RWA isn’t a new story—only deals actually count
In this RWA cycle, I’m only looking at three words: it’s useful
Today, when I look at the RWA sector, it feels like the market has moved past the stage where people only talk about “putting assets on-chain.” In the H1 data Pendle published, the average V2 TVL is around $1.3 billion; after Monad went live, TVL reached $150 million; Boros’ trading volume hit $14 billion. On the other side, Bybit has integrated xStocks into a dual-currency investment offering, covering tokenized stock assets such as SpaceX, NVIDIA, Apple, Alphabet, Coinbase, and Amazon.
These figures show that RWA is shifting from “showcase assets” to tradable assets. In the past, many projects moved treasuries and notes on-chain, told the story, and that was it. Now, what matters more is whether these assets can be used in scenarios like yield splitting, collateralization, structured wealth management, and secondary trading. Users aren’t here to listen to concepts—only improvements in capital efficiency will keep them.
I’m particularly bullish on models like Pendle that can price future yields, and I’m also watching the path for CEXs to plug tokenized stocks into wealth-management products. One is more on-chain-native, the other leans toward user-entry points—both have real-world meaning.
But the biggest problem with RWA hasn’t changed. Underlying assets have trading windows, redemption cycles, and liquidity constraints, yet on-chain communities have gotten used to instant exits. It’s not obvious in normal times; when the market panics, discounts and liquidity depth will surface.
So I won’t buy every RWA narrative—I'll only look at TVL, trading volume, and real users. RWA with no deals is just a packaged deposit pool.
#RWA #Pendle #xStocks