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RWA (Real World Asset) tokenization × CEX handling

Confidence: Likely Updated 2026-05-19 Review by 2026-09-22 Sources 3 Machine-translated Original (JA)
#exchanges#rwa#tokenization#mmf#institutional#cex
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This entry sits under exchanges index. Read it against Global CEX top 10 ranking comparison (2025-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.

Overview

RWA (Real World Asset) tokenization = a mechanism for issuing real assets (US Treasuries / real estate / commodities / private credit) as on-chain tokens. With BlackRock BUIDL (2024-03 launch · US Treasury MMF) as a catalyst, it grew rapidly in 2024-2026 . Total RWA TVL is $12-20B (2026 estimate), with tokenized US Treasuries as the central segment.

Major players

  • BlackRock BUIDL (Ethereum) — issued via Securitize · limited to US institutional investors · 5.4% yield · $1.5B AUM (2025)
  • Ondo Finance OUSG/USDY — collateralized by US Treasury ETF (SHV) · two-tier structure of OUSG (institutional) + USDY (retail)
  • Securitize — tokenization platform · entrusted with BUIDL / Apollo / Hamilton Lane issuance
  • Maple Finance — private credit lending on-chain
  • Centrifuge — multi-asset RWA pool
  • Provenance Blockchain (Figure) — real estate + private credit

CEX handling status

  • Domestic (Japan): No direct spot handling · not approved on the JVCEA WhiteList · RWA-related items such as Mitsui & Co. (Zipangcoin) go through separate routes (ST / trust)
  • Overseas (US): Coinbase provides institutional OUSG custody · Binance provides some RWA prime
  • CEX strategy: RWA is an extension of institutional prime brokerage → institutional CEXs have an edge over retail CEXs

CEX × RWA integration strategy

  • custody: BUIDL / OUSG are entrusted to Coinbase Custody / Anchorage in many cases
  • trading: Secondary market only via institutional OTC (limited for retail)
  • settlement: 24/7 settlement via USDC / USDT
  • taxation + regulation: US SEC supervision + Reg D / Reg S exemption + limited to institutional accredited investors

Domestic + Asia expansion

  • Progmat (Mitsubishi UFJ Trust group) — largest domestic trust-type ST (~68% share)
  • DCJPY + JPYC — candidates to complement RWA settlement
  • HK SFC + MAS DPT are advancing RWA integration experiments (HKMA Project Ensemble, etc.)
  • Japan retail RWA handling awaits legal amendments (Investment Trust Act + FIEA)