Table of Contents
TL;DR
- On-chain RWA value hits an all-time high of $29.39 B (▲7.6% in 30 days) as the asset class clocks a fourth straight green month.
- Holder count climbs to 390 K (▲7.3%), but issuer consolidation drags the active-issuer tally down to 211 — first meaningful shake-out since spring.
- Treasuries bifurcate: Superstate’s USTB rockets 21% this week while BlackRock’s flagship BUIDL slips; niche wrappers (Fidelity’s FDIT, Libeara’s ULTRA) stay in demand.
- Private-credit lane holds firm above $16 B; Centrifuge’s CLO fund JAAA edges past $765 M and Midas’ on-chain credit vaults surge triple digits.
- Chains: Avalanche steals the spotlight (TVL ▲138% MoM) on a wave of tokenized ETF inflows; Ethereum still anchors 52% of value, but its share is drifting down.
- Commodities stay hot: PAXG breaks through $1 B, widening its lead over XAUT; silver (SLVon) and oil (JSOY_OIL) lag as rate volatility eases.
Market snapshot
| Metric | Value | 30-day Δ | Signal |
|---|---|---|---|
| Total RWA on-chain | $29.39 B | ▲7.55% | Fresh ATH |
| Holding addresses | 390,289 | ▲7.29% | Adoption broadens |
| Active issuers | 211 | ▼63 | Post-summer cull |
| Stablecoin float | $280.67 B | ▲5.45% | Ample rails |
Issuer count drop reflects dormant wrappers rolling off dashboards rather than mass exits — a healthy clean-up after frenetic Q2 launches.
Treasuries: winners, laggards, new challengers
- Superstate USTB gains 21 % WoW to $328 M — biggest single-week jump among top-20 RWAs.
- BUIDL down another 1.7 % to $2.20 B; still #1 but shedding share.
- USTB/ULTRA/FDIT trio now tops $630 M combined, proving room for lean wrappers with competitive fees and DeFi-friendly rails.
- WisdomTree’s WTGXX stabilises after a 10 % monthly drawdown; Circle USYC flat on the week but up 10 % MoM.
Net-net: aggregate tokenized-Treasury float holds just above $7 B, but leadership is rotating fast.
Yield & private-credit pulse
| Product | AUM | 30-day Δ |
|---|---|---|
| JAAA (CLO fund) | $765 M | ▲17% |
| USCC (crypto-carry) | $232 M | ▲25% |
| Midas mF-ONE | $101 M | ▲122% |
| OnRe ONyc | $103 M | ▲1% |
Average coupons across on-chain credit remain near 10%, keeping sticky demand despite higher risk-free rates.
Chain dynamics
| Rank | Chain | TVL | 30-day Δ | Share move |
|---|---|---|---|---|
| 1 | Ethereum | $8.48 B | ▲4.1% | Share ↓0.6 ppt |
| 2 | zkSync Era | $2.41 B | ▼0.7% | Lull persists |
| 3 | Polygon | $1.13 B | ▼0.4% | Soft |
| 7 | Avalanche | $453 M | ▲138% | ETF-led breakout |
| 8 | BNB Chain | $448 M | ▲23% | Treasuries keep momentum |
| 9 | Arbitrum | $371 M | ▲13% | Credit pools rebound |
Trend: alt-chains with native ETF or Treasury wrappers are grabbing incremental share while zkSync digests its Q2 credit boom.
Commodities & other themes
- PAXG jumps 11% MoM to $1.05 B; on-chain gold market now tops $2 B with XAUT at $0.90 B and WTGOLD at $1.70 M.
- Top transfers dominated by USTB (Ethereum) and USDY blocks on Solana — signalling continued demand for short-duration dollars.
- Growth of tokenized broad-market ETFs (SPYon, IVVon, QQQon) lifts Avalanche TVL and hints at the next battleground: bringing trad-fi index products on-chain for 24/7 trading.
Flows & behaviour insights
- Holder growth outpaces TVL, suggesting smaller-ticket participation rather than whale-driven spikes.
- Issuer clean-up removes inactive shells, making league tables more representative.
- Transfer mix shows balanced allocation: ~40% Treasuries, 30% credit/ETFs, 20% commodities, 10% equities.
What to watch into October
- Issuer relaunches: expect some of the “culled” wrappers to re-register on alt-chains to harvest incentive programs.
- ETF tokenization arms race: BlackRock hinting at on-chain ETFs could turbo-charge Avalanche and BNB flows.
- Credit calendar: Goldfinch and Tradable slated to close >$500 M of loans by month-end — a potential catalyst for zkSync revival.
- Commodities breadth: keep an eye on SLVon (silver) and JSOY_OIL (oil) for follow-through if inflation hedging heats up again.
Bottom line
Real-world assets keep grinding higher, but beneath the headline ATH the market is reshuffling: lean treasury wrappers, high-yield credit vaults, and tokenized ETFs are siphoning liquidity away from early incumbents. With alt-chains proving they can land marquee launches and trad-fi heavyweights eyeing around-the-clock trading, the narrative has shifted from experimentation to a platform race for the next $10 B of assets.
