Canton Network Tops May RWA Fee Ranking With $65M

RWA Signal Insight
InfrastructureCanton Network dominated the May RWA fee rankings by generating $65 million, accounting for approximately 64% of the $101 million total collected across the top 10 RWA projects. This performance highlights a shift in the RWA sector from focusing solely on total value locked to prioritizing revenue generation through active institutional workflows. Unlike consumer-facing DeFi applications, Canton Network is specifically engineered for regulated financial institutions, providing the privacy, permissioning, and settlement controls necessary for large-value asset movement. Other notable performers included Securitize, which collected $5.85 million, and Centrifuge, which generated $4.8 million, demonstrating the diverse utility of tokenized credit and asset-management infrastructure. The data suggests that institutional RWA rails are increasingly capable of producing significant, blockchain-scale revenue through transfers, lending, and servicing. Furthermore, the integration of traditional asset managers like WisdomTree and Invesco into this fee-generating ecosystem underscores the growing convergence between traditional finance and onchain infrastructure. As the tokenized RWA market surpasses $31 billion, fee generation serves as a critical metric for distinguishing between idle assets and active, high-utility financial systems.
Key points
- Canton Network generated $65 million in May fees, leading the RWA sector.
- Total May fees for the top 10 RWA projects exceeded $101 million.
- Securitize and Centrifuge collected $5.85 million and $4.8 million in fees, respectively.
- Tokenized RWA market value has expanded to over $31 billion across various asset classes.
Background
Canton Network is a blockchain infrastructure platform designed specifically for regulated financial institutions. It enables interoperability between different financial systems while maintaining strict privacy, permissioning, and settlement controls required for institutional-grade tokenized assets.