Clearpool Crosses $800M in Loans, Moody's Onchain Ratings & More

Summary and Key Takeaways

1. Clearpool Passes $800M in Onchain Institutional Loans, Ozean Coming Soon

While everyone’s been talking about tokenized treasuries for the last year or so, private credit has been emerging in both TradFi and DeFi. Clearpool has surpassed $800 million in institutional loans, positioning itself well in the tokenized credit market. And now they're preparing to make an even bigger splash with Ozean in 2025! Details aren’t clear yet but if they could grow this much as essentially a lending pool, one could imagine Ozean will double down on new types of onchain credit products, potentially introducing multi-asset pools, flexible credit tranching, and automated risk scoring (this could be interesting with the Moody’s news below). Will Ozean's 2025 launch help Clearpool ride the next wave of institutional adoption, or will competitors catch up before then? Drop your thoughts in our Monday’s Onchain X spaces at 11am ET!

2. Franklin Templeton’s BENJI Offer Intraday Yield

We’ve talked about how tokenization enables easier payments and distributions. Someone could own an interest in a rental property and earn yield on Monday and Tuesday but then sell the token on Wednesday only to have the remaining yield be paid to the new token holder. Why evaluate by the day when tokenization enables you to do it down to the very second! The flagship tokenized money market fund that is publicly registered with the SEC so that anyone can buy it now offers redemption and subscription into the product down to the split second of entry or exit. This is shortly after they also announced peer-to-peer BENJI transfers and continued chain expansion for the product as well as the now almost market standard capability to purchase and redeem using stablecoins. The category of yieldcoins is quickly heating up and differentiation is coming from innovation and pushing the boundaries of what is possible using money market funds and treasuries-based token products. 

3. XRP Ledger Sees RWA Activity from Guggenheim and Ondo

Ripple is clearly doubling down on cash management, starting with their stablecoin RLUSD and now welcoming in tokenized treasury products like Ondo’s OUSG and Guggenheim’s Digital Commercial Paper. This is an asset class worth over $7 billion and it’s not stopping, with expansions such as Ondo’s tapping new ecosystems such as this one. Opposite of fintech issuers, however, we also see institutional participation with Guggenheim’s status, leveraging a fintech like Zeconomy, and boasting a Prime-1 rating by Moody's. An institutional issuer with a high rating could mean a bit more trust from new users/ investors and based on the press release it looks like a target audience is those struggling with long settlement and big overhead in international trade & cross-border payments. Trust is key as the industry loops in non-crypto natives and Ripple is attacking it from both angles with these two partners.

4. Moody’s Puts Asset Rating Onchain in Trial

Tokenizing an asset is step 1, however there’s more that goes into making that asset more efficient onchain, including referencing offchain information. Moody’s is helping solve for that with their credit ratings. They aren’t just providing the rating itself but now also attaching it onchain as they did in this proof of concept with Alphaledger on Solana. This would give more easy access to make informed decisions on that muni bond and makes it more usable in the DeFi space. Imagine a vault where accepted collateral is restricted to bonds of only a certain rating and above? That would certainly be possible in this case and it’ll be interesting to see what else Moody’s will be testing before bringing this from POC to in-production.

5. Kadena Issues First Grant from RWA Ecosystem Fund to CurveBlock

Grant programs are a great incentive to attract token issuers to use your infrastructure. As Kadena continues to make moves in the RWA scene, their $50M grant program (half of which is designated for RWA tokenization) may present an edge in attracting issuers like we’ve now seen with CurveBlock, which is tokenizing real estate under the Bank of England and the Financial Conduct Authority’s Digital Securities Sandbox. Unlike Dubai’s Land Department which seems to have actually endorsed a deal they hosted with Prypco (which sold in under 2 minutes!), this sandbox is more designed to provide guidance for its participants and UK-based CurveBlock was the ninth firm to be accepted last month. Nice one on Kadena to help spur and attract token issuers and to CurveBlock for taking advantage of these types of programs to get into the market. Expect this trend of RWA grants only to continue. 

This is not financial advice.

RWA Foundation & WALLY DAO

The WALLY DAO website is officially live!

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STM.co Data

This week the STM.co data team is looking at volatility and resulting top gainers and losers in the market. Clearly tokenized real estate took a hit. With money flowing out of real estate what could it be flowing into? With no rate cuts expected based on general sentiment, it’s unlikely investors are freeing up cash to take out a mortgage. These are all properties on RealT where the majority of investors are non-US. Are tokenized stocks going to see increases in market cap? Those are also available to non-US investors, growing in the tokenization space, and while some are stagnant, there’s plenty of green on STM.co when you filter by equities. Let us know your thoughts on Monday’s Onchain at 11am ET!

This is not financial advice.

Think Like Herwig

Hello readers,

Last week I discussed the evolution of issuers merely tokenizing products to offer an onchain receipt for investors to now issuers applying real utility so that token holders can borrow or make peer-to-peer transfers or in the case of BENJI, intraday real-time yield accumulation. Automated payments and distributions are a massive boon for all parties involved. Whether it’s complex waterfall calculations that become easy to manage or simply creating savings and efficiency like for BUIDL which has now paid out over $43M in dividends to token holders.

These are zero to one game changers for asset managers that will have investors never looking back. You can’t beat that kind of yield accumulation anywhere else for cheaper or faster results. Seeing as Superstate also introduced real-time (by the second) NAV calculation a few months ago, it’s safe to say that this capability will become a market standard. And that’s a win for investors and issuers alike!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Upcoming Webinar

IFI Global & STM.co have combined forces to research private fund managers on the adoption of tokenization for their investment strategies.

Join us on June 17th at 12pm ET via Zoom to learn about the results of the research, debates around these findings, and gain valuable insights through a panel discussion featuring tokenization innovators actively working to bring markets onchain.

Contact Tamara Sims [email protected] for more details

This is not financial or investment advice.

Companies of the Week

Company of the Week - Herwig: Franklin Templeton
Company of the Week - Kyle: Clearpool

Find out why and more every Friday live around 12pm EST on LinkedIn or X/ Twitter. Past episodes available on Youtube or your favorite podcast platform! 

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)