Established businesses, not startups, are driving growth in RWAs

For years, onchain activity mostly came from crypto-native startups serving crypto-native users, and the data described a relatively small market. Last November, Token Terminal launched its Tokenized assets page because that was starting to change. We now list 7.8k tokenized assets, of which 7.5k are RWAs: tokenized funds, commodities, and stocks. The remaining ~300 are stablecoins.

The RWA market has grown from $5.8b to $46.2b over the last two years, but since June it has added only $1.1b. Issuers outside the largest 15 by market cap added $2.2b over the same period, while incumbents stalled or declined.

This long tail growth signals diversification, and coincides with higher quality issuers entering the market. This newsletter highlights one issuer in this long tail from each category of RWA: (1) J.P. Morgan, (2) Robinhood, and (3) xStocks.

1) J.P. Morgan: tokenized funds

• J.P. Morgan has deployed two tokenized funds (MONY and JLTXX) on Ethereum, totaling $906.7m in market cap. The bank has followed the established trend of deploying to Ethereum first, with 12 of the 15 largest tokenized funds choosing Ethereum as their initial blockchain.

• BlackRock’s BUIDL started on Ethereum in March 2024 and took 374 days to surpass $900m, while J.P. Morgan took 266. Despite the growth, J.P. Morgan’s tokenized funds only have 7 onchain holders between them.

• This suggests that the world's largest bank has not yet started bringing the $4.3t managed by its asset management arm onchain in earnest. If names like J.P. Morgan keep growing on Ethereum, the rest of TradFi has a template to follow, and whether they execute will show up on Token Terminal first.

2) Robinhood: tokenized commodities

• The market cap of tokenized commodities issued by Robinhood has grown from $1.5m to $13.6m since Robinhood Chain went live in early July. Effectively all of it is covered by GLD, USO, and SLV, tokenized ETFs that offer exposure to gold, oil, and silver.

• Robinhood Chain represents the next step in Robinhood’s efforts to bring RWAs onchain. The first $1.5m came from Robinhood’s earlier deployments on Arbitrum, but the issuer now operates its own chain purpose built for RWAs. The activity has followed, with a record $46.2m of tokenized commodities traded on August 29.

• Despite the growth, tokenized commodities are the smallest of the three RWA categories among issuers outside the 15 largest by total RWA market cap, at $502m of $10.4b. Peak interest came with gold and silver’s rallies earlier this year, before Robinhood Chain launched, so the chain has yet to see a commodities cycle of its own. When one arrives, whether Robinhood can bring that demand onchain from its 28.5m funded customers is what to watch, and it will show up on Token Terminal first.

3) xStocks: tokenized stocks

• xStocks has $769.2m in tokenized stocks onchain, up from $56.2m a year ago, and its market cap has risen every month over that period. Most of the supply sits on Solana, $495.9m, where xStocks is the largest tokenized stock issuer with 71% of the category. STRCx, Strategy’s preferred stock, is the largest single token at $146.5m.

• Kraken acquired the issuer in December, and the market cap has grown 4.5x since. The tokens are also being put to work: $65.9m sits in DeFi, up 12x in a year. Lending venues hold 61% of that, led by $21.1m deposited in Kamino Lend on Solana, where the tokens can be posted as collateral to borrow against, giving holders liquidity and leverage without selling. The rest sits in Pendle and DEX liquidity pools.

• Despite the growth, tokenized stocks remain small compared to traditional markets: xStocks’ $769.2m is 0.002% of the $50.0t in Nasdaq-listed companies. Yet on September 10, Nasdaq Ventures agreed to invest $100m in Payward, Kraken’s parent. The two have been working since March on Nasdaq Equity Tokens, due in the second quarter of 2027. The aim is to let equities move between regulated markets like Nasdaq and public blockchains, with the xStocks framework as the gateway. Whether that translates into onchain scale for xStocks will show up on Token Terminal first.

Platform updates

• Listed Tether Omnichain USDT (USDT0) on Stellar. Learn more on the asset’s fact sheet.

• Listed 118 Anchored aStocks on Monad and three other EVM blockchains. Learn more on the issuer’s project page.

• Listed 1,256 Bitget Reality rStocks on Arbitrum. Learn more on the issuer’s project page.

• Added X Layer deployments for 1,224 xStocks. Learn more on the issuer’s project page.

Interested in getting listed? Read more here.

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