Henry McPhie ( 🪨 , ⛏️ )(@henrymcphie_):RWAs have grown 12x in three years to $46B U.S. T-bills lead at $14B, but they now account for only 30% of the market. Yield strategies, credit funds and gold combine for $22.4B, while stocks, energy, real estate and private-market funds have each crossed $1B. The next stage needs deeper liquidity, broader distribution and assets that can be used as collateral or generate income. Commodities are especially well positioned because the underlying markets are already global, widely understood and enormous.

Henry McPhie ( 🪨 , ⛏️ )

@henrymcphie_

Co-Founder & CEO @streamex (NASDAQ: STEX)

Joined February 2022

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Henry McPhie ( 🪨 , ⛏️ )@henrymcphie_

2026.09.19 17:18

RWAs have grown 12x in three years to $46B U.S. T-bills lead at $14B, but they now account for only 30% of the market. Yield strategies, credit funds and gold combine for $22.4B, while stocks, energy, real estate and private-market funds have each crossed $1B. The next stage needs deeper liquidity, broader distribution and assets that can be used as collateral or generate income. Commodities are especially well positioned because the underlying markets are already global, widely understood and enormous.