RWAs now represent a $46.4B onchain market
Tokenized credit funds account for $6.4B, or 13.8% of the total
syrupUSDC ($950.6M), JAAA ($717.8M), PRIME ($586.9M), sUSDai ($465.2M) & STAC ($356.5M) lead the category
RWAs now represent a $46.4B onchain market
Tokenized gold accounts for $5.1B, or 11.0% of the total
XAUT ($2.7B) and PAXG ($1.9B) lead the category, followed by KAU ($230.8M), PGOLD ($85.1M) & XAUM ($66.1M)
RWAs are moving beyond issuance into productive onchain use
Of the $46.4B in issued market cap, $3.6B, or 7.8%, is deposited into DeFi venues
DEX trading volume reached $1.2B over the past 24h, equal to 2.7% of total issued market cap
RWAs are becoming the base assets of onchain strategies: liquidity buffers in vaults, stablecoin reserves, looping collateral.
@itsbhaji named these as expectations at Consensus Miami in May. Four months later, every one of them is live.
RWAs are becoming a larger part of DeFi.
$7.4B is now deposited across lending markets and DEXs, more than 3x year over year. RWAs now make up 6% of DeFi deposits, up from ~1% at the start of 2025, even as the broader market contracted.