Top 10 Prominent RWA Protocols in 2025

The tokenization of Real World Assets (RWA) has evolved from an initial idea to a $230 billion industry in 2025.

Prominent financial organizations are now tokenizing treasuries, properties, and commodities on blockchain systems.

This development signifies the integration of conventional finance with DeFi frameworks.

This review looks at the ten top protocols spearheading RWA tokenization, ranging from Ondo Finance's treasury offerings to Plume Network's interoperability solutions.

Each initiative presents unique methods for incorporating tangible assets onto the blockchain, while meeting regulatory standards and institutional demands.

Key Takeaways

• Market Size: RWA tokenization hit $230 billion in 2025, with estimates reaching $16-30 trillion by 2030
• Treasury Dominance: Tokenization of U.S. Treasuries tops the list with a $5.6 billion market cap, up 539% from the previous year
• Institutional Players: BlackRock, Franklin Templeton, and key banks are now running tokenization systems
• Technical Innovation: Dedicated Layer-1 blockchains support compliance and asset transfers across chains
• Geographic Focus: The UAE is at the forefront of real estate tokenization, Singapore advances structured products, and Southeast Asia emphasizes payments

Market Overview: The $30 Trillion Opportunity

Today's RWA markets display distinct divisions by asset category.

Stablecoins account for $224.9 billion, mainly via Tether (USDT) and Circle's USDC.

Tokenized treasuries have grown to $5.6 billion, and private credit stands at $558 million on-chain.

Institutional uptake sped up in 2024-2025.

• BlackRock introduced BUIDL, its tokenized treasury fund.
• Franklin Templeton manages several on-chain funds.
• Conventional banks like JP Morgan and HSBC have developed tokenization platforms.
• Regulatory structures are offering more transparency.
• Europe's MiCA rules set explicit guidelines for tokenized assets.
• Singapore's Project Guardian involves over 40 participants focused on commercialization.
• In the U.S., advancements come from agency directives and suggested laws.
• Regional expertise has developed according to local advantages.
• The UAE concentrates on real estate tokenization with forward-thinking regulations.
• Singapore prioritizes structured financial instruments.
• Southeast Asian nations leverage RWAs for remittances and broader financial access.

Recent stablecoin news emphasize how RWA-supported stablecoins are becoming popular as options to conventional fiat-backed versions.

The Top 10 RWA Protocols: Comprehensive Analysis

1. Ondo Finance (ONDO) - Treasury Tokenization Leader

Ondo Finance handles $1.4 billion in tokenized assets, positioning it as the second-biggest treasury tokenizer worldwide.

The protocol provides OUSG (Short-term U.S. Government Bonds) with a $268 million market cap and USDY (U.S. Dollar Yield) at $385 million.

Core offerings include Ondo Global Markets, granting tokenized entry to more than 100 NYSE and Nasdaq stocks for international investors.

The system operates on Ondo Chain, a custom Layer-1 capable of 200,000 transactions per second.

Key strategies in 2025 bolstered Ondo's standing.The purchase of Oasis Pro added U.S. securities licenses.

• A $250 million collaboration with Pantera Capital supports RWA investments.

Connection with Mastercard's Multi-Token Network links traditional payment networks to tokenized assets.

The ONDO token handles governance and collects protocol fees.

Growth into equities and blending with traditional finance establishes Ondo as a connector between sectors.

2. Plume Network - RWAfi Ecosystem Pioneer

Plume Network created the initial Layer-1 blockchain tailored for Real World Asset Finance.

The network supports over 180 projects with $4 billion in pledged tokenized assets.

The platform's Arc tokenization tool offers no-code setup for asset creators.

• Smart wallets feature integrated compliance tools.

SkyLink facilitates transfers across more than 18 networks.

This setup has drawn $1 billion in mineral rights and $200 million in carbon credits.

Network engagement shows genuine activity, with 3.75 million testnet participants producing 280 million transactions.

Alliances include Apollo Global Management and Brazil's Mercado Bitcoin.

Funding in December 2024 secured $20 million from Brevan Howard Digital and Haun Ventures.

PLUME tokens debuted with a 10 billion total supply, 20% in circulation.

The emphasis on practical use over speculation matches institutional needs.

3. Vision - Strategic Framework for RWA Adoption

Note: "Vision" in the RWA space points to strategic plans rather than a particular protocol.

The most pertinent is Singapore's MAS vision via Project Guardian.

Singapore's Monetary Authority is guiding RWA commercialization through Project Guardian, involving over 40 participants.

The structure outlines four essentials: liquidity networks, infrastructure, standardization, and settlement assets.

The Guardian Wholesale Network features Citi, HSBC, Schroders, Standard Chartered, and UOB.

These entities work together to expand tokenization from trials to full commercial use.

• This vision broadens to establishing round-the-clock global markets, partial ownership of hard-to-sell assets, and automated compliance via smart contracts.

Execution prioritizes real-world solutions over abstract ideas.

4. WhiteRock (WHITE) - Controversial Tokenization Platform

WhiteRock asserts it tokenizes NYSE, Nasdaq, and LSE securities straight onto the blockchain.

The platform assures constant trading via its White Network, which claims 200,000 TPS capacity.

USDX, WhiteRock's stablecoin, is said to be supported by U.S. Treasuries, distributing yields to holders.

The WHITE token experienced sharp fluctuations, with 285% increases in Q1 2025, hitting a $1 billion market cap.

Major doubts surround WhiteRock's credibility.

The smart contract is not renounced and includes wallet blacklisting options.

Alleged partnerships with BlackRock and StoneX are unconfirmed.

Team assertions of Goldman Sachs background are unsubstantiated.

• Trading happens mostly on MEXC exchange, with over $20 million in daily volume.

The mix of unproven statements and technical warnings advises high caution for investors.

5. Creditcoin (CTC) - Emerging Markets Credit Infrastructure

Creditcoin has processed 4.27 million actual credit transactions valued at $79.7 million, aiding over 337,000 customers.

The protocol targets financial inclusion in developing regions, especially Africa.

• Constructed on Parity Substrate with Nominated Proof of Stake, Creditcoin builds on-chain credit records for those without banking access.

Collaborations with fintech lenders such as Aella support international lending while protecting privacy.

The forthcoming EVM compatibility update broadens integration options.

Alliances with Plume Network and SubWallet enhance infrastructure and usability.

CTC token supply is 549.57 million, with a cap of 600 million.

The token protects the network via staking and allows governance involvement.

6. MANTRA (OM) - Compliance-First Blockchain

MANTRA developed a Layer-1 using Cosmos SDK designed for compliant RWA tokenization.

The network handles 10,000 transactions per second with embedded regulatory components.

Five custom modules address RWA needs: Identity Module generates soulbound NFTs for KYC/AML, and Mantra Guard supplies regulatory instruments.

These capabilities secured a $1 billion tokenization agreement with DAMAC Group for UAE properties.

• In April 2025, difficulties arose as OM tokens fell 90% from forced sales.

MANTRA countered with a $25 million repurchase initiative.

Collaborations with Google Cloud bolster infrastructure.

The shift from ERC-20 to native MANTRA Chain tokens extends through January 2026.

This change offers both potential and uncertainty for token owners.

7. Velo Protocol (VELO) - Cross-Border Payment Network

Velo Protocol runs a PayFi system merging payments, remittances, and RWA tokenization.

• The Quantum network links traditional financial entities across 50 currencies in 120 areas.

Nova Chain delivers EVM-compatible setup connecting Web2 and Web3 services. The Orbit mobile app supports P2P payments via easy QR codes.

Universe DEX provides trading across multiple chains.

RWA efforts include tokenizing Physical Gold (PLG) with the Laos government.

Integration with BlackRock's BUIDL fund via USDV delivers institutional returns to Southeast Asian users.

Support from Stellar Network and CP Group offers technical and market edges.

Visa collaboration expands payment features.

8. Usual Money (USUAL) - RWA-Backed Stablecoin Protocol

Usual developed USD0, the initial stablecoin supported by combined U.S. Treasury tokens.

• Boasting a $592 million market cap, USD0 spreads risk among various T-Bill issuers.

The protocol combines tokens from Hashnote, with intentions for Ondo Finance, Mountain Protocol, and more.

This method lowers risk from a single source versus standard stablecoins.

USD0++ delivers returns via a 4-year lock system, providing value in USUAL tokens.

An insurance reserve safeguards against broad risks.

The protocol distributes 90% of tokens to the community, unlike the usual 50% to VCs.

Funding totals $8.5 million from Kraken Ventures and IOSG Ventures.

The commitment to decentralization and equitable allocation fits modern crypto principles.

9. Centrifuge (CFG) - DeFi Integration Specialist

Centrifuge initiated RWA tokenization in 2017, currently overseeing over $1 billion in TVL.

The platform lately introduced the first tokenized S&P 500 Index Fund in partnership with S&P Dow Jones Indices.

• Tinlake supports asset tokenization via NFTs used as collateral
• DROP and TIN tokens offer senior and junior risk levels
• Integration with MakerDAO permits RWAs as collateral for DAI
• Aave integration enhances liquidity choices

The platform functions on Polkadot and Ethereum, weighing security against liquidity.

V3 rollout with Wormhole supports transfers across chains.

Collaboration with Anemoy introduced $230 million from Janus Henderson, Treasury Fund on-chain, confirming capacity for institutional levels.

10. Clearpool (CPOOL) - Institutional Unsecured Lending

Clearpool has issued $660 million in unsecured loans to institutional clients.

Customers include Jane Street, Flow Traders, and Wintermute.

• Individual borrower pools enable lending based on reputation without collateral.

Interest rates shift dynamically according to usage.

This pricing driven by the market indicates current risk evaluation.

The protocol runs on eight blockchains: Ethereum, Polygon, Optimism, Mantle, Flare, Base, and Arbitrum.

• Total Value Locked is $87 million.

Alliance with io.finnet integrates traditional finance entities into DeFi credit via compliant systems.

Cross-Chain Innovation

RWA achievement depends on smooth asset transfers between blockchains.

• Plume's SkyLink links over 18 networks
• Centrifuge's Wormhole connection allows cross-chain movements while preserving asset quality

Contemporary protocols apply consistent compliance across chains.

Oracle systems deliver uniform pricing.

Cross-chain communication supports governance involvement irrespective of asset position.

Upcoming infrastructure will hide blockchain intricacies completely.

Users will use straightforward interfaces as protocols manage cross-chain deals, compliance, and settlements on their own.

Institutional DeFi Integration

Traditional organizations now see blockchain as foundational technology rather than a distinct category.

Compliance has grown from simple KYC/AML to full handling of securities rules.

MANTRA's integrated modules and Ondo's purchases of regulated firms illustrate varied ways to fulfill institutional demands.

Custodians such as State Street and Anchorage Digital have built specialized RWA systems.

Linking with current setups is vital.

Institutions seek blockchain advantages without fully leaving existing methods.

Tokenized Treasuries as Gateway Assets

U.S. Treasuries spearhead RWA uptake thanks to government support, liquidity, and reliable returns.

• Ondo Finance, Franklin Templeton, and BlackRock lead with billions tokenized.

Setup usually includes regulated custodians storing treasuries as smart contracts oversee tokenized forms.

Daily NAV assessments and automatic yield allocation supplant manual operations.

Growth to other sovereign bonds is a logical step.

European bonds, JGBs, and high-grade corporate debt mark the following stages.

Challenges and Risk Factors

Regulatory ambiguity continues in various areas.

Singapore and Switzerland offer structures, but primary markets miss complete tokenization regulations.

• Smart contract dangers are still notable.

WhiteRock's problems underscore risks of harmful code.

Even valid projects encounter errors and unforeseen issues.

Liquidity is split among platforms lacking central hubs.

This leads to price variations and lower efficiency than traditional markets.

Investment Opportunities

Assessing RWA protocols involves reviewing base assets, compliance, setup, and alliances.

Income models range from fee collection to intricate staking systems.

• Ondo Finance employs governance tokens to gather protocol fees.
• Usual uses staking for yield creation.

Grasping value accumulation processes is key.

Diversification ought to cover asset kinds and protocol hazards.

Merging proven initiatives like Centrifuge with emerging ones balances potential and security.

Future Outlook

Reaching $30 trillion demands ongoing infrastructure growth and regulatory transparency.

Central bank digital currencies might supply inherent blockchain settlement tools.

• Standardization promotes compatibility across platforms
• Fresh asset categories outside financial tools appear often
• Intellectual property, carbon credits, and data rights offerareas

Each needs particular legal and tech structures

• Newer experts in traditional finance carry crypto expertise

This demographic change speeds up RWA integration from inside established entities.

Conclusion

The ten protocols reviewed demonstrate varied strategies for RWA tokenization.

Ondo targets institutions while Creditcoin aids developing markets.

Each tackles distinct market demands.

Investors must perform detailed checks, especially with examples like WhiteRock.

Confirming alliances and tech setups is essential.

Developers can utilize current systems from Plume and Centrifuge instead of building anew.

Modular protocols support quick advancements.

RWA tokenization holds promise for major shifts in worldwide value exchange.

As systems develop, blockchain could fulfill commitments to accessible, effective financial networks.

Read Next:

• Symbiosis Finance Cross-Chain Aggregator: Full Review and Guide (2025)
• How to Integrate Stablecoins in NFT Marketplaces: Liquidity Provision on OpenSea and Blur
• How to Build a No-Code Stablecoin Yield Aggregator with DeFi APIs

FAQs:

1. What are Real World Assets (RWA) in blockchain?

Real World Assets are tangible or conventional financial items depicted as digital tokens on blockchain platforms. These encompass treasuries, properties, commodities, and corporate bonds turned into exchangeable tokens.

2. Which RWA protocol manages the most assets?

Ondo Finance is ahead with $1.4 billion in tokenized assets, mainly U.S. Treasuries via their OUSG and USDY offerings.

3. How do tokenized treasuries work?

Regulated custodians store real U.S. Treasury bonds as protocols create blockchain tokens signifying ownership. Smart contracts automate yield sharing and allow constant trading.

4. What makes WhiteRock controversial?

WhiteRock is under examination for unsubstantiated partnership assertions, a non-renounced smart contract with blacklist capabilities, and absence of institutional validation despite claims of significant exchange connections.

5. Why do institutions prefer treasury tokenization?

U.S. Treasuries provide government assurance, strong liquidity, and steady returns. Tokenization introduces constant trading, immediate settlements, and customizable features while keeping security.