2025 RWA Annual Report Highlights: on-chain Capital Market is gaining momentum.

Compiled and organized by: @sanqing_rx

Copyright and Data Source: Dune × RWA.xyz “RWA REPORT 2025”. This article is a secondary arrangement in Chinese, and the data and charts are based on the original report.

TL;DR

1. Scaling national debt → Diversifying credit / stocks / commodities: RWA has extended from the “risk-free rate” to a higher risk-return curve, becoming the collateral and yield layer of DeFi.
2. Composability is the key breakthrough: the combination of collateral, yields, and secondary liquidity is transforming RWA from “holding” to programmable capital markets.
3. Dual-driven by institutions and retail: Institutional products like BUIDL / JTRSY / OUSG serve as the foundation, while xStocks / GM / XAUm enhance retail accessibility; RealtyX brings real cash flow (real estate) into the DeFi space.

1) Key Conclusions

1. U.S. Treasuries serve as the base, extending to higher-yield asset types: Treasury bonds lead in scaling up, becoming the “base liquidity” and a reliable anchor; funds extend along the yield curve to long-duration bonds / private credit / equities / commodities / alternative assets.
2. Composability is the core breakthrough: combining collateral (Aave / Morpho), yield (Pendle), secondary and derivatives (Ostium / xStocks / Ondo Global Markets) to transform “holding assets” into programmable capital market components.
3. Institutional + Retail Dual-Drive: Institutional Base (BUIDL / JTRSY / OUSG / WTGXX / USYC) provides compliant supply and settlement; Retail Entrance (xStocks / GM / XAUm) expands the reachable users and secondary activity; RealtyX brings real estate cash flow into the DeFi scenario.
4. Accessibility has been greatly enhanced: lower entry barriers, multi-chain distribution, and the popularization of near-instant redemption are driving the migration of funds from off-chain notes to on-chain collateral.
5. Scope Definition: Stablecoins focused on payment/settlement and significantly larger than yield-bearing RWAs are not included in this report.

The Significance of Tokenization 2)

1. Ownership and settlement: Paper / Custody → Digitalization / T+1 → On-chain T+0, real-time NAV, atomic settlement.
2. Collateral and Earnings: Customized Margin / Repurchase → Securities Lending / Money Market Fund → Universal On-chain Collateral + Programmable Earnings (Auto Reinvestment, Earnings Tiering).
3. Cross-border and Interconnectivity: Local Market → Cross-border Standardization → 7×24 Global Interconnection, with cross-chain and account abstraction enhancing accessibility.
4. Product Form: Direct Holding → Structured Pool → Programmable Asset Pool + Repackaging / Layering (deJAAA, USDY, etc.).

3) Market Overview (as of 2025-09)

• US Treasuries: ≈ $7.3B (up 85% year-to-date) — led by BlackRock, WisdomTree, Ondo, Centrifuge, etc.; Aave / Morpho and other collateral integrations enhance its “underlying currency” status.
• Global Bonds: ≈ $0.6B (up 171% year-to-date) — Spiko's EUR money market fund and sovereign assets serve as a breakthrough, primarily supported by Arbitrum / Polygon and others.
• Private Credit: ≈ $15.9B (up 61% year-to-date) - Driven by Figure / Tradable / Maple, moving from “risk-free rates” to “credit spreads.”
• Product: ≈ $2.4B (up 127% year-to-date) — Gold dominant, diversification into agricultural products / energy initiated.
• Institutional Funds: ≈ $1.7B (up +387% this year) — Tokenization acceleration of multi-strategy funds like Centrifuge's JAAA, Superstate's USCC, and Securitize's MI4.
• Stocks: ≈ $0.3B (after excluding the noise from EXOD and tokenized private placement stocks, +560% year-to-date) - retail-oriented, with secondary and cross-chain liquidity starting to gain traction.

4) Eight Major Sectors and Representative Projects

4.1 Government Bonds (U.S. Treasuries)

• BlackRock BUIDL (Securitize Distribution): Since its launch in March 2024, it has grown to $2.2B, making it the largest single tokenized asset, significantly driving the expansion of the government bond sector. Features: $1 NAV, daily distribution, multi-link integration (including ETH / Solana / Avalanche / L2 / Aptos) and direct USDC withdrawal.
• Ondo OUSG / USDY: OUSG is aimed at qualified investors in the U.S. and indirectly holds BUIDL; USDY is aimed at non-U.S. investors, with cumulative returns, natively programmable, supporting multi-chain and on-chain P2P transfers, with active liquidity and minting/redemption.
• Janus Henderson Anemoy — JTRSY: TVL ~$337M; NAV ~$1.08; management fee 0.25%. It is one of the first government bond tokens accepted as collateral by Aave Horizon, with a total supply exceeding $28M, reflecting the composability of RWA.
• WisdomTree WTGXX: A registered money market fund with AUM ~$830M; Features: stable $1 NAV, 7-day SEC yield ~4.1%; has been launched on ETH, Arbitrum, Base, Optimism, Avalanche, Stellar, supporting USD / USDC / PYUSD subscriptions and redemptions.
• Franklin Templeton BENJI (FOBXX): Multi-chain issuance, low entry threshold (starting at $20), T+1 redemption, real-time NAV; cumulative dividends ~$51M (monthly high of $2.7M in July 2025), with significant distribution across chains such as Stellar, Ethereum, and Arbitrum.
• Circle USYC: Tokenized currency fund, interoperate natively with USDC, near-instant redemption. Market cap ~$669M, 73% on BNB Chain (2025-09-04), and $492M held by three addresses, indicating a preference for institutional/treasury management use cases.
• Nest Protocol — nTBILL (Plume): A treasury bond-like underlying asset on Plume, with yields directly incorporated into the token price; the underlying assets are diversified (including Janus Henderson, Superstate USTB, etc.), and support usage in DEX/ lending/ collateral within the Plume ecosystem.

4.2 Global Bonds

• Spiko — EUTBL (Euro T-Bill Money Market Fund): TVL ~€300M, Arbitrum accounts for ~50%, followed by Polygon (~38%) and Starknet (~9%, with 8× growth over the year); total dividends accumulated over the year >€3M; active minting and redemption, with considerable single-transaction scale, suitable for cash management in the Eurozone and low-cost L2 use cases.
• Spiko — USTBL (US Dollar T-Bill Money Market Fund): The proportion of active minting and redemption days is 59%, with an average single minting of ~$0.75M and an average single redemption of ~$0.27M, which is more in line with the vault-type demand for “low-frequency rebalancing after allocation.”
• Etherfuse Stablebonds (Mexico CETES / US USTRY / Brazil Tesouros, etc.): Inclusive access and flow distribution centered around localized sovereign debt yields, active addresses (trust lines) >1,200, with CETES performing leading.

4.3 Private Credit

• Overall: Tokenized private credit ~$15.9B; “Risk-free rate → Credit spread” becomes the upward main line for 2025.
• Maple Finance: AUM ~$3.5B (YoY 12×); syrupUSDC ~$2.5B (Spark $400M+ allocated and expanded to Solana); permissioned high-yield pool ~$550M. DeFi deployment ~$833M (>30% supply), among which Spark ~$571M (70%) leads, with Jupiter Lend, Pendle, Morpho, Kamino, etc. forming a cross-chain composable yield network.
• Tradable (zkSync Era): 38 tokenized private credit transactions, active loans ~$2.1B; tokenized distribution and secondary paths aimed at institutional-level assets, emphasizing full-process compliance and composability.
• Pact (Aptos): An on-chain credit factory covering issuance / services / tiered securitization, focusing on low-cost compliant credit in emerging markets and global capital connectivity.

4.4 Commodities

• Matrixdock — XAUm (Gold): Supply increased to ~$45M; multi-chain distribution, with significant trading activity in DEX over the past year (BNB ecosystem dominates).
• Mineral Vault (Oil and Gas Mineral Rights): Targeting divisible U.S. oil and gas revenue rights, emphasizing “low friction, investable” securitization path, with the on-chain valuation and activity of the token MNRL rising.
• Spice (Plume): Building liquidity and data layers for commodity financing, with TVL continuously growing, providing lending/market-making and dashboard capabilities for the DeFi nativeization of commodity RWA.
• (Industry Context): Gold remains dominant, with agricultural products / energy / precious metals starting in multiple points, and the combinable links of commodity RWA → derivatives / market making are taking shape.

4.5 Institutional Funds

• Centrifuge — JAAA (Janus Henderson AAA CLO Fund): Surpassed ~$750M TVL in just two months; primarily ETH, Avalanche >$250M; reflecting the trend of funds shifting from government bonds to higher-yielding RWA.
• deJAAA (Transferable Packaging): Launched on 2025-08-08, with a trading volume of ~$1M in early September at Aerodrome; on 2025-09-12, it will expand to Solana and integrate with Raydium / Kamino / Lulo, etc. It will be tradable on Coinbase DEX / OKX Wallet / Bitget Wallet, with rapid enhancement of secondary composability.
• Market size: Tokenized institutional funds ~$1.7B (as of 2025-09), in collaboration with leading managers such as Centrifuge / Securitize / Superstate for scaling.

4.6 Stocks

• Ondo Global Markets (GM): Launched on 2025-09-03; First week mint and redemption >$141M, secondary trading ~$40M; The scale of tokenized stocks and ETFs on the platform >$150M, rapidly approaching $200M TVL; Supports 24/5 instant mint and redemption at NAV, cross-chain expansion to Solana / BNB, etc.
• Backed Finance — xStocks (Solana): AUM >$60M (two months); Tesla $15.3M (25%) leads, followed by SPY (11%)/NVIDIA (9%)/Circle (8%)/Strategy (8%); primarily driven by retail, with overlapping liquidity from CEX and DEX.

4.7 Real Estate

• RealtyX: RWA Launchpad (Asset On-chain / Issuance) + Utility Vault (Staking / Liquidity / Yield Tools) + DAO Governance (Listing and Platform Evolution).

• Scale and Network: TVL ~$1.35M (2025-09-10); Base 65% / Plume 35%.
• User structure: Total ~638 (Plume 62% / Base 38%).
• Cash flow and lending: average rental yield ~6.9%, cumulative dividends ~$15K+; already mortgaged and lent out ~$22K+ in the Base/Plume lending pool.

4.8 Platform / Infrastructure (Perps & Aggregators)

• Ostium (Arbitrum): RWA perpetual contract platform, cumulative transaction volume ~$17.8B, open interest >$140M; provides synthetic exposure to forex / commodities / indices / stocks, bringing RWA into high-frequency trading layer, significantly amplifying user reach and liquidity.
• VOOI: Cross-chain perpetual aggregator, covering EVM + non-EVM, account abstraction and non-custodial experience, aggregating RWA-related derivative liquidity.

5) Summary: Four Key Points for the Next Phase

• Composable scalability: an integrated path for collateral / yield / derivatives.
• Improvement of multi-currency / multi-region sovereignty and currency funds: Expanding deposit and risk hedging tools.
• Real cash flow assets (such as real estate) DeFi transformation: bidirectional connectivity between the funding side and the scenario side.
• Compliance and Multi-Chain Distribution Collaboration: KYC, taxation, secondary market mechanisms, and cross-chain settlement.