RWA Infrastructure Tier List
The RWA industry doesn’t get to $32B without a ton of infra quietly shipping behind the scenes.
Almost nobody knows the full stack behind issuance, compliance, custody, transfer agents, settlement, oracles, PoR, fund admin, cross-chain collateral, repo,wallet infra…
I do, so you don’t have to:
🔶 Issuance Platforms
@Securitize : ~$4.2B tokenized value, $3.4B AUM, ~$1.9B Q1 volume, and $19.5M Q1 revenue.
@OndoFinance : ~$3.71B platform value, 440 assets. OUSG/USDY products, the cash/fund product layer crypto can actually use.
@centrifuge : ~$1.64B TVL, ~$81M active loan volume, and ~500 commits over the past 6 months.
@SuperstateInc : ~$983M across only 2 funds. High-quality regulated US fund wrappers with tax-aware structures.
Libeara: ~$1.1B across 14 assets. Standard Chartered-backed infra with exactly the distribution channel RWA needs.
@Spiko_finance : ~$1.84B across 9 assets. Fund wrappers + onchain distribution at scale outside the US issuer lane.
@TokenySolutions : ~$284M across 3 funds. ERC-3643 + T-REX compliance stack.
@Brickken : $450M+ assets moved onchain, 100+ clients, multi-chain issuance and compliance tooling.
@circle : ~$3.1B AUM in USYC, largest tokenized MMFs. CCTP has moved around $126B across 19 chains.
@Paxos : ~$5.8B across 5 assets, one the largest tokenized gold issuer.
🔶 Custody
@FireblocksHQ / @Anchorage / @coinbase Custody / @komainu : these five custody providers dominate most institutional RWA flows.
@Ripple Custody: bank-facing custody stack with Chainalysis AML, HSM integrations, and clients/signals like BBVA, DBS, Intesa, and Kyobo.
🔶 Oracle / Bridge
@chainlink : oracle + CCIP + proof-of-reserve layer, already powering data for a ~$400M Amundi/Spiko token fund.
@redstone_defi : RWA data/oracle stack focused on tokenized asset pricing, PoR, and standards research.
@PythNetwork : high-speed market data oracle expanding into stocks, FX, and real-world feeds.
@LayerZero_Core : cross-chain messaging, already tied to $500M+ in RWA cross-chain transfers.
@wormhole : broad cross-chain bridge infra across 10+ chains.
@axelar : interoperability gateway used in JP Morgan / Oasis Pro-style tokenized fund pilots on Avalanche.
🔶 Execution Layers
@ethereum : still the main settlement layer with ~$16.2B in RWA value.
@CantonNetwork : consortium-style interoperability and legal coordination layer.
@arbitrum : ~$818M RWA market cap, ~$329M active value, with strong DeFi + RWA overlap.
@plumenetwork : ~$110M distributed asset value, 210 RWAs, and 180+ projects building.
@avax : important for subnets and JP Morgan-style repo/tokenized fund experiments.
Those are the big names everyone should at least recognize.
But the stack behind KYC, transfer restrictions, cap table sync, legal wrappers, custody, NAV, PoR, settlement, reporting, and secondary trading goes way deeper than this.
Full map below 👇
Cumberland, SwissBorg and Fluid just officially joined Hashi on @SuiNetwork
I think this move clearly shows that sui:native is serious about building Bitcoin finance.
Hashi isn’t the usual wrapped $BTC stuff. It keeps real Bitcoin on the Bitcoin chain, while Sui smart contracts handle the logic to turn it into collateral for lending and borrowing.
Right now there are already over 20 partners involved, and the number keeps growing.
The main goal is to unlock more than $1.2T worth of BTC that’s just sitting idle, instead of forcing people to sell it or send it to centralized platforms that caused a lot of problems in the past.
Each new partner actually brings real impact:
> @CumberlandSays (a big market maker) joining should improve liquidity and better pricing when institutions want to lend or borrow BTC on Hashi. Less slippage, more professional market.
> @swissborg (a wealth app with over 1M users) joining could open the door for retail users and individual investors in Europe to access BTC backed yield products on Sui more easily.
> @0xfluid joining means they’ll build actual lending markets for BTC collateral, creating more capital efficient borrow/lend opportunities on Sui.
I’m curious to see how much real activity shows up once the testnet goes live, especially from the institutional side.
➤ Top 10 Biggest Token Unlocks This Week
This week has several notable unlocks that could create short-term selling pressure across different narratives:
> @Humanityprot $62M unlock on Jun 24 (2.93% of supply)
> @ton_blockchain $GRAM $58.2M unlock on Jun 23 (0.71%)
> @worldnetwork $WLD $24.1M (ongoing daily unlocks)
> @CantonNetwork $CC $22.4M (ongoing daily)
> @SUPERFORTUNE888 $GUA $19.7M on Jun 27
> @SaharaAI $SAHARA $13.8M on Jun 26
> @megaeth $MEGA $13.7M on Jun 23
> Official Trump $TRUMP $11.5M (ongoing daily)
> @Plasma $XPL $8.5M on Jun 25
> @newton_xyz $NEWT $7.39M on Jun 24
Imagine two agents, running their own real U.S. LLC, sit down and negotiate a deal like actual counterparties.
They hash out everything, sign it through an e-signature flow and lock it into a Ricardian Contract onchain.
The work gets accepted and USDC flows automatically.
That right there is what we call the Ricardian Contracts, finally coming alive through autonomous entities.
Just like that, you just kicked off a headless economy where AI can do real business as sovereign actors.
Big respect to the whole @ClawBankHQ team for shipping it live.
1 Rally NFT Giveaway for my community 🎉
Rules are very simple:
> Follow @RallyOnChain and me
> Like this post + tag 2 frens
> Join and participate in the Rally campaign below:
https://t.co/yUrfS4eMOZ
Winner will be selected next Monday, and I'll DM directly.
Note: to be eligible for the whitelist, you need to actually join and participate in the campaign above.
Also, you can earn more GTD whitelists by joining 3 Rally campaigns and finishing Top 425 on the weekly leaderboard.
Good luck frens 🤝
$ARCADE launches on Ethereum today at 4 PM UTC. The game and bot are already live. Gaming continues to be one of the strongest narratives this cycle.
CA: 0xcdB6f83225A4e1341ea1e52a8af06ED19546E9b6