RWA Power Map: Understanding How the Five Major Protocols 'Divide' Trillions in Institutional Capital
The institutional RWA tokenization market is rapidly approaching $20 billion, driven by yield opportunities, regulatory clarity, and infrastructure maturity. Five key protocols are leading this space, each targeting distinct institutional needs:
- **Rayls Labs** focuses on privacy for banks using zero-knowledge proofs.
- **Ondo Finance** dominates tokenized public stocks with $1.93B TVL and cross-chain expansion.
- **Centrifuge** is the infrastructure for private credit, with $1.3-1.45B TVL and major asset manager deployments.
- **Canton Network**, backed by Wall Street giants like DTCC and BlackRock, offers privacy-focused settlement infrastructure.
- **Polymesh** embeds compliance at the protocol level for regulated securities.
Key challenges include cross-chain fragmentation ($1.3B annual cost), privacy-transparency trade-offs, and regulatory divergence. Critical 2026 catalysts include Ondo’s Solana launch, Canton’s DTCC MVP, and Centrifuge’s $1B Grove deployment. The market is projected to reach $2-4 trillion by 2030, driven by institutional adoption across treasury bonds, private credit, and tokenized equities.
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