Analysis of Asset Scale and Distribution in the RWA Industry

RWA track actual asset scale

The total scale of RWA assets strictly defined, excluding stablecoins, reached $1.355 billion as of December 1, (. This figure includes assets such as private credit, US Treasuries, commodities, institutional alternative funds, non-US bonds, corporate bonds, and stocks.

If stablecoin projects are taken into consideration, their asset scale is $19.278 billion. Some believe that the underlying assets of mainstream stablecoins such as USDT/USDC are mostly short-term U.S. Treasury bonds, similar to the mechanisms of RWA projects like USDY, except that they do not distribute profits to users. Following this logic, the total asset scale of the broader RWA track could reach $20.633 billion, achieving 20% of the trillion-dollar target.

![Asset scale exceeds 10 billion USD, discussing the current real-world status of RWA])https://img-cdn.gateio.im/webp-social/moments-e22276333841a5a20ee73e59bd0865d7.webp(

) RWA track asset distribution changes

In less than two years, the landscape of the RWA market has undergone significant changes. The scale of private credit has rapidly expanded to $9.4 billion, surpassing the $2.6 billion of tokenized U.S. Treasury bonds, becoming the largest segment market. This is mainly attributed to the rapid development of emerging platforms like Figure Markets, which offset the impact of declining business from traditional platforms.

![Asset scale exceeds 10 billion USD, discussing the current real-world status of RWA]###https://img-cdn.gateio.im/webp-social/moments-4712b23115bd582c4bcf049f66e37db2.webp(

) RWA Asset Issuance in 2024

This year's top three sub-sectors for monthly issuance of RWA assets are stablecoins, tokenized US Treasuries, and private credit. These three sub-sectors are also seen as the most promising investment directions in the RWA space.

![Asset scale exceeds 10 billion USD, discussing the current real-world status of RWA]###https://img-cdn.gateio.im/webp-social/moments-12635457878bb85803f9211488e4007b.webp(

) Distribution of RWA assets on public blockchain

Ethereum dominates with a market share of 76.51%. Stellar ranks second with support from a certain asset management company. Polygon ranks third, leveraging its native stablecoin and tokenized assets of US Treasury bonds issued by institutions. Solana ranks fourth mainly relying on assets like USDC and USDT, but its To B business still needs strengthening. Although Avalanche has a rich variety of RWA, its overall scale is limited to 97.87 million dollars.

![Asset size exceeds 10 billion USD, discussing the current real-world status of RWA]###https://img-cdn.gateio.im/webp-social/moments-8c0feb8841647cd1a302895a213c1485.webp(

) Potential investment targets in the RWA track

Beta investment targets include leading players in various sub-tracks, such as SKY in the tokenization of U.S. Treasury bonds and a certain financial company, a market platform in the private credit sector, a company in non-U.S. bond tokenization, and a securitization platform in the institutional fund sector, among others.

Alpha investment targets include a certain protocol for issuing tokenized US Treasury stablecoins in collaboration with large asset management companies, a trading platform for RWA stablecoin pricing, and a certain platform for the recovery and growth of private credit scale, among others. Investors can focus on projects with disruptive innovation or exponential growth potential.