Definitions & Taxonomy
This page defines every column on the RWA dashboard and documents the full taxonomy used to classify assets by type, category, and asset class.
Column Definitions
Identifier Fields
Ticker
Canonical ticker symbol assigned to the asset or platform.
Name
Human-readable name of the asset or platform.
Website
Official website for the issuer, asset, or platform.
Official Twitter/X profile for the project or issuer.
Blockchain Fields
Primary Chain
Single chain slug representing the chain where the asset or platform is primarily issued or anchored.
Chain
List of chain slugs separated by semicolons representing all chains where the asset exists or is deployed.
Contracts
List of canonical onchain contracts formatted as chainslug:address. Use x when the asset has no single canonical contract.
Classification Fields
Category
High-level economic bucket describing the type of RWA or financial product represented. See the Category Taxonomy below.
Asset Class
Granular economic type within a Category describing how the exposure is structured. See the Asset Class Taxonomy below.
Type
Structural designation for the entry: Asset, Platform, or Wrapper. See the Type Taxonomy below.
RWA Classification
High-level classification describing the economic nature of the entry. See Methodology & Metrics.
Access Model
Indicates how users interact with the asset. See Methodology & Metrics.
Issuer & Verification Fields
Issuer
Legal entity or organization responsible for issuing or controlling the asset.
Issuer Source Link
Primary public reference confirming issuer information.
Issuer Registry Info
Identifiers or registry data for the issuer from corporate or regulatory databases.
ISIN
International Securities Identification Number, where applicable.
Attestation Links
URLs to public proof-of-reserves or asset-verification reports.
Attestations
Whether the issuer provides periodic attestations or assurance reports regarding reserves or backing.
Evidence Flags
Redeemable
Whether the token can be redeemed for underlying assets.
CEX Listed
Whether the token is listed on a centralized exchange.
KYC for mint/redeem
Whether minting or redeeming through the issuer requires KYC/AML verification.
KYC/Allowlisted/Whitelisted to Transfer/Hold
Whether holding or transferring the token requires prior verification or allowlisting, enforced at the token, contract, or venue level.
Transferable
Whether the token can be transferred freely between onchain addresses.
Self Custody
Whether the token can be held in a user-controlled wallet.
Metric Fields
Onchain Marketcap
Total USD value of the asset that exists onchain across tracked chains.
Active Marketcap
Portion of Onchain Marketcap taking real market risk in user or protocol hands.
DeFi Active TVL
Subset of Active Marketcap deployed in third-party DeFi protocols tracked by DeFiLlama.
Utilization
Ratio of DeFi Active TVL to Onchain Marketcap, expressed as a percentage.
Other Fields
Parent Platform
The issuer or platform entry that this asset belongs to, when applicable.
Description/Notes
Free-text field with structural details or modeling context.
Yield Bearing
Whether the token passes through yield to holders.
Oracle Provider
The oracle service providing price or reserve data for the asset.
Oracle Proof Link
URL to the oracle feed or proof used for the asset.
Claimed TVL
Issuer-reported AUM or TVL in USD.
Derivatives
Notes describing derivative or wrapper instruments built on top of the asset.
Type Taxonomy
Every entry is assigned one of three structural types.
Asset
Primary token representing real-world asset exposure being tracked, not the platform enabling issuance, and not a wrapper of another tracked asset.
Platform
Protocol, issuer, or infrastructure entry that enables issuance, custody, trading, or management of RWAs, but is not the RWA exposure token itself.
Wrapper
Token that wraps, pools, tranches, or strategies one or more underlying assets, creating RWA exposure via a derivative or structured product.
Category Taxonomy
Each asset is assigned to one of the following high-level categories. Assets on the RWA Perps dashboard use the RWA Perps category; all other categories apply to the main RWA dashboard.
Bond & MMF Funds
Tokens representing shares in fund-like products invested in cash and fixed income, such as Treasury bills, bond funds, and money market funds. Holding the token is meant to mirror holding a slice of the underlying fund.
Carbon & Environment
Tokens representing carbon credits and other standardized environmental units, such as verified emissions reductions, emissions allowances, and similar environmental certificates.
Crypto Funds
Tokens representing shares in managed funds whose holdings are cryptoassets, such as index funds or crypto hedge funds. Fund-style exposure rather than direct ownership of a single coin or token.
ETFs
Tokenized ETFs providing onchain exposure to exchange-traded fund shares, either fully backed by custodied shares or via synthetic replication.
Fiat Stablecoins
Stablecoins designed to track a fiat currency such as USD or EUR. Typically issued and redeemed by an issuer and backed by off-chain reserves like cash, bank deposits, and short-term government bills.
Gold & Commodities
Tokens tied to commodities, most often vaulted precious metals like gold. Typically backed by physical inventory or a clear issuer claim, and may be redeemable (directly or via approved partners) for the underlying commodity.
Governance Tokens
Tokens used to govern an RWA-related protocol. They usually give voting rights and sometimes a share of fees, but are not a direct claim on a specific off-chain asset like a Treasury bill, loan, or commodity.
Non-RWA Stablecoins
Stablecoins that aim to hold a peg using onchain mechanisms, such as crypto collateral, algorithms, or hedging, rather than cash and real-world assets held off-chain.
Other RWAs
Tokens tied to less common real-world assets such as art, collectibles, royalties, or intellectual property, plus platforms that issue or enable trading of them.
Private Credit
Protocols that finance real-world borrowing and receivables, for example private credit, trade finance, real estate credit, structured credit, or reinsurance-linked credit. Includes pools, originators, and markets that package or distribute credit onchain.
Real Estate
Tokens giving exposure to real estate, either a single property or a pool. Structures include fractional ownership, revenue sharing, or real-estate-backed debt.
RWA Perps
Perpetual markets tied to real-world reference assets such as public equities, ETFs, equity indices, bonds, and commodities. These markets provide margined, cash-settled price exposure rather than direct ownership or redemption rights in the underlying asset. Includes both individual perp markets and the venues that list them.
RWA Stablecoins
Fiat-pegged stablecoins where the main backing is real-world assets, for example Treasury bills, bonds, credit, or commodities. Redemptions depend on those assets' value and liquidity, and some versions pass through yield.
RWA Wrappers
Products that wrap RWA tokens (or RWA-backed stablecoins) into a simpler onchain position. They often issue a receipt token and may bundle assets, standardize yields, or split and repackage returns.
Stocks & Equities
Tokens that provide exposure to stocks or equity baskets. Exposure may be backed 1:1 by shares held by a custodian, or track prices synthetically. This category also includes platforms that issue and trade them.
Asset Class Taxonomy
Each asset is further classified into a granular asset class within its category. The tables below are organized by category.
Fiat Stablecoins
USD Stable
Stablecoins pegged to USD and backed mainly by cash, bank deposits, and short-term government paper held by a centralized issuer or custodian.
EUR Stable
Stablecoins pegged to EUR and backed mainly by euro cash, bank deposits, and short-term government paper.
Other Fiat Stable
Stablecoins pegged to non-USD, non-EUR fiat currencies such as GBP, CHF, SGD, or baskets of fiat.
Bank Deposit Token
Tokens that represent a direct, redeemable claim on a bank or central bank deposit account at par value.
Yield Fiat Stable
Fiat-pegged stablecoins that pass through some or all of the yield on reserve assets directly to token holders.
RWA Stablecoins
RWA Fiat Stable
Fiat-pegged stablecoins whose reserves are primarily real-world assets such as Treasury bills, bonds, or commodity holdings (e.g. gold), but where yield is retained by the issuer rather than paid directly to token holders.
Yield RWA Stable
Fiat-pegged stablecoins whose reserves are real-world asset portfolios and where yield is paid directly to token holders via an increasing balance or rebase.
Multi-Asset RWA Stable
Stablecoins backed by a mix of real-world assets and onchain collateral, where neither side is clearly dominant.
Non-RWA Stablecoins
Crypto Stable
Stablecoins backed primarily by onchain crypto collateral (e.g. ETH, stETH, LP tokens) with no material allocation to real-world assets.
Algo Stable
Stablecoins that rely mainly on algorithmic mechanisms or undercollateralized backing rather than fully reserved collateral.
Synthetic Stable
Stablecoins backed by synthetic crypto or derivatives strategies (such as delta-neutral basis trades or perp hedging) rather than direct fiat or real-world asset reserves.
Bond & MMF Funds
T-Bills
Tokens that give direct or near-direct exposure to short-term government Treasury bills or ETFs that hold them.
Sovereign Bond Fund
Tokenized vehicles that hold government notes and bonds with longer duration than T-bills.
Corp Bond Fund
Tokenized funds that hold corporate bonds, securitized credit, or similar corporate fixed-income instruments.
MMF
Tokenized shares in a money market fund that holds short-duration, high-quality money market instruments.
Mixed RWA Fund
Tokenized funds that hold a planned mix of sovereign debt, credit, and cash-like assets where no single type dominates.
Gold & Commodities
Gold
Tokens backed by physical gold, whether allocated to specific bars or held in pooled, unallocated form by a custodian.
Silver
Tokens backed primarily by physical silver held in secure custody.
Platinum
Tokens backed primarily by physical platinum.
Palladium
Tokens backed primarily by physical palladium.
Uranium
Tokens backed primarily by uranium or uranium inventory.
Other Commodity
Tokens backed by a single physical commodity that is not a precious metal or uranium, such as crude oil, natural gas, agricultural products, or metals outside the precious metals category.
Commodity Basket
Tokens backed by a basket of commodities rather than a single underlying asset.
Real Estate
Single Property
Tokens that give equity-style exposure to a single property or real estate project.
REIT
Tokens that mirror units in a pooled real estate fund, REIT structure, or diversified basket/index of real estate exposures.
RE Revenue Share
Tokens whose primary claim is to a share of rental income or other property revenue streams.
RE Credit
Tokens backed primarily by loans, mortgages, or credit notes secured against real estate or property.
Stocks & Equities
Stock Synthetic
Tokens that track a single listed equity using synthetic replication rather than full custody of shares.
Stock Backed
Tokens backed by held underlying shares in custody that map 1:1 to a single listed equity.
Equity Basket
Tokens that track a basket or index of equities or equity ETFs.
PE / Venture
Tokens that represent interests in private company equity, venture capital funds, or similar vehicles.
Private Credit
Credit Pool
Pools or funds backed by diversified private loans such as SME, corporate, or consumer credit, including managed private credit funds and feeder vehicles that allocate across lending strategies.
Trade Finance
Pools backed by invoices, receivables, or other trade-finance assets.
Structured Credit
Credit backed by niche or structured assets such as revenue-based finance, litigation finance, project finance, or asset-backed fleet financing.
Other Credit
Private credit pools that are clearly real-world lending exposures but do not fit the more specific labels.
Reinsurance Pool
Pools where the primary risk and return come from reinsurance or insurance underwriting exposure.
Lending Venue
Protocols or markets that primarily facilitate issuance, trading, or lending against RWA collateral or private credit pools, rather than representing a single pool token.
RWA Wrappers
Stable Yield Wrapper
Wrappers whose underlying is one or more stablecoins and that issue a yield-bearing receipt token.
Single Asset Wrapper
Wrappers that mainly hold one underlying RWA token or fund and issue a single receipt token.
RWA Basket Vault
Wrappers that hold a basket of RWA tokens or funds and present them as one composite position or index-like exposure.
RWA LP Wrapper
Tokens that represent LP positions where the majority of exposure is to RWA tokens or RWA stablecoins.
Leveraged RWA Vault
Wrappers that apply leverage or active rebalancing on top of RWA collateral to modify yield or duration.
Structured Note
Tokens that embed structured payouts or note-like features on top of underlying RWA collateral.
Yield Pool
Tokens that directly represent a yield-generating RWA pool that is not positioned as a stablecoin.
Active Vault
Vault tokens representing deposits into a discretionary, manager-directed strategy that may allocate across RWAs and other onchain yield sources, and that issue a receipt token.
Carbon & Environment
Carbon Credit
Tokens representing carbon credits, including project-based voluntary offsets and allowances from regulated cap-and-trade or compliance carbon markets.
Carbon Reserve
Tokens that function as reserve or treasury assets and are backed by baskets of carbon credits or similar environmental units, rather than representing individual retireable offset claims.
Other Environmental
Tokens linked to other environmental or impact units such as renewable energy certificates or biodiversity credits.
Governance Tokens
Governance Token
Tokens that confer governance rights, voting power, or protocol control over an RWA platform or product suite, without being a direct 1:1 claim on the underlying assets.
Revenue Share
Tokens that entitle holders to a share of protocol revenues or fees from an RWA platform while not being a direct claim on underlying asset pools.
Other RWAs
Collectibles
Tokens backed by art, collectibles, or other non-financial real assets such as luxury goods.
IP / Royalty
Tokens whose primary claim is to intellectual property or revenue/royalties from IP such as music, patents, or media catalogs.
Other Exotic
Tokens backed by niche real-world assets that do not fit other categories, such as AI hardware, fleet assets, or other specialized equipment.
Domain Venue
Marketplaces/venues that fractionalize off-chain DNS domains into onchain tokens and facilitate primary issuance and secondary trading.
Collectibles Venue
Platforms/marketplaces that enable tokenization, trading, custody/vaulting, and redemption of physical collectibles via onchain tokens/NFTs.
Crypto Funds
Crypto Index Fund
Tokenized fund shares providing beneficial exposure to a diversified basket of cryptocurrencies via a disclosed index methodology or systematic allocation strategy.
Crypto Hedge Fund
Tokenized fund shares providing beneficial exposure to an actively managed digital-asset fund pursuing absolute-return strategies across spot and/or derivatives markets.
ETFs
ETFs on the main RWA dashboard use the asset classes ETF Backed (tokens fully backed by custodied ETF shares) or share asset classes with Stocks & Equities where applicable.
RWA Perps
Perpetual market asset classes are documented separately. See the RWA Perps page for the full perps asset class taxonomy, column definitions, and dashboard guide.
Stock Perp
Perpetual markets that track the price of an individual public company's equity.
ETF Perp
Perpetual markets that track the price of an exchange-traded fund.
Equity Perp
Perpetual markets that track a public-equity benchmark or basket.
Commodity Perp
Perpetual markets that track a commodity or commodity benchmark.
Bond Perp
Perpetual markets that track a bond or bond benchmark.
Perp Venue
Venues that list and operate perpetual markets tied to real-world reference assets.
Asset Group Taxonomy
Asset Groups are broader user-facing groupings used to pull related assets and markets into a single dashboard view. They appear in the Asset Group column on both the main RWA dashboard and the RWA Perps dashboard, and are used for chart grouping and the Asset Groups tab.
Agricultural Commodities
Assets tied mainly to crops, farmland yield rights, livestock-related commodity flows, or other agricultural commodity exposure.
AI & Compute Infrastructure
Assets tied mainly to physical AI and compute infrastructure, such as GPUs, data centers, robotics equipment, tokenized compute capacity, or financing backed by those assets.
Bonds
Assets tied mainly to government or corporate debt instruments, money market funds, or similar fixed-income exposures where returns come mainly from interest and principal payments.
Carbon Credits
Assets tied mainly to carbon credits, emissions allowances, or other standardized environmental units used to represent avoided, reduced, or removed emissions.
Collectibles & Luxury Goods
Assets tied mainly to art, watches, wine, jewelry, rare cars, luxury goods, or similar collectible markets.
Commodity Baskets
Assets spanning multiple commodity types without one clearly dominant commodity.
Digital Assets
Assets tied mainly to cryptocurrencies, blockchain network activity, tokenized mining or hashrate, domain names, or investment funds whose reference assets are digital assets.
Energy
Assets linked mainly to power generation, electricity, fuel infrastructure, or other energy-sector cash flows that are not best described as oil or natural gas alone.
Equity ETFs
Assets whose primary reference is one or more exchange-traded funds that hold public equities.
Equity Indices
Assets tracking broad or thematic equity indexes rather than a single company or a specific ETF.
Fiat Currencies
Assets whose value is designed mainly to track a fiat currency or closely related cash unit, whether fully reserve-backed or maintained synthetically.
Industrial Metals
Assets tied mainly to industrial metals such as copper, aluminum, nickel, or similar materials used in manufacturing and infrastructure.
Intellectual Property & Royalties
Assets tied mainly to copyrights, music royalties, film rights, patents, trademarks, or other contractual cash flows from intellectual property.
Mixed Public Markets
Assets spanning multiple public-market reference types, such as equities, ETFs, indices, bonds, or commodities, without one clearly dominant sleeve.
Multi-Asset RWAs
Assets or platforms with meaningful exposure to multiple real-world asset sectors, such as bonds, credit, equities, real estate, or commodities, without one dominant reference asset.
Natural Gas
Assets tied mainly to natural gas benchmarks or gas-linked commodity exposures.
Oil
Assets tied mainly to crude oil benchmarks or related petroleum exposures.
Precious Metals
Assets tied mainly to gold, silver, platinum, palladium, or similar precious-metals exposure.
Private Credit
Assets tied mainly to privately originated loans, receivables, trade finance, structured credit, or similar non-public lending exposures.
Private Equity & Venture
Assets tied mainly to ownership stakes in private companies, venture investments, or platform equity that behaves more like private-company exposure than public-market shares.
Public Equities
Assets tied mainly to publicly listed companies or diversified baskets of listed shares.
Real Estate
Assets linked mainly to property values, rental income, home equity, or portfolios of real estate assets.
Reinsurance
Assets tied mainly to insurance-linked or reinsurance risk, where returns depend on underwriting performance, premium flows, and loss outcomes.
RWA Infrastructure
Tokens or platforms tied mainly to the issuance, trading, settlement, compliance, or governance rails used to bring real-world assets onchain, rather than a single underlying asset class.
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