Analysis of the Scale and Development Trends of Real Assets in the RWA Sector

Overview of Total Asset Scale in the RWA Track

As of December 1, the total scale of RWA assets in the strict sense reached $1.355 billion. This figure includes asset classes such as private credit, U.S. Treasury bonds, commodities, institutional alternative funds, non-U.S. bonds, corporate bonds, and equities, but excludes stablecoin projects.

If stablecoin projects are taken into consideration, their total asset scale reaches as high as 19.278 billion USD. Some believe that the underlying assets of mainstream stablecoins like USDT and USDC are about 90% short-term U.S. Treasury bonds, which is similar to the mechanisms of certain RWA projects. From this perspective, the total asset scale of the broader RWA sector may reach 20.633 billion USD, achieving 20% of the trillion-dollar goal.

Changes in the Asset Distribution of the RWA Track

The market landscape of the RWA sector has undergone significant changes in just two years. The private credit sector has emerged strongly, with a total scale reaching $940 million, surpassing the previously dominant U.S. Treasury tokenization market ($260 million). This change is mainly attributed to the entry of emerging companies and rapid business expansion, which offset the impact of declining business from traditional participants.

Trends in RWA Asset Issuance in 2024

In 2024, the top three sectors for RWA asset issuance are stablecoins, tokenized US Treasury bonds, and private credit. This trend indicates that these three sub-sectors may be the most promising investment directions in the RWA space.

Chain Distribution of RWA Assets

Ethereum leads with a market share of 76.51%. Stellar ranks second with multiple RWA products, totaling $245.58 million. Polygon ranks third due to its native stablecoin assets and institution-issued tokenized U.S. treasury assets. Solana maintains its fourth position mainly relying on stablecoins and certain RWA projects. Avalanche, although very active in the RWA sector, has a total scale of only $97.87 million.

RWA Track Investment Opportunities

Beta investment targets include leading companies in various sub-sectors, such as SKY in the tokenized U.S. debt field and a certain financial company, a market company in the private credit field, a certain company in the non-U.S. debt tokenization, and a certain securitization company for institutional funds, among others.

Alpha investment targets include some innovative projects, such as a certain project collaborating with a large asset management company to issue a decentralized stablecoin based on tokenized U.S. Treasury bonds, the pricing market for RWA stablecoins, and a certain company where private credit scale is recovering. Investors should focus on projects with disruptive innovation or exponential growth potential.