I just looked at the RWA market data and it’s really growing quickly. Tokenized real assets have now surpassed $25 billion, nearly four times higher than last year. Six different asset categories now each exceed the $1 billion mark, which is quite impressive.

What stands out to me is that much of this growth comes from large institutional investments from parties like BlackRock and Fidelity, but it’s not so much active trading. The data shows that many transactions are around $10 million each, which seems more like one-time allocations rather than ongoing market activity. The issuers prioritize capital formation, not liquidity.

The strangest point? Of the approximately $8.5 billion in RWA-backed stablecoins, only 12% are actually used in DeFi. The rest remains behind compliance barriers. This raises the question: will tokenization truly integrate with open finance or stay separate? If it stays separate, the entire sector will remain much smaller than its potential.