Real-World Assets: Bringing TradFi Onchain
Mapping the growth of RWAs and institutional adoption — the $29B tokenised market, who is issuing, and where the assets actually get used
“Are we genuinely unlocking something onchain — or mostly creating onchain references to off-chain positions?”
▮ The numbers that matter
The Thesis
The tokenised RWA market reached ~$29B excluding stablecoins, up 263% year-over-year — but headline AUM hides the real question: are these assets functional onchain, or just onchain references to off-chain positions? The drill-down separates working capital (BUIDL backing USDtb, GLXY on Kamino, syrupUSDC routing across the credit stack) from dormant wrappers — tokenised books with no secondary markets, equities with thin depth, real estate that quotes 24/7 but can't trade.
Covered in the report
Inside
- 01State of Tokenisation: The Full Category Set
- 02Treasuries, Commodities, Private Credit, Equities
- 03Utility vs Dormant Wrappers: The Data
- 04The Custody-Locked Wrapper Problem
- 05DeFi Integration Layer & The Canton Moment
- 06Ecosystem Map & Issuer-by-Product Matrix
More on this topic: Market Structure & Capital Flows