Table of Contents
TL;DR
- On-chain RWAs stand at $34.63B (+6.5% over 30 days), holding close to the October highs as flows stabilize.
- Holders surge to 529,872 (+11.2%), marking another double-digit monthly climb in user participation.
- Issuers reach 230 (+2 MoM), confirming steady product creation and onboarding.
- Stablecoin rails stay robust: $295.32B deployed (+0.8%), with 199.95M stablecoin holders (+3.8%) supporting settlement and subscriptions.
- Ethereum keeps the top spot at 52.4% RWA share, while Polygon, Avalanche, Aptos, and Solana all post sharp monthly gains; Arbitrum sees some cooling after previous breakouts.
Market Snapshot (as of Nov 3, 2025)
| Metric | Value | 30D Change |
|---|---|---|
| Total RWA On-chain | $34.63B | +6.54% |
| Holders | 529,872 | +11.24% |
| Issuers | 230 | +2 |
| Stablecoin Value | $295.32B | +0.82% |
| Stablecoin Holders | 199.95M | +3.78% |
Takeaway: Steady TVL growth, accelerating retail adoption through new product launches and stablecoin-backed flows.
Treasuries: Rotation and Momentum
- BUIDL (BlackRock): $2.83B (unchanged MoM, –0.04%)
- USYC (Circle): $948M (+34.8%) — the standout gainer in Treasury wrappers
- BENJI: $852M (–1.2%) — modest pullback after last month's run
- OUSG (Ondo): $782M (+4.8%)
- WTGXX (WisdomTree): $636M (+13.8%)
- USTB (Superstate): $523M (–1.0%)
- thBILL (Theo): $156M (+22.9%)
Trend: Investors rotate across wrappers for fee, yield, and integration; Circle’s USYC leads the month with record inflows.
Private Credit: Expansion and Diversification
- SyrupUSDC: $1.32B (+15.7%) — largest private credit pool on Ethereum
- SyrupUSDT: $728M (+104%) — rapid expansion in credit strategies
- USCC (Superstate): $400M (+84.6%) — strong bid for diversified carry funds
- JAAA (Centrifuge AAA CLO): $1.01B (+29%)
- Midas mF-ONE: $169M (+25.8%)
Insight: Institutional credit demand remains strong as protocols automate yield and diversify collateral types. Carry and credit remain yield drivers.
Commodities: Gold, Metals, and Portfolio Hedging
- XAUT (Tether Gold): $1.56B (+48.4%) — gold tokens stay the top commodity hedge
- PAXG (Paxos Gold): $1.33B (+15.6%) — treasury rotation into PAXG continues
- SLVon (WisdomTree Silver): $5.06M (+0.5%);
- Matrixdock XAUm: $54.4M (+5.4%)
- WTGOLD (WisdomTree Gold): $1.88B (+3.9%)
Gold assets anchor portfolio risk management amid DeFi uncertainty and stablecoin rate changes
Chains & Market Structure: Multi-Chain Expansion
| Network | TVL (USD) | 30D Change | Market Share |
|---|---|---|---|
| Ethereum | $11.94B | +1.7% | 52.43% |
| Polygon | $1.63B | +42.0% | 7.14% |
| Avalanche | $1.25B | +67.5% | 5.47% |
| Aptos | $1.22B | +69.4% | 5.36% |
| Solana | $798M | +16.9% | 3.5% |
| BNB Chain | $811M | +36.6% | 3.6% |
| Arbitrum | $860M | −12.0% | 3.8% |
| Stellar | $639M | −0.2% | 2.81% |
- Ethereum remains the anchor, but Polygon, Avalanche, Aptos, Solana, and BNB Chain accelerate in multi-chain asset launches and TVL gains.
- Arbitrum cools after previous growth peaks; stablecoin settlement flows hold firm.
Flows & Transfers
- Top transfers: PAXG ($99,994), SyrupUSDT ($99,992), USTBL & USTB ($99,990+) — gold and short-duration treasuries still dominate large block moves.
- Retail adoption rises: Holder count up 11.2%, average wallet size smaller.
What to Watch
- Treasury wrapper competition is intensifying; Circle and WisdomTree outpace incumbents in net flows.
- Private credit protocols continue to launch new pools, with SyrupUSDT/USDC leading volume and APR.
- Multi-chain wrapper launches drive asset discovery; Polygon and Aptos are closing gap with Ethereum TVL.
- Expect continued gold inflows as on-chain risk hedging trend persists.
Bottom Line
RWAs hold near all-time highs at $34.6B, with user adoption surging and multi-chain launches diversifying the ecosystem.
Treasuries and private credit pools are the backbone, while commodities especially gold remain major portfolio hedges.
Stablecoin demand supports settlement and yield flows, fostering robust rails for new products.
With November underway, multi-chain asset innovation and retail expansion position the market for further highs as institutional adoption deepens
