RWA issuer and platform scorecard, Q3 2026

The league table

This scorecard ranks issuers and tokenization platforms by distributed value on RWA.xyz, meaning tokenized real-world assets that can be transferred on-chain between wallets, excluding stablecoins. RWA.xyz tracks 212 platforms in total, of which 199 are distributed and 26 represented (some platforms appear in both). The market-wide totals are covered in our separate report, “On-chain dollars and tokenized assets Q3 2026”; here the focus is who holds share and how it moved.

The top of the table is a mix of three business models: transfer agents and issuance platforms (Securitize, Libeara, STOKR, Centrifuge), asset managers issuing their own tokens (Franklin Templeton, WisdomTree, Superstate, Spiko), and single-product issuers of commodity or yield tokens (Tether Gold, Paxos Gold, Circle’s USYC). Ondo spans both issuer and distribution roles across treasuries and tokenized stocks.

Values and holders from the RWA.xyz platforms table as of October 5, 2026. Percentage changes from each platform’s RWA.xyz detail page (October 2 to 6, 2026); “Up”, “Down” and “Flat” are the table’s direction markers where no detail figure was captured. *Franklin Templeton change and chain split are from its RWA.xyz asset-manager page as of September 30, 2026 ($2.52B on that view). Ranks 13, 15, 16, 18 and 20 (bStocks, Kinexys Digital Assets, Ctrl Alt, Hastra, Realiz) are shown in the chart.

Quarter-over-quarter: what can be measured

RWA.xyz does not publish a public point-in-time archive of its platform table, so a full like-for-like comparison with late June 2026 is not possible from open sources. The table below uses the earliest sourced reference point in or near the quarter for each platform and states the source of each. These are directional comparisons across methodologies, not audited quarter-over-quarter changes.

Gold tokens deserve a caveat: Tether reported that customer XAUT holdings rose 9.5% in Q2 even as gold fell 14.1% over that quarter, so dollar values for XAUT and PAXG move with the metal price as well as with net issuance.

Momentum and share shifts

The 30-day readings on RWA.xyz point to a rotation inside the treasury and cash-fund segment rather than a uniform tide. Ondo gained 8.44% to $3.90B, with holders up 25.59% to 524,256 and monthly transfer volume up 52.28% to $2.34B, helped by its tokenized stock business. Spiko added 6.67%, and its holder count rose 15.37%. Franklin Templeton, Superstate and WisdomTree were close to flat.

On the other side, BlackRock’s two tokenized funds fell 19.84% over 30 days to $2.30B (October 6), and Securitize, which administers BlackRock’s BUIDL, fell 9.61% to $4.59B. BlackRock’s network split (Solana $953.9M, Ethereum $493.7M, Avalanche $483.3M) sits largely inside Securitize’s own chain mix; on our computation BlackRock’s $2.30B equals about 50% of Securitize’s distributed value, which illustrates how much of the platform leader’s position depends on one client. Centrifuge posted the steepest decline among leaders, down 36.66% to $1.01B, even as monthly transfer volume rose 449.40% to $2.16B, consistent with large redemptions or reallocations rather than inactivity.

Asset class and chain mix

U.S. Treasury and money market funds remain the common thread: Securitize, Ondo, Franklin Templeton, Circle, WisdomTree, Libeara, Kinexys and Superstate all list U.S. Treasury funds as a core class. The challengers are diversifying away from that core in two directions. Ondo, bStocks and xStocks are building tokenized equity books; bStocks shows 1,467,954 holders and xStocks 800,682, far above any treasury issuer, reflecting retail participation. Credit platforms (STOKR, Centrifuge, Maple, Hastra) make up the second cluster, with asset-backed and corporate credit.

Chain choice is now platform-specific rather than Ethereum by default. Ethereum still leads the market at $16.7B of RWA value and is the main venue for Ondo, WisdomTree, Centrifuge, Maple, Libeara and Superstate. But Securitize’s largest network is Solana ($1.2B), followed by ZKsync Era ($971.5M) and Avalanche ($857.2M). Franklin Templeton’s largest is BNB Chain ($1.5B on its September 30 manager view), Spiko’s is Stellar ($1.7B), xStocks’ is Solana ($416.7M), and Figure’s distributed assets sit on Provenance. Market-wide, BNB Chain ($5.8B), Solana ($4.4B) and Stellar ($3.5B) follow Ethereum.

Represented platforms

RWA.xyz separates represented assets, where a blockchain serves as a record of ownership but the tokens are not freely transferable, from distributed assets. On this basis the scale is far larger and far more concentrated. Represented value totals $388.61B (October 5), of which Broadridge’s Distributed Ledger Repo platform accounts for $346.87B (about 89%, computed) of repo on Canton. Figure follows at $23.48B of asset-backed credit (mainly its Provenance-based HELOC book), then Bridgetower at $10.73B, Justoken at $2.92B and Tradable at $1.96B. Figure’s distributed footprint is only $67.93M, which is why it does not appear in the distributed league table despite being the second-largest represented platform.

Notable Q3 2026 events

• July 1 to 2: Securitize goes public. Its business combination with Cantor Equity Partners II closed on July 1, with a $197.8M PIPE (19.78M shares at $10.00) per the company’s 10-Q, and shares began trading on the NYSE as SECZ on July 2. SPAC redemptions were about $72.5M (28.5% of redeemable shares).
• July 30: Ondo weighs M&A. CoinDesk reported Ondo was evaluating an acquisition worth $250M to $500M; Ondo said it was not in conversations with any party.
• August 13: Figure Q2 results. Net revenue of $225.6M and consumer loan marketplace volume of $4.3B, with YLDS in circulation at $556M and a pending acquisition of Kiavi.
• August to September: Ondo Global Markets. Tokenized stock TVL passed $1.01B around August 15 and reached a record $1.26B by September 30.
• September 17: SEC Innovation Exemption. The SEC granted five-year temporary relief allowing Tokenized Securities Venues to trade tokenized NMS stocks via AMMs and liquidity pools in a permissioned setting, subject to volume and symbol limits and equivalent-rights conditions.
• October 6 (just after quarter end): Spiko Series B. Spiko raised $90M led by NEA, taking total funding to $120M, and reported $2.7B in assets under management, a fivefold increase over 12 months.

Methodology

Primary data are RWA.xyz platform, asset-manager and network pages, read October 5 to 6, 2026 (some detail pages showed as-of dates from September 30 to October 4; each figure carries its date). Rankings use RWA.xyz “distributed” value, excluding stablecoins; “represented” value is reported separately and not mixed into the ranking. Platforms and asset managers are different lenses on RWA.xyz: BlackRock and Franklin Templeton are asset managers whose tokens may be administered by platforms such as Securitize, so manager and platform figures overlap and should not be summed. Shares of the distributed total, the BlackRock-to-Securitize ratio and all percentage changes in the quarter-over-quarter table were computed by BlockWest from the cited inputs. The 30-day changes are RWA.xyz’s own figures. Limitations: no public late-June 2026 snapshot of the RWA.xyz platform table was available, so full quarter-over-quarter changes could not be computed; reference points in the second table come from issuer disclosures and news reports with differing methodologies. RWA.xyz figures for gold tokens move with the gold price. Holder counts are on-chain addresses, not unique investors.

Sources

• RWA.xyz tokenization platforms, distributed and represented tables (as of October 5, 2026)
• RWA.xyz Securitize platform page (as of October 5, 2026)
• RWA.xyz BlackRock asset-manager page (as of October 6, 2026)
• RWA.xyz Ondo platform page (as of October 5, 2026)
• RWA.xyz Spiko platform page (as of October 6, 2026)
• Securitize Corp. 10-Q summary, business combination and PIPE (period ended June 30, 2026)
• SEC press release 2026-90, Innovation Exemption for tokenized NMS stock (September 17, 2026)
• Tether Gold Q2 2026 holdings report (as of June 30, 2026)
• CoinDesk, Ondo Finance weighs acquisition worth up to $500M (July 30, 2026)
• Figure Technology Solutions Q2 2026 results (August 13, 2026)