Overview
- Onchain RWAs excluding stablecoins have surpassed roughly $25 billion, up from about $6.4 billion a year ago, according to RWA.xyz.
- U.S. Treasuries remain the largest segment at about $10.8 billion, and six categories now each exceed $1 billion, including commodities, private credit, institutional alternative funds, corporate bonds, and non‑U.S. government debt.
- Active tokenized Treasury offerings expanded from 35 to more than 50 over the past year as major managers launched products, with BlackRock’s BUIDL leading at about $2.2 billion and Ondo’s Treasury exposure near $2 billion.
- RWA‑backed stablecoin supply is roughly $8.49 billion, yet only about 11.8% is deployed in DeFi because of KYC, transfer restrictions, and whitelisting, with large $10 million‑scale transfers pointing to institutionally batched flows.
- Diversification accelerated as tokenized stocks grew to approximately $786 million since mid‑2025 and Ethereum‑based tokenized gold supply rose to more than 1.3 million troy ounces, while top‑product concentration and Treasuries’ market share declined.