RWA Tokenization Platforms: A Complete Comparison

Piotr Borowczyk

(10 hours ago)

19 min read

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Use this comparison to match platform to situation: Securitize for institutional issuers, Ondo for T-bill yield, Centrifuge for private credit, Maple for institutional lending, RealT for fractional real estate.

RWA Tokenization Platforms: A Complete Comparison

Introduction

In July 2026 one of the platforms that used to headline every RWA comparison entered voluntary liquidation. RealT, which tokenized roughly 700 Detroit rental properties and raised about $140M from investors at a $50 entry point, suspended distributions, handed its portfolio to a court-appointed fiduciary, and now faces a class action in France and a criminal complaint filed with the Paris judicial court. That outcome is the most useful thing that has happened to this comparison, because it separates the dimension everyone measures — minimum investment — from the dimension that actually decides whether money comes back. The tokenized real-world asset (RWA) market reached $38.31B in distributed on-chain value (rwa.xyz, 2026-08-12). This article compares Securitize, Ondo Finance, Centrifuge, Maple Finance, Franklin Templeton's BENJI, and Backed Finance across minimum investment, investor class, yield, asset type, chain coverage and know your customer (KYC) tier — and explains what to check beneath the token.

Key Takeaways

  • RealT is in voluntary liquidation. Distributions are suspended, roughly 700 Detroit properties sit under a court-appointed fiduciary, escrow holds about $640,000 against tens of thousands of token holders, and sale proceeds pay fiduciary costs, repairs and back taxes before investors. It is no longer an investable platform and is included here as a case study.
  • The access gap has narrowed sharply. Ondo's OUSG now takes $5,000, not the ~$100,000 older comparisons quote, and Securitize's shelf spans $1,000 to $5,000,000 rather than being institutional-only.
  • Platform yields have converged into a narrow band. BUIDL, BENJI, USDY, USYC and OUSG all pay roughly 3.4% to 3.6%, and Maple's syrupUSDC — once quoted at 8–15% — pays 4.33%. The old two-tier yield story no longer holds.
  • Terminology has moved on. Centrifuge's DROP/TIN tranches are legacy V1 (Tinlake); the protocol now runs V3 pools with configurable share classes, and its largest product is a Treasury fund. USYC is Circle's, not Hashnote's.
  • Minimum investment is the easiest dimension to compare and the least predictive of outcome. What decides recovery is the legal wrapper, who holds title, and who operates the asset when the platform stops.

What Is an RWA Tokenization Platform and How Does It Work?

The tokenized RWA market reached $38.31B in distributed on-chain value (rwa.xyz, 2026-08-12), and tokenization platforms are the infrastructure behind every dollar of it.

What Is a Platform

An RWA tokenization platform is a technology and compliance stack that converts legal ownership of a physical or financial asset into a blockchain token. It performs three functions in sequence: wrapping the asset in a legal structure — usually a special purpose vehicle (SPV), fund, or limited liability company (LLC) — issuing compliant tokens representing fractional ownership, and managing investor records, distributions and secondary transfers. Building that stack independently costs millions in legal and regulatory work, which is why almost every tokenized product runs on someone else's rails.

How It Works

Platforms differ in how they execute those steps, and the difference is regulatory rather than technical. Securitize holds its own Securities and Exchange Commission (SEC) transfer agent and broker-dealer registrations and operates an alternative trading system, functioning as regulated infrastructure that asset managers plug into. Ondo Finance is an issuer: it manufactures and distributes its own products. Centrifuge operates as protocol infrastructure with configurable pools. The structure chosen at the platform layer determines every downstream outcome — minimum investment, yield, jurisdiction eligibility, exit options, and what a token holder can actually claim if things go wrong.

Statcards showing 38.31 billion dollars in distributed on-chain RWA, Securitize at over 4 billion platform AUM, Ondo at 3.57 billion combined TVL, a 20 dollar BENJI minimum, a 5000 dollar OUSG minimum, and RealT in liquidation

The platform layer chosen at the start shapes every product, yield and eligibility rule that follows — and every recovery path if the platform fails.

What Are the Main Types of RWA Tokenization Platforms Available Today?

Platforms divide into three archetypes by regulatory posture and target investor, though the boundaries between them have blurred considerably over the past year.

Institutional Issuers

Institutional platforms are regulated infrastructure serving large asset managers. Securitize is the clearest example and has itself changed status: it became a NYSE-listed public company (ticker SECZ) on 2 July 2026, and holds SEC transfer agent and broker-dealer registrations plus an alternative trading system. It carries over $4B in platform assets, most of which belongs to other managers — BlackRock's BUIDL at roughly $2.70B across six chains, VanEck's VBILL at about $193M.

The correction worth making is that Securitize is not institutional-only. Its shelf spans a $1,000 registered retail fund through to $5,000,000 qualified-purchaser vehicles, with liquidity terms ranging from daily to effectively none and tax treatment spanning 1099, K-1 and PFIC. The minimum depends on which vehicle you are buying, not on the platform.

Hybrid and Retail Platforms

Ondo Finance manufactures its own products and sits across tiers. OUSG requires $5,000 — not the ~$100,000 that older comparisons quote — with accredited investor status, and qualified purchaser status for US holders. USDY is open to non-US individuals with no meaningful minimum after a 40-day lockup. Centrifuge serves accredited investors through configurable pools. Backed Finance issues 1:1 collateralized wrappers of public equities and ETFs for non-US retail. At the accessible end, Franklin Templeton's BENJI opens at roughly $20.

PlatformArchetypeAsset TypesMin InvestmentTarget User
Securitize (BUIDL)InstitutionalFunds, credit, equity$5,000,000Qualified purchasers
Securitize (ArCoin)Retail vehicle on institutional railsTreasuries$1,000US retail
Ondo (OUSG)HybridUS Treasuries$5,000Accredited + QP
CentrifugeHybridPrivate credit, TreasuriesPool-specificAccredited global
Ondo (USDY)Retail (non-US)US TreasuriesNo practical minimumNon-US individuals
Backed FinanceRetail (non-US)Equities, ETFsNo practical minimumNon-US retail
Franklin Templeton (BENJI)RetailUS Treasuries~$20Global retail

Data current as of August 2026.

Horizontal bar chart of platform scale in billions of dollars: Securitize 4.0, Ondo 3.57, Circle USYC 3.0, Franklin Templeton 2.5, Maple syrupUSDC 1.35, Centrifuge 0.89, Backed Finance 0.12

How Do Securitize and Ondo Finance Compare as the Two Largest RWA Platforms?

Securitize carries over $4B in platform assets and Ondo about $3.57B in combined on-chain value, but they are less rivals than layers of the same stack.

Securitize: Institutional Infrastructure

Securitize is a business-to-business infrastructure layer. It does not create investment products; it provides the regulated technology, compliance and record-keeping that lets asset managers issue tokenized funds. Revenue comes from platform and transfer-agent fees paid by the manager rather than management fees paid by investors. Because tokens issued through Securitize use whitelist-gated transfer, they move only between KYC-approved addresses, which structurally limits DeFi composability — BUIDL's DeFi active TVL is around $18M against $2.7B in assets.

Its own corporate status changed in 2026: Securitize listed on the NYSE under SECZ on 2 July 2026, making it a reporting company with published financials — a meaningful transparency difference from privately held competitors.

Ondo Finance: Product-First Yield

Ondo manufactures and distributes its own products. OUSG holds roughly $375M to $450M depending on the measure, paying a 3.37% seven-day yield against a 0.15% fee that is waived until 1 January 2027, with 24/7 mint and redemption. USDY has reached $2.15B in total asset value across 15,604 holders at a 3.49% seven-day APY, live on twelve networks led by Ethereum at $1.1B, Stellar at $534M, SEI at $258M and Solana at $179M.

Ondo has also expanded well beyond Treasuries: Ondo Stocks passed $1.01B in tokenized equities and ETFs in August 2026 with more than 440 assets, less than a year after launching.

One structural detail is worth knowing before treating these as competitors. OUSG is a feeder-of-feeders: at a June 2026 snapshot its portfolio was roughly 30% Fidelity, 30% Franklin BENJI, 25% BlackRock BUIDL and 12% WisdomTree. About a quarter of OUSG therefore settles on Securitize's own rails. Buying OUSG makes you a Securitize-rails user regardless.

Which RWA Platforms Offer the Lowest Minimum Investment for Retail Investors?

Three routes stand out for retail access: Franklin Templeton's BENJI at roughly $20, Ondo's USDY for non-US investors with no practical minimum, and Backed Finance for non-US equity exposure. A fourth — RealT at $50 — is no longer available, and why it is gone matters more than any minimum in this section.

BENJI and USDY for Retail Entry

Franklin Templeton's BENJI token represents the OnChain US Government Money Fund and pays a 3.55% seven-day APY against a 0.20% management fee, with $726.6M in the retail token across 1,127 holders (rwa.xyz, 2026-08-13). Note that Franklin Templeton's tokenized platform totals around $2.5B — most of it in the institutional iBENJI share class at roughly $1.52B, not in the retail token. Comparisons that quote the platform total as BENJI's size overstate the retail product by more than three times. BENJI runs on nine networks including Stellar, Ethereum and Solana.

Ondo's USDY targets non-US individuals with Treasury-backed yield. It carries $2.15B in total asset value at a 3.49% seven-day APY across twelve networks, with a 40-day lockup at issuance before tokens become semi-permissioned and transferable. US investors cannot access USDY directly under Regulation S.

The RealT Case: What Went Wrong Beneath the Token

RealT was, until this year, the standard answer for US retail investors seeking tokenized real estate: roughly 700 Detroit rental properties, about $140M raised, a $50 entry point, and rent distributed in stablecoins. On 2 July 2026 its co-founder told investors the company was entering voluntary liquidation and would sell every asset.

The sequence is instructive. Detroit began legal proceedings in July 2025 over building code violations and unpaid property taxes across roughly 408 properties. In April 2026 a court approved a settlement placing a special fiduciary in control of about 700 Detroit properties. Escrow at that point was reported under $640,000. By mid-2026 distributions had stopped, the fiduciary had billed $178,000 across two months and estimated he needed roughly $1M in reserve, and the founders and fiduciary were in open conflict. A class action is under way in France, where roughly 14,000 investors are affected, alongside a criminal complaint filed with the financial division of the Paris judicial court.

For token holders the ordering matters: fiduciary costs, repairs, back taxes and legal obligations come out of sale proceeds before any distribution. No credible recovery estimate exists.

The failure was not the tokenization. Ownership records stayed transparent, transferable, and outlived the operating company. What failed was property management — deferred maintenance, code violations, unpaid taxes on a portfolio concentrated in a single city. A token is only as good as the asset beneath it and the operator maintaining it, and self-custody of a token is not control of a house.

PlatformProductYieldMin InvestmentInvestor Type
Franklin TempletonBENJI3.55%~$20Global retail
Ondo FinanceUSDY3.49%No practical minimumNon-US individuals
Backed FinancebCSPX, bIB01Tracks underlyingNo practical minimumNon-US retail
Ondo FinanceOUSG3.37–3.45%$5,000Accredited + QP
SecuritizeArCoinMoney-market linked$1,000US retail
SecuritizeBUIDL~3.4–3.6%$5,000,000Qualified purchasers
Maple FinancesyrupUSDC4.33%No practical minimumPermissionless DeFi

Data current as of August 2026.

What Yields Can Investors Realistically Expect From the Top RWA Platforms?

Platform yields have converged. Tokenized Treasury products across every major issuer now sit between roughly 3.4% and 3.6%, and the highest mainstream on-chain dollar yield — Maple's syrupUSDC at 4.33% — is under a point above them.

Treasury Platform Yields

BUIDL via Securitize, BENJI, USDY, OUSG and Circle's USYC all cluster in the same band. BENJI pays 3.55%, USDY 3.49%, OUSG 3.37% on a seven-day basis, and BUIDL sits in the same range. The differences come from fee structure rather than portfolio quality: BENJI charges 0.20%, OUSG charges 0.15% waived until January 2027, and all hold near-identical short-duration government instruments. For context, a 3-month US T-bill paid 3.73% over the same period, meaning the tokenized wrapper costs rather than adds yield.

One naming correction: USYC is Circle's product following its acquisition of Hashnote, not an independent issuer as older comparisons describe it.

Private Credit Platform Yields

This is where older comparisons are most misleading. Maple Finance was routinely quoted at 8–15%; its syrupUSDC now pays a 4.33% seven-day APY on roughly $1.18B supplied, lending to vetted institutional borrowers who post overcollateralized crypto collateral. That is about 105 basis points above tokenized Treasuries, not the several hundred that older figures imply.

Centrifuge needs a structural correction rather than a numeric one. The DROP and TIN tranche tokens that appear in most comparisons belong to Centrifuge V1, known as Tinlake, which the protocol classifies as legacy. Centrifuge now runs V3: a multi-chain tokenization product where a pool contains one or more vaults and one or more share classes, which may be configured as senior and junior with independent permissioning. Its largest product today is not a private credit tranche at all but the Janus Henderson Anemoy Treasury Fund at roughly $869M. Junior tranches in Centrifuge pools remain typically closed to the public and negotiated directly with the pool issuer.

Horizontal bar chart of current annual yields: OUSG 3.37 percent, BUIDL 3.45, USDY 3.49, BENJI 3.55, 3-month US T-bill 3.73, syrupUSDC 4.33

With the spread this narrow, yield is no longer a useful way to choose between platforms. Access terms and structural safety are.

How Do KYC Requirements and Access Restrictions Vary Across RWA Platforms?

Platforms operate across three KYC tiers, and jurisdiction blocks several of the most accessible products for US investors.

KYC Tiers Explained

The institutional tier requires qualified purchaser status, defined by the SEC as $5M or more in investments. BUIDL sits here. The accredited tier requires $200,000 in annual income or $1M in net worth; OUSG requires accredited status and, for US holders, qualified purchaser status as well. The retail tier opens after standard identity verification — Ondo USDY and Backed Finance products for non-US individuals, BENJI globally, and Securitize's ArCoin for US retail at $1,000.

Jurisdiction Rules

US investors cannot access USDY directly; Ondo restricts it to non-US persons under Regulation S. Backed Finance products are similarly non-US. BENJI is globally accessible because Franklin Templeton holds SEC-registered investment company status. Centrifuge access varies by pool. The SEC/CFTC joint interpretation of March 2026 established a five-category taxonomy for crypto assets, placing tokenized securities under digital securities and requiring issuing platforms to hold or partner with a registered broker-dealer.

PlatformKYC LevelUS AccessMin InvestmentChains
Securitize (BUIDL)Qualified purchaserYes$5,000,000Six networks
Securitize (ArCoin)Basic KYCYes$1,000Ethereum
Ondo (OUSG)Accredited + QPYes$5,000Multi-chain
Ondo (USDY)ID verification (non-US)NoNo practical minimumTwelve networks
Franklin Templeton (BENJI)Basic KYCYes~$20Nine networks
Backed FinanceKYC at mint and redeemNoNo practical minimumEthereum, Gnosis
Maple (syrupUSDC)None at token levelVariesNo practical minimumEthereum, Solana

Data current as of August 2026.

Which Blockchains Do the Leading RWA Tokenization Platforms Run On?

Ethereum still hosts the largest share of tokenized RWA value, but every major platform is now multi-chain, and Ethereum's dominance has fallen further than most comparisons record.

Ethereum Dominance, Reduced

Ethereum remains the default settlement layer for institutional issuance. Its auditing ecosystem, DeFi liquidity depth and regulatory familiarity make it the lowest-friction choice for compliance teams. But its share of distributed RWA value has fallen to 45.8%, down from 52.85% ten weeks earlier (rwa.xyz, 2026-08-03) — considerably below the roughly 61% that comparisons written in early 2026 report. The decline reflects a growing market rather than an exodus: the dollar value on Ethereum rose over the same window.

Multi-Chain Expansion

Ondo's USDY now runs on twelve networks, with Ethereum holding $1.1B, Stellar $534M, SEI $258M and Solana $179M, plus deployments on Mantle, Noble, Sui, Arbitrum, Aptos, MANTRA, BNB Chain and Plume. Franklin's BENJI spans nine networks. BUIDL runs across six. Centrifuge V3 is designed to deploy on any EVM chain with deployments connected to one another.

Multi-chain deployment reduces single-chain concentration risk, but note what it does not do: chain coverage does not create liquidity. BUIDL's presence on six chains coexists with roughly $18M in DeFi active TVL, because permissioned transfer restrictions bind regardless of how many networks a token is issued on.

What Are the Key Risks of Using RWA Tokenization Platforms?

Three structural risks affect every platform regardless of regulatory status or size: smart contract vulnerability, the legal ownership gap, and operator failure. The third is the one that has actually cost investors money.

Smart Contract and Counterparty Risk

Smart contract code governs transfers, distributions and redemption on every platform, and a bug — or a vulnerability in a DeFi protocol holding RWA tokens as collateral — can cause permanent loss. For fund products like BUIDL and BENJI, the custodian holding the underlying Treasuries carries its own credit and operational risk alongside the code.

The Legal Ownership Gap, and Operator Risk

Holding a tokenized RWA does not automatically confer legal ownership of the underlying asset. The claim depends on the wrapper: LLC membership, fund share, promissory note, or SPV participation. If a platform shuts down, holders pursue recovery through that structure, not through the blockchain.

RealT converted this from theory into a documented outcome. Its tokens functioned exactly as designed throughout — ownership records stayed transparent and transferable, and survived the operating company. What collapsed underneath was ordinary property management. The lesson generalises past real estate: for any tokenized asset requiring active operation, ask who holds title, who operates the asset, who holds income between distributions, and whether investors can act collectively without the platform's cooperation. Tokenized Treasuries largely avoid this risk because a Treasury bill needs no operator; a rental house does.

How Do You Choose the Right RWA Tokenization Platform for Your Needs?

The right platform follows from four variables — investor classification, jurisdiction, target asset class, and available capital — plus one question older frameworks omit: what happens if the operator stops.

Match Platform to Your Investor Profile

Institutional allocators should evaluate Securitize for US regulatory depth and Ondo OUSG for accessible qualified-purchaser terms at a $5,000 minimum. Accredited investors seeking Treasury yield fit OUSG; those seeking credit exposure fit Centrifuge pools or Maple's syrupUSDC, noting that the premium over Treasuries is now roughly a point rather than the several points older comparisons promise. Non-US retail investors fit USDY for dollar yield or Backed Finance for equity exposure. US retail investors fit BENJI at roughly $20, or Securitize's ArCoin at $1,000 — and with RealT in liquidation, there is currently no comparable retail route into tokenized US rental real estate.

Pre-Investment Checklist

Before committing capital: verify the legal wrapper type; confirm smart contract audit history; check redemption terms, including USDY's 40-day lockup and pool-specific windows on Centrifuge; and confirm secondary liquidity for the specific token rather than assuming chain coverage provides it. Then add the operator question: if this platform stopped operating tomorrow, who would maintain the asset, and where would I stand in the payment queue? For a Treasury fund that answer is short. For anything requiring physical management, it is the whole investment.

Summary

RWA tokenization platforms are compliance and technology stacks that convert legal asset ownership into blockchain tokens, performing three functions: wrapping the asset in a legal structure, issuing compliant fractional tokens, and managing records and distributions. The wrapper chosen — LLC, fund share, promissory note or SPV — determines the holder's actual legal claim and what happens if the platform fails.

Two things have changed materially since earlier comparisons. First, access has widened: Ondo's OUSG takes $5,000 rather than roughly $100,000, Securitize's shelf spans $1,000 to $5,000,000 rather than being institutional-only, and Securitize itself listed on the NYSE in July 2026. Yields have simultaneously converged, with BUIDL, BENJI, USDY, OUSG and USYC all paying roughly 3.4% to 3.6% and Maple's syrupUSDC at 4.33% rather than the 8–15% older figures quote. Centrifuge's DROP and TIN tranches are legacy V1 terminology; the protocol now runs V3 pools with configurable share classes and its largest product is a Treasury fund. USYC belongs to Circle.

Second, one archetype failed outright. RealT entered voluntary liquidation in July 2026 with distributions suspended, roughly 700 Detroit properties under a court-appointed fiduciary, about $640,000 in escrow, a French class action covering roughly 14,000 investors, and a criminal complaint filed in Paris. Its tokens worked; its property management did not. That distinction is the most useful output of this comparison: minimum investment is easy to compare and weakly predictive, while the wrapper, the title holder and the operator decide whether capital returns.

Conclusion

The platform comparison used to resolve into a spread — $5,000,000 at one end, $20 at the other — with yield rising as access narrowed. Neither half of that framing survives 2026. Minimums have compressed toward the middle, yields have converged into a band under a point wide, and the single highest-yield retail option on most 2025 lists is now in liquidation with investors behind fiduciary costs and back taxes in the payment queue. What remains is a narrower and more honest question: which legal wrapper are you buying, who operates the asset beneath it, and what is your position if that operator stops. Tokenized Treasuries answer those questions trivially. Anything requiring physical management does not, and that difference is worth more than any yield or minimum on the table.

Why You Might Be Interested?

If you hold under $1,000 and want tokenized Treasury exposure, BENJI opens at roughly $20 globally and USDY has no practical minimum for non-US investors, both paying around 3.5%. If you are an accredited investor, OUSG's minimum is $5,000 rather than the $100,000 most comparisons still list — a difference that changes who can participate. If you were considering tokenized rental real estate, read the RealT liquidation before committing: distributions suspended, a court-appointed fiduciary controlling the portfolio, and token holders behind fiduciary costs, repairs and back taxes in the recovery queue.

Minimums have compressed and yields have converged into a band under a point wide — so the platform decision now turns on the legal wrapper and the operator, not the entry price.

Quick Stats

  • $38.31B — distributed on-chain RWA value (rwa.xyz, 2026-08-12)
  • $5,000 — Ondo OUSG minimum, against the ~$100,000 older comparisons quote
  • $1,000 to $5,000,000 — the range of minimums across Securitize's own shelf
  • 3.37% to 4.33% — the full yield band from OUSG to Maple's syrupUSDC, with a 3-month T-bill at 3.73% in between
  • 12 — networks Ondo's USDY runs on, holding $2.15B across 15,604 holders
  • $1.01B — value on Ondo Stocks, its tokenized equities platform, within a year of launch
  • ~$640,000 — escrow held against tens of thousands of RealT token holders at liquidation

Data current as of August 2026.

FAQ

?What is the minimum investment for RWA tokenization platforms?

It varies by roughly five orders of magnitude, but less than older comparisons suggest. Franklin Templeton's BENJI accepts about $20. Securitize's ArCoin is $1,000. Ondo's OUSG is $5,000 for accredited and qualified purchasers, not the ~$100,000 frequently quoted. BlackRock's BUIDL via Securitize requires $5,000,000 and qualified purchaser status. Ondo's USDY and Backed Finance products have no practical minimum for non-US investors.

?What happened to RealT, and can I still invest?

No. RealT announced voluntary liquidation of its US structures on 2 July 2026, suspending distributions and committing to sell its entire portfolio of roughly 700 Detroit properties, which sit under a court-appointed fiduciary. Escrow was reported at about $640,000. A class action is under way in France covering roughly 14,000 investors, alongside a criminal complaint filed with the Paris judicial court. Sale proceeds pay fiduciary costs, repairs, back taxes and legal obligations before token holders, and no credible recovery estimate exists.

?Can US investors access Ondo USDY?

No. Ondo restricts USDY to non-US persons under Regulation S. US investors wanting tokenized Treasury exposure can use BENJI, which distributes globally under SEC-registered investment company status, Securitize's ArCoin at $1,000, or OUSG at $5,000 with accredited and qualified purchaser status.

?How does Securitize differ from Ondo Finance?

Securitize is infrastructure: an SEC-registered transfer agent and broker-dealer running an alternative trading system, providing the rails that managers like BlackRock use to issue tokenized funds, and NYSE-listed under SECZ since July 2026. Ondo is an issuer that manufactures its own products. They are also entangled — OUSG held roughly 25% of its portfolio in BUIDL at a mid-2026 snapshot, so buying OUSG means using Securitize's rails indirectly.

?What yields can I realistically expect from RWA platforms?

Less than older comparisons promise. Tokenized Treasury products across BUIDL, BENJI, USDY, OUSG and Circle's USYC pay roughly 3.4% to 3.6%. Maple's syrupUSDC, frequently quoted at 8–15%, pays 4.33%. A 3-month US T-bill pays 3.73%, so the tokenized wrapper generally costs yield rather than adding it. The wrapper buys settlement speed, fractional access and composability instead.

?Are Centrifuge's DROP and TIN tranches still how the platform works?

Not as the current product. DROP and TIN belong to Centrifuge V1, known as Tinlake, which the protocol documents as legacy; existing pools remain live but new issuance does not use that structure. Centrifuge now runs V3, a multi-chain tokenization product in which a pool holds one or more vaults and one or more share classes that can be configured as senior and junior with separate permissioning. Its largest single product today is a tokenized Treasury fund at roughly $869M, not a credit tranche.

?Is my legal ownership protected when I hold a tokenized RWA?

Protection depends on the wrapper, not the token. Fund-based tokens like BUIDL and BENJI represent shares in regulated funds with assets at custodians. USDY is a promissory note. Centrifuge pools use SPVs. RealT used one LLC per property, and its liquidation shows what that means in practice: holders pursue recovery through the legal entity, behind fiduciary costs and creditors, over an unknown timeline. The blockchain record does not substitute for legal title.

?Which RWA platform has the most blockchain coverage?

Ondo's USDY leads with twelve networks, led by Ethereum at $1.1B and Stellar at $534M. Franklin Templeton's BENJI runs on nine. BUIDL spans six. Note that chain coverage does not create liquidity: BUIDL is on six chains and registers roughly $18M in DeFi active TVL, because permissioned transfer restrictions apply regardless of how many networks host the token.

References / Sources

Market Research
  • ndustry data on tokenized RWA market size, platform scale, and asset class breakdown.*
  • rwa.xyz: Distributed Asset Value, Networks and Treasury Fund Dashboards (rwa.xyz, Aug 2026)
  • DeFiLlama: RWA Dashboard — Platform and Asset Group Breakdown (defillama.com, Aug 2026)
  • AltStreet: Securitize vs Ondo Finance — Fees, Access, Tax and Products (altstreet.investments, Aug 2026)
Platform & Company Data
  • fficial product disclosures, AUM figures, and platform mechanics.*
  • Ondo Finance: OUSG Product Page — TVL, Yield and Fee Terms (ondo.finance, Aug 2026)
  • Ondo Finance: Ondo Stocks Surpasses $1 Billion in Value (prnewswire.com, Aug 2026)
  • Franklin Templeton: BENJI Fund Data and Multi-Network Availability (franklintempleton.com, 2026)
  • Centrifuge: Protocol Documentation — V3 Pools, Share Classes and Legacy V1 (docs.centrifuge.io, 2026)
RealT Liquidation
  • ourt records, company statements, and reporting on the RealT wind-down.*
  • Outlier Media: RealT Plans to Sell Detroit Properties (outliermedia.org, Jul 2026)
  • Lofty: The RealT Liquidation Explained — Timeline and Token Holder Position (lofty.ai, Jul 2026)
  • Cryptonomic: RealT Announces Voluntary Liquidation of Its Detroit LLCs (cryptonomic.fr, Jul 2026)
Regulatory & Legal
  • overnment frameworks and jurisdiction-level compliance requirements.*
  • SEC / CFTC: Joint Interpretation — Five-Category Crypto Asset Taxonomy (sec.gov, Mar 2026)
  • SEC: Staff Statement on Tokenized Securities (sec.gov, Jan 2026)

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