Coverage on Sector Update, Centrifuge, Ondo, and Tether Gold

📝 Editor's Note:

Welcome to OurNetwork's latest.

Today we're checking out Real World Assets, a sector that has hit its stride in 2025 and has grown by a factor of 250 in the past five years, according to our friends at RWA.xyz.

A big shoutout to them for leading this issue off. Also thank you to Graham, Alex, and Antonio, for covering some of the most significant players in the RWA space.

Let's get into it.

– ON Editorial Team

Sector Update | Centrifuge | Ondo | Tether Gold

• The tokenized asset market cap surpassed $32B, expanding by $7.3B (+29%) in Q3 2025. While private credit and U.S. Treasuries remain dominant, tokenized institutional funds, commodities, non-U.S. bonds, and stocks together added nearly $3B, accounting for nearly 40% of total quarterly growth. The expansion was driven by new issuances and growing demand for higher-yield, higher-risk assets, as excess liquidity continued to flow into tokenized markets.

• Tokenized institutional funds rose $1.4B in Q3, driven by credit-backed strategies. By quarter-end, Janus Henderson Anemoy’s JAAA (via Centrifuge, $790M), Fasanara’s mF-ONE (via Midas, $131M), and Apollos’s ACRED (via Securitize, $127M) together accounted for nearly half of total market share.

• Tokenized stocks rose $0.4B (+115%) in Q3. By quarter-end, Ondo Global Markets ($303M) led in market value, followed by Securitize ($250M), and Backed Finance’s xStocks ($82M). In holder counts, however, xStocks led with 70K+, surpassing Superstate Opening Bell (4K) and Ondo Global Markets (3.6K).

• Centrifuge is a pioneering platform for RWA tokenization. 2025 has been a breakthrough year, marking clear product market fit for RWAs alongside the new version of the protocol. Centrifuge has reached $1.3B in total value locked across three tokenized products: the treasury bill product (JTRSY), the AAA rated Collateralized Loan Obligation strategy (JAAA), and the newly launched Apollo Diversified Credit Fund (ACDRX). There's strong investor demand across all of these three products, all of which offer onchain access to real world yield.

• DeFi connectivity is being solved for RWAs. Aave’s Horizon integrates Centrifuge’s JAAA and JTRSY, creating a permissionless access path to blue-chip DeFi markets. Centrifuge assets make up $33M of Horizon’s TVL, giving RWA investors real DeFi utility.

• Centrifuge recently launched their first private credit fund with Apollo. The fund reached $50M invested on Plume within the first two weeks.

• Ondo brings real world assets on chain through regulated tokenization infrastructure. Its products include tokenized short term bonds, yield bearing dollar instruments, ETFs, and single name equities. Total tokenized asset value stands around $1.8B, with USDY contributing about $691M and OUSG about $792M. USDY offers non US users a yield bearing dollar note, while OUSG provides qualified investors on chain access to short duration U.S. Treasuries.

• Ondo expanded USDY and OUSG beyond Ethereum to networks Solana, Polygon, and Arbitrum, broadening access to tokenized Treasuries and yield-bearing dollars. By October 2025 total deployed capital hit $1.37B, led by OUSG $676M and USDY $436M on Ethereum, with USDY $180M and OUSG $70M on Solana driving growth.

• U.S. Treasuries account for most of Ondo’s tokenized value at $1.5B, with equities around $314M and stablecoins about $44M. The allocation reflects Ondo’s focus on safety and liquidity as it builds a compliant base for RWA growth, while rising demand drives gradual expansion into new asset classes.

• XAUT adoption is accelerating: monthly transfer counts have hit over 78K in October this year.

• XAUT DAU (Daily Active Users) have averaged 600 daily in Q4 this year, up 10x versus the 2024 daily average. There are 13.9K total token holders. This is not accounting for centralized exchanges (CEXs), where XAUT has predominantly been held since its inception. XAUT has over 40 CEX integrations globally.

• XAUT is listed on AAVE, Morpho, Euler & Fluid, with other DeFi integrations planned ahead. Furthermore, community-driven XAUt0 initiative (that locks XAUT on mainnet to mint an OFT token on other chains) expanded to Plasma, Avalanche, TON, HyperEVM and Hyperliquid, and is the 8th largest XAUT holder.