TownSquare and Multipli Bring $260M in Private Credit On-Chain
TREE NEWS reports: TownSquare, a Dubai-based RWA origination and institutional yield protocol, has partnered with Multipli to tokenize more than $260 million of real-world private credit. The first tranche, deployed across Base, Robinhood Chain, and Monad, is primarily backed by real estate assets. An additional $500 million in mining, AI data center, energy storage, and AI robotics assets will follow in Q4 2026 and Q1 2027.
A Six-Pillar Credit Program
TownSquare’s program spans six asset-backed private credit categories, each issued on-chain as a TownSquare RWA token:
- Real estate — townREIT
- Mining — townMINE
- AI data centers — townAIDC
- Gold vaults — townGOLD
- Battery storage — townBATT
- AI robotics — townAIROBO
Each token is issued through audited tokenization partners and reviewed by professional asset managers. Holders can view the underlying collateral for each token on TownSquare’s RWA Dashboard, which publishes proof-of-reserves data.
The ‘On-Chain BlackRock’ Stack
TownSquare operates the full credit lifecycle: origination via townRWA tokens, verification through its proof-of-reserves dashboard, distribution through RWA Vaults running on eight chains (Ethereum, Base, Arbitrum, Monad, Ink, Robinhood Chain, X Layer, and Pharos), trading and stock vaults managed by licensed funds, and a cross-chain money market for lending and borrowing against RWA-backed assets. Yield is pooled across chains so depositors earn the same rate regardless of where they deposit.
Multipli’s rwaUSDi as the Financing Layer
The partnership uses Multipli’s rwaUSDi — a KYB-gated institutional credit stablecoin — as the collateral and financing layer. TownSquare originates a credit, tokenizes it as a townToken, and deposits it into an isolated, permissioned rwaUSDi pool with asset-specific risk parameters. rwaUSDi issued against that collateral is deployed through TownSquare’s RWA Vaults as trwaUSDi. Borrower repayments flow back through the pool, and TownSquare distributes credit yield to vault depositors.
The isolation mechanism is key: mining, data center, and energy assets generate cash flows on set schedules and are periodically valued, so an open lending market could force fire sales during a run. Private rwaUSDi pools offer borrowers longer tenors and higher LTVs, and lenders predictable yields with transparent on-chain reporting. RedStone provides price feeds, Fasanara serves as yield curator, and Multipli’s transparency dashboard discloses reserves via Chainrisk and the AFI verification network.
Private Credit Leads Tokenized RWA
Private credit is already the largest tokenized RWA category. Bernstein Research estimates the tokenized RWA market at $51 billion as of May 2026, up 42% year-to-date, with private credit accounting for roughly 44%. RWA.xyz data shows $7.9 billion distributed on public chains and $36.5 billion represented on-chain as of September 28, 2026. The RWA Foundation’s Q3 2026 report counted 64 tokenized credit assets from 13 issuers across 16 chains, with independent holders up 12.1% to 28,840.
Much of on-chain credit today is consumer credit, led by Figure’s $18 billion in tokenized assets. TownSquare brings physical-asset credit — starting with real estate and expanding into mining, AI data centers, battery storage, and robotics.
Forward Look
TownSquare has raised $16.25 million across a Builders round and a Pre-A round completed in March 2026, with investors including World Liberty Financial, OKX Ventures, Auros, Amber Group, Animoca Brands, and Aptos. Multipli, backed by Pantera Capital, Sequoia, and Binance Labs, surpassed $400 million in protocol size in May 2026 and became Base’s top yield protocol that month.
The deal signals a maturing RWA market: instead of tokenizing Treasuries, issuers are moving into illiquid, cash-flowing private credit with permissioned pools and isolated risk. If the model scales, it could give institutional lenders a transparent, composable path into real-economy credit — and give DeFi a yield source uncorrelated with crypto markets.
