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RWA Tokenization Platforms: Securitize, Ondo, Centrifuge and Others

By RWA Tracker Research · Updated · Live data as of Oct 5, 2026

Behind every tokenized asset are a few different roles. Sometimes one firm plays all of them; often several work together. Knowing who does what helps when you’re judging a product.

The roles

  • Asset manager: runs the underlying fund or strategy. BlackRock manages BUIDL’s assets; Franklin Templeton manages BENJI’s.
  • Tokenization platform / transfer agent: creates the tokens, onboards investors, keeps the ownership register and enforces transfer rules. Securitize does this for BlackRock and several other managers.
  • Custodian: holds the underlying assets, such as a bank for securities or a vault for gold.
  • Protocol: for onchain credit, a protocol such as Centrifuge or Maple provides the pool contracts, while separate firms originate the loans.

Major issuers and platforms

  • Securitize: tokenization platform and transfer agent behind BUIDL and funds from Apollo, Hamilton Lane, VanEck and others.
  • Ondo Finance: issues its own tokenized treasury products (USDY, OUSG) and tokenized stocks (Ondo Global Markets).
  • Centrifuge: protocol for tokenized credit and funds, including the Janus Henderson Anemoy funds.
  • Franklin Templeton: asset manager that runs its own onchain fund platform for BENJI.
  • Paxos: regulated trust company issuing PAX Gold.
  • Superstate, Spiko, OpenEden, Circle and others: issuers of tokenized treasury and money market funds.

The issuers page ranks every issuer by the value of its products, live.

How to compare them

  • Regulatory status: is the issuer a regulated trust company, broker-dealer or transfer agent, and where?
  • Asset segregation: are investor assets held separately from the issuer’s own?
  • Track record: how long the platform has run and how it handled stress.
  • Chains and integrations: where the tokens live and which DeFi apps and exchanges accept them.

FAQ

What is a tokenization platform?

A company or protocol that handles the technical and legal work of putting assets onchain: creating the tokens, onboarding and verifying investors, keeping the ownership register, and processing subscriptions and redemptions.

What does a transfer agent do in tokenization?

A transfer agent keeps the official record of who owns a security. In tokenized funds, the blockchain becomes that record, and the transfer agent (such as Securitize for BUIDL) manages it and enforces transfer rules.

Assets in this guide

Key terms

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This guide is general information, not investment advice. Check an issuer's own documents before investing.