12 RWA Tokenization Projects to Watch in 2024

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The world of blockchain is evolving beyond cryptocurrencies, with real-world asset (RWA) tokenization emerging as one of the most transformative trends. RWA tokenization allows physical and traditional financial assets—such as real estate, bonds, equity, and commodities—to be represented as digital tokens on a blockchain. This innovation unlocks liquidity, democratizes access, and streamlines ownership transfer across global markets.

As institutional players like BlackRock enter the space, the credibility and momentum behind RWA tokenization are growing rapidly. According to a study by Roland Berger, the tokenized asset market could exceed $10 trillion by 2030. This growth will be driven by the digitization of real estate, government bonds, private equity, and more.

Below, we explore 12 leading RWA tokenization projects that are shaping the future of finance. These platforms are listed alphabetically and represent diverse approaches to bridging traditional finance (TradFi) with decentralized finance (DeFi).

Backed Finance

Backed Finance is a digital platform that brings traditional financial instruments onto the blockchain for seamless integration with DeFi. It offers tokenized exposure to fixed-income assets such as government and corporate bonds.

One standout product is bCOIN, an ERC-20 token that represents equity in Coinbase Global Inc. This allows investors to gain indirect ownership in public companies through blockchain-based tokens. All tokens issued by Backed Finance are 1:1 backed by the underlying securities, ensuring transparency and trust.

To ensure regulatory compliance, users must complete KYC and AML verification through SumSub, a trusted identity verification partner. This makes Backed Finance a secure gateway for investors seeking regulated exposure to tokenized equities and bonds.

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Centrifuge

Centrifuge enables the tokenization of real-world assets like invoices, real estate, and trade receivables by converting them into non-fungible tokens (NFTs). At the heart of its ecosystem is Tinlake, a decentralized financing protocol that allows originators to create asset-backed pools.

Investors can participate in these pools by purchasing two types of tokens:

This structure mirrors traditional securitization models but operates transparently on-chain. By eliminating intermediaries, Centrifuge reduces costs and accelerates settlement times, making it easier for businesses to access capital and for investors to earn yield from real-world cash flows.

Lofty

Lofty leverages the Algorand blockchain to enable fractional ownership of U.S. real estate. Investors can purchase property tokens starting from just $50, opening up real estate investment to a much broader audience.

Each token represents a share of ownership in a physical property. Token holders earn daily rental income and benefit from property appreciation. Unlike traditional REITs or real estate funds, Lofty imposes no lock-up periods—investors can sell their stake at any time through the platform’s marketplace.

All transactions are conducted using USDC, providing price stability and fast settlements. With its low entry barrier and transparent model, Lofty is redefining how people invest in real estate.

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Mantra

Mantra is a Layer-1 blockchain built specifically for RWA tokenization with full regulatory compliance. It provides developers, institutions, and enterprises with tools to create, manage, and trade tokenized assets securely.

Key compliance features include:

These capabilities make Mantra ideal for regulated entities looking to tokenize assets without violating financial laws. The platform also hosts MANTRA DEX, a cross-chain DeFi hub powered by the Cosmos ecosystem, enabling seamless trading of tokenized RWAs across multiple blockchains.

Maple Finance

Maple Finance is transforming institutional lending by connecting credit specialists with capital providers via blockchain. It enables the creation of permissioned liquidity pools where borrowers—such as fintech firms or tax receivables platforms—can access capital at competitive rates.

One notable collaboration is with AQRU, which manages a $100 million pool backed by tax receivables. Maple provides the technical infrastructure, while AQRU handles underwriting and loan management.

The Cash Management Pool offers exposure to U.S. Treasury bills with a 10% APY. However, participation requires a minimum investment of $500,000 in USDC and a 45-day lock-up period. Eligible lenders must also pass AML checks.

This model combines DeFi efficiency with TradFi risk management, making it attractive for institutional-grade investors.

Matrixdock

Matrixdock offers tokenized U.S. Treasury securities through its STBT token, pegged 1:1 to the U.S. dollar. Built on Ethereum with Chainlink integration, STBT distributes daily interest to holders and can be minted or redeemed at any time.

The platform uses an orphan Special Purpose Vehicle (SPV) structure—a common practice in traditional finance—to legally isolate assets and protect investors. This enhances trust and aligns with regulatory expectations.

Matrixdock plans to expand its suite of RWA products, aiming to unlock new investment opportunities in asset-backed tokens.

Ondo Finance

Ondo Finance is one of the most prominent names in the RWA space. Its flagship product, OUSG, offers exposure to short-term U.S. Treasury securities with high liquidity and low risk. The fund is partially backed by BUIDL, BlackRock’s tokenized fund.

Investors deposit USDC to receive OUSG tokens and can redeem them later for USDC when exiting. The portfolio also includes bank deposits and BlackRock’s TFDXX fund to maintain liquidity.

Another key offering is USDY, a yield-bearing token backed by bank demand deposits and short-term Treasuries. Currently available only to institutional and non-U.S. investors, USDY becomes freely transferable 40 days after purchase.

OpenEden

OpenEden provides access to tokenized U.S. Treasury bills through its on-chain vault system. Users deposit USDC to mint TBILL tokens, which represent ownership in a pool invested in short-dated T-Bills.

A small reserve of USDC remains on-chain to support instant withdrawals, enhancing liquidity. Like other compliant platforms, OpenEden requires users to complete KYC verification before participating.

By bringing government securities on-chain, OpenEden bridges DeFi with safe-haven assets traditionally reserved for institutional investors.

Pendle

Pendle focuses on yield tokenization—separating an asset’s principal from its future yield. When users deposit yield-bearing assets like stETH or USDC, they receive two tokens:

This mechanism allows investors to speculate on yield movements or lock in returns upfront. Pendle plays a crucial role in connecting DeFi yields with real-world financial instruments like sDAI and fUSDC.

Polymesh

Polymesh is a blockchain purpose-built for security tokens. It supports issuance, management, and governance of regulated digital assets. Its native token, POLYX, powers transactions, staking, and network security.

Designed for institutions, Polymesh automates compliance and simplifies complex capital market processes. It’s ideal for enterprises looking to tokenize shares, bonds, or funds while adhering to legal frameworks.

Swarm

Swarm offers tokenized stocks and bonds powered by the Balancer Protocol. Each stock token is 100% backed by real shares and audited by a global firm for transparency.

On the bond side, users can invest in U.S. Treasury Bond ETFs with maturities from 0–3 years. These tokens are issued on Polygon, ensuring low fees and fast transactions.

Swarm lowers barriers to global markets while maintaining regulatory alignment.

TokenFi

TokenFi enables no-code RWA tokenization through a simple WYSIWYG interface. Controlled by Floki DAO and powered by $TOKEN, it allows users to launch ERC-20 or BEP-20 tokens without coding.

Its RWA Tokenization Module supports assets that aren’t classified as securities, reducing legal complexity. This makes it accessible for creators and small businesses to tokenize physical goods or revenue streams.

Frequently Asked Questions (FAQ)

Q: What is RWA tokenization?
A: RWA tokenization involves converting physical or traditional financial assets—like real estate or bonds—into blockchain-based digital tokens, enabling fractional ownership and easier trading.

Q: Why are RWAs important in DeFi?
A: RWAs bring real economic value into DeFi, offering stable yields, diversification, and institutional-grade assets that enhance portfolio resilience.

Q: Are RWA tokens regulated?
A: Many platforms implement KYC/AML checks and use legal structures like SPVs to comply with financial regulations, especially when dealing with securities.

Q: How do I start investing in tokenized assets?
A: Begin by choosing a compliant platform like Ondo Finance or Lofty, complete KYC verification, and deposit stablecoins like USDC to purchase tokens.

Q: Can I earn passive income from RWA tokens?
A: Yes—many RWA tokens generate yield through rental income (real estate), interest (bonds), or dividends (equity), often distributed daily or monthly.

Q: Is RWA tokenization secure?
A: Security depends on the platform’s architecture, custody solutions, audit history, and regulatory compliance. Always research before investing.

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