TradFi on-chain

Largest tokenized MMF in the market; sets the institutional benchmark for on-chain T-bill exposure; QP-gated which is the structural ceiling on retail flow.

Owned by DRW/Cumberland; institutional MMF designed for crypto-native counterparties; high-touch QP product.

Only mature tokenized MMF with retail-accessible $20 minimum and a real '40 Act wrapper; the structural counter to the QP-gated tokenized funds.

Robert Leshner's (Compound founder) tokenized MMF — a DeFi-native take on the BUIDL pattern with the same QP-gated access.

Composable in DeFi via OUSG/USDY pairs; one of the few accredited-only tokenized treasuries with real DEX integration.

Permissionless tokenized treasury available to non-US retail; the closest thing to a globally-accessible on-chain T-bill product.

Multi-chain by design (one of the first); VanEck's bet on tokenized T-bills competing with BUIDL on access breadth.

Janus Henderson's first tokenized vehicle via Anemoy/Centrifuge — bridges a global TradFi asset manager into the Centrifuge ecosystem.

WisdomTree Prime app + on-chain — only other retail-accessible tokenized MMF besides BENJI; native to Stellar.

Permissionless yield-bearing stablecoin with a real foreign regulatory wrapper (BMA); rebases yield to all holders — direct Tillis-Alsobrooks straddle.

Brand-new (May 2026); Fidelity International's onchain LVNAV mirroring the $7B Irish fund; AAA-mf rating is the institutional credibility unlock — the first tokenized fund to clear that bar.

PayPal's onchain dollar — the only major US fintech with a stablecoin in market; NYDFS-regulated; rewards program is a Tillis-Alsobrooks test case.

Ripple's institutional stablecoin on XRPL + Ethereum; NYDFS-Trust regulated and rapidly gaining share among XRPL-native treasuries.

The only euro stablecoin issued by a global SIFI bank under full MiCA EMT license; structural template for bank-issued EU stablecoins.

Fidelity's bid for the GENIUS-era institutional stablecoin slot; OCC-chartered NA trust is the cleanest US regulatory wrapper available pre-CLARITY; $5.3T parent AUM = credibility ceiling.

Stripe's onchain dollar via Bridge (Oct 2024 acquisition); the payment-rails-to-stablecoin bridge from the world's largest payment platform.

Centrifuge's flagship private-credit pool with BlockTower; one of the first DeFi-native private credit products at scale; lower min than Apollo/HL but smaller GP.

First tokenized private credit from a public alts manager (NASDAQ: HLNE); validates the secondary-market thesis for tokenized private funds.

First major tokenized private credit fund from a Tier 1 GP ($757B AUM); the proof point that private credit can ship onchain with cross-chain transfer.

Private equity tokenized — different liquidity profile than credit; lockups + redemption windows are the structural difference vs the credit funds.

First major PE fund tokenized (2022); KKR's foothold in tokenized alts; small AUM but the precedent matters.

World's 2nd-largest custodian; tokenization platform for custody + fund admin clients; the rails through which TradFi flows hit chains.

World's first onchain bank deposit token; $1.5T+ cumulative transaction volume since 2020; Kinexys handles ~$2B daily; Base L2 deployment 2025 + Canton public infra rollout 2026 — institutional rails are crypto-touching.

GS's tokenized digital-asset issuance platform; powered the EIB digital bond and several institutional issuances; lives on Goldman's private chain (not public).

HSBC's tokenization platform; tokenized HKD green bond ($9B+ April 2024); validates Asian institutional tokenization rails.

Citi's tokenized-deposit + cross-border-payment platform; live with institutional clients (Maersk Sep 2023); 24/7 cross-border USD settlement is the headline use case.

Largest US custodian by AUC; custodies BUIDL reserves + Circle reserves + many tokenized funds; the silent infrastructure layer under most TradFi tokenization.

THE US settlement layer for $2.5 quadrillion annual securities clearing; Canton Network rollout 2026 = TradFi T+0 settlement infrastructure moving onchain. Status: pilot.

Largest spot Bitcoin ETF; the institutional Bitcoin access vehicle; precedent for ETH ETFs and the eventual tokenized-everything ETF wave.

#2 spot BTC ETF; self-custodied via Fidelity Digital Assets — meaningfully different reserve posture vs Coinbase-custodied IBIT.

Legacy GBTC trust converted to ETF Jan 2024; still the largest BTC ETF by historical volume despite outflows.

Largest spot ETH ETF; the institutional ETH access vehicle.

Largest ETH ETF by inception AUM (legacy trust conversion).

First ETF to commit to 100% on-chain proof-of-reserves disclosure; crypto-native issuer.

#2 spot ETH ETF.

VanEck's spot BTC ETF; Gemini-custodied which is a meaningfully different counterparty exposure than the Coinbase-custodied peer set.

Bitwise's spot ETH ETF; crypto-native issuer paired with their on-chain PoR disclosure posture.

Franklin Templeton's spot BTC ETF — TradFi-asset-manager option alongside BlackRock + Fidelity; lower fees positioning.

Franklin Templeton's spot ETH ETF — TradFi-asset-manager option in the smaller-AUM tier of the ETH ETF set.

VanEck's spot ETH ETF; Gemini-custodied counterpart to HODL on the BTC side.