RWA growth is splitting into two games: capital and distribution.
September data makes the gap clear.
Capital growth was led by:
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@Securitize : +$245.7M in tokenized stocks
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@tether : +$237.0M in tokenized commodities
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@WisdomTreeOnchn : +$206.1M in tokenized funds
But holder growth came from a different set of players:
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@Robinhood: +619K tokenized-stock holders
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@bstocksfinance : +446.4K
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@xStocksFi: +431K
Same pattern across chains.
Avalanche added +$245.5M in tokenized-stock market cap, while Solana added +758.9K holders.
BNB Chain added +529.6K holders. Robinhood Chain added +619K.
AUM shows where the assets are.
Distribution shows where the next users are coming from