RWA

JPMorgan has launched its USD-denominated deposit token, JPM Coin (JPMD), on Base Layer 2 for institutional clients following a pilot program. The token enables 24/7 blockchain settlement while representing the bank's existing deposits. Major institutions including B2C2, Coinbase, and Mastercard have completed test transactions using JPMD.

Chainlink has expanded beyond its original oracle network function into full-stack blockchain infrastructure serving institutional finance. The protocol now supports over 80% of real-world asset data feeds and cross-chain interoperability solutions, according to Messari. Major banks including J.P. Morgan, UBS, and Fidelity are deploying Chainlink's Cross-Chain Interoperability Protocol for tokenized asset operations, with total value locked across tokenized RWA platforms exceeding $10 billion in 2025.

BlackRock has expanded its USD Institutional Digital Liquidity Fund (BUIDL) to BNB Chain, bringing over $2.5 billion in tokenized U.S. Treasuries to the network through a new share class for qualified investors. Binance now accepts BUIDL as collateral, allowing institutions to post tokenized Treasury positions while maintaining trading strategies. Year-to-date performance data show BNB holding the strongest position among major digital assets including Bitcoin, Ethereum, Solana, and XRP.

Circle issued an additional $1 billion USDC in multiple $250 million tranches, contributing to $13.25 billion in combined stablecoin issuance by Circle and Tether since the recent market downturn. Tokenized gold has reached $3.9 billion in market capitalization, with XAUT holding approximately $2.1 billion and PAXG accounting for roughly $1.3 billion. The category has grown nearly 50-fold since mid-2021, reflecting sustained demand for blockchain-based precious metal products.

Real-World Asset (RWA) tokens are showing resilience during the broader crypto market decline, with developer activity accelerating across major projects. Chainlink leads all RWA initiatives in development momentum, according to on-chain data. Hedera and Avalanche also rank among the top contributors to the sector's growth.

Binance announced November 14, 2025 it will accept BlackRock's BUIDL tokenized fund as collateral for off-exchange trades. The BlackRock USD Institutional Digital Liquidity Fund holds $2.5 billion in assets. BUIDL simultaneously launched a new share class on BNB Chain, expanding its presence across Binance's ecosystem.

Binance has integrated BlackRock's USD Institutional Digital Liquidity Fund as collateral for off-exchange trading operations. The tokenized fund expanded to BNB Chain on Friday, bringing its total operational networks to eight. Institutional traders can now deploy capital while maintaining exposure to tokenized Treasury assets.

BlackRock's tokenized U.S. Treasury fund BUIDL will be accepted as institutional collateral on Binance and expanded to BNB Chain. The fund has accumulated $2.5 billion in assets since its March 2024 launch. Data show BUIDL is the largest tokenized money market fund on public blockchains.

XStocks has exceeded $10 billion in cumulative trading volume, positioning Solana among the top five blockchain networks for tokenized real-world assets. The platform has minted over 90% of tokenized equities on Solana, with Tesla and Nvidia shares driving the majority of activity. As of November 2025, XStocks reported 101,000 holders of tokenized equities.

R25, a protocol incubated by Ant Financial, has launched rcUSD+, a dollar-pegged stablecoin that generates yield from money market funds and structured notes. The platform chose Polygon as its first blockchain integration, targeting DeFi protocols with institutional-grade tokenized assets.