Author: Matthew Nay
Compiled by: Shenchao TechFlow
Key Insights
Real-world assets on Solana (RWA) are worth over $418.1 million, growing by 140.6% year-to-date. Ondo’s USDY leads with a value of $175.3 million, accounting for 41.9% market share, followed by other assets like OUSG, ACRED, and BUIDL.
Backed is collaborating with Kraken to introduce tokenized stocks to Solana via xStocks on June 30, 2025, allowing over 40,000 wallets to hold xStock within a week. Superstate, Ondo, and Step Finance plan to launch tokenized stocks later this year.
R3 plans to introduce over $10 billion of tokenized assets from its permissioned distributed ledger technology (DLT) platform Corda into Solana. R3 supports regulated financial institutions in issuing and transferring tokenized assets.
Maple Finance’s yield-bearing stablecoin syrupUSDC has rapidly risen to a market value of $60.1 million. Since its launch in June 2025, a total of 5,420 syrupUSDC tokens have been issued.
Solana is the home of unique RWAs such as Blackrock, Apollo, tokenized real estate, unique physical goods, and collectibles.
Basic Introduction
Real-world assets (RWA) represent a paradigm shift in decentralized finance by tokenizing off-chain assets such as government bonds, private credit, public stocks, real estate, and even physical commodities, connecting traditional finance (TradFi) with blockchain infrastructure. This shift brings higher levels of liquidity, programmability, and global accessibility, especially for financial instruments that have historically been illiquid, restricted, or inefficiently distributed. Over the past year, Solana has emerged as a strong competitor in this space and has become a reliable platform for institutions and retail investors to access and interact with on-chain RWAs.
The appeal of Solana lies in its high throughput, near-zero transaction costs, and robust developer ecosystem. Technical innovations such as the Token-2022 standard and rapid block finality enable seamless compliance tools, revenue distribution, and composable DeFi integration. These features make Solana an ideal choice for hosting various RWAs, from tokenized treasury bills to on-chain stocks and tokenized commodities. Its infrastructure is increasingly being customized according to the needs of asset issuers, regulators, and users, paving the way for the adoption of RWAs at both institutional and community levels.
RWA on Solana covers four core categories: (1) yield-bearing assets, including tokenized U.S. Treasuries, institutional funds, and private credit protocols such as Ondo Finance, Franklin Templeton, and Maple; (2) tokenized public equities, with Superstate, Kraken, and Ondo Global Markets launching soon; (3) non-yield-bearing assets, such as tokenized real estate and collectibles on platforms like Parcl and BAXUS; and (4) emerging infrastructure providers like R3 and Securitize, which support compliance and interoperability. Through these perspectives, we assess the development trajectory of Solana as an emerging hub for on-chain RWA and its implications for the future of global capital markets.
Yield Assets
Yield-bearing RWA is the most important and fastest-growing segment in the Solana RWA space, accounting for the vast majority of non-stablecoin RWA value (measured in USD). These assets range from tokenized U.S. Treasury bonds to institutional funds and private credit, providing on-chain investors with direct access to off-chain yield streams, which typically offer higher composability and round-the-clock accessibility compared to TradFi.
Disclaimer: All data in this report is as of July 7, 2025.
Tokenized U.S. Treasury Bonds
Tokenized Treasuries ( provides digital packaging for the most liquid and trustworthy yield instruments globally and has become a foundational pillar for on-chain asset management, stablecoin collateral, and DAO funding operations. The tokenized treasury market on Solana has evolved from a small scale to encompass a range of products from both native asset and cross-chain asset issuers.
Ondo Finance – OUSG and USDY (Treasury and Yield Tokens)
OUSG and USDY represent Ondo Finance’s dual approach to tokenized U.S. Treasury bonds.
OUSG was launched in January 2023 as a tokenized fund, initially structured around BlackRock’s BUIDL fund. It is primarily aimed at qualified investors. By July 2025, OUSG is the second largest yield-generating asset by market capitalization on Solana, with a total of 7 holders and a market cap of $79.6 million.
USDY was launched in August 2023 and is a token backed by U.S. Treasury bonds and bank deposits, aimed at being a yield-generating stablecoin with broad accessibility. The price of USDY appreciates with the accumulation of interest. The token can be transferred across chains via LayerZero, making it highly composable in DeFi applications. As of July 2025, USDY is the highest market cap yield-bearing RWA on Solana, with 6,978 holders and a market cap of $175.3 million.
BlackRock – BUIDL (USD Institutional Digital Liquidity Fund)
BUIDL is a tokenized US dollar money market fund developed by BlackRock, holding cash and short-term US Treasury bills. The fund was initially launched on Ethereum in March 2024 and expanded to Solana in March 2025, marking one of the first large institutional RWA deployments on the Solana network. The fund has an AAA rating and maintains a stable value of 1 dollar, while distributing daily dividends. Participation is limited to qualified investors verified through KYC, leveraging Solana’s round-the-clock settlement capabilities and low transaction costs.
BUIDL transforms traditional static financial instruments into highly accessible and interoperable assets. BlackRock’s launch of tokenized RWA on Solana confirms the increasing credibility and interoperability of public chain infrastructure in the institutional finance sector. As of July 2025, BUIDL is the fourth largest yield-bearing RWA on Solana with 3 holders and a market capitalization of $25.23 million.
Franklin Templeton – BENJI (On-chain US Government Money Fund, FOBXX)
BENJI represents shares of the Franklin Templeton FOBXX Money Market Fund, which invests in U.S. government securities, cash, and repurchase agreements. BENJI was initially launched in 2021 and expanded to Solana in February 2025 as part of its multi-chain promotion, becoming the eighth network supported by the fund. It maintains a stable value of 1 dollar and provides an alternative yield solution to traditional stablecoins, with interest accrued daily. BENJI is one of the first SEC-registered on-chain mutual funds aimed at retail investors, accessible through the Benji mobile app. As of July 2025, BENJI is the fifth largest yield-generating RWA on Solana by market capitalization, with 2 holders and a market cap of 25.9 million dollars.
OpenEden – TBILL (Tokenized Treasury Bill)
TBILL is a fully collateralized token backed by short-term U.S. Treasury bonds, issued through a regulated trust structure. Since its debut in 2023, TBILL allows users to mint and redeem tokens using stablecoins like USDC around the clock, with the token price increasing as interest accrues. OpenEden is one of the earliest platforms to launch DeFi-accessible Treasury products aimed at non-U.S. investors.
The product’s low threshold, real-time redemption, and high transparency have contributed to its success, with increasing popularity in Asia and Europe. TBILL has gained attention due to its Moody’s ‘A’ rating and is used as collateral for the yields of other tokens, such as Velo’s USDV stablecoin. As of July 2025, TBILL is the seventh-ranked yield-bearing RWA by market capitalization on Solana, with 3 holders and a market cap of 11.7 million USD.
VanEck – VBILL (Tokenized U.S. Treasury Fund)
VBILL is the tokenized version of VanEck’s short-term U.S. Treasury strategy, launched on Solana in May 2025 in partnership with Securitize. Unlike yield tokens like OUSG and USDY that appreciate, VBILL maintains a stable price of $1 and distributes earnings through daily token dividends. Custody is provided by State Street, and real-time pricing is maintained by the Redstone oracle.
The standout feature of VBILL is its atomic redemption through Agora’s AUSD stablecoin (Note: the asset redemption process is completed in an indivisible operation, ensuring that the entire transaction either succeeds completely or fails entirely, avoiding situations of partial execution), allowing investors to leverage the integration of AUSD with Solana DeFi protocols such as Kamino for seamless switching between yield and liquidity. Its structure combines traditional fund management practices with on-chain efficiency to serve institutional cash managers. As of July 2025, VBILL is the sixth largest yield-bearing RWA by market capitalization on Solana, with 5 holders and a market value of $13.6 million.
Centrifuge – deRWA and deJTRSY (on-chain treasury bonds)
Centrifuge is known for its early work in tokenizing real-world loans on Ethereum and Polkadot ), and announced its expansion to Solana in May 2025, launching its deRWA token standard. The first token to be deployed on Solana under this framework is deJTRSY, which represents shares in a $400 million short-term U.S. Treasury fund managed by Anemoy. Unlike traditional security tokens, deRWA assets can be freely transferred and used immediately within Solana’s DeFi ecosystem, including platforms like Raydium, Kamino, and Lulo.
deJTRSY tokens will enable Solana users to earn yields from U.S. Treasuries in a fully composable manner, thereby enhancing the on-chain utility of traditional financial instruments. Centrifuge’s approach eliminates long-standing frictions in RWA token liquidity and embodies its strategy of connecting institutional-level funds with high-speed DeFi infrastructure. In addition to Treasuries, Centrifuge also supports private credit pools on Solana, allowing asset management firms to underwrite real-world loans and provide tokenized portions to on-chain investors. These funding pools enrich the sources of yield and enhance credit channels for emerging market borrowers.
Tokenized Institutional Funds
Institutional funds on Solana represent a new wave of RWA tokenization, extending beyond simple debt instruments to include diversified private credit, real estate, and alternative asset strategies. These products not only emphasize compliance, transparency, and DeFi composability, but also offer products with greater diversity and higher yield potential than tokenized government bonds.
Apollo – ACRED (Apollo Diversified Credit Fund)
ACRED is the tokenized version of Apollo Global Management’s diversified private credit fund, created in collaboration with Securitize, and launched on Solana in May 2025. The token represents an equity stake in the company’s loan and other private credit instruments portfolio and is issued as a regulated sToken under Securitize’s compliance framework.
ACRED is open to qualified investors and integrated with native DeFi platforms on Solana (such as Kamino and Drift Institutional). These integrations allow users to borrow stablecoins using their ACRED holdings as collateral and implement leveraged strategies, effectively transforming traditional illiquid assets into composable DeFi collateral. The fund brings institutional-grade credit exposure (note: the potential loss amount financial institutions or corporations face in case a counterparty defaults) and capital efficiency to Solana. As of July 2025, ACRED is the third largest yield-bearing RWA on Solana by market capitalization, with 8 holders and a market cap of $26.9 million.
Libre Capital – Tokenized Alternative Fund
Libre Capital is a platform backed by Hamilton Lane and Brevan Howard that provides institutional investors with investment opportunities in tokenized alternative assets. In July 2024, Libre launched its integration with Solana, becoming the first company to introduce private market credit funds to the network. The available tokenized funds include Hamilton Lane’s Senior Credit Opportunities Fund ( SCOPE ) (target return of 9%), Brevan Howard’s main fund ( BHM ), and the short-term dollar fund managed by BlackRock ICS Dollar Liquidity Fund ( UMA ).
Libre is the “tokenized gateway” for top fund managers, bringing together a range of private credit, hedge funds, and liquidity alternative strategies. The platform emphasizes permissioned access for accredited investors and aims to unlock secondary market trading capabilities on Solana to achieve real-time liquidity in these traditionally illiquid markets.
Tokenized Private Credit
The private credit protocol of Solana extends the frontier of RWA by providing direct loans to fintech companies, small and medium-sized enterprises, and borrowers in emerging markets, all supported by on-chain transparency and risk management.
Maple Finance – syrupUSDC (yield stablecoin)
syrupUSDC is an on-chain yield stablecoin from Maple Finance, launching on Solana in June 2025. This token represents the funds deposited into Maple’s credit pool, which provides loans to trading companies, market makers, and fintech companies. The target annual interest rate for syrupUSDC is 6-7%, positioning it as a high-yield alternative to traditional yield stablecoins.
This product is designed specifically for DeFi applications and benefits from the composability of the Solana ecosystem, including DEXs like Orca and lending platforms like Kamino. Maple’s approach combines transparency, rigorous underwriting, and real-time liquidity, transforming institutional credit into stablecoin forms that can circulate more broadly in the DeFi space. As of July 2025, over 63.6 million tokens have been issued, with a market capitalization of 70.7 million USD, of which 47 million USD is deposited in Kamino.
Credix Finance - Private Credit Market
Credix Finance operates a Solana-native private credit market that enables institutional investors to fund loans issued to fintech companies in emerging markets such as Brazil and Colombia. Since its establishment in 2023, Credix has been dedicated to the tokenization of receivables, asset-backed loans, and revenue-sharing agreements. Its funding pools are typically divided into senior and junior tranches to accommodate different risk-return profiles and include features such as insurance provided by export credit agencies and bankruptcy isolation trusts. As of July 2024, the platform has financed hundreds of SMEs in Brazil (SME). What sets Credix apart is its focus on real-world impact and localized transaction processes, offering higher yields and diversified investment opportunities outside the U.S. market.
Huma Institutional - PayFi Private Lending
The functionality of Huma Institutional is similar to private permissioned lending from Centrifuge, Maple, and Credix. Huma currently supports 12 active lending pools across four different PayFi protocols, six of which are active on Solana and operated by Arf. These six lending pools have issued over $97 million in credit through the Huma platform.
Arf is a global liquidity platform that provides short-term financing based on USDC for cross-border payments without the need for pre-funding accounts. By utilizing on-chain liquidity, Arf enables fast, low-cost settlements while reducing counterparty risk. In April 2024, Arf merged with Huma to expand its liquidity solutions.
Other debt-based agreements
Etherfuse – Stablebonds (Sovereign Bonds on Solana)
Etherfuse focuses on putting sovereign debt and currencies from emerging markets on the blockchain. Through products like MXNe and Tesouro, the platform tokenizes government bonds from Mexico and Brazil, offering them as stablecoin-like assets on Solana and other networks. For example, MXNe is a stablecoin pegged to the Mexican Peso, fully backed by short-term government CETES bonds. This structure allows users to transact in their local currency on-chain while earning returns on sovereign debt.
Etherfuse launched its stable bond product in 2024, targeting the remittance market and domestic financial institutions seeking foreign exchange-denominated digital tools. By combining bond-backed stability with DeFi liquidity, Etherfuse introduces a new low-volatility, yield-generating asset class that extends the accessibility of RWA beyond USD-centric instruments.
On-chain stocks
Tokenized stocks on Solana represent a new wave of development in the capital markets, enabling 24/7 trading, fractional ownership, and seamless integration with DeFi protocols. Although still in its early stages, this field is rapidly maturing thanks to advancements in compliance, transfer agent technology, and cross-chain infrastructure.
Superstate – Opening Bell ( On-chain Public Stock Platform )
Opening Bell is an equity tokenization platform developed by Superstate, an asset management company founded by Robert Leshner. Opening Bell announced its launch in partnership with on May 2025, aiming to enable SEC-registered companies to issue and trade common stock directly on public chains like Solana. These stocks are recorded through compliant digital transfer agents and are expected to become fully regulated securities under U.S. law. Similarly, in May 2025, the team submitted a proposal titled Project Open to the SEC in collaboration with the Solana Policy Institute and Orca, outlining how to issue and trade securities on public chain infrastructure for a more efficient, transparent, and effective approach.
The first company planned to be listed on the platform is SOL Strategies (CYFRF), which is a $280.6 million Solana asset management tool that also participates in the network by operating its own validator. On-chain trading of Opening Bell is expected to begin later in 2025. The project aims to shorten the traditional T+2 settlement cycle to near-instant execution and make stocks fully programmable and composable in DeFi. This initiative embodies a broader vision of transforming stock exchanges into blockchain-native protocols and enabling global investors to access regulated stocks 24/7( around the clock.
Backed & Kraken – xStocks (Tokenized Stocks and ETFs)
xStocks is a series of tokenized US stocks and ETFs launched in collaboration with the regulated Swiss issuer Backed and Kraken. The product was announced in May 2025 and officially listed on June 30, 2025. The product line has launched over 60 products, covering a variety of offerings from Apple and Tesla to a wide range of index funds, and will be open to non-US customers. These tokens will be issued on Solana as fully collateralized representatives of the underlying stocks and will be custodied by a regulated institution. Kraken users can trade these assets on the exchange or withdraw them for on-chain applications in DeFi protocols.
The uniqueness of xStocks lies in its compliance-first structure, supported by a European prospectus, and seamlessly integrated with the Kraken exchange and Solana DeFi infrastructure. The platform aims to democratize access to U.S. stocks, particularly for users in areas with insufficient traditional brokerage services. As of July 7, 2025, there are over 45,700 xStocks holders, with a total market capitalization of $51.7 million. SPYx (S&P 500 xStock) is the highest-valued stock, with 9,692 holders and a market capitalization of $6.8 million. TSLAx (Tesla xStock) is the second-highest valued stock, with 9,914 holders and a market capitalization of $6.2 million.
Ondo – Global Market Platform
Ondo Global Markets is a product suite that will be launched by Ondo Finance, aimed at providing non-U.S. investors with a channel for direct investment in tokenized public stocks and ETFs. The Ondo platform does not issue synthetic assets or ETFs, but acts as an on-chain brokerage interface, holding real stocks and associating them with onTokens like onTSLA held in wallets. These tokens will serve as programmable ownership representations, usable as collateral or transferable among whitelisted users.
Ondo’s architecture will allow trading orders to be executed off-chain on traditional exchanges, with instant settlement on-chain. Ondo Global Markets is currently under development and is scheduled to launch by the end of 2025. Its uniqueness lies in treating tokens as a messaging infrastructure rather than a new asset class, thereby achieving compliance and liquidity without compromising on-chain programmability. Once launched, it is expected to bring thousands of traditional equity assets into the Solana ecosystem.
Republic - Mirror Tokens (Pre-IPO Equity Investment)
In June 2025, the investment platform Republic announced the launch of Mirror Tokens, a new asset class designed to provide economic exposure to high-value private companies. The first token, rSpaceX, was minted on Solana. These tokens are intended to “reflect” the performance of private company stocks during liquidity events such as IPOs or acquisitions, without granting direct equity or ownership. The rSpaceX token allows global non-accredited investors to access pre-IPO investment opportunities, with a minimum subscription amount of $50 and a maximum subscription amount of $5,000. The program leverages Solana’s high-performance infrastructure to democratize access to traditionally illiquid private market assets. Republic plans to expand the Mirror Token program to cover other well-known private companies.
Step Finance – Remora Markets (Tokenized Stock Trading)
Remora Markets was acquired by Step Finance in December 2024, with plans to allow users to trade fractional stocks on Solana. Remora will be integrated into Step Finance’s broader portfolio management interface, prioritizing user-friendly design, small trade sizes, and minimal fees. All revenue generated by Remora will be used for STEP token buybacks, aligning the protocol’s incentives with those of token holders. The platform will operate under the regulatory licenses obtained following its acquisition and will support 24/7 trading and instant settlement.
Remora adopts a retail-first strategy to invest in tokenized stocks, positioning itself as an alternative to institutional-oriented platforms like Opening Bell and xStocks. The platform is currently still under development and is expected to launch fully later in 2025.
Non-yielding assets
Although yield-bearing assets dominate the total value of RWA on Solana )TVL(, non-yield-bearing products play a key role in expanding the range of assets and showcasing the flexibility of Solana’s infrastructure. These products include tokenized real estate, unique physical goods, and collectibles.
Tokenized Real Estate
Parcl: Parcl allows users to invest in the price trends of specific geographic real estate markets (such as the real estate market in major US cities) without the need to own physical property. By tracking price indices (price per square foot) and creating tradable markets for these indicators, Parcl provides a highly liquid, convenient, and low-cost way to understand real estate trends.
Homebase: Homebase issues tokenized NFTs that represent partial ownership of single-family rental properties in the United States, with a focus on regulatory compliance (KYC (Note: KYC refers to a series of processes and mechanisms by banks and other financial institutions to verify client identities and understand their business activities, often associated with anti-money laundering, anti-corruption, and financial security systems.), custody, and lock-up periods). Investors can buy and sell shares directly on the Homebase platform, thereby lowering the entry barrier and enhancing market liquidity while ensuring legal enforceability.
MetaWealth: MetaWealth is a Solana-based investment platform focused on decentralized real estate ownership in the European market. Since its launch, MetaWealth has facilitated over $36 million in tokenized real estate investments, covering assets in countries such as Romania, Spain, Greece, and Italy, with a user base of over 50,000 investor accounts and 138 types of tokenized assets.
Tokenization of physical goods and collectibles
BAXUS: BAXUS operates a peer-to-peer platform for high-quality rare spirits trading, where bottles are certified, priced, and tokenized as NFTs on Solana. Users can trade, store, and insure their collections, while the NFTs serve as proof of ownership and a redemption mechanism for the physical assets.
CollectorCrypt: CollectorCrypt brings real-world collectibles (such as Pokémon trading cards) onto Solana, allowing users to deposit items for authentication, tokenization, and DeFi integration. This model expands the use of NFTs as representations of physical value.
AgriDex: AgriDex tokenizes agricultural products on the Solana platform, allowing crops to be bought and sold in the form of NFTs, which contain key transaction details. By collaborating with agricultural organizations and utilizing DeFi tools, AgriDex aims to enhance the transparency and efficiency of commodity markets.
RWA infrastructure
The RWA ecosystem of Solana is built on a set of rapidly evolving technical standards, data oracles, compliance tools, and market infrastructure.
R3
R3 is a financial technology company based in the UK that provides enterprise-level distributed ledger solutions for regulated financial institutions. Although R3 is not a direct issuer or investor of RWAs, it acts as a technology enabler. It offers middleware and compliance tools to support the issuance of tokenized assets and the transfer from permissioned environments to high-performance public networks like Solana.
Its flagship product Corda is a permissioned distributed ledger technology )DLT( platform for capital markets, payments, and central bank digital currency )CBDC( projects. Corda is designed for regulated environments, prioritizing privacy and compliance, and facilitating direct transactions. R3’s clients include top financial institutions such as HSBC, Bank of America, and Intesa Sanpaolo. As of June 2025, R3 supports over $10 billion in tokenized assets across asset classes.
Drift Institutional
Drift Institutional was announced by Drift in May 2025, aimed at helping institutions bring RWA into Solana. The product simplifies the tokenization of traditional assets such as credit, real estate, and commodities through DeFi native tools, achieving leverage and composability for more efficient capital utilization, automated yield strategies, and transparent risk management.
Drift Institutional’s debut is through a collaboration with Securitize to bring Apollo’s $1 billion diversified credit fund )ACRED( to Solana. This integration allows verified institutional investors to deposit sACRED into the institutional liquidity pool )ACRED-USDC/ACRED-USDT( and borrow stablecoins against their positions.
Kamino Finance
Kamino Finance is a lending protocol based on Solana that provides users with automated strategies for lending and providing liquidity. As a key platform for RWA integration, Kamino allows investors to use tokenized real-world assets as on-chain collateral. A noteworthy use case is that investors holding shares of the Apollo tokenized credit fund )ACRED( can deposit them into Kamino to borrow stablecoins such as USDC as collateral. This feature unlocks the liquidity of traditional illiquid assets and deepens their integration with the Solana DeFi ecosystem.
Fiserv
In June 2025, payment and fintech company Fiserv announced a strategic partnership with Circle aimed at enhancing its clients’ stablecoin payment capabilities. This collaboration integrates Circle’s USDC infrastructure with Fiserv’s extensive global network, which includes thousands of financial institutions and millions of merchants. This will enable Fiserv to leverage the Solana blockchain for fast, low-cost USDC payment settlements, connecting traditional commerce and banking systems to the modern internet-native financial layer. This move marks an important step for blockchain payment technology in mainstream financial infrastructure.
Other infrastructure
Token Standards: The SPL Token and Token-2022 standards lay the foundation for fungible and non-fungible assets on Solana. Token-2022 introduces tailored extension features for RWA, such as confidential transfers, interest accumulation, programmable transfer limits, and compliance enforcement hooks.
Oracle: Pyth Network provides high-frequency, decentralized price information for assets on Solana, supporting a variety of assets from real estate indices through Parcl to yield-generating government bonds. Switchboard and Redstone offer additional oracle options, enhancing data redundancy and reducing manipulation risks.
Bridging: Wormhole and Chainlink’s CCIP facilitate seamless cross-chain transfer and settlement of RWA, enabling composability with Ethereum, Polygon, Avalanche, and other ecosystems. Projects like Centrifuge and Backed leverage Wormhole to bring institutional-grade assets into Solana’s DeFi stack.
Compliance and Identity Solutions: Securitize provides KYC/AML execution, investor onboarding, and transfer agent services to ensure regulatory compliance for tokenized funds and stocks.
Summary
The RWA ecosystem of Solana has undergone significant expansion, evolving from a few experimental projects into a robust, diversified, and institutionally credible niche market. Yield-generating products, particularly tokenized government bonds and institutional funds, form the cornerstone of this ecosystem, while composable DeFi integrations and programmable compliance set Solana apart. The simultaneous rise of tokenized stocks, real estate derivatives, and physical commodities showcases the network’s flexibility and innovation, supported by its advanced infrastructure and an increasing number of institutional partners.
Looking to the future, Solana has become a powerful platform for the next wave of RWA applications with its unique speed, composability, and developer-driven innovation capabilities. With the launch of new asset classes and the deepening of partnerships, Solana is not only expected to compete with Ethereum in the institutional RWA market but also to define the standards of programmable, global, and democratized finance in the blockchain era.
