Top 10 Tokenization Platforms of 2025

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

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

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.

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