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If you want to trade tokenized real-world assets on-chain, several platforms stand out. The best of these platforms depends on what you want to invest in. For tokenized U.S. treasuries, look at Ondo, BlackRock BUIDL (Via Securitize), and Franklin BENJI. For private credit, Maple and Centrifuge are strong options, while Lofty focuses on tokenized real estate.
Below is a table comparing the best options for trading tokenized real-world assets
| Platform | RWA Class | Who Can Access? | Min Investment | Broker-Free (self-custody)? | Fees | Indicative Yield | Custody & Regulations | Chain (s) | |
|---|---|---|---|---|---|---|---|---|---|
 1. Ondo | Treasuries + money market funds | OUSG qualified purchasers in eligible countries USDY: eligible non-US | OUSG: $5,000 (instant) $100,000 (standard). USDY: no min | Yes: non-custodial wallets only | OUSG: 0.15% management fee ( waived until Jan 1, 2027) | OUSG: 3.45% APY USDY: 3.55% APY | OUSG: Reg D 506(c), 3(c)(7) fund, invested via BlackRock BUIDL USDY: Reg S debt via bankruptcy-remote entity | OUSG: Ethereum, Polygon, Solana, XRPL. USDY: Ethereum, Mantle, Solana, Sui, Aptos, Noble, Arbitrum, Stellar, Sei | Visit Website |
 2. Securitize (BlackRock BUIDL) | Treasuries/ US money-market fund | Qualified purchasers / accredited investors only | $5M | On-chain (whitelisted) | 0.20–0.50% management fee | 3.40% (7D APY) | BlackRock fund; Securitize (SEC-registered transfer agent / broker-dealer infrastructure) | Ethereum & others | Visit Website |
 3. Franklin Templeton (BENJI) | Treasuries / U.S. government money-market fund | US retail and institutional investors | $20 | Yes (Benji app/on-chain) | 0.20% | 3.51 - 3.57% | SEC-registered money market fund (FOBXX), | Stellar, Polygon, Arbitrum, Avalanche, Ethereum, & others | Visit Website |
 4. OpenEden | Treasuries and yield-bearing stablecoin | TBILL: Professional Investors / U.S. Accredited Investors. USDO: non-US residents only | TBILL: $100,000 first deposit, $1 minimum afterward. USDO: $100,000 minimum initial purchase | On-chain, but permissioned/KYC-gated. | TBILL: 0.30% p.a. Total Expense Ratio + 5 bps transaction fee. USDO: 0.03% minting, 0.10% redemption | TBILL: 3.47% (7D APY) | TBILL: BVI-regulated professional fund / segregated custody; USDO: Bermuda-issued, backed by TBILL reserves. | Ethereum, BNB Chain & others | Visit Website |
 5. Spiko | EU-regulated money market funds (Treasuries) | Individuals and businesses (EUR/USD/GBP); global retail | $1 | Yes: tokenized shares in KYC'd wallets across multiple chains | 0.25% management fee | 3.45% (net yield) | AMF-approved MMF; BNY Mellon (T-bill sub-custodian) | Ethereum, Polygon & other chains | Visit Website |
 6. Maple | Private credit | Non-US investors | Not disclosed | Yes, on-chain pools, KYC'd wallets | No stated mgt fees | syrupUSDC/USDT/USDG: 4.8% APY | BTC/ETH collateral in qualified custody (Blue Chip); broader collateral, actively reinvested (High Yield) | Ethereum, Solana & others | Visit Website |
 7. Centrifuge | Private credit / structured | Non-US persons only (Reg S) | Varies by pool | Yes | Pool-specific | 3-17% across pools | BVI-licensed, bankruptcy-remote (Anemoy funds); offered under Reg S | Centrifuge chain & others | Visit Website |
 8. Goldfinch | Private credit | Non-US persons | $100 | Yes | 1.0% total management fee (0.5% protocol + 0.5% pool manager); | 10–12% net estimated | Private investment fund; Heron Advisory (SEC-registered adviser) as pool manager; Inspira Financial Trust as custodian | Base | Visit Website |
 9. Lofty | Real estate (fractional rental property) | Global retail, accredited and non-accredited | $50 per token (new listings) | Yes | 3–3.5% per transaction | Highly variable by property | Each property is held in its own LLC | Algorand | Visit Website |
A tokenized real-world asset is a blockchain token that represents a real, off-chain asset. This could be a Treasury Bill, a bond, a loan, a piece of real estate, or a fund. The actual asset is held by a licensed custodian such as the Bank of New York Mellon (BNY), while investors hold a token that represents their economic interest in it.
Buying a tokenized RWA gives you economic exposure to the asset’s value or any income it generates. It does not give any paper certificate or legal title to the asset itself. Tokenized RWAs fall into different categories such as treasuries and bonds, private credit, real estate, and funds. These are all different from tokenized stocks, commodities, RWA project tokens, and perpetuals.
One common mistake is confusing tokenized RWAs and RWA tokens. They are not the same. A tokenized RWA ( like OUSG) represents the underlying asset itself, while an RWA token (like ONDO) is a project’s own governance or utility token. As of Q1 2026, tokenized RWAs are equivalent in size to about 6.4% of the stablecoin market. That figure is up from 2.7% in 2025, according to CoinGecko.
Yes, on-chain platforms allow you to buy, hold, and self-custody tokenized RWAs without using a traditional brokerage or paying closing fees. However, you still need to pay management, spread, and platform fees on some platforms. So “no closing fees” does not mean completely free fees on some platforms. Platforms like Maple, Lofty, OpenEden, and Ondo support self-custody while BUIDL and BENJI require whitelisted, KYC-authorized wallets within their apps.
Tokenized US Treasuries lead the RWA market with $15.16 billion in assets as of July 2026. They are suitable for investors interested in low-risk yield backed by US Treasuries and money market funds. Among the available platforms, Ondo leads in terms of product breadth, while BlackRock’s BUIDL dominates in institutional adoption.
| Platform | TVL | Yield | Eligibility | Fees | Source |
|---|---|---|---|---|---|
1. Ondo | OUSG: $410.43M USDY: $2.16B | 3.45% 3.55% | Accredited/qualified purchasers Non-US only | 0.15% (waived to Jan 2027) - | ondo.finance/ousg ondo.finance/usdy |
2. Securitize (BlackRock BUIDL) | $2.23B | 3.40% | Qualified Purchasers | 0.20 - 0.50% | https://securitize.io/primary-market/blackrock-fund rwa.xyz/assets/BUIDL |
3. Franklin Templeton (BENJI) | $759.13M | 3.51 - 3.57% | U.S. Retail & Institutional | 0.20% | digitalassets.franklintempleton.com/benji https://app.rwa.xyz/assets/BENJI |
4. OpenEden | TBILL: $212.25M USDO: $24.5M | 3.47% | TBILL: Professional / U.S. Accredited Investor USDO: Non-US | TBILL: 0.30% p.a. + 5 bps USDO: 0.03% mint / 0.10% redeem | https://openeden.com/ https://docs.openeden.com/tbill/introduction https://docs.openeden.com/tbill/fees https://docs.openeden.com/tbill/subscriptions https://docs.openeden.com/usdo/introduction https://app.rwa.xyz/assets/USDO |
5. Spiko | $170.80M | 3.45% | Individuals and businesses | 0.25% | https://www.spiko.io/ https://docs.spiko.io/documentation/product_overview/tbills/spiko_MMFs/ https://www.spiko.io/spiko-treasury-bills-euro https://www.spiko.io/spiko-treasury-bills-dollar |
Ondo
Ondo is one of the leading tokenized RWA platforms with $3.59B in TVL(across all its products, according to its website). Ondo offers two broad products with a combined TVL of $2.57B. The first, OUSG is available for accredited and qualified purchasers, with $410.43M in TVL and 3.45% APY. The other product, USDY, is strictly for non-US individuals and investors and currently has $2.16B in TVL with an APY of 3.55% across 9 chains.
Securitize (BlackRock BUIDL)
BUIDL is the tokenized Treasury fund from BlackRock, the world’s largest asset manager. As of July 2026, BUIDL holds $2.2B in treasuries and cash and has expanded to over 8 chains, including Solana and BNB Chain.
Franklin Templeton (BENJI)
BENJI is the world’s first U.S.-registered mutual fund to use a public blockchain as its official system of record. It currently manages over $759 million in U.S. Treasury assets across nine blockchains, including Stellar, Ethereum, and Solana. It charges a 0.20% fee and a 7-day yield of 3.51% – 3.57%. BENJI’s terms of service specify a low $20 minimum investment.
OpenEden
OpenEden offers two tokenized Treasury products. TBILL offers accredited investors exposure to U.S. Treasury bills and currently manages $212 million in assets. It is also the first tokenized RWA product with independent S&P and Moody’s credit ratings. The next product OpenEden offers is the USDO, a yield-bearing stablecoin for eligible non-US users.
Spiko
Spiko is a France-based, regulated money market platform that invests in short-term U.S. Treasury bills. The platform’s USD fund manages about $171 million and charges a 0.25% management fee. Spiko has a low minimum investment of $1, making it the most accessible option on this list.
Tokenized private credits are one of the most profitable sections of the RWA market, with yields sometimes around 3-17%. These higher returns come from funding loans to businesses and institutions rather than investing in lower-risk assets like government debt. Although private credits have huge earning potential, they are also high-risk investments. Performance depends heavily on borrowers repaying their loans. Overall, Private credit is suitable for investors seeking income and who are comfortable taking on credit and liquidity risks.
| Platform | TVL | Yield | Eligibility | Fees | Source |
|---|---|---|---|---|---|
1. Maple | $4.18B | 4.8% APY | Non-US investors | Low protocol fee | https://maple.finance/ https://maple.finance/about https://app.maple.finance/earn?asset=usdc&_gl=1*t8zvdq*_ga*MTc2MDY0MjE4Mi4xNzgzNDQ1NzE4*_ga_7GW90C7X77*czE3ODM0NDc5MjIkbzIkZzEkdDE3ODM0NDgwNzQkajE4JGwwJGgw |
2. Centrifuge | $1.8B | 3 - 17% | Non-US persons | Pool-specific | https://centrifuge.io/ https://app.rwa.xyz/platforms/centrifuge https://defillama.com/protocol/centrifuge-protocol |
3. Goldfinch | $1T+ (total fund manager AUM) | 10-12% | Non-US, $100 min | 1.0% | https://prime.goldfinch.finance/ https://docs.goldfinch.finance/goldfinch/faq https://www.goldfinch.finance/ |
Maple
Maple is one of the largest tokenized private credit platforms, with over $4.1 billion in assets. It offers yield through products like syrupUSDC. It also has institutional lending pools that are backed by crypto collateral held in qualified custody. Blue Chip pools only accept BTC and ETH as collateral, while High Yield pools use a wider range of assets.
Centrifuge
Centrifuge does not offer a single investment product like most platforms on this list. Instead, it is a platform for tokenized credit. Data from its website says the platform supports over $1.8 billion in assets across Treasury funds, corporate credit, and other structured investments. Depending on the pool, yields range from about 3% for Treasury-backed assets to as much as 17% for higher-risk credit (DeFillama).
Goldfinch (Prime)
With Goldfinch, eligible non-US investors can invest in a diversified portfolio of over 4,200 private credit loans managed by major firms such as Ares, Apollo, and Blackstone. Goldfinch targets a 10-12% net annual yield, which is decent for investors. The platform has a 1% fee and $100 minimum investment, which is a good entry point into tokenized private credit.
Tokenized real estate offers exposure to a physical, income-yielding asset, which is something the other two classes do not. Returns come from actual rent, not interest. This means that yields vary across properties and are not platform-wide. Tokenized real estate suits investors comfortable with individual property risks rather than pooled diversification
| Platform | TVL | Yield | Eligibility | Fees | Source |
|---|---|---|---|---|---|
1. Lofty | $100M (total invested) | Property-specific | Global retail, accredited and non-accredited | 3–3.5% | http://lofty.ai https://www.lofty.ai/blog/tokenized-real-estate-platforms-by-fees https://www.lofty.ai/marketplace |
Lofty
Lofty allows investors to buy fractional ownership in individual U.S. rental properties for as little as $50 per token. Investors receive daily rental income and can trade tokens on the platform, vote on property decisions through each property’s LLC. Rental yields vary widely by property, and transactions typically cost around 3-3.5%. So far, over $100M has been invested in Lofty, and $5.2M has been distributed to investors.
The safety of a tokenized real-world asset depends less on the platform’s popularity and more on how the assets are held. Most tokenized funds like Ondo’s OUSG and BlackRock’s BUIDL keep the underlying asset with licensed custodians such as BNY Mellon. The custodians usually hold these assets in separate legal structures. This way, investors are protected should the issuer face financial struggles.
However, holding a tokenized RWA on a centralized exchange works differently. You rely on the exchange to protect your holdings, which introduces a concept known as counterparty risks.
Before investing, check four core things:
Everything we covered focuses on spot exposure, which involves buying and holding the underlying asset. If you’re looking for leveraged or perpetual exposure to RWAs instead, that’s a different risk profile, and we cover it in a separate guide: Best Perp DEXs for Tokenized RWAs
The best way to choose a platform for tokenized RWA is to choose based on investment goal:
Tokenized RWAs have massive potential, but they also come with risks. For example, your returns depend on the underlying asset and the platform managing it. Investments like private credit carry the risk of borrower defaults, while real estate tokens may be difficult to sell due to thin liquidity.
Varying redemption time is another challenge. Some tokenized RWA platforms process withdrawals within a few days; others, like Goldfinch, only offer quarterly redemptions. Additionally, many platforms restrict investors based on their region or accreditation status. Finally, like any blockchain app, tokenized RWAs face smart contract and operational risks.
To reduce your risks, here are 5 core things to check before investing:
Yes, you can. On-chain RWA platforms allow you to buy, hold, and sometimes self-custody tokenized treasury, real estate, or funds without a broker. However, most of these platforms require KYC and management fees.
On-chain platforms do not charge the traditional closing fees. However, spread, management fees, redemption fees, and platform fees still apply. For example, Franklin BENJI charges 0.20%, and Spiko 0.25%. So, “no closing fee” does not mean no fees at all.
Through issuers like Ondo (OUSG, USDY), BlackRock’s BUIDL via Securitize, or Franklin Templeton’s BENJI. These platforms typically require you to complete KYC, fund with USDC or USDT, then mint directly. Some of these platforms have gated access. For example, BUIDL has a $5M minimum investment.
Lofty offers LLC-membership interest tokens, starting around $50. Yield varies by individual property. So, confirm eligibility, fees, and self-custody before stating.
Tokenized Treasuries and money-market funds offer yields between 3.4% and 3.6%, while private credit ranges between 3% and 17%, depending on risk. Tokenized real estate varies by property. However, yield is not the same as price stability. Verify terms for each product.
Yes, Franklin BENJI accepts US retail investors without accreditation. OUSG, on the other hand, is limited to US accredited/qualified investors. However, most tokenized RWA platforms are non-US-only, including Ondo’s USDY, Centrifuge’s pools, and Goldfinch Prime.
Key risks include changes in regulation, reliability of custody, and market liquidity issues
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