● Tokenized real-world assets grew roughly 30% in Q1 2026, reaching nearly $29 billion, with private credit overtaking Treasuries as the largest asset class.● The seven vendors covered here are Securitize, Tokeny, Centrifuge, Ondo Finance, Kaleido, Digishares, and Restart Fintech.● Read the list along one axis. End-to-end SaaS platforms sell a subscription product, while custom-build and fractional-CTO partners deliver tailored infrastructure through an engagement.● Restart Fintech is the pick for regulated custom-built infrastructure when your issuance structure resists off-the-shelf templates.● The list spans three asset classes institutions tokenize today: real estate, private credit, and money market funds and treasuries.

The institutional RWA tokenization market in 2026

Tokenized real-world assets grew roughly 30% in a single quarter, from about $21 billion at the start of Q1 2026 to nearly $29 billion by the end, a 263% jump over 2024's $7.9 billion (restartfintech.com). Private credit overtook Treasuries as the largest tokenized asset class in the same quarter, and BNP Paribas Asset Management, managing €612 billion, issued a tokenized money market fund share class on Ethereum.

Regulators moved in step. The SEC approved intraday trading for WisdomTree's WTGXX money market fund in February 2026, and the ECB confirmed DLT assets as eligible collateral for Eurosystem credit operations in March. Those approvals turned tokenized funds from pilots into instruments institutions can actually clear and settle against.

Vendor choice matters because the regulatory map is fractured. Tokenized money market funds and private credit that qualify as financial instruments under MiFID II fall outside MiCA and stay under securities law, and Swiss-domiciled funds live or die on DLT Act positioning rather than MiCA branding. The SEC now treats synthetic tokenized securities as derivatives, so a platform that mints synthetic tokens when you intended direct ownership creates swap exposure.

Four variables decide whether you buy a platform or build custom infrastructure. Asset class, jurisdiction, investor profile, and technical resources determine fit, and the rest of this list sorts vendors against them.

How this list was built

We selected these seven vendors because each has verifiable traction across at least one of the three institutional asset classes in scope: real estate, private credit, and money market funds or treasuries. The list deliberately spans two categories that buyers often conflate. Securitize, Ondo Finance, and Digishares run productized platforms you subscribe to. Tokeny, Kaleido, and Restart Fintech sit closer to infrastructure and build partners you engage. Centrifuge straddles both. We flag where public sourcing on pricing or scale is thin rather than repeating self-reported claims as fact.

Securitize

Securitize runs the most complete institutional stack in this list, combining the technology to issue tokens with the regulated entities to trade and administer them. Most vendors handle issuance and stop there. Securitize operates a registered broker-dealer, an alternative trading system, and a top-10 SEC-registered transfer agent through its affiliates, which means an asset manager can issue, transfer, and service digital securities inside one relationship rather than stitching together separate providers (Hamilton Lane).

The BlackRock relationship anchors its credibility. In May 2024, BlackRock led a $47 million round in Securitize and named it the transfer agent for BUIDL, its first tokenized fund on a public blockchain (Hamilton Lane). BUIDL targets a stable $1 token value, holds cash, U.S. Treasury bills, and repurchase agreements, and lets holders convert to USDC through Circle. A firm evaluating whether tokenized funds can meet institutional standards can point to BlackRock as proof that they can.

Its depth spans tokenized treasuries, private credit, and fund products, with a client roster that Securitize describes as including BlackRock, Apollo, Hamilton Lane, and VanEck (company-reported figures, not independently verified). That breadth across asset classes sets it apart from narrower vendors like Ondo, which concentrates on treasuries, or Centrifuge, which concentrates on private credit.

Securitize fits large asset managers who want a fully regulated, ready-built issuance and transfer-agent stack and are willing to work inside a productized platform. Firms with bespoke fund structures or multi-jurisdiction offerings that fall outside that template will find the ready-made approach less accommodating.

Tokeny

Tokeny sells the plumbing for compliant security tokens, not a full-service issuance business. Its T-REX platform is a white-label toolkit that lets asset owners issue, allocate, and manage security tokens under a compliance-by-design model, according to the RWA Ecosystem Map. Tokeny built its work around ERC-3643, a token standard used specifically for RWA tokenization rather than the generic ERC-20 model, per Interexy. Issuers who want to embed transfer restrictions and eligibility rules directly into the token get more from Tokeny than from a general-purpose platform.

Buyers should approach the deeper claims with care. The independent sources do not confirm Tokeny's pricing, its specific asset-class coverage across equity, debt, funds, and real estate, or the exact mechanics of its lifecycle features like cap table management and corporate actions. Treat those capabilities as items to verify directly with Tokeny rather than assumptions from marketing pages. Tokeny fits issuers who value standard-level compliance infrastructure and can supplement the distribution, custody, and servicing layers themselves.

Centrifuge

Centrifuge specializes in tokenized private credit and structured finance, which sets it apart from the treasury-focused vendors elsewhere on this list. It runs the longest-running tokenized private credit marketplace, with roughly $430 million in active pools as of May 2026. That figure sits well below the treasury players, and the gap reflects a real difference in flow. Treasury-backed products aggregate more institutional capital than private credit does.

The mechanics explain who Centrifuge serves. An originator, such as a fintech lender or trade-finance firm structures a pool of loans into a special-purpose vehicle, and Centrifuge issues tokens representing slices of that pool. Interest flows from borrowers through the SPV to token holders, and senior and junior tranches distribute risk the way traditional securitization does. Credit risk lands on the loan originator and the underlying receivables, not on Centrifuge itself.

Access is gated. Its pools generally require KYC and accreditation, though terms vary by pool, placing it firmly in the accredited-investor tier. If you manage private credit and want on-chain structured exposure rather than tokenized cash, Centrifuge is the specialist to evaluate.

Ondo Finance

Ondo Finance builds tokenized cash-management products rather than a general tokenization platform, and its flagship OUSG fund had grown past $770 million in total value locked by late 2025 (Ondo Finance). OUSG offers 24/7 subscriptions and redemptions, daily interest accruals, and support across Ethereum, Solana, Ripple, and Polygon. Ondo also issues USDY, an exempt-fund token restricted to non-U.S. investors and registered with FinCEN.

The more telling move is Ondo Nexus, launched in February 2025 to let holders redeem third-party money market funds around the clock by using them as collateral for OUSG (Crane Data). Partners include Franklin Templeton, WisdomTree, and Wellington Management. With the SWEEP fund announced alongside State Street Investment Management and Galaxy Asset Management, OUSG is designed to hold tokenized funds from State Street, BlackRock, Fidelity, Franklin Templeton, WisdomTree, and Wellington.

That structure positions OUSG as an aggregator across the tokenized money market fund landscape rather than a single-issuer competitor. If you need tokenized treasury exposure with instant redeemability, Ondo fits. If you need to issue your own securities or structure private credit, look elsewhere in this list.

Kaleido

Kaleido fits institutions that want to add tokenization to their existing settlement, custody, and compliance stack rather than replace it. Its Web3 middleware sits between core systems and blockchain networks, so you connect banking rails and compliance engines through REST APIs and webhooks while tokens live on-chain and operations stay integrated (LinkedIn).

The differentiator is the breadth of chain support. Kaleido connects to Ethereum, Polygon, Avalanche, Hyperledger Fabric, Quorum, Besu, and Corda through its FireFly connectors. That multi-protocol reach suits enterprise architects who cannot commit to a single chain or token standard, the way Tokeny's ERC-3643 focus assumes.

Two gaps deserve honesty. Kaleido's public pages do not name specific token standards like ERC-3643 or document KYC, AML, and Travel Rule workflows, and no jurisdiction-by-jurisdiction licensing coverage was surfaced. If your priority is a compliance-ready digital-securities pipeline out of the box, weigh that carefully.

Digishares

DigiShares runs a white-label tokenization platform aimed at real estate developers, funds, and marketplaces that want to issue and manage tokenized shares under their own brand. Founded with Danish roots and now headquartered in Miami, the company frames itself as a Shopify for selling shares, handling fractionalization down to roughly €100 minimums and supporting both fiat and stablecoin payments.

Its secondary-market and custody partnerships give the platform its institutional edge. DigiShares integrated Fireblocks for custody, signed Fortress Trust, and partnered with Texture Capital, a FINRA-registered broker-dealer, to launch the RealEstate.Exchange (RE.X) trading venue in the US. The company also registered as a US transfer agent.

Buyers should treat the scale claims with caution. DigiShares reports 150-plus clients across 40-plus countries and cites a white-label license around $25,000, but those figures come from its own fundraising materials rather than independent audits. For a real estate or equity issuer that wants a branded portal without building one, DigiShares fits well, though anyone weighing its traction should ask for verified references.

Restart Fintech

Restart Fintech fits asset managers whose issuance structure resists a template. The build-vs-buy split turns on four variables, namely asset class, jurisdiction, investor profile, and technical resources. Standardized products like money market funds and real estate SPVs map cleanly onto existing token templates, so a SaaS platform usually wins. Private credit with bespoke drawdown schedules, interest accrual, and payment waterfalls rarely fits a template, and forcing fund logic off-chain breaks the audit trail. A custom build also wins when a single offering spans jurisdictions no one platform covers, or when custody and reporting rules must be encoded on-chain.

For those cases, Restart Fintech works as a development partner and fractional CTO rather than a subscription vendor. You get custom smart contract development written to your actual waterfall, not a generic security token adapted after the fact. Restart Fintech handles KYC/AML integration and custody integration as part of the build, and encodes compliance rules across MiCA, the Swiss DLT Act, and SEC-related treatment of synthetic versus direct-ownership tokens. That last distinction carries real consequences, because minting synthetic tokens when direct ownership was intended creates swap exposure under 2026 SEC guidance. ERP and fund-admin integration ties the on-chain layer back to the systems your operations team already runs.

The engagement model separates Restart Fintech from the platforms above. Securitize, Tokeny, and Digishares sell a product you configure and pay for repeatedly. Restart Fintech builds infrastructure you own, staffed by an outside team that gives you blockchain and regulatory depth without the cost of hiring a full in-house engineering group. For an asset manager facing a multi-jurisdiction private credit offering that no single platform covers, that engagement often costs less than the compromises a forced platform fit would demand.

Why comparing these vendors head-to-head is a category error

The seven vendors here occupy different layers of the tokenization stack, so ranking them against each other on a single axis misleads more than it clarifies. Sort them by what they actually deliver, and the list splits into four groups.

End-to-end platforms sell a full issuance and servicing product out of the box. Securitize and Digishares belong here, both giving issuers a ready-built stack for minting, distributing, and managing tokens, with Securitize covering funds and treasuries and Digishares focused on real estate and equity.

Infrastructure and development partners supply the rails and engineering rather than a finished product. Tokeny provides the ERC-3643 compliance standard, Kaleido provides multi-chain enterprise middleware, and Restart Fintech builds bespoke smart contracts and integrations as a fractional CTO. You choose these when your issuance structure or jurisdictional footprint resists a template.

Custody and compliance run underneath both layers. Custody integrations connect an issuance stack to qualified custodians, and compliance rails encode KYC/AML rules and jurisdiction-specific logic like MiCA or Swiss DLT Act treatment into the token itself.

Placing Restart Fintech beside Securitize as if they compete for the same buyer misreads the market. Securitize sells a subscription to a platform. Restart Fintech sells an engagement to build infrastructure you own, which is why an asset manager with a non-templatable private credit waterfall reaches for the partner layer, not the platform layer.

How to evaluate an institutional tokenization vendor

Before shortlisting any vendor, work through the questions that separate a clean launch from an offering that breaks under audit or regulatory review.● Which asset classes does the vendor actually support in production? A platform built for money market funds with standard NAV mechanics will not handle private credit with bespoke drawdown schedules and payment waterfalls. Ask for live deals in your specific asset class, not a roadmap.● What regulatory regimes does the vendor cover, and does it state its status plainly? Confirm MiCA versus MiFID II treatment for your instrument, since tokenized money market funds and private credit that qualify as financial instruments fall outside MiCA. For Swiss-domiciled funds, ask for explicit Swiss DLT Act positioning. Verify whether the vendor mints direct-ownership tokens or synthetic ones, because the SEC now treats synthetic tokenized securities as derivatives and creates swap exposure you may not intend.● How deep does custody integration go? Check which custodians the vendor connects to and whether custody and reporting rules can be encoded on-chain rather than handled off-ledger, where they break audit trails.● Does build-vs-buy math favor a platform or a partner? A licensed secondary venue out of the box or a tight launch timeline favors a platform. Non-templatable structures, on-chain custody logic, or a single offering spanning multiple jurisdictions favor a custom build, which typically runs $150K to $300K once legal structuring and smart contract audits are counted.

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