stable coins
By Pankaj K
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Treasury Products Dominate, But Competition Is Fierce. U.S. Treasury debt leads the entire tokenized RWA market with $16.
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Credit, Stocks, and Commodities: A Mixed Bag. Tokenized credit is growing. Distributed value rose 1.63% to $7.
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The $40 Billion Mark Is Close. Forty billion dollars is basically right there. At $38.
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Tokenized real-world assets just crossed $38.17 billion in total value locked. Per data from rwa.
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The basic idea behind tokenized RWAs is pretty straightforward: take a traditional finance asset, whether it's a Treasury bill, a commodity, or a stock, and convert it into a…
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U.S. Treasury debt leads the entire tokenized RWA market with $16.21 billion in TVL spread across 87 distinct products and 63,010 unique holders.
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The gap between them isn't massive. Circle's lead over Blackrock is only about $320 million — close enough that the rankings could flip on any given week.
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Tokenized non-U.S. government debt dropped 7.78% over the last 30 days, falling to $1.28 billion. The segment covers 24 assets and 10,111 holders.
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Tokenized credit is growing. Distributed value rose 1.63% to $7.30 billion, and represented value climbed 3.65% to $36.77 billion.
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Related: Bybit Adds Meta, Tesla, and Circle xStocks to Dual Asset as Tokenized Equity Market Hits $1.48 Billion
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Tokenized stocks are kind of a weird story right now. Distributed value climbed 5.10% to $2.37 billion, and monthly transfer volume absolutely exploded — up 138.45% to $20.
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Coinbase made a move here too. The exchange said it plans to introduce 1:1-backed tokenized U.S. stocks on its platform, with automatic dividends built in.
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Tokenized commodities are putting up solid numbers. Distributed value reached $4.88 billion, a 4.07% increase, and monthly transfer volume rose 6.76% to $4.95 billion.
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Forty billion dollars is basically right there. At $38.17 billion, the sector needs less than a 5% gain to cross it. Given the pace of holder growth — 56.
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The breadth of the market is worth noting too. U.S. Treasuries dominate, sure, but credit, commodities, and equities are all pulling in holders and transfer volume simultaneously.
The Currency Analytics
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