📝 Editor’s Note:

Real world assets, broadly defined as tokenized assets which exist in the physical world or in traditional finance, continue to be one of the more promising sectors in crypto. The value of RWAs has gone from an experiment with a few million in tokenized value to a space with the makings of a juggernaut with nearly $24B in onchain assets.

To explore this growth, we'll hear from the RWA.xyz team, a leading provider of analytics and research for the space. We'll also hear from Reuben who covered the freshly launched Plume Network. Biff, who covered Franklin Templeton, Graham from Centrifuge, WisdomTree, new to OurNetwork, and Henry who covered Tether's tokenized gold product, contributed as well.

– ON Editorial Team

Plume | Franklin Templeton | Centrifuge | WisdomTree |Tether Gold

• In Q2 2025, the market cap of tokenized assets surpassed $23B, having grown by over $3.5B. The rise was led by tokenized Treasuries, which added $2.1B. BlackRock’s BUIDL, Janus Henderson Anemoy’s JTRSY, and Superstate’s USTB, contributed most to the government bond-backed sector. Private credit followed with $1.1B in the ongoing quarter, led by Figure Technologies and Maple Finance. Commodities ranked third, adding $172M from Tether and Paxos’ tokenized gold products.

• Tokenized Treasuries surged $2.1B in Q2 2025, largely driven by Spark’s $1B Tokenization Grand Prix, which allocated Sky's capital, formerly MakerDAO, to three winners — BlackRock's BUIDL received $500M, Superstate's USTB received $300M, and Janus Henderson Anemoy's JTRSY received $200M.

• Figure and Maple led private credit growth, gaining $486M and $376M respectively via tokenized home equity lines of credit (HELOCs) and syrupUSDC vaults. Commodities grew through Paxos and Tether's tokenized gold, which gained $120M and $54M respectively. This growth was likely fueled by macro uncertainty and a weakening dollar driving increased investor demand for the tokenized metal.

• On June 6, Plume launched its mainnet on Arbitrum Orbit with $226M in total value locked (TVL) via pre-launch partners. At $204M 90% of the value is concentrated in just six protocols — Plume pUSD with $47.45M, Superstate with $35.87M, Morpho with $34.41M, Nest with $29.13M, Solera with $16.01M, and USDC.e with $41.01M. Notably, five of these six are RWA-native — Plume pUSD, is an RWA stablecoin; Superstate offers tokenized Treasuries; Nest offers institutional staking; Solera, broad RWA exposure, and Mineral Vault, tokenized mineral rights. Together, they contribute $128.5M, about 63% of top-tier TVL.

• Superstate’s total assets under management on Plume has steadily climbed to $30.38M, combining $25.05M in USTB, and $5.33M in USCC. Over the past week, USTB surged +66.6%, while USCC grew +17%, signaling accelerating capital inflows and mounting investor appetite for tokenized Treasuries and onchain yield products.

• Yield on Plume is ramping up — USTB generated $14.2K this week, up 15.8%, while USCC surged to $13.5k, up 159%. Together, Superstate’s funds have produced over $79.6k in total yield — all tokenized, distributed to limited partners, which serves as evidence of the the appeal of onchain income strategies.

• Franklin Templeton, an investment firm founded in 1947, is quickly emerging as a major player in the tokenized RWA space. Since launch, the firm's BENJI fund has grown from under $20M to $325M in TVL. Token holders have increased by a factor of ten, and Arbitrum leads as a network for the asset with $74.4M now deployed on the chain. This mirrors broader adoption of onchain RWAs as investors seek compliant, transparent, and yield-bearing products across scalable blockchain infrastructure.

• Franklin Templeton’s BENJI fund grew 1,525% since its initial $20M in TVL, and now holds 5% of all RWA TVL. Superstate also saw strong gains. WisdomTree joins the leaders with growing TVL, reflecting broader demand for regulated, tokenized yield products.

• BENJI tokenholders rose from 2 to 25 in under a year. These wallets likely represent verified client accounts tied to Franklin Templeton’s onchain money market fund.

• Centrifuge is a leading infrastructure layer for tokenized finance, focused on unlocking the next wave of growth in decentralized finance by connecting RWAs with DeFi infrastructure. This infrastructure recently has resulted in a TVL boost $75M TVL to $521M, thanks to the Centrifuge being chosen as one of the three winners of Spark's Tokenization Grand Prix.

• Centrifuge has originated over $1B RWA assets onchain. That figure demonstrates the infrastructure layer's success in connecting traditional financial assets like invoices, mortgages, treasuries, and private credit, with DeFi liquidity.

• Tokenized RWAs have grown over the past 6 years, reaching ~$23B in total market cap. This growth reflects increasing adoption of blockchain for traditional financial products. To meet demand in 2Q 2025, WisdomTree expanded its institutional platform, WisdomTree Connect, to offer access to a comprehensive suite of 13 SEC-registered tokenized funds—the largest offering in the market. These funds are available natively on Ethereum, Arbitrum, Avalanche, Base, Optimism, and Stellar.

• As of June 9, 2025, the WisdomTree Government Money Market Digital Fund,v WTGXX, has reached $320.3M in assets under management across supported blockchains. Year-to-date, WTGXX has grown approximately 2,515%, making it one of the fastest-growing tokenized money market funds in the market.

• Onchain RWAs continue to evolve as institutional and retail interest increase. WisdomTree is one of the few issuers actively targeting both segments, with over 3,000 holding addresses and ~1,500 wallets created across our mobile app, WisdomTree Prime, and institutional platform, WisdomTree Connect.

• Unique holders of XAUT, Tether's tokenized gold offering, are up 3.8x year-over-year. Though still small in absolute terms at 7,300 address, the steady accumulation hints at growing retail interest and the consistency is notable for a high-value asset. XAUT is currently mainly on centralized exchanges (CEXs), with 40 CEX integrations globally. These CEXs especially serve developing countries and geographic areas where gold is a very compelling asset for savings.

• Gold is underrepresented in DeFi despite being the world's most valuable single asset with a $22T market cap. A reason often cited is its limited DeFi integrations. But with Fluid, Morpho, and Contango live, and XAUT0, Aave, and Euler on the horizon, a gold rush may be coming.

• Year-to-date, XAUT monthly transfers have grown steadily, hitting ~850 transfers in June. This indicates increasing demand from trading, both institutional and retail ownership, as well as DeFi.