Real-World Asset (RWA) Tokenization Watchlist 2026
Real-World Asset (RWA) tokenization continues to be one of the fastest-growing sectors in blockchain, bridging traditional finance with DeFi. By digitizing assets like treasuries, real estate, private credit, and equities, RWAs enhance liquidity, enable fractional ownership, and attract institutional players. As of late 2025, the on-chain RWA market exceeds $30-50 billion (excluding stablecoins), driven by tokenized U.S. Treasuries, private credit, and real estate. Major institutions like BlackRock (BUIDL fund) and Franklin Templeton are leading adoption.
Here’s a curated watchlist of top RWA projects and protocols to monitor, based on market cap, TVL, innovation, institutional backing, and growth potential:
- Ondo Finance (ONDO)
Focuses on tokenized treasuries and yield-bearing products. A leader in institutional-grade RWAs with strong DeFi integration and compliance. - Centrifuge (CFG)
Pioneers tokenization of private credit, invoices, and trade finance. Integrates real-world collateral into DeFi markets like Aave and MakerDAO. - Chainlink (LINK)
Essential infrastructure via oracles for secure off-chain data feeds. Powers pricing and verification for most RWA protocols. - Mantra (OM)
Compliance-focused layer for tokenizing assets, with emphasis on regulatory alignment and interoperability. - MakerDAO/Sky
Integrates RWAs (e.g., treasuries) as collateral for DAI stability, diversifying from crypto-native assets. - Plume Network
EVM-compatible L1 built specifically for RWA tokenization, gaining traction with developer tools and compliance features. - Maple Finance (MPL)
Decentralized credit marketplace for overcollateralized loans backed by RWAs, targeting institutional borrowers. - BlackRock BUIDL
Tokenized money market fund on Ethereum; the largest single tokenized asset (~$2-3B TVL), signaling TradFi entry. - Propy
Specializes in real estate tokenization, enabling compliant on-chain property ownership and trading. - Backed Finance (bTokens)
Tokenizes stocks, ETFs, and traditional instruments; expanded significantly on Solana and other chains.
- Institutional Dominance — Funds from BlackRock, Franklin Templeton, and others lead tokenized treasuries.
- Private Credit Growth — Protocols like Centrifuge and Maple are unlocking liquidity for illiquid loans.
- Regulatory Progress — Compliance-built chains (e.g., Plume, Mantra) are rising as clarity improves.
- Chain Competition — Ethereum dominates (~58% market share), but Solana, Stellar, and specialized L1s are gaining.
RWA tokenization is shifting from hype to real utility, with projections of $500B+ on-chain by end-2025. Monitor TVL on platforms like RWA.xyz and market caps on CoinGecko/CoinMarketCap for updates. Always DYOR, as regulatory and market risks remain.

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