Networks

Anzen issues USDz and the yield-bearing sUSDz, backed by institutional private credit assets rather than just T-bills.

Tokenized pre-IPO and private equity access.

Multi-currency RWA stablecoins and FX tokens.

Event and weather-linked structured finance.

Centrifuge tokenizes illiquid real-world business assets (invoices, mortgages, trade finance) through bankruptcy-remote SPV structures. DROP/TIN senior-junior tranche tokens link legal collateral to on-chain investors; JAAA and JTRSY add tokenized CLO and Treasury exposure.

Structured RWA credit products.

Clearpool runs institutional uncollateralized lending: whitelisted institutional borrowers access dynamic-rate pools where utilization sets interest. It introduced 'Credit Vaults' for permissioned single-borrower exposure; cpUSD is tied to Credit Vault yields.

Tokenized US equities as dShares.

Tokenization infrastructure for real-world assets.

Fractional commercial real estate on-chain.

SME invoice financing on-chain.

Franklin Templeton runs the only '40 Act-registered mutual fund tokenized on-chain, accessible to retail at a $20 minimum via the Benji app. The BENJI token represents 1 share of FOBXX (Franklin OnChain US Government Money Fund), with yield from short-duration Treasuries + repo.

Goldfinch provides uncollateralized crypto loans to real-world businesses in emerging markets via 'trust through consensus': human backers assess borrower creditworthiness instead of crypto over-collateralization. It pivoted to institutional-grade 'Goldfinch Prime' private-credit funds in 2024. FIDU is the senior-pool LP token.

Maple Finance runs onchain lending pools to vetted borrowers (institutions, funds and businesses), closer to a blockchain-based credit marketplace than open overcollateralized DeFi lending.

Mountain Protocol issued USDM, a daily-rebasing T-bill-yield dollar under Bermuda Monetary Authority oversight; acquired by Anchorage in April 2025 and winding down.

Ondo Finance packages regulated, institutionally structured real-world assets into yield-bearing onchain tokens with 24/7 mint/redeem and explicit legal wrappers (Reg S for USDY; Rule 506(c)/3(c)(7) for OUSG).

Pleasing Market (Pleasing Golden) tokenizes LBMA-certified physical gold as PGOLD and issues USDpm, a synthetic dollar tied to the gold ecosystem. Cross-chain transfers use Chainlink CCIP; pricing uses Chainlink Data Streams.

RealT offers pure fractional real estate; tokens represent ownership slices of US residential/commercial properties via Delaware LLCs, with daily rental yields paid in stablecoins (xDai / USDC) directly to wallet. Hundreds of per-property RealTokens each trade as their own ERC-20.

Securitize is the leading SEC-registered transfer agent for tokenized securities. It powers BlackRock BUIDL (the largest tokenized Treasury fund) plus Apollo, KKR, Hamilton Lane, and VanEck product launches. Product tokens include BUIDL, ACRED (Apollo private credit), sBUIDL, and VBILL (VanEck Treasuries).

Stably provides stablecoin-as-a-service infrastructure and fiat ramps, issuing Stably USD and partner tokens such as VeUSD on VeChain.

Toucan Protocol tokenizes verified carbon credits (BCT / NCT pool tokens), bridging credits from registries like Verra onto chain for transparent on-chain offsetting and liquid carbon markets. BCT admin was transferred to KlimaDAO in 2024.

USD.AI is a DeFi credit + synthetic dollar protocol for AI infrastructure financing.