Tokenized Real-World Assets
Where traditional finance meets blockchain — treasuries, credit, and real estate on-chain.
Overview
Tokenized Real-World Assets (RWA) bring traditional finance on-chain—U.S. Treasuries, private credit, real estate, and commodities represented as blockchain tokens. The sector reached $12B in tokenized value (2024), led by tokenized treasuries ($2.2B). Investors earn 4-9% yields on-chain with 24/7 liquidity, instant settlement, and transparency. Major issuers include Ondo Finance (OUSG, USDY), Franklin Templeton (BENJI), and BlackRock (BUIDL). This is the most institutional-grade crypto category with regulatory clarity and traditional finance backing.
Key Benefits
- 24/7 trading and instant settlement vs. T+2 for traditional securities
- Fractional ownership: Access $5M private credit funds with $100 minimums
- Transparent on-chain verification of reserves and yields
- Composability: Use tokenized Treasuries as DeFi collateral
- Lower fees than traditional funds (0.15-0.50% vs. 0.50-2.00%)
- Regulatory compliance: Many tokens are SEC-registered or Reg D offerings
Platform Reviews
In-depth analysis using our three-pillar evaluation framework
Ondo Finance
Tokenized securities issuer + onchain distribution stack focused on U.S. Treasuries today (USDY, OUSG) and tokenized public securities via Global Markets—where investor outcomes hinge less on “DeFi yield” and more on legal enforceability, redemption mechanics, custody controls, and claims-defensibility of 1:1 backing.
Centrifuge
Institutional onchain asset-management infrastructure powering tokenized funds and real-world asset issuance with DeFi distribution—best evaluated as rails + admin layer (tokenization, reporting, compliance gating, integrations), not as a unified yield marketplace or a single issuer of investments.
Maple Finance
Institutional onchain credit market built around permissioned lending pools, professional underwriters, and enforceable loan terms—where returns are driven less by protocol mechanics and more by borrower quality, collateral discipline, and real-world recovery processes.
Goldfinch
Onchain access layer for institutional private credit via Goldfinch Prime—where investor outcomes hinge less on “DeFi yield” and more on note-level enforceability, fund look-through risk, KYC/jurisdiction gating, redemption reality (best-effort quarterly), and the operational/legal integrity of the wrapper around offchain private credit funds.
Securitize
Tokenization + transfer-agent rails + a regulated secondary market stack (broker-dealer + ATS) built for digital securities—where investor outcomes hinge on issuer governance, transfer restrictions, corporate actions, settlement/custody integrations, and whether secondary liquidity is real (eligible counterparties, real order flow) rather than simply “tokenized.”
Polymesh
Purpose-built blockchain for regulated assets where identity, compliance, and governance are first-class protocol primitives—designed to solve the institutional failure modes of public blockchains rather than maximize permissionless composability.
Backed Finance
Swiss tokenized-securities stack issuing blockchain-based tracker certificates (xStocks/bTokens) that mirror stocks and ETFs—built for DeFi composability and protocol integrations, not retail brokerage or direct share ownership.
Latest Research & Analysis
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The Rise of Tokenized Real-World Assets: How On-Chain Finance Is Rebuilding the Global Yield Market
Invest in tokenized U.S. Treasuries, private credit, and real estate on blockchain. Complete guide to RWA platforms, yields, and risks for 2025-2030.
Tokenized Treasuries: The On-Chain Risk-Free Rate Bridging TradFi and DeFi
Compare BlackRock BUIDL, Ondo USDY, and Franklin BENJI: three tokenized Treasury products delivering 4-5% on-chain yields. Learn which fits your needs and how protocols integrate them.
How Tokenized Treasury Products Actually Generate Yield: The Complete Technical Guide
Deep technical breakdown of yield generation in tokenized T-Bills: T-Bill discount mechanics, repo agreements, minting vs. rebasing distribution, fee structures, and critical tax implications.
Tokenized RWAs vs. ETFs: Understanding Settlement Rails, Liquidity Models, and Institutional Failure Modes
Compare tokenized RWAs vs ETFs—how T+1 vs atomic settlement impacts liquidity, pricing, collateral use, and real institutional failure modes (AP withdrawal, oracles, smart contracts).
Investing in Tokenized RWA
Set Up Self-Custody Wallet
Need MetaMask or similar Web3 wallet. Tokenized securities require KYC/AML verification. Expect 1-3 day onboarding.
Start with Tokenized Treasuries
Ondo OUSG or Franklin BENJI offer institutional Treasury exposure on-chain. Yields match traditional Treasuries (4.5-5%) with better liquidity. Minimum $5K for OUSG.
Explore Private Credit Protocols
Maple Finance, Centrifuge, and Goldfinch offer 7-11% yields on tokenized private credit. Higher risk; assess borrower quality and default rates.
Understand Gas Fees
Most tokenized RWA on Ethereum mainnet. Expect $5-20 gas fees per transaction. Larger positions ($10K+) make gas fees negligible percentage-wise.
Tokenized RWA Risks
Important considerations before investing in tokenized real-world assets
- Smart contract risk: Bugs could lead to loss of funds (audits reduce but do not eliminate risk)
- Regulatory uncertainty: SEC could change classification of tokenized securities
- Custodian risk: Off-chain assets held by third-party custodians (e.g., Coinbase, BitGo)
- Liquidity risk: Secondary markets thin; may face difficulty selling large positions
- Redemption delays: Some tokens have 1-5 day redemption windows for off-chain settlement
- KYC/AML friction: Transfer restrictions prevent true permissionless trading
- Platform risk: Issuer insolvency could freeze redemptions
Due Diligence Checklist
- Verify custodian: Check proof-of-reserves and custodian credentials (Coinbase, BitGo preferred)
- Read offering documents: Understand redemption terms, fees, and legal structure
- Check audit reports: Smart contracts should have multiple audits from reputable firms
- Assess liquidity: Can you sell $100K+ on-chain without 10%+ slippage?
- Compare to TradFi: Is tokenized version actually better than ETF/mutual fund alternative?
- Review default history: For private credit, check borrower default rates and loss provisions
Real-World Examples
Ondo OUSG: $500M+ AUM, zero defaults, 4.8% yield matching short-term Treasuries
Franklin BENJI: $410M AUM, first SEC-registered tokenized fund from top-10 asset manager
Maple Finance: Experienced $40M+ in defaults during 2022 crypto bear market; tightened underwriting
Explore Subcategories
Tokenized Treasuries
On-chain representations of treasuries and money-market funds.
Tokenized Private Credit
Fractional credit/debt invested via tokens.
RWA Funds & Platforms
Platforms enabling tokenized access to real-world assets.
Stablecoins & Yield
On-chain fixed-income alternatives and stablecoin yield vehicles.