Topic
The broader on-chain RWA market spanning Treasuries, private credit and real estate, estimated at $30B-$38B.
Crypto trading revenue fell 30% quarter over quarter in Q1 2026. Robinhood Chain and 190-odd tokenized US stocks are the replacement engine, not a side project.
Reality
DefiLlama puts actively deployed real-world assets at $3.98 billion, up sixfold in a year. Measured against $34.55 billion issued, that is 11.5% doing any work onchain.
Reality
Binance's bStocks passed xStocks in under two months to become the second-largest issuer. The category grew roughly 34x in a year, and the leaderboard now rewards whoever already owns the order flow.
Reality
Token Terminal counts $611.5 million across 640-plus tokenized fund products, up 826% in a year. The average product holds under $1 million, which tells you where the contest actually is.
Reality
Tether Gold took $237M of the 30-day inflow at a $2.48B cap. XAUT and Paxos Gold together hold 93-97% of the category, and that concentration is the thing to underwrite.
Reality
Reality Protocol's rNVDA is backed 1:1 by stock at a FINRA-registered broker with continuous attestations. That is a different product from the synthetic equity tokens that came before.
Reality
PancakeSwap v3 claims $3.1B to $3.3B of a $4.27B category, Raydium is level at the low end, and the top three venues sum to nearly twice the market they trade in.
Reality
BUIDL, USDY and Galaxy's SWEEP now sit on Solana. Ethereum still holds roughly 43% of a $16.23B market, but last month's net flows did not go there.
Reality