Every week, we’re going to take a look back at the RWA market and see who had the best performing week.
Which assets saw the biggest inflows?
Which issuers attracted the most capital?
Which chains saw money flow into their RWA ecosystem?
We’ll be looking across stablecoins, funds, credit, commodities, stocks, ETFs and more, putting together a simple weekly snapshot of where capital moved with some nice graphics to go along with it.
The data will come strictly from Token Terminal. It will just be the top 5/10, the numbers behind them and where the money flowed that week.
01Starting off with Stablecoins: Market cap growth by Asset over the past 7 days
USDe led the way with +$237.6M, more than double USDT at +$107.5M, and accounting for around 44% of the total growth across the top 10.
JPYC at +$63.7M is the one worth pausing on. A yen-denominated stablecoin sitting third on the list, in a market where around 99.5% of stablecoin market cap is dollar-denominated.
Combined, the top 10 stablecoins added $555.0M in market cap over the past week.
02Market cap growth by Issuer over the past 7 days for Stablecoins
@Ethena led with +$236.7M, more than double United Stables at +$107.5M, accounting for around 44% of the total growth across the top 10.
JPYC EX added +$63.7M, followed by World Liberty at +$46.9M.
Below them, the rest is fairly tight, with six issuers adding between $9M and $31M each.
Combined, the top 10 issuers grew by $551.1M over the past week.
03Market cap growth by Chain over the past 7 days:
@Arc led with +$622.8M, roughly 3.7x HyperEVM in second, accounting for around half of the total growth across the top 10.
@HyperliquidX added +$168.4M, followed by @Arbitrum One at +$152.8M.
Behind them @Avax, @BNBChain, @Aptos, @Base, @Ton_blockchain @0xPolygon and @Tempo all made it into the top 10 for the week.
Combined, the top 10 chains grew by $1.23B over the past week.
04Now, moving on to Tokenized funds - market cap growth by Asset over the past 7 days
eurSAFO led with +$73.6M, followed by JAAA at +$62.8M and syrupUSDC at +$58.4M. TBILL added another +$50.2M.
The spread is probably the most interesting part. A euro T-bill fund, AAA CLO fund, private credit pool and US T-bill fund all sit in the top four.
It’s a good snapshot of how much broader tokenized funds are becoming, rather than the market simply being one product in ten different wrappers.
Combined, the top 10 grew by $365.7M over the past week.
05Tokenized funds: market cap growth by issuer over the past 7 days.
@OpenEden_x led with +$47.2M, nearly twice @USDai_official at +$26.3M and @Ethena at +$24.7M. @Re followed with +$19.5M.
@WisdomTreeFunds sitting mid-table alongside @MapleFinance and @Onrefinance is the detail worth noting. Traditional asset managers and onchain-native issuers growing side by side.
Combined, the top 10 added +$165.5M on the week.
06Tokenized funds: market cap growth by chain over the past 7 days.
@Arbitrum One led with +$69.5M and @Solana followed at +$54.8M. Between them, 94% of the top 10's growth.
@Base added +$8.1M. Everything below that came in under $1.2M, with the tail from Polygon down to Sonic measured in hundreds of thousands.
07Tokenized credit funds: market cap growth by asset over the past 7 days.
JAAA led with +$62.8M, just ahead of syrupUSDC at +$58.4M. Maple's two pools, syrupUSDC and syrupUSDG, combined for +$87.4M.
sUSDai added +$26.3M and ParetoFAL +$6.0M. Everything below that came in under $325K.
Five assets account for essentially all of the +$182.6M the top 10 added this week.
08Tokenized credit funds: market cap growth by issuer over the past 7 days.
@Centrifuge led with +$62.8M, more than double @USDai_official at +$26.3M and about 57% of the top 5's total.
@MapleFinance added +$12.7M and @Paretocredit +$6.0M. @Securitize rounded out the five at +$417.6K.
Combined, the top 5 grew +$108.2M on the week.
09Tokenized credit funds: market cap growth by chain over the past 7 days.
@Solana led with +$41.6M, ahead of @Ethereum at +$30.9M and @Arbitrum One at +$24.1M. @Base added +$12.0M.
@Avax having a fairly flat week at +$193.4K, roughly 215x smaller than @Solana. Combined, the top 5 grew +$108.8M on the week.
10Tokenized commodities: market cap growth by asset over the past 7 days.
XAUT led with +$59.1M, more than five times PAXG at +$11.0M and about 78% of the top 5's total.
KAU added +$3.4M, GGBR +$2.2M and XAUTO +$721.9K. Every asset on the list is gold.
Combined, the top 5 grew +$76.4M on the week.
11Tokenized commodities: market cap growth by issuer over the past 7 days.
@Tether led with +$59.9M, roughly 5.5x @Paxos at +$11.0M and about 78% of the top 5's total.
@Kinesis_Monetary added +$3.4M, @Goldfishggbr +$2.2M and @xStocksFi +$822.5K.
Combined, the top 5 grew +$77.3M on the week. Gold remains the only commodity with real onchain flows.
12Tokenized commodities: market cap growth by chain over the past 7 days.
@Ethereum took +$76.0M, roughly 97% of the top 5's total.
Everything else came in under a million: HyperEVM +$764.4K, @Solana +$750.5K, @Avax +$400.0K and @Base +$215.6K.
Tokenized gold has barely left Ethereum. Stablecoins spread across chains years ago, commodities have not.
Last but not least, we are onto Tokenized Stocks.
13Tokenized stocks: market cap growth by asset over the past 7 days.
SECZ led with +$67.0M, more than 2.5x CRCLb at +$24.8M and about 42% of the top 10's total.
Strategy shows up twice through MSTRx and MSTRb, combining for +$31.4M. NVDAb added +$12.5M and MUb +$9.9M.
Index wrappers are on the board too: SOXLb, QQQb and SPYx all between $6M and $7M.
Combined, the top 10 grew +$172.9M on the week.
14Tokenized stocks: market cap growth by issuer over the past 7 days.
Binance @bStocksfinance led with +$78.5M, ahead of @Securitize at +$66.1M and @xStocksFi at +$46.5M. Those three took 85% of the top 10's growth.
@Ondo Finance added +$16.3M and @SuperstateInc +$8.4M. @Backpack, @RealityFi_xyz, @Coinbase, @DinariGlobal and @RobinhoodApp all came in between $1.1M and $2.5M.
Ten issuers on the board, three doing most of the work.
15Tokenized stocks: market cap growth by chain over the past 7 days.
@BNBChain led with +$89.9M, followed by @XLayerOfficial at +$72.5M and @Avax at +$66.6M. Those three took 95% of the top 5's growth.
@Arbitrum One and @Ethereum added +$6.4M and +$5.6M. In total the top 5 grew +$241.0M on the week.
16That’s the week
That’s the first look at where the money flowed across the RWA market this week.
Across stablecoins and tokenized funds, there were some pretty clear movers, but also a growing mix of assets, issuers and chains picking up capital.
We’ll be back next week with another look at who grew, who attracted the most capital and where the money went.