Table of Contents
TL;DR
- On-chain RWAs set a new high at $35.67B (+2.9% over 30 days), extending the uptrend but at a slower, more mature pace than early November.
- Participation keeps climbing: 539,898 holders (+9.5%) and 251 issuers (+0.8%) signal steady onboarding of both users and products.
- Stablecoin rails remain deep at $297.72B (‑0.47% MoM) with 203.30M holders (+3.0%), so settlement capacity grows even as dollar TVL slightly cools.
- Treasury lane is in rotation mode: BUIDL shrinks to $2.32B (‑18.5% MoM), while USYC , WTGXX , and thBILL post strong gains and keep fragmentation high.
- Private credit remains the yield engine: Maple’s syrupUSDT (+34.8% MoM to ~$606M) and sticky size in syrupUSDC (~$1.27B) plus JAAA (~$1.01B) keep credit APYs in the mid‑single to low‑double digits.
- Gold-backed RWAs soften but still hedge portfolios: XAUT (~$1.58B, ‑7.4% MoM), PAXG , and XAUm dip with the metal, while Solana‑based GLDx remains among the most active transfer names.
- Chains: Ethereum leads at $11.5B (‑8.4% MoM), but BNB Chain, Avalanche C‑Chain , Polygon , and Solana all log strong double‑digit RWA growth and rising market share.
Market Snapshot (as of Nov 24, 2025)
| Metric | Value | 3D Change | Signal |
|---|---|---|---|
| Total RWA on-chain | $35.67B | +2.91% | New ATH, slower but healthy climb. |
| Holding addresses | 539,898 | +9.54% | Strong, sticky adoption. |
| Issuers | 251 | Slight uptick | Pipeline remains open. |
| Stablecoin value | $297.72B | -0.47% | Minor consolidation after growth. |
| Stablecoin holders | 203.30M | +3.03% | Rails broadening in breadth. |
The picture is “higher highs with calmer slope”: TVL growth decelerates, but breadth (holders, issuers, chains) keeps expanding, which is typical of a maturing market rather than a hype spike.
Treasuries: Rotation and Fragmentation 2.0
Momentum gainers (30D):
- USYC: $1.07B (+37.4%) — still the standout growth wrapper, consolidating its role as programmable, institution‑friendly cash-on-Treasuries.
- WTGXX: $694.8M (+15.9%) — consistent inflows; digital money market structure resonates with regulated allocators.
- thBILL: $184.1M (+50.8%) — smaller but one of the fastest‑growing wrappers, capturing yield‑sensitive flow.
- VBILL: $96.8M (+8.0%) — continues to scale from a low base.
Soft spots:
- BUIDL: $2.32B (‑18.5%) — still the largest single Treasury RWA, but clearly the main donor of rotated capital this month.
- BENJI: $846.8M (‑0.45%) — flat to slightly negative, hinting at some rebalancing into competitors.
- USTB: $489.1M (+0.9%) — stabilizes after previous declines, but lags leaders in growth.
Takeaway: Investors are arbitraging fee levels, yield curves, and integrations, not abandoning Treasuries. The segment remains the “risk‑reduced core,” but leadership is shifting toward more agile and DeFi‑native wrappers.
Private Credit & Yield Pools
Latest snapshot of key credit/yield products:
- SyrupUSDT: $606.4M (+34.8% MoM) — one of the clearest winners, signaling strong demand for dollar carry above Treasury yields.
- SyrupUSDC: $1.27B (‑1.25% MoM) — essentially stable at large scale; shows normalization after earlier inflow bursts.
- USCC: $484.4M (+51.8% MoM) — continues the carry‑trade narrative, outpacing many institutional funds by growth rate.
- JAAA: $1.01B (+0.41% MoM) — still the flagship CLO‑style credit instrument for institutions.
- mF‑ONE: $154.8M (‑7.1% MoM) — small drawdown after prior growth, likely profit‑taking and rotation rather than structural stress.
Headline APYs for top pools cluster around 5–14%, keeping private credit the main yield magnet relative to 3–5% in front‑end Treasuries. Automation (re‑underwriting, roll‑overs) and diversified lenders continue to support this lane.
Commodities: Gold Still the Macro Hedge
- XAUT (Tether Gold ): $1.58B (‑7.43% MoM)
- PAXG (Paxos Gold ): $1.35B (‑6.54% MoM)
- XAUm (Matrixdock): $54.9M (‑7.44% MoM)
- GLDx (Backed Finance gold xStock ): $2.86M (+115.3% MoM) — small in absolute TVL but a standout in percentage growth and top‑transfer activity.
After a very strong October, gold‑backed RWAs are digesting gains, with price moves driving much of the MoM change rather than a collapse in token usage. GLDx on **Solana ** continues to show up among the largest weekly transfers (~$100K blocks), underscoring its role as an actively traded hedge instrument.
Silver and other metals lag, and have yet to see the same reflexive inflow pattern, leaving gold as the dominant commodity hedge on‑chain.
Chains: Multi‑Chain Adoption Deepens
RWA League Table (public chains, by TVL):
- Ethereum : $11.5B (‑8.38% MoM), 300 RWAs, ~64.5% share — still the liquidity and issuance anchor, but clearly donating share as flows diversify.
- BNB Chain: $952.6M (+40.83% MoM), 109 RWAs — solidifying as a major RWA venue with exchange‑native user flows and mid‑size Treasury/credit wrappers.
- Avalanche C‑Chain : $885.6M (+93.36% MoM), 40 RWAs — this month’s growth standout, supported by institutional funds (e.g., LS, DMF, XDFIS) and government‑debt vaults.
- Solana : $798.8M (+14.57% MoM), 88 RWAs — benefits from tokenized stocks (TSLAx, NVDAx, GOOGLx, COINx) and commodity wrappers like GLDx.
- Polygon : $761.5M (+143.9% MoM), 29 RWAs — fewer but larger positions (corporate bonds, commodities) drive an outsized percentage jump.
- Arbitrum : $697.4M (‑20.72% MoM) and zkSync Era (‑18.39% MoM) show repayment‑driven drawdowns in some credit pools, not structural abandonment.
Insight: Relative to the November 10 snapshot, alt‑L1s have pushed further into double‑digit growth while Ethereum consolidates. Fragmentation is now a feature: RWA liquidity is increasingly multi‑chain by design.
Flows, Behaviour
- Top recent transfers: USCC, XAUT, syrupUSDT, USTB around the $100K mark reflect three main behaviours: carry strategies, gold hedging, and rotation along the duration curve in Treasuries.
- Holder growth outpaces TVL growth, confirming that the ecosystem is onboarding many small and mid‑size accounts rather than relying on a few whales.
What to watch into December
- Whether **BUIDL ** stabilizes and if **USYC ** and **WTGXX ** keep capturing net inflows, signaling the next phase of fee/yield competition in Treasuries.
- New private‑credit origination on Maple, Centrifuge, and institutional vaults (ACRED, CRDT, mF‑ONE) that could swing L2 metrics sharply back into positive territory.
- Sustained RWA expansion on **Avalanche **, **Polygon **, BNB Chain, and **Solana ** — if current growth persists, Ethereum’s share could continue to drift lower even with absolute TVL gains.
- Further experimentation in real‑estate and non‑US debt tokens (Saudi tokenized real estate, Asian debt wrappers), which may define the next narrative beyond Treasuries + credit + gold.
Bottom line
As of November 24, RWAs are at all‑time highs with slower, more sustainable growth, broader holder and issuer bases, and deeper multi‑chain roots. Treasuries still anchor “safe yield,” private credit drives return, and gold‑backed tokens remain the primary macro hedge, setting the stage for another issuance push into year‑end.
