The RWTS Watchlist

Issuer: J.P. Morgan Asset Management

JPM's second tokenized money market fund, live on public Ethereum since May 2026, distinct from MONY. On-chain AUM surged ~250% in a month to ~$695M by early July 2026. US-registered government MMF built to support GENIUS-Act stablecoin reserves, Anchorage Digital as custody partner. Tier-1 flagship, first in the rating queue.

Issuer: OCBC / Lion Global Investors / DigiFT

Southeast Asia's first on-chain tokenized physical gold fund, live on Ethereum and Solana, all three parties MAS-regulated. Underlying fund hit ~US$526M AUM four months after launch. Sits squarely in the RWTS metals lead lane.

Issuer: J.P. Morgan Asset Management

First tokenized money market fund from the largest US bank, on Ethereum, 506(c), holding Treasuries and repo with stablecoin subscribe and redeem. Tier-1 flagship; JPM has since launched a second tokenized MMF (JLTXX).

Issuer: Figure Certificate Company

SEC-registered yield-bearing dollar, live on Stellar since 2026-05-05. A registered-security structure distinct from synthetics and exchange wrappers. Confirm current supply before scoring.

Issuer: Theo (tokenized by Libeara)

First yield-bearing tokenized gold. A slice of the MG999 On-Chain Gold Fund (FundBridge Capital, tokenized by Standard Chartered-backed Libeara); the fund lends gold to jewelers for ~2.3% APY on LBMA exposure. Tradeable on Hyperliquid, Uniswap, Morpho and Pendle. Also now backs Stable's new StableEarn USDT vault. Sits squarely in the RWTS gold-plus-yield lead lane.

Issuer: Binance

Second-largest ETH liquid staking token after Lido. Binance-governed and KYC-gated, which will weigh on the verification and regulatory dimensions even at this scale.

Issuer: Mantle

Fourth-largest ETH LST. cmETH adds a restaking layer, which adds yield and a fresh slashing surface.

Issuer: Renzo

Major liquid restaking token on EigenLayer. The corpus has weETH and eETH but not the Renzo route yet.

Issuer: Bedrock

Second-largest BTC liquid staking token after Lombard. Babylon-based, with Pendle and restaking composability.

Issuer: PumpBTC

Retail-focused Babylon BTC LST built from WBTC, BTCB and FBTC via Cobo and Coincover custody.

Issuer: Ethena Labs

Conventional stablecoin roughly 90% backed by BlackRock's BUIDL. A distinct asset from the already-rated synthetic sUSDe. Growth has been flat since its 2025 ramp.

Issuer: Saturn (Saturn Credit)

Two-token model: USDat is a non-yield 1:1 USDC-pegged dollar backed by tokenized US Treasuries via $M (permissioned); sUSDat is an ERC-4626 vault accruing STRC dividends (Strategy digital credit), 11%+ APY, 3-7 day withdrawal queue. Distinct from Ethena sUSDe. Above threshold and growing. Confirm reserve attestation; the STRC corporate-credit yield source should weigh on backing and track record.

Issuer: Ondo Global Markets (BVI) Limited

Issuer now confirmed: Ondo Global Markets, not a Binance listing. Backed 1:1 by iShares Silver Trust (SLV) shares held in Ondo-managed brokerage and custody accounts, mint and redeem 24/5 for non-US users, tracked on RWA.xyz. Second tokenized-silver name after KAG, so it fills the thinnest lane in the corpus. Score it as an ETF-share wrapper, not a direct bullion claim: holders redeem for fund shares, never metal.

Issuer: Ondo Global Markets (BVI) Limited

Same structure as SLVon, backed 1:1 by iShares Gold Trust (IAU) shares with 24/5 mint and redeem for non-US users, now distributed through MetaMask as well as Ondo's own app. Thin holder base (roughly 53 on-chain holders) and sources disagree on size, RWA.xyz shows ~$9.0M total asset value against a ~$13.6M CoinMarketCap market cap. Verify which figure is right before scoring, and treat it as an ETF-share wrapper rather than a bullion claim.

Issuer: Invesco

Trillion-dollar asset manager filed 2026-06-24 to issue on-chain shares via Superstate rails for GENIUS-Act stablecoin issuers, expected effective ~60 days later (~late August 2026). Not yet live; Tier-1 issuer in the reserve MMF lane. Re-rate to rating-next once it deploys on-chain.

Issuer: Stable (Gauntlet-curated on Morpho, Theo RWA backing)

First USDT-native yield vault, launched 2026-05-26, routes USDT into Theo's thBILL, thGOLD and thUSD for mid-single-digit Treasury-plus-gold APY, no token emissions. It is a vault deposit position rather than a standalone tradeable token, and no TVL figure is public. Verify token form and size before scoring.

Issuer: State Street

Now live as SSCXX (launched 2026-06-16, ~$121M AUM, 3.51% yield, Rule 2a-7 govt MMF, Anchorage Digital seed investor). KEY: SSCXX records shares conventionally off-chain, marketed as tokenized but with no on-chain token share class (unlike JPMorgan JLTXX). Likely does not qualify for a score until a genuine on-chain share class exists.

Issuer: Circle

Announced 2026, not yet live. Launching on Ethereum and Circle's Arc L1 with 1:1 native BTC backing and on-chain-verifiable reserves. Tier-1 issuer; re-rate to rating-next once live.

Issuer: Fidelity

Launched June 2026, Rule 2a-7 government money market fund built for GENIUS-Act stablecoin reserve management, 0.18% expense ratio. Confirm on-chain token form and circulating size before scoring.

Issuer: Lido

Lido's first products beyond core LST staking. EarnUSD auto-allocates USDC/USDT across DeFi lending, RWA exposure and structured products; EarnETH spreads ETH/WETH/stETH across Aave, Uniswap and Morpho. Flagship vaults from the largest LST issuer; verify TVL and contract form before scoring.

Issuer: Swell Network

Major EigenLayer restaking protocol, ~$1.8B TVL across products. Corpus has weETH and eETH but not the Swell route. Verify current TVL before scoring.

Issuer: DBS Bank

DBS plans retail tokenized physical gold via its digibank app in H2 2026, each token backed by one gram of vaulted Singapore gold. Not yet live; track for launch.

Issuer: Falcon Finance

Large in-lane synthetic dollar, ~$1.8B circulating and ~9% 7d APY from staking plus funding-rate and basis strategies. Verify reserve mix before scoring.

Issuer: Consensys / MetaMask (vaults by Veda, curation by Steakhouse Financial)

MetaMask's Money Account launched 2026-06-30, paying up to 4% variable APY on mUSD via a Morpho-allocated Veda vault with Mastercard spending attached. Flagship consumer yield product from the largest self-custodial wallet; confirm whether the scoreable unit is mUSD itself or the vault position before scoring.

Issuer: Robinhood (Morpho vaults, spUSDG via Spark; USDG by Paxos)

In-app DeFi lending on USDG launched 2026-07-01, est. 7% variable APY from real borrower demand via Morpho, with Lloyd's exploit insurance and 27.7M-customer distribution. Confirm the scoreable unit (spUSDG vault share vs the in-app position) and TVL before scoring.

Issuer: Deel

Yield-bearing dollar wallet launched June 2026, rolling out LatAm then APAC/MENA/Africa, earning up to ~4% on idle balances via on-chain vaults on the Tempo chain. Borderline lane (payroll-wallet packaging); confirm whether the dollar is a standalone tradeable on-chain token and its size before deciding to score.

Issuer: Resolv

Two-token delta-neutral model (USR stable, RLP risk tranche). Launched August 2025. Confirm current TVL.

Issuer: Puffer

Native liquid restaking on EigenLayer, ~$832M TVL. Confirm current TVL before rating.

Issuer: Lorenzo Protocol

Babylon BTC LST with separate principal (stBTC) and yield (YAT) tokens.

Issuer: VNX (Liechtenstein)

MiCA-aligned, Swiss-vaulted bullion with public attestations. An EU-regulated flagship; confirm market cap is above threshold.

Issuer: Comtech

Shariah-compliant gold token, a distinct compliance angle. Confirm market cap.

Issuer: Nexo

Major CeFi yield platform absent from the corpus, up to mid-teens APY on stablecoins. Relaunched in the US in early 2026 via a Bakkt partnership for compliance and custody. Confirm current product terms.

Issuer: FinChain (Fosun Wealth Holdings)

Billed as Asia's first yield-bearing RWA stablecoin, live on Avalanche, backed by money market funds from Taikang AM (HK), ChinaAMC and BNY Mellon. Non-US structure outside the GENIUS Act no-yield rule; no public supply figure yet, verify size and attestations before scoring.

Issuer: R25 (Ant-backed)

Institutional yield-bearing dollar backed by money market funds and structured notes, exclusive EVM deployment on Polygon since Nov 2025. NOT the same asset as the already-rated Ember rcUSD despite the near-identical ticker; confirm TVL above threshold and exact contract before scoring.

Issuer: Aave Labs

Launched 2026-07-09. Fixed-rate yield on USDC, USDT and GHO, auto-allocated across approved Aave lending strategies and packaged for fintechs to embed through one integration, with Chainlink CCIP for cross-chain routing. Aave is already rated as a protocol and aUSDC as an asset, so confirm the scoreable unit is a distinct vault share and get a TVL figure before adding a second Aave position.

Issuer: Stacking DAO

NOT the same asset as the Lorenzo stBTC already on this list. First Bitcoin liquid staking token on Stacks, announced 2026-07-08, in audit and targeting an August launch alongside the PoX-5 hardfork that turns on native Bitcoin Staking. Zest Protocol is shipping an stBTC looping vault on top. New BTC-yield primitive outside the Babylon route, so worth an early read once it is live and has real TVL.

Issuer: Timeless Resources Holdings (8028.HK), Eddid Financial, HashKey Chain

Hong Kong's first regulated silver-backed RWA, each token backed by 999.9 purity physical silver in an international vault with ownership held in trust by a licensed entity, issued on HashKey Chain. A mining and metals issuer rather than a crypto-native one, which is a different verification profile from KAG. No public supply or ticker yet, confirm both before scoring.

Issuer: Kelp DAO

Exploited for roughly $290M in 2026, the largest DeFi hack of the year. In-lane and notable, but the fresh exploit will heavily penalise the audit and track-record dimensions. Rate only with that context front and centre.

Issuer: STBL (Reeve Collins, Tether co-founder)

Depegged within hours of its 2026-07-01 launch on Stellar per The Defiant. RWA-collateralised stablecoin minted against tokenized treasuries (starting with Ondo USDY) so holders keep the underlying yield; Tether-pedigree founder and heavy institutional press. Track the peg and supply before any scoring decision.