CoinGecko report: The RWA wave is rising, and tokenized US debt has increased more than 6 times last year

Source: CoinGecko

Compiled: 1912212.eth, Foresight News

RWA is in the real world andBlockchain, issuers and investors. Whether it can act as an effective middleman at the crossroads will be the key to its success. Although it is inevitable to rely on third parties, such as oracles, custodians, credit rating agencies, etc., how to effectively utilize and manage these third parties is still very important for its continued operation.

In 2021 and 2022, through MaXiaobai Navigationple, Goldfinch and Clearpool Private credit markets have emerged with unsecured lending platforms such as DeFi, which allow large institutions to borrow funds based on their creditworthiness. However, these protocols have been affected by the collapse of Luna, Three Arrows Capital, and FTX, which have seen significant defaults. As DeFi yields plummet in 2023 and users flock to rising U.S. Treasury rates,TokenThe national debt has exploded.TokenThe total locked value of treasury bonds soared from $114 million in January 2023 to $845 million at the end of the year, with providers such as Ondo Finance, Franklin Templeton and OpenEden seeing large inflows.

The 2024 RWA development report has four main points:

1. Most RWAs are stablecoins pegged to the US dollar

The top three USD stablecoins alone account for 95% of the market, with USDT at $96.1 billion, USDC at $26.8 billion, and DAI USDT continues to dominate with a market share of 71.4%. Meanwhile, USDC has not recovered from a sharp drop in market share after a brief decoupling during the US banking crisis in March 2023.

Stable assets outside of USD-pegged stablecoins only account for 1% of the market. These assets include other fiat currencies such as Euro Tether (EURT), CNH Tether (CNHT), Mexican Peso Tether (MXNT), EURC (EURC), Stasis Euro (EURS), and BiLira (TRYB).

The market value of stablecoins rose rapidly from $5.2 billion at the beginning of 2020 to a peak of $150.1 billion in March 2022, and then gradually declined throughout the bear market. However, its market value will increase by 4.9% by 2024, from $128.2 billion at the beginning of the year to $134.6 billion on February 1.

2. The market value of commodity-backed tokens reached $1.01 billion, and gold remained the most popular commodity

Tokenized precious metals such as Tether Gold (XAUT) and PAX Gold (PAXG) account for 83% of the commodity-backed token market cap. Tokens such as XAUT and PAXG are backed by one ounce of physical gold, while Kinesis Gold (KAU) and VeraOne (VRO) are backed by one gram of gold.

Despite the dominance of tokenized precious metals, tokens backed by other commodities have also been launched. For example, the Uranium308 project released tokenized uranium, whose price is pegged to the price of 1 pound of U3O8 uranium compound. It can even be redeemed, but first needs to pass a strict compliance protocol.

While commodity-backed tokens have a market cap of $1.1 billion, they only account for 0.8% of the market cap of fiat-backed stablecoins.

Tokenized U.S. Treasury products grew by 641% in 2023 and are currently worth over $861 million

Tokenized U.S. Treasuries surged in popularity during the bear market, with their market cap increasing by 6,41% from $114 million to $845 million in 2023. However, this momentum has stagnated since 2024, with a growth of 1.9% in January and a market cap of $861 million.

Franklin Templeton is currently the largest issuer of tokenized US Treasuries, with its on-chain US government money fund issuing $332 million in tokens. This gives it a slightly higher market share of 38.6%.

Yield-generating stablecoin issuers such as Mountain Protocol and Ondo Finance are also popular. Since its inception in September 2023, Mountain Protocol has minted $154 million in USDM tokens as of February 2024, while Ondo’s yield-generating stablecoin USDY has a market cap of $132.4 million.

Most tokenized vaults are based on Ethereum, which accounts for 57.5% of the market. However, companies such as Franklin Templeton and Wisdomtree Prime have chosen to issue on Stellar, which currently dominates the Stellar market with 39%.

4. Private credit demand is mainly concentrated in the automotive industry, accounting for 42% of all loans

Of the $470.3 million in outstanding loans issued under private credit agreements, $42%, or $196 million, was in auto loans. Meanwhile, debt in the fintech and real estate sectors accounted for just $19% and $9%, respectively.

Auto loans grew significantly in 2023, with 60 loans originating for more than $168 million.

Real estate andcryptocurrencyA total of 840 loans were received in the trading space, but only 10%'s loans are currently active. The rest have been repaid, and some have defaulted. It is worth noting that after the collapse of Terra and Three Arrows Capital,cryptocurrencyThere were 13 loan defaults in the trading space.

Borrower statistics show that most companies are from emerging markets such as Africa, Southeast Asia, Central and South America. 42 loans (40.8% of all loans) are from Africa.

The article comes from the Internet:CoinGecko report: The RWA wave is rising, and tokenized US debt has increased more than 6 times last year

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