I mapped out #RWAs growing split into 4 pretty obvious lanes, and each one is growing for a different reason.

→ Stablecoins as the base layer everything else runs on
→ Tokenized funds became the yield layer
→ Tokenized commodities became the macro hedge
→ Tokenized stocks became the high beta bet
We have real capital flowing into tokenized assets during a downturn, which proves the structural demand.
1/ Stablecoins still dwarf everything at $318B.
$33T in settlement volume in 2025 → velocity is ~100x annually even after adjusting for wash flows.
USDC is now winning the institutional game despite USDT’s market share.
Yield-bearing stablecoins (BUIDL, USDY, sUSDe) are now $22B+, growing 15x faster than the overall stablecoin market.
GENIUS Act banned yield on payment stablecoins → forced a bifurcation:
– Payment tokens (USDT/USDC) for velocity
– Investment tokens (BUIDL/USYC) for yield
This single regulatory move quietly redirected hundreds of billions of idle stablecoin capital toward tokenized treasury products.
2/ The real institutional money flow is mostly in tokenized funds.
Tokenized US Treasuries have crossed ~$13.4B with 60+ distinct products.
– @circle USYC: $2.6B, huge as derivatives collateral on BNB Chain
– @BlackRock BUIDL: $2.3B, now on 8 chains, distributed $100M+ in dividends
– @OndoFinance USDY/OUSG: $2.7B+ combined and still growing fast
– @FTI_US BENJI: $1B, live on Stellar, Avalanche, BNB Chain
Private credit as an asset class is still in the early phase, with Maple, Centrifuge, Goldfinch actively building.
3/ Tokenized commodities winning with gold leading.
Tokenized gold alone is roughly ~$5.6B, dominated by XAUT and PAXG.
Gold grew faster than spot itself because 24/7 access, fractional size, and onchain portability are real advantages.
During macro stress, people want hard assets they can move at crypto speed. That’s a very different product than an ETF share sitting behind market hours.
4/ Tokenized stocks are tiny but moving fast.
– Ondo Global Markets: 230+ US stocks/ETFs on ETH, SOL, BNB
– @xStocksFi (Backed): 300+ assets, dominating Solana tokenized equity volume
– @Securitize: infrastructure layer with NYSE MOU signed March 2026
– @SwarmMarkets: German-regulated SPV structure, acquired by Inveniam
~$1B in tokenized stocks, with a clear path higher driven by the NYSE + Securitize partnership and Nasdaq’s approved tokenized trading plan.
These 4 lanes are growing faster than anyone expects. And I think tokenized funds, as the non-stablecoin RWAs, will hit $100B first.
Because the underlying market is $25T+ in US Treasuries, and yield demand from stablecoin holders won’t go away.
$100B by 2027–2028 is just the base case.