The RWA industry is projected to grow by 237% by 2025, with its market value doubling to 19 billion USD.

In 2025, the RWA industry performed strongly, with a year-to-date growth of 237%, and the total market capitalization doubled to 19 billion, primarily driven by private credit, with the number of holders and activity reaching an all-time high. Meanwhile, the total value of stablecoins reached 225 billion. As of March 24, 2025, the top five RWAs by market capitalization include: BlackRock's $BUIDL, approximately 1.50 billion (the largest RWA); Hashnote's $USYC (acquired by Circle in 2025), approximately 800 million; Tether Gold's $XAUT, approximately 750 million; Franklin OnChain's $BENJI, approximately 700 million; Paxos Gold's $PAXG, approximately 650 million.