Which RWA projects can show what backs their tokens, who safeguards the assets and how investors can exit? Pax Gold and Franklin Templeton’s Franklin OnChain U.S. Government Money Fund offer the strongest documentation among these five. Ondo, Centrifuge and Securitize are worth examining, but their disclosures and eligibility rules require closer review.
This is a shortlist of products and platforms to assess, not a ranking of tokens by expected returns. A governance token does not automatically give its owner a claim on assets handled by its associated business.
The same evidence questions apply to tokenized equities, where xStocks holders get price exposure with rebased dividends and no vote.
These five entries cover different assets and legal claims, from gold and fund shares to secured notes and stock entitlements. They are compared on public disclosure quality, not expected returns or overall investment risk. A pass does not eliminate the risk of loss.
How the five projects were tested
1. Published asset proof. Look for independent reserve attestations. For a regulated investment fund, review published product-level holdings and audited fund accounts, including SEC filings where available; fund filings are not the same as a token-reserve attestation.
2. A named custodian or broker. A specific institution should hold, execute or safeguard the underlying assets. Identify its role: a broker handling security entitlements is not automatically the custodian of the underlying shares. A collateral agent adds legal oversight, but does not automatically identify the broker or custodian.
3. Documented redemption or conversion. The issuer must explain what a tokenholder can claim, how to request a redemption, and what minimums or delays apply. An exchange listing alone is not a redemption right.
4. Clear investor eligibility. Country exclusions, investor qualifications, identity checks, and minimum subscriptions must be stated before a product qualifies.
How each project meets the criteria
| Project | Asset proof | Custodian / broker | Redemption | Eligibility |
|---|---|---|---|---|
| Pax Gold (PAXG) | Pass | Pass | Pass | Pass |
| Franklin FOBXX / Benji | Pass | Pass | Pass | Pass |
| Ondo USDY / OUSG | Pass | Partial | Pass | Pass |
| Centrifuge JTRSY | Partial | Pass | Pass | Pass |
| Securitize Stocks | Unverified | Pass | Partial | Pass |
Assessed at product level against the four tests above, using the sources linked in each entry. “Unverified” means public independent backing evidence was not identified, not that backing was disproved. Checked 15 October 2026.
Pax Gold (PAXG). Passes all four checks: KPMG monthly reserve attestations support the asset backing; Paxos Trust is the named custodian; written terms cover physical-gold and fiat redemptions; and account and legal eligibility limits are disclosed.
Franklin FOBXX / Benji. Passes all four checks for the regulated fund: SEC-filed holdings and audited accounts support asset verification; JPMorgan Chase Bank is a named custodian; the fund prospectus documents redemptions; and onboarding requirements disclose eligibility. Fund filings are not identical to a token-reserve attestation.
Ondo USDY / OUSG. Passes the product-level asset-evidence, redemption and eligibility checks. USDY provides daily third-party attestations, while OUSG has separate reporting and investor rules. The named-institution check is partial: Ankura serves as USDY’s collateral and verification agent, not necessarily its underlying custodian.
Centrifuge JTRSY. Passes the named-custodian, exit-process and access checks: J.P. Morgan is identified as custodian, redemptions are processed in batches, and eligibility is limited to qualifying non-U.S. professional investors. A separate Basin facility offers eligible holders instant exits, subject to conditions. Asset proof is partial because the reviewed public fund materials did not establish independently accessible audited holdings and accounts or an equivalent backing attestation for JTRSY.
Securitize Stocks. Passes the named-broker and eligibility checks: Securitize Markets is identified, and participation is subject to jurisdictional limits and identity checks. A named broker does not by itself identify the custodian of the underlying shares. Conversion into direct shares is conditional. No public independent share-backing attestation was identified in the reviewed materials; that is a documentation gap, not evidence that the shares are absent. See the 8 October launch.
1. Pax Gold: strongest reserve verification
Pax Gold is the clearest example of an RWA token with independently checkable backing. Each PAXG represents one fine troy ounce of allocated London Good Delivery gold. Paxos Trust Company holds the gold in custody and publishes monthly KPMG attestations. Owners can also check bar allocation details by wallet address.
Its redemption rules are specific, but they are not effortless. Direct delivery of a full London Good Delivery bar requires at least 430 PAXG plus applicable fees. Smaller holders may use supported conversions or secondary markets, subject to account eligibility. This makes PAXG a stronger fit for transparent gold exposure than for small physical redemptions.
2. Franklin Templeton Benji: strongest regulated-fund documentation
Franklin’s Benji technology records ownership of Franklin OnChain U.S. Government Money Fund shares (FOBXX). The fund invests at least 99.5% of assets in U.S. government securities, cash and fully collateralized repurchase agreements. Investors can examine a filed prospectus, fund holdings and reports rather than relying solely on a blockchain dashboard.
SEC filings identify JPMorgan Chase Bank as a custodian under the fund’s custody agreement. The prospectus explains purchases, redemptions and account conditions. Franklin listed $686.64 million in fund net assets as of August 31, 2026. That is a fund figure, not the total value of products using Benji. Its targeted $1 share price is not guaranteed or government-insured.
3. Ondo Finance: strong disclosures, separate legal products
Ondo qualifies through its specific investment products, not through the ONDO governance token. USDY is secured debt supported by short-term U.S. Treasuries and bank deposits. Ondo publishes daily third-party reserve reports and names Ankura Trust as USDY’s verification and collateral agent. That is meaningful oversight, but a named collateral agent is not by itself proof of the underlying custodian’s identity.
USDY is offered to eligible non-U.S. investors and provides product-level redemption procedures. OUSG, a different offering, represents limited-partnership interests for accredited investors who also meet qualified-purchaser standards. Ondo lists a $5,000 minimum for certain instant OUSG subscriptions and redemptions. The two products should not be treated as interchangeable.
Scale claims also need precise attribution. Ondo’s October 5 blog cited $3.9 billion in platform-wide total value locked, while its October 6 PR Newswire release used $3.7 billion. These dated company figures have different scopes and do not independently verify backing of USDY or OUSG.
4. Centrifuge: clear fund rules, not one platform-wide guarantee
Centrifuge is infrastructure for tokenized funds, so each investment needs its own review. Its Janus Henderson Anemoy Treasury Fund (JTRSY) lists Anemoy Capital SPC as issuer, J.P. Morgan as custodian, Trident Trust as administrator, and MHA Cayman as auditor. The published fund page also identifies non-U.S. professional investors as eligible and shows a $500,000 minimum investment.
The integration guide describes standard redemption requests that the fund manager fulfils in batches. The timing is not guaranteed. It also documents an instant exit through Basin for eligible holders at the latest available NAV, subject to authorization and available liquidity. Fund NAV data and identified service providers offer checks, but independently accessible audited fund accounts or an equivalent backing attestation for JTRSY were not established in the reviewed sources. Centrifuge therefore clears the custody, exit, and eligibility tests for JTRSY, not a blanket backing test for every pool.
Its September loyalty-reserve vault announcement does not turn the funds’ combined assets into the new vault’s balance. Centrifuge’s 2 September post said Janus Henderson’s tokenized JTRSY and JAAA strategies already held a combined $1.5 billion in AUM as of August 2026. That figure is the two funds’ combined assets, not the vault’s balance.
5. Securitize: regulated equity access, but watchlist-only
Securitize is relevant because its Securitize Stocks structure identifies the broker and the rights being offered. The October 8 launch covered 12 U.S. stocks on Solana. Securitize Markets, LLC acts as the regulated broker-dealer; eligible holders receive security entitlements carrying applicable dividends and voting benefits, not direct registration as issuer shareholders.
The company says each token is backed 1:1 by an underlying share. However, the material reviewed did not establish a public independent share-backing attestation. Conversion into registered shares is available only when supported. U.S., EU, and other permitted investors face identity and regulatory checks; planned NYSE and OKXICE venues were not operating at launch. Under this guide’s strict asset-proof test, Securitize Stocks remain a watchlist item because the public backing evidence was not independently verified.
What fails the shortlist?
The ONDO governance token fails the redemption-rights test as a substitute for Ondo’s investment products: holding ONDO does not redeem a share of OUSG, USDY or the company’s stated TVL. Equally, an issuer’s 1:1 backing statement cannot replace published independent evidence. Missing public proof does not itself mean the backing is absent. These exclusions concern investor claims and evidence, not whether the associated business has commercial potential.
Frequently asked questions
What is an RWA project?
A provider that issues or supports blockchain-recorded claims to assets such as fund shares, Treasury-linked instruments, stocks or physical gold.
Are all five projects full passes?
No. Pax Gold and FOBXX show the strongest complete documentation under these tests. Ondo and Centrifuge require product-level qualifications; Securitize Stocks lack independent public backing verification in the reviewed sources.
Does holding a project token confer rights to its assets?
Not necessarily. Governance tokens and tokenized securities can have entirely different legal rights.
Can everyone buy or redeem RWA tokens?
No. Geographic rules, KYC, investor status, thresholds, fee schedules, and processing delays vary by product.
This article is for information only. It is not investment advice. Figures come from company disclosures, product documents and independent assessments on the dates shown, and eligibility, minimums and fees change. Check the product documents before you act.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
