Tony Kim
Jun 16, 2025 01:28
Explore the evolution of real world assets (RWA) in crypto by 2025, covering key developments in fiat-backed stablecoins, commodity-backed tokens, and tokenized treasuries.
The landscape of real world assets (RWA) within the cryptocurrency sector has undergone significant transformations, according to a recent report by CoinGecko. The report highlights the rapid growth and evolution of RWAs, positioning them as crucial components of the crypto ecosystem by 2025.
Fiat-Backed Stablecoins Surge
The market cap for fiat-backed stablecoins experienced notable growth, climbing by $97 billion between 2024 and 2025, reaching an all-time high of $224.9 billion by April 2025. This increase was largely driven by popular stablecoins like USDT and USDC, which collectively make up 93.5% of all fiat-backed stablecoins in circulation. New entrants such as Ethena’s USDtb and Usual’s USD0 also made significant gains, capturing substantial market shares shortly after their launch.
Commodity-Backed Tokens Expand
Commodity-backed tokens saw a 67.8% increase in market cap, reaching $1.9 billion amidst a volatile global economic climate. The surge was primarily fueled by rising gold prices. Despite this growth, commodity-backed tokens represent a small fraction of the fiat-backed stablecoin market, with major players like Tether Gold and PAX Gold dominating the space.
Tokenized Treasuries See Exponential Growth
Tokenized treasuries emerged as the best-performing RWA asset class, with a market cap increase of $4.7 billion, a 544.8% rise, reaching $5.6 billion by April 2025. BlackRock’s BUIDL tokenized treasury product captured a significant market share since its launch in July 2024, underscoring the growing interest in tokenized financial instruments.
On-chain Private Credit Recovery
The on-chain private credit sector grew to $546.8 million in total active loans by April 2025, indicating a recovery from its peak in 2022. Maple Finance remains a dominant player, accounting for a substantial portion of active loans, as it expands its offerings with products like syrupUSDC.
Tokenized Stocks: A Nascent Market
Tokenized stocks, although small with a market cap of $11.4 million, have demonstrated growth of 297.2% since early 2024. Providers like Backed Finance and Dinari lead the market, with centralized exchanges such as Kraken and Coinbase showing interest in expanding tokenized stock offerings.
CoinGecko’s report provides a comprehensive overview of the current state and potential of RWAs within the crypto space, highlighting their increasing role and impact. For more detailed insights, visit the full report on CoinGecko.
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