RWA market thread: stablecoins, treasuries, credit, bonds, gold, stocks
Quote430 words
Data thread on onchain RWAs: $160B stablecoins (70% USDT), about $2B tokenized treasuries with BUIDL near $500M, $8.4B private credit led by Figure, $22M bonds, $886M gold and $6M tokenized stocks versus $109T in TradFi.
Key claims
Tokenization seen as a $16T market by 2030 (BCG)
$8.4B private credit loans outstanding onchain, Figure dominant
Only $6M tokenized stocks vs $109T global equities
So, @BlackRock is max bullish & you are still fading the RWA narrative anon?
I spent hours analyzing the state of the RWA market so you don't have to.
What I uncovered is a trillion $$$ opportunity and clear trends.
Check for 100% free, data-driven research alpha 馃搳 猡碉笍 t.co/hDndpvh1fA
1/ Asset tokenization will be a $16 trillion market by 2030 according to @BCG.
Already by 2027, the market cap of onchain RWAs is likely to surpass $10B.
2/ Stablecoin are the first successful tokenization use case.
$160B in stablecoin supply lives onchain, dominated to 70% by $USDT, of which 53% is on @trondao and 46% on Ethereum.
3/ The US treasury market is one of the largest financial markets with a size of over $27 Trillon dollars.
Only $2B have been tokenized yet.
> $500M in market cap is accounted for by @blackrock's $BUIDL.
@BlackRock will tokenize up to $10B in RWAs in the coming years.
4/ Private credit (business loans) is a $1.6T market in TradFi.
$8.4B in private credit loans are currently outstanding onchain.
@figure on @provenancefdn is the clear market dominator.
5/ The bond market remains largely untapped so far with only $22M in public debt tokenized onchain.
@BackedFi on Ethereum is the clear leader, accounting for $20M or 90% of market share.
6/ When we talk about onchain commodities, gold is the only relevant asset so far.
$886M in tokenized gold lives onchain, mainly attributable to $PAXG and $XAUT.
The opportunity here is huge though, considering the global commodity market is projected to reach $135T by 2029.
7/ Stocks are another huge market that is yet to move onchain.
A global market cap of $109T in TradFi, vs. $6M in tokenized stock.
The leading assets are $bCOIN and $bNVDA.
@gnosischain hosts >50% of total onchain stock market cap.
8/ Also worth mentioning that there is also trillions of dollars in carbon credits, private equity or real estate that could move onchain in the coming years.
On top of that there are commodities like fine wines or diamonds, etc.
So much more to come. 馃く
9/ A unified UI (chain abstraction) across app- & vertical-specific chains that host mass adoption ready apps is the endgame.
Text-based prompts, autonomous AI agents, fully automated onchain portfolio management incl. RWA investments & yield.
Intent-based x-chain settlement.
10/ DYOR and read my report anon. A lot more alpha waiting. 馃憖馃憞
The tokenization narrative might be the opportunity of a lifetime. With all the macro catalysts, the party could start soon.
馃搳 Finally: Thanks @RWA_xyz for the amazing (free) dashboards!
x.com/zerokn0wledge_/status/1816051626211213640
QUOTING @zerokn0wledge_
t.co/MtZyNDyx6v
t.co/MtZyNDyx6v
8 images on X
What came next 路 since 24 Jul 2024
Since then
Zero has written 1 more piece on BlackRock since this one.