The RWA market just crossed $30B on-chain.


But only $2.47B is actually active inside DeFi.
Most RWAs today sit in permissioned systems where access, transfers, and composability are heavily restricted.
Right now, two versions of RWA are being built.
One is institution-first: compliant, controlled, permissioned. BlackRock's BUIDL fits here.
The other is DeFi-first: composable assets designed to move across protocols. Ondo's USDY is already being used as collateral across multiple chains.
The side that wins determines whether RWAs become crypto infrastructure or just traditional finance running on blockchain rails.
RWA0.32%
ONDO-0.69%
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