The Real-World Status of RWA 🧙‍♂️

Data Source: http://RWA.xyz

1⃣ The Real Scale of Total Assets in the RWA Sector

In institutional research reports, the RWA sector is described as having a scale of trillions of dollars, excluding stablecoin projects, meaning it only includes private credit, U.S. Treasury bonds, commodities, institutional alternative funds, non-U.S. debt, corporate bonds, and stocks, which strictly define the total scale of RWA assets. As of December 1, this total is $13.55B.

The total scale of assets for stablecoin projects is $192.78B.

Of course, RWA enthusiasts might argue that approximately 90% of the underlying assets of USDT/USDC stablecoins are short-term U.S. Treasury bonds, and a significant portion of the underlying assets of the decentralized stablecoin USDS (formerly DAI) is also short-term U.S. Treasury bonds. Their mechanisms are similar to ONDO's USDY and Elixir's deUSD, except that the issuers of USDT/USDC, Tether and Circle, do not distribute the underlying asset yields from U.S. Treasury bonds to users.

I personally believe that the logic of this argument is sound, so in a broad sense, the real scale of total assets in the RWA sector should be $206.33B, achieving 20% of the trillion-dollar scale target.

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