2025 RWA Annual Report Highlights: From Government Bonds to Private Credit, On-Chain Capital Markets Are Gaining Momentum

Copyright and Data Source: Dune × RWA.xyz "RWA REPORT 2025". This article is a secondary organization in Chinese, with data and charts based on the original report.

Compiled by: @sanqing_rx

TL;DR

1. Scaling of government bonds → Diversification in credit/stocks/commodities: RWA has extended from "risk-free interest rates" to a higher risk-return curve, becoming the collateral and yield layer of DeFi.

2. Composability is the key breakthrough: The combination of collateral, yield, and secondary liquidity is transforming RWA from "holding" to programmable capital markets.

3. Dual-driven by institutions and retail: Institutional products like BUIDL / JTRSY / OUSG serve as the foundation, while xStocks / GM / XAUm enhance retail accessibility; RealtyX brings real cash flows (real estate) into the DeFi space.

1) Key Conclusions

• U.S. Treasuries as the foundation, extending to higher-yield asset types: Government bonds are the first to scale, becoming "base liquidity" and a trusted anchor; funds extend along the yield curve to long-duration bonds / private credit / stocks / commodities / alternative assets.

• Composability is the core breakthrough: The combination of collateral (Aave / Morpho), yield (Pendle), and secondary and derivatives (Ostium / xStocks / Ondo Global Markets) transforms "holding assets" into components of a programmable capital market.

• Dual-driven by institutions and retail: Institutional foundations (BUIDL / JTRSY / OUSG / WTGXX / USYC) provide compliant supply and settlement; retail entry points (xStocks / GM / XAUm) expand reachable users and secondary activity; RealtyX brings real estate cash flows into the DeFi space.

• Accessibility is significantly enhanced: Lowering of permission thresholds, multi-chain distribution, and near-instant redemption promote the migration of funds from off-chain notes to on-chain collateral.

• Scope definition: Stablecoins primarily for payments/settlements and far exceed yield-type RWA, are not included in this report.

2) Significance of Tokenization

• Ownership and settlement: Paper / custodial → Electronic / T+1 → On-chain T+0, real-time NAV, atomic settlement.

• Collateral and yield: Customized margin / repurchase → Securities lending / money market funds → General on-chain collateral + programmable yield (automatic reinvestment, yield layering).

• Cross-border and interoperability: Local markets → Cross-border standardization → 7×24 global connectivity, cross-chain and account abstraction enhance accessibility.

• Product forms: Direct holding → Structured pools → Programmable asset pools + re-packaging / layering (deJAAA, USDY, etc.).

3) Market Overview (as of 2025-09)

• U.S. Treasuries: ≈ $7.3B (up 85% year-to-date) ------ BlackRock, WisdomTree, Ondo, Centrifuge, etc., lead the way; Aave / Morpho and other collateral integrations enhance their "base currency" status.

• Global Bonds: ≈ $0.6B (up 171% year-to-date) ------ Spiko's EUR money market fund and sovereign assets are breakthroughs, mainly supported by Arbitrum / Polygon, etc.

• Private Credit: ≈ $15.9B (up 61% year-to-date) ------ Figure / Tradable / Maple drive the transition from "risk-free interest rates" to "credit spreads."

• Commodities: ≈ $2.4B (up 127% year-to-date) ------ Gold dominates, with diversification into agricultural products/energy starting.

• Institutional Funds: ≈ $1.7B (up 387% year-to-date) ------ Centrifuge's JAAA, Superstate's USCC, Securitize's MI4, and other multi-strategy funds accelerate tokenization.

• Stocks: ≈ $0.3B (up 560% year-to-date after excluding EXOD and tokenized private stock noise) ------ Retail-driven, with secondary and cross-chain liquidity gaining traction.

4) Eight Major Sectors and Representative Projects

4.1 Government Bonds (U.S. Treasuries)

• BlackRock BUIDL (Securitize distribution): Grew to $2.2B since its launch in March 2024, becoming the largest single tokenized asset, significantly driving the expansion of the treasury track. Features: $1 NAV, daily distribution, multi-chain integration (including ETH / Solana / Avalanche / L2 / Aptos) and direct USDC output.

• Ondo OUSG / USDY: OUSG targets U.S. qualified investors, indirectly holding BUIDL; USDY targets non-U.S. investors, yield-accumulating, natively programmable, supporting multi-chain and on-chain P2P transfers, with active liquidity and minting/redemption.

• Janus Henderson Anemoy --- JTRSY: TVL ~ $337M; NAV ~ $1.08; management fee 0.25%. One of the first treasury tokens accepted as collateral by Aave Horizon, with cumulative supply exceeding $28M, reflecting RWA composability.

• WisdomTree WTGXX: Registered money market fund, AUM ~ $830M; features: stable $1 NAV, 7-day SEC yield ~ 4.1%; launched on ETH, Arbitrum, Base, Optimism, Avalanche, Stellar, supporting USD / USDC / PYUSD minting and redemption.

• Franklin Templeton BENJI (FOBXX): Multi-chain issuance, low threshold (starting at $20), T+1 redemption, real-time NAV; cumulative dividends ~ $51M (July 2025 single month high of $2.7M), with significant distribution across Stellar, Ethereum, Arbitrum, etc.

• Circle USYC: Tokenized money market fund, natively interoperable with USDC, near-instant redemption. Market cap ~ $669M, with 73% on BNB Chain (as of 2025-09-04), and $492M held by three addresses, indicating a more institutional/treasury management usage scenario.

• Nest Protocol --- nTBILL (Plume): Underlying treasury-like assets on Plume, with yields directly factored into token prices; diversified underlying allocation (including Janus Henderson, Superstate USTB, etc.), supporting use in DEX / lending / collateral within the Plume ecosystem.

4.2 Global Bonds (Global Bonds)

• Spiko --- EUTBL (Euro T-Bill money market fund): TVL ~ €300M, with Arbitrum accounting for ~50%, followed by Polygon (~38%) and Starknet (~9%, 8× growth in one year); cumulative dividends over €3M in one year; active minting/redemption, with considerable single transaction scale, suitable for Eurozone cash management and low-cost L2 usage scenarios.

• Spiko --- USTBL (U.S. Dollar T-Bill money market fund): Active minting/redemption accounts for 59% of the days, with average single minting ~ $0.75M and average single redemption ~ $0.27M, aligning more closely with "low-frequency rebalancing" treasury-type needs.

• Etherfuse Stablebonds (Mexican CETES / U.S. USTRY / Brazilian Tesouros, etc.): Focused on inclusive access and return distribution of localized sovereign bond yields, with active addresses (trust lines) > 1,200, with CETES performing the best.

4.3 Private Credit (Private Credit)

• Overall: Tokenized private credit ~ $15.9B; "risk-free interest rates → credit spreads" becomes the upward trend for 2025.

• Maple Finance: AUM ~ $3.5B (12× year-on-year); syrupUSDC ~ $2.5B (Spark $400M+ allocation expanding to Solana); permissioned high-yield pool ~ $550M. DeFi deployment ~ $833M (>30% supply), with Spark ~ $571M (70%) leading, forming a cross-chain composable yield network with Jupiter Lend, Pendle, Morpho, Kamino, etc.

• Tradable (zkSync Era): 38 tokenized private credits, active loans ~ $2.1B; focused on tokenized distribution and secondary pathways for institutional-grade assets, emphasizing full-process compliance and composability.

• Pact (Aptos): An on-chain credit factory covering issuance/service/layered securitization, focusing on low-cost compliant credit in emerging markets and global capital connections.

4.4 Commodities (Commodities)

• Matrixdock --- XAUm (Gold): Supply increased to ~ $45M; multi-chain distribution, with significant trading activity on DEX over the past year (BNB ecosystem dominating).

• Mineral Vault (Oil and Gas Mineral Rights): Targeting divisible U.S. oil and gas revenue rights, emphasizing "low friction, dollar-cost averaging" tokenization pathways, with the token MNRL's on-chain valuation and activity increasing.

• Spice (Plume): Building liquidity and data layers for commodity financing, with continuously growing TVL, providing lending/market-making and dashboard capabilities for the DeFi nativeization of commodity RWA.

• (Industry Context): Gold remains dominant, with agricultural products/energy/precious metals diversifying, and the composable link from commodity RWA to derivatives/market-making is forming.

4.5 Institutional Funds (Institutional Funds)

• Centrifuge --- JAAA (Janus Henderson AAA CLO Fund): Surpassed ~ $750M TVL in just two months; primarily ETH, with Avalanche > $250M; reflecting the trend of funds shifting from government bonds to higher-yield RWA.

• deJAAA (Transferable Packaging): Launched on 2025-08-08, with trading volume ~ $1M in early September; expanded to Solana by 2025-09-12, integrating with Raydium / Kamino / Lulo, and tradable on Coinbase DEX / OKX Wallet / Bitget Wallet, rapidly enhancing secondary composability.

• Track Scale: Tokenized institutional funds ~ $1.7B (as of 2025-09), with collaboration from Centrifuge / Securitize / Superstate and leading managers to scale up.

4.6 Stocks (Stocks)

• Ondo Global Markets (GM): Launched on 2025-09-03; first week minting/redemption > $141M, secondary trading ~ $40M; platform tokenized stocks and ETFs scale > $150M, rapidly approaching $200M TVL; supports 24/5 instant minting/redemption at NAV, cross-chain expansion to Solana / BNB, etc.

• Backed Finance --- xStocks (Solana): AUM > $60M (in two months); Tesla leads with $15.3M (25%), followed by SPY (11%) / NVIDIA (9%) / Circle (8%) / Strategy (8%); primarily retail-driven, with CEX and DEX liquidity combined.

4.7 Real Estate (Real Estate)

• RealtyX: RWA Launchpad (asset on-chain/issuance) + Utility Vault (staking/liquidity/yield tools) + DAO governance (listing and platform evolution).

• Scale and Network: TVL ~ $1.35M (as of 2025-09-10); Base 65% / Plume 35%

• User Structure: Total ~ 638 (Plume 62% / Base 38%).

• Cash Flow and Lending: Average rental yield ~ 6.9%, cumulative dividends ~ $15K+; collateralized and lent out ~ $22K+ in Base/Plume lending pools.

4.8 Platforms / Infrastructure (Perps & Aggregators)

• Ostium (Arbitrum): RWA perpetual contract platform, cumulative trading ~ $17.8B, open interest > $140M; provides synthetic exposure to forex/commodities/indices/stocks, bringing RWA into high-frequency trading layers, significantly amplifying reachable users and liquidity.

• VOOI: Cross-chain perpetual aggregator, covering EVM + non-EVM, account abstraction and non-custodial experience, aggregating RWA-related derivative liquidity.

5) Summary: Four Key Focus Areas for the Next Phase

1. Scaling of composability: Integrated pathways for collateral/yield/derivatives.

2. Improvement of multi-currency/multi-region sovereign and money market funds: Broadening funding and risk hedging tools.

3. DeFi transformation of real cash flow assets (real estate, etc.): Two-way connectivity between funding and scenario ends.

4. Synergy of compliance and multi-chain distribution: KYC, taxation, secondary market mechanisms, and cross-chain settlement.