RWAs & Tokenization Researcher. Pharmacist.
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Joined August 2020
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Looking for tokenized RWA projects other than just tokenized stocks, look no further.
Here’s your comprehensive list.
Tokenized assets are beyond public stocks.
That I talk about stocks all the time does not mean there are no other categories.
Using @RWAFoundation_’s list, I looked out over 140 projects building in several categories beyond tokenized public stocks.
A thread 🧵.
I looked up the revenue for 8 stablecoin issuers in every quarter of 2026 and here was what I found.
- @tether made $4.31B in nine months, about $1.4B every single quarter.
- @circle made $1.74B, flat at around $580M a quarter.
- @SkyEcosystem's revenue is down 20% since Q1, @ethena's 19% and @Paxos' 26%
- @worldlibertyfi made $96.6M from USD1, now ahead of Paxos.
- @falconfinance is down 50% and @usualmoney 31%.
Together, Tether and Circle made over $6B in nine months. Everyone else is fighting over what's left.
The stablecoin business is huge, but it's not growing evenly.
I looked up the quarterly revenue for 11 tokenization companies in 2026.
Here was what I found.
- @Figure made $393M in the first half alone, and its Q3 results land on 12 November.
- @RobinhoodApp chain made $51M in Q3, and $41M of that came in September.
- @Securitize's onchain revenue is up 180% since Q1, led by Blockchain Capital's tokenized fund.
- @Spiko_finance grew about 10x in one quarter, from $126K to $1.35M
- @SteakhouseFi is up 149%, @maplefinance 13% and @centrifuge 10%.
- @SuperstateInc is the only one heading the other way, down 39%.
Stablecoin issuers are slowing down, while the companies tokenizing real assets are speeding up.
The money is starting to follow the assets.
Data per @tokenterminal & @DefiLlama.
stein retweeted
I looked up the quarterly revenue for 11 tokenization companies in 2026.
Here was what I found.
- @Figure made $393M in the first half alone, and its Q3 results land on 12 November.
- @RobinhoodApp chain made $51M in Q3, and $41M of that came in September.
- @Securitize's onchain revenue is up 180% since Q1, led by Blockchain Capital's tokenized fund.
- @Spiko_finance grew about 10x in one quarter, from $126K to $1.35M
- @SteakhouseFi is up 149%, @maplefinance 13% and @centrifuge 10%.
- @SuperstateInc is the only one heading the other way, down 39%.
Stablecoin issuers are slowing down, while the companies tokenizing real assets are speeding up.
The money is starting to follow the assets.
Data per @tokenterminal & @DefiLlama.
I looked up the quarterly revenue for 11 tokenization companies in 2026.
Here was what I found.
- @Figure made $393M in the first half alone, and its Q3 results land on 12 November.
- @RobinhoodApp chain made $51M in Q3, and $41M of that came in September.
- @Securitize's onchain revenue is up 180% since Q1, led by Blockchain Capital's tokenized fund.
- @Spiko_finance grew about 10x in one quarter, from $126K to $1.35M
- @SteakhouseFi is up 149%, @maplefinance 13% and @centrifuge 10%.
- @SuperstateInc is the only one heading the other way, down 39%.
Stablecoin issuers are slowing down, while the companies tokenizing real assets are speeding up.
The money is starting to follow the assets.
Data per @tokenterminal & @DefiLlama.
No issuer has more tokenized stocks working in DeFi than @xStocksFi.
- $115M deposited in DeFi apps, nearly double since July.
- @pendle_fi is the biggest home at $45.6M, then @kamino at $28.2M, where you can borrow against your stocks.
- $1.9B traded in 30 days, 87% of it on Solana.
- Nvidia ($450M) and SpaceX ($336M) are the most traded.
- 1.03M holders across ~2,900 tokens.
On @solana, @xStocksFi’s token design fits right into DeFi, and the numbers show it.
Data: @tokenterminal
stein retweeted
This article simply explains the utility of the thousand of stocks we have onchain today and how much work they currently do.
It’s no news that tokenized stocks are still under utilized and that we still have a long way to regarding this.
Stocks pay dividends and different issuers have a unique way of handling it. So far, many issuers either use (1) the multiplier or (2) the rebasing method.
the multiplier system doesn’t touch the raw token balance but your multiplier and balance reflects the dividend after being paid.
the rebasing system on the other hand does the opposite.
In lending systems, what they prefer is former (the multiplier system). It keeps the pool balance in sync since rebasing causes the raw token balance to change at every time dividends are paid.
In that light, I looked up stocks are active in DeFi and the statement that DeFi and lending systems prefer multiplier system was confirmed.
.@xStocksFi Solana tokens that use the multiplier system have about $111M in DeFi, but their EVM tokens only hold a few milly.
@coinbase (B20), @RobinhoodApp and @bstocksfinance all use the ERC-8056 multiplier.
Some other data I found.
- bStocks traded the most in raw dollars ($4.00B), but on $1.23B of supply.
- Coinbase did $2.20B on just $33.6M, the busiest supply of any issuer.
The article gives a better picture to all of these.
.@coinbase's stock tokens are one of those doing pretty really well in DeFi.
- 56.7% of all Coinbase stock tokens are deposited in DeFi, more than any other issuer.
- DeFi deposits went from $3.98M to $19M in 8 weeks.
- $2.2B traded in 30 days, 65x their onchain value.
- @aave holds $11.3M as loan collateral: you can borrow up to 65–79% against 7 stocks
- Alphabet and Nvidia are the most used in DeFi with Strategy being the most traded.
.@coinbase built its stock tokens to work in DeFi from day one.
Data: @tokenterminal
This article simply explains the utility of the thousand of stocks we have onchain today and how much work they currently do.
It’s no news that tokenized stocks are still under utilized and that we still have a long way to regarding this.
Stocks pay dividends and different issuers have a unique way of handling it. So far, many issuers either use (1) the multiplier or (2) the rebasing method.
the multiplier system doesn’t touch the raw token balance but your multiplier and balance reflects the dividend after being paid.
the rebasing system on the other hand does the opposite.
In lending systems, what they prefer is former (the multiplier system). It keeps the pool balance in sync since rebasing causes the raw token balance to change at every time dividends are paid.
In that light, I looked up stocks are active in DeFi and the statement that DeFi and lending systems prefer multiplier system was confirmed.
.@xStocksFi Solana tokens that use the multiplier system have about $111M in DeFi, but their EVM tokens only hold a few milly.
@coinbase (B20), @RobinhoodApp and @bstocksfinance all use the ERC-8056 multiplier.
Some other data I found.
- bStocks traded the most in raw dollars ($4.00B), but on $1.23B of supply.
- Coinbase did $2.20B on just $33.6M, the busiest supply of any issuer.
The article gives a better picture to all of these.
.@Securitize listened and added labels to their stocks.
- CET: Convertible Entitlement Tokens.
They represent entitlement tokens and the whole idea around the CETs is to serve as a pathway to conversion to issuer sponsored tokens when the path opens.
For example, if Amazon finally accepts to bring their shares onchain with securitize, you have the right to convert your stock entitlement directly into actual registered shares on the company's register.
- IST: Issuer Sponsored Tokens.
They represent tokens that are the real share. $SECZ is the only IST available rn, but hopefully we get many other companies to give in as tokenization wings grow even further.
another big day for tokenization as @Securitize finally launches tokenized U.S. stocks that is available for trading within the U.S perimeters.
would be nice to highlight a few things here.
- these new tokenized stocks by securitize barring $SECZ are not issuer sponsored but security entitlements per the NY UCC article 8.
- suprisingly, @Backpack issues similar tokenized stocks that are security entitlements but are not available for trading within the U.S.
here is why.
> backpack's restriction is not caused by the security entitlement itself, but by the platform's integrated crypto native capabilities. U.S. regulations do not allow a single consumer account to seamlessly blend traditional equities with unregulated crypto and high-risk derivatives which they do.
under SEC rule 15c3-3, U.S. broker dealers must keep customer securities strictly separated from the firm's own business capital and other volatile asset classes.
here is what securitize did differently to beat this.
> @Securitize designed its convertible entitlement token (CET) model to blend perfectly into existing U.S. regulatory frameworks rather than fighting them. They achieved U.S. compliance by building a native, ring-fenced financial stack.
> secondary market trading for securitize stocks goes strictly through Securitize Markets, LLC, which is an SEC-registered Broker-Dealer and Alternative Trading System (ATS).
> securitize does not let U.S. retail users use stocks as cross-margin for crypto perps. securitize stocks function strictly as spot tokenized equity with the tokens architected to support onchain lending utility via @aave (coming soon). They successfully maintained the segregation needed per SEC rules.
> also, they record ownership via their own SEC-registered digital transfer agent stack. This ensures the blockchain serves as a compliant secondary ledger while keeping the master ownership file aligned with traditional regulatory expectations.
> right now, you can trade $AAPL, $AMZN, $CRCL, $GOOGL, $META, $MSFT, $MSTR, $NFLX, $NVDA, $PLTR, $SPCX, and $TSLA 24/5 with 24/7 trading coming soon.
the fact that they were the first to execute this after all the back and forth shows that it's no simple work to do.
also, do not forget that these stocks carry real dividend and voting rights.
like they say over at their hq, tokenize the f*king world!
Everyone wants yield onchain.
But nobody actually tells you which one fits you. No worries, I’m always here to help.
- In the U.S, Franklin BENJI (@FTDA_US) or WisdomTree (@WisdomTreeFunds) WTGXX, straight from their apps.
- Outside the U.S. and want your money back any day. @Ondo, @Spiko_finance and @MidasRWA pay approximately 3.5–3.7% on T-bills.
- Don't want KYC at all. Sky Savings (@SkyEcosystem) pays 3.68% and @ethena pays 4.90% if you're not in the U.S. or EU.
- Can wait for your money? @maplefinance pays 5.19% on overcollateralized loans.
- Can stomach more risk? Reinsurance, AI GPU loans and fintech credit pay 6.7–7.2%.
The higher the yield, the harder the exit and the bigger the risk.
There are now 1,000s of tokenized stocks and at least 12 ways to buy them.
Most people pick the wrong one because they never asked the right questions first.
So I made a flowchart to help you pick the right one.
- U.S. person? Dinari or Securitize
- Want the actual registered share? Native shares via Superstate and Securitize.
- Happy in an exchange app? Bitget, Luno, Robinhood Classic and many others.
- Want it in your own wallet? Coinbase, xStocks, bStocks, Robinhood Stock Tokens, Ondo Stocks or PreStocks, depending on what you plan to do with it.
Save it and send it to someone buying their first stock token.
Not financial advice.
@DinariGlobal @Securitize @SuperstateInc @bitget @LunoGlobal @RobinhoodApp @coinbase @xStocksFi @binance @Ondo @PreStocks @RealityFi_xyz.
Goldman Sachs objected.
.@NYSE's owner filed to trade 63 U.S. stocks onchain, 24/7 and SEC has given every company 30 days to object.
With about 12 days left, here's how the board looks like.
- 47 have said nothing
- 16 have said no
- Nvidia, Apple, Tesla, Amazon and SpaceX are still in
- Microsoft and Alphabet are out
- Goldman Sachs objected.
- Walmart, Coca-Cola, Netflix and Eli Lilly are still in.
I'll keep updating this until the window closes in early November.
stein retweeted
A mixture of announcements & some good reads.
Better late than never, but never late is better…
@crediblefin
@Elara_HQ
@metricxyz
@ArcherExchange_
@FissionXYZ
@definikos
@minnus
@openstocks_hq
@anzep13
@judemolloy
@BubbleStocksSol
@Tokenoya
Shoutout to @steinRWA for curating.
