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RWA Frenzy: Discover the 4 Platforms Revolutionizing Real-World Assets!

BBG News

It seems the tokenization of real-world assets (RWAs) has become the latest craze to capture the hearts and wallets of the crypto elite. As the crypto space has won the favor of many an institutional investor over the past year, it’s no surprise that TradFi capital is now pouring into DeFi like a sudden downpour in a desert. 🌋💰

Take, for instance, BlackRock’s tokenized treasury fund, BUIDL, a shining example of this sudden largesse. This fund, which grants investors exposure to the venerable US Treasury bills, cash, and repurchase agreements, has recently surpassed the $1 billion mark. And if that’s not enough to make your eyes water, tokenized treasuries alone are now worth a staggering $4.4 billion. 😱

As all sorts of assets are bought and sold on-chain, from real estate and bonds to precious metals and intellectual property, investors are rushing to explore the RWA trading scene. While this sector is growing, the question on everyone’s lips is: which platforms are live right now and ready to usher you into the RWA revolution? 🚀

Here’s a rundown of the top four real-world assets (RWA) trading platforms:

Top 4 Platforms For Trading Real-World Assets (RWA)

1. Ethena

Ethena, an Ethereum-based synthetic dollar protocol, has managed to create something of a Frankenstein’s monster in the form of its flagship asset, the delta-neutral USDe. This asset benefits from the liquidity of a stablecoin while being backed by the volatility of BTC, ETH, and short futures positions.

If that sounds a bit like navigating a maze, don’t panic: it’s not as complex as it seems. USDe allows investors to pocket returns by buying spot BTC/ETH and shorting perpetual swaps on exchanges. Ethena’s other stablecoin, USDtb, is backed by tokenized BlackRock money-market fund shares, adding a touch of sophistication to the mix.

Interestingly, the protocol has both on- and off-chain components, with smart contracts enabling the minting, redeeming, staking, and unstaking of USDe, and services handling the delta hedging positions for deposited backing assets. Ethena has even joined forces with Securitize to launch Converge, a dedicated, EVM-compatible blockchain for tokenizing RWAs and supporting Ethena’s stablecoins.

2. INX

INX, a U.S.-regulated platform, has managed to combine crypto, security tokens, and premium RWAs backed 1:1 by the underlying assets, including tokenized shares of tech giants like Google, Tesla, and Microsoft. INX has even tokenized the S&P 500 ETF and BlackRock’s iShares Treasury ETF, and was responsible for the first SEC-registered security token ($INX) back in 2020.

With $40 million in RWA and security token volume in 2024, INX is putting the pedal to the metal and striving to be the ‘face’ of the tokenized RWA scene. Recent upgrades, such as the introduction of credit card deposits and a Buy Assets feature, have only added to its appeal.

3. MANTRA

MANTRA, a regulatory-friendly, multi-asset platform, leverages the Inter-Blockchain Communication (IBC) protocol and aims to bring the global financial system on-chain. As a layer-1 chain, MANTRA is making waves with its Central Limit Order Book (CLOB) DEX, which allows investors to trade tokenized TradFi goods like debt, equities, fractionalized real estate, and U.S. treasury-backed securities.

Its Google Cloud-backed RWAccelerator offers funding, mentorship, and AI smarts to the next generation of RWA projects. MANTRA raised $11 million last year, and its founder, John Patrick Mullin, envisions the project as the “layer of recognition for all the settlement of real-world assets.”

4. Pendle

Yield optimization protocol Pendle dropped its first RWA product in 2023, including MakerDAO’s Boosted Dai Savings (sDAI) and Flux Finance’s fUSDC stablecoin, both generating yield from TradFi sectors. Since then, it has positioned itself as a gateway to tokenized real-world assets for those wishing to fix or leverage their yield.

One of Pendle’s notable features is its ability to split an asset’s principal and yield, allowing users to trade future yields on assets like bonds separately from the base value. They can also take advantage of TradFi tools like interest rate derivatives, swaps, and fixed income to manage yield. In short, Pendle unlocks sophisticated strategies for both TradFi and DeFi aficionados, bringing greater recognition to RWAs as tradable commodities.

Final words

With the total value of RWAs locked in DeFi now exceeding $10 billion, this revolution seems set to rumble on for many years to come. Expect to see more tokenized versions of physical assets on a blockchain near you soon. The question is, which one has caught your eye? 📈✨

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2025-03-28 08:38

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