Major Tokenization Protocols Without Their Own Tokens (as of 22 December 2025)

Major Tokenization Protocols Without Their Own Tokens (as of 22 December 2025)​

1. Superstate

• Type: Financial technology firm reshaping public capital markets.

• Real‑world assets (RWA) total value: 928 million dollars.

• Capital raised: 14 million dollars.

2. Backed

• Type: Gateway for tokenized stocks and equities.

• RWA total value: 208 million dollars.

• Capital raised: 12.7 million dollars or more.

3. Spiko

• Type: Gives access to returns from money market funds backed by Treasury Bills.

• RWA total value: 591 million dollars.

• Capital raised: 22 million dollars.

4. Theo

• Type: Full‑stack platform connecting on‑chain capital to global financial markets.

• RWA total value: 166 million dollars.

• Capital raised: 20 million dollars.

5. Hyperunit

• Type: Asset tokenization layer on Hyperliquid.

• Total value locked: 517 million dollars.

6. Midas

• Type: Investment product platform replicating institutional strategies.

• RWA total value: 187 million dollars.

• Capital raised: 13.75 million dollars.

7. OnRe

• Type: Provides uncorrelated, real‑world returns to crypto capital markets.

• RWA total value: 58.9 million dollars.

8. Nest

• Type: Decentralized application built on the Plume blockchain.

• RWA total value: 28.1 million dollars.

9. Dinari

• Type: Solution for buying US securities‑backed stock tokens with stablecoins.

• RWA total value: 9.72 million dollars.

• Capital raised: 22.7 million dollars.