Real-world asset (RWA) tokenization has expanded into a market covering U.S. Treasuries, private credit, equities, real estate, and investment funds. RWA.xyz recorded $38.63 billion in distributed tokenized assets as of September 2026, with nearly 3 million asset holders.
The market now includes both companies issuing tokenized financial products and infrastructure providers supporting issuance, custody, settlement, and on-chain financial activity.
Source: RWA.xyz
The leading RWA projects differ significantly in their approach. Figure has built blockchain infrastructure around credit, while Securitize connects regulated securities with blockchain settlement.
Ondo focuses on tokenized government securities and equities, and Centrifuge and Maple have established positions in private and institutional credit. Other projects target tokenized equities, dedicated RWA blockchain infrastructure, and money-market products.
Figure leads RWA projects by represented asset value.
Figure has built its RWA business around credit rather than primarily tokenized investment funds. Its blockchain infrastructure supports loan origination, funding, securitization, and secondary-market activity.
RWA.xyz lists Figure’s HELOC token at approximately $21.73 billion in represented asset value. Figure also reported in August that more than 480 partners were using its loan-origination system and capital marketplace, while its ecosystem had originated more than $30 billion in loans.
The company also operates Democratized Prime, an on-chain lending marketplace, and DART, a digital asset registry technology used for custody and lien perfection.
Securitize connects regulated securities with blockchain.
Securitize has become a major institutional tokenization platform, supporting tokenized investment funds and securities. Its platform includes BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL.
RWA.xyz ranked Securitize as the largest distributed tokenization platform in its March 2026 data, with more than $3 billion in RWA value excluding stablecoins. The platform covered U.S. Treasuries, venture capital, and other asset classes.
In February, Securitize also announced an integration with Uniswap Labs that created an onchain liquidity pathway for eligible BUIDL investors through UniswapX technology.
Ondo expands from treasuries into tokenized equities.
Ondo Finance has developed products centered on U.S. government securities and other traditional-market exposures. OUSG offers exposure to short-term Treasury assets in a tokenized fund model, while USDY is a token that earns yields from short-duration assets.
Ondo reported that it had about $378.17 million in OUSG underlying assets as of July 30, 2026. In addition, as per the RWA.xyz platform data in March, Ondo ranked as one of the biggest distributed RWA platforms, having more than $2.6 billion in tokenized assets, excluding stable coins.
By September, Ondo dominated the tokenized stocks segment, holding about $844 million in 395 assets.
Centrifuge and Maple strengthen tokenized private credit.
Centrifuge focuses on private credit and structured financial assets. Its infrastructure enables asset managers and institutions to create tokenized representations of funds and credit strategies for use within blockchain-based applications.
The platform reported $1.6 billion in total value locked at the end of the second quarter of 2026. New York Life Investment Management also brought its U.S. High Yield Corporate Bond Strategy on-chain through Centrifuge during the quarter.
Maple occupies a similar segment through institutional and private credit markets. RWA.xyz’s March tokenized-credit data ranked Maple as the largest platform, with approximately $2.2 billion in tokenized credit value and a 46.15% share of the tracked category.
Its SyrupUSDC product is tracked by RWA.xyz at approximately $1.62 billion in tokenized value.
Other RWA projects target equities, infrastructure, and funds
Backed Finance focuses on tokenized equities and exchange-traded products through its xStocks. Its product database includes tokenized equities such as Tencent, BYD, ARM, and Cathay Pacific Airways. RWA.xyz estimated the value of Backed’s bStocks at approximately $610.7 million as of September 4, 2026.
Plume takes a different approach by providing blockchain infrastructure designed specifically for RWA applications. The total RWA value on the platform stood at $351.8 million by April 2026, representing an increase of 65.2% compared to the previous month. This is due to the ecosystem of the platform having 14 tokenized WisdomTree ETFs and also working with Securitize.
In addition, Circle’s USYC, which leverages tokenized money market exposure, had total assets of USYC over $2 billion by March 2026. Superstate, on the other hand, specializes in regulated investment products involving blockchain-based settlement, including tokenized treasury exposure.
Key RWA project takeaways
- The figure’s HELOC token represents approximately $21.73 billion in tracked asset value.
- Ondo led the tokenized-stock category with about $844 million across 395 assets.
- RWA.xyz tracks more than 6,000 tokenized assets across distributed and represented categories.
| Project | Main RWA Focus | Reported Figure |
| Figure | Credit and HELOCs | $21.73B represented value |
| Securitize | Tokenized securities | $3B+ RWA value |
| Ondo | Treasuries and equities | $844M tokenized stocks |
| Centrifuge | Private credit | $1.6B TVL |
| Maple | Tokenized credit | $2.2B tokenized credit |
| Backed Finance | Tokenized equities | $610.7M distributed value |
| Plume | RWA infrastructure | $351.8M distributed value |
| Circle USYC | Money-market fund | $2B+ AUM |
RWA projects are expanding beyond token issuance.
The source material shows that RWA projects are increasingly differentiated by the financial activity surrounding tokenized assets. Centrifuge and Maple focus on credit markets, Ondo and Circle provide traditional financial exposures, Securitize supports regulated securities, and Figure applies blockchain infrastructure across multiple parts of the credit lifecycle.
Centrifuge’s September research estimated that tokenized asset value increased from approximately $25 billion at the start of 2026 to $37 billion by the end of July. The number of asset holders rose from about 616,000 to 1.53 million during the same period.
The expansion has not removed financial risks. The source identifies credit, counterparty, liquidity, regulatory, and custody risks, along with differences between legal ownership and token ownership.
Conclusion
RWA projects have developed into a diverse market spanning credit, treasuries, equities, investment funds, and blockchain infrastructure. The sector now includes platforms focused on issuance, custody, lending, settlement, and tokenized financial products, while RWA.xyz tracks more than 6,000 tokenized assets across distributed and represented categories.
FAQs
What are RWA projects?
RWA projects are platforms and products involved in bringing real-world financial assets onto blockchain infrastructure.
Which RWA project has the largest represented asset value?
The Figure’s HELOC token is valued at around $21.73 billion for the underlying asset value.
Which RWA project specializes in private credit?
Centrifuge and Maple are some prominent RWA projects that specialize in private credit.
What is the size of the RWA market?
RWA.xyz Market data up to September 4, 2026: $38.63 billion of distributed tokenized assets, almost 3 million asset holders.
