KoinlyticsRWA is the umbrella for putting off-chain assets on-chain as tokens. It is currently the fastest-growing DeFi category, driven mostly by tokenized US Treasuries. In 2026 there are over $20B of RWAs on chain.
What actually works today
- Tokenized Treasuries. BlackRock BUIDL, Ondo OUSG, Franklin BENJI. Deposits USDC, get a token that accrues US T-bill yield. $10B+ market.
- Private credit. Maple, Centrifuge, Goldfinch. Institutional borrowers post collateral off-chain, borrow USDC on-chain. Higher yield, higher risk.
- Tokenized commodities. Paxos Gold (PAXG), Tether Gold (XAUT). One token = one troy ounce.
- Stablecoins backed by RWAs. USDC (US Treasury bills), USDT (mixed), USDe (delta-neutral basis + T-bills).
What doesn't yet
- Tokenized equities. Legal wrappers exist but liquidity is thin. Sanctions on some venues (FTX's stock tokens shut down after regulatory pressure).
- Tokenized real estate. Fractional ownership tokens exist but secondary markets are illiquid and legal enforcement is unclear cross-border.
- Tokenized IP / royalties. Interesting projects but scale is small.
Why 2024 unlocked this
- Treasury yields hit 5%+ (2023-2024), making the on-chain T-bill offering suddenly attractive.
- BlackRock launched BUIDL. Institutional legitimacy signal.
- Regulatory clarity in EU (MiCA) and DIFC.
- USDC on-chain rails matured to the point institutions could deposit and redeem at scale.
The catch
Every RWA token has counterparty risk. Ondo, BlackRock, or the SPV must remain solvent. If the fund is frozen, so is your token. This is different from purely on-chain assets. Read the fund structure and custodian setup before allocating meaningfully.
Where it goes next
Tokenized cash management is essentially solved. The next frontier is tokenized private credit at scale (currently ~$300M vs traditional private credit $1.5T), tokenized carbon, and eventually tokenized public equities once regulation lands.