TBook, a crypto startup building infrastructure to distribute tokenized real-world assets across consumer apps, has raised a new funding round led by SevenX Ventures at a valuation above $100 million, according to company statements and exchange-affiliated newswires.
The company didn’t disclose the size of the latest round, but said cumulative funding has now topped $10 million, with investors including SevenX Ventures, the Sui Foundation, KuCoin Ventures, HT Capital, VistaLabs, Blofin, Bonfire Union, LYVC, GoPlus, Mask Network, and others.
In October 2025, TBook disclosed a $5 million strategic funding round led by the Sui Foundation, with participation from KuCoin Ventures, HT Capital, Vista Labs, and Bonfire Union.
SevenX, which describes itself as a research-driven crypto venture firm, was founded in 2020 and is based in Singapore.
The funding comes as tokenized “real-world assets” — a catchall term for on-chain representations of off-chain instruments such as U.S. Treasuries and private credit — keep gaining traction as a way for crypto-native platforms to offer yield that is easier to explain to mainstream users than DeFi strategies. RWA analytics site RWA.xyz shows roughly $20.7 billion in “distributed asset value,” while tokenized U.S. Treasury products tracked on its platform total about $8.9 billion.
A distribution layer for tokenized yield
TBook pitches itself as an “embedded RWA liquidity layer,” aiming to plug institutional-grade tokenized yield into user-facing fintech and consumer apps through a single integration, allowing those apps to earn yield on idle balances while providing issuers a route to reach end users.
At the center of the product is an identity-and-reputation stack that the company says helps issuers match assets to “qualified” users. Its documentation describes three core components: an identity layer built around “Incentive Passports” and verifiable soulbound tokens; an “intelligence” layer centered on a WISE credit score; and a settlement layer using “Vaults” to distribute and route tokenized payouts and yields.
TBook’s co-founder Nick Young has linked the pitch to a broader shift in stablecoin and tokenized-finance adoption, arguing that crypto’s next growth phase hinges on making yield-bearing tokenized assets easy to access inside familiar apps rather than pushing users to specialized crypto venues.
Metrics — and what’s verifiable
In promotional materials, TBook has said its “Incentive Passport” system surpassed 10 million users, with 6.4 million minting a WISE credit score. But TBook’s own dashboard on its website showed 8.6 million “on-chain IDs” and 6.4 million “reputation profiles” as of Jan. 8, 2026 (11:00 UTC).
In the GitBook documentation, TBook cites a similar scale: more than 8.2 million on-chain users across linked social accounts, and 6.4 million users minting WISE scores, alongside more than 200 partner projects using the system.
TGE planned for Q1 2026 on Sui
TBook is also moving toward a token launch. The project’s roadmap lists a token generation event in Q1 2026 on the Sui blockchain, alongside plans to connect stablecoin and RWA settlement to its identity and scoring layers and to expand “RWA Distribution Vaults.”.
Sui has been courting tokenization and payments use cases as part of a broader effort to position itself as a high-throughput chain for consumer-scale applications.
TBook says it operates as an RWA distribution layer on Sui and also runs an incentive distribution network on TON, the blockchain ecosystem tied closely to Telegram.
Partnerships: Omnipay and R25
TBook has highlighted partnerships aimed at connecting tokenized assets to real-world payment rails, including a collaboration with Omnipay in the Philippines — a characterization that appears in TBook’s documentation and community posts.
Independent details about Omnipay’s scale and licensing weren’t immediately available in mainstream regulatory filings in the sources reviewed.
The company has also pointed to work with R25, an institutional-focused RWA protocol. R25 has been active in issuing on-chain products, including the rcUSD token and a yield-bearing variant on Sui, according to the Sui Foundation’s blog, and previously detailed an institutional RWA approach in a Polygon ecosystem post. TBook recently described the partnership as a way to distribute yield-bearing products to users via its embedded “liquidity layer.”
Why investors are backing “tokenized cash” pipes
The bet behind companies like TBook is that tokenized Treasuries and similar cash-equivalent instruments can function as the “default” yield layer for crypto — offering returns driven by off-chain interest rates rather than token incentives.
That market has expanded quickly. A CoinGecko report said tokenized Treasuries grew to about $5.5 billion by April 2025, driven in part by BlackRock and Securitize’s BUIDL fund, while stablecoins remained the largest category by value. Last year, Financial Times reported that assets in tokenized Treasury and money market funds surged through 2025, with growing use as collateral in crypto trading.
For policymakers, the trend is also intertwined with stablecoins’ footprint in traditional markets. Reuters reported in mid-2025 that stablecoin growth was increasingly shaping demand for short-term U.S. Treasuries, raising questions about market structure and regulatory guardrails.
TBook’s pitch — “distribution” plus “reputation” — targets a persistent problem in tokenized finance: many products struggle to reach compliant end users at scale, especially in emerging markets where stablecoins are used for payments and savings but regulated yield products often remain gated behind institutional rails.
Still, the sector remains early, and much depends on whether issuers and app developers adopt third-party reputation systems, and whether regulators are comfortable with on-chain credentialing models that are portable across ecosystems.
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Image Credit: TBook, Canva
