RealT, Lofty, and Propy all let you touch US residential property onchain, but they solve three different problems. RealT and Lofty fractionalize rental homes through securities wrappers and stream net rent to token holders. Propy tokenizes the deed itself, recording title transfer onchain rather than slicing a property into yield shares. Picking the wrong one means the wrong cash flow profile, the wrong tax form, and the wrong path to exit.
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This guide compares the three on the structure that actually matters: legal wrapper, yield source, liquidity, regulatory footing, and what the buyer actually owns.
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RealT issues fractional securities in single-family rentals through per-property Wyoming or Delaware LLCs and distributes rental income to token holders on Gnosis Chain. Lofty does a similar job on Algorand, also using a per-property LLC structure and streaming rent daily. Propy is not a fractional-yield product at all; it is a US real estate transaction platform that mints an NFT representing the deed for whole-property purchases. For platform-level supply and activity, cross-check rwa.xyz.
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Use this matrix as a first filter. Each row reflects how the three platforms publicly describe themselves as of mid-2026.
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RealT runs the longest-established fractional rental program of the three. Each listing is a separate Delaware Series LLC or Wyoming LLC that owns one property; the token is a membership interest in that LLC. Rental income flows from tenant to property manager to LLC to token holders, net of expenses, on a weekly cadence. RealT pays in xDai or USDC depending on user preference and chain.
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Gnosis Chain is the design choice that matters. Low fees make weekly micro-distributions to thousands of token holders per property economically realistic in a way that Ethereum mainnet rent streaming is not. RealT also operates an internal secondary marketplace and integrates with Levinswap, the Gnosis-native DEX, so token holders have two paths to exit before the underlying property is sold. Liquidity is thinner than a public stock, deeper than a private syndication.
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The constraint is what you are buying. A RealT token is a claim against a specific LLC that owns a specific house. If tenants default, the LLC absorbs it; if a roof needs replacing, the LLC pays. Yields published on each listing are gross of those events. Treat the published cap rate as a marketing number and read the offering memorandum for the actual fee stack, reserve policy, and management agreement before sizing a position.
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Lofty took a similar bet to RealT and routed it through Algorand instead of Gnosis. Each property sits inside a Wyoming LLC, and the token is structured as a membership interest in that LLC, with Wyoming's DAO-friendly LLC statute giving Lofty a cleaner legal frame for onchain governance than most state regimes. Rent accrues daily and is withdrawable on demand in USDC.
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The user-facing difference is cadence and chain. Lofty's daily accrual is friendlier for users who want to see balances tick up rather than wait for a weekly rent run. Algorand's transaction model handles the rent streaming and the order book inside the app. Secondary liquidity is concentrated inside Lofty's app rather than on a public DEX, which simplifies KYC enforcement but means depth depends entirely on Lofty's user base for that property.
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Underwriting questions are the same as RealT's. Each listing has its own occupancy history, repair backlog, and local market dynamics. Yields published on the listing are projections net of Lofty's fees, not guarantees. Vacancy and capex hit token holders directly through the LLC.
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Propy sits in a different category. It is a US real estate transaction platform that helps a buyer complete a whole-property purchase and mints an NFT that mirrors the recorded deed. The underlying property is owned by the buyer at the county recorder, exactly the same as any normal sale; the NFT is an onchain receipt and routing primitive, not a substitute for state title law.
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What Propy is good for is closing speed and the onchain provenance of the deed. The platform has handled US property transactions where escrow, title insurance, and recording all run through Propy-coordinated counterparties, with the NFT linked to the resulting deed. The PRO token is a separate ERC-20 used for fees and platform incentives; it is not a claim on any property.
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Propy does not stream rent, does not fractionalize, and does not give token holders a share of cash flow. If you want yield, this is not the platform. If you want a faster, more legible US closing with an onchain record, this is what it sells.
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Wyoming codified DAO-friendly LLC statutes in 2021 and has since become the default state for tokenized-asset SPVs that want clean membership-interest treatment plus a permissive stance on onchain governance. For platforms like Lofty and (in some series) RealT, that means each property can sit inside its own bankruptcy-remote LLC where the operating agreement explicitly recognizes tokens as the record of membership.
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The wrapper does the actual work. It separates the property from the platform's balance sheet, it gives token holders enforceable membership rights under state law, and it gives the issuer a clean legal frame to argue the token is a security interest in the LLC rather than a free-floating instrument. If the LLC fails, token holders have a recognized claim against its assets. If the platform fails, the LLC survives separately. That is the structure US securities counsel typically wants to see before signing off on a fractional listing.
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Liquidity is the part most newcomers get wrong. None of these tokens trades like a public stock. RealT shares move on its internal marketplace and on Levinswap, with depth set by Gnosis Chain liquidity providers and other RealT holders looking to rotate. Lofty's order book lives inside the Lofty app, so depth is whatever Lofty's user base offers for that specific property on that day. Propy deed NFTs are not designed to trade frequently; resale follows the normal listing-and-closing path of any other house.
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For a treasury or RIA modeling these positions, the realistic assumption is private-market liquidity with an onchain assist. You can probably exit in days rather than months, but at a discount when there is no natural buyer for that specific property's token. Plan the position size accordingly.
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Match the platform to the goal. Yield with the longest track record and a public DEX for exit goes to RealT. Yield with daily accrual and a self-contained app goes to Lofty. Deed transfer with an onchain receipt goes to Propy. Mixing them up is how investors end up disappointed.

Tokenized rental income is still rental income. RealT and Lofty distributions are typically reported to US holders as LLC distributions and follow the usual rental real estate tax treatment, including depreciation passthrough at the LLC level. Non-US holders sit inside the platforms' Reg S or equivalent flows and should read each platform's tax guide before assuming withholding behavior.
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Propy transactions are normal US real estate transactions for tax purposes. The NFT does not change the underlying tax treatment of buying or selling a house. Talk to a CPA who has actually closed one of these before treating any of it as settled.
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This comparison reflects publicly available product documentation from each platform plus the rwa.xyz tokenized real estate dashboard. Supply, listings, and yield projections move with market conditions; verify against current disclosures and the platforms' offering memoranda before making allocation decisions.