Multipli
27 employees on LinkedIn Β· 6 known investors
Multipli is a yield infrastructure protocol that lets institutions and users generate on-chain yield on tokenized real-world assets such as gold, stocks, and stablecoins. Through its rwaUSD product it connects tokenized treasuries, commodities, and other assets to DeFi lending, trading, and yield protocols without separate integrations.
Also known as Multipli.fi
Founders & leadership
Investors Β· 6
Funding
SEC filings, press & company announcements- Undisclosed amountextension roundAug 2025
Binance Labs, Elevation Capital, Pantera Capital, Sequoia
Source β
Source: company announcements and press reports β follow each round's link for the claim.
Company profile
researched Aug 2026Multipli operates yield and collateralization infrastructure for tokenized real-world assets (RWAs), positioning itself as a layer that turns tokenized treasuries, gold, commodities, equities and stablecoins into usable, borrowable on-chain collateral. The company frames the problem as a mismatch between institutional tokenization efforts β it cites JP Morgan, BlackRock and HSBC moving assets on-chain in isolated, fragmented ecosystems β and DeFi lending venues such as Aave and Compound, which cannot practically list or risk-manage thousands of distinct asset tokens, while institutions lack the bandwidth to integrate with each protocol individually.
The core product is rwaUSD, through which institutions and users are said to obtain DeFi access and yield on tokenized assets via a single connection rather than separate per-protocol integrations, described by the company as a two-step process. The site also describes the protocol as an aggregation and tokenization layer for liquid delta-neutral funds, allowing deployed capital to be tokenized and routed into integrated DeFi strategies. Marketing claims include use of regulated custodians, third-party asset managers, over-collateralization and quarterly audits, plus published reports and public GitHub code.
DefiLlama classifies Multipli.fi in the Yield category and tracks its activity on Ethereum, BSC and Avalanche, with fees derived from asset yields on deposited assets and no deposit, withdrawal, performance or management fees identified, resulting in zero recorded protocol revenue.
Business model
Multipli supplies infrastructure that connects tokenized real-world assets held by institutions and users to DeFi yield, lending and trading venues through a single integration point, with rwaUSD as the connecting instrument. Per DefiLlama's methodology note, fees on the protocol consist of asset yields on deposited assets, and no deposit or withdrawal fees and no transparent performance or management fees were identified, with protocol revenue recorded as zero.
DefiLlama attributes protocol fees to yields generated on deposited assets and records no protocol revenue, noting no deposit or withdrawal fees and no transparently disclosed performance or management fees.
Traction
The website claims more than 90,000 users along with counters for annual yield distributed, partners and total value locked that are not populated with values in the retrieved page. DefiLlama reports $33,512 in fees over 30 days, $2.33m in cumulative fees, an annualized fee rate of $2.37m, three tracked yield pools with an average supply APY of 2.97%, and quarterly gross protocol revenue from asset yields of $445.11K (Q3 2025), $686.32K (Q4 2025), $572.32K (Q1 2026), $442.13K (Q2 2026) and $184.84K (Q3 2026, partial).
Latest developments
DefiLlama's income statement shows fee generation continuing into Q3 2026, with fees split across Ethereum ($2.06m cumulative), Avalanche ($163,009.8) and BSC ($103,970).
βΈFull profile β market position, technology, go-to-market, geography, risks & controversies
Market position
Multipli describes itself as the first yield infrastructure built for real-world assets and the first protocol aggregating and tokenizing liquid delta-neutral funds. DefiLlama ranks Multipli.fi #568 by TVL among 584 protocols in its Yield category, which collectively holds $4.709b, and lists Spark Savings, Pendle, Convex Finance, Stake DAO, Yuzu Money, Lorenzo sUSD1+, Strata Markets, Concentrator, Wise Token and Avalon Superearn as comparable protocols.
The company positions rwaUSD as a single connection point that spares institutions from integrating with individual DeFi protocols and spares lending markets from listing thousands of distinct RWA tokens, combined with claims of over-collateralization, regulated custody, external asset management and quarterly audits.
Technology
The protocol issues rwaUSD, an instrument through which tokenized treasuries, gold, commodities and other RWAs can access DeFi yield and be used as collateral without bespoke per-protocol integrations. The company states positions are over-collateralized, audited quarterly, held with regulated custodians and managed by external asset managers, and that code is published on GitHub. DefiLlama tracks deployments on Ethereum, BSC and Avalanche.
Go-to-market
Multipli markets itself directly through its website with a self-serve deposit flow and publishes partner logos spanning chains, custodians, exchanges, wallets, oracles, bridges and DeFi protocols. It also uses endorsement quotes from ecosystem figures at Spartan Group, Pantera, Avalanche, HFT Capital and Turtle.
Institutions holding or issuing tokenized real-world assets β including tokenized treasuries, gold and commodity issuers, custodians and asset managers β as well as retail on-chain users seeking yield on RWAs; the site cites more than 90,000 users.
Geography
No headquarters or country is stated in the available sources; the protocol is deployed on Ethereum, BSC and Avalanche.
Risks & controversies
DefiLlama notes no transparent mention of performance or management fees, and the protocol records zero protocol revenue despite generating fees; the website's headline statistics for yield distributed, partner count and total value locked appear as unpopulated placeholders in the retrieved page. Public sources reviewed contain no verified funding announcement from the company or press coverage of a raise.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
In the news
βΈResearch sources Β· 8
primary sources listed
- Multiplimultipli.fi Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Multipli do?
- Multipli is on-chain yield and collateralization infrastructure for tokenized real-world assets such as gold, stocks and stablecoins.
- Who founded Multipli?
- Multipli was founded by Nakul G.
- Who are Multipli's investors?
- Multipli's investors include Pantera Capital, Upsparks Capital, Binance Labs, Coinbase Ventures, Elevation Capital, Sequoia Capital.