Published on Sat Aug 22 2026 00:00:00 GMT+0000 (Coordinated Universal Time) by Jacob Cavazos

Real-world asset tokenization has moved from concept to production. As of 2026, multiple protocols are live with real capital, real borrowers, and real yield. But the approaches diverge significantly. Some protocols build asset-backed infrastructure for issuing and managing credit. Others run institutional lending pools. Still others focus on the exchange layer, providing compliant secondary markets for tokenized securities.

This article compares three RWA credit protocols using publicly available information — for the underlying infrastructure concepts, see our guide on tokenized credit infrastructure from their documentation, websites, and public disclosures. Centrifuge, Maple, and IXSwap each represent a distinct architectural approach to the same problem: bringing real-world assets on-chain.

The comparison covers architecture, asset types, yield characteristics, risk models, and legal structures — for a technical comparison of RWA credit protocol architectures, see RWA Credit Protocol Architecture. All information is drawn from public sources.

Centrifuge: Asset-Backed Tokenization Infrastructure

Centrifuge is the oldest and most infrastructure-focused of the three. Founded with the vision of bringing real-world financial products on-chain, the protocol has gone through three major generations.

Architecture

Centrifuge’s current architecture, documented in their public developer docs, is a multi-chain tokenization product built on an immutable core protocol. The core consists of a Hub, which serves as the central orchestration layer for pool management, accounting, and share class coordination, and Spokes, which act as local registries and integration points for cross-chain deployments.

On top of this core, the protocol supports extension points including adapters for cross-chain messaging via LayerZero, Wormhole, Chainlink, and Axelar. Transfer hooks implement restrictions at the token level, with options like FreezeOnly, RedemptionRestrictions, FullRestrictions, and FreelyTransferable. NAV managers track net asset value, and price managers handle share class pricing.

The protocol supports ERC-4626 and ERC-7540 vault implementations, including async vaults and sync deposit vaults. This is a significant architectural choice: by using vault standards, Centrifuge pools can integrate with existing DeFi composability.

Asset Types

Centrifuge supports a broad range of asset types. According to their documentation, issuers can tokenize invoices, mortgages, streaming royalties, real estate, trade finance receivables, and other cash-flowing assets. Each asset is tokenized as an NFT representing the legal claim, and that NFT is used as collateral to draw funding from a pool.

The breadth of asset types is a deliberate design choice. Centrifuge is not a lending protocol for a specific asset class. It is infrastructure for tokenizing any real-world asset and creating a pool around it.

Tranche Structure

Centrifuge’s tranche system is one of its defining features. In the earlier Tinlake generation, each pool had a two-tranche structure: TIN, the junior or first-loss tranche, and DROP, the senior tranche. TIN absorbs defaults first but earns higher returns. DROP is protected by TIN and earns stable, lower returns. This mirrors the junior-senior structure common in traditional securitization.

The current protocol supports more flexible share class structures, including multi-tranche securitizations and simpler single-share funds within the same contract set.

Legal Structure

Centrifuge uses SPVs to hold the underlying assets. The NFT minted on-chain represents the legal claim against the SPV. This is documented in their public materials and follows the standard structured finance pattern.

Yield and Risk

Yield on Centrifuge depends on the pool and the tranche. DROP tokens typically offer lower, more stable yield, while TIN tokens offer higher yield with higher risk. The risk model is pool-specific: each pool has its own collateral type, default assumptions, and coverage requirements. Investors must evaluate each pool individually.

Notable Achievement

Centrifuge’s integration with MakerDAO was a significant milestone. Approved issuers could lock DROP tokens as collateral and mint DAI, demonstrating that real-world assets could back a major stablecoin. This integration is publicly documented.

Maple: Institutional Lending Pools

Maple takes a different approach. Rather than building general-purpose tokenization infrastructure, Maple focuses on institutional lending. The protocol aggregates capital from liquidity providers and lends it to institutional borrowers under terms negotiated off-chain.

Architecture

Maple’s smart contract architecture, documented in their public technical docs, centers on several key contracts. The Pool implements the ERC-4626 vault standard and handles token deposits and withdrawals. The PoolManager holds administrative functions and serves as the interface between the Pool and the rest of the protocol. LoanManagers track outstanding loan accounting.

The Pool and PoolManager have a one-to-one relationship in the current architecture, though the design allows for this to change. The LoanManager is a separate contract, which allows the protocol to support multiple value accrual mechanisms in parallel without migrating pool tokens.

Actors

Maple’s protocol involves three main actors, as documented in their public wiki. Liquidity Providers deposit capital into pools and earn yield by holding ERC-4626 compliant LP tokens. Pool Delegates administer pools, configure parameters, manage strategies, and perform loan administration. Borrowers are institutions that borrow capital from the protocol after agreeing to terms.

The Pool Delegate model is central to Maple’s risk management. Delegates are responsible for underwriting and managing loans. They stake capital as a first-loss reserve, aligning their incentives with LPs.

Asset Types

Maple focuses on institutional loans, primarily to crypto-native companies and funds. The protocol has historically facilitated lending to borrowers such as trading firms and other DeFi protocols. The asset types are narrower than Centrifuge’s: Maple is not a general-purpose tokenization platform. It is a lending protocol for institutional credit.

Yield and Risk

Yield on Maple comes from interest paid by borrowers. LPs earn yield as the pool’s ERC-4626 token appreciates. The risk model depends on the Pool Delegate’s underwriting quality and the staked first-loss reserve. If a borrower defaults, the delegate’s staked capital is burned to cover losses.

Maple has experienced defaults publicly. During the 2022 market turmoil, several Maple borrowers defaulted, and the protocol’s loss-sharing mechanisms were tested. This is public information and an important data point for anyone evaluating the protocol’s risk model.

Legal Structure

Maple’s loans are typically structured as bilateral or syndicated loan agreements between the borrower and the pool entity. The legal documentation is handled off-chain, with the smart contracts representing the capital flow and accounting.

IXSwap: Security Token Exchange and Launchpad

IXSwap, now operating as IXS, takes yet another approach. Rather than building credit infrastructure or lending pools, IXS focuses on the exchange and distribution layer for tokenized real-world assets.

Architecture

According to their public website and documentation, IXS is positioned as an Institutional Exchange Settlement Layer. The platform provides licensed blockchain and tokenization infrastructure for compliant adoption of institutional tokenized RWAs.

The IXS ecosystem includes several components. An AMM-powered DEX is dedicated to security tokens and tokenized RWAs, providing automated market making for assets that traditionally lack liquidity. An institutional-grade launchpad enables issuers to tokenize real-world assets while maintaining regulatory compliance. Tokenization-as-a-Service, or TaaS, provides infrastructure for issuers to tokenize and manage RWAs without extensive technical expertise. Union Chain is a dedicated Layer-2 network for scalable settlement.

Asset Types

IXS supports a broad range of asset types through its launchpad and exchange. According to their public materials, these include real estate, private equity, startups, high-growth companies, natural resources, and infrastructure projects. The platform enables fractional ownership, with minimum investments as low as $1 for certain opportunities.

Regulatory Approach

IXS operates through licensed custodians and broker-dealers. This is a key differentiator: rather than relying purely on smart contract logic for compliance, IXS uses regulated financial intermediaries to ensure that trades are legally valid. The platform is licensed by the Securities Commission of the Bahamas.

This CeFi-DeFi hybrid model means that IXS can support assets that require full securities regulation, not just utility tokens or unregulated digital assets. The trade-off is that the platform is more centralized than pure DeFi protocols.

Yield and Risk

Yield on IXS depends on the underlying asset. Real estate investments may generate rental income or capital appreciation. Private equity investments may generate returns through exits or dividends. The risk profile varies widely by asset and is determined by the issuer’s offering documents.

Unlike Centrifuge and Maple, where yield is generated by loan interest, IXS yield is asset-specific. The platform is an exchange, not a lending protocol. Investors are buying tokenized securities, not lending capital.

Legal Structure

IXS uses licensed custodians to hold the underlying assets and broker-dealers to facilitate trades. The legal structure is a traditional securities offering, with the token representing ownership in the underlying asset. The blockchain layer provides transferability and transparency, but the legal validity comes from the regulated intermediaries.

Head-to-Head Comparison

Architecture

Centrifuge builds general-purpose tokenization infrastructure with a Hub-and-Spoke model, supporting custom pools for any asset type. Maple builds lending-specific infrastructure with Pool, PoolManager, and LoanManager contracts optimized for institutional credit. IXS builds exchange infrastructure with an AMM DEX, launchpad, and licensed custodian integration.

Asset Focus

Centrifuge supports the broadest range of asset types, from invoices to mortgages to royalties. Maple focuses on institutional loans to crypto-native borrowers. IXS focuses on security tokens representing real estate, private equity, and other private market assets.

Yield Source

Centrifuge yield comes from the cash flows of the underlying assets, split across tranches. Maple yield comes from interest paid by institutional borrowers. IXS yield comes from the performance of the underlying securities, which varies by asset.

Risk Model

Centrifuge risk is pool-specific, with tranche structures providing layered protection. Maple risk depends on Pool Delegate underwriting and staked first-loss reserves. IXS risk is asset-specific, determined by the issuer and the underlying security.

Legal Structure

Centrifuge uses SPVs with on-chain NFTs representing legal claims. Maple uses bilateral loan agreements with smart contracts for capital flow. IXS uses licensed custodians and broker-dealers with traditional securities offerings.

Compliance

Centrifuge enforces compliance through transfer hooks and on-chain restrictions. Maple relies on Pool Delegate screening and off-chain legal agreements. IXS relies on licensed financial intermediaries and regulatory licensing.

Secondary Liquidity

Centrifuge pools can integrate with ERC-4626 vault infrastructure for composability. Maple LP tokens are ERC-4626 compliant and can be transferred. IXS provides a dedicated AMM DEX for secondary trading of security tokens.

Which Approach Fits Which Use Case

There is no single best approach. The right protocol depends on what the user is trying to do.

For an asset originator who wants to tokenize a portfolio of invoices or mortgages and create a structured credit pool, Centrifuge provides the most complete infrastructure. The tranche system, the SPV integration, and the flexible pool architecture are designed for this use case.

For an institution that wants to borrow against its balance sheet or for an LP who wants to earn yield from institutional lending, Maple provides a purpose-built protocol. The Pool Delegate model and the ERC-4626 vault structure make it straightforward for both borrowers and lenders.

For an issuer who wants to tokenize a security and offer it to investors through a compliant exchange, IXS provides the exchange and custody infrastructure. The licensed custodian model and the AMM DEX address the liquidity problem that has historically plagued security tokens.

The Common Thread

All three protocols are solving the same fundamental problem: connecting real-world assets to blockchain infrastructure, which we break down in our guide to tokenized credit infrastructure. But they approach it from different layers of the stack. Centrifuge builds the issuance and management layer. Maple builds the lending and capital aggregation layer. IXS builds the exchange and distribution layer — each is a piece of the tokenized credit infrastructure stack.

As the RWA market matures, these layers will need to interoperate. A Centrifuge pool might list its tokens on an IXS exchange. A Maple borrower might tokenize its collateral using Centrifuge infrastructure. The protocols are not mutually exclusive. They are complementary pieces of a broader tokenized credit ecosystem.

For investors and builders evaluating the space, the key question is not which protocol is best. It is which protocol solves the specific problem at hand. The answer depends on the asset, the investor base, the regulatory requirements, and the desired balance between decentralization and compliance.

Frequently Asked Questions

What is Centrifuge?

Centrifuge is a protocol for tokenizing real-world assets such as invoices, real estate, and credit on blockchain. It focuses on the issuance and management layer, allowing asset originators to create asset pools and mint tokens representing fractional ownership. Centrifuge aims to bring private credit markets on-chain with legal enforceability.

What is Maple Finance?

Maple Finance is an institutional lending protocol that connects borrowers with liquidity providers through delegated pool management. It focuses on the lending and capital aggregation layer, where pool delegates underwrite loans and manage risk. Maple primarily serves institutional borrowers seeking on-chain credit.

What is IXSwap?

IXSwap is a protocol that provides exchange and distribution infrastructure for tokenized real-world assets. It focuses on making security tokens and RWA tokens tradeable, addressing the liquidity and accessibility challenges that tokenized assets face. IXSwap acts as a marketplace layer for compliant token trading.

How do RWA credit protocols differ?

RWA credit protocols differ in which layer of the credit stack they address. Some focus on asset issuance and management, others on lending and capital aggregation, and others on exchange and distribution. The protocols are often complementary rather than competitive, as a complete RWA credit ecosystem requires all three layers to function together.

Written by Jacob Cavazos