Real-world asset tokenisation coins and their cycle position
This page scores seven coins linked to tokenising real-world assets such as US Treasury bills and private loans, and explains why growth in tokenised assets does not automatically lift the price of these tokens.
Bull Market
6% confidence · UncertainSustained uptrend: greed rising, most coins well above their lows, momentum strong.
In past bull phases, traders have typically set price targets, raised stop-losses and planned their exits.
Cycle 4: BTC peaked at $126,080 on 6 Oct 2025, 534 days after the halving · Alts average 84% below their ATH
Five live readings drive this classification
- Fear & GreedGreed
- Avg ATH distance83% below ATH
- Avg RSIWeak
- Zone mix80% buy-side / 7% sell-side
- Bargain ScoreUndervalued
Phase from 5 live indicators across 54 coins. Halving-to-peak history: 371 / 526 / 548 / 534 days (mean 495). Estimates, not forecasts. Halving estimate from mempool.space block height.
The phase comes from five live readings: Fear & Greed, the average distance below ATH, average RSI, the mix of zones and the average Bargain Score. Each is scored from 0 (bull) to 100 (bear), then averaged. An average of 70 or more reads as Accumulation, 50 Early Recovery, 30 Bull Market, 15 Euphoria, and anything lower Distribution.
- Fear & Greed: Greed.
- Avg ATH distance: 83% below ATH.
- Avg RSI: Weak.
- Zone mix: 80% buy-side / 7% sell-side.
- Bargain Score: Undervalued.
Confidence is how far the average sits from the 50 midpoint, doubled. The countdowns use the block-height estimate for the next halving and the average halving-to-peak gap of past cycles. They are historical patterns, not forecasts. Next halving estimate plus the mean halving-to-peak gap over 4 cycles (371 / 526 / 548 / 534 days).
Read the full methodTop coins by market cap
BNB BNB
Uniswap UNI
Internet Computer ICP
Optimism OP
Filecoin FIL
Showing 7 coins · sorted by Zone score, high to low
- 1
Ravencoin
RVN · PoW MiningPrice$0.00160324h+2.73%Position0.0% of rangeMkt cap$26.5MVolume$5MRSI17Zone score78/100Discount, strength 4 of 5Zone score 60–79: Price is clearly below its usual range for this point in its cycle. How zones workCycle targetsBase $0.3280 (+20,363%)Price 99.4% below ATH · greed high · RSI oversold (17, 14-day) · funding negativeRavencoin is 99.4% below its all-time high while the market is greedy. The Bargain Score puts it at a meaningful discount.
Bargain Score 67/100 (Meaningful discount). Risk level High.
- 2
Chainlink
LINK · InfrastructurePrice$12.9524h+4.56%Position24% of rangeMkt cap$9.9BVolume$326MRSI35Zone score52/100Mild discount, strength 3 of 5Zone score 40–59: Price is a little below its usual range for this point in its cycle. How zones workCycle targetsBase $60.61 (+368%)Price 75% below ATH · greed high · longs crowdedChainlink is 75% below its all-time high while the market is greedy. The Bargain Score puts it interesting, but not yet at deep-discount levels.
Bargain Score 53/100 (Watch). Risk level Low.
- 3
Centrifuge
CFG · RWA / TokenisationPrice$0.133224h+4.49%Position20% of rangeMkt cap$50.6MVolume$6.9MRSI36Zone score48/100Mild discount, strength 3 of 5Zone score 40–59: Price is a little below its usual range for this point in its cycle. How zones workCycle targetsBase $0.4604 (+246%)Price 67% below ATH · greed high · high riskCentrifuge is 67% below its all-time high while the market is greedy. The Bargain Score puts it interesting, but not yet at deep-discount levels.
Bargain Score 50/100 (Watch). Risk level High.
- 4
Ondo
ONDO · RWA / TokenisationPrice$0.469424h+1.80%Position19% of rangeMkt cap$2.3BVolume$182MRSI41Zone score37/100Fair value, strength 2 of 5Zone score 20–39: Price is close to its usual range for this point in its cycle. How zones workCycle targetsBase $2.46 (+424%)Price 78% below ATH · greed high · funding negative · longs crowdedOndo is 78% below its all-time high while the market is greedy. The Bargain Score puts it interesting, but not yet at deep-discount levels.
Bargain Score 48/100 (Watch). Risk level Medium.
- 5
Maple Finance
SYRUP · RWA / TokenisationPrice$0.232124h−2.29%Position26% of rangeMkt cap$271MVolume$19.1MRSI53Zone score35/100Fair value, strength 2 of 5Zone score 20–39: Price is close to its usual range for this point in its cycle. How zones workCycle targetsBase $0.7512 (+224%)Price 64% below ATH · greed highMaple Finance is 64% below its all-time high while the market is greedy. The Bargain Score puts it interesting, but not yet at deep-discount levels.
Bargain Score 55/100 (Watch). Risk level Medium.
- 6
Ethereum
ETH · Layer 1Price$2,50624h+3.52%Position51% of rangeMkt cap$306BVolume$11.7BRSI36Zone score33/100Fair value, strength 2 of 5Zone score 20–39: Price is close to its usual range for this point in its cycle. How zones workCycle targetsBase $5,688 (+127%)Price 49% below ATH · greed highEthereum is 49% below its all-time high while the market is greedy. The Bargain Score puts it interesting, but not yet at deep-discount levels.
Bargain Score 54/100 (Watch). Risk level Low.
- 7
Sky (formerly Maker)
SKY · RWA / TokenisationPrice$0.077524h+4.07%Position64% of rangeMkt cap$1.8BVolume$8.9MRSI50Zone score21/100Fair value, strength 2 of 5Zone score 20–39: Price is close to its usual range for this point in its cycle. How zones workCycle targetsBase $0.1160 (+49.6%)Price 23% below ATH · greed high · low liquiditySky (formerly Maker) is 23% below its all-time high while the market is greedy. The Bargain Score puts it interesting, but not yet at deep-discount levels.
Bargain Score 43/100 (Watch). Risk level Low.
End of the list
7 of 54 coins shown. Search above to add another coin, or see which coins changed zone today.
Today’s zone changes
About real-world asset tokenisation
Key takeaways
- Tokenisation issues claims on ordinary assets, such as Treasury bills or fund shares, as tokens on a blockchain.
- Most coins here are the plumbing: hosting, price data, packaging and lending, rather than the assets themselves.
- Tokenised assets can grow while a protocol's governance token goes nowhere, because its holders do not own the assets.
Tokenisation means issuing a claim on an ordinary financial asset, such as a US Treasury bill, a fund share or a business loan, as a token on a blockchain. The idea took off once US interest rates rose in 2022 and 2023, because holders of stablecoins earning nothing suddenly had a reason to want an on-chain asset paying 5%, and BlackRock's tokenised money market fund, BUIDL, launched on Ethereum in March 2024 and made the theme hard for larger institutions to ignore.
The coins on this page are mostly the plumbing. Ethereum hosts most of the tokenised funds, Chainlink supplies price data and messaging between chains, Ondo and Centrifuge package the assets, Maker (now rebranded as Sky) holds a large share of its reserves in them, and Maple runs lending pools.
On the latest snapshot
On the latest snapshot (14 Oct, 02:00 BST), Ravencoin has the highest Bargain Score among the tokenisation coins at 67, the typical coin in the group is 67% below its high, and 3 of 7 sit in a discount zone.
Ravencoin is the odd one out, a 2018 proof-of-work chain built specifically for issuing assets that never found the institutional users the others are chasing, and it was also the coin that showed us the old screener had a sorting problem: on 10 October 2026 Ravencoin had the highest score on its "All Ranked" list, 60, and was shown 35th of 36.
Of all eight themes, this is where we see the widest gap between the story and the token. The value of tokenised Treasuries can grow for years while the governance token of the protocol issuing them goes nowhere, because holders of those tokens do not own the underlying assets and only benefit through fees, buybacks or burns, if the protocol has them. Credit risk is real too, and Maple lost money in December 2022 when a trading firm it had lent to, Orthogonal Trading, defaulted after the FTX collapse.
How the scores work
Every formula and data source behind the Bargain Score and the zones, checked against the code.
Read the methodology How the screener reads these coins
Ethereum and Chainlink are large, liquid and heavily traded in the derivatives market, so they usually have funding and long/short data and a meaningful positioning score.
Ethereum and Chainlink are large, liquid and heavily traded in the derivatives market, so they usually have funding and long/short data and a meaningful positioning score. The smaller names often do not, and the model then holds positioning at a neutral 0.5 rather than guessing, which tends to pull their Bargain Scores towards the middle.
FAQ
Questions about real-world asset tokenisation
If tokenised assets keep growing, why are some of these coins still far below their highs?
Because the assets and the tokens are different things. When a fund issues $500 million of tokenised Treasury bills on a platform, that $500 million belongs to the investors in the fund, and the platform's own token only gains if the platform turns the activity into something for token holders, such as fee income used to buy tokens back, and if the market believes that will last.
Timing matters as well, since several of these coins set their highs in the 2021 bull market, before tokenisation was a theme at all, so the current story has had to make up for a fall that happened for other reasons.
Chainlink's high was in May 2021 and on 10 October 2026 it was still 75% below it, while Ethereum, which set a new high in August 2025, was about 49% below that. We show the Bargain Score beside a written explainer for exactly this reason, because the theme and the token can point in different directions for a long time.
What happened to Maker and Maple?
Both changed name: MakerDAO rebranded as Sky in August 2024 and introduced a new SKY token with a migration path from MKR, and Maple Finance's token now trades as SYRUP. That rename is how we found out the old screener had a blind spot.
CoinGecko moved Maple from the ID maple to syrup, the old code went on asking for maple, and the coin simply stopped appearing, with no warning, until our check on 10 October 2026 turned it up along with two others. The refresh job here checks every ID on every run, so a renamed coin raises a warning and keeps its history on this page instead of dropping out.
Why is Chainlink counted as a tokenisation coin?
Tokenised assets need reliable outside data, such as the price of the fund they represent, and more and more they need to move between blockchains. Chainlink provides both through its oracle network and its cross-chain messaging protocol, so a lot of tokenisation projects depend on it. It is also one of the oldest coins in the group, with its high set in May 2021, so its cycle position reflects several narratives layered on top of each other.
Important information
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Cryptoassets are largely unregulated in the UK, so you are unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong. Educational information only, not financial advice. Read our disclaimer.
The crypto cycle in more depth
- Market mood Crypto Fear & Greed Index Today's reading and every daily value since 2018, with how fear and greed lined up with Bitcoin's cycles.
- Bitcoin cycle Bitcoin halving countdown The next halving estimated from block times, and every past halving beside the cycle peak that followed.
- Real returns Bitcoin real returns Bitcoin's highs and drawdowns restated after US and UK inflation and against money printing.
- Real returns Real returns for every asset Shares, gold and crypto measured against inflation in dollars and pounds, and against money printing.