RWA heat is shifting from conceptual hype to the practical implementation of real-asset on-chain issuance plus institutional settlement infrastructure.
$LINK Chainlink (LINK) — a leading RWA infrastructure provider; its CCIP protocol has been adopted by SWIFT and Coinbase. In Q1, it processed over $18.0 billion in transfer volume, with a market cap of about $5.89 billion.
$ONDO Ondo (ONDO) — a leader in tokenized U.S. Treasuries. Its flagship product, OUSG, has holdings exceeding $820 million, and USDY provides a 4.6% annualized yield on XRPL.
$ENA Ethena (ENA) — the issuer of synthetic dollar USDe. Governance is handled via a fee switch, and 95% of protocol net revenue will be used to buy back ENA, putting an end to the sell pressure from VC unlocks.
Pendle (PENDLE) — the core of the on-chain fixed-income market. The PT/YT mechanism turns RWA floating yields into fixed-rate instruments, with 66 new RWA-related markets launched in 2026.
Plume (PLUME) — an L1 built specifically for RWA. Its subsidiary obtained a Bermuda Class M license and SEC approval for a transfer agent, enabling the operation of the first regulated on-chain treasury worldwide.
Tether Gold (XAUT) — a leading gold-backed token. In Q1, its market cap surpassed $3.3 billion; the number of holders surged 173%. In times of geopolitical tension, large amounts of capital flow in as a safe-haven.
PAX Gold (PAXG) — another gold-backed token. Its market cap is about $2.3 billion, accounting for 41.8% of the tokenized gold market, and provides a 24/7 on-chain gold safe-haven exposure.
$LINK Chainlink (LINK) — a leading RWA infrastructure provider; its CCIP protocol has been adopted by SWIFT and Coinbase. In Q1, it processed over $18.0 billion in transfer volume, with a market cap of about $5.89 billion.
$ONDO Ondo (ONDO) — a leader in tokenized U.S. Treasuries. Its flagship product, OUSG, has holdings exceeding $820 million, and USDY provides a 4.6% annualized yield on XRPL.
$ENA Ethena (ENA) — the issuer of synthetic dollar USDe. Governance is handled via a fee switch, and 95% of protocol net revenue will be used to buy back ENA, putting an end to the sell pressure from VC unlocks.
Pendle (PENDLE) — the core of the on-chain fixed-income market. The PT/YT mechanism turns RWA floating yields into fixed-rate instruments, with 66 new RWA-related markets launched in 2026.
Plume (PLUME) — an L1 built specifically for RWA. Its subsidiary obtained a Bermuda Class M license and SEC approval for a transfer agent, enabling the operation of the first regulated on-chain treasury worldwide.
Tether Gold (XAUT) — a leading gold-backed token. In Q1, its market cap surpassed $3.3 billion; the number of holders surged 173%. In times of geopolitical tension, large amounts of capital flow in as a safe-haven.
PAX Gold (PAXG) — another gold-backed token. Its market cap is about $2.3 billion, accounting for 41.8% of the tokenized gold market, and provides a 24/7 on-chain gold safe-haven exposure.