RWA Industry Asset Scale Analysis and Investment Outlook

The total scale of assets in the RWA field has reached a considerable level. According to the latest data, the strictly defined scale of RWA assets (excluding stablecoins) as of December 1 is $13.55 billion. This includes asset classes such as private credit, U.S. Treasury bonds, commodities, institutional alternative funds, non-U.S. debt, corporate bonds, and equities.

If stablecoin projects are taken into consideration, the total asset scale of the RWA track has reached 206.33 billion USD, which has already achieved 20% of the trillion-dollar goal. Proponents of this broad definition of RWA believe that the underlying assets of mainstream stablecoins like USDT and USDC are primarily short-term U.S. Treasury bonds, similar to the mechanisms of emerging RWA products such as USDY and deUSD.

The RWA market landscape has undergone significant changes over the past two years. The private credit sector has emerged strongly, currently reaching a scale of 9.4 billion USD, surpassing the 2.6 billion USD of tokenized U.S. Treasuries. This change is primarily attributed to the rapid development of Figure Markets, which not only offset the decline of other participants in the industry but also drove growth across the entire submarket.

From an on-chain distribution perspective, Ethereum still holds an absolute dominant position, with a market share of 76.51%. Stellar, Polygon, and Solana rank second, third, and fourth respectively, each with its own characteristics. It is noteworthy that Avalanche, although performing actively in the RWA sector, is still limited by the overall ecological development, and its scale still needs to be improved.

For investors, the RWA track offers a variety of opportunities. Beta-level investment targets include leading companies in various segments, such as key players in the tokenization of U.S. Treasury bonds and top platforms in private credit. Alpha-level investment opportunities exist in projects with innovative potential or rapid growth, such as decentralized stablecoin issuers and emerging RWA trading platforms.

Looking to the future, the development trends of the RWA market are worth paying attention to. With the deep integration of traditional finance and blockchain technology, we may see the emergence of more innovative products and services, further driving the expansion and maturation of the RWA sector.