Key Trends in RWA and Stablecoins
Treasury tokenization skyrocketed by 544.8% over the past year, hitting $5.6 billion in market cap. BlackRock’s BUIDL token, launched in July 2024, quickly dominated the sector, accounting for 44% of the market ($2.5 billion). While Ethereum remains the leading blockchain for tokenized treasuries, Stellar has been gaining ground as a formidable challenger.
Tokenized treasuries market capitalization growth (CoinGecko, 2024-2025)The stablecoin market achieved a historic high of $224.9 billion, up 76%—or $97 billion—in a single year. This surge was led by USDT and USDC, together contributing $93.9 billion. Newcomers USDtb (Ethena) and USD0 (Usual) also broke into the top ten, earning market trust in under a year.
Rising Demand for Tokenized Commodities & Lending
Macro uncertainty fueled a boom in tokenized gold and commodity-backed tokens, with total capitalization soaring 67.8% to $1.9 billion. XAUT and PAXG remain dominant, holding 84% market share.
On-chain lending is in recovery mode: after a slump in 2022, outstanding loans climbed to $546.8 million in April 2025. Maple Finance leads this vertical, representing 67% ($374 million) of active loans. While still short of the $1.6 billion peak, the upward trend is unmistakable.
Total value of active on-chain loans (CoinGecko, 2024-2025)Tokenized equities remain a niche market with just $11.4 million in capitalization, but that figure is up 297.2% year-to-date. Providers like Backed Finance and Dinari continue to expand, and major exchanges Kraken and Coinbase have announced plans to support tokenized equity products.
Institutional Adoption and DeFi Integration
According to CoinGecko analysts, the RWA sector is increasingly attracting institutional investors due to its transparency, stability, and integration with DeFi protocols. This trend is laying the groundwork for deeper convergence between traditional finance and blockchain.
“The RWA market is setting the stage for a broader integration of legacy finance and blockchain infrastructure,” the report concludes.
Previous research by Coinbase also highlighted that the RWA sector has expanded 245x year-over-year.