$BTC The crypto sector continues to surprise us with shocking revelations, and today it is the turn of Real World Assets to be unmasked. In fact, according to Chris Yin, the current estimates placing the capitalization of RWAs at more than 21 billion dollars are simply false. "I think all the data is false. The real figure is around 10 billion," he states, referring mainly to Treasury bonds and gold, with a small portion of private credit.
Unfortunately, the crypto data from RWA.xyz confirms this trend. Of the 17.4 billion measured at the end of April 2025, 60% is private credit, 27% treasuries, and only 8% commodities.
The truth is even harsher: according to the CEO of Plume, no institution really puts money on-chain. "They mainly try to attract capital from the crypto ecosystem," he claims. What is their goal? To earn more, not to optimize processes or reduce costs. And as long as the RWA market does not reach significant scale, they will keep their distance.
Are RWAs doomed? No, but their adoption will take time. Just like bitcoin or stablecoins, institutions will only enter when value, adoption, and regulation are clear. Ross Shemeliak, co-founder of Stobox, however, recalls the enormous potential: 99.9% of global companies are private, and therefore eligible for tokenization. So what are they waiting for? Surely for a complete infrastructure in the style of cryptos:
Regulators;
Fund managers;
Regulated platforms.
The RWA bubble is not ready to burst... because it really does not exist yet. This segment of the crypto market remains embryonic, overvalued, and largely ignored by institutions, despite the emerging revolutions in this sector. Behind the optimistic storytelling, the reality is much more modest: without concrete adoption, RWAs remain a promise, not a revolution.
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