Marc Arjoon, CFA 🟪(@marcarjoon):Most of the market value in crypto* is actually just tokenized assets sitting onchain. L1s are permissionless networks where anyone can create anything. So I stripped them out to see where the value has accrued. Stablecoins and RWAs account for nearly 80% of the remaining market cap. 20 of the top 100 coins are stablecoins. 3 of the top 10 are tokenized assets. 2 of the top 5 we've all used ($USDC and $USDT). As tokenized stocks, deposits, bonds, and fiat move onchain, that share is headed in one direction

2026.07.23 13:42

Most of the market value in crypto* is actually just tokenized assets sitting onchain. L1s are permissionless networks where anyone can create anything. So I stripped them out to see where the value has accrued. Stablecoins and RWAs account for nearly 80% of the remaining market cap. 20 of the top 100 coins are stablecoins. 3 of the top 10 are tokenized assets. 2 of the top 5 we've all used ($USDC and $USDT). As tokenized stocks, deposits, bonds, and fiat move onchain, that share is headed in one direction - higher.