![Tanaka_L2's tweet photo. I mapped the major asset-issuer combinations across the RWA market.
After removing the duplicated $1.46B reported under both Centrifuge and Janus Henderson, the issuers in this dataset represent roughly $19.9B in tokenized assets.
The market is much more concentrated than the number of available products suggests.
4 asset families currently account for almost everything.
[1] Treasuries, T-bills, and money market funds: ~$9.8B
This is still the largest RWA category, representing around 49% of the mapped value.
The main issuers are:
– @Hashnote_Labs: $2.98B
– @BlackRock: $2.73B
– @Ondo treasury products: $1.48B
– Janus Henderson/@centrifuge JTRSY: $786M
– @Spiko_finance: $783M
– @SuperstateInc: $775M
– @FTDA_US: $222M
– @OpenEden_X: $21M
I think the attraction is straightforward.
These products give onchain investors access to short-duration government debt, dollar yield, and institutional fund structures without leaving crypto rails.
Spiko is especially interesting because it is the only issuer in this group with meaningful euro-denominated exposure.
EUTBL alone has reached approximately $452M.
[2] Gold: ~$5B
Tokenized gold represents around 25% of the mapped market, but the category is effectively a duopoly:
– Tether XAUT: $3.07B
– Paxos PAXG: $1.90B
Both are single products deployed on Ethereum.
I find this significant because tokenized gold already has real scale, yet no third issuer has built a comparable position.
The product is simple, globally understood, and closely aligned with the macro demand for assets outside the traditional banking system.
[3] Equities and ETFs: ~$3.6B
This is the broadest category by product count, but its capital remains highly concentrated.
– @Ondo: around $2.27B in tokenized stocks and $660M in ETFs
– @BackedFi: $610M across 68 products
– @RobinhoodCrypto: $24M across 1,456 priced tokens
– @DinariGlobal, Remora, and Swarm make up the remaining long tail
Ondo is currently the clear leader in both value and product coverage.
Robinhood shows the opposite model.
It offers the largest number of assets, including equities, ETFs, commodities, and private companies, but its average priced value is only around $17K per token.
That does not make the model unimportant. It shows that distribution can develop much faster than liquidity.
Robinhood is building the product surface first. The next test is whether capital, secondary-market liquidity, and DeFi utility follow.
[4] Structured credit and multi-asset funds: ~$1.5B
This remains a small and concentrated segment.
JAAA, the Janus Henderson AAA CLO fund, accounts for approximately $669M and is the only structured-credit product with meaningful scale in this dataset.
WisdomTree adds another $809M across 15 multi-asset fund share classes.
I see this category as strategically important because it expands tokenization beyond cash-equivalent assets.
However, its current depth is still limited compared with treasuries and gold.
The strongest pattern from this map is the inverse relationship between product breadth and capital depth.
Tether, Hashnote, BlackRock, and Paxos each operate one major product, yet together they hold more than $10B.
Robinhood offers 1,456 priced tokens but holds only $24M across them.
Capital is currently rewarding a small number of simple, liquid, easily understood assets.
A large product catalogue alone does not create demand.
The second pattern is distribution across chains.
XAUT, PAXG, and USTB are concentrated on Ethereum.
BUIDL spans seven chains, while Ondo’s equity products typically operate across three or four.
I think this will become a more important competitive variable.
Single-chain deployment can concentrate liquidity, but multichain distribution gives issuers access to more wallets, exchanges, collateral markets, and settlement environments.
My main conclusion is that the RWA market is developing through 2 different models:
→ Capital concentration: a few products absorb billions because the underlying asset already has clear demand.
→ Asset distribution: issuers tokenize hundreds or thousands of products first, then work to build liquidity and utility around them.
Right now, ~74% of the mapped value is still held in treasuries and gold.
The product universe is expanding quickly, but capital remains conservative.
The next stage will not be measured only by how many assets become tokenized.](https://pbs.twimg.com/media/HRSwziXbcAEqhKs.jpg)
Olivia
Online
Jalisco
@Jalisco_0
Hey crypto lovers, welcome to my profile. Don't miss to DM me for promoting crypto related works..
Porto Alegre, Brazil
Joined May 2023
168 Following
56 Followers
2.4K Posts
@9liveswtf @Quotrons404 @RobinWifHat @crypto_czar_eth Holder benefits like this are always nice to see
@Tanaka_L2 Gold holding $5B is pretty wild
I mapped the major asset-issuer combinations across the RWA market.
After removing the duplicated $1.46B reported under both Centrifuge and Janus Henderson, the issuers in this dataset represent roughly $19.9B in tokenized assets.
The market is much more concentrated than the number of available products suggests.
4 asset families currently account for almost everything.
[1] Treasuries, T-bills, and money market funds: ~$9.8B
This is still the largest RWA category, representing around 49% of the mapped value.
The main issuers are:
– @Hashnote_Labs: $2.98B
– @BlackRock: $2.73B
– @Ondo treasury products: $1.48B
– Janus Henderson/@centrifuge JTRSY: $786M
– @Spiko_finance: $783M
– @SuperstateInc: $775M
– @FTDA_US: $222M
– @OpenEden_X: $21M
I think the attraction is straightforward.
These products give onchain investors access to short-duration government debt, dollar yield, and institutional fund structures without leaving crypto rails.
Spiko is especially interesting because it is the only issuer in this group with meaningful euro-denominated exposure.
EUTBL alone has reached approximately $452M.
[2] Gold: ~$5B
Tokenized gold represents around 25% of the mapped market, but the category is effectively a duopoly:
– Tether XAUT: $3.07B
– Paxos PAXG: $1.90B
Both are single products deployed on Ethereum.
I find this significant because tokenized gold already has real scale, yet no third issuer has built a comparable position.
The product is simple, globally understood, and closely aligned with the macro demand for assets outside the traditional banking system.
[3] Equities and ETFs: ~$3.6B
This is the broadest category by product count, but its capital remains highly concentrated.
– @Ondo: around $2.27B in tokenized stocks and $660M in ETFs
– @BackedFi: $610M across 68 products
– @RobinhoodCrypto: $24M across 1,456 priced tokens
– @DinariGlobal, Remora, and Swarm make up the remaining long tail
Ondo is currently the clear leader in both value and product coverage.
Robinhood shows the opposite model.
It offers the largest number of assets, including equities, ETFs, commodities, and private companies, but its average priced value is only around $17K per token.
That does not make the model unimportant. It shows that distribution can develop much faster than liquidity.
Robinhood is building the product surface first. The next test is whether capital, secondary-market liquidity, and DeFi utility follow.
[4] Structured credit and multi-asset funds: ~$1.5B
This remains a small and concentrated segment.
JAAA, the Janus Henderson AAA CLO fund, accounts for approximately $669M and is the only structured-credit product with meaningful scale in this dataset.
WisdomTree adds another $809M across 15 multi-asset fund share classes.
I see this category as strategically important because it expands tokenization beyond cash-equivalent assets.
However, its current depth is still limited compared with treasuries and gold.
The strongest pattern from this map is the inverse relationship between product breadth and capital depth.
Tether, Hashnote, BlackRock, and Paxos each operate one major product, yet together they hold more than $10B.
Robinhood offers 1,456 priced tokens but holds only $24M across them.
Capital is currently rewarding a small number of simple, liquid, easily understood assets.
A large product catalogue alone does not create demand.
The second pattern is distribution across chains.
XAUT, PAXG, and USTB are concentrated on Ethereum.
BUIDL spans seven chains, while Ondo’s equity products typically operate across three or four.
I think this will become a more important competitive variable.
Single-chain deployment can concentrate liquidity, but multichain distribution gives issuers access to more wallets, exchanges, collateral markets, and settlement environments.
My main conclusion is that the RWA market is developing through 2 different models:
→ Capital concentration: a few products absorb billions because the underlying asset already has clear demand.
→ Asset distribution: issuers tokenize hundreds or thousands of products first, then work to build liquidity and utility around them.
Right now, ~74% of the mapped value is still held in treasuries and gold.
The product universe is expanding quickly, but capital remains conservative.
The next stage will not be measured only by how many assets become tokenized.
![Tanaka_L2's tweet photo. I mapped the major asset-issuer combinations across the RWA market.
After removing the duplicated $1.46B reported under both Centrifuge and Janus Henderson, the issuers in this dataset represent roughly $19.9B in tokenized assets.
The market is much more concentrated than the number of available products suggests.
4 asset families currently account for almost everything.
[1] Treasuries, T-bills, and money market funds: ~$9.8B
This is still the largest RWA category, representing around 49% of the mapped value.
The main issuers are:
– @Hashnote_Labs: $2.98B
– @BlackRock: $2.73B
– @Ondo treasury products: $1.48B
– Janus Henderson/@centrifuge JTRSY: $786M
– @Spiko_finance: $783M
– @SuperstateInc: $775M
– @FTDA_US: $222M
– @OpenEden_X: $21M
I think the attraction is straightforward.
These products give onchain investors access to short-duration government debt, dollar yield, and institutional fund structures without leaving crypto rails.
Spiko is especially interesting because it is the only issuer in this group with meaningful euro-denominated exposure.
EUTBL alone has reached approximately $452M.
[2] Gold: ~$5B
Tokenized gold represents around 25% of the mapped market, but the category is effectively a duopoly:
– Tether XAUT: $3.07B
– Paxos PAXG: $1.90B
Both are single products deployed on Ethereum.
I find this significant because tokenized gold already has real scale, yet no third issuer has built a comparable position.
The product is simple, globally understood, and closely aligned with the macro demand for assets outside the traditional banking system.
[3] Equities and ETFs: ~$3.6B
This is the broadest category by product count, but its capital remains highly concentrated.
– @Ondo: around $2.27B in tokenized stocks and $660M in ETFs
– @BackedFi: $610M across 68 products
– @RobinhoodCrypto: $24M across 1,456 priced tokens
– @DinariGlobal, Remora, and Swarm make up the remaining long tail
Ondo is currently the clear leader in both value and product coverage.
Robinhood shows the opposite model.
It offers the largest number of assets, including equities, ETFs, commodities, and private companies, but its average priced value is only around $17K per token.
That does not make the model unimportant. It shows that distribution can develop much faster than liquidity.
Robinhood is building the product surface first. The next test is whether capital, secondary-market liquidity, and DeFi utility follow.
[4] Structured credit and multi-asset funds: ~$1.5B
This remains a small and concentrated segment.
JAAA, the Janus Henderson AAA CLO fund, accounts for approximately $669M and is the only structured-credit product with meaningful scale in this dataset.
WisdomTree adds another $809M across 15 multi-asset fund share classes.
I see this category as strategically important because it expands tokenization beyond cash-equivalent assets.
However, its current depth is still limited compared with treasuries and gold.
The strongest pattern from this map is the inverse relationship between product breadth and capital depth.
Tether, Hashnote, BlackRock, and Paxos each operate one major product, yet together they hold more than $10B.
Robinhood offers 1,456 priced tokens but holds only $24M across them.
Capital is currently rewarding a small number of simple, liquid, easily understood assets.
A large product catalogue alone does not create demand.
The second pattern is distribution across chains.
XAUT, PAXG, and USTB are concentrated on Ethereum.
BUIDL spans seven chains, while Ondo’s equity products typically operate across three or four.
I think this will become a more important competitive variable.
Single-chain deployment can concentrate liquidity, but multichain distribution gives issuers access to more wallets, exchanges, collateral markets, and settlement environments.
My main conclusion is that the RWA market is developing through 2 different models:
→ Capital concentration: a few products absorb billions because the underlying asset already has clear demand.
→ Asset distribution: issuers tokenize hundreds or thousands of products first, then work to build liquidity and utility around them.
Right now, ~74% of the mapped value is still held in treasuries and gold.
The product universe is expanding quickly, but capital remains conservative.
The next stage will not be measured only by how many assets become tokenized.](https://pbs.twimg.com/media/HRSw2OCaQAAZhr_.png)
Who to follow
rabibalrise
@rabibalrayez
Web3 Enthusiast | Former Ambassador of @KAIF_Platform |
Harrison Harry
@Harrison0lH
I am believing in crypto world, I love to promote NFT and crypto related works...
Thomasville
@thomasville_T
Currently 18 living in Denmark. Trying to flip NFTs and live life. Love my homies and the gym
@RicoPointEth Still waiting for confirmation before getting too aggressive
Bitcoin is starting to look interesting again.
After all the chop and uncertainty, BTC is showing signs that the bulls might be getting ready for another big move. The chart is heating up, momentum is building, and one clean breakout could completely change the market sentiment.
If BTC breaks higher from here, I think the altcoin market could get very interesting too.
Are we about to see the next major Bitcoin leg up, or is another fakeout coming? What’s your BTC target?
#btc #crypto #Altcoin
ICYMI... @MegPrimePay launched rewards (on rent, mortgages and bills).
That means you earn base:0x6e02f4a1631379a49e8b7e222cfa6bf913b05e89 on payments you already make.
+ Up to 20% back on rent
+ 5% back on car payments (or $200/month for 2 years)
+ Possible $12k–$25k toward a down payment
The SEC gave it a rare no-action letter, treating it as a utility token, not a security.
You can pay in crypto while landlords and lenders still get regular cash.
Converting tokens to USDC or XRP is coming next.
aped a bag $gob
has an interesting model GoblinBrokers
Each NFT is a broker that earns a share of real trading fees while on the job.
Upgrade his Era to boost earnings, level him up so he works longer, and expand your office to hire more brokers.
The token-value loop is circular:
More trading → more ETH fees → bigger payouts to active brokers.
Better payouts → more people want brokers.
More people want brokers → more GOB gets bought and burned.
CA: 0x778251ef6c43095bf98aa0258f97d305fa5d760f
https://t.co/kBtLqitqGb
X: https://t.co/89HaDknt3w
Mint: https://t.co/v1qffVhI49
@CryptoDeus2 broker concept fits the Robinhood Chain narrative perfectly
Gokudo opens to the public soon.
Drop your ETH wallet, retweet, & tag a friend (so you have someone to raid!)
10 winners get $85 in packs on launch day.
@RicoPointEth BTC looks ready for a big move
BTC is at an interesting spot
Bulls expecting a breakout, bears waiting for a dip.
Who’s right?
#Bitcoin #BTC #Crypto #CryptoMarket #BTCUSD
Welcome Builders 🔨
Developers, Creators, Community and People who believe in what’s being built around @arc , @circle and @USDC . Arc was built for Builders.
Builders is our way of bringing that energy under one identity.
A community growing alongside the Arc Eco, supporting what’s being built and creating something of our own along the way.
Arc itself often puts both in the same sentence: “Architects, builders, and founders came together…” This is not by chance. They know that a network’s design only comes alive when people actually build on top of it.
Proof: https://t.co/u2NwZOlaKi
Ca: 0xa37C1f9b2483b3b45Ced74b10e19223Aa76d18F2
Ticker is $BUILDERS
Web: https://t.co/cr4RqOd97G
X: https://t.co/mAIyAfDm4I
TG: https://t.co/Y8mxMx1Yj3
They say Cat have 9 Lives,
Save the Cat from Accidents and be Amongst top users on Leaderboard to be eligible for GTD upcoming Mint.
Play the game here: https://t.co/RG6jQmsXM1
Everyone starts with 1k cat coins, Bet or Invite to reach at top of Leaderboard.
#RobinhoodNFTs
Two agents disagree over whether a deliverable met spec.
Neither has a manager to escalate to.
Human courts are far too slow for an eleven dollar dispute.
Kleros style arbitration was built for this gap years back, nobody actually needed it fast enough to matter until now.
@RicoPointEth Good night 🌙
Charts can wait
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