Tokenization is no longer just a crypto buzzword , it’s arguably reshaping how the world invests. From U.S. Treasuries and physical gold to money market funds, real-world assets (RWAs) are moving onto blockchain rails, unlocking 24/7 access, lower fees, and programmable yield.
But with dozens of new protocols and tokenized products launching every month, it’s hard to know which ones are credible, compliant, and actually worth your attention.
In this guide, we spotlight the top tokenization platforms of 2025. Whether an institution is exploring yield options or a crypto-native user is looking for safer exposure to RWAs, this breakdown explores the space to try and provide some clarity.
New to the concept of tokenization? Check out our in-depth primer on RWA Tokenization for everything you need to know.
Tokenization isn’t just about putting an asset on a blockchain. Rather, it’s an entire stack. From custody and compliance to issuance, distribution, and integration with DeFi or centralized platforms, each protocol plays a specific role.
Below, we seek to unpack the key players, the assets they tokenize, and what makes each of them unique.
Figure 1: Comparison Table of the Top Ten Tokenization Platforms
Top 10 Tokenization Platforms (by Total Value Locked)
1. BlackRock BUIDL
TVL: $2.88BN
Founded: March 2024
BlackRock, the world’s largest asset manager, made waves with its first tokenized fund, BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched on Ethereum. BUIDL enables onchain access to U.S. Treasury bills and cash equivalents, blending traditional finance compliance with blockchain transparency. Integration with platforms like Ondo and Securitize has also catalyzed institutional interest in tokenized treasuries.
2. Ethena
TVL (USDtb): $1.44BN
Founded: August 2024
Ethena offers a decentralized, synthetic stablecoin alternative called USDe, collateralized by ETH and delta-neutral strategies. Ethena is often grouped with RWA protocols due to USDtb, a token representing tokenized Treasury exposure. This bridges TradFi yield with DeFi-native mechanisms, providing high-yield stablecoin alternatives globally.
3. Ondo Finance
TVL: $1.25BN
Founded: August 2021
Ondo bridges DeFi and TradFi with products like USDY (US Dollar Yield token – a yield-bearing stablecoin) and OUSG (Ondo Short-Term US Treasuries Fund), a token backed by BlackRock’s BUIDL fund. Ondo powers RWA DeFi primitives through Flux Finance, a lending protocol supporting both permissionless and permissioned assets. Governed by Ondo DAO, it continues to be a leader in tokenized treasuries and compliant lending.
4. Tether Gold (XAUT)
TVL: $820 MN
Founded: January 2020
XAUT represents one troy ounce of gold, backed by physical reserves in Swiss vaults. It merges the timeless value of gold with blockchain flexibility, allowing global, fractional ownership. Redeemable for physical gold and tradable on major exchanges, XAUT has become a go-to gold-based asset onchain.
5. Paxos Gold (PAXG)
TVL: $770 MN
Founded: September 2019
Like Tether Gold, PAXG is backed 1:1 by gold stored in London Bullion Market Association (LMBA) – approved vaults in London. Issued by a regulated U.S. entity, Paxos Gold offers a trusted, transparent, and tradable gold-backed token, fully redeemable and compliant with New York State Department of Financial Services (NYDFS) guidelines.
6. Franklin Templeton
TVL: $740 MN
Founded: April 2023 (Blockchain Initiative)
Franklin Templeton was the first major asset manager to register a tokenized money market fund. Shares are recorded on blockchain ledgers (Ethereum and Stellar), reducing settlement times and increasing transparency. Its Luxembourg-based fund caters to European institutions, while the U.S. version holds over $700M in tokenized assets.
7. Superstate
TVL: $517 MN
Founded: June 2023
Superstate builds blockchain-native investment products for institutions, starting with tokenized U.S. Treasuries. Its flagship product, Superstate Short-Term Government Bond Fund, offers investors onchain exposure to U.S. Treasury bills via an SEC-registered investment vehicle, combining regulatory compliance with blockchain-based transparency. The platform has attracted fintech-savvy allocators, and in April 2024, it collaborated with Coinbase’s Base network to issue tokenized shares of the fund onchain, showcasing its commitment to speed, interoperability, and institutional-grade infrastructure.
8. Centrifuge
TVL: $440MN
Founded: 2017
A multichain RWA tokenization protocol, Centrifuge enables fund managers to issue tokenized assets across Ethereum, Base, and other chains. Centrifuge V3, in combination with the Wormhole multi-chain bridge, unlocks composability across DeFi, allowing investors to access tokenized private credit and fixed income from a single dashboard.
9. Circle USYC
TVL: $432MN
Founded: May 2023 (by Hashnote, acquired by Circle in January 2025)
USYC is a yield-bearing treasury token which was issued by Hashnote but later acquired by Circle, built for institutions prioritizing safety and compliance. It brings reverse repo agreement yields onchain through custodians like Copper. USYC emphasizes full disclosure of token structure and custody mechanics to meet institutional risk frameworks.
10. OpenEden
TVL: $287MN
Founded: October 2022
OpenEden is a regulated RWA tokenization platform offering USDO (OpenEden Open Dollar), a yield-bearing stablecoin backed by tokenized U.S. Treasuries. Licensed in Bermuda and BVI, it ensures onchain transparency through Chainlink’s Proof of Reserves (POR) and Cross-Chain Interoperability Protocol (CCIP). It also issues the OpenEden TBILL token (backed by US Treasury Bills) tokens with full KYC/AML compliance and an “A” rating from Moody’s, bridging traditional finance and DeFi.
Figure 2: Stacked Chart of TVL Growth of RWA Tokenization Platforms (May 2024 to May 2025)
Source : AMINA Bank, RWA.xyz, Coingecko
Conclusion
The tokenization of real-world assets is rapidly reshaping global finance, making high-quality, yield-generating products more accessible, transparent, and efficient. Platforms like BlackRock BUIDL, Ethena, Ondo, and others are leading this transformation, each offering unique approaches to compliance, liquidity, and interoperability. As adoption accelerates, these protocols are likely to unlock trillions in value and redefine how the world invests.
—
Disclaimer – Research
This document has been prepared by AMINA Bank AG (“AMINA”) in Switzerland. AMINA is a Swiss bank and securities dealer with its head office and legal domicile in Switzerland. It is authorized and regulated by the Swiss Financial Market Supervisory Authority (FINMA).
This document is published solely for educational purposes; it is not an advertisement nor is it a solicitation or an offer to buy or sell any financial investment or to participate in any particular investment strategy. This document is for distribution only under such circumstances as may be permitted by applicable law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject AMINA to any registration or licensing requirement within such jurisdiction.
No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document, except with respect to information concerning AMINA. The information is not intended to be a complete statement or summary of the financial investments, markets or developments referred to in the document. AMINA does not undertake to update or keep current the information. Any statements contained in this document attributed to a third party represent AMINA’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party.
Any prices stated in this document are for information purposes only and do not represent valuations for individual investments. There is no representation that any transaction can or could have been effected at those prices, and any price(s) do not necessarily reflect AMINA’s internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions by AMINA or any other source may yield substantially different results.
Nothing in this document constitutes a representation that any investment strategy or investment is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. Financial investments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors. Certain services and products are subject to legal restrictions and cannot be offered on an unrestricted basis to certain investors. Recipients are therefore asked to consult the restrictions relating to investments, products or services for further information. Furthermore, recipients may consult their legal/tax advisors should they require any clarifications.
At any time, investment decisions (including whether to buy, sell or hold investments) made by AMINA and its employees may differ from or be contrary to the opinions expressed in AMINA research publications.
This document may not be reproduced, or copies circulated without prior authority of AMINA. Unless otherwise agreed in writing AMINA expressly prohibits the distribution and transfer of this document to third parties for any reason. AMINA accepts no liability whatsoever for any claims or lawsuits from any third parties arising from the use or distribution of this document.
Research will initiate, update and cease coverage solely at the discretion of AMINA. The information contained in this document is based on numerous assumptions. Different assumptions could result in materially different results. AMINA may use research input provided by analysts employed by its affiliate B&B Analytics Private Limited, Mumbai. The analyst(s) responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting market information. The compensation of the analyst who prepared this document is determined exclusively by AMINA.