BlackRock · BUIDL (USD Institutional Digital Liquidity Fund)

BlackRock launched its first tokenized fund BUIDL on Ethereum, subscribed via Securitize Markets, investing in cash, T-bills and repos with daily accrual paid monthly as new tokens. It later expanded to multiple chains with AUM peaking above $2B.

Underlying: 代币化货币市场基金（现金/美债/回购）Size: 初始 1 亿美元，峰值超 20 亿美元Approval/Regulator: 美国 SEC（Reg D 豁免发行）Partners: Securitize · BNY Mellon

Source ↗ · Business Wire

Superstate · USTB (tokenized short-duration T-bill fund)

Founded by Compound creator Robert Leshner, USTB is an SEC-registered short-duration Treasury fund whose token serves as the on-chain transfer-agent record, with instant USDC subscriptions.

Underlying: 短期美国国债Size: 规模超 6 亿美元Approval/Regulator: 美国 SEC 注册（链上过户代理记录份额）Partners: 以太坊 · Plume

Source ↗ · Superstate 官网

Ondo Finance · USDY (yield-bearing dollar token)

A yield-bearing dollar token backed by short-term Treasuries and bank deposits, open to non-U.S. retail and institutions; holders accrue Treasury yield automatically. Deployed across multiple chains.

Underlying: 短期美债 + 银行活期存款Size: 规模超 5 亿美元Approval/Regulator: 离岸结构发行（面向非美国投资者）

Source ↗ · Ondo 官网

OpenEden (Singapore) · TBILL Vault (tokenized T-bill vault)

A Singapore-based tokenized T-bill platform; TBILL was the first tokenized Treasury product to receive a Moody's investment-grade rating, offering 24/7 mint/redeem to accredited investors.

Underlying: 短期美国国债Size: 规模超 1.5 亿美元Approval/Regulator: 获穆迪投资级评级的代币化基金

Source ↗ · OpenEden 官网

Backed Finance (Switzerland) · bIB01 (tokenized iShares short T-bill ETF)

A Swiss-issued ERC-20 token tracking the iShares 0-1yr T-bill ETF 1:1, freely transferable between whitelisted wallets and widely used as DeFi collateral — the precursor to xStocks.

Underlying: iShares 0-1 年美债 ETFApproval/Regulator: 瑞士 DLT 法案发行框架

Source ↗ · Backed 官网

Ondo Finance · OUSG (tokenized U.S. Treasuries fund)

A tokenized short-term U.S. Treasuries fund for qualified purchasers, underpinned by a BlackRock iShares T-bill ETF, offering 24/7 mint/redeem — among the first tokenized Treasury products.

Underlying: 短期美债 ETF（底层 BlackRock iShares）Size: 规模超 2 亿美元Approval/Regulator: 美国 SEC Reg DPartners: BlackRock iShares · Coinbase Custody

Source ↗ · Ondo 官网

Matrixdock (Matrixport group, Singapore) · STBT (short-term Treasury bill token)

STBT is pegged 1:1 to short-term Treasuries and money-market instruments with T+0 mint/redeem — one of Asia's first tokenized Treasury products. Matrixdock later launched gold token XAUm.

Underlying: 短期美债 + 货币市场工具Size: 规模约 1 亿美元

Source ↗ · Matrixdock 官网

WisdomTree · WisdomTree Prime digital funds (incl. WTGXX money market fund)

A suite of blockchain-native funds from the veteran ETF issuer, offered to U.S. retail via the WisdomTree Prime app, with shares recorded as tokens on Stellar and Ethereum.

Underlying: 货币市场 / 美债 / 股票指数等 10+ 只数字基金Approval/Regulator: 美国 SEC 注册

Source ↗ · WisdomTree Prime 官网

Hashnote (acquired by Circle in 2025) · USYC (tokenized Treasury yield coin)

A yield token backed by Treasury reverse repos and long the largest tokenized Treasury product by AUM. Circle acquired Hashnote in January 2025, integrating USYC with the USDC ecosystem.

Underlying: 美国国债逆回购组合Size: 规模峰值超 15 亿美元

Source ↗ · USYC 官网

Franklin Templeton · FOBXX / BENJI (Franklin OnChain U.S. Government Money Fund)

The first U.S.-registered mutual fund to use a public blockchain to record share ownership. Investors hold BENJI tokens via the Benji platform; the fund later expanded to multiple chains.

Underlying: 代币化货币市场基金（美国政府证券）Size: 规模超 3 亿美元Approval/Regulator: 美国 SEC 注册公募基金（1940 年投资公司法）Partners: Stellar · Polygon · BNY Mellon

Source ↗ · Franklin Templeton 官网

Apollo Global Management · ACRED (Apollo Diversified Credit Securitize Fund)

Apollo's tokenized feeder into its Diversified Credit Fund, launched with Securitize across six chains (Aptos, Avalanche, Ethereum, Ink, Polygon, Solana) with investment from Coinbase AM and Kraken.

Underlying: 多元化私募信贷（直贷 / 资产支持 / 结构性信贷）Approval/Regulator: 美国 SEC Reg DPartners: Securitize · Wormhole（首发六条公链）

Source ↗ · PR Newswire

Credix (Belgium) · Credix Latin America private credit marketplace

A private credit marketplace connecting institutional capital with Latin American (mainly Brazilian) fintech lenders, financing receivables and consumer credit portfolios with on-chain dollars.

Underlying: 拉美金融科技放款方应收账融资

Source ↗ · Credix 官网

Maple Finance · Maple on-chain credit markets (Blue Chip / Syrup / Treasury pools)

One of the first institutional on-chain credit markets, lending to crypto firms. After a 2022 credit reset it pivoted to the Syrup yield product line, returning to multi-billion TVL.

Underlying: 机构信用贷 + 美债收益Size: 累计放款超 50 亿美元

Source ↗ · Maple 官网

Centrifuge · Centrifuge credit pools (New Silver / BlockTower Credit etc.)

An RWA pioneer: in 2021 New Silver drew the first real-world vault financing from MakerDAO via Centrifuge; in 2022 BlockTower launched $200M+ structured credit vaults on the protocol.

Underlying: 房地产过桥贷 / 结构化信贷 / 美债Size: BlockTower 系列金库超 2.2 亿美元Partners: MakerDAO · Aave · Coinbase

Source ↗ · Centrifuge 官网

Goldfinch · Goldfinch emerging-market credit protocol

A decentralized credit protocol requiring no crypto collateral, channeling on-chain dollars to fintech lenders across Africa, Southeast Asia and Latin America. Backed by a16z and Coinbase Ventures.

Underlying: 新兴市场金融科技公司信用贷Size: 累计贷款超 1 亿美元

Source ↗ · Goldfinch 官网

Figure Technologies · Figure HELOC lending fully on Provenance blockchain

Figure originates, registers and trades home-equity loans entirely on the Provenance blockchain — the largest traditional-finance credit operation on-chain, with $10B+ originated.

Underlying: 房屋净值贷款 / 消费信贷Size: 累计链上放款超百亿美元Partners: Provenance Blockchain

Source ↗ · Figure 官网

Ondo Finance · Ondo Global Markets (tokenized equities platform, 201 assets)

Launched as the largest tokenized equities platform with over half the market. The SEC closed its probe of Ondo in November 2025 without charges — a landmark for compliant tokenized stocks.

Underlying: 美股与 ETF（100+ 上线即覆盖，后扩至 201 种）Size: 上线数月规模超 4.6 亿美元Approval/Regulator: 获列支敦士登批准，分销覆盖 30 个 EEA 国家

Source ↗ · Ondo 官网

Backed Finance × Kraken · xStocks tokenized U.S. equities (60+ at launch)

Backed-issued, Kraken/Bybit-listed tokens backed 1:1 by real shares, covering 60+ U.S. stocks and ETFs mainly on Solana. Kraken acquired Backed in December 2025.

Underlying: 美股与 ETF（苹果/特斯拉/英伟达等）Approval/Regulator: 瑞士 DLT 法案发行框架Partners: Kraken · Bybit · Solana（主链）

Source ↗ · Kraken 官网

Robinhood · Robinhood EU stock tokens (200+, on Arbitrum)

Robinhood launched 200+ U.S. stock and ETF tokens for EU users with 24/5 commission-free trading, and announced its own Arbitrum-based Layer 2 to host tokenized assets.

Underlying: 美股与 ETF（另含 OpenAI/SpaceX 私募份额代币）Partners: Arbitrum（并宣布将自建 RWA Layer 2）

Source ↗ · Robinhood 官方新闻

Dinari · dShares (88 tokenized U.S. stocks)

The first tokenized-stock issuer registered as an SEC transfer agent. dShares are backed 1:1 by real shares, pass through dividends, and are offered as tokenization-as-a-service.

Underlying: 美股（1:1 背书真实股票）Approval/Regulator: 美国 SEC 注册过户代理（Transfer Agent）Partners: Arbitrum · Coinbase WaaS

Source ↗ · Dinari 官网

Swarm Markets (Germany) · Swarm tokenized stock & bond trading

The first BaFin-regulated DeFi exchange, listing tokenized Apple, Tesla and other stocks plus U.S. Treasury bonds, all 1:1 backed by custodied assets for eligible investors.

Underlying: 美股（苹果/特斯拉等）+ 美国国债Approval/Regulator: 德国 BaFin 监管

Source ↗ · Swarm 官网

HKSAR Government · Third digital green bonds (then the world's largest digital bond)

The world's first digital bonds settling with tokenised central bank money (e-HKD and e-CNY) in the primary leg. Subscriptions topped HK$130B across four currencies — the largest digital bond at the time.

Underlying: 政府绿色债券（最长 5 年期，四币种）Size: 超 100 亿港元（四币种认购超 1300 亿）Approval/Regulator: 香港金管局 Project EvergreenPartners: 汇丰 Orion · 代币化央行货币交收（e-HKD / e-CNY）

Source ↗ · 香港金管局 EvergreenHub

HKSAR Government · Second digital green bonds (world's first multi-currency digital bonds)

The world's first multi-currency digital bond and Hong Kong's first digitally native issuance, adopting ICMA's Bond Data Taxonomy with access via Euroclear and Clearstream.

Underlying: 政府绿色债券（2 年期，四币种）Size: 约 60 亿港元（港元/人民币/美元/欧元）Approval/Regulator: 香港金管局 Project EvergreenPartners: 汇丰 Orion · 中银香港 · 高盛 · 瑞银等

Source ↗ · 香港金管局 EvergreenHub

HKSAR Government · First tokenised green bond (world's first government tokenised green bond)

The world's first tokenised green bond issued by a government. DLT covered the full lifecycle from issuance and settlement to coupons and redemption, cutting settlement from T+5 to T+1.

Underlying: 政府绿色债券（1 年期）Size: 8 亿港元Approval/Regulator: 香港金管局 Project EvergreenPartners: 高盛 GS DAP · 中银香港 · 汇丰 · 瑞银

Source ↗ · 香港金管局 EvergreenHub

Siemens · First corporate digital bond (Polygon)

The first corporate bond issued directly on a public chain under Germany's eWpG, sold to institutional investors without central clearing. Siemens followed with a €300M issue via SWIAT in September 2024.

Underlying: 企业债券（1 年期）Size: 6000 万欧元Approval/Regulator: 德国电子证券法 eWpGPartners: Hauck Aufhäuser Lampe · DekaBank · Union Investment

Source ↗ · 西门子官方新闻稿

European Investment Bank (EIB) · First digital bond on a public blockchain (Ethereum)

The first multi-dealer digitally native bond issued and settled on a public blockchain, settled with the Banque de France's wholesale CBDC pilot. EIB later issued euro (GS DAP) and sterling (HSBC Orion) digital bonds.

Underlying: 超国家机构债券（2 年期零息）Size: 1 亿欧元Approval/Regulator: 法国央行批发 CBDC 试验交收Partners: 高盛 · 桑坦德 · 法国兴业银行 SG-Forge

Source ↗ · EIB 官方新闻稿

Hamilton Lane · Three tokenized flagship feeder funds (direct equity / private credit / secondaries)

The private-markets giant tokenized three flagship funds via Securitize, ADDX and Infinite Whisk, opening access to qualified individuals from ~$10K minimums.

Underlying: 私募股权母基金Size: 门槛降至 1 万美元级Approval/Regulator: 美国 SEC Reg DPartners: Securitize · ADDX · Polygon

Source ↗ · Business Wire

KKR · Tokenized exposure to Health Care Strategic Growth Fund II (HCSG II)

Securitize tokenized an interest in KKR's $4B Health Care Strategic Growth Fund II on Avalanche — the first tokenization of a major PE fund on a public chain, cutting minimums to $100K.

Underlying: 私募股权基金（医疗成长股权）Size: 母基金规模 40 亿美元Approval/Regulator: 美国 SEC Reg D 506(c)Partners: Securitize · Avalanche

Source ↗ · KKR 官方新闻稿

Tether · Tether Gold (XAUT, tokenized gold)

Each XAUT represents one troy ounce of London Good Delivery gold in a Swiss vault. Alongside PAXG it is one of the two dominant tokenized gold products, hitting new highs in risk-off markets.

Underlying: 瑞士金库实物黄金（每代币 1 盎司）Size: 规模超 7 亿美元

Source ↗ · Tether Gold 官网

Paxos · PAX Gold (PAXG, tokenized gold)

Each PAXG maps to one troy ounce of a London Good Delivery bar in Brinks vaults. Issued under NYDFS charter and redeemable for physical gold — the earliest regulated tokenized commodity.

Underlying: 伦敦金库实物黄金（每代币 1 金衡盎司）Size: 规模超 8 亿美元Approval/Regulator: 纽约金融服务局 NYDFS 特许发行

Source ↗ · Paxos 官网

Xunying Group · Battery-swap real asset RWA (world's first battery-swap RWA)

Xunying tokenized its battery-swap cabinets and lithium batteries via an RWA fund managed by Hong Kong-listed Victory Securities (8540.HK) — the world's first battery-swap real-asset RWA.

Underlying: 全国换电柜与锂电池运营收益权Size: 数千万港元Approval/Regulator: 香港发行（胜利证券 8540.HK 担任基金管理人）Partners: 蚂蚁数科 · Conflux · VDX · AW3 家办

Source ↗ · 凤凰网财经

GCL Energy Technology · Xinyangguang residential solar RWA (first photovoltaic RWA from the Chinese mainland)

GCL-ET tokenized ~82MW of residential rooftop solar assets (about 3,000 stations in Hubei and Hunan), packaging value, operation and revenue data on-chain. It was the largest RWA financing from the Chinese mainland at the time.

Underlying: 湖北/湖南 82MW 户用光伏电站（约 3000 座）Size: 超 2 亿元人民币Partners: 蚂蚁数科

Source ↗ · 中证网

LongShine Technology Group · Xindiantu charging-pile revenue rights RWA (first new-energy RWA from the Chinese mainland)

Charging piles operated on LongShine's Xindiantu platform were tokenized on Ant Chain; each token represents a share of the corresponding pile's revenue. Proceeds fund energy storage and charging infrastructure.

Underlying: 新能源充电桩收益权Size: 约 1 亿元人民币Approval/Regulator: 香港金管局 Ensemble 沙盒（四大代币化案例之一）Partners: 蚂蚁数科（蚂蚁链）· 瑞银

Source ↗ · 央视网

Reental (Spain) · Reental tokenized Spanish properties (~100 projects)

A leading Spanish property tokenization platform crowdfunding residential refurbish-and-rent projects for retail investors, with ~100 properties tokenized and several completed exits.

Underlying: 住宅翻新与出租物业份额

Source ↗ · Reental 官网

RealT · RealT tokenized U.S. rental homes (hundreds in Detroit etc.)

Among the first working real-estate tokenization platforms: U.S. rental homes split into ERC-20 shares from ~$50, with rent paid weekly in stablecoins to holders worldwide.

Underlying: 美国出租住宅物业份额

Source ↗ · RealT 官网

Zuoan Xinhui (Shanghai) Data Technology · "Malu Grape" agricultural brand RWA (first agricultural brand RWA in China)

Tokenized the Malu Grape brand and its associated data assets via blockchain, raising RMB 10 million.

Underlying: 农业品牌资产及数据资产Size: 1000 万元人民币

Source ↗ · 中国银行保险报