform in this guide is assessed on 5 consistent factors:

• Category: treasuries, private credit, commodities, equities, real estate, or infrastructure.

• Role in the stack: issuer, fund manager, marketplace, or distribution.

• Legal structure: regulated fund share vs offshore debt token vs SPV wrapper, which drives eligibility.

• Who it’s for: institutions, qualified purchasers, or retail (and which regions).

• Scale and standing: AUM or market position, date-stamped and methodology-noted.

Tokenized equities: newest and fastest-growing

Tokenized stocks scaled from ~$2 million in mid-2025 to ~$487 million by March 2026, then the smallest of the 6 categories but the fastest-growing (it has since grown to ~$2–2.5 billion). 2 models have emerged, and the mechanics belong to the What are tokenized stocks guide. Compliant native-issuance players (Securitize, Superstate, Figure) build infrastructure for companies to issue shares onchain directly; Offshore SPV issuers (Kraken, Ondo, Backed) buy existing shares like Apple and Tesla and sell tokens carrying a legal claim to them. The issuers are segmented by market:

• Backed Finance: EU and non-US retail (bTokens/xStocks).

• Dinari: US retail under Reg A+, issued on Ethereum, Arbitrum, Base, Polygon, and Plume.

• Kraken xStocks: global retail through the exchange, hosted largely on Solana.

• Robinhood: EU retail through its Lithuanian entity.

• Ondo: the issuer behind Ondo Stocks, with yield-bearing and indexed products and the tokenized-equity engine behind the MetaMask integration below.

Tokenized treasuries: the platforms behind the largest category

Tokenized US Treasuries and money-market products are the biggest single category by public-chain value, above $10 billion through 2026, so the platforms competing here are among the most established in RWAs. Two legal structures dominate: a share in a regulated fund recorded onchain, or an offshore debt token that holds T-bills and redeems into a stablecoin. The mechanics live in the Tokenized Treasury bills explained guide; The leading platforms are below.

• BlackRock is among the largest players through its tokenized fund issued via Securitize, at ~$2.8 billion by August 2026.

• Ondo targets retail-accessible treasuries and DeFi integration, with combined tokenized-treasury AUM of ~$2.7 billion as of August 2026.

• Franklin Templeton was an early mover, wrapping a US-registered ’40 Act money-market fund onchain, one of the few platforms to do so. Its onchain fund grew past $2.5 billion in 2026, helped by an SEC no-action letter on August 12 2026.

• Circle offers the onchain share class of Hashnote’s short-duration fund after Circle acquired Hashnote, at ~$2.8 billion as of August 2026 and now used as yield-bearing collateral on crypto exchanges and with custodians and prime brokers; it’s restricted to non-US investors with a $100K minimum.

• Superstate holds short-dated T-bills directly rather than wrapping a fund, at ~$822 million as of August 2026, with Invesco Advisers as portfolio manager.

• OpenEden and WisdomTree round out the field with offshore-debt-token and registered-fund structures. Mountain, previously in this group, wound down its stablecoin product in 2025 following the issuer’s acquisition by Anchorage Digital.

Tokenized private credit

Private credit is the category that flips the ranking depending on methodology: by platform-locked value it may be the largest of all, roughly the mid-teens of billions when measured comprehensively, though its public-chain footprint is smaller and harder to count. The 3 largest DeFi-native protocols, Centrifuge, Maple Finance, and Goldfinch, together account for a substantial share of the DeFi-native private-credit loan value tracked by rwa.xyz. Centrifuge gives DeFi access to third-party originators whose underwriting must be judged separately; Maple sells institutional credit risk at a spread that has narrowed toward a point over Treasury bills; Goldfinch focuses on uncollateralized lending to real-world businesses. Best for DeFi-native credit exposure, with the important caveat that the risk sits with the borrower and originator, not the token.

Tokenized commodities: gold, silver, petroleum, etc

Tokenized commodities reached ~$5 billion by early April 2026, the third-largest category, driven almost entirely by gold. Two platforms hold most of the market, and a handful of smaller issuers extend tokenization to silver and platinum. Each token typically represents a fixed weight of allocated, vaulted metal that can be redeemed for the physical commodity. The leading platforms are below.

• Tether Gold is the category leader, with each token backed by one troy ounce of London Good Delivery gold in a Swiss vault and redeemable for physical bars, at ~$2.7 billion as of August 2026.

• Paxos Gold backs each token with one troy ounce of an LBMA London Good Delivery bar vaulted in London, redeemable and NYDFS-regulated, at ~$1.9 billion as of August 2026.

• Kinesis tokenizes both gold and silver as fully allocated, vaulted, redeemable metal, and runs the largest tokenized silver at roughly $400 million as of mid-2026.

• Matrixdock, from Matrixport, issues a gold token backed by LBMA-accredited bars in Singapore and Hong Kong vaults, at roughly $72 million as of August 2026.

• VNX offers LBMA-certified gold, with silver and platinum rolling out, redeemable onchain across several networks from its base in Liechtenstein.

• Comtech Gold issues a Shariah-certified, gram-backed gold token vaulted in the UAE on the XDC network, though liquidity remains thin.

• Aurus runs a white-label network for tokenized gold, silver, and platinum, each backed by a gram of allocated metal, and is expanding into mining finance.

Because the underlying isn’t a security, these tokens trade on retail exchanges with fewer restrictions than tokenized funds, though they generate no yield since returns track the metal’s price. Best for 24-hour gold exposure and programmable collateral.

Tokenized real estate

Real estate remains the most underdeveloped category despite years of effort. Platforms such as RealT and Lofty tokenize income-producing US rental properties, lowering entry to as little as $50 per position, while RedSwan targets institutional commercial real estate and Propy focuses on onchain property transactions and title. Even so, the whole category is still well under $1 billion onchain, a rounding error against the multi-trillion-dollar global property market. Best treated as an early-stage category to watch rather than a mature one.

Blockchain networks that support RWAs 

Where a tokenized asset settles shapes its liquidity and cost, and a handful of networks host most RWA activity.

Source: rwa.xyz network data and each network’s official RWA program page (Solana, BNB Chain, Polygon, Arbitrum STEP, Coinbase Tokenize, and Plume), accessed August 2026. 

Top RWA platforms compared: category, structure, availability, scale

The table below assesses the leading RWA platforms by structure, availability, and volume.

Source: Live August 2026 reads from rwa.xyz, DefiLlama, and issuer pages (Superstate, MetaMask); Figures are point-in-time and methodology-dependent (distributed value vs represented value vs fund AUM).

Because the metrics differ across rows, the order is directional rather than a precise ranking: a fund measured by assets under management and a lending marketplace measured by its loan book are not strictly comparable. The takeaway matches this guide’s thesis: there is no single dominant platform, only a stack of specialists, one per category, and the right one depends on the asset you want and where you can access it.

Crypto wallets that support RWA integrations

The RWAs above are held in self-custodial wallets, but only a few let you buy or trade them without leaving the app. The table below shows how the leading wallets compare on RWA support.

Note: Native means you can buy and hold the RWA inside the wallet’s own interface. Hold and swap means the wallet can hold RWA tokens and trade them like any token, often through a named integration. Hold only means the wallet holds RWA tokens and connects to outside apps but has no built-in RWA feature. Availability varies by region, and most tokenized-stock access excludes the US, EU, and UK. A self-custodial wallet is not the same as the exchange behind it, which may list more.

How to evaluate an RWA platform

Across categories, a few signals separate a credible platform from a risky one, and the RWA risks and due diligence guide covers each in depth. In brief: confirm who the issuer and custodian are and whether the asset is genuinely backed 1:1; Check the legal structure and which investors and regions are eligible; Look for a working redemption path (can the token actually be converted back to cash or stablecoin, and how fast); Read the audits and attestations rather than the marketing. For private credit specifically, the token’s safety depends on the borrower and originator, not the protocol wrapping it.

Matching a RWA platform with uses

• Bringing a regulated fund onchain with transfer-agent and broker-dealer services: Securitize.

• Tokenized-treasury yield: BlackRock or Franklin Templeton for institutional-grade fund shares, Ondo for broader non-US access, Circle for non-US-investor collateral.

• DeFi-native private credit: Centrifuge, Maple, or Goldfinch, judging each originator separately.

• 24-hour gold exposure: Paxos or Tether.

• Tokenized stocks by region: Dinari (US); Backed, the xStocks issuer now owned by Kraken, non-US only.

• Holding tokenized US stocks and ETFs in a self-custodial wallet (non-US regions): MetaMask with Ondo.

The through-line is specialization: the same treasury yield is sold through different eligibility gates, credit platforms differ mainly in whose underwriting stands behind the loan, and equities split by which region a token is licensed for. There’s no single dominant platform. There’s a stack of specialists, one per category.