RWA leading sector overview

Recently, the U.S. stock market has been very crazy, hitting new highs again last night, but it hasn't been able to boost Bitcoin. I initially estimated that since the U.S. stock market could rise, it might somewhat pull up Bitcoin as well, but Bitcoin has been disappointing and performing weakly. Currently, the better-performing sectors in the crypto world are AI and RWA-related projects, which are actually still influenced by the U.S. stock market.

Below is a dashboard of the RWA sector from DefiLlama, with very comprehensive data.

Overview

The total RWA market cap is 27 billion, with the DeFi sector at 2.59 billion. Among them, bonds are 15.3 billion, precious metals 5.6 billion, private credits 2.66 billion, public equities 2.2 billion, and there are many other categories, each with a small proportion. Please explore on your own.

By chain division:

First place is Ethereum with 15.2 billion, second is BSC with 3.5 billion, third is Solana with 2.19 billion. So don’t think Ethereum is not strong; even in RWA, it’s far ahead. Why do most assets choose Ethereum? Not because of speed, but because it’s safer.

By platform division:

First is Securitize, a name you might not be very familiar with, but it is currently the largest RWA tokenization platform, with SEC compliance and BlackRock backing! Currently, the RWA market cap is 4.1 billion. This company is preparing to go public on Nasdaq, so it hasn't issued tokens yet. After listing, you can pay attention to its stock!

Second is Tether, the largest stablecoin. Third is Circle, fourth is Ondo, fifth is Maple, sixth is Paxos (which issues on-chain gold), seventh is XStoks (on-chain US stocks, previously mentioned), eighth is Spiko, the European version of Securitize, focusing on on-chain money market funds, which are also traditional institutions transitioning, so they probably won’t issue tokens.

From this, we see that our main focus should be on CRCL, Ondo, and Maple. Currently, the token prices of Ondo and Maple are performing well, which is the general trend!

Next, let’s look at the detailed categories. Previously, we saw that bonds are ranked first in RWA. Looking at the subcategories, most of this segment is dominated by stablecoins. Here’s a key point: the fourth-ranked Centrifuge, which we mentioned before as doing private credit, unexpectedly crossed over into bonds and is ranked fourth. Pay close attention.

In the precious metals category, most are gold-related. The main players are Tether and Paxos, which we’ve discussed before.

In private credits, the top two are Maple, and third is Hastra, which is RWA for consumer loans in the U.S., such as mortgages and auto loans.

In public equities, it’s tokenized stocks on-chain, mainly Ondo and XStoks.

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There are also other categories with smaller proportions; interested parties can explore on their own.

Finally, to summarize, the RWA sector has been relatively stable over the past few years. The first priority is definitely stablecoins, and the giants are becoming more prominent—focus on Tether and CRCL. Then, bonds and U.S. stocks follow, mainly Ondo and Maple. XStoks has not issued tokens.