Table of Contents
TL;DR
- On-chain RWA market cap breaks another record: $33.24 B (+13.3% MoM).
- Holders surge to 416,440 (+8.4%), driven by steady retail demand and ETF product launches.
- Treasury wrappers BUIDL, BENJI, USTB deliver top inflows, with Superstate’s USTB sustaining last month’s momentum.
- Gold tokens and silver rally: PAXG $1.16 B, XAUT $1.06 B, SLVon cracks $5 M for the first time.
- Layer-2s and alt-L1s accelerate: Arbitrum TVL triples on new credit pools, Solana & Stellar also show double-digit growth.
Market Highlights
- RWAs set new highs: Total market cap up 13.3% in 30 days, flipping $33 B for the first time.
- Holder base expands: +8.4%, strongest weekly growth since July, now above 416 K wallets.
- Active issuers: Stable at 221, healthy pipeline of new products offset minor consolidation.
- Stablecoins recover: TVL up to $292.57 B (+5.3%), reversing last month's redemptions.
Sector Trends
Treasuries
- BlackRock’s BUIDL up 26% MoM to $2.82 B; Franklin’s BENJI (+16%) and Superstate USTB (+73%) join top gainers.
- WisdomTree’s WTGXX struggles after fee hike, losing market share.
- New regional wrappers emerge: ChinaAMC CUMIU ($502 M USD MMF), thBILL (Libeara, Thailand).
Credit & Yield
- Centrifuge’s JAAA at $789 M; Superstate’s USCC climbs past $216 M.
- Midas mF-ONE and Libeara’s ULTRA outperform on-chain average with automated yields.
Commodities
- Gold: PAXG surges 13% to $1.16 B, XAUT up 21% to $1.06 B; combined on-chain gold AUM passes $2.2 B.
- Silver: SLVon growth accelerates +590% MoM; growing use as inflation hedge on DeFi platforms.
Equities & ETFs
- Stock tokens (e.g., EXOD, SPYx, MSTRx) and ETF wrappers (SPYon, QQQon, IVVon) gain traction, attracting both institutional and retail flows.
Weekly Top Movers
| Token | Segment | 7d Δ |
|---|---|---|
| BUIDL | Treasuries | +13.5% |
| BENJI | Treasuries | +20.3% |
| SPYx | Stocks/ETF | +9.4% |
| PAXG | Commodities | +4.9% |
| JAAA | Credit | +0.05% |
Network Focus
- Ethereum remains dominant at $10.26 B, though market share slips as multi-chain launches grow.
- Arbitrum sees strongest relative TVL gain (+176%) on credit product launches.
- Solana and Stellar: sustained inflow, up 39% and 20% respectively.
- Growing ETF and corporate token demand continues to drive retail interest toward alt-L1s.
Forward Radar
- Bitwise files Aptos ETF as L1 race heats up.
- Asian wrapper expansion: ChinaAMC, Stellar, XRP expected to launch new products this quarter.
- Metals and commodities: On-chain gold and silver are emerging as strategic supply chain hedges.
Bottom line
October opens with a historic RWA market cap, multi-chain expansion, and commodity tokens entering a strong new growth phase. The momentum behind treasury wrappers, asset-backed ETFs, and inflation hedges stays robust — all signs point to another record-breaking month ahead.
