RWA sector growth, May 2025 to May 2026.
Tokenized Stocks up 373.8%.
Tokenized Credit up 288.8%.
Commodities up 215.1%.
Real Estate up 129.6%.
US Treasury Debt up 125.5%.
Every major asset class is growing.
This sounds cliché.
But almost every outcome in life is downstream from perception.
The same reality can be interpreted as catastrophic or optimistic depending on the narrative wrapped around it.
We see it constantly:
• Earnings miss → “Adjusted EBITDA beat expectations.”
• Mass layoffs → “Strategic restructuring.”
• Recession → “Temporary economic softness.”
• Dilution → “Growth capital.”
• Addiction → “Consumer engagement.”
• Surveillance → “Personalization.”
• War → “Peacekeeping.”
• Product failure → “Market education phase.”
• Data breach → “Unauthorized access event.”
• Gambling mechanics → “Gamification.”
• Monopoly → “Market leader.”
• Censorship → “Trust & safety.”
But it’s not just corporations.
It happens in everyday life too.
• Being fired → “A new chapter.”
• Being broke → “Building season.”
• Arrogance → “Confidence.”
• Manipulation → “Persuasion.”
• Obsession → “Dedication.”
• Delusion → “Vision.”
• Overthinking → “Attention to detail.”
• Isolation → “Focus.”
• Failure → “Experience.”
• Rejection → “Redirection.”
The most powerful skill on earth might be the ability to control interpretation.
Because interpretation shapes emotion.
Emotion shapes action.
And action shapes markets, relationships, politics, culture.... everything.
Entire companies gain or lose hundreds of billions in market cap based on narrative momentum.
Not reality, Narrative.
A CEO says “AI” 14 times on an earnings call and the stock rallies 22%.
A country prints trillions and calls it “stimulus.”
A company loses money for 10 years but gets labeled “the future” and attracts infinite capital.
Stories move capital harder than fundamentals ever could.
The world is not just built on reality.
It’s built on collectively agreed-upon perception.
An amazing night bringing together institutions and emerging tech.
Shoutout to @XDCNetwork and @picoreteam for helping us curate the room.
With our amazing guest:
@nkokkalis Co-Founder @ Pi
@Chengdiao Fo Founder @ Pi
@jperlow Sr Technical Marketing Engineer @ NVIDIA
Erica Chuong Applied AI @ Google
@ralphchiarella Research @ Microsoft
@YDeyneka_1 Senior Cybersecurity @ Bank of America
@Jamesmckennaiv Product Lead @ Bank of America
@Ms_helen_miami VP @ Fifth Third Bank
@eluzgin Blockchain Engineering @ Franklin Templeton
@Yourbroquincy Lead Developer @ XDC Foundation
@XDCNetwork Executive Director @ XDC Network
@travisjohn Head of Institutional @ XDC Network
@justinbarlow Executive Director @ Sei Foundation
@injective Marketing Manager @ Injective Labs
@alexk_trm Strategic Partnerships @ TRM Labs
@dinesh1473 Co-Founder @ Diamante Blockchain
@Benzzxdc Director @ XRCF
Daniel Lebensohn CEO @ BH3 Management
@chiragjetani Founder @ Diamante
@SwampDaddy_ CTO @ Wire Network
@Kendicross CEO @ Wire Network
@jdelalio Blockchain & Digital Assets @ EisnerAmper
@Pomus_Markets Co-Managing Director @ Pomus
@kevrchen Founder @ Tempora Labs
@coltonfconley Partner @ Arrington Capital
@derektwlam0303 Partner @ G20
@jpeg_yakuza Founder @ Clique
@lannaroche Investor & Residency Lead @ Antler
@with_blockmedia CSO @ Blockmedia
@DRLisaCameron Former UK Member of Parliament/Founder @ UKUS Crypto Alliance
@0xFerSob DeFi @ Bitwise
@ntbro Chief Growth Officer @ Succinct
@Kazhiloti Founder @ Bitscale Capital
@karinabrdn Business Development @ Leeward
@elkun_peng Co-Founder @ Stanford Blockchain
@therealanderson CEO @ Raze
@cryptovcvishal Investments Lead @ Mangrove family office
@ambereedy Head of IR @ Canary Capital
@thephunky1 Head of Protocol Partnerships @ GlobalStake
@jacktraube Listing Manager @ Kraken
@floraaaaal Head of Digital Assets @ Hang Feng
@ryorod_ Tech @ NTT DOCOMO GLOBAL
@stan_sater Head of Legal @ Massive Labs
As a big believer in the long-term adoption of USDC in regulated markets like the U.S., we're honored to be a part of the @circle Alliance program. Our focus has always been to keep asset tokenization and investing simple: USDC staked or invested, USDC paid out.
No scammy crypto tokens in the middle...
Our team is excited to share that we have joined the @Circle Alliance Program, a global network of like-minded companies and teams focused on the future of finance. As members, we are looking forward to building new connections and continuing to learn and innovate with #USDC and web3 technology.
Learn more about the Alliance Program: https://t.co/BDjUGMFyga
One thing people massively underestimate in RWAs is distribution.
A lot of the funds and platforms we see today have hundreds of millions & sometimes even billions in assets, yet many of them still have fewer than 2,500 holders/users.
That isn’t necessarily a bad thing. In fact, most of these products are still incredibly early. It just highlights how underdeveloped distribution still is across the sector.
> The infra is improving fast.
> The products are getting better.
> The institutions are arriving.
But the actual user distribution layer is still in its infancy.
Tokenized “real-world” assets (RWAs) have surged 10x in two years, now topping $30B — with nearly half held in U.S. Treasury debt.
The growth reflects rising institutional demand to put traditional financial instruments onchain, from government bonds and commodities to equities and private credit. While U.S. Treasuries dominate today, the asset class is broadening, with more categories gaining meaningful share in recent quarters.
Note: RWAs are traditional financial instruments such as government bonds, commodities, and equities that are represented onchain as tokens.
Fresh from the Raze Pulse ⚡
Consensus Miami made one thing very clear:
The next phase of finance is moving on-chain.
Here’s what happened this week ⬇️
Raze Pulse
May 1 - 8
• • • • • • • • •
Consensus Miami 2026
Four years ago, Raze had its genesis at Consensus 2022 in Austin.
This year in Miami, the momentum around tokenized finance was impossible to ignore.
🌎 20,000+ leaders across crypto, fintech, banking, AI, and capital markets
🏛️ Institutions actively building on-chain infrastructure
💵 Stablecoins and RWAs dominating conversations
⚖️ Compliance and regulated infrastructure front and center
The industry is moving beyond speculation and toward real financial utility.
• • • • • • • • •
RWAs & Yield Are Accelerating
Across panels, private meetings, and side events, the themes were consistent:
🔗 Real-world asset tokenization
📈 Yield-bearing stablecoins
🏦 Institutional liquidity
🤖 AI converging with financial rails
Private credit, tokenized yield, and real asset-backed strategies are quietly becoming one of the biggest growth sectors in digital finance over the next 12–18 months.
• • • • • • • • •
Building the Future of On-Chain Finance
Our leadership team spent the week connecting with issuers, exchanges, infrastructure providers, ecosystem leaders, and partners shaping the future of capital markets.
Including an exclusive dinner hosted by @XDCFoundation and https://t.co/WORRGO9OQq.
The takeaway from Miami was simple:
Institutions are moving on-chain faster than ever.
• • • • • • • • •
What’s Ahead for Raze
We left Miami more energized than ever about the future of Raze and the broader opportunity ahead.
Real assets. Real yield. On-chain. 🚀
Fresh from the Raze Pulse ⚡
We’re onboarding a new class of yield built for capital that wants real returns without long lockups.
Here’s what’s happening. ⬇️
• • • • • • • • •
Private Credit, Reimagined
Short-duration. Insured. Institutional-grade private credit, now coming on-chain.
💲 Stake USDC, earn in USDC
🏛️ Backed by real-world lending
⏳ 90–180 day structures
Supported by AA-rated trade credit insurance, billions in annual invoicing volume, and 8+ years with zero losses.
• • • • • • • • •
Vaults, Simplified
“Skip the tokens. Stake USDC, earn USDC.”
In a recent conversation, Brian Anderson of Raze and Ray Buckton of
@RWAFoundation_ broke down how vaults make on-chain investing feel simple, familiar, and accessible. Watch it here: https://t.co/7sFDVLc9RO
• • • • • • • • •
New 4.0 platform powering every vault:
• Native USDC via Circle CCTP
• Raze Admin upgrades (UI, limits, controls)
• Real-time Telegram alerts
Built for scale. Built for real capital.
Introducing Raze Pulse ⚡️
We’re launching our weekly update series to bring you the most important developments across Raze, real-world assets, and on-chain finance.
Here’s what happened this week. ⬇️
March 20, 2026 - March 27, 2026
• • • • • • • • •
Critical Minerals Momentum
In a recent @Genfinity interview, Terry Duffy of Lionheart Capital shared a bold outlook on critical minerals, noting that “the rally hasn’t even begun.”
The discussion highlighted how tokenization can transform financing for resource-heavy industries, unlocking greater access, efficiency, and transparency.
Watch the interview here: https://t.co/w4ilWaX5Xk
• • • • • • • • •
Raze 4.0 Launch
Raze v4.0 is officially live.
With CCTP (powered by @circle ) now integrated, USDC holders across major chains can seamlessly enter Raze Vaults without relying on traditional bridges or wrapped assets, keeping capital native and secure.
• • • • • • • • •
New RWA Vaults Incoming
Three new real-world asset (RWA) products are coming online: B2B financing, agricultural financing, and private credit.
These additions expand access to diversified, real-world yield, continuing to bridge traditional finance with on-chain infrastructure.
This is what Raze is built for:
Real assets. Real cash flow. On-chain.
This is why we built @razefinance. Much more of these to come. Real things take time. Real traction doesn't come from just narratives. They are built in the trenches over time.
Great job @IOV_OWL and @TerryDu20986167
⛏️ TOKENIZING THE FINANCING BEHIND CRITICAL MINERALS & METALS MINING ON $XDC
One of the more eye-opening interviews I've done.
We talk about bringing RWAs onchain, but what about the financing processes behind the RWAs themselves?
If you’re in RWAs, DeFi, or critical minerals, this is required viewing. Huge respect to @IOV_OWL & @Genfinity for the deep dive. Let's Go!
“Tokenization gives us unprecedented flexibility to finance our operations while offering investors direct access to commodity-backed yields.” - Terry Duffy
TODAY 🚨: The Commission issued an interpretation that clarifies the application of federal securities laws to crypto assets.
This is a major step to provide greater clarity regarding the Commission’s treatment of crypto assets.
Read the release here: https://t.co/DDykVLHZQI