RWA & DeFi
Tokenization Platforms Now Hold $37B: Securitize, Ondo Lead RWA Race
Tokenization platforms manage billions in RWAs, with Securitize leading at $4.98B and Ondo following with $3.60B.
7h ago 4,280
BLOCKINSIDERLoadingTokenization platforms manage billions in RWAs, with Securitize leading at $4.98B and Ondo following with $3.60B.
The race to bring real world assets onchain is growing, with tokenization platforms now managing billions of dollars in assets. The latest ranking shows Securitize leading with nearly $5 billion, while Ondo follows at $3.6 billion. But the numbers also reveal a major difference in how these platforms are building the market.
According to the latest RWA.xyz data, Securitize ranks first among tokenization platforms with about $4.98 billion in real-world assets in RWA value across 25 assets. Ondo follows at $3.60 billion, while Circle ranks third with $3.01 billion.The rest of the top 10 includes Tether at $2.66 billion, FTI at $2.54 billion, Spiko at $2.35 billion, Paxos at $1.92 billion, Centrifuge at $1.65 billion, Ethena at $1.46 billion, and STOKR at $1.35 billion.
The numbers also show a major difference in how these platforms operate. Securitize holds a much larger amount of value across fewer assets, while Ondo offers a wider range of tokenized products and has more than 212,000 holders. Securitize, by comparison, has 1,872 holders.
The ranking shows that tokenization is no longer limited to small blockchain projects, as it is attracting significant capital. Large financial platforms are now managing billions of dollars in assets onchain.
The overall tokenized asset market has continued to expand. RWA.xyz currently tracks about $38.13 billion in distributed RWA value, up roughly 4% over the past 30 days. The market now has more than 1.3 million RWA holders and over 200 tokenization platforms.
The growth is not spread evenly across every asset type. Tokenized U.S. Treasury funds alone have reached about $16.2 billion, making them one of the biggest areas of the RWA market.
Securitize's lead stands out because it has reached almost $5 billion with only 25 RWAs.
Its portfolio includes major institutional products such as BlackRock's BUIDL, Apollo's tokenized credit fund, and products linked to Hamilton Lane and KKR. Securitize was selected by BlackRock to tokenize BUIDL and has continued expanding its role as institutional firms bring funds and other assets onchain.
BUIDL is particularly important to Securitize's position. The fund invests in cash, U.S. Treasury bills, and repurchase agreements while allowing eligible investors to hold its shares as blockchain tokens.
Securitize also became a public company on the New York Stock Exchange in July, adding another major step to its institutional push. The company said it had more than $5 billion in assets under management in July.
Ondo has $3.60 billion in RWA value, but its 441 assets are far more numerous than Securitize's 25.
It also has more than 212,000 holders, compared with Securitize's 1,872.
That creates a huge difference in average value per asset. Securitize's $4.98 billion divided across 25 assets equals roughly $199 million per RWA. Ondo's $3.60 billion across 441 assets comes to about $8.2 million per RWA.
In simple terms, Securitize's value is concentrated in a small number of large institutional products, while Ondo has built a much wider asset network.
RWA.xyz previously showed Ondo at $3.63 billion and 441 assets in late July, meaning its value has remained broadly stable even as its holder base has expanded.
The rest of the list also shows how different parts of traditional finance are moving onchain.
Circle's $3.01 billion is concentrated in its USYC Treasury product, while Tether's $2.66 billion is largely tied to Tether Gold, which represents ownership of physical gold.
Franklin Templeton has built its position around BENJI, a tokenized U.S. government money market fund backed by government securities and related assets.
Spiko focuses heavily on European Treasury bills through its EUTBL money market fund.
Paxos has a large tokenized gold product, while Centrifuge has built products around institutional funds, including Treasury and credit products.
Ethena has emerged as the largest platform in tokenized active strategies, with about $1.5 billion, while STOKR has significant value in tokenized corporate bonds.
No comments yet
Be the first to share your take when accounts launch.
