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Base, Coinbase’s OP-Stack rollup, has quietly become the largest real-world-asset (RWA) playground in crypto after Ethereum itself.
Value secured on the network now tops $14.3 billion – up 173% year-to-date -putting Base just ahead of Arbitrum for first place among L2s by total value secured (TVS) and roughly $13.7 billion in total value locked (TVL) across bridges and native assets.
Source: L2Beat
Against that backdrop, RWA specialists have flocked to Base:
- Keeta (KTA) delivered eye-popping throughput and a 6× price run-up in the past month.
- Tangible (TNGBL) is bringing fee-sharing real estate NFTs to L2 rails.
- OpenEden’s tokenized U.S. Treasury suite now spans three chains, with its flagship USDO and TBILL vaults pushing a combined $450 million of Treasuries on-chain.
Together, these projects showcase why RWAs are the fastest-growing crypto vertical—sector capitalization has already ballooned 260% to $23 billion in 2025 alone.
KTA: The Quiet Giant with Loud Numbers
Keeta’s marketing writes itself: 10 million TPS, sub-second finality, and ex-Google CEO Eric Schmidt on the advisory roster. After debuting on Base in early May, the token climbed from $0.22 to $1.18 (+435%) and briefly crossed $600 million in circulating market cap.
News coverage has amplified the move. A 99Bitcoins deep dive highlighted Keeta’s “8× rally in two weeks,” crediting the surge to BitMart’s listing and investor appetite for compliant L1s.
Coindesk’s March Daybook first flagged Keeta’s public testnet, framing it as a key RWA catalyst for Base.
Source: TradingView
While daily active-wallet metrics remain opaque, on-chain dashboards tracked the token among Moralis’s top-five “trending assets” by 24-hour address count earlier this week.
Other Pipelines: Tangible & OpenEden
Tangible has ported its real estate marketplace from Polygon to Base to slash settlement costs and tap native liquidity. TNGBL changes hands near $0.27 today, up roughly 40 % over the past fortnight after the protocol introduced USDC-denominated rent distributions.
Tangible currently controls about $43 million of tokenized property, wine, and gold, still mostly on Polygon but earmarked for migration to a Base vault later this year.
Source: DefiLlama
The dual-fee model funnels 66.7% of marketplace fees to USDC dividends while burning the balance, an incentive that has helped TNGBL outperform broader RWA indices during flat markets.
Yield-hungry DAOs have flocked to OpenEden’s tokenized T-bill products. The USDO stablecoin vault holds roughly $262 million, spreading collateral across Ethereum, Arbitrum, and a freshly whitelisted Base locker.
A separate TBILL smart contract vault adds another $190 million in tokenized sovereign debt, pushing the group’s total regulated Treasury exposure above $450 million. Morpho-hosted strategy on Base shifts idle USDC to USDO, auto-capturing risk-free rate.
- Untangled Finance has signaled plans to deploy invoice-backed credit pools on Base after piloting the model on Celo. The protocol aims to bridge private credit markets into DeFi, giving emerging-market fintechs a cheaper funding route.
- Realio Network is exploring an Optimism-stack bridge to expand its digital-equity platform, which tokenizes private-equity stakes and securitized real estate.
Both projects underscore a broader migration of alternative-asset tokenizers toward Base’s compliance-first ecosystem.
RWAs as Base’s Killer App
The tokenized-asset sector has exploded 260% to $23 billion in 2025 as U.S. Treasury yields hover near 4%, driving on-chain demand for dollar-denominated carry.
Coinbase’s brand and compliance stack give Base a unique edge with regulated-asset issuers. Base secures over $14B and hosts more native assets than rival L2s, with projects launching directly.
With $14B TVL and Coinbase support, Base is set to lead compliant asset issuance. Three milestones to watch over the next 12 months:
- RWA‑backed stablecoins displacing non‑yielding tokens in money markets
- Automated KYC wallets enabling permissioned pools for institutions
- Cross‑margin RWA collateral – tokenised Treasuries funding derivatives or real‑estate NFTs without leaving Base.
2025 could be the year tokenisation goes mainstream—starting with Base-powered real-world assets.
Read more: Coinbase vs Binance 2025: Which Exchange is Better?
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