RWA Tokenization Platforms: A Directory of Who Actually Does What (July 2026)

Bottom line: "platform" is four different jobs sharing one word

An "RWA tokenization platform" is almost never one company doing one thing. The phrase covers four separate jobs — managing the fund, issuing the tokens and keeping the register, custody, and trading — and the confusion between them is where most bad analysis of this market begins. BlackRock's BUIDL is the clean illustration: BlackRock manages the fund, Securitize is the tokenization platform, and Securitize Markets, LLC is the broker-dealer that actually takes the subscription. Before asking "which platform is best," work out which layer you are looking at. What follows is a dated directory, not a ranking, and none of it is a recommendation.

One number to fix in your head first.

If you want the concept rather than the players, start with what RWA tokenization is. Everything below is about who is actually doing it, with an as-of date on every figure.

The four layers

Two products show the split cleanly:

• BUIDL — the fund is "BlackRock USD Institutional Digital Liquidity Fund Ltd.", the platform is Securitize, and subscriptions run through Securitize Markets, LLC for qualified investors only. Total asset value $2.87B, up 21.12% over 30 days, 7-day APY 3.40%, across eight chains (nine deployments — Ethereum carries two share classes, BUIDL and BUIDL-I): Ethereum $1.02B combined (35.5%, across $827M/28.8% and $192M/6.7%), Avalanche C-Chain $903M (31.5%), Solana $622M (21.7%), BNB Chain $246M (8.6%), with Optimism, Arbitrum, Aptos and Polygon each under 1% (as of 2026-07-15, rwa.xyz). Count chains, not rows: a dashboard listing nine lines is not the same as nine networks.
• JTRSY — Anemoy is the issuer, Centrifuge is the platform, Janus Henderson is the sub-advisor. Three companies, one product. It holds only U.S. T-bills with 0–3 months remaining maturity; total asset value $879M; professional and non-U.S. accredited investors only (as of 2026-07-15, rwa.xyz).

Category directory (as of July 2026)

Tokenized treasuries and money-market funds

The largest category: $15.52B distributed value across all products (as of 2026-07-15, rwa.xyz).

The right-hand column is the story. This market is not retail. Almost every product is gated to institutions or accredited investors, and USYC and USDY add a restriction pointing the other way — Americans are excluded, because both are sold to non-U.S. persons under Regulation S or an equivalent exemption. The Benji Investments app is close to the only ordinary retail door in this table.

It is also worth being precise about what these instruments are. USYC and USDY look and sound like stablecoins, but they are interests in yield-bearing funds and they are not pegged to a dollar — USYC's NAV was $1.13 as of 2026-07-15. A payment stablecoin like USDC is a different legal animal sold to different people.

Three things changed in 2026 that most directories still have wrong:

• USTB is no longer a Superstate fund. It is now officially the "Invesco Short Duration US Government Securities Fund", managed by Invesco Advisers, Inc. — roughly $770M AUM, 3.52% 30-day yield, management fee ≤0.15% (as of 2026-07-16, Superstate). Superstate is the transfer agent and platform, not the manager.
• USCC is now the Bitwise Crypto Carry Fund. Bitwise assumed investment management on 2026-06-01, keeping the same ticker, smart contracts and token address. AUM over $259 million as of 2026-05-29, roughly 4% yield, 0.75% management fee, qualified purchasers only under Section 4(a)(2). Superstate stayed on as SEC-registered transfer agent and as sub-adviser through a 120-day transition (Bitwise).
• Superstate stepped back from fund management on purpose. Its products are now FundOS (tokenizing funds) and Opening Bell (tokenizing stock on Ethereum and Solana with token-level permissioning, allowlisted wallets and programmatically enforced restrictions), with Galaxy Digital (GLXY) and Forward Industries (FWDI) as listed examples (as of 2026-07-16, Superstate).

Read those three together and you can watch the market specialise: asset managers manage, platforms platform.

WisdomTree is the regulatory outlier. The SEC granted exemptive relief for 24/7 trading and instant settlement of WTGXX shares — "the first time registered tokenized mutual fund shares have been permitted to trade and instantly settle 24/7 within the U.S. regulatory perimeter via a dealer-principal liquidity model" (2026-02-24, WisdomTree IR). That closing qualifier is the whole story, and the release spells out the mechanism: "Trading occurs through bilateral transactions with WisdomTree Securities acting as principal up to its balance sheet capacity, rather than through an exchange or trading venue." Round-the-clock trading against one dealer's balance sheet is not the same thing as a market.

OUSG is a fund of tokenized funds

Nothing shows how layered this market is better than OUSG: $408.11M, 30-day yield 3.44% (as of 2026-07-14 16:00 EDT, Ondo). Its portfolio:

Hold OUSG and you indirectly hold BUIDL and FOBXX. When you identify "the platform," assume there may be another platform underneath it.

Private credit

$7.02B distributed value against $35.57B represented, across 2,507 tokenized credit assets and 185,202 holders (as of 2026-07-15, rwa.xyz).

Goldfinch is closing. GIP-87, "Maintenance Mode of Goldfinch Operations and Wind-Down Goldfinch Prime," was posted 2026-06-12: existing Goldfinch Prime investors "would be fully redeemed, and the Goldfinch Prime app would be shuttered responsibly," leaving the project focused on "[s]upporting ongoing resolution of legacy borrower pools," keeping the legacy app alive so users can collect repayments, and "[r]esponsibly winding down Foundation operations." Legal rights pass to a new U.S. trust with Ted Gavin as trustee, and Warbler Labs receives $150,000 USDC for wind-down services over two or more years (Goldfinch Governance). The vote passed with roughly 1.1 million GFI in favour and zero against, clearing quorum more than four times over. Goldfinch Prime had launched in February 2025 but "has not achieved the level of adoption needed to justify continued investment"; the protocol originated roughly $100 million in loans in total, and "a handful of borrower pools" showed "serious performance issues" requiring "years of restructuring, legal proceedings and recoveries" (The Block, 2026-06-23).

Most "top RWA platforms" listicles still have Goldfinch in the present tense. That is the entire argument for reading the date on a directory before you read the directory.

Centrifuge has repositioned from private credit to "infrastructure for onchain asset management," now covering "funds, credit, treasuries, or other institutional assets." It reports $1.8B+ TVL and 1,768 assets tokenized (self-reported and undated; checked 2026-07-16, Centrifuge). Products: Build on Centrifuge (self-serve issuance), deRWA tokens (wrapping institutional assets so they can move in DeFi), and Anemoy, its fund-structuring subsidiary. Named partners include Janus Henderson, Apollo, Coinbase, Morpho and Aave; a New York Life Investment Management partnership was announced in June 2026.

Issuance, transfer agency and infrastructure

If you are searching for an "RWA tokenization development company," this is the layer you actually want.

Securitize signed a Memorandum of Understanding with NYSE on 2026-03-24, which named it "the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on the upcoming NYSE-affiliated tokenized securities platform." Note the tense: NYSE only "plans to partner" with Securitize, and "[s]ubject to applicable requirements, this work is expected to support Securitize's role as an approved digital transfer agent for the platform." That is a stated intention, not a completed integration (ICE). Securitize then listed on NYSE under the ticker SECZ on 2026-07-02 and tokenized $295 million of its own common stock on Solana and Avalanche on day one; holding it requires being an "eligible U.S. investor" who clears identity verification on Securitize's regulated platform (CoinDesk). Its platform total on rwa.xyz is $5.07B across 24 RWAs and 1,860 holders, up 17.42% over 30 days (as of 2026-07-15).

Tokenized stocks: three different things wearing one name

• Ondo Global Markets lists over 440 tokenized stocks and ETFs on Ethereum, BNB Chain and Solana. It states "Not Available in US" and is built for non-US retail and institutional users; UK, Swiss and EEA access is limited to qualified or professional investors. Tokens are "fully backed by the corresponding stock or ETF" held with US-registered custodial broker-dealers, with an independent Security Agent holding a first-priority perfected security interest. Mint/redeem runs 24/5; peer-to-peer token trading is 24/7 (as of 2026-07-16, Ondo).
• Superstate Opening Bell tokenizes stock from the issuer's side.
• Securitize tokenized its own NYSE-listed shares.

A third party wrapping custodied shares and an issuer tokenizing its own equity are not the same instrument. Do not let the phrase "tokenized stock" flatten them.

Japan: issuance is compounding, the secondary market is tiny

This is the part English-language directories skip. Per BOOSTRY's survey of publicly available information (published 2026-04-02, Nomura Holdings), Japan's public-offering security token issuance in FY2025 was ¥165.0bn for the year and ¥333.3bn cumulative — roughly double the prior year — across 24 new tokens (82 cumulative), with seven individual deals above ¥10bn. BOOSTRY forecasts ¥200bn for FY2026 and ¥530bn cumulative; that is a forecast, not a result.

The asset mix tells you what Japan's ST market actually is:

And then the number that matters most:

START, a proprietary trading system (PTS) run by ODX, began trading on 2023-12-25. Its first listing was the Ichigo Residence Token, issued by Ichigo Owners — a wholly owned subsidiary of Ichigo Group — over six residential properties, with ¥2.925bn total issuance and an operating period of about five years and two months. It was issued on the Progmat platform (Neweconomy). Today START trades only real estate STs that ODX has approved, though ODX states an intent to expand to other ST types (as of 2026-07-16, ODX). Investors must open an ST trading account at a participating securities firm and order through it.

Two platforms carry Japanese issuance. Progmat was established 2023-10-02 as a deliberately neutral joint venture — Mitsubishi UFJ Trust Bank alongside NTT Data, Mizuho Trust Bank, Sumitomo Mitsui Trust Bank, SMFG, SBI PTS Holdings, JPX Institute and Datachain. In a pre-Series A first close announced 2025-04-09, Nochu Trust Bank, Aozora Bank and Kenedix joined and MUFG Trust's stake fell to 42.39% — kept deliberately below the consolidated-subsidiary threshold to preserve that neutrality. BOOSTRY, established 2019-09-02, operates "ibet for Fin"; as of its 2023-03-30 announcement its shareholders were Nomura Holdings 51%, Nomura Research Institute 34%, SBI 10% and JPX 5%.

For a concrete issuer: Kenedix, founded 1995, is a pioneer of Japanese real estate securitization. It executed Japan's first public-offering real estate security token on the Progmat platform in August 2021 and had reached roughly ¥139bn in cumulative ST AUM (appraisal-value basis) as of end-February 2025. Its total AUM is described as over ¥4.6 trillion — but the source for that figure, a joint release dated 2025-04-09, attaches no measurement date to it (Progmat et al.). Treat it as "self-reported, as published 2025-04-09," not as current — the same discipline this article applies to every other number.

The legal frame

Japan's amended Financial Instruments and Exchange Act took effect 2020-05-01 and created 電子記録移転権利 (electronic record transfer rights). The consequential move: these were promoted from second-category to first-category securities, which brings issuer disclosure obligations and a ¥50 million minimum capital requirement for handlers. A carve-out — 適用除外電子記録移転権利 — keeps second-category treatment and no mandatory disclosure (¥10 million capital for handlers), but only if two technical constraints hold: acquirer restrictions limiting holders to qualified institutional investors or equivalent, and transfer restrictions requiring both holder consent and issuer approval for every single transfer (BUSINESS LAWYERS). Per the Japan Securities Dealers Association, tokenized traditional securities such as shares and corporate bonds are トークン化有価証券, while tokenized collective investment scheme interests are 電子記録移転権利 (JSDA).

The design principle is that Japan regulates the substance, not the wrapper — which is why stablecoins sit under the Payment Services Act while security tokens sit under FIEA. The stablecoin side is covered in Japan's stablecoin regulation.

Five questions to evaluate any platform

1. Which layer is it? Manager, issuance rail, custodian and venue are different companies. You cannot hire Fireblocks to be your transfer agent.
2. Who can actually buy it? Most of the table above is closed to the public. "RWA gives everyone access to Treasuries" is, product by product, mostly not true today.
3. Distributed or represented? A 10x difference hides inside that one word.
4. Is it holding other tokenized funds? OUSG shows that nesting is normal.
5. What date is this information? USTB's manager, USCC's name and Goldfinch's existence all changed within a year.

Sources also disagree with each other. rwa.xyz showed USYC at roughly $3B (as of 2026-07-15, rwa.xyz) while Circle's own USYC page showed roughly $313M — about ten times smaller — when checked on 2026-07-16 (Circle). This article does not adjudicate which is correct — it is a live reminder to never trust a single source for a number.

Risks: the token is not the legal claim

• Legal claim vs token. A token is a record; the enforceable right may sit elsewhere. Know who owes you redemption — for USYC that is a Cayman-registered Hashnote fund; for BUIDL it is "BlackRock USD Institutional Digital Liquidity Fund Ltd."
• Redemption. Windows, minimums ($5,000 for instant OUSG mint/redeem; $100,000 for USYC and USTB) and a counterparty's operating hours all bind. Ondo Global Markets mints and redeems 24/5 even though its tokens trade 24/7.
• Liquidity. Issued is not tradable. START's ¥33.6bn against ¥333.3bn issued is a stark illustration of that gap; WisdomTree's 24/7 window is bounded by one dealer's balance sheet.
• Counterparty. Manager, token administrator, custodian and transfer agent are separate firms, and any of them can exit. Two Superstate products changed manager within a year and Goldfinch shut down; this layer moves.
• Smart contracts. Permissioning does not remove contract bugs or admin-key design flaws — see smart contract risk.
• How "decentralized" is it really? Polymesh requires KYC from every participant and restricts node operation to licensed entities; Superstate's Opening Bell enforces allowlists at the token level. Onchain does not mean freely transferable — see centralized vs decentralized.