Introduction: Asset Design as the New Competitive Edge

With tokenization rails now in place, attention is turning toward what assets actually flow through them. RWAs are not created equal—while Treasuries deliver safe, regulated returns, private credit offers yield with elevated risk; tokenized equities walk a tightrope between compliance and composability.

This Part 2 report from CoinEx Research examines five major RWA asset categories currently gaining traction on-chain:

U.S. Treasuries as the benchmark institutional product
Private Credit as a high-yield, structurally diverse segment
Tokenized Equities as an emerging DeFi-accessible instrument
Sovereign Bonds as a regulated public debt experiment
Commodities as DeFi-native, real-world collateral

Each category reflects different combinations of yield, composability, and compliance—and together, they form the real battlefield for RWA adoption in 2025 and beyond.

Tokenized U.S. Treasuries: The Institutional Entry Point into Onchain Finance

Tokenized U.S. Treasuries represent the most mature and institution-ready segment of the RWA market. They deliver risk-free yield, on-chain liquidity, and programmable compliance—all in one product.

Long regarded as the global benchmark for “risk-free” return, U.S. Treasuries are now being reimagined on-chain as foundational assets for institutional DeFi. This segment has grown over 9x YoY, led by regulated issuers leveraging Ethereum and other L1s to deploy fully compliant, yield-bearing tokens.

Key Players and Product Design Archetypes

Among current offerings, three leading products illustrate two main design philosophies:

Compliance-First & Stable. Tokens like BUIDL and BENJI are designed for institutions requiring strong custody, audit trails, and restricted secondary transfers. These tokens embed traditional fund logic and are suitable for regulated portfolios.
Liquidity-Friendly & Flexible. USDY adopts a more DeFi-native approach: it’s accessible to non-U.S. users, composable within smart contracts, and usable across protocols—making it attractive to Asia and Middle East markets.

Notably, 93% of BUIDL’s supply is on Ethereum, reinforcing its role as the institutional base layer for on-chain finance.

CoinEx Research expects that as regulatory clarity improves—via frameworks like MiCA and the GENIUS Act—and infrastructure (custody, issuance, KYC) becomes standardized, tokenized Treasuries are well-positioned to become the benchmark asset for institutional blockchain allocation.They are likely to be the first RWA category to scale after stablecoins, paving the way for broader institutional participation in tokenized credit, real estate, and equities.

Tokenized Private Credit: High-Yield, High-Risk Corner of the RWA Market

Following the rise of tokenized U.S. Treasuries as the risk-free benchmark for on-chain yield, the market is now moving further along the risk curve. Next in line: tokenized private credit—high-yield, high-risk, and structurally diverse.

Tokenized private credit segment stands out as the most yield-attractive yet structurally fragmented RWA segment—offering >10% APR but operating at the edge of regulatory clarity. As of mid-2025, active loan volume hit $14.16B, with Figure and Tradable contributing ~95%.Institutional issuers are scaling rapidly, while DAO-native models continue to evolve.

Platform Landscape and Lending Models

These platforms span a spectrum—from institutional-grade frameworks (Figure, Tradable) to DeFi-native experiments (Maple, Goldfinch). Centrifuge explores innovative use of NFTs for SME receivables.

CoinEx Research views tokenized private credit is maturing into a mid-risk, yield-bearing primitive:

Figure & Tradable. Will likely anchor institutional adoption via scale and regulatory strength.
Maple & Goldfinch. Serve crypto-native demand, but must enhance underwriting and risk controls.
Centrifuge. A promising model for SME lending if transparency and compliance hold.

Public Equities Onchain: Europe Leads as Tokenized Stocks Gain Institutional Shape

While private credit stretches the risk spectrum, another frontier is gaining traction: tokenized public equities. Though early in development, this segment reflects growing ambition to bring all financial instruments—debt and equity—onto the blockchain.

Tokenized equities have yet to rival traditional stock markets—but a cross-border “tokenized equity corridor” is emerging, led by Europe and select regulatory environments focused on non-U.S. accredited investors.

Backed Finance: DeFi-Integrated Tokenized Equities

Among current platforms, Backed Finance leads with the most DeFi-compatible model. Under Switzerland’s DLT Act, Backed offers ERC-20 tokenized shares and ETFs (e.g., Tesla, NVIDIA, S&P 500) .This positions Backed as the only tokenized equity issuer natively embedded in the DeFi stack.

Alternative Models: Walled Gardens and Compliance Channels

Other platforms like Securitize (U.S.-based) and Archax (UK FCA-regulated) offer tokenized stocks within highly permissioned, institutional environments—often requiring broker-dealer custody and limiting peer-to-peer transferability.

CoinEx Research believes that tokenized equities are transitioning from regulatory pilots to early-stage real-world deployment, shaped by:

Geographic bias: Europe leads, leveraging lighter sandbox frameworks.
Investor segmentation: Focus on institutional or accredited participants.
Strategic divergence: DeFi liquidity vs. compliance-first pathways.

We see Backed Finance as defining the path for DeFi-native tokenized equities, while platforms like Securitize and Archax enable cautious entry points for traditional issuers seeking blockchain exposure.

Tokenized European Sovereign Bonds: Regulated Rails for Public Debt

While tokenized stocks push the boundaries of retail-accessible equity markets, the public sector is also moving—albeit more cautiously—toward tokenization. Sovereign bonds are now entering the chain via fully regulated rails in Europe and Asia.

Unlike U.S. Treasuries, which are often tokenized by private issuers, European sovereign bonds are directly tied to regulatory pilots and public-sector initiatives. This top-down approach serves as a proving ground for institutional-grade digital debt infrastructure.

As of June 2025, total TVL in tokenized sovereign bonds remains modest at ~$237M, but the growth rate has picked up, especially in regulated environments like France and Hong Kong.

Representative Project: Spiko AMF Bond Tokens

EUTBL (Euro bond) and USTBL (USD bond), issued under French AMF registration.
Fully UCITS-compliant, redeemable, and self-custodied.
Deployed on Ethereum and Arbitrum.
Designed to meet traditional portfolio mandates while integrating onchain rails.

source:Spiko

Tokenized sovereign debt is emerging as a strategic entry point for regulated RWAs, particularly in non-U.S. markets where regulatory support enables innovation. CoinEx research anticipates:

Europe and Asia will lead adoption, thanks to regulatory sandboxes and central bank pilots.
Liquidity and composability remain limited, but tokenized bonds offer a low-volatility anchor for institutional portfolios.
As custody standards, programmable coupon systems, and cross-border issuance improve, this segment will gradually scale as a compliant RWA rail.

Tokenized Commodities: Gold-Backed Assets for DeFi Collateral

Beyond sovereign debt, hard assets like gold are also finding utility on-chain. Tokenized commodities are increasingly used as collateral in DeFi and offer a bridge between stable value and blockchain composability.

Tokenized commodities—especially gold—offer real-world price exposure with blockchain-native features such as 24/7 trading and composability. Current players include Tether Gold and Pax Gold. This asset class sits at the intersection of stability and liquidity, often serving as a DeFi-native collateral asset.

Regulatory classification (commodity vs. security), price oracle reliability, and physical custody standards remain key barriers to broader adoption.

CoinEx Research sees tokenized commodities as a bridge between traditional hard assets and programmable finance—well-suited for investors seeking composable, low-volatility exposure in multi-asset portfolios.

Conclusion: RWAs as the Foundation of the Next Financial Epoch

With tokenization rails firmly in place, Part II of our RWA report turns its lens toward the assets flowing through them.

We believe U.S. Treasuries have become the institutional on-chain benchmark—combining regulatory certainty, DeFi integration, and high trust custody. Private credit is emerging as a high-yield, high-risk frontier, still fragmented in structure and oversight. Tokenized equities, while nascent, signal the industry's ambition to bring public equity on-chain—led by European DeFi-integrated models like Backed. Meanwhile, sovereign bonds and gold-backed commodities are establishing low-volatility, compliant rails for institutional portfolios.

These five asset classes reflect the real-world diversity and design trade-offs of the tokenization revolution: from composability vs. compliance, to yield vs. security.

Looking ahead, we believe:

Tokenized Treasuries and private credit will anchor the first wave of institutional allocation.
DeFi-native equity models will co-exist with permissioned issuance.
Sovereign and commodity-backed RWAs will serve as regulated, capital-efficient instruments.

The on-chain capital market is no longer hypothetical—RWAs are moving from experimentation to execution.

Unlocking the On-Chain Asset Era: Real World Asset (RWA) Tokenization Revolution (Part II)