Real-world asset tokenization moved decisively from pilot to production in 2025. Securitize alone administers over $4B in tokenized assets including the largest tokenized money-market funds; Ondo's USDY note and OUSG fund are mainstream institutional products; private-credit tokenization on Centrifuge and Maple has produced meaningful loan volume. The category is now best understood as regulated securities infrastructure that uses public chains for settlement.
This review compares the leading platforms across asset class focus, regulatory model, transparency, and the practical question of who can actually hold the tokens.
In This Article:
Snapshot
The institutional standard. Tokenized fund administration, transfer agency, and broker-dealer for BlackRock BUIDL and many others.
Asset focus: Funds, equities, alternatives
On-chain U.S. Treasury and money-market exposure via USDY (note) and OUSG (fund). Strong UX, institutional and accredited access.
Asset focus: Tokenized Treasuries
Tokenized private credit pools with on-chain transparency. The longest-running RWA private-credit platform.
Asset focus: Private credit, structured pools
On-chain credit marketplace pivoted to RWA-collateralized lending after 2022. Strong in undercollateralized institutional credit.
Asset focus: Institutional credit
Tokenized exposure to listed ETFs and equities for non-U.S. investors. EU-regulated structured product wrapper.
Asset focus: Tokenized equities & ETFs
Key Findings
- Securitize has become the default transfer-agent for tokenized U.S. funds — most large issuers (BlackRock, Apollo, Hamilton Lane) work through Securitize's stack.
- Tokenized Treasuries are now ~$5B+ in AUM globally, with the bulk concentrated in BUIDL, BENJI, USDY, and OUSG.
- Private credit tokenization remains small relative to the off-chain private credit market but has demonstrated 24/7 settlement and on-chain reporting as durable advantages.
- Most institutional-grade tokens require qualified-purchaser or accredited-investor onboarding via the issuing platform; on-chain transfers are restricted at the smart-contract level.
Securitize
Securitize operates the registered transfer agent and broker-dealer that sits behind most U.S. tokenized funds. The platform handles compliance, investor onboarding, distributions, and on-chain issuance across Ethereum, Polygon, and several other chains. Its tokenization-as-a-service model has made it the de facto institutional infrastructure layer.
Ondo Finance
Ondo issues two flagship products: USDY, a tokenized note backed by short-duration Treasuries for non-U.S. and accredited holders, and OUSG, a tokenized share of an institutional Treasury fund. Ondo's UX-focused approach has made it the most popular destination for on-chain Treasury exposure outside the largest fund issuers.
Centrifuge
Centrifuge is the longest-running on-chain private-credit platform. Asset originators (invoice factoring shops, trade finance, real-estate bridge lenders) bring loan pools to the platform; institutional and DeFi capital provides funding. The platform's transparency tooling — pool dashboards, reserve composition, on-chain repayments — has set the standard for the segment.
Maple Finance
Maple pivoted hard after 2022's crypto-credit losses, exiting undercollateralized crypto lending in favor of RWA-collateralized institutional credit. The platform now runs Treasury-backed cash management pools and selective private-credit pools.
Backed Finance
Backed issues EU-regulated structured products providing on-chain exposure to listed ETFs and equities for non-U.S. investors. Each token is 1:1 backed by the underlying instrument held by a custodian. The product line includes tokenized SPY, AAPL, COIN, and several ETFs.
How to Choose
- Tokenizing a fund or security: Securitize is the default; comparable broker-dealer alternatives are limited.
- Treasury / cash management: Ondo OUSG or USDY, alongside BUIDL and BENJI (covered separately).
- Private credit exposure on-chain: Centrifuge for pools, Maple for institutional names.
- Non-U.S. exposure to listed equities/ETFs on-chain: Backed Finance.
Related reading: Stablecoins & Tokenized Treasuries · Private Credit Platforms · On-Chain Analytics Platforms.