Sky, Securitize, and Ondo Finance account for $12.3B in the $44.5B RWA market

Three firms now sit atop the tokenized real-world asset market. Sky, Securitize, and Ondo Finance have collectively issued around $12.3 billion in tokenized assets, carving out a combined 27% share of the $44.5 billion RWA market.

That market has grown by more than 1,800% over recent years. Most of that explosive expansion traces back to a single asset class: US Treasuries.

Who’s leading and why it matters

Sky, the rebranded MakerDAO ecosystem, holds the top spot with $4.5 billion in tokenized assets. The protocol has pivoted into real-world collateral, using RWAs to back its USDS stablecoin.

Securitize trails closely at $4.3 billion, a figure turbocharged by its role as transfer agent for BlackRock’s tokenized Treasury fund.

Ondo Finance rounds out the trio at $3.5 billion, focusing on yield-bearing equities and tokenized Treasuries through products like OUSG, its money market fund wrapper.

Securitize’s public market debut

On July 2, 2026, Securitize began trading on the NYSE under the ticker SECZ. The company completed a SPAC merger that raised approximately $400 million, making it one of the first pure-play tokenization platforms to list on a major US exchange.

The Treasuries engine

Tokenized US Treasuries have become the single largest driver of RWA market growth. Sky’s entire collateral strategy for USDS leans into this approach, replacing volatile crypto assets with government-backed securities.

Ondo’s OUSG product wraps short-duration Treasury exposure into an on-chain token, giving holders yield exposure without requiring a brokerage account or dealing with settlement delays measured in days rather than seconds.

Sky’s evolution from DeFi to hybrid finance

MakerDAO launched in 2017 as a decentralized credit protocol. The rebrand to Sky accompanied a strategic pivot toward RWA integration that now defines the protocol. Its USDS stablecoin is backed by a mix of crypto assets and real-world collateral, with the RWA component growing steadily as a share of total backing.

What the concentration means for the market

Three issuers controlling more than a quarter of a $44.5 billion market carries concentration risk. If one of these three platforms experienced a smart contract exploit, a regulatory action, or a key partnership dissolution, roughly $4 billion or more in tokenized assets could face redemption pressure simultaneously.

Franklin Templeton, WisdomTree, and other traditional asset managers have already launched tokenized fund products.

The combined $12.3 billion in tokenized assets held by Sky, Securitize, and Ondo represents the clearest evidence yet that blockchain rails are becoming serious infrastructure for traditional finance.

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