TownSquare Partners with Multipli to Bring Over USD 260 Million in RWA Private Credit Onchain

Dubai, United Arab Emirates, October 27, 2026 —

TownSquare, an RWA origination and institutional-grade yield protocol, today announced that it has partnered with Multipli to bring more than USD 260 million of real-world private credit onchain. The initial tranche of more than USD 260 million in assets has been deployed on Base, Robinhood Chain, and Monad, primarily backed by real estate assets. A further USD 500 million in mining, AI data center, energy storage, and AI robotics assets will follow in Q4 2026 and Q1 2027.

TownSquare's credit programs cover real estate, mining, an AI data center, gold vaults, battery storage, and robotics. TownSquare originates and curates each credit facility, collateralizes it through Multipli's rwaUSDi institutional-grade stablecoin platform, and distributes the resulting yield to institutional lenders and eligible users through its RWA Vaults.

This launch advances TownSquare from yield curation to private credit asset origination. Bernstein Research identifies private credit as the largest segment of the tokenized real-world asset market.

Six Real-Economy Credit Categories

TownSquare's credit programs encompass six categories of asset-backed private credit, each issued onchain as a TownSquare RWA token. Of the initial tranche of more than USD 260 million in deployed assets, real estate accounts for the majority:

• Real Estate — townREIT
• Mining — townMINE
• AI Data Center — townAIDC
• Gold Vault — townGOLD
• Energy Storage — townBATT
• AI Robotics — townAIROBO

Each asset is issued through vetted tokenization partners and reviewed by professional asset management firms. Holders can view the underlying assets supporting each token on TownSquare's RWA Dashboard, which publicly publishes proof-of-reserves data.

TownSquare's “BlackRock Onchain” Technology Stack: From Asset Origination to Yield Distribution

Through its RWA product suite, TownSquare operates the full credit lifecycle, from sourcing loan assets to paying yield to depositors:

• Origination — townRWA token. TownSquare works with vetted tokenization partners to source credit assets and structure transactions, then issues each credit facility as a townToken.
• Verification — RWA Dashboard. The proof-of-reserves dashboard displays the assets behind each RWA token.
• Distribution — RWA Vaults. Holders can deposit townToken and trwaUSDi into DeFi to earn additional yield. The vaults operate across eight chains: Ethereum, Base, Arbitrum, Monad, Ink, Robinhood Chain, X Layer, and Pharos.
• Trading and Stock Vaults. Market-neutral trading yield managed by licensed funds, as well as yield from tokenized equities.
• Lend / Borrow. A cross-chain money market where users can supply RWA-backed assets and borrow against them as collateral.

Yield is distributed to depositors through TownSquare's vault contracts. These contracts aggregate yield across chains so that every depositor receives the same yield rate, regardless of which chain they deposited on. Yield is released linearly within each distribution cycle, and withdrawals are settled after the cooldown period ends.

Deploying Capital Through Multipli's rwaUSDi

TownSquare uses rwaUSDi—Multipli's institutional-grade credit stablecoin requiring KYB verification—as the collateral and funding layer for its credit assets. rwaUSDi is designed for assets that cannot be placed in public DeFi pools, such as private credit, project finance, and asset-backed loans. The fund flow consists of four steps:

1. TownSquare originates a credit and tokenizes it as townToken.
2. The townToken is deposited as collateral into an isolated, permissioned rwaUSDi pool with asset-specific risk parameters.
3. rwaUSDi issued against this collateral is deployed as trwaUSDi through TownSquare’s RWA vault.
4. Borrower repayments flow back through the pool, and TownSquare then distributes credit returns to vault depositors.

It is the isolation mechanism that enables these assets to be financed on-chain. Mines, data centers, and energy assets generate cash flows according to predetermined schedules and are regularly valued, so a run on open lending markets could force fire sales of these assets, destroying value. Private rwaUSDi pools can offer borrowers longer terms and higher loan-to-value (LTV) ratios, while providing lenders with predictable returns and transparent on-chain reporting.

rwaUSDi reserves are disclosed through Multipli’s transparency dashboard, with Chainrisk and AFI verification networks. RedStone provides price feeds, and Fasanara serves as yield curator.

Private Credit Leads the Tokenized Asset Market

Private credit is now the largest category of 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, as of September 28, 2026, private credit distributed on public blockchains totaled $7.9 billion, while private credit represented on-chain totaled $36.5 billion.

Market participation continues to expand. The RWA Foundation’s Q3 2026 report shows 64 tokenized credit assets from 13 issuers across 16 chains, with unique holders growing 12.1% in the quarter to 28,840. A large portion of on-chain credit is currently consumer credit, led by Figure’s $18 billion in tokenized assets. TownSquare brings real-asset credit to this market, starting with real estate and gradually expanding into mines, AI data centers, battery energy storage, and robotics.

Executive Perspectives

“We at TownSquare are building an on-chain BlackRock for private credit RWAs,” said JC Zhang, Chief Executive Officer and Co-Founder of TownSquare. “Tokenized stocks and tokenized money markets are already common in the market. But we believe private credit is the biggest opportunity. We also believe Multipli is the best RWA collateral partner platform for our credit assets.”

“rwaUSDi was designed to bring high-quality, cash-flow-generating real-world credit on-chain in a transparent and structured manner,” said Shaaran LB, Chief Executive Officer and Co-Founder of Multipli. “TownSquare’s isolated rwaUSDi pools demonstrate how DeFi can access real-economy credit while ring-fencing risk within each pool. As the tokenized private market matures, we are pleased to support TownSquare.”

About TownSquare

TownSquare is building an “on-chain BlackRock” through its RWA origination and institutional-grade yield protocol. TownSquare originates and curates private credit across real estate, mines, AI data centers, gold vaults, battery energy storage, and AI robotics, and distributes yields on-chain through curated vaults and cross-chain money markets. Its team includes engineers and market makers from Tokenmania, Coinbase, Meta, and Accenture.

TownSquare has raised a cumulative $16.25 million through its early Builders round and a 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, with angel investors from Monad, a16z, Turtle, and StakeStone.
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About Multipli

Multipli is an RWA credit protocol that enables tokenized assets to generate on-chain yield. Multipli issues rwaUSD and rwaUSDi: the former is a credit-backed stablecoin targeting highly liquid tokenized assets such as U.S. Treasuries and gold; the latter is its permissioned credit layer for private markets. In May 2026, the Multipli protocol surpassed $400 million in scale and became the No. 1 yield protocol on Base in the same month.

Multipli is backed by Pantera Capital, Sequoia, and Elevation Capital, and received support from Binance Labs after winning the fourth 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.

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Source: TechFlow