RWA by the Numbers: Total On-Chain RWA Value Surpasses $10.9 Billion, Tokenized Gold Remains Most Common Commodity Form
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RWA by the Numbers: Total On-Chain RWA Value Surpasses $10.9 Billion, Tokenized Gold Remains Most Common Commodity Form
The tokenized asset market has grown from approximately $8 billion at the beginning of the year to $10.9 billion, an increase of about 37.1%.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Real World Assets (RWA)
Ondo, BUIDL, Maple, OpenEden
The total value of Real World Assets (RWA) on public blockchains has surpassed $10.9 billion
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The tokenized asset market has grown from approximately $8 billion at the beginning of the year to $10.9 billion—an increase of about 37.1%—driven primarily by demand for private credit and U.S. Treasuries. The current private credit market size stands at $8.1 billion, while tokenized Treasuries amount to $1.9 billion. All other tokenized asset categories remain below $1 billion.
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Tokenized U.S. Treasuries have continued accelerating since the launch of $BUIDL in March. Over the past five months, this asset class has increased by $1.1 billion. In recent weeks, multiple institutions including Goldman Sachs and Ripple have expressed interest in issuing tokenized Treasuries.
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Tokenized gold remains the most widespread form of tokenized commodities. Tether and Paxos continue to be the largest issuers. The two leading products, $XAUT (Tether Gold) and $PAXG (Paxos Gold), have market caps of $455.7 million and $455.4 million respectively. To capture more market share, Tether announced the launch of $aUSD₮ (Tether Alloy), a stablecoin backed by $XAUT. Since $XAUT is collateralized by physical gold, $aUSD₮ is designed to allow users to mint and redeem stablecoins using precious metals. For more information on tokenized metals, check out RWA.xyz’s latest report.
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Tradeable Alpha: Since its inception, BlackRock/Securitize's $BUIDL fund has paid out $7 million in dividends. Below are the monthly amounts distributed since March:
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March: $265,400
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April: $1.2 million
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May: $1.7 million
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June: $1.8 million
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July: $2.1 million
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According to transaction data, July’s largest dividend payment was nearly $940,000, while the smallest was $2,011. Securitize appears to have paid all token holders via a single transaction, with an Ethereum network fee of $97.
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Ondo Finance
kindeagle | Website | Dashboard
Ondo Finance is the leading provider of tokenized U.S. Treasuries
*Ondo Finance is the market leader in real-world asset tokenization, recently surpassing $560 million in total value locked (TVL) across its cash-equivalent products. Ondo’s USDY is a yield-bearing stablecoin available across multiple blockchains including Ethereum, Solana, Cosmos, Aptos, Mantle, and Sui. Ondo is prioritizing adoption, integration, and liquidity for these tokens.
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Ondo’s OUSG token provides liquid exposure to short-term U.S. Treasuries, enabling 24/7 stablecoin minting and redemption, offering stable returns and deep liquidity. The portfolio consists mainly of BlackRock’s BUIDL, with the remainder in BlackRock’s FedFund, bank deposits, and USDC. OUSG has a TVL of $217.89 million and offers a 4.62% annual percentage yield (APY).
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USDY (Ondo Dollar Yield Token) has surpassed $340 million in TVL. USDY is a tokenized note that, building on the success of stablecoins, provides non-U.S. investors a way to store USD-denominated value while earning yield. USDY holders currently earn a 5.35% APY.
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Tradeable Alpha: A significant transaction involving BlackRock’s BUIDL fund saw nearly $5 million in USDC redeemed and transferred to Ondo Finance following a volatile weekend in markets. This large redemption was seamlessly processed through OUSG, highlighting the fund’s ability to maintain liquidity and protect investors during periods of market stress. This transaction is significant as it tested the resilience of tokenized Treasuries and validated the effectiveness of on-chain financial products.
BUIDL
BlackRock’s BUIDL fund reached a supply of $500 million within four months
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In March this year, Securitize and BlackRock launched BUIDL, a tokenized investment fund built on the Ethereum blockchain. The fund aims to keep each token’s value stable at $1, generating yield by investing in assets such as U.S. Treasuries. BUIDL’s supply rapidly grew to over $500 million within four months and currently stands at $513 million. There are currently 17 BUIDL token holders, with Ondo Finance being the largest, holding 175 million BUIDL.
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Tokenized securities markets have existed for some time; let’s look at the overall landscape. According to 21.co’s securities dashboard, the total market-managed assets currently stand at $1.84 billion. BUIDL has quickly become the top fund, now representing 27.3% of the total market.
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In addition to tracking BUIDL’s supply and holders, the token can also be redeemed on-chain. A redemption fund has been deployed and initially funded with $100 million in USDC, and over $111 million has already been redeemed (and burned). In the chart below, you can see fluctuations in the fund’s supply.
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Tradeable Alpha: Interestingly, interest/yield payments for this fund are also made on-chain. Each month, a large distribution occurs where interest tokens are minted and allocated to various BUIDL holders.
Maple Finance
Maple Finance and Syrup have surpassed $300 million in TVL
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Maple Finance’s platform provides qualified lenders with access to corporate credit yields by lending to institutions that post digital assets such as BTC, ETH, and SOL as collateral. Since launching its high-yield secured pool in March this year, the platform’s total value locked (TVL) has grown by approximately 280%, recently crossing the $300 million threshold. Protocol revenue has followed a similar growth trajectory, increasing by over 300% in July compared to the start of the year.
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Syrup is a new permissionless lending product launched by the Maple Finance team. Syrup generates yield from over-collateralized loans (averaging around 170%) issued to institutions, featuring fixed rates and short terms. Just one month after opening public access, the pool’s TVL exceeded $50 million.
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Since its launch at the end of June, Syrup has significantly outperformed the average daily APY of Aave v3 USDC, typically maintaining a yield spread exceeding 10%. Loans and collateral are transparently displayed within Syrup’s web application, allowing lenders to verify performance in real time.
Tradeable Alpha: Despite recent volatility in crypto markets, Maple and Syrup have seen net inflows exceeding $13 million, as lenders seek the safety of stablecoin yields in Maple’s over-collateralized pools. In particular, Syrup witnessed some of its largest deposits to date, here, here, and here; the latter two were $6 million each from the legendary 7 Siblings wallet.
OpenEden
OpenEden Labs | Website | Dashboard
OpenEden is the first tokenized U.S. Treasury product to receive a Moody’s “A” rating, with current TVL approaching $100 million.
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OpenEden is the first tokenized U.S. Treasury product to receive a Moody’s “A” rating. Notably, even Coinbase’s bonds have only received a “BB-” rating. Importantly, OpenEden’s $TBILL token delivers higher net returns to token holders over 180 days, achieving yields up to 20–30 basis points in certain cases. This advantage stems from their lower fee structure enabled by tokenizing underlying Treasuries.
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Earning an “investment-grade” Moody’s rating, combined with a growing track record of delivering higher net returns to token holders, positions OpenEden as one of the fastest-growing issuers of tokenized U.S. Treasuries.
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Over the four months since April 2024, OpenEden’s TVL has grown nearly 400%. According to the company, this surge in demand comes primarily from cryptocurrency treasuries, DAOs, and institutional investors seeking on-chain cash management tools.
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Tradeable Alpha: During a recent market sell-off, an exchange needed to convert TBILL into USDC to cover withdrawals. OpenEden processed this redemption within just a few hours.
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