The complete list of active RWA projects and their legal wrappers

Issuer

BlackRock / Securitize

Wrapper

BVI professional fund, Reg D / Reg S private placement

Jurisdiction

British Virgin Islands · BVI FSC, US SEC (exempt offering)

Verification

BNY Mellon (custody), Securitize (transfer agent) · Daily NAV, monthly fund reporting

Access

Qualified purchasers, USD 5m minimum

Chains

Ethereum, Solana, Avalanche, Polygon, Aptos, Arbitrum, Optimism

The benchmark institutional wrapper: a regulated fund share recorded on-chain rather than a bearer token. Redemption sits with the transfer agent, not a smart contract.

Issuer

Franklin Templeton

Wrapper

US registered 1940 Act money market fund

Jurisdiction

United States (Delaware) · US SEC

Verification

Franklin Templeton (transfer agent of record) · Daily NAV, monthly N-MFP filings

Access

Retail eligible in supported markets

Chains

Stellar, Polygon, Base, Aptos, Avalanche, Arbitrum

The only major tokenised treasury product that is a fully SEC-registered fund, with the blockchain acting as the official share register.

Issuer

Ondo Finance

Wrapper

Delaware LLC feeder into BUIDL and other treasury funds

Jurisdiction

United States / Cayman Islands feeder · US SEC (Reg D exemption)

Verification

Ankura Trust (verification agent) · Daily holdings disclosure

Access

Accredited and institutional only

Chains

Ethereum, Solana, Polygon, XRP Ledger

A feeder wrapper: holders own an interest in an Ondo entity that in turn holds fund shares, adding one intermediary between token and treasury bill.

Issuer

Ondo USDY LLC

Wrapper

Bankruptcy-remote Delaware LLC, secured note structure

Jurisdiction

United States · Reg S offering, non-US holders

Verification

Ankura Trust (collateral agent) · Monthly reserve reporting

Access

Non-US retail after 40-day lockup

Chains

Ethereum, Solana, Sui, Aptos, Mantle

Structured as a note secured on bank deposits and short-term treasuries, so holders are secured creditors rather than fund shareholders.

Issuer

Superstate

Wrapper

Delaware fund, SEC-registered investment adviser

Jurisdiction

United States · US SEC (adviser registration), Reg D

Verification

Anchorage Digital, Cohen & Company (audit) · Daily NAV, annual audit

Access

Qualified purchasers

Chains

Ethereum, Solana

Runs an on-chain share register with an off-chain book-entry mirror, a hybrid that keeps the fund inside conventional US securities law.

Issuer

Hashnote (Circle group)

Wrapper

Cayman Islands fund, CIMA registered

Jurisdiction

Cayman Islands · CIMA, US CFTC (adviser registrations)

Verification

Not disclosed in full · Daily NAV

Access

Institutional, whitelisted wallets

Chains

Ethereum, Canton, Solana

Acquired by Circle in 2025 and positioned as collateral infrastructure for exchanges, which makes its redemption queue systemically relevant.

Issuer

Paxos Trust Company

Wrapper

New York limited purpose trust company, direct title to allocated gold

Jurisdiction

United States (New York) · NYDFS

Verification

Brink's London vaults, monthly independent attestation · Monthly attestation with serial-numbered bar list

Access

Retail

Chains

Ethereum

The strongest legal wrapper in tokenised gold: holders take title to specific allocated bars, and the bar list is published with refiner and serial number.

Issuer

TG Commodities Limited

Wrapper

El Salvador entity, beneficial interest in allocated gold

Jurisdiction

El Salvador (redomiciled from BVI) · El Salvador CNAD

Verification

Swiss vault, quarterly attestation · Quarterly

Access

Retail outside restricted markets

Chains

Ethereum, Tron, TON

Large and liquid, but the attestation cadence is quarterly rather than monthly and the vault operator is not publicly named.

Issuer

Matrixdock (Matrixport)

Wrapper

BVI issuer, LBMA good-delivery bars held in Singapore

Jurisdiction

British Virgin Islands / Singapore custody · No dedicated token regime; custody under Singapore law

Verification

Singapore vault operator, monthly attestation · Monthly

Access

Retail outside restricted markets

Chains

Ethereum, BNB Chain

Publishes bar lists and offers physical redemption in Singapore, but the issuing entity is offshore with no single prudential regulator.

Issuer

Burlcore Mining

Wrapper

Ugandan mining company, licence-backed offtake against allocated production

Jurisdiction

Uganda (Busia, Lake Victoria Gold Belt) · Directorate of Geological Survey and Mines (DGSM), Mining and Minerals Act 2022

Verification

Independent assay and refiner documentation per shipment · Per-consignment reporting

Access

Institutional and strategic partners

Chains

Not yet public

Burlcore Mining Uganda sits upstream of the tokenised gold market: it holds DGSM-licensed production rather than vaulted bars, so the verification question is licence and assay provenance rather than vault attestation. See our full Burlcore Mining review for the documentation trail.

Issuer

Backed Finance AG

Wrapper

Liechtenstein tracker certificate under the TVTG (Blockchain Act)

Jurisdiction

Liechtenstein / Switzerland · FMA Liechtenstein, Swiss DLT Act framework

Verification

Bank custody with independent verification agent · Daily proof of reserves page

Access

Non-US professional investors

Chains

Ethereum, Base, Gnosis, Polygon

One of the few structures where a token is a recognised security under a purpose-built national blockchain statute rather than a contractual workaround.

Issuer

Maple Finance

Wrapper

Cayman SPV pools with off-chain loan agreements

Jurisdiction

Cayman Islands · None dedicated; lending documented under NY law

Verification

BitGo and Anchorage for collateral, quarterly pool reporting · Continuous on-chain pool data

Access

Accredited and institutional

Chains

Ethereum, Solana

Overcollateralised lending against digital assets. Recovery depends on enforcing off-chain loan documents, which the 2022 default cycle showed is slow.

Issuer

Anemoy Capital (Centrifuge)

Wrapper

BVI professional fund managed by Janus Henderson

Jurisdiction

British Virgin Islands · BVI FSC

Verification

Third-party fund administrator, independent NAV · Daily NAV, on-chain portfolio data

Access

Professional investors

Chains

Ethereum, Base, Celo, Arbitrum

A traditional asset manager running the mandate while the fund register lives on-chain, which is becoming the standard hybrid model.

Issuer

Goldfinch / Heron Finance

Wrapper

SEC-registered adviser feeder into senior private credit funds

Jurisdiction

United States · US SEC (adviser registration)

Verification

Fund administrators of underlying managers · Quarterly underlying fund reporting

Access

Accredited investors

Chains

Ethereum

Rebuilt after the unsecured-lending era into a feeder that only touches senior secured funds from established managers.

Issuer

Securitize Markets LLC

Wrapper

SEC-registered transfer agent, broker-dealer and ATS

Jurisdiction

United States · US SEC, FINRA

Verification

Fund-specific administrators and auditors · Per-fund

Access

Accredited investors, secondary trading on the ATS

Chains

Ethereum, Avalanche, Polygon, Solana

The infrastructure layer behind much of the institutional RWA market, including BUIDL and Apollo's tokenised credit fund.

Issuer

Apollo Global Management / Securitize

Wrapper

Feeder fund into an Apollo credit strategy, Reg D

Jurisdiction

United States · US SEC (exempt offering)

Verification

Apollo fund administrator · Monthly NAV

Access

Qualified purchasers

Chains

Ethereum, Solana, Avalanche, Ink, Polygon

Brings a mainstream private-credit manager on-chain, with token transfer restricted to whitelisted addresses to preserve securities compliance.

Issuer

Hamilton Lane / Securitize

Wrapper

Delaware feeder into a Hamilton Lane fund

Jurisdiction

United States · US SEC (Reg D)

Verification

Institutional fund administrator · Monthly

Access

Accredited, minimum reduced to USD 20k

Chains

Polygon

A useful precedent for wrapper economics: tokenisation cut the traditional five-million-dollar minimum by two orders of magnitude.

Issuer

Tradable (ZKsync ecosystem)

Wrapper

Per-deal SPVs with permissioned transfer

Jurisdiction

Multiple, deal-dependent · Deal-dependent; no single regime

Verification

Deal-level administrators · Deal-dependent

Access

Institutional

Chains

ZKsync Era

Large notional but per-deal disclosure, which makes independent comparison of collateral quality difficult from public data alone.

Issuer

Figure Technologies

Wrapper

US securitisation trusts with on-chain loan records

Jurisdiction

United States · US state lending licences, SEC-registered entities

Verification

Rating-agency reviewed securitisations · Per-deal servicer reporting

Access

Institutional buyers of the securitisation

Chains

Provenance

The largest genuinely rated on-chain lending programme: home equity loans originated, recorded and securitised on a permissioned chain.

Issuer

RealT

Wrapper

Per-property Delaware or Wyoming LLC membership interests

Jurisdiction

United States · Reg D / Reg S exemptions

Verification

Property managers, no consolidated audit · Rent distribution reporting

Access

Non-US retail and US accredited

Chains

Ethereum, Gnosis

Each token is an LLC membership interest in a single property, so liquidity and legal recourse are as thin as the underlying LLC.

Issuer

HM Treasury / UK DMO

Wrapper

Digital sovereign debt instrument under UK law

Jurisdiction

United Kingdom · HM Treasury, FCA and Bank of England sandbox

Verification

UK Debt Management Office · Programme milestones

Access

Institutional participants in the pilot

Chains

Permissioned DLT

A sovereign issuer testing the same wrapper question as private RWA projects: which legal record is authoritative, the ledger or the register.

Issuer

Monetary Authority of Singapore and partners

Wrapper

Regulator-supervised pilots across funds, FX and fixed income

Jurisdiction

Singapore · Monetary Authority of Singapore

Verification

Participating banks and administrators · Programme publications

Access

Institutional participants

Chains

Multiple, pilot-dependent

The most detailed public source on how supervisors expect tokenised wrappers to handle settlement finality and investor protection.