Tokenized Real-World Asset Issuers Set Their Sights on New Markets

On Aug. 13, Backed, a firm tokenizing real-world assets (RWAs), announced a partnership with eNor Securities, an El Salvador-based exchange.

Tokenized asset issuers are setting their sights on new markets. On Aug. 13, Backed, a firm tokenizing real-world assets (RWAs), announced a partnership with eNor Securities, an El Salvador-based exchange for on-chain RWAs serving the Latin American region.

Backed will soon launch a variety of RWAs on eNor Securities’ exchange, including tokenized Coinbase stock, shares in BlackRock’s S&P 500 exchange-traded fund (ETF), and corporate and government bond ETFs.

The partnership will mark the first time that Backed’s tokenized securities are listed on a licensed investment exchange serving both retail and institutional users.

“We are thrilled to partner with eNor Securities, a pioneer in the Latin American security token market,” said Bernardo Quintao, head of business development at Backed. “This collaboration signifies a major step forward in making tokenized securities accessible to a wider audience.”

Backed issues on-chain RWAs in the form of bTokens, which represent ownership in tokenized financial products fully backed by underlying assets and held by third-party custodians. Backed’s bTokens are issued in compliance with European Union prospectus regulations, meaning token holders are the primary claimant to the assets the tokens represent. There are more than $52 million worth of bTokens currently issued across eight chains.

“By listing Backed’s bTokens on eNor Securities, we can provide global investors assets that were previously inaccessible, democratizing the access for a more globalized and free market,” said Bruno Winik, chief operating officer at eNor Securities.

Tokenized RWAs boom

The news comes as on-chain RWAs are quickly emerging as a major Web3 segment.

The combined capitalization of tokenized RWA currently sits at $12.8 billion, up 60% year-to-date and 339% since the beginning of 2023, according to Rwa.xyz. Private credit is the largest RWA sector with $9.1 billion, followed by tokenized U.S. treasuries with $1.9 billion, and commodities with $929.2 million.

Figure exerts sizable dominance over private credit marketplaces with $8.05 billion in outstanding loans, followed by Centrifuge with $289.2 million, and Maple Finance with $142.8 million.

U.S. treasuries have enjoyed significant growth this year, largely due to the launch of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) in March. BUIDL now leads the sector with $517.7 million in assets under management (AUM), followed by the Franklin OnChain U.S. Government Money Fund (FOBXX) with $412.9 million, and Ondo’s USDY token with $289.6 million.

On-chain commodities are dominated by Paxos Gold and Tether Gold with a roughly 49% market share and $455 million capitalization each.

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