1、2025 RWA Report 2025 CoinGeckoChanges to the Real World Asset Landscape2Current Real-World Asset Landscape3Notable RWA Events 2024-20254Fiat/Comodity-backed Stablecoin Issuers5Market Cap of Fiat-backed Stablecoins6Market Cap of Commodity-backed Tokens7Tokenized Treasuries8Market Cap of Tokenized Tre

2、asuries9On-chain Private Credit Protocols10Total Active Loan Value11Market Cap of Tokenized Stocks12Other RWA Developments13Price Returns of Selected RWA Governance Tokens14Looking Ahead15ContentZhongHead of ResearchShaunMarket Analyst2025 2025 CoinGecko12025 RWA Report 2025 CoinGeckoThe revival of

3、real world assets(RWA)in crypto marked one of 2024s most quietly transformative narratives.While attention remained fixated on memecoins,Layer 2 ecosystems,and political betting markets,RWA steadily evolved from a niche experiment into one of the most credible and capitalized sectors in crypto.Fiat-

4、backed stablecoins led the growth,rising by$97 billion from 2024 to April 2025 to hit a new high of$224.9 billion.USDT remained dominant,while newer options backed by tokenized treasuries,like USDtb and USD0 gained traction.Tokenized treasuries also saw strong momentum.The market grew by$4.7 billion

5、 to reach$5.5 billion,with BlackRocks and Securitizes BUIDL fund taking a 45%share.Other players like Franklin Templeton,Ondo,and OpenEden expanded access to T-bills via stablecoins,attracting both DeFi users and institutions.After seeing a decline in loans in 2022,private credit has started to scal

6、e once more,with$558.3 million in active loan value as of April 2025,up+$97.3 million since January 2024.While there were anecdotal developments in the tokenized real estate space with large deals being announced,the data remains opaque,and there has been a lack of real onchain traction of such proj