aSSETS

#assets
#RWA板块涨势强劲
The real asset market (RWA) has undergone a significant transformation in 2025, becoming one of the most robust and capitalized sectors in the crypto ecosystem.
While much of the attention has been focused on memecoins, Layer 2, and political betting markets, RWA has emerged as a rapidly expanding and viable reality.
RWA 2025, Crypto and the Rediscovery of Commodity-Backed Assets
One of the most notable developments concerns the fiat-backed stablecoin market . Between 2024 and 2025, the market capitalization of this segment increased by more than $97 billion , reaching a new all-time high of $224.9 billion in April 2025.
This +76% surge reflects a growing interest in stable and reliable tools in the crypto universe.
The main drivers are USDT and USDC , which together make up 93.5% of the fiat-backed stablecoins in circulation, increasing their market cap by $56.3 billion and $37.6 billion, respectively.
Additionally, new projects such as Ethena’s USDtb and Usual’s USD0 have rapidly gained traction, positioning themselves among the top stablecoins by market cap with $1.4 billion and $0.6 billion respectively.
In contrast, initiatives from traditional institutions such as PayPal with PYUSD and SocGen with EURCV have not yet achieved significant results, pending further regulatory clarification in the United States.
The market for commodity-backed tokens , mostly precious metals like gold, has seen a 67.8% growth, thanks to the increase in the price of gold in an uncertain global economic environment. From 2024 to 2025, the market capitalization has grown by 773.9 million, reaching a peak of $1.9 billion.
However, this segment represents only 0.8% of the capitalization of fiat-backed stablecoins , demonstrating the still limited prevalence of physical assets in the crypto market.
Tether Gold and PAX Gold make up 84% of this market, but despite the positive trend in value, on-chain demand has not changed significantly. This suggests that the focus is still on liquid and stable assets rather than commodity-related tokens.
Tokenized Treasuries: The Rise of Digital Government Bonds
The tokenized treasuries sector has seen astonishing growth in 2024-2025, with an increase of 544.8%, equivalent to +4.7 billion dollars, reaching a new high of 5.6 billion in capitalization in April 2025.
A significant acceleration occurred between March and April 2025, when the introduction of US trade tariffs and the worsening global economic outlook significantly boosted interest in these instruments, with growth of 2.3 billion (+67.1%) in just 6 weeks.
Among the leading players, BlackRock BUIDL , launched in July 2024, has emerged as the most relevant product, holding 44% of the market share and recording a 372.8% surge in 2025 alone. At the end of April, BUIDL represented $2.5 billion in tokenized government bonds.
Most of these assets are located on the Ethereum blockchain , followed by Stellar , but the number of addresses holding tokenized treasuries remains low, just over 11,000, testifying to a market that is growing strongly but still not very widespread.
Private on-chain credit, or loans issued via smart contracts, has grown to $546.8 million in active loans as of April 2025. However, this is far from the peak of $1.6 billion reached in 2022.
Despite the post-2022 decline, the sector is showing signs of recovery. Maple Finance remains the largest player, with $374 million in active loans, equivalent to 67% of the total of the major protocols. Maple has also introduced the fiat-backed stablecoin syrup USDC to expand its presence in RWA.
A significant decline in Q3 2024 was caused by Centrifuge ’s pivot , which shifted focus from private credit towards tokenized treasuries, causing a contraction in open positions.
The impact of RWA and future prospects
The tokenized stocks market remains small, with a market cap of just $11.4 million as of April 2025, although up 297% compared to the beginning of 2024. The increase of $8.6 million was mainly driven by Backed Finance .
The leading providers in the sector are Backed Finance and Dinari, which together hold 100% of the market, with Backed leading with 77%. In addition, the company Exodus has tokenized its shares listed on the NYSE.
The most popular product is the tokenized S&P 500 offered by Backed, which represents 53% of the entire tokenized stock market. Other common stocks include tech giants.
Central to future development is the interest of centralized exchanges: Kraken plans to offer tokenized stocks based on Backed, while Coinbase intends to tokenize its $COIN shares, thus pushing for greater liquidity and accessibility of this segment.
The spread of real assets in crypto is redefining the boundaries of the sector, integrating traditional finance with the potential of blockchain. The growth of stablecoins, tokenized government bonds and commodity-backed tokens reflects greater investor confidence and an expansion of on-chain applications.
However, challenges such as limited user penetration, regulatory uncertainty, and the need for more robust infrastructure remain. As a result, 2025 is expected to be a key year to consolidate this sector through technological innovations and collaborations between traditional finance and DeFi.
For investors and market participants, carefully monitoring the evolution of RWAs can represent a valuable opportunity to diversify portfolios and access hybrid instruments, combining security and innovation. The push towards more transparent and accessible finance is definitively transforming the crypto landscape.

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-- Bitcoin's price slipped to $58,946 at the moment.
-- The rate then recovered to the $60,000 zone.
-- Daily #Liquidations exceeded $197 million.
-- Most other #assets did not react to this drop.

On the evening of October 10, 2024, the $BTC
bitcoin rate dropped to $58,946 at one point, according to . The price of the asset has since partially recovered.

The daily volume of liquidations on futures contracts is more than $197 million with the prevalence of long positions. Most of it - $93.5 million - is accounted for by Binance.

The index of fear and greed for 24 hours fell by seven points - to 32. Such a value indicates that fear, not greed, dominates among investors.
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