Changes to the RWA Landscape
- Fiat-backed stablecoins led the growth, rising by $97 billion from 2024 to April 2025 to hit a new high of $224.9 billion. USDT remained dominant, while newer options backed by tokenized treasuries, like USDtb and USD0 gained traction.
- Tokenized treasuries also saw strong momentum. The market grew by $4.7 billion to reach $5.5 billion, with BlackRock’s and Securitize’s BUIDL fund taking a 45% share. Other players like Franklin Templeton, Ondo, and OpenEden expanded access to T-bills via stablecoins, attracting both DeFi users and institutions.
- After seeing a decline in loans in 2022, private credit has started to scale once more, with $558.3 million in active loan value as of April 2025, up +$97.3 million since January 2024.
Market Cap of Fiat-backed Stablecoins
Fiat-backed stablecoin market cap climbed by +$97B (+76%) between 2024 – 2025, ending April at a new all-time high of $224.9B amidst a crypto bull cycle. The growth in stablecoin market cap can mainly be attributed to USDT and USDC, which added +$56.3B and +$37.6B to their respective market caps. Together, they comprise 93.5% of all fiat-backed stablecoins in circulation. USDtb by Ethena and USD0 by Usual were the most successful new entrants in the past 12 months, ending 2025 April with a $1.4B and $0.6B market cap, making them the #4 and #6 largest fiat-backed stablecoins within a few months of launch.
Market Cap of Commodity-backed Tokens
Commodity-backed tokens market cap climbed by +$773.9M (+67.8%) since 2024, reaching a high of $1.9B amidst the uncertain global economic outlook. The growth can almost entirely be attributed to the large run up in gold prices, as investors flocked to the safe haven asset amidst geopolitical and macroeconomic uncertainty. However, the total market cap of commodity-backed tokens represent just 0.8% of the market cap of fiat-backed stablecoins. In fact the rate of growth of commodity-backed tokens still lag behind fiat-backed stablecoins, despite the huge difference in size.
Market Cap of Tokenized Treasuries
Tokenized treasuries market cap climbed by +$4.7B (+544.8%) since the start of 2024, ending April 2025 at a new all-time high of $5.6B; newcomer BUIDL took the #1 spot with a 45% market share. One of the major leaps in market cap came in March 2025, as the global economic outlook took a turn for the worse as the US announced significant trade tariffs. Tokenized treasuries market cap grew by $2.3B (+67.1%) between March and April. Despite only launching in July 2024, BlackRock’s and Securitize’s BUIDL managed to cement itself as the largest tokenized treasury product, with a 44% market share as of April 2025. In 2025 alone, it grew by +372.8%.
Market Cap of Tokenized Stocks
Tokenized stocks remain small at $11.4M in market cap, though CEXes such as Kraken and Coinbase aim to expand their presence in the sector. Since the start of 2024, the tokenized stock sector of RWA has grown +297.2% (+$8.6M), mainly led by Backed Finance. Backed Finance and Dinari are the two main providers of tokenized stocks, with Backed holding a 77% market share, while Dinari holds the remaining 23%. There is a third player Exodus who recently tokenized their own share on the NYSE.
Looking Ahead
- The bull cycle, and overall growth of the industry, has fueled the growth of fiat-backed stablecoins. This growth has been further turbocharged by clarity surrounding stablecoin regulations in Europe, and soon in the US.
- As stablecoins garner more mainstream attention, expect there to be further proliferation, particularly as TradFi institutions jump into the fray. Standard Chartered Bank predicts that the overall stablecoin market could expand by ten times to more than $2 trillion in the next 3 years However whether these newcomers will be able to dislodge the existing incumbents remains to be seen.
- The strong surge in stablecoins has also fueled the demand for onchain tokenized treasuries, which has led to a five-fold increase in market cap in the past 12 months. This surge should be expected to continue in line with the growth in fiat-backed stablecoins, as the US GENIUS Act limits the backing of regulated stablecoins to government-issued instruments. Tokenized treasuries allow stablecoin issuers to comply with these requirements, while also providing onchain transparency to their reserves, rather than rely on offline attestations.
- Finally, the chase for the white whale of tokenized real estate continues, with each project promising sprawling pieces of exotic property with eyepopping numbers. In these cases asset quality is absolutely paramount, though it also remains to be seen if there is actually an onchain audience such investments.
https://www.coingecko.com/research/publications/rwa-report-2025
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