As of March 2026, the total market for the tokenization of Real World Assets was over $23.6B; about 65% of this market is based on the Ethereum blockchain. The three platforms that are responsible for assembling this number are Securitize, Centrifuge and Ondo Finance. Each of these platforms takes a different approach to addressing the shared challenge of converting traditional financial assets into blockchain-based assets while not violating the regulatory framework under which institutions were created and operate today. As such, each of the platforms arrives at different outputs from their respective algorithms and each has its own distinct segment of the market to compete in.<h2>Securitize: The Compliance Layer Everyone Else Builds On</h2>Securitize has multiple licensable assets and offers regulated, compliant financial services as a registered broker dealer, a registered investment advisor and a registered transfer agent with the SEC. The regulatory permissions make Securitize stand out from other tokenization platforms, as opposed to the fact that it has cutting-edge technology. In fact, BlackRock selected Securitize to serve as their issuing partner as the<a href="https://www.coindesk.com/business/2025/11/14/blackrock-s-usd2-5b-tokenized-fund-gets-listed-as-collateral-on-binance-expands-to-bnb-chain" rel="noopener noreferrer" target="_blank"> </a>BUIDL tokenized money market fund with more than $2.2 billion in on-chain RWA has entered the market. KKR and Hamilton Lane each utilized Securitize to help tokenize their shares of existing funds and provide clients access to previously private markets. Managing trillions of dollars, these asset managers required a partner that would operate within their existing regulatory infrastructures and would not require them to rebuild their business activities from scratch using cryptocurrency primitives. At the same time, most people do not understand Securitize Markets. There is no secondary market for the majority of tokenized assets; therefore, the assets end up failing after launch as opposed to after issuance. The ATS license allows institutional investors to consider static tokens established via Securitize as positions rather than long-term lockups. For tokenized US Treasury instruments,<a href="https://www.ccn.com/education/crypto/blackrock-buidl-fund-tokenized-money-markets-explained/" rel="noopener noreferrer" target="_blank"> </a>Securitize currently commands a 42% share of the market. The next phase of growth for Securitize is expected via an anticipated<a href="https://www.theblock.co/post/393044/goldman-sachs-top-xrp-etf-holder-wave-super-fans-analysts" rel="noopener noreferrer" target="_blank"> </a>NASDAQ listing via SPAC merger with a $1.25 billion pre-money valuation. The development phase of Securitize will reach completion once infrastructure businesses go public.<h2>Ondo Finance: DeFi Logic Applied to Government Debt</h2>Ondo does not directly hold a license from the SEC. It utilizes partnership structures, including custodial partner Coinbase and broker-dealer partner Clear Street, and exploits regulatory arbitrage to expand globally, while remaining legally defensible in the U.S. At Ondo, the company has created a recurring product platform that includes USDY, a yield-bearing stablecoin, which is backed by Treasuries and serves the DeFi (decentralized finance) consumer, and OUSG, which is a tokenized short-term U.S. government bond designed for institutional investors. As such, the same underlying asset is wrapped in two separate product wrappers to create two entirely different buckets of investors. The flexibility of here has contributed to<a href="https://www.theblock.co/post/361120/ondo-finance-to-acquire-us-regulated-broker-oasis-pro-for-tokenized-securities-expansion" rel="noopener noreferrer" target="_blank"> </a>Ondo's total value locked as of January 2026 exceeding $2.5 billion. Compared to Securitize, the primary distinction in their business operations is that Securitize integrates with DeFi (decentralized finance). For example, USDY and OUSG are available on at least 80 multichain applications. Both assets can also be used as collateral in on-chain lending protocols. In July 2025,<a href="https://ondo.finance/blog/ondo-acquires-oasis-pro" rel="noopener noreferrer" target="_blank"> </a>Ondo completed its acquisition of Oasis Pro, the SEC-registered broker-dealer, indicating that they are pursuing to close the licensing gap ahead of any regulatory authority-directed requirement. The next phase of Ondo's growth will be to obtain approval to offer tokenized U.S. stocks and ETFs across 30 EEA (European Economic Area) countries, which will have a combined potential investment population of over 500 million people. Instead of creating a proprietary chain for its own operations, WisdomTree chose Ondo to become its infrastructure partner; the level of confidence that decision represents holds significant weight.<h2>Centrifuge: Private Credit's On-Chain Operating System</h2>Centrifuges are tackling one of the hardest to solve problems in the financial world - how to create a solution for fund managers who are struggling to find new viable sources of funding. Most of the time money market funds and treasury bills are easy to value, tradeable and provide a good reference point on pricing; however, private credit types of investment, such as SMEs, trade finance receivables and invoice finance, have none of these features, thus they are inherently a form of illiquid private credit with no transparency due to their bilateral nature and the nature of the market in which they operate. In order to provide margin to fund managers, credit based assets from the physical world are converted to structured on-chain direct placement contracts (DPCs) pools using Centrifuge's model, using smart contracts to facilitate the creating of an account for the pools, tranche the pools and manage cashflow between those pools. By facilitating liquidity on on-chain liquidity markets, the investor can achieve yield without going through a bank. The Special Purpose Vehicle (SPV) is the legal framework that governs its operation. An SPV is an offshore entity, and the SPV's assets are not considered on-chain, but instead retained by an off-chain SPV. The off-chain enforced law, as well as the funding and settlement processes, will take place at the on-chain layer of the SPV. This separation allows us to leverage traditional companies to access decentralized liquidity without a complete reconstruction of their businesses around a cryptocurrency-based infrastructure. As of early 2026, Centrifuge has been growing the fastest out of the three platforms examined above, and will have a locked asset volume increase of 222% per month on average since 2021.<a href="https://centrifuge.io/blog/makerdao-rwa-reflection" rel="noopener noreferrer" target="_blank"> </a>The MakerDAO accepts RWA collateral from Centrifuge for each of its centrifuge pool tranches. Therefore, Centrifuge's exit liquidity is dependent on its relationship with MakerDAO. Additionally, there is a concentration risk in the relationship with MakerDAO that is not being sufficiently vocalized.<h2>Three Platforms, Three Compliance Strategies</h2>The compliance layer and ownership of compliance licenses at Securitize means they have full control over compliance. In contrast to Securitize, Ondo is competing with others on the distribution and composability with DeFi while partnering with others in order to have licenses. Meanwhile, Centrifuge competes primarily based on eligibility of various asset classes; they utilize offshore special-purpose vehicles (SPVs) for the purpose of establishing legal distance or separation from the underlying asset classes. For the present time period, there is enough size of the market to support all three companies without one company eating into the revenue streams of the other two companies. <a href="https://www.mckinsey.com/industries/financial-services/our-insights/from-ripples-to-waves-the-transformational-power-of-tokenizing-assets" rel="noopener noreferrer" target="_blank">According to McKinsey,</a> it is estimated that by 2030, there will be $2 trillion worth of tokenized assets in use. Similarly, Standard Chartered projects that by 2028, tokenized assets will amount to $2 trillion. With the total size of today's house market of $23.6 billion, it is very unlikely that any two of these three companies will be able to collude with each other even if one of the two projects is correct. Three different companies are now fighting over who gets to build the furniture in an empty room.

Securitize, Ondo Finance, and Centrifuge lead RWA tokenization, using different models—regulatory compliance, DeFi-integrated Treasury products, and on-chain private credit markets.

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