Top RWA Tokenization Companies May 2026: Top 5 by Sector (Treasuries, Gold, Real Estate, Commodities, Credit, Equities)
In May 2026 the on-chain Real-World-Asset (RWA) market crossed $24 billion in TVL, with tokenized US Treasuries (~$11B), private credit (~$6B), gold and metals (~$2.5B), real estate (~$1.8B), commodities (~$0.5B), and tokenized equities (~$0.6B) making up the bulk. The top five issuers by sector are: Treasuries — BlackRock BUIDL, Ondo Finance, Franklin Templeton, Hashnote, Superstate; Gold — Paxos PAXG, Tether XAUT, Kinesis, Cache Gold, Aurus; Real Estate — RealT, Lofty AI, Propy, RedSwan, Tangible; Industrial/Agri Commodities — Agrotoken, Mattereum, Open Mineral, Comet, Aktionariat AG; Private Credit — Centrifuge, Maple, Goldfinch, Credix, TrueFi; Equities — Backed Finance, Dinari, Swarm, Sologenic, Mt Pelerin.
This article is for educational and informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency and DeFi investments carry significant risk, including the potential loss of all invested capital. Always conduct your own research (DYOR) and consult a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results.
Key Insight
In May 2026 the on-chain Real-World-Asset (RWA) market crossed $24 billion in TVL, with tokenized US Treasuries (~$11B), private credit (~$6B), gold and metals (~$2.5B), real estate (~$1.8B), commodities (~$0.5B), and tokenized equities (~$0.6B) making up the bulk. The top five issuers by sector are: Treasuries — BlackRock BUIDL, Ondo Finance, Franklin Templeton, Hashnote, Superstate; Gold — Paxos PAXG, Tether XAUT, Kinesis, Cache Gold, Aurus; Real Estate — RealT, Lofty AI, Propy, RedSwan, Tangible; Industrial/Agri Commodities — Agrotoken, Mattereum, Open Mineral, Comet, Aktionariat AG; Private Credit — Centrifuge, Maple, Goldfinch, Credix, TrueFi; Equities — Backed Finance, Dinari, Swarm, Sologenic, Mt Pelerin.
TL;DR
The on-chain Real-World-Asset (RWA) market crossed $24 billion in TVL in May 2026, up from $14B at the start of 2025. The market splits into six real sectors: tokenized US Treasuries (~$11B), private credit (~$6B), gold and precious metals (~$2.5B), real estate (~$1.8B), tokenized equities (~$0.6B), and industrial/agri commodities (~$0.5B).
This is the May 2026 leaderboard — the top five issuers in each sector, what they tokenize, what chains they support, and where they actually fit.
For broader context, our Real-World-Asset Tokenization Guide covers the underlying mechanics, and our tokenized commodities guide covers commodity-specific structures.
How We Picked
The criteria were deliberately narrow:
- Real on-chain TVL at the time of writing (May 2026), not announcements
- Live redemption path to the underlying asset
- Published custodian or audit trail (no anonymous custody)
- Operating for at least 6 months in current form
We excluded pilots, supply-chain-provenance-only products, and projects with no public AUM data.
Sector 1: Tokenized US Treasuries (~$11B)
The largest RWA sector and the one driving most of 2025–2026 growth. Tokenized Treasuries are essentially money-market funds with on-chain transfer rails.
| # | Company | Token | Approx AUM | Chains | Custodian |
|---|---|---|---|---|---|
| --- | --------- | ------- | ------------ | -------- | ----------- |
| 1 | BlackRock + Securitize | BUIDL | ~$2.4B | Ethereum, Polygon, Arbitrum, Avalanche, Aptos, Optimism | BNY Mellon |
| 2 | Ondo Finance | OUSG, USDY | ~$1.5B | Ethereum, Solana, Sui, Mantle | BlackRock, Ankura Trust |
| 3 | Franklin Templeton | BENJI / FOBXX | ~$750M | Stellar, Polygon, Aptos, Arbitrum, Base | JP Morgan |
| 4 | Hashnote | USYC | ~$700M | Ethereum, Canton | Hashnote Trust |
| 5 | Superstate | USTB | ~$420M | Ethereum | Various |
1. BlackRock + Securitize — BUIDL
The single dominant product in the sector. BUIDL launched in March 2024 and crossed $2B in late 2025. The custody is BNY Mellon, redemption is daily, and it now ships on six chains.
2. Ondo Finance — OUSG and USDY
Two products: OUSG (institutional, BlackRock-backed) and USDY (retail-accessible, yield-bearing stablecoin alternative). Together ~$1.5B AUM, the second-largest issuer.
3. Franklin Templeton — BENJI
The first traditional asset manager to put a money-market fund on a public blockchain (Stellar, 2021). FOBXX onchain (ticker BENJI) holds ~$750M and has expanded to Polygon, Aptos, Arbitrum, and Base.
4. Hashnote — USYC
USYC (US Yield Coin) is Hashnote's tokenized T-bill product. Acquired by Circle in early 2025 and integrated as the yield backing for USDC's institutional products in 2026.
5. Superstate — USTB
Robert Leshner's (Compound founder) Treasury fund. Ethereum-only, accredited-investor focused, with strong transparency and audit-trail reporting.
For a deeper side-by-side, see our tokenized treasury bills comparison.
Sector 2: Tokenized Gold and Precious Metals (~$2.5B)
The oldest credible RWA category. Tokens are 1:1 backed by physical gold in audited vaults.
| # | Company | Token | Approx Market Cap | Custodian / Vault |
|---|---|---|---|---|
| --- | --------- | ------- | ------------------- | ------------------- |
| 1 | Paxos | PAXG | ~$700M | Brink's London |
| 2 | Tether | XAUT | ~$900M | Swiss vault (private) |
| 3 | Kinesis Money | KAU, KAG | ~$220M | Brink's, Loomis |
| 4 | Cache Gold | CGT | ~$80M | LBMA-approved vaults |
| 5 | Aurus | AWG, AWS, AWX | ~$50M | LBMA vaults, multi-region |
1. Paxos — PAXG
The most institutional gold token. 1:1 backed by allocated gold at Brink's London, regulated by NYDFS, redeemable to physical gold from 430 troy oz. Sub-1% spreads on Binance and Kraken.
2. Tether — XAUT
The largest by market cap. Backed by physical gold in a Swiss vault (custody not publicly named, the most-cited concern). Available on Ethereum and Tron.
3. Kinesis — KAU (gold) and KAG (silver)
Pays a "monetization yield" derived from transaction fees. Distinguished by paying holders for using the token in commerce — the only major gold token with a yield mechanism.
4. Cache Gold — CGT
Allocated, serialized gold bars from LBMA-approved vaults. Each token corresponds to a specific bar with a unique ID, queryable on-chain. The most provenance-heavy product.
5. Aurus — AWG, AWS, AWX
White-label tokenization platform that issues gold (AWG), silver (AWS), and platinum (AWX) tokens. Used by jewelry firms and remittance services as a B2B layer.
Sector 3: Tokenized Real Estate (~$1.8B)
Fragmented but real. The leaders below are issuers that actually have live properties producing rental income.
| # | Company | Focus | Approx Tokenized Value | Chain |
|---|---|---|---|---|
| --- | --------- | ------- | ------------------------ | ------- |
| 1 | RealT | US single-family rentals | ~$120M | Gnosis Chain, Ethereum |
| 2 | Lofty AI | US single-family rentals | ~$60M | Algorand |
| 3 | Propy | US deed-on-chain | (deed registry) | Ethereum, Base |
| 4 | RedSwan CRE | US commercial real estate | ~$2B (listings, not all sold) | Tezos |
| 5 | Tangible / re.al | UK rentals + commodity baskets | ~$50M | re.al chain |
1. RealT — US Single-Family Rentals
The longest-running real estate tokenization platform (since 2019). Each property is held inside an LLC; token holders receive proportional rental income on-chain in DAI or xDai. Focuses on Detroit and other US Rust Belt markets with high cash-on-cash yields.
2. Lofty AI — US Single-Family on Algorand
Lower minimums than RealT ($50 vs $50–$200), entirely on Algorand. Strong UX for retail buyers but secondary-market liquidity is thin.
3. Propy — Deed-on-Chain
A different model — Propy tokenizes the deed itself, not fractional ownership. Used for actual home purchases where the title transfer happens onchain alongside a traditional closing. Notable for being recognized by several US counties.
4. RedSwan CRE — US Commercial Real Estate
The commercial-RE equivalent — multifamily, hotels, office. Tokenizes equity in institutional CRE deals on Tezos. Aimed at accredited and qualified-purchaser investors only.
5. Tangible / re.al — UK Rentals and Real-Asset Baskets
Operates its own L2 (re.al) and issues USDR/RWA-backed stablecoin variants tied to real-estate income streams. UK-based, expanding to other rental markets.
Sector 4: Tokenized Industrial and Agricultural Commodities (~$0.5B)
The thinnest sector. Most "tokenized copper" and "tokenized oil" projects in market are supply-chain or pilot products, not investment products. The five below are the most credible ongoing operations.
| # | Company | Asset Focus | Region |
|---|---|---|---|
| --- | --------- | ------------- | -------- |
| 1 | Agrotoken | Grains (soy, corn, wheat) | Argentina, Brazil |
| 2 | Mattereum | Asset passports for physical items | Global |
| 3 | Open Mineral | Industrial metals (copper, zinc) | Switzerland |
| 4 | Comet (Climate-X) | Carbon credits + commodity baskets | Global |
| 5 | Aktionariat AG | Swiss SME equities and asset-backed | Switzerland |
1. Agrotoken — Grain Stablecoins
The most credible agricultural commodity tokenization. Issues SOYA, CORA, and WHEA — each backed by tonnage of grain in audited silos in Argentina and Brazil. Used by farmers as collateral and payment.
2. Mattereum — Asset Passports
Tokenizes individual high-value physical items (wine, watches, fine art, but also industrial materials) using legally enforceable Asset Passports. More platform than issuer, but the most rigorous legal framework in the sector.
3. Open Mineral — Industrial Metals
Switzerland-based trading platform that has piloted tokenization of copper concentrate and zinc shipments. Real product, but distribution is institutional-only.
4. Comet (Climate-X / Tokenized Carbon)
Carbon credit and commodity-basket tokenization. The carbon-credit segment grew faster than expected in 2025–2026 as compliance markets opened to tokenized instruments.
5. Aktionariat AG
Swiss platform that tokenizes SME equity and (selectively) asset-backed claims. Not a pure commodity issuer but a strong example of regulated, working tokenization infrastructure for non-financial assets.
For more on the structure of commodity tokenization, see our tokenized commodities guide 2026.
Sector 5: Tokenized Private Credit (~$6B)
The second-largest RWA category. These platforms originate or aggregate real-world loans and issue tokens that represent claims on the loan pool's cash flows.
| # | Company | Loan Type | Approx TVL |
|---|---|---|---|
| --- | --------- | ----------- | ------------ |
| 1 | Centrifuge | Invoice and asset-backed credit | ~$510M |
| 2 | Maple Finance | Institutional credit, cash management | ~$2.1B |
| 3 | Goldfinch | Emerging-market business lending | ~$120M |
| 4 | Credix | LatAm institutional credit | ~$80M |
| 5 | TrueFi | Uncollateralized institutional credit | ~$70M |
1. Centrifuge — Invoice and Asset-Backed Credit
The pioneer in the sector. Centrifuge's Tinlake and Centrifuge Pools tokenize real-world receivables — invoices, real estate loans, royalties. Most volume comes from institutional originators using Centrifuge as plumbing rather than a destination.
2. Maple Finance — Institutional Credit
Pivoted from uncollateralized institutional lending (2022 model that took heavy losses in the Three Arrows era) to over-collateralized and Treasury-backed cash-management products. Now the largest player by TVL.
3. Goldfinch — Emerging-Market Lending
Originates loans to businesses in emerging markets via local partners. Strongest social-impact narrative in the sector but more concentrated than its size suggests.
4. Credix — LatAm Institutional Credit
Brazil-headquartered platform doing structured-credit deals with LatAm corporates. Smaller TVL but high deal quality.
5. TrueFi — Uncollateralized Institutional Credit
Originally the leader in the uncollateralized model alongside Maple. Smaller now after 2022, but still operating with stricter underwriting and a smaller, more institutional book.
Sector 6: Tokenized Equities (~$0.6B)
The smallest credible segment but the fastest-growing in 2025–2026 as a few issuers cracked the compliance puzzle.
| # | Company | Focus | Approx Market Cap | Jurisdiction |
|---|---|---|---|---|
| --- | --------- | ------- | ------------------- | -------------- |
| 1 | Backed Finance | US and EU equities and ETFs (xStocks) | ~$280M | Switzerland (FINMA) |
| 2 | Dinari | US equities (dShares) — US-compliant | ~$150M | US (broker-dealer) |
| 3 | Swarm | Equities, bonds, ETFs (multi-asset) | ~$70M | Germany (BaFin) |
| 4 | Sologenic | Equities and ETFs on XRPL | ~$50M | Multi |
| 5 | Mt Pelerin | Swiss-based equity tokenization | ~$30M | Switzerland (FINMA) |
1. Backed Finance — xStocks
The largest provider. Each xStock (e.g. bCSPX, bTSLA, bMSTR) is backed 1:1 by the underlying equity held at a Swiss custodian. Trades on Ethereum, Arbitrum, Base, and Solana with deep secondary liquidity.
2. Dinari — dShares
The first US-compliant tokenized-equity issuer. Operates as a registered broker-dealer in the US, which is the bottleneck competitors have not cleared. Smaller AUM but the most regulatorily defensible structure.
3. Swarm — Multi-Asset
Germany-regulated platform offering tokenized stocks, bonds, and ETFs. Strong on the bond-tokenization side, including German government bonds.
4. Sologenic
XRPL-based tokenization with a long list of supported assets and SOLO as the platform token. Smaller liquidity per asset but the broadest catalog.
5. Mt Pelerin
Swiss bridge between TradFi and tokenized assets. Smaller volumes, but a credible regulated counterparty.
What to Use This For
The right starting point depends on the use case:
- Yield on idle stablecoin balances: Tokenized Treasuries (BUIDL, Ondo USDY, Hashnote USYC) — 4.5–5.2% yield with strong custody
- Inflation hedge: Tokenized gold (PAXG or XAUT) for the cleanest exposure; Kinesis if you want a token that also pays a small yield
- Real estate exposure without buying property: RealT (US single-family) or RedSwan (commercial); expect illiquidity
- Higher yield with credit risk: Tokenized private credit via Centrifuge or Maple (carefully — read the pool documents)
- Tokenized equities for non-US investors: Backed Finance xStocks (best liquidity); Dinari if you need US compliance
- Agricultural exposure in LatAm: Agrotoken (the only credible play)
What to Ask Before Buying Any Token
The five questions that matter for any RWA in 2026:
- Who is the legal issuer? Specifically — what entity, in what jurisdiction, with what license?
- Who custodies the underlying? Is there a public attestation? How frequent?
- What chain is the token on, and is the contract audited? Multi-chain deployments often share the same audited contract; verify the deployment.
- What is the redemption path? On-demand, T+N, restricted to qualified investors, or "secondary market only"?
- What jurisdiction governs disputes? Where would you sue, and is the issuer recoverable in that jurisdiction?
A "yes" or clear answer to all five usually means the product is investable. A vague answer to any one of them is a dealbreaker. Our how to vet RWA tokenization firms guide expands this into a deeper diligence checklist.
Conclusion
The May 2026 RWA leaderboard is dominated by a small number of high-quality issuers in two big sectors (Treasuries and private credit), a stable but slower-growing middle (gold and real estate), and a thin frontier (industrial commodities and equities) where the right pick depends as much on jurisdiction as on the asset.
If you only remember three names per sector:
- Treasuries: BlackRock BUIDL, Ondo, Franklin Templeton
- Gold: PAXG, XAUT, Kinesis
- Real Estate: RealT, Propy, RedSwan
- Commodities: Agrotoken, Mattereum, Open Mineral
- Private Credit: Centrifuge, Maple, Goldfinch
- Equities: Backed Finance, Dinari, Swarm
For the underlying mechanics, read our RWA tokenization guide. For tokenized Treasuries specifically, our BUIDL vs Ondo vs Hashnote comparison is the deeper read. For commodity tokenization structures, see our tokenized commodities guide 2026.
Key Takeaways
- Tokenized US Treasuries are the largest RWA segment at ~$11 billion in May 2026 — dominated by BlackRock's BUIDL (~$2.4B) followed by Ondo, Franklin Templeton, Hashnote, and Superstate
- Tokenized gold is the most mature commodity category — PAXG and XAUT together hold ~$1.6B in physical-gold-backed tokens and trade with sub-1% spreads on major exchanges
- Real estate tokenization remains fragmented in 2026 — RealT and Lofty lead in single-family rentals, Propy and RedSwan lead in deed-on-chain and commercial, Tangible/re.al covers UK rentals
- Pure commodity tokenization outside gold is still thin — most "copper" and "oil" tokens are supply-chain pilots, not investment products; Agrotoken is the most credible agri-commodity issuer with grain tokens in Argentina and Brazil
- Tokenized private credit holds ~$6B TVL — Centrifuge alone passed $500M with real-world-business invoice and asset-backed pools, followed by Maple, Goldfinch, Credix, and TrueFi
- Tokenized equities are the smallest credible segment but growing fastest — Backed Finance's xStocks lead, followed by Dinari (US-compliant), Swarm, Sologenic, and Mt Pelerin
- For any RWA decision in 2026, the right starting questions are: who is the issuer, who is the custodian, what chain is the token on, what is the redemption path, and what jurisdiction governs the contract
Frequently Asked Questions
How big is the RWA tokenization market in May 2026?
Roughly $24 billion in on-chain TVL across all RWA categories as of May 2026, up from about $14 billion at the start of 2025. Tokenized US Treasuries are the largest segment at ~$11B, followed by tokenized private credit at ~$6B, gold and precious metals at ~$2.5B, real estate at ~$1.8B, tokenized equities at ~$0.6B, and other commodities at ~$0.5B. The growth has been driven primarily by Treasuries — the rest of the categories grew at roughly the broader market rate.
Which is the biggest RWA tokenization company?
By tokenized AUM, BlackRock's BUIDL fund (issued via Securitize on Ethereum, Polygon, Arbitrum, Avalanche, Aptos, and Optimism) leads at roughly $2.4 billion in May 2026. Ondo Finance is second at approximately $1.5B across OUSG and USDY. Franklin Templeton's BENJI (FOBXX onchain) is third at roughly $750M. Centrifuge leads non-Treasury RWAs at about $510M TVL. PAXG leads gold at about $700M.
Is real estate tokenization a real product in 2026 or still a pilot?
Real product, but small. As of May 2026, RealT alone manages over 600 tokenized properties (primarily Detroit and other US Rust Belt markets), Lofty AI has over 200 properties, and Tangible/re.al has hundreds of UK rental homes onchain. The category is real but fragmented — total real-estate-RWA TVL is ~$1.8B, dwarfed by Treasuries and credit. Liquidity on the secondary market is the biggest gap; most tokens still trade rarely or only against the issuer.
Can you tokenize copper, oil, or other industrial commodities?
Technically yes, but in May 2026 there are very few credible investment-grade tokens for these. Most "tokenized copper" or "tokenized oil" projects are supply-chain provenance tools, not investment products you can buy and redeem. The closest credible products are Agrotoken (agricultural commodities in Argentina and Brazil), Mattereum (asset passports for high-value physical items), and pilot products from Open Mineral and Comet on industrial metals. For broad commodity exposure, ETFs and futures still beat tokenized products today.
What is the safest tokenized RWA product?
Tokenized US Treasuries from a major TradFi issuer with a known custodian — BlackRock BUIDL, Franklin Templeton BENJI, or Superstate USTB — are the lowest-risk RWA category. They are backed by short-duration T-bills held at traditional custodians (BNY Mellon for BUIDL, JP Morgan for FOBXX), audited daily, and benefit from the credit of the US government. The remaining risk is smart-contract (low) and redemption delay (small, typically T+1 to T+3). See our dedicated [tokenized treasury bills comparison](/blog/tokenized-treasury-bills-blackrock-buidl-ondo-comparison-2026) for the deep-dive.
What questions should I ask before investing in any tokenized RWA?
Five questions: (1) Who is the legal issuer and where are they regulated? (2) Who custodies the underlying asset and is there a published attestation? (3) What chain is the token on and is the contract audited? (4) What is the redemption path — on-demand, T+N, or restricted? (5) What jurisdiction governs the contract and how is dispute resolution handled? If any of these is unclear, walk away. Our [how to vet RWA tokenization firms](/blog/how-to-vet-rwa-tokenization-firms-before-investing-2026) guide expands the checklist.
About the Author
David Kim
News & Analysis Editorial Desk
News & Analysis Editorial Desk · Web3AIBlog
David Kim is a pen name for our news and analysis editorial desk. Posts under this byline are written and reviewed by contributors covering emerging-technology policy, regulatory action, market events, and incident reporting across crypto and AI. The desk emphasizes primary-source reporting (court filings, regulatory text, on-chain data, official postmortems) over reaction-cycle commentary. Every news post links to the underlying source documents so readers can verify the facts.
