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RWA market share is starting to look less like a winner-takes-all game.
The market has reached $43.7B across 118 issuers, but leadership is still highly fragmented:
@SkyEcosystem 10.6%
@Securitize 10.0%
@Ondo 8.0%
@circle 6.8%
@tether 5.9%
@FTI_US 5.6%
@justokenglobal 5.1%
@tradable_xyz 5.0%
@Paxos 4.2%
@maplefinance 3.8%
Others: 35%
What stands out to me is that no issuer controls even 11% of the market yet.
The RWA race still feels wide open, and distribution, product utility, and DeFi integrations may matter more than simply being early.