Explore seven emerging on-chain RWA projects: KTA leads with a market cap exceeding $900 million, on-chain capital markets become a hotspot
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Explore seven emerging on-chain RWA projects: KTA leads with a market cap exceeding $900 million, on-chain capital markets become a hotspot
Most projects are comprehensively evolving across multiple dimensions such as practical application, compliance practices, and ecosystem integration, balancing narrative creativity with real-world feasibility.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
As traditional financial giants increasingly "bring capital on board" and regulatory policies become clearer, the RWA sector is accelerating into the mainstream spotlight. What was once a niche exploration of asset tokenization has now become a frontier for compliant innovation. Recently, a new wave combining "compliance and imagination" has quietly emerged on-chain, with multiple projects branded as RWA attracting market attention.
This article by PANews reviews seven recent emerging forces in the RWA narrative active across Base, BNB Chain, and Solana ecosystems. Most of these projects are evolving comprehensively across dimensions such as real-world application, compliance practices, and ecosystem integration—balancing imaginative storytelling with practical implementation.
Keeta (KTA)
Keeta (KTA) is a Layer 1 network built on Base that connects to the global financial system. It features built-in KYC identity verification, digital identities, an on-chain foreign exchange (FX) mechanism, and a flexible rule engine. The team claims it is the first blockchain network capable of supporting compliant financial transactions globally. Keeta previously received $17 million in funding from former Google CEO Eric Schmidt at a $75 million valuation. CEO Ty Schenk was formerly a partner at investment firm Steel Perlot and served as director and CEO of LFG Payments.
GMGN data shows that as of May 26, KTA's market cap recently peaked above $910 million, with over 73,000 holder addresses.
BUILDon (B)
BUILDon (B) is a popular meme coin deployed on BNB Chain and serves as the primary trading medium for USD1, a dollar-pegged stablecoin endorsed by the Trump family. According to GMGN data, as of June 26, $B’s market cap briefly surpassed $460 million, hitting a new all-time high, with over 25,000 holder addresses.
Latest data from DeFiLlama and CoinMarketCap indicates that as of May 26, 98.88% of USD1’s total supply was concentrated on BNB Chain. Within the past 24 hours, the B/USD1 trading pair accounted for over $190 million in trading volume—representing 69.06% of all $B-related pairs—highlighting $B’s central role within the USD1 ecosystem.
Moreover, $B has gained support from major exchange Binance, successively listing on Binance Alpha and its futures trading section. Meanwhile, Binance announced zero withdrawal fees for USD1 via BNB Chain, which will further boost trading activity for $B and other USD1 ecosystem projects. Notably, WLFI, the crypto initiative under the Trump family, has officially purchased $B—marking its first foray into meme coin investments.
On the policy front, the U.S. GENIUS Stablecoin Bill has recently passed the Senate and now awaits final approval from the House and President Trump. Once enacted, the legislation would establish a compliance foundation for the stablecoin market, creating far-reaching implications. Citing a Citibank report, The Block noted that Citibank forecasts the stablecoin market cap could reach $1.6 trillion by 2030 in a base-case scenario and as high as $3.7 trillion in an optimistic case. With a solid regulatory framework, stablecoin issuers could become among the largest holders of U.S. Treasuries. For emerging dollar-pegged stablecoins like USD1, regulatory backing combined with ecosystem integration could unlock greater potential, giving its main trading token $B even more upside.
ALLO (RWA)
ALLO (RWA) aims to build the world’s first tokenized securities exchange, offering 24/7 trading, ultra-low fees, and instant settlement. It has received backing from institutions including NGC Ventures, Morningstar Ventures, and Gate. Official figures reveal ALLO has tokenized $2.2 billion in RWAs, staked $50 million worth of Bitcoin, and launched a $100 million lending pool. Last year, ALLO was selected for BNB Chain’s MVB8 accelerator program, and its $RWA token recently launched on Binance Alpha.
GMGN data shows that as of May 26, $RWA’s market cap recently surpassed $200 million, with over 12,000 holder addresses.
Collaterize (COLLAT)
Collaterize is building an internet capital market on the Solana network, aiming to create the largest RWA asset pool in the market and enable access, trading, and management of all tokenized assets. The $COLLAT token is designed to bring more individuals into the RWA tokenization process, allowing users easy access to a wide range of on-chain real-world assets. Collaterize co-founder Pierre previously worked at Microsoft and IOTA. Recently, Collaterize has received repeated engagement and support from Solana’s official team and co-founder Toly.
GMGN data shows that since May, $COLLAT’s market cap has surged dramatically, peaking above $91 million, with over 13,000 holder addresses.
Paraverse (PVS)
Paraverse (PVS) includes ParaLab, a decentralized cloud rendering platform for XR and 3D assets, and ParaHere, a Web3 trading platform. Its utility token PVS serves as the core tool for payments, rewards, and governance within the ecosystem. Users can access high-performance cloud rendering services and earn staking rewards by holding PVS. The token officially launched on Solana in March. According to official disclosures, since 2016, Paraverse has attracted over 1,000 enterprise partners and more than 10,000 independent developers worldwide, with applications spanning digital twins, education and training, medical rehabilitation, and virtual live streaming.
GMGN data shows that as of May 26, PVS’s market cap has exceeded $18 million, with over 7,600 holder addresses.
GitFish (Linux)
GitFish is an innovative platform built on Solana that aims to tokenize and enable trading of open-source code repositories from GitHub—allowing users to convert GitHub repositories into tradable tokens, with repository owners earning fees (e.g., swap fees) from trades. GitFish is incubated by Alliance DAO and has received retweets or replies from Solana, Raydium, and Helius. GitFish’s first project, $Linux, completed its private sale within three days, raising approximately $7.5 million. However, Linus Torvalds, the creator of Linux, recently clarified he has not participated in any GitFish activities.
GMGN data shows that as of May 27, $Linux declined steadily after launch, with its current market cap around $10 million—nearly half of its private sale price of $2.30.
Convergent (CVGT)
According to official information, Convergent (CVGT) is an LSDFi protocol built on Solana, supported by Jito and Pyth Network. The protocol allows users to mint the stablecoin USV by over-collateralizing SOL at a 0% interest rate. User-staked SOL is further staked via Jito, enabling continuous staking rewards and yield generation in the background while users hold $USV. The minted $USV can then be used across DeFi applications within the Solana ecosystem. $CVGT is Convergent’s governance token, granting holders rights to protocol revenue, voting on parameters (such as emissions, fees, and collateral ratios). Convergent claims no private sale, VC round, or seed unlocks.
GMGN data shows that as of May 26, CVGT’s market cap recently climbed above $7 million, with over 2,500 holder addresses.
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