While some industry insiders dream of tokenizing industrial parks, hydropower stations, or other illiquid and non-standard assets, the reality is far more structured and grounded. Currently, tokenized RWAs primarily consist of stablecoins, private credit, tokenized U.S. Treasuries, commodities (e.g., tokenized gold), institutional alternative investment funds, and tokenized equities. More speculative and non-standardized assets hold virtually no market share. This status quo reflects a balance reached after two market cycles of intense technological and economic iteration. Here’s a breakdown of the RWA market structure as of September 2, 2025: 1. Stablecoins: The Backbone of RWA Market Size: $273.18 billion Monthly Trading Volume: $2.82 trillion Active Addresses: 33.02 million monthly, 191 million total holders Key Players: USDT (60.79% market share) USDC (25.33%) Other notable stablecoins: USDS, USDE, BSC-USD Usage Trends: - Approximately 75% of stablecoin reserves are backed by...
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