A 1.00% month puts tokenized RWAs about $4.8 billion behind their 2026 average pace

Pantera counted instruments, not dollars. Applied to the 593 assets in its first-quarter tally, 77.6% is about 460 of them and 2.7% is about 16. The report does not specify whether those shares run against all 593 or only the 542 that were live ^[7][8][1].

By dollars the class is lopsided. US government debt is more than $15.9 billion of the $38.86 billion RWA.xyz reported on September 15, roughly 41% of the total, and Ethereum carries $17.3 billion, roughly 45% ^{[3][4][5][2][3]}. A tokenized Treasury fund sits at wrapper level on Pantera's ladder and is also the largest category in the class. The 77.6% is a count of what issuers are shipping; the same split weighted by value has not been published.

Castle Labs' point is that supply is already in place, and it lists Kraken, Robinhood, Ondo, Securitize, Franklin Templeton and BlackRock as already providing tokenized access one way or another ^[6]. The growth figure is the harder evidence. CoinGecko put the class above $19.3 billion at the end of the first quarter, more than three times its January 2025 level ^[9]. Reaching $38.86 billion by September 15 is 2.0 times over about five and a half months, an average near 13.6% a month ^[3][4]. The latest 30 days ran at 1.00%, which on that base is about $385 million, against roughly $5.2 billion at the five-month average ^[3][5][6]. Two trackers, two methodologies.

Against a flat month, roughly 80% of financial institutions have announced digital asset initiatives and stablecoin rules advanced in more than 70% of 30 jurisdictions during 2025, TRM Labs found ^[10]. BCG's May report described today's digital RWAs as small in scope while expecting them to carry the highest structural importance in banking over the coming decade ^[12]. The IMF's Tobias Adrian, in a note published in April 2026, said tokenization can deliver atomic settlement, continuous liquidity management and embedded compliance. Without the right legal framework and safe settlement assets, he said, it may intensify instability by speeding up banking processes and increasing concentration and fragmentation ^[11].

The average position is small. Spreading $38.86 billion across about 4.24 million holders gives roughly $9,165 each ^[3][7]. One institution can sit behind hundreds of wallets and one retail buyer behind a dozen, so that number is not a headcount. It is still not the shape I would expect of a book that had become collateral infrastructure. The categories Castle Labs itemises sum to $29.48 billion, about 76% of the RWA.xyz total ^[3][4][8]. The two tallies are counting slightly different things.

The counter-case is straightforward, and it is BCG's: a wrapper that pays Treasury yield, settles atomically and clears compliance checks is the product an institution wanted, and native issuance is a later problem ^[12]. I would change my view on a single disclosure, which is a venue or lender stating the size of tokenized Treasuries it accepts as margin, because that is the one test in Castle Labs' list that a listing cannot fake ^[1].