The real world state of RWA 🧙♂️
Data source: http://RWA.xyz
1⃣ The true scale of total assets in the RWA track
The trillion-dollar RWA track in the institutional research report does not include stablecoin projects, that is, the total asset size of RWA in the strict sense, including private credit, US bonds, commodities, institutional alternative funds, non-US bonds, corporate bonds, and stocks, was $13.55B as of December 1.
The total asset size of stablecoin projects is $192.78B.
Of course, RWA enthusiasts can argue that ~90% of the underlying assets of USDT/USDC stablecoins are short-term US Treasury bonds, and a large part of the underlying assets of decentralized stablecoin USDS (formerly DAI) are short-term US Treasury bonds. They are similar to ONDO's USDY and Elixir's deUSD, except that Tether and Circle, the issuers of USDT/USDC, do not distribute the underlying asset US Treasury bond income to users.
Personally, I think there is nothing wrong with the logic of this statement, so the actual size of the total assets of the RWA track in a broad sense should be $206.33B, which has already achieved 20% of the trillion-dollar scale target.
