Real-world assets (RWAs) in crypto are tokens issued onchain that represent legal ownership or economic exposure to off-chain assets — US Treasuries, real estate, gold, private credit, invoice receivables, plus equities. The category includes the largest fiat-backed stablecoins (USDC, USDT, USDP), tokenized money market funds (BlackRock BUIDL, Ondo USDY, Circle USYC), and a growing book of tokenized real estate plus commodities and private credit. As of April 29, 2026, the top RWA-classified protocols on DeFiLlama hold roughly $14B in TVL across Tether Gold ($3.3B), Circle USYC ($2.9B), BlackRock BUIDL ($2.8B), Ondo Yield Assets ($2.7B), Paxos Gold ($2.2B), and Centrifuge ($1.7B), all per the DeFiLlama RWA dashboard.
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This article walks through what RWAs are, how tokenization works, the major platforms, where stablecoins fit (most of the largest stablecoins are themselves RWAs), and the risks specific to onchain representations of off-chain claims.
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Fig 1. The RWA stack: a real asset is held by a custodian, an issuer mints a representative token, an oracle verifies the backing, and the token trades onchain.
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Real-world assets in crypto are blockchain tokens that represent legal or economic claims to off-chain assets including Treasuries, real estate, gold, private credit, plus equities. The token sits onchain (Ethereum, Solana, Stellar, or another chain), the underlying asset sits in custodial accounts at regulated banks or trust companies, and a legal structure (trust, special-purpose vehicle, or fund) ties the two together. RWAs make off-chain capital programmable.
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The RWA category is broad. The largest fiat-backed stablecoins (USDC, USDT, USDP, PYUSD, RLUSD) are technically RWAs because they tokenize fiat currency held in regulated reserves; the industry historically has tracked them separately. The narrower RWA category — tokenized Treasuries plus tokenized real estate plus commodities and credit — has grown from under $1B in 2022 to over $20B onchain by April 2026, per the rwa.xyz tokenization tracker. DeFiLlama's RWA dashboard tracks the protocol-level TVL and shows the category leaders.
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The economic argument: a tokenized T-bill settles in seconds onchain, can be used as collateral in DeFi protocols, and can move 24/7 across borders without a wire-transfer cycle. Traditional T-bills require T+1 settlement, an account at a broker-dealer, and counterparty mediation. The same gap shows up across asset classes. Tokenized real estate eliminates closing escrow timelines. Tokenized invoices unlock trade finance with on-demand collateral. Tokenized commodities give global retail access to gold without ETF gatekeeping. The headline use case is collateral mobility: an RWA token can be used as collateral on Aave, Morpho, or Maple inside the same block as it's transferred.
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The constraint is that RWAs sit at the legal seam between traditional finance and crypto. Every RWA token has an off-chain claim that depends on a custodian, a transfer agent, a fund administrator, and (often) a securities regulator. The token's onchain behavior is constrained by the legal wrapper, which is why most institutional RWAs are issued as permissioned tokens (ERC-3643 or similar) rather than open-permissioned ERC-20s.
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The four largest RWA categories by TVL are tokenized US Treasuries, tokenized commodities (mostly gold), tokenized private credit (invoice factoring plus direct lending), and tokenized real estate. Each category has distinct issuance models, regulatory wrappers, and onchain liquidity profiles. The table below summarizes the top platforms by category as of April 29, 2026 per DeFiLlama RWA.
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Tokenized Treasuries are the fastest-growing slice. BlackRock BUIDL launched in March 2024 as a permissioned tokenized money market fund issued in partnership with Securitize; as of April 29, 2026, BUIDL holds $2.8B in TVL across Ethereum, Aptos, BNB Chain, Solana, plus Avalanche per DeFiLlama. Ondo USDY is a yield-bearing alternative open to retail (non-US) investors with $2.1B in TVL across Ethereum, XRPL, Plume, Solana, and Stellar. Circle USYC (acquired with Hashnote in 2024) holds $2.9B across BNB Chain, Ethereum, Near, plus Noble.
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Tokenized gold is the second-largest individual category. Tether Gold (XAUT) holds $2.6B in market cap as of April 29, 2026, per CoinGecko; Paxos Gold (PAXG) holds $2.2B per the DeFiLlama Paxos Gold page. Each token represents one ounce of allocated gold bullion held in vaults (Loomis in London for PAXG; Tether holdings in Switzerland for XAUT). Paxos's regulated blockchain infrastructure handles minting plus redemption and reserve attestation across both PAXG and the Paxos stablecoin family.
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Tokenized private credit is the most mature of the higher-yield RWA categories. Maple Finance issues KYC-gated lending pools that originate loans to crypto-native counterparties (market makers, miners, custodians); Maple's TVL is $1.8B as of April 29, 2026, per the DeFiLlama Maple page. Centrifuge tokenizes off-chain receivables — invoices, trade finance, real estate debt — and integrates with MakerDAO/Sky Protocol as a real-world collateral source; Centrifuge TVL is $1.7B per DeFiLlama.
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Tokenized real estate is the smallest and most experimental category. RealT and Lofty fractionalize US rental properties into ERC-20 shares, each representing equity in a SPV that owns the property. The investor receives rental income proportional to their token holding. The model has been in market since 2019 but has not scaled past a few hundred million in TVL — securities-law constraints, the difficulty of tokenizing illiquid asset classes, and the operational overhead of managing physical properties at the SPV layer all weigh on growth.
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RWA tokenization is a four-layer process. The asset is held in custody by a regulated entity (BNY Mellon, State Street, Anchorage Digital, or a similar trust bank); a legal wrapper (trust, fund, or SPV) defines the token holders' rights; the token contract is issued onchain (typically permissioned ERC-20 or ERC-3643); and an oracle attests to the underlying reserve. The issuer coordinates all four layers and runs primary issuance and redemption.
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The custody layer is non-negotiable. For tokenized Treasuries, custody is held at a regulated US trust bank — BlackRock BUIDL custody runs through BNY Mellon and State Street; Circle USYC runs through Anchorage Digital; Ondo USDY runs through Ankura Trust Company. The trust bank is the legal holder of the underlying assets and provides daily mark-to-market valuation that feeds into the token's price oracle. BNY Mellon's role in BUIDL illustrates the model — the bank handles fund accounting, NAV calculation, and asset servicing for the onchain fund.
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The legal wrapper depends on the asset class. Tokenized Treasuries typically wrap as a 3(c)(7) private fund or a registered money market fund with token holders as fund investors. Tokenized real estate uses a Delaware SPV per property. Tokenized gold uses a master title arrangement with the custody vault. Tokenized private credit pools use either a 3(c)(7) fund structure (Maple) or a layered tranching structure (Centrifuge), where senior and junior tranches absorb default risk in different proportions.
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The token contract layer is where institutional RWAs diverge from open DeFi tokens. ERC-3643 (also called T-REX) is the dominant permissioned-token standard for institutional RWAs; it implements onchain identity, transfer-permission rules, and KYC-gating at the contract level. BlackRock BUIDL uses Securitize's ERC-3643 implementation. Open-permissioned RWAs (Tether Gold, Paxos Gold, Ondo USDY) use standard ERC-20 with issuer-held admin keys for blacklisting and freezing — same model as USDC and USDT.
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The oracle layer attests to reserve composition and asset valuation. Chainlink Proof of Reserve provides cryptographic attestations from the custodian back into the smart contract, enabling onchain verification that the off-chain reserve matches the onchain supply. Several major RWA platforms — Cache Gold, Paxos Gold, Cygnus Finance — integrate Chainlink PoR; others (BUIDL, USYC) rely on issuer-published attestation reports. Chainlink itself remains the dominant oracle infrastructure across DeFi, with Paxos's regulated infrastructure illustrating how regulated issuers integrate oracle attestation into their public attestation cycle.
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The flow on issuance: a qualified investor wires fiat (or USDC) to the issuer; the issuer purchases the underlying asset (T-bills, gold, real estate share) and routes custody to the trust bank; the issuer mints tokens 1:1 to the issuance contract address. Redemption reverses the flow — a token holder burns tokens at the contract, the issuer instructs the custodian to release proceeds, and the holder receives fiat or USDC.
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The major RWA platforms split into two clean groups: regulated US issuers (BlackRock BUIDL, Circle USYC, Paxos, Ondo) targeting institutional and OECD-retail capital, and credit-protocol platforms (Maple, Centrifuge, Goldfinch) targeting onchain DeFi yield with off-chain collateral. Each platform's tokenization stack — custody, legal wrapper, token model, distribution channel — fits its target investor base.
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BlackRock BUIDL is the largest tokenized money market fund, issued in partnership with Securitize on Ethereum, Aptos, BNB Chain, plus Solana and Avalanche. The fund holds short-dated US Treasuries plus cash and overnight repo; investors must complete Securitize KYC and qualify as a 3(c)(7) qualified purchaser. Daily NAV and dividend distribution are managed by BNY Mellon; the token uses Securitize's ERC-3643 permissioned contract. BUIDL launched March 2024 and grew to $2.8B TVL by April 2026 — fastest-growing institutional RWA in the dataset, per DeFiLlama.
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Circle USYC is Circle's tokenized money market fund (formerly Hashnote USYC, acquired by Circle in 2024). USYC sits on Ethereum, BNB Chain, plus Near and Noble with $2.9B in TVL. The fund holds short-dated Treasuries and reverse repo; the token serves as collateral for institutional DeFi venues including DTCC's tokenized collateral pilot. USYC integrates with Circle Mint for on/off-ramp from USDC, making it a yield-bearing companion to USDC for treasury teams. USDC's mint and redemption mechanics are documented separately and provide the on-ramp.
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Ondo Finance issues USDY (Ondo US Dollar Yield) — a yield-bearing tokenized note backed by short-dated Treasuries and bank demand deposits. USDY holds $2.1B in TVL across Ethereum, XRPL, Plume, plus Solana and Stellar per DeFiLlama Ondo Yield Assets. USDY is open to non-US retail investors and has integrations across DeFi venues (Pendle, Aerodrome, Velodrome) plus partnerships with regulated platforms. Ondo also operates OUSG, a tokenized BlackRock iShares Treasury ETF wrapper, restricted to qualified purchasers.
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Paxos operates a multi-product RWA platform: USDP regulated stablecoin, PAXG tokenized gold (with $2.2B TVL per DeFiLlama), and the issuance infrastructure for PayPal USD (PYUSD) and the Global Dollar (USDG, $2.4B TVL on DeFiLlama). Paxos is the most regulated US-domiciled stablecoin issuer (NYDFS-chartered limited-purpose trust company). PAXG is one of the longest-running tokenized commodity products in market — launched 2019 — and serves as the institutional counterpart to retail-oriented Tether Gold.
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Maple Finance originates onchain loans to crypto-native institutional borrowers (Wintermute, GSR, Auros, Folkvang) and to traditional credit pools. Maple's pools are KYC-gated and structured as 3(c)(7) funds for US accredited investors and equivalent regimes elsewhere. TVL is $1.8B across Ethereum and Solana as of April 29, 2026, per the DeFiLlama Maple page. Maple's evolution since 2022 — from fully unsecured lending to secured lending after the FTX/Alameda exposure — illustrates the credit-cycle dynamics that govern this RWA segment.
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Centrifuge tokenizes off-chain receivables — trade finance invoices, real estate debt, asset-backed credit — and routes them into onchain pools that other DeFi protocols (Sky Protocol's Spark Liquidity Layer, Aave's Horizon platform) can deploy capital into. Centrifuge's TVL is $1.7B as of April 29, 2026. Sky Protocol's USDS uses Centrifuge as one of its real-world collateral sources, demonstrating the seam between RWA platforms and stablecoin issuance.
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The smaller but rising platforms include Provenance Blockchain's Figure Markets ($1.6B TVL, Provenance-native), Goldfinch for emerging-market private credit, Securitize as the issuance infrastructure layer used by BlackRock and many institutional issuers, TradeFlow Capital for commodity trade finance, and OpenTrade for tokenized US Treasury access in emerging markets.
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Yes — fiat-backed stablecoins are technically real-world asset tokens because each token represents a claim on off-chain reserves (cash + Treasuries) held in regulated banks and money market funds. The industry usually tracks them separately because their use case (payments, trading) and scale ($318B combined onchain stablecoin float) differ from the narrower RWA category, but the legal structure is the same.
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USDC ($77.3B supply per the DeFiLlama stablecoin dashboard) is reserved by the Circle Reserve Fund — a SEC-registered government money market fund managed by BlackRock — making it functionally identical in structure to a tokenized Treasury fund. USDT ($189.5B) is reserved by a broader mix including Treasuries, secured loans, Bitcoin, and gold. A direct USDC vs USDT comparison walks through the reserve and operating differences across both stablecoins.
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Other RWA-stablecoin examples include: USDP from Paxos ($41M market cap), backed by short-dated Treasuries and dollar deposits at US banks; PAXG (Paxos Gold), backed by allocated gold bullion; XAUT (Tether Gold), also backed by allocated gold; and RLUSD from Ripple, backed by Treasuries and cash deposits at US banks under New York DFS oversight.
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The newer RWA-stablecoin category is yield-bearing stablecoins that pass on Treasury yield to token holders — Ondo USDY ($2.1B), Mountain USDM, and USDe (Ethena, $3.8B per DeFiLlama, with synthetic-yield rather than Treasury-yield), and the institutional cousins (USYC, BUIDL) that function as money-market-fund tokens rather than payment tokens. USDS from Sky Protocol ($7.8B supply per DeFiLlama) sits in this segment by virtue of its real-world collateral allocation through Centrifuge and other RWA platforms.
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The regulatory question — are these "stablecoins" or "RWAs"? — matters for which framework applies. Under MiCA, fiat-backed stablecoins are regulated as e-money tokens (EMTs) or asset-referenced tokens (ARTs). Under the proposed US GENIUS Act framework, fiat-backed stablecoins fall into a payments-stablecoin category distinct from securities-token RWAs. Under SEC enforcement precedent, yield-bearing tokens (USDY) are typically categorized as securities and restricted to qualified investors in the US.
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RWAs carry the standard crypto risks (smart contract, custody, peg) plus a specific overlay of off-chain risks: custodian failure, legal-wrapper enforceability, oracle reporting fidelity, and regulatory action against the issuer. The off-chain layer is the primary risk source — most RWA failures since 2022 have been off-chain (custodian default, fund mismanagement, fraud) rather than onchain (contract bug, oracle manipulation).
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Custodial risk. The off-chain asset is held by a custodian; if the custodian fails or is sanctioned, the token's claim on the asset becomes operationally encumbered. The March 2023 SVB / Signature failure froze stablecoin issuer cash deposits and depegged USDC briefly to $0.87, per Circle's status update. The same custodian-concentration vector applies to tokenized Treasuries: if the trust bank holding BUIDL's underlying T-bills failed, the token's claim would survive (T-bills are bankruptcy-remote) but the operational redemption flow would freeze until a successor custodian was appointed.
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Legal-wrapper enforceability. The token represents a legal claim, but the claim is only as good as the SPV/fund/trust structure that defines it. Tokenized real estate using a Delaware SPV requires the SPV to remain in good standing and the token holders to be recognized as equity holders of record. If the SPV is dissolved, the operating company defaults, or a court enforces a different seniority structure than the token's smart contract assumed, token holders may recover less than the implied claim. SEC enforcement actions against tokenized-securities issuers illustrate the precedent — the legal wrapper, not the token, governs holder recovery.
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Oracle and attestation risk. The onchain price and reserve attestation depend on an off-chain reporter — Chainlink Proof of Reserve, an issuer-published attestation, or a fund administrator's NAV publication. An incorrect or delayed attestation can drift the onchain price away from the true off-chain value, creating arbitrage and stress on collateral systems that use the RWA as backing. The 2022 USDD depeg episode (a non-RWA stablecoin but illustrative) showed how oracle staleness compounds during stress.
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Regulatory action risk. RWA issuers operate under securities laws, banking rules, or commodity-pool regulators, depending on the asset class. An enforcement action against the issuer can freeze redemptions or compel the issuer to delist the token from public DeFi. Tether's 2021 settlements with the NYAG ($18.5M) and CFTC ($41M) are precedent for the size and structure of regulator-driven RWA risk events.
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Smart-contract and admin-key risk. Most RWAs are issued as ERC-20s with issuer-held admin keys for freeze plus burn and transfer-restriction. The keys are necessary for legal compliance (sanctions, court orders) but are also a unilateral control surface. USDC has frozen approximately 700 addresses since deployment; USDT has frozen over 2,000; tokenized-Treasury issuers have similar capability. RWA tokens with revoked freeze functions exist (e.g., DAI's pre-2022 design) but are rare among institutional issuers.
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"The total tokenized real-world asset market on public blockchains crossed $20B in early 2026, with US Treasuries accounting for the majority of growth and private credit the second-largest segment." — rwa.xyz tokenization tracker

RWAs anchor stablecoins to off-chain capital and give DeFi protocols a yield source that doesn't depend on token-emission incentives. The flow goes both directions: stablecoins provide the on-ramp and settlement medium for RWA issuance and redemption; RWAs provide the yield and collateral that stablecoin treasuries can hold productively. The integration is deepening across every major lending protocol, stablecoin issuer, and treasury platform.
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From the DeFi protocol perspective, RWAs solve the yield-source problem that plagued lending in 2022-2023 when the only available yields came from speculative onchain activity. Sky Protocol (formerly MakerDAO) has allocated billions of USDS reserves to RWAs through Centrifuge plus BlockTower and other tokenization partners — generating real-world Treasury yield that backs the USDS peg. Sky Lending holds $5.4B TVL across Ethereum as of April 29, 2026, with a meaningful portion of its collateral in tokenized real-world assets. Aave's Horizon platform (announced 2024) provides a permissioned credit market with RWA collateral types.
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From the stablecoin issuer perspective, RWAs are the reserve composition itself. USDC, USDT, USDP, PYUSD plus RLUSD all hold Treasuries as the primary reserve component. The stablecoin's yield (held by the issuer historically — see Tether's $13B+ reported 2024-2025 profits) becomes shareable with token holders if the issuer chooses to pass it through, which is what differentiates yield-bearing RWA-stablecoins (USDY, BUIDL, USYC) from payment-stablecoins (USDC, USDT). The boundary between the two categories is closing as the GENIUS Act and MiCA frameworks define which structures permit yield pass-through.
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From the corporate treasury perspective, RWAs let CFOs hold productive working capital without leaving onchain rails. A Web3 company managing several tens of millions of operating capital can allocate the bulk to USDY or BUIDL for Treasury yield (yield rates per Ondo's USDY page) while keeping a payments float in USDC for daily operations — and rebalance between the two without leaving custody of the same wallet, the same chain, or the same compliance perimeter. Stablecoin lending platforms increasingly include RWA-collateralized pools as a yield option.
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RWAs sit under securities, banking, and commodity-pool regulators depending on the asset class and jurisdiction. The US relies on existing securities frameworks (Reg D, Reg S, 3(c)(7)) plus the proposed GENIUS Act for payment stablecoins; the EU applies MiCA for fiat-backed and asset-referenced tokens; jurisdictions including Singapore, Switzerland, UAE, and Hong Kong have purpose-built tokenization regimes that have attracted institutional issuers.
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The US framework is fragmented. Tokenized Treasuries issued to qualified purchasers (BUIDL, USYC, OUSG) operate under existing 3(c)(7) and Reg D exemptions and are not registered with the SEC. Fiat-backed stablecoins operate under state money-transmitter licenses (Circle in 40+ states, Paxos under NYDFS, Tether outside US). The GENIUS Act, as passed by the Senate in 2025 and progressing in the House, would establish a federal framework for payment stablecoin issuers — bank-affiliated and non-bank tracks, federal reserve composition standards, and federal redemption rights. The act's passage would consolidate the US stablecoin regime and likely accelerate institutional adoption.
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MiCA's stablecoin provisions took effect in the EU during 2024-2025, requiring fiat-backed stablecoin issuers to register as electronic money institutions and meet reserve plus redemption and disclosure requirements. EURC from Circle is one of the first MiCA-compliant euro stablecoins. The MiCA framework applies broadly to RWAs categorized as asset-referenced tokens (ARTs), including tokenized commodities and multi-asset baskets.
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Singapore's MAS stablecoin framework, Switzerland's FINMA DLT regime, and the UAE's VARA framework provide alternatives for issuers seeking permissive but well-defined jurisdictions. Several major RWA issuers (including Backed.fi for tokenized equities) operate under Swiss DLT licenses precisely because the regulatory clarity exists where US clarity has lagged.
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The RWA market is on track to grow several multiples from its $20B+ April 2026 base (per rwa.xyz), with tokenized Treasuries leading near-term institutional adoption and tokenized private credit and equities scaling as regulatory frameworks consolidate. The longer-arc trend: every major asset class will have an onchain wrapper within five years, and the boundary between traditional finance and crypto will dissolve into a single capital-markets stack with multiple settlement venues.
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Tokenized Treasuries are the highest-conviction near-term growth segment. BlackRock, Franklin Templeton, WisdomTree, plus Fidelity each operate an onchain Treasury product, either already live or in pipeline per rwa.xyz. Bank-affiliated tokenization (JPMorgan's Onyx Digital Assets, Goldman's GS DAP, BNY Mellon's tokenization platform) is launching parallel infrastructure that may merge with public-blockchain RWAs as bridge integrations mature. Citi's Money, Tokens, and Games report projected $4-5T of tokenized real-world assets by 2030 across all categories.
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Tokenized private credit and trade finance are the second-tier growth segment. Maple, Centrifuge, OpenTrade, plus Goldfinch are scaling KYC-gated lending pools that originate against off-chain receivables and route capital from DeFi protocols. The product-market fit is well-established (real yield, asset-backed) but the operational scaling — onboarding originators, managing default workflows, integrating with chain-specific stablecoin rails — has lagged.
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Tokenized equities are the experimental edge. Backed Finance issues 1:1 tokens against underlying NYSE/NASDAQ stocks held in custody by Maerki Baumann, with Chainlink Proof of Reserve attestation. Robinhood announced a tokenized-equity pilot in 2025. Tokenized real estate scaling depends on resolving SPV-management overhead and securities-law constraints — RealT and Lofty have proven small-scale viability but the market hasn't crossed the chasm to scaled adoption.
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The cross-chain layer is the final piece. RWAs issued on Ethereum, Solana, Aptos, Avalanche plus Stellar and other chains need to move between chains for collateral utility — a tokenized Treasury minted on Ethereum needs to serve as collateral on a Base or Solana DeFi venue. Cross-chain stablecoin orchestration platforms — operating on top of CCTP (for USDC), LayerZero OFT (for USDT0 and partner-token transfers), and Hyperlane (for canonical messaging) — are the rail RWAs traverse. Eco Routes, for example, selects between CCTP and Hyperlane to settle stablecoins (which themselves are RWAs) across 15 supported chains, exposing a single intent API that hides which underlying rail handled the transfer.
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Stablecoins are a specific type of RWA — tokens that represent fiat currency held in regulated reserves. The broader RWA category also includes tokenized Treasuries, real estate, gold, private credit, and equities. Industry trackers usually report RWAs and stablecoins separately because their use cases differ (payments and trading vs yield and collateral) but the legal structure is the same.
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BUIDL is the largest tokenized money market fund as of April 2026 at $2.8B per DeFiLlama, but Tether Gold is the largest single tokenized commodity at $3.3B. Counting fiat-backed stablecoins as RWAs, USDT ($189.5B) and USDC ($77.3B) are the largest RWA tokens overall. USDC vs USDT compares the two largest fiat-backed stablecoin RWAs on reserves, regulation, and use cases.
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Most institutional RWAs (BUIDL, USYC, OUSG) require KYC verification and qualified-investor status. Retail-accessible RWAs include USDY (non-US retail), PAXG and XAUT (gold), and platform-fractionalized real estate (RealT, Lofty). Stablecoins (USDC, USDT, USDP) are the most-accessible RWA category and are available through most centralized exchanges and onchain venues.
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RWAs carry custody risk (the underlying asset is held by a regulated entity), legal-wrapper risk (the SPV or fund must remain in good standing), oracle risk (the onchain price depends on off-chain attestation), and regulatory risk (issuers can be subject to enforcement). Tokenized Treasuries from regulated US issuers (BlackRock BUIDL, Circle USYC, Paxos) carry conservative custody risk profiles; tokenized real estate and tokenized credit carry meaningfully higher risk.
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Ethereum is the dominant RWA chain by issuance volume. Major tokenized funds (BUIDL, USYC, USDY) are deployed on Ethereum plus secondary chains including Aptos, BNB Chain, Solana, Stellar, XRPL, Avalanche, Plume, and Near. The cross-chain layer (CCTP, Hyperlane, LayerZero OFT) lets RWA tokens move between chains for collateral and settlement utility.
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Sources and methodology. RWA TVL and protocol stats pulled from DeFiLlama's RWA dashboard and protocol-specific pages on April 29, 2026. Stablecoin supplies pulled from DeFiLlama stablecoins; tokenization tracker context from rwa.xyz. Regulatory references cited from primary regulator pages (SEC, CFTC, NYAG, ESMA/MiCA, MAS). Issuer disclosures cited from Circle, Tether, Paxos, BlackRock, Ondo, Maple, and Centrifuge transparency pages. Figures refresh quarterly.
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For payment teams and treasury operators that hold or settle stablecoin RWAs across chains, Eco Routes orchestrates between CCTP and Hyperlane to move USDC, USDT, USDP, PYUSD, and other stablecoin RWAs across 15 supported chains via a single intent API.
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