The Real Scale and Development Status of the RWA Track

The total scale of RWA assets in the strict sense (excluding stablecoin projects) reached $13.55B as of December 1. This figure includes assets such as private credit, U.S. Treasury bonds, commodities, institutional alternative funds, non-U.S. debt, corporate bonds, and equities.

If stablecoin projects are taken into account, the total asset size of the RWA track can reach $206.33B, achieving 20% of the trillion-dollar target. This broad definition is based on the view that the underlying assets of stablecoins like USDT/USDC are primarily composed of short-term U.S. Treasury bonds, similar to the mechanisms of products like USDY and deUSD.

In terms of asset distribution, the private credit sector has emerged strongly, with a total scale of $9.40B, surpassing the tokenized US debt of $2.60B. This change is mainly attributed to the rapid development of Figure Markets, which offset the impact of declining business on other platforms.

The RWA asset issuance situation in 2024 shows that stablecoins, tokenized US Treasury bonds, and private credit have become the top three segments in terms of monthly issuance scale, regarded as the most promising investment directions.

In terms of chain distribution, Ethereum holds the top position with a market share of 76.51%. Stellar and Polygon rank second and third respectively, while Solana and Avalanche, despite their unique features, have relatively limited scale.

Investors can pay attention to the following targets:

1. Beta targets: Leading players in various sub-sectors, such as SKY (formerly MakerDAO), Ondo Finance, Figure Markets, Spiko, and Securitize.

2. Alpha Targets: Including projects with innovative potential or rapid growth such as Elixir, Curve, and Goldfish.

When selecting Alpha targets, focus on projects with potential for "disruptive innovation" or "exponential growth."