RWA stablecoins & tokenized real-world assets
Dollar tokens backed by real-world assets rather than by a payments float. Most pass through Treasury income, and most restrict transfers to KYC'd wallets.
| # | Issuer | ||||
|---|---|---|---|---|---|
| 1 | $2.25B | $2.25B | BlackRock / Securitize | 96 | |
| 2 | $2.20B | $2.20B | Ondo Finance | 88 | |
| 3 | $558.20M | $558.20M | Invesco USTB | 64 | |
| 4 | $492.72M | $492.72M | Ethena USDtb | 64 | |
| 5 | $415.57M | $415.57M | Huma | 64 | |
| 6 | $394.12M | $394.12M | Re | 64 | |
| 7 | $348.02M | $348.02M | USD AI | 64 | |
| 8 | $333.34M | $333.34M | Anemoy Capital | 64 | |
| 9 | $291.34M | $291.34M | OnRe | 63 | |
| 10 | $251.81M | $251.81M | OpenTrade | 63 | |
| 11 | $232.14M | $232.14M | Plume Vaults | 63 | |
| 12 | $155.11M | $155.11M | RealT Tokens | 63 | |
| 13 | $133.73M | $133.73M | R25 | 62 | |
| 14 | $132.27M | $132.27M | Theo Network thUSD | 62 | |
| 15 | $108.12M | $108.12M | Frax USD | 62 | |
| 16 | $105.62M | $105.62M | Valos | 62 | |
| 17 | $101.23M | $101.23M | Lofty | 62 | |
| 18 | $87.80M | $87.80M | Usual USD0 | 62 | |
| 19 | $75.34M | $75.34M | Sky RWA | 62 | |
| 20 | $56.96M | $56.96M | stUSDT | 61 | |
| 21 | $42.38M | $42.38M | Brickken | 61 | |
| 22 | $41.55M | $41.55M | Tangible RWA | 61 | |
| 23 | $39.65M | $39.65M | KAIO | 61 |
Frequently asked
+ − What is an RWA stablecoin?
A dollar token whose backing is an identifiable real-world asset portfolio, usually short-dated US Treasuries or a regulated money-market fund, with the income passed through to holders. Unlike a payment stablecoin it is designed to yield, not just to hold its peg.
+ − How are RWA stablecoins different from USDT or USDC?
USDT and USDC also hold Treasuries, but the issuer keeps the interest and the token is freely transferable. RWA tokens pass the yield to you and in exchange usually require KYC, restrict who can hold them, and settle redemptions on a fund calendar rather than instantly.
+ − Can retail investors buy tokenized Treasuries?
Some products are open to any KYC'd user, others are restricted to qualified or non-US investors. Check the eligibility terms on each issuer's page before assuming access.
+ − What are the main risks of RWA tokens?
Redemption is not instant, secondary liquidity is thin compared with a major stablecoin, and you take fund-administrator and custodian risk on top of smart-contract risk. Duration risk is small for T-bill funds but not zero.