Major Tokenization Protocols Without Their Own Tokens (as of 22 December 2025)
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Superstate
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Type: Financial technology firm reshaping public capital markets.
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Real‑world assets (RWA) total value: 928 million dollars.
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Capital raised: 14 million dollars.
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Backed
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Type: Gateway for tokenized stocks and equities.
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RWA total value: 208 million dollars.
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Capital raised: 12.7 million dollars or more.
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Spiko
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Type: Gives access to returns from money market funds backed by Treasury Bills.
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RWA total value: 591 million dollars.
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Capital raised: 22 million dollars.
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Theo
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Type: Full‑stack platform connecting on‑chain capital to global financial markets.
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RWA total value: 166 million dollars.
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Capital raised: 20 million dollars.
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Hyperunit
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Type: Asset tokenization layer on Hyperliquid.
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Total value locked: 517 million dollars.
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Midas
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Type: Investment product platform replicating institutional strategies.
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RWA total value: 187 million dollars.
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Capital raised: 13.75 million dollars.
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OnRe
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Type: Provides uncorrelated, real‑world returns to crypto capital markets.
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RWA total value: 58.9 million dollars.
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Nest
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Type: Decentralized application built on the Plume blockchain.
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RWA total value: 28.1 million dollars.
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Dinari
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Type: Solution for buying US securities‑backed stock tokens with stablecoins.
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RWA total value: 9.72 million dollars.
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Capital raised: 22.7 million dollars.


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