Tokenized Real-World Assets (RWAs) could soon be commonplace as collateral, but there are no signs of a common blockchain network. The institutions issuing tokens are choosing their blockchain network based on criteria such as regulatory requirements, privacy controls, cost, technology interoperability, standards, or data availability.

The result is collateral scattered across multiple chains, including Besu, Canton, Arbitrum, Base, Stellar, and more. Each of these networks needs data infrastructure to price the collateral that sits on it and feed the workflows around it.

Who is building what, and where?

Major financial institutions are increasingly tokenizing real-world assets across private and public networks.

Private networks:

• DTCC built its tokenization service on a private, Besu-based AppChain. It has tested transactions spanning Besu and Canton, announced plans to connect to Stellar, and is targeting a production launch in October 2026.
• Euroclear leverages the Canton Network to advance its tokenized collateral mobility initiative, a move that extends the firm’s legacy collateral-management expertise into the digital and crypto markets. This effort serves as the foundation for a broader industry working group composed of Euroclear, DTCC, LSEG, Citadel Securities, and Tradeweb, which has already finalized cross-border intraday repo transactions using tokenized Gilts.
• J.P. Morgan’s Kinexys runs tokenized collateral and repo on a permissioned EVM network: $3 trillion in tokenized repo processed through its Tokenized Collateral Network (TCN) since launch.
• Broadridge’s Distributed Ledger Repo (DLR) platform runs on Canton, with $357 billion in average daily volume, over $7.5 trillion monthly as of June 2026.

Public networks:

• BlackRock’s BUIDL is a ~$3B tokenized money‑market fund live on eight blockchains (Ethereum, Avalanche, Solana, Polygon, Arbitrum, Optimism, Aptos, BNB Chain) and is accepted as collateral for institutional derivatives and DeFi lending on platforms including Deribit, OKX, Aave (institutional pools), Komainu‑enabled margin/repo workflows, and structured products such as Ethena’s USDtb.
• Franklin Templeton’s BENJI, the first U.S.-registered money market fund on a public blockchain, spans eight networks including Stellar, Base, and Arbitrum.

The Multi-Chain Collateral Problem

When the same RWA is tokenized across multiple chains, each version of the RWA is settled and transferred within the network on which it was issued, necessitating network-native reference prices. But how does each product issuer guarantee that the price it’s using on the network reflects the wider market? And what are the consequences if it does not?

Let’s take a real-life example. If the same tokenized Treasury fund were valued differently on Arbitrum, an EVM-compatible chain, and Canton, a DAML-native environment, institutions could end up with conflicting views of the asset’s or fund’s value, ownership, or settlement status. That would undermine the single, authoritative record that institutional post-trade systems are designed to provide.

Kaiko addresses this problem by providing a regulated data layer that delivers the same reference prices across all blockchains, ensuring a consistent price that leverages the same methodology and trusted data sources.

A Chain-By-Chain Breakdown of The Current Status

Besu: Private EVM for Regulated Markets
Besu-based networks underpin some of the largest institutional tokenization programs in production, including DTCC’s AppChain, which runs on Besu and permissioned DLT initiatives at other major financial institutions. All Besu-based networks are EVM-compatible.

These programs move collateral, run repo, and manage margin, but none of that will be accepted market-wide without reliable reference prices from regulated data providers that meet the standards set by centralized capital markets.

Base and Arbitrum: Public EVM at Scale
Base, Arbitrum, and other public EVMs host tokenized money market funds from BlackRock, Franklin Templeton, and others, with BUIDL alone holding $2.5 billion and being accepted as collateral on several major platforms.

Many EVM-compatible networks host tokenized assets used as collateral for financial operations, and several of these assets are priced using Kaiko Reference Rates. The Reference Rates are delivered onchain through Data On-Ramp, Kaiko’s oracle service that carries regulated data from both Kaiko and a range of other third-party providers to any EVM network. The same data-delivery rails can provide prices and other reference data that applications need to value or monitor tokenized collateral.

Stellar: Low-Cost Settlement for Tokenized Funds
Franklin Templeton chose Stellar for BENJI in 2021, while DTCC has since announced plans to bring its tokenization service there too. Stellar’s low-cost settlement and broad accessibility make it a natural home for tokenized fund distribution.

As these assets grow on the network, participants need reliable reference pricing, valuation data, and financial benchmarks for settlement, collateral management, and reporting. Kaiko has an exciting announcement coming soon concerning Stellar.

Canton + Zenith: Where Institutional Privacy Meets EVM
Canton was built for regulated, systemically important markets. Its configurable privacy lets counterparties transact without exposing data to the full network, a key feature for the firms that use it. Euroclear, DTCC, and Broadridge all run collateral and repo workflows on Canton today.

Through a strategic partnership, Kaiko has brought Bloomberg data onchain on Canton through Kaiko Data On-Ramp, which delivers offchain market data directly into smart-contract environments while preserving IP ownership, licensing compliance, and auditability. The initial focus of the partnership is tokenized U.S. Treasuries and repo.

Canton is now expanding through Zenith, an EVM execution layer that launched in March 2026. Zenith lets Solidity applications deploy directly on Canton, without a bridge.

With EVM-compatibility now available on Canton through Zenith, any team building on an EVM network extending to Canton is now simple, with the full EVM tooling ecosystem, including data delivery, arriving on Canton.

As more real-world assets are tokenized on Canton, the need for regulated financial data that meets the standards of traditional capital markets will grow.

One Infrastructure Across Chains

Kaiko is building a regulated, access-controlled data pipeline between traditional financial data and smart contracts, structured to reach the specific chains where tokenized collateral sits.

The Kaiko Data On-Ramp is named for what it does; it brings offchain data onchain. But it not only delivers Kaiko’s own first-party data, like Kaiko Reference Rates, but it also carries licensed third-party data from providers like Bloomberg and NCFX. That licensed access is available upon request, with built-in IP protection, entitlement controls, and compliance with data usage agreements baked into the infrastructure. For institutions that need a single, verifiable source of truth for collateral marking or pricing dispute resolution, Data On-Ramp ports it directly into smart-contract environments.

Data off-ramps work in the other direction. Institutions that run financial operations onchain still need that activity visible in traditional systems – risk dashboards, compliance reports, and portfolio management tools. The Kaiko Data Off-Ramp extracts onchain data and delivers it through the channels institutions use every day. One example is Broadridge DLR repo data, now available on the Bloomberg Terminal, where subscribers can monitor $7.5 trillion in monthly onchain repo volume alongside their existing market data.

Tokenized indices are another piece. In March 2026, S&P Dow Jones Indices and Kaiko tokenized the iBoxx U.S. Treasuries Index on the Canton Network – the first time a major benchmark has been available as a native digital asset on a blockchain, with licensing and permissioning embedded in the smart contract. That same model can extend to other indices and other chains, giving onchain collateral products direct access to the benchmarks they need.

The common thread: the same data, verified by the same regulated provider, through a single data infrastructure, available wherever the assets are.