TownSquare Partners with Multipli to Bring Over $260 Million in RWA Private Credit On-Chain
Dubai, United Arab Emirates, October 27, 2026 —
TownSquare, an RWA origination and institutional yield protocol, today announced its partnership with Multipli to bring over $260 million of real-world private credit on-chain. The initial tranche of over $260 million in assets has been deployed on Base, Robinhood Chain, and Monad, primarily backed by real estate assets. An additional $500 million in assets spanning mining, AI data centers, energy storage, and AI robotics will follow in Q4 2026 and Q1 2027.
TownSquare’s credit program covers real estate, mining, an AI data center, gold vaults, battery storage, and robotics. TownSquare originates and curates each credit, utilizing Multipli’s rwaUSDi institutional stablecoin platform as collateral, and distributes the generated yields through its RWA Vaults to institutional lenders and eligible users.
This launch marks TownSquare’s expansion from yield curation into private credit asset origination. Bernstein Research identifies private credit as the largest segment within the tokenized real-world asset market.
Six Real Economy Credit Categories
TownSquare’s credit program encompasses six categories of asset-backed private credit, each issued on-chain in the form of a TownSquare RWA token. Among the initial deployed assets exceeding $260 million, real estate constitutes the majority:
Real Estate —— townREIT
Mining —— townMINE
AI Data Center —— townAIDC
Gold Vault —— townGOLD
Energy Storage —— townBATT
AI Robotics —— townAIROBO
Each asset is issued via audited tokenization partners and reviewed by professional asset management firms. Holders can view the underlying supporting assets for each token on the TownSquare RWA Dashboard, which publishes public proof-of-reserves data.
TownSquare’s “On-Chain BlackRock” Tech Stack: From Asset Origination to Yield Distribution
Via its RWA product suite, TownSquare manages the complete credit lifecycle, from sourcing loan assets to paying yields to depositors:
Origination —— townRWA token. TownSquare partners with audited tokenization partners to source credit assets and design deal structures, then issues each credit as a townToken.
Verification —— RWA Dashboard. The proof-of-reserves dashboard displays the assets backing each RWA token.
Distribution —— RWA Vaults. Holders can deposit townTokens and trwaUSDi into DeFi to earn additional yields. Vaults operate across eight chains: Ethereum, Base, Arbitrum, Monad, Ink, Robinhood Chain, X Layer, and Pharos.
Trading and Stock Vaults. Market-neutral trading yields managed by licensed funds, along with yields from tokenized equities.
Lend / Borrow. A cross-chain money market where users can supply RWA-backed assets and borrow against them as collateral.
Yields are distributed to depositors via TownSquare’s vault contracts. These contracts aggregate yields across chains, ensuring every depositor receives the same yield rate regardless of the chain they deposit on. Yields are released linearly per distribution cycle, with withdrawals settling after the cooldown period.
Fund Deployment via Multipli’s rwaUSDi
TownSquare utilizes rwaUSDi—Multipli’s institution-grade credit stablecoin requiring KYB verification—as the collateral and financing layer for its credit assets. rwaUSDi is specifically designed for assets that cannot be placed in public DeFi pools, such as private credit, project finance, and asset-backed loans. Fund flows proceed in four steps:
TownSquare originates a credit and tokenizes it as a townToken.
This townToken is deposited as collateral into an isolated, permissioned rwaUSDi pool, which features risk parameters specific to the underlying asset.
rwaUSDi minted against this collateral is deployed through TownSquare’s RWA Vaults in the form of trwaUSDi.
Repayments from borrowers flow back through the pool, after which TownSquare distributes the credit yields to vault depositors.
It is this isolation mechanism that allows these assets to be financed on-chain. Mines, data centers, and energy assets generate cash flows on predetermined schedules and undergo periodic valuation, meaning open lending markets could force fire sales and value destruction during a run. Private rwaUSDi pools provide borrowers with longer tenors and higher loan-to-value (LTV) ratios, while offering lenders predictable yields and transparent on-chain reporting.
The reserves for rwaUSDi are disclosed through Multipli’s transparency dashboard, verified via Chainrisk and the AFI verification network. RedStone provides oracle services, and Fasanara serves as the yield curator.
Private Credit Leads the Tokenized Asset Market
Private credit is currently the largest category within tokenized real-world assets. Bernstein Research estimates that the tokenized RWA market reached $51 billion in May 2026, up 42% year-to-date, with private credit accounting for approximately 44%. According to RWA.xyz data, as of September 28, 2026, on-chain distributed private credit stood at $7.9 billion, while represented amounts totaled $36.5 billion.
Market participation continues to expand. The RWA Foundation’s Q3 2026 report reveals that across 16 chains, there are 64 tokenized credit assets from 13 issuers, with independent holders growing 12.1% quarter-over-quarter to 28,840. A significant portion of current on-chain credit consists of consumer credit, led by Figure’s $18 billion in tokenized assets. TownSquare brings physical asset credit to this market, starting with real estate and gradually expanding into mining, AI data centers, battery storage, and robotics.
Executive Perspectives
“We are building an on-chain ‘BlackRock’ for private credit RWAs,” said JC Zhang, CEO and Co-founder of TownSquare. “Tokenized equities and tokenized money markets have become commonplace in the market now. But we believe private credit represents the largest opportunity. We also view Multipli as the optimal RWA collateral partner for our credit assets.”
“rwaUSDi was designed to bring high-quality, cash-generating real-world credit on-chain in a transparent and structured manner,” stated Shaaran LB, CEO and Co-founder of Multipli. “TownSquare’s isolated rwaUSDi pools demonstrate how to tap into real economy credit via DeFi while ring-fencing risks across separate pools. As the tokenized private market continues to mature, we are pleased to support TownSquare.”
About TownSquare
TownSquare is building an “on-chain BlackRock” through its RWA origination and institutional yield protocol. TownSquare originates and curates private credit spanning real estate, mining, AI data centers, gold vaults, battery storage, and AI robotics, distributing yields on-chain via curated vaults and a cross-chain money market. Its team includes engineers and market makers from Tokenmania, Coinbase, Meta, and Accenture.
TownSquare has raised a total of $16.25 million through its early Builders round and Pre-A round completed in March 2026. Investors include World Liberty Financial, OKX Ventures, Auros, Amber Group, Animoca Brands, Arcane Group, SHV, Moca Network, Aptos, Bixin Ventures, DoraHacks, Typhon Ventures, Mulana Capital, and Ankaa. Angel investors hail from Monad, a16z, Turtle, and StakeStone.
Website · Docs · X
About Multipli
Multipli is an RWA credit protocol that enables tokenized assets to generate yields on-chain. Multipli issues rwaUSD and rwaUSDi: the former is a credit-backed stablecoin designed for highly liquid tokenized assets like US Treasuries and gold; the latter is its permissioned credit layer targeting the private market. In May 2026, Multipli’s protocol size surpassed $400 million, and it became the number one yield protocol on Base in the same month.
Backed by Pantera Capital, Sequoia, and Elevation Capital, Multipli secured investment from Binance Labs after winning the fourth iteration of the Binance Incubation Program. As of August 2025, Multipli had raised a cumulative $21.5 million. Its founders include early Ethereum contributors and former executives from Coinbase, PayPal, and JPMorgan; partners include Chainlink, RedStone, Centrifuge, and Fasanara.
Website · Docs