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Tokenised infrastructure pushes Pharos deeper into RWA markets
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Tokenised infrastructure pushes Pharos deeper into RWA markets

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  • Pharos Network has launched PGNGI+, an on‑chain infrastructure fund product linked to Partners Group, extending its RealFi ecosystem beyond basic DeFi into tokenised infrastructure income rights.
  • Pharos currently holds about US$127.75 million in active RWA value and US$6.79 million in DeFi TVL, which is materially smaller than leading RWA platforms such as Ondo ~US$3.44b TVL, Securitize ~US$4.96b, Maple ~US$2.23b and Centrifuge ~US$1.63b.
  • The broader RWA sector is fragmenting by niche - tokenised funds and Treasuries Ondo, Centrifuge, institutional credit, and regulated issuance across many chains - with competition centred on institutional access, compliance frameworks and on‑chain liquidity.

Pharos’ move into infrastructure-linked products shows how smaller RWA networks are trying to differentiate by asset class rather than just scale.

As institutions demand more compliant, yield‑bearing on‑chain exposure, the race is shifting from raw TVL to the depth of real‑world cash flows and regulatory robustness behind each platform.

Pharos Network (CRYPTO:PROS)

Pharos Network added PGNGI+, bringing private infrastructure investment exposure onchain through Asseto Finance.

Pharos currently has $127.75 million in active RWA value and $6.79 million in DeFi TVL.

The PGNGI+ product links to infrastructure funds managed by Partners Group, which has more than $140 billion under management.

Ondo Finance (CRYPTO:ONDO)

Ondo Finance offers tokenised financial assets and has expanded across multiple blockchains.

Its current TVL is about US$3.44 billion, with annualised fees of about US$57.5 million.

Its Global Markets product also holds about US$941 million in TVL and processed US$525 million in 30-day trading volume.

Centrifuge (CRYPTO:CFG)

Centrifuge lets asset managers tokenise and distribute funds through blockchain-based infrastructure.

The protocol has about US$1.63 billion in TVL across Ethereum, Avalanche, Base, Plume and Monad.

Centrifuge generated US$16.04 million in gross protocol revenue during Q2 2026.

Maple Finance (CRYPTO:SYRUP)

Maple Finance focuses on institutional lending and connects capital providers with credit markets through blockchain infrastructure.

It currently has about US$2.23 billion in TVL and US$1.77 billion in active loans.

Maple generated about US$8.91 million in fees during the past 30 days.

Securitize (NYSE:SECZ)

Securitize provides regulated infrastructure for tokenised real-world assets and became publicly traded on the NYSE in July.

The platform currently has about US$4.96 billion in TVL across 13 blockchains.

Securitize reported US$14.4 million in Q2 revenue and a US$21.7 million net loss.

The bottom line

Pharos is moving beyond basic DeFi products by adding infrastructure income rights to its RealFi ecosystem.

Its US$127.75 million RWA value remains smaller than the larger platforms covered here.

The comparison shows that RWA platforms are competing across tokenised assets, institutional credit, infrastructure and regulated issuance.

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