The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended or with any other regulatory authority of any State or other jurisdiction of the United States or Canada and (i) may not be offered, sold or delivered within the United States or Canada, or to, or for the account or benefit of any U.S. Person or Canadian, and (ii) may be offered, sold or otherwise delivered at any time only to transferees that are Non-United States Persons and Non-Canadians.


Swarm is mentioned in a number of reports produced by independent research teams around the world. Below is a selection of reports on tokenization of real-world assets.

APRIL 2024

Over the past year, Real World Asset (RWA) protocols have seen a resurgence, with their Total Value Locked (TVL) soaring to nearly $8 billion, driven by a market preference for debt-based, high-yield investments.


Galaxy reports on the growing real world assets (RWA) market. Value locked in RWAs nearly doubled in 2023, growing from $1.44bn to $2.5bn as of September 30, 2023.


EY explores the evolution of distribution channels and evaluates the benefits of asset tokenization for institutions.

JULY 2023

Binance Research’s second report on tokenization explores the US$600M investors are effectively lending over to the U.S. government today via the tokenized treasury market.

JULY 2023

From $100B+ asset managers to young startups, tokenized US Treasuries are exploding in popularity. This 50+ page report dives into the details of what differentiates them.

APRIL 2023

EY explores institutional attitudes towards tokenization, the benefits and which tokenized assets they are most interested in investing in.