Canton Network Tops May RWA Fee Ranking With $65M

Canton Network led the May RWA fee ranking with $65 million collected, putting the institutional tokenization chain far ahead of the rest of the sector.

The top 10 list showed more than $101 million in combined May fees across RWA projects. Canton alone accounted for about 64% of that total, underlining how much of today’s fee activity is still concentrated in institutional settlement, tokenized finance workflows and large-value asset movement rather than retail-facing RWA apps.

RankRWA ProjectMay Fees1Canton Network$65M2Collector Crypt$7.84M3Courtyard$6.73M4Securitize$5.85M5Centrifuge$4.8M6WisdomTree$3M7Phygitals$2.93M8Invesco USTB$2.51M9ONRe Finance$1.66M10Re$1.17M

Canton’s lead is important because the network is built for regulated financial institutions that need privacy, permissioning and settlement controls around tokenized assets. That makes its fee profile different from consumer DeFi. The network is not only chasing wallet users. It is targeting banks, asset managers, market infrastructure and tokenized finance flows.

Institutional RWAs Are Becoming A Fee Business

The May ranking shows how quickly RWA tokenization is moving from a total-value story into a revenue story. The sector has already crossed major asset milestones, with the tokenized RWA market moving above $31 billion as Treasuries, credit, commodities, funds and equities expanded onchain.

Fees now give the market a cleaner way to judge usage. A protocol can hold large tokenized assets but still generate limited activity if those assets sit idle. Fee generation points to transfers, settlement, lending, trading, servicing or other workflows that users are paying to access.

That is why the spread between Canton and the rest of the table stands out. Canton’s $65 million shows institutional RWA rails can already produce blockchain-scale revenue. The next group is much smaller but still meaningful. Collector Crypt, Courtyard, Securitize and Centrifuge each represent different parts of the RWA stack, from collectibles and physical-asset markets to regulated issuance and tokenized credit.

Securitize And Centrifuge Keep Institutional Depth

Securitize collected $5.85 million in May fees, keeping one of the most recognized regulated tokenization firms inside the top group. The company has been expanding distribution and chain access, including a recent move where Securitize expanded to TRON as tokenized asset competition widened.

Centrifuge followed with $4.8 million, reinforcing the strength of tokenized credit and asset-management infrastructure. WisdomTree and Invesco’s USTB also show that traditional asset managers are becoming part of the same onchain fee race, not only crypto-native issuers.

Canton’s dominance also lines up with rising investor access to the network. Bitwise recently launched a Canton ETP on Deutsche Börse Xetra, giving European investors regulated exchange-traded exposure to CC, the network’s native token.

The May fee table gives the RWA sector a sharper scoreboard. Asset value still matters, but fees show which systems are being used. Canton is leading that scoreboard by a wide margin, while Securitize, Centrifuge, WisdomTree, Invesco and newer physical-asset platforms show the RWA market is spreading across institutions, collectibles, credit and fund infrastructure.

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