Haven, a startup building an on-chain marketplace for fixed-income products backed by real-world assets, has raised a seed funding round at a $30 million valuation.
The New York-based firm said the round was backed by Candaq, Apus Capital, ZC Capital and BlockPulse Digital Asset Management.
Haven is positioning itself as infrastructure for what it calls “on-chain real-world yield” — tokenized versions of traditional fixed-income instruments that can be held and used within blockchain applications, rather than sitting in brokerage accounts. In its announcement, the company said it has already launched a US Treasury product that allows users to access Treasury-backed yield directly on-chain.
A bet on tokenized Treasuries becoming DeFi’s new base layer
Haven is entering a segment that has become one of the most active corners of real-world asset tokenization: tokenized Treasuries, money-market funds and cash-equivalent products that aim to deliver relatively low-volatility yield in a format that can move 24/7 and plug into crypto trading, lending and treasury management.
According tp RWA.xyz data, tokenized Treasury products is valued at $8.97 billion as of Dec. 27, 2025, across dozens of offerings. The growing demand for tokenized Treasury products has attracted both crypto-native issuers and traditional asset managers.
That momentum is visible in broader industry research, too. CoinGecko’s 2025 RWA report described tokenized Treasuries as seeing “strong momentum,” and pointed to the rise of large, institution-linked products (including those associated with major asset managers) as the category expanded.
For DeFi, the appeal is straightforward: Treasury-like assets can offer a steadier return profile than crypto-native lending rates, while also creating collateral that behaves more like traditional “cash management” instruments — something traders, DAOs and market makers have increasingly wanted after repeated boom-bust cycles in DeFi yield.
What Haven says it’s building
Haven describes itself as an “on-chain RWA fixed-income marketplace,” aiming to turn off-chain fixed-income assets into “composable and verifiable” building blocks that can integrate with other blockchain applications.
According to the details on its website, the company describes its Treasury product as backed 1:1 by short-term US Treasuries, structured as a zero-coupon instrument where yield accrues daily into the token price, with a minimum investment starting at $100 and access using stablecoins such as USDT and USDC.
In the funding announcement shared with BlockFrims, Haven mentioned it intends to make fixed-income access more “efficient, accessible, and scalable” globally, and to expand beyond its initial Treasury product as it builds out the platform.
RootData lists Haven as a compliance-focused RWA tokenization platform bringing US Treasuries and “blue-chip corporate bonds” on-chain, and associate the same investor group with the seed round dated Dec. 26.
Why Haven matters now?
Tokenized fixed income is increasingly being treated as the “plumbing” of on-chain finance — not just a new investment wrapper, but a way to create blockchain-native collateral that can sit underneath trading and lending markets.
A US Treasury advisory document prepared for the Treasury Borrowing Advisory Committee (TBAC) outlines several proposed benefits of tokenizing Treasuries, including more streamlined settlement, improved collateral management, and greater transparency, while also noting that design choices and transition risks remain significant.
At the same time, regulators and central banks have been paying closer attention to the way crypto markets already intersect with traditional fixed income through stablecoin reserves. The European Central Bank’s Financial Stability Review noted that major stablecoins such as USDT and USDC have become large holders of US Treasury bills, and warned that a run scenario could create stress through forced selling of reserve assets.
That context matters for startups like Haven because it highlights the balancing act facing “on-chain yield” products: demand is growing for Treasury-like instruments inside crypto markets, but policymakers are increasingly focused on the links between tokenized products, stablecoins, liquidity, and financial stability.
The competitive landscape
Haven is not alone in trying to package Treasury yields into blockchain-native formats. The market already includes products and platforms spanning crypto-native issuers and traditional firms experimenting with tokenized funds, and RWA.xyz’s Treasury category lists a wide set of issuers and platforms across networks.
The differences between offerings typically come down to structure (fund token vs. note vs. yield-bearing stablecoin), who can access them, how redemptions work, which custodians and legal entities sit behind the product, and how widely the tokens integrate into DeFi protocols.
Haven’s pitch is that it’s building marketplace infrastructure — not simply a single token — and that fixed income can become a foundational layer of “sustainable” on-chain finance as the sector shifts from crypto-native yield to real-world cash flows.
Haven did not disclose the size of the seed round proceeds in the announcement, focusing instead on valuation, backers and product direction.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice.
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