TVL / AUM figures below are reported values as of publication. They move constantly. Always verify against the protocol's own dashboard or SEC filings before relying on any number for decision-making.
Tokenized US Treasuries & Money-Market Funds
BlackRock BUIDL Reg D 506(c) + 3(c)(7)
BlackRock USD Institutional Digital Liquidity Fund. Tokenized fund with Securitize as transfer agent. Multi-chain (Ethereum + Aptos + Arbitrum + Avalanche + Optimism + Polygon). Ondo, Superstate, and others integrate BUIDL as reserve asset.
Scale: ~$2.7B AUM (as of Aug 2026) · Structure: BVI-domiciled entity, exempt from the 1940 Act, offered under Reg D 506(c) with 3(c)(7) exclusion · Regulator: SEC (Reg D); BVI FSC (entity)
Note: BUIDL is not a registered 1940 Act investment company. Do not cite it as precedent for a registered-fund path.
Franklin OnChain U.S. Government Money Fund (BENJI) SEC 1940 Act
First SEC-registered money market fund with a public blockchain (Stellar + Polygon) as the official share ledger. Franklin Templeton is the fund manager. Tokenized shares carry equivalent legal rights to traditional shares.
Scale: ~$400M+ AUM · Structure: Registered 1940-Act fund · Regulator: SEC
Link: franklintempleton.com
Ondo OUSG & USDY Reg D + Reg S
OUSG: tokenized short-duration US Treasuries for accredited/institutional. USDY: tokenized US Treasury exposure for non-US persons under Reg S. Multi-chain distribution.
Scale: ~$1B+ combined TVL · Structure: Regulated feeder to BlackRock BUIDL and comparable underlying · Regulator: SEC (Reg D); offshore Reg S
Link: ondo.finance
Superstate USTB & USCC Reg D / Accredited + QP
USTB: short-duration US Treasury fund with on-chain share registry (recently branded Invesco Short Duration US Government Securities Fund). USCC: tokenized short-duration credit strategy. Founded by Robert Leshner (Compound founder).
Scale: ~$767M combined AUM (as of Aug 2026) · Structure: Delaware Statutory Trust; Accredited + Qualified Purchaser only · Regulator: SEC (Reg D)
Note: USTB is not registered under the Investment Company Act. Per Superstate's own materials: "The Fund is not registered as an investment company." Do not cite as a registered-fund analog.
Link: superstate.com
Hashnote USYC CFTC-registered
Tokenized short-duration credit / T-bill exposure. Structured through a Cayman feeder and US-domiciled master fund. Hashnote acquired by Circle in early 2025.
Scale: Growing quickly post-Circle acquisition · Structure: Fund-of-funds with tokenized share class · Regulator: CFTC / Cayman CIMA
Link: hashnote.com
On-Chain Credit Protocols
Goldfinch In restructuring
Status (Aug 2026): governance proposal GIP-87 passed 23 June 2026. Goldfinch Prime is shutting down; the legacy protocol has entered maintenance mode; development stopped; a trust under a Chief Restructuring Officer handles legacy pool recoveries. Do not rely on historical yield figures for structuring or precedent purposes.
Historical description: uncollateralized loans to emerging-market credit borrowers via senior/junior tranche structure with delegated underwriting. ~$100M+ historical originations. Included here for reference only.
Link: goldfinch.finance
Centrifuge Multi-jurisdictional
Asset-backed credit tokenization. Real-world receivables (invoices, mortgages, trade finance) tokenized into pools. V3 launched 2024 with permissionless-market-creation focus. Aave RWA integration since 2022.
Scale: ~$500M+ historical TVL · Structure: Multi-jurisdictional SPV pools · Regulator: Varies by pool sponsor
Link: centrifuge.io
Maple Finance Reg D + Cayman
Institutional undercollateralized lending. Pool delegates underwrite borrowers (crypto market makers, prime brokers). Post-2022 defaults, pivoted to stricter underwriting and diversified strategies including Maple Direct (RWA-collateralized).
Scale: ~$400M+ TVL · Structure: Pool per delegate · Regulator: Delegate-specific
Link: maple.finance
Clearpool Cayman + Delaware
Single-borrower unsecured pools with dynamic interest rates based on utilization. Institutional borrowers KYC'd. Portal for regulated deployment; permissionless pools also exist.
Scale: ~$100M+ TVL · Structure: Per-borrower pools · Regulator: Cayman + underlying jurisdictions
Link: clearpool.finance
Aave Horizon Institutional
Aave's institutional RWA lending pool. Permissioned participation (KYC'd institutions only). Focus on tokenized T-bills and money-market fund shares as primary collateral. Aave DAO-governed but operationally institutional.
Scale: Newer product; TVL scaling · Structure: Isolated permissioned pool · Regulator: Depends on participant
Link: aave.com
TrueFi Reg D / Cayman
Unsecured lending to KYC'd institutional borrowers. Earlier entrant that pivoted after 2022 defaults. Now operating with stricter underwriting + capital-provider insurance offering (Adagio Capital).
Scale: Reduced from peak; ~$50M+ TVL · Structure: Pooled lending vaults · Regulator: Various
Link: truefi.io
Stablecoin Issuers
Circle (USDC) State trust + GENIUS-transitioning
Second-largest USD stablecoin by market cap. Backed by cash + short-dated Treasuries. Reserves at BNY Mellon + BlackRock-managed government money-market fund. Monthly attestations by Deloitte. Positioned as GENIUS Act compliant issuer.
Scale: ~$40B+ market cap · Chartering: NY DFS + state MTLs · IPO: Public company since 2025 (NYSE: CRCL)
Link: circle.com
Tether (USDT) Offshore
Largest stablecoin by market cap. Bahamas-based issuer. Quarterly attestations by BDO. GENIUS Act path uncertain — foreign-issuer compliance pathway pending Treasury equivalence determinations.
Scale: ~$120B+ market cap · Chartering: BVI + El Salvador registrations · Regulator: Multi-jurisdictional
Link: tether.to
PayPal PYUSD NY DFS Trust
PayPal's USD stablecoin, issued by Paxos Trust under NY DFS supervision. Available in PayPal + Venmo apps; multi-chain distribution (Ethereum + Solana + Arbitrum).
Scale: ~$1B+ market cap · Chartering: NY DFS (Paxos) · Regulator: NY DFS
Link: paypal.com/pyusd
Paxos (USDP, PYUSD, Global Dollar) NY DFS Trust + Singapore MAS
Regulated stablecoin infrastructure provider. Issues USDP, PYUSD (for PayPal), and Global Dollar (institutional). Multi-jurisdictional licenses: NY DFS trust, Singapore MAS, ADGM.
Scale: ~$5B+ across issued stablecoins · Chartering: NY DFS trust + MAS + FSRA (ADGM) · Regulator: NY DFS
Link: paxos.com
Ethena USDe / sUSDe Novel structure
"Synthetic dollar" backed by delta-neutral crypto + basis-trade yield. Not a fiat-backed stablecoin. sUSDe (staked variant) captures the yield. Rapidly grew to top-5 dollar-denominated crypto asset.
Scale: ~$5B+ market cap · Structure: BVI issuer + delta-neutral crypto positions · Regulator: BVI FSC; unregulated in US as of publication
Link: ethena.fi
Real-Estate Tokenization Platforms
RealT In liquidation
Status (Aug 2026): entered voluntary liquidation 2 July 2026. ~$140M historical raise across ~700 Detroit properties; ~$640,000 reported remaining in escrow; 14,000–22,000 investors affected. Detroit has an active suit over property neglect and unpaid taxes. Do not present as a live comparable.
Historical description: fractionalized US residential real estate, property-per-Delaware-LLC, tokenized membership, weekly stablecoin distributions. Operated 2019–2026 under Reg D 506(c). Included here for reference only.
Link: realt.co
Lofty Reg D 506(c)
Fractionalized US real estate on Algorand. $50 minimum investment. Property-per-LLC structure with tokenized membership interests. Rent paid daily in stablecoin.
Scale: 200+ properties · Structure: Property-per-SPV · Regulator: SEC (Reg D 506(c))
Link: lofty.ai
Redwood Materials (via Securitize) Reg D 506(c)
Not real estate specifically, but exemplary of Securitize's institutional tokenized-private-placement platform — where late-stage private companies tokenize secondary equity offerings.
Scale: Deal-specific · Structure: Tokenized secondary equity · Regulator: SEC (Reg D 506(c))
Link: securitize.io
Tokenized Commodities
Paxos PAXG (Gold) NY DFS Trust
Fully-backed gold token; each PAXG represents one troy ounce of London Good Delivery gold held in Brink's vaults in London. Redeemable for physical gold at Paxos's discretion.
Scale: ~$500M+ market cap · Structure: NY trust + LBMA-vault custody · Regulator: NY DFS
Link: paxos.com/paxgold
Tether Gold (XAUT) Offshore
Gold-backed token from Tether. Each XAUT represents 1 troy ounce of gold in a Swiss vault. Redeemable for physical gold at defined redemption thresholds.
Scale: ~$700M+ market cap · Structure: BVI issuer + Swiss vault · Regulator: BVI (issuer)
Link: gold.tether.to
Kinesis KAU / KAG Multi-jurisdictional
Gold (KAU) and silver (KAG) tokens fully backed by physical bullion, plus a Kinesis Monetary System infrastructure for spending. Yield-bearing model where holders earn from platform activity.
Structure: Allocated metal ownership · Regulator: Multi-jurisdictional; Cayman + Bermuda + Isle of Man
Link: kinesis.money
Institutional Custody & Infrastructure
Fireblocks Institutional
MPC-based custody + token operations platform. Serves 2,000+ institutional clients including banks, hedge funds, and RWA issuers. Reference operator for institutional tokenized-asset custody.
Scale: ~$8T+ transacted historically · Regulatory: NY DFS BitLicense + multi-state MTL
Link: fireblocks.com
Anchorage Digital OCC National Trust
First OCC-chartered national digital-asset bank. Federally-supervised custody. Custody-adjacent services (staking, brokerage, financing). Institutional focus.
Charter: OCC National Trust (unique in the market) · Regulator: OCC
Link: anchorage.com
BitGo Trust SD state trust + others
Qualified custodian for digital assets. Trust charters in South Dakota + New York. $250M insurance. Enterprise custody + trading + staking. Now operating BitGo Global as OCC-charter target under GENIUS.
Scale: $60B+ AUC historically · Regulator: SD DBF + NY DFS
Link: bitgo.com
Securitize SEC-registered TA + BD
SEC-registered transfer agent and broker-dealer. Runs the largest tokenized-private-placement platform. Powers BlackRock BUIDL, Hamilton Lane tokenization, KKR fund tokenization, and many others.
Scale: $1B+ tokenized issuances · Regulator: SEC (TA + BD) + FINRA
Link: securitize.io
Emerging & Notable
Backed Swiss + ERC-3643
Tokenized public equities (Apple, Tesla, Coinbase stocks) available to non-US institutions. Swiss-domiciled issuer using ERC-3643 permissioned tokens. 1:1 backed by underlying public equity holdings at qualified custodian.
Structure: Swiss issuer + ERC-3643 · Regulator: Swiss FINMA
Link: backed.fi
Provenance Blockchain Purpose-built RWA L1
Blockchain purpose-built for financial-services RWA. Figure Technologies is the primary issuer, having tokenized multi-billion in home-equity loans, personal loans, and payment origination.
Scale: $15B+ historical originations on Provenance · Regulator: Various (loan-issuer regulators)
Link: provenance.io
Plume RWA-first L2
EVM-compatible L2 purpose-built for RWA issuance. Bundles compliance modules (KYC, ERC-3643-compat), tokenization tools, and multi-protocol integration. Institutional focus post-2024 launch.
Structure: L2 rollup with RWA-specific tooling · Regulator: Depends on issuer
Link: plumenetwork.xyz
What's not on this list
This registry is deliberately curated. Excluded categories:
- Unregistered "RWA" tokens with no clear legal issuer. If we can't identify the legal entity, custody arrangement, and regulatory posture from public sources, it's not on the list.
- Speculative "RWA-narrative" tokens with no underlying asset. A token that trades on the RWA story but has no backing is not RWA.
- Purely-DeFi money markets with no real-world collateral. Aave, Compound, Morpho core markets are DeFi credit, not RWA (unless a specific pool has RWA collateral).
Missing a protocol or issuer? PRs welcome at github.com/FTHTrading/legal. Every accepted entry must include: identifiable legal issuer, current regulatory posture, live URL, and one authoritative source for the scale indicator.