RWAs on-chain reached an all-time high as the active market cap surpassed $15 billion for the first time, according to on-chain data platform DeFiRama. Active market cap measures the portion of RWAs distributed to independent holders or smart contracts, excluding holdings by project foundations or single entities. This metric reflects liquidity and market participation more directly than simple issuance, highlighting the dynamic nature of on-chain RWA trading.
RWAs tokenize traditional assets such as Treasuries, corporate bonds, real estate, and private credit to trade and manage on the blockchain. Recently, tokenization projects anchored to U.S. Treasuries and private loans have expanded, driving rapid growth in the market. Market observers point to rising institutional participation and clearer regulatory frameworks as key drivers, with on-chain treasury products seen as a bridge between DeFi and conventional finance in a shifting rate environment.
However, while the rising active market cap signals expansion, concerns remain about asset concentration, liquidity structure, and issuer-specific risks that require ongoing scrutiny. Sustained inflows will depend on macroeconomic conditions and regulatory developments.
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