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Tokenized RWA Analysis — April 2026
<!DOCTYPE html>
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<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>Tokenized RWA Analysis — April 2026</title>
<style>
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.product { font-weight: 600; color: var(--accent); white-space: nowrap; }
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.risk-card p { font-size: 0.8rem; color: var(--dim); }
.lending-table { min-width: 1100px; }
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</head>
<body>
<h1>Tokenized Real-World Asset (RWA) Analysis</h1>
<p class="subtitle">12 products &middot; $14.5B combined TVL &middot; Data as of April 2026</p>
<div class="summary-row">
<div class="stat-card"><div class="label">Total TVL</div><div class="value">$14.53B</div></div>
<div class="stat-card"><div class="label">Products</div><div class="value">12</div></div>
<div class="stat-card"><div class="label">Treasury-Backed</div><div class="value">10 of 12</div></div>
<div class="stat-card"><div class="label">Total Holders</div><div class="value">~7,600</div></div>
<div class="stat-card"><div class="label">Avg Holding</div><div class="value">$1.9M</div></div>
<div class="stat-card"><div class="label">RWA in Lending</div><div class="value">~$1.8B</div></div>
</div>
<section>
<h2>Product Comparison</h2>
<div class="table-wrap">
<table>
<thead>
<tr>
<th>Product</th>
<th>TVL</th>
<th>Holders</th>
<th>Avg / Wallet</th>
<th>What It Is</th>
<th>Backed By</th>
<th>Redemption</th>
<th>Days to Redeem</th>
<th>DEX Depth</th>
<th>Daily Volume</th>
<th>KYC / Restrictions</th>
</tr>
</thead>
<tbody>
<tr>
<td class="product">BlackRock BUIDL</td>
<td class="tvl">$3.03B</td>
<td class="num">54</td>
<td class="num">$56.1M</td>
<td>Tokenized institutional money-market fund; $1 NAV, daily yield</td>
<td>US T-Bills, repo agreements, cash</td>
<td>Instant USDC via Circle; or bank wire through Securitize</td>
<td><span class="badge badge-green">T+0</span></td>
<td>Uniswap via whitelisted MMs (Wintermute, Flowdesk, Tokka Labs)</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:2px"></span><span class="small">~$0 (OTC only)</span></div></td>
<td><span class="badge badge-red">$5M min</span> Qualified institutional; full KYC/AML; whitelisted wallets only</td>
</tr>
<tr>
<td class="product">Ondo USDY</td>
<td class="tvl">$2.82B</td>
<td class="num">630</td>
<td class="num">$4.5M</td>
<td>Yield-bearing stablecoin for non-US investors</td>
<td>Short-term US T-Bills, bank deposits</td>
<td>Fiat wire (non-US bank); request before 8pm UTC</td>
<td><span class="badge badge-yellow">T+1</span> <span class="small">(40-50d lockup)</span></td>
<td>Available on DEXs/CEXs 24/7; pool sizes undisclosed</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:12px"></span><span class="small">Not disclosed</span></div></td>
<td><span class="badge badge-red">No US persons</span> Reg S; KYC/AML; $500 min; self-service allowlist</td>
</tr>
<tr>
<td class="product">Circle USYC</td>
<td class="tvl">$2.67B</td>
<td class="num">44</td>
<td class="num">$60.7M</td>
<td>Tokenized money-market fund (Hashnote); largest by AUM</td>
<td>US T-Bills, reverse repo</td>
<td>Instant USDC via Smart Contract Teller; larger amounts T+0/T+1</td>
<td><span class="badge badge-green">T+0</span> <span class="small">(instant up to threshold)</span></td>
<td>Deribit Spot (USYC/USDC); low secondary depth</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:20px"></span><span class="small">$44K–$112K</span></div></td>
<td><span class="badge badge-orange">Institutional</span> KYC required; Chainalysis OFAC screening; whitelisted only</td>
</tr>
<tr>
<td class="product">Centrifuge</td>
<td class="tvl">$1.84B</td>
<td class="num">~500</td>
<td class="num">$3.7M</td>
<td>Decentralized RWA platform; multi-asset tokenization infra</td>
<td>Invoices, real estate, structured credit, treasuries, carbon credits</td>
<td>Pool-specific; 7-day min liquidity framework</td>
<td><span class="badge badge-red">7+ days</span></td>
<td>CFG token liquid (~$18.5M/day); individual pool liquidity varies</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:80px"></span><span class="small">$18.5M (CFG token)</span></div></td>
<td><span class="badge badge-orange">Accredited</span> Mandatory KYC/AML; accredited for most pools</td>
</tr>
<tr>
<td class="product">Anemoy Capital</td>
<td class="tvl">$1.37B</td>
<td class="num">~20</td>
<td class="num">$68.5M</td>
<td>Web3-native asset mgr (w/ Janus Henderson); JTRSY, JAAA, SPXA, ACRDX</td>
<td>T-Bills (0-3mo), AAA CLOs, S&P 500, Apollo credit</td>
<td>$125M instant via Anemoy Liquidity Network (Keyrock, Arbelos)</td>
<td><span class="badge badge-green">Same-day</span></td>
<td>Liquidity Network, not public DEX pools</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:2px"></span><span class="small">~$0 (institutional)</span></div></td>
<td><span class="badge badge-red">Non-US only</span> KYC via Centrifuge; professional investors; BVI-licensed</td>
</tr>
<tr>
<td class="product">Ethena USDtb</td>
<td class="tvl">$0.87B</td>
<td class="num">492</td>
<td class="num">$1.8M</td>
<td>Stablecoin backed primarily by BUIDL</td>
<td>BUIDL (~90%), USDC, USDT</td>
<td>Via backing asset liquidation; inherits BUIDL redemption path</td>
<td><span class="badge badge-green">T+0</span> <span class="small">(via BUIDL/USDC)</span></td>
<td>Connected to BUIDL ecosystem; Uniswap integration</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:6px"></span><span class="small">Minimal</span></div></td>
<td><span class="badge badge-dim">Permissionless transfer</span> Redemption restricted to whitelisted Mint Users</td>
</tr>
<tr>
<td class="product">Ondo Global Mkts</td>
<td class="tvl">$0.78B</td>
<td class="num">~1,000</td>
<td class="num">$0.8M</td>
<td>24/7 tokenized US stocks & ETFs (200+ products)</td>
<td>US-listed equities and ETFs (SPY, QQQ, etc.)</td>
<td>Traditional equity redemption; tied to market hours</td>
<td><span class="badge badge-yellow">T+1</span> <span class="small">(market hours)</span></td>
<td>Traditional market makers, not DEX pools; MetaMask integration</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:100px"></span><span class="small">$7B+ platform total</span></div></td>
<td><span class="badge badge-red">Geographic limits</span> KYC per token; primarily non-US; accredited/qualified</td>
</tr>
<tr>
<td class="product">Superstate USTB</td>
<td class="tvl">$0.66B</td>
<td class="num">40</td>
<td class="num">$16.5M</td>
<td>Tokenized short-duration Treasury fund (now Invesco-managed)</td>
<td>US T-Bills, short-duration notes</td>
<td>Send tokens to redemption address or call offchainRedeem(); USD/USDC settlement</td>
<td><span class="badge badge-green">Same-day</span></td>
<td>Off-chain only; no public DEX pools</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:2px"></span><span class="small">$0</span></div></td>
<td><span class="badge badge-red">$5M+ min</span> Qualified purchaser ($5M indiv / $25M inst); whitelisted wallets</td>
</tr>
<tr>
<td class="product">Midas mTBILL</td>
<td class="tvl">$0.22B</td>
<td class="num">3,333</td>
<td class="num">$66K</td>
<td>Tokenized T-Bill tracker w/ Open Liquidity Architecture</td>
<td>BlackRock Treasury Bond fund (short-dated gov debt)</td>
<td>Instant via MSL (Midas Staked Liquidity); atomic, no cash drag</td>
<td><span class="badge badge-green">Instant</span></td>
<td>Curve (Etherlink) MTBILL/USDC — very thin</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:2px"></span><span class="small">$10–$172</span></div></td>
<td><span class="badge badge-green">Permissionless</span> Standard ERC-20; no whitelist; EU-regulated SPV</td>
</tr>
<tr>
<td class="product">OpenEden TBILL</td>
<td class="tvl">$0.14B</td>
<td class="num">38</td>
<td class="num">$3.6M</td>
<td>Tokenized T-Bills; Moody's A / S&P AA+ rated</td>
<td>US T-Bills (BNY Mellon custody, segregated)</td>
<td>Standard fund redemption via BNY Mellon</td>
<td><span class="badge badge-yellow">~T+1</span> <span class="small">(est.)</span></td>
<td>None; not designed for secondary trading</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:2px"></span><span class="small">$0</span></div></td>
<td><span class="badge badge-orange">Institutional</span> BNY custodial oversight; accredited/professional only</td>
</tr>
<tr>
<td class="product">OpenEden USDO</td>
<td class="tvl">$0.05B</td>
<td class="num">1,982</td>
<td class="num">$25K</td>
<td>Yield-bearing stablecoin w/ daily rebasing; Bermuda-regulated</td>
<td>Tokenized US T-Bills (Chainlink proof-of-reserves)</td>
<td>Blockchain redemption; SAC legal structure protects assets</td>
<td><span class="badge badge-green">Immediate</span></td>
<td>Curve (ETH) USDO/USDC — thin</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:4px"></span><span class="small">$1K–$6.5K</span></div></td>
<td><span class="badge badge-orange">Regulated</span> Bermuda DABA; KYC likely required</td>
</tr>
<tr>
<td class="product">Sky RWA</td>
<td class="tvl">$0.10B</td>
<td class="num">N/A</td>
<td class="num">N/A</td>
<td>Protocol-level RWA allocations (ex-MakerDAO); $1B allocation framework</td>
<td>Allocated across BUIDL, Superstate, Centrifuge, real estate, freight</td>
<td>Varies by underlying asset; managed via Stars framework</td>
<td><span class="badge badge-yellow">Varies</span> <span class="small">(days to weeks)</span></td>
<td>Protocol-level; no direct DEX pools for RWA allocations</td>
<td><div class="vol-bar"><span class="vol-fill" style="width:2px"></span><span class="small">N/A (protocol)</span></div></td>
<td><span class="badge badge-dim">Per asset</span> Governance via SKY token; each underlying has own KYC</td>
</tr>
</tbody>
</table>
</div>
</section>
<!-- LENDING MARKETS SECTION -->
<section>
<h2>Lending Market Integrations</h2>
<p class="small" style="margin-bottom:14px;">Where these assets are deployed as collateral or supply in DeFi lending protocols. Bars are scaled relative to the largest market.</p>
<div class="legend">
<span><span class="dot" style="background:var(--green)"></span> Supply / Collateral</span>
<span><span class="dot" style="background:var(--orange)"></span> Debt / Borrowed</span>
</div>
<div class="table-wrap">
<table class="lending-table">
<thead>
<tr>
<th>Asset</th>
<th>Protocol</th>
<th>Chain</th>
<th>Supply / Collateral</th>
<th style="width:200px">Utilization</th>
<th>Debt / Borrowed</th>
<th>Supply APY</th>
<th>Borrow APY</th>
<th>Notes</th>
</tr>
</thead>
<tbody>
<!-- BUIDL -->
<tr>
<td class="product">BUIDL</td>
<td><span class="badge badge-accent">Spark</span></td>
<td>Ethereum</td>
<td class="num">$800M</td>
<td><span class="bar bar-supply" style="width:160px"></span></td>
<td class="num">—</td>
<td class="small">~4.5%</td>
<td class="small">—</td>
<td class="small">Institutional allocation via Sky/Spark; not direct collateral lending</td>
</tr>
<!-- USDY -->
<tr>
<td class="product">USDY</td>
<td><span class="badge badge-accent">Flux Finance</span></td>
<td>Ethereum</td>
<td class="num">~$200M</td>
<td><span class="bar bar-supply" style="width:40px"></span><span class="bar bar-borrow" style="width:20px; margin-left:2px"></span></td>
<td class="num">~$80M</td>
<td class="small">~4.3%</td>
<td class="small">~5.5%</td>
<td class="small">Supply USDY, borrow USDC/DAI against it</td>
</tr>
<tr>
<td class="product">OUSG</td>
<td><span class="badge badge-accent">Flux Finance</span></td>
<td>Ethereum</td>
<td class="num">~$150M</td>
<td><span class="bar bar-supply" style="width:30px"></span><span class="bar bar-borrow" style="width:15px; margin-left:2px"></span></td>
<td class="num">~$60M</td>
<td class="small">~4.5%</td>
<td class="small">~5.8%</td>
<td class="small">Ondo's institutional T-Bill product; Flux is native lending partner</td>
</tr>
<!-- USYC -->
<tr>
<td class="product">USYC</td>
<td><span class="badge badge-accent">Morpho Blue</span></td>
<td>Ethereum</td>
<td class="num">~$300M</td>
<td><span class="bar bar-supply" style="width:60px"></span><span class="bar bar-borrow" style="width:30px; margin-left:2px"></span></td>
<td class="num">~$120M</td>
<td class="small">~4.5%</td>
<td class="small">~5.2%</td>
<td class="small">Curated by Steakhouse; USDC borrowing against USYC collateral</td>
</tr>
<tr>
<td class="product">USYC</td>
<td><span class="badge badge-accent">Aave Horizon</span></td>
<td>Ethereum</td>
<td class="num">~$100M</td>
<td><span class="bar bar-supply" style="width:20px"></span><span class="bar bar-borrow" style="width:8px; margin-left:2px"></span></td>
<td class="num">~$35M</td>
<td class="small">~4.3%</td>
<td class="small">~4.8%</td>
<td class="small">Institutional RWA market; borrow USDC/GHO/RLUSD</td>
</tr>
<!-- JTRSY / JAAA (Centrifuge / Anemoy) -->
<tr>
<td class="product">JTRSY</td>
<td><span class="badge badge-accent">Aave Horizon</span></td>
<td>Ethereum</td>
<td class="num">~$80M</td>
<td><span class="bar bar-supply" style="width:16px"></span><span class="bar bar-borrow" style="width:6px; margin-left:2px"></span></td>
<td class="num">~$25M</td>
<td class="small">~4.3%</td>
<td class="small">~4.8%</td>
<td class="small">Janus Henderson/Anemoy treasury fund via Centrifuge</td>
</tr>
<tr>
<td class="product">JAAA</td>
<td><span class="badge badge-accent">Aave Horizon</span></td>
<td>Ethereum</td>
<td class="num">~$100M</td>
<td><span class="bar bar-supply" style="width:20px"></span><span class="bar bar-borrow" style="width:10px; margin-left:2px"></span></td>
<td class="num">~$40M</td>
<td class="small">~5.0%</td>
<td class="small">~5.5%</td>
<td class="small">AAA-rated CLO; $100M collateral loop via Resolv</td>
</tr>
<!-- USTB -->
<tr>
<td class="product">USTB</td>
<td><span class="badge badge-accent">Aave Horizon</span></td>
<td>Ethereum</td>
<td class="num">~$80M</td>
<td><span class="bar bar-supply" style="width:16px"></span><span class="bar bar-borrow" style="width:6px; margin-left:2px"></span></td>
<td class="num">~$25M</td>
<td class="small">~4.3%</td>
<td class="small">~4.8%</td>
<td class="small">Core Horizon launch asset alongside USCC</td>
</tr>
<tr>
<td class="product">USTB</td>
<td><span class="badge badge-accent">Spark</span></td>
<td>Ethereum</td>
<td class="num">$300M</td>
<td><span class="bar bar-supply" style="width:60px"></span></td>
<td class="num">—</td>
<td class="small">~4.5%</td>
<td class="small">—</td>
<td class="small">Institutional allocation via Sky/Spark liquidity layer</td>
</tr>
<!-- mTBILL -->
<tr>
<td class="product">mTBILL</td>
<td><span class="badge badge-accent">Morpho Blue</span></td>
<td>Ethereum</td>
<td class="num">~$190M</td>
<td><span class="bar bar-supply" style="width:38px"></span><span class="bar bar-borrow" style="width:28px; margin-left:2px"></span></td>
<td class="num">~$140M</td>
<td class="small">~4.5%</td>
<td class="small">~5.5%</td>
<td class="small">Steakhouse-curated vault; 90%+ LTV; highest utilization of any RWA market</td>
</tr>
<!-- Anemoy LTF -->
<tr>
<td class="product">Anemoy LTF</td>
<td><span class="badge badge-accent">Spark</span></td>
<td>Ethereum</td>
<td class="num">$400M</td>
<td><span class="bar bar-supply" style="width:80px"></span></td>
<td class="num">—</td>
<td class="small">~4.5%</td>
<td class="small">—</td>
<td class="small">Liquid Treasury Fund; Spark institutional allocation</td>
</tr>
<tr>
<td class="product">Anemoy LTF</td>
<td><span class="badge badge-accent">Morpho Blue</span></td>
<td>Base</td>
<td class="num">~$30M</td>
<td><span class="bar bar-supply" style="width:6px"></span><span class="bar bar-borrow" style="width:3px; margin-left:2px"></span></td>
<td class="num">~$12M</td>
<td class="small">~4.5%</td>
<td class="small">~5.2%</td>
<td class="small">Centrifuge institutional RWA market on Base</td>
</tr>
<!-- Ondo Global Markets -->
<tr>
<td class="product">SPYon/QQQon</td>
<td><span class="badge badge-accent">Euler</span></td>
<td>Ethereum</td>
<td class="num">~$50M</td>
<td><span class="bar bar-supply" style="width:10px"></span><span class="bar bar-borrow" style="width:5px; margin-left:2px"></span></td>
<td class="num">~$20M</td>
<td class="small">—</td>
<td class="small">~3.5%</td>
<td class="small">Tokenized equities as collateral; borrow stablecoins</td>
</tr>
<!-- Products with NO lending markets -->
<tr style="opacity:0.5">
<td class="product">USDtb</td>
<td colspan="8" style="color:var(--dim)">No direct lending market integrations yet. Used as reserve asset within Ethena ecosystem.</td>
</tr>
<tr style="opacity:0.5">
<td class="product">TBILL</td>
<td colspan="8" style="color:var(--dim)">No lending market integrations. Institutional hold-to-maturity product.</td>
</tr>
<tr style="opacity:0.5">
<td class="product">USDO</td>
<td colspan="8" style="color:var(--dim)">No major lending market integrations. Early-stage DEX liquidity only.</td>
</tr>
</tbody>
</table>
</div>
</section>
<section>
<h2>Lending Market Summary by Protocol</h2>
<div class="risk-grid">
<div class="risk-card">
<h3 style="color:var(--accent)">Spark — $1.5B+ RWA Allocation</h3>
<p>Sky/MakerDAO's lending arm. $3.9B total liquidity layer. Allocates directly to BUIDL ($800M), Anemoy LTF ($400M), Superstate USTB ($300M). Acts as institutional capital allocator, not a traditional borrow/lend market. Assets earn T-Bill yield while backing DAI.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--accent)">Aave Horizon — $365–425M TVL</h3>
<p>Aave's institutional RWA market. Launched with USTB, USCC, JTRSY, JAAA as core collateral. ~$110M in net borrows. Stablecoin supply APR ~4.25%. Borrow USDC, GHO, or RLUSD against whitelisted RWA tokens. Requires institutional onboarding.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--accent)">Morpho Blue — $400–620M RWA Deposits</h3>
<p>$7.4B total TVL. Most flexible for RWAs — permissionless market creation means curators can list any tokenized asset. Steakhouse Financial is the dominant RWA curator. mTBILL market ($190M) has 90%+ LTV and highest utilization. USYC also heavily used. 0.5–2% higher supply rates than Aave.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--accent)">Flux Finance — ~$350M RWA Supply</h3>
<p>Ondo's native lending protocol. Purpose-built for OUSG and USDY collateral. Simpler UX than Morpho/Aave. Lower liquidation risk due to T-Bill backing. Primary venue for Ondo product holders to lever up.</p>
</div>
</div>
</section>
<section>
<h2>Key Takeaways</h2>
<div class="risk-grid">
<div class="risk-card">
<h3 style="color:var(--red)">DEX Liquidity is Nearly Non-Existent</h3>
<p>Despite $14.5B in combined TVL, almost every product shows $0 or negligible on-chain trading volume. These are overwhelmingly hold-to-maturity instruments. If you need to exit quickly on a DEX, you're largely out of luck — redemptions flow through the issuer, not open markets.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--red)">Extreme Holder Concentration</h3>
<p>BUIDL: 54 wallets hold $3B ($56M avg). USYC: 44 wallets hold $2.7B ($61M avg). Anemoy: ~20 wallets hold $1.4B ($69M avg). Meanwhile mTBILL — the only permissionless token — has 3,333 holders but just $220M ($66K avg). Permissionless access = retail; whitelisted = whale.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--green)">Lending is the Killer App</h3>
<p>~$1.8B of these RWAs are already deployed into lending markets (Spark, Aave Horizon, Morpho, Flux). This is why they exist on-chain instead of in a brokerage — you can earn 4.5% T-Bill yield AND borrow against the position simultaneously. Yield stacking via looping pushes effective returns to 8-20%.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--yellow)">Concentration Risk: Nearly All Roads Lead to T-Bills</h3>
<p>10 of 12 products are backed primarily by US Treasury Bills. Centrifuge and Sky are the only ones with diversified collateral. USDtb doesn't even hold treasuries directly — it holds BUIDL, which holds treasuries. This is a single-asset-class ecosystem masquerading as diversity.</p>
</div>
<div class="risk-card">
<h3 style="color:var(--yellow)">mTBILL on Morpho: Highest RWA Utilization</h3>
<p>The mTBILL/USDC Morpho market runs at 90%+ LTV with ~$190M supply and ~$140M borrowed — utilization near 74%. This is the most capital-efficient RWA lending market in DeFi, enabled by mTBILL's permissionless ERC-20 design (no whitelist friction for Morpho integration).</p>
</div>
<div class="risk-card">
<h3 style="color:var(--accent)">The Real Trade: Issuer Risk, Not Market Risk</h3>
<p>Since you can't meaningfully trade these on DEXs, the risk isn't price slippage — it's counterparty/issuer risk. Who's the custodian? (BNY Mellon for OpenEden is best-in-class.) What's the legal wrapper? (Bermuda SAC, BVI fund, SEC-registered?) What happens if the issuer goes down?</p>
</div>
</div>
</section>
<p class="small" style="margin-top:20px; text-align:center;">Data sourced from official docs, RWA.xyz, CoinGecko, Etherscan, DefiLlama, and issuer documentation &middot; April 2026<br>Holder counts are Ethereum mainnet only unless noted. Lending figures are approximate based on latest available data.</p>
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