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AVAX Indian Agricultural Warehouse and Loan Corporation Arya.ag tests warehouse receipt tokenization system on the Avalanche chain
Indian Agricultural Warehouse and Loan Corporation Arya.ag is testing a system on the dedicated Avalanche Layer-1 blockchain to tokenize warehouse receipts for storing grain. Arya.ag is working with Finternet to connect grain warehousing, warehouse receipts, mortgage commitments and loan status through its network.
Devika Mittal, head of Ava Labs India, told the media that testing work is currently underway and that each tokenized warehouse receipt will represent ownership of the stored goods. However, the companies did not disclose an expected release date or say how much grain or the size of the loan would be covered by the initial deployment.
Sanmesh Kalyanpur, director of Finternet Labs, pointed out that Arya.ag's sampling equipment collects information about stored grains and enters it into the company's portal. Finternet will then integrate information such as farmers, commodities, warehouses and insurance into a "composite token" that banks can use when assessing mortgage risk.
The announcement shows that Arya.ag stores approximately US$2 billion worth of agricultural products in its warehousing network and supports approximately Indian rupees (approximately US$1.26 billion) in loan business every year. Its lending arm, Arya Dhan, issues approximately $230 million in loans every year.
The above data describes the existing business scale of Arya.ag and does not represent the number of assets or loans that have been launched.
Finternet concept originated from 2024 BIS paper
The concept of Finternet was first proposed in a 2024 BIS paper co-authored by Infosys co-founder Nandan Nilekani and former General Manager of the Bank for International Settlements (BIS) Agustín Carstens. The paper recommends establishing interconnected unified ledgers to support tokenized assets, while emphasizing the need for supporting legal and regulatory frameworks.
It has been previously reported that as of the end of 2025, the value of tokenized real-world assets (RWAs) on the Avalanche network has exceeded US$1.3 billion. This growth is mainly driven by loans and tokenized money market funds.
India expands warehouse-backed agricultural lending
Electronic warehouse receipts allow farmers and agribusiness to borrow against goods stored in warehouses as collateral without having to sell goods immediately after harvest.
Arya.ag and Ava Labs said their systems are designed to provide lenders with a shared record that clearly shows what grains were stored, who the owners were, whether they were pledged as collateral, and the remaining debt.
Theannouncement stated that the system still relies on accurate verification of physical goods represented by digital records.
In 2024, the Indian government launched a credit guarantee program of Rs 10 crore to encourage financing activities for electronic transferable warehouse receipts, especially for small and marginal farmers.
