Table of Contents
TL;DR
- On-chain RWAs hit a new record: $35.08B (+4.0% over 30 days), confirming another month of broad-based, steady growth.
- Participation surges: 534,470 holders (+11.6%), while active issuers jump to 249 (+8% MoM), driven by new product launches and multi-chain wrapping.
- Stablecoin rails widen: $296.77B (+0.4%), with 201.58M holders (+3.0%) supporting faster settlement and larger transfers.
- Treasury wrappers maintain sector dominance, but flows rotate—Circle’s USYC continues strong momentum (+43.6%), while BlackRock’s BUIDL and Franklin’s BENJI see slight outflows; Superstate’s USTB posts a notable monthly decline.
- Private credit ramps up: Maple’s SyrupUSDT jumps >43% MoM, and Superstate’s USCC rallies +71%, outpacing institutional funds like JAAA (+11%).
- Commodities shine: Gold-backed tokens (GLDx, XAUT, PAXG) continue to anchor inflows, with GLDx posting the largest transfers of the week (~$100K each on Solana).
- Chains in focus: Ethereum holds near $11.7B (–4.8% MoM); Polygon, Avalanche, Aptos, BNB Chain, Solana all surge in market share on new wrappers and alt-L1 launches.
Market Snapshot (as of Nov 10, 2025)
| Metric | Value | 30D Change |
|---|---|---|
| Total RWA On-chain | $35.08B | +4.01% |
| Holders | 534,470 | +11.59% |
| Issuers | 249 | +8% |
| Stablecoin Value | $296.77B | +0.35% |
| Stablecoin Holders | 201.58M | +3.04% |
Signal: Sticky retail and institutional demand, expansion of settlement rails, and product launches drive continued ecosystem growth.
Treasuries: Rotation and Fragmentation
Momentum gainers:
- USYC (Circle): $986M (+43.6%)
- OUSG (Ondo): $784M (+0.2%)
- WTGXX (WisdomTree): $631M (+4.9%)
- VBILL (VanEck): $96.7M (+14.3%)
Soft spots:
- BUIDL (BlackRock): $2.82B (–0.2%)
- BENJI (Franklin): $845M (–1.8%)
- USTB (Superstate): $467M (–13.4%)
Takeaway: Flows keep rotating between wrappers, reflecting investor arbitrage across fees, yields, and on-chain utility. Circle and WisdomTree outperform as institutional migrations continue.
Private Credit & Yield Pools
- SyrupUSDT (Maple): $668M (+43%)
- USCC (Superstate): $466M (+71%)
- JAAA (Centrifuge): $1.01B (+11%)
- SyrupUSDC (Maple): $1.18B (+3.9%)
- Midas mF-ONE: $154.6M (+6%)
Private credit growth outpaces treasuries, led by protocol automation and emerging wrapper launches. APY for top pools hovers between 5–14%.
Commodities: Gold Still the Hedge
- GLDx (Backed Finance): $2.26B (+120%) and biggest individual transfers
- XAUT (Tether Gold): $1.56B (+34%)
- PAXG (Paxos Gold): $1.33B (+9%)
- Matrixdock XAUm: $54.4M (+2%)**
- SLVon (WisdomTree Silver): $5.04M (–17%)
Metal-backed tokens maintain flows as macro hedges and portfolio stabilizers, dominating top transfer blocks for the week.
Chains: Multi-Chain Adoption Expands
| Network | TVL (USD) | 30D Change | RWA Count |
|---|---|---|---|
| Ethereum | $11.7B | −4.8% | 448 |
| Polygon | $1.6B | +42% | 277 |
| Avalanche | $1.2B | +66% | 41 |
| Aptos | $1.2B | +70% | 14 |
| BNB Chain | $877M | +50% | 108 |
| Solana | $784M | +15% | 84 |
| Arbitrum | $799M | −15% | 115 |
| Stellar | $639M | flat | 20 |
Insight: Ethereum remains the RWA anchor but loses some share—Polygon, Avalanche, Aptos, BNB, and Solana accelerate with active inflows and new wrappers, while Arbitrum and Stellar cool off mid-month.
Flows & Investors: Portfolio Rotation
- Top transfers by value: GLDx (Solana), thBILL, USTB—portfolio flows rotate in bulk between gold tokens and short-duration treasuries.
- Holder and issuer growth both spike double-digits, driven by retail onboarding and institutional wrapper moves.
What to Watch
- Treasury fee compression: expect liquidity campaigns from incumbents as Circle/WisdomTree capture net inflows.
- Private credit pool launches accelerate, with Maple and Superstate APYs leading bucket demand.
- Multi-chain product launches, especially on alt-L1 networks, could redistribute segment share deeper into Q4.
- Commodity rotation may intensify with macro headlines: gold flows could prompt volatility in silver and new ESG wrappers.
Bottom Line
RWAs post a fresh all-time high above $35B, as participation and multi-chain launches hit records. Treasuries anchor the “safe yield” lane while private credit pools and gold tokens take larger risk-off allocations. Stablecoin rails and protocol innovation continue supporting user growth. Across chains, fragmentation is now a strategic advantage as November’s ecosystem expansion remains robust and adaptive.
